ITEM 8.01. OTHER EVENTS.
On March 18, 2020, Bimini Capital Management, Inc. (the “Company”) filed a Form 8-K and issued a press release (the “Release”) announcing
its consolidated results of operations for the period ended December 31, 2019. The Company intended to file its Form 10-K for the year ended December 31, 2019 (the “Form 10-K”) after the close of business on March 19, 2020. However, due to
unforeseen circumstances, the Company delayed the filing of its Form 10-K until March 27, 2020. This 8-K revises certain unaudited amounts that were reported in the Release relating to the realizability of capital loss tax carry-forwards to conform
with the audited financial statements filed in the Form 10-K. Specifically:.
• Deferred tax assets are $33,288,536 in the Form 10-K as compared to $34,003,255 in the Release;
• Total assets are $279,488,948 in the Form 10-K as compared to $280,203,667 in the Release;
• Book value per share is $3.44 in the Form 10-K as compared to $3.51 in the Release;
• Stockholders’ equity is $39,976,991 in the Form 10-K as compared to $40,691,710 in the Release;
• Net income and net income per share are $13,299,977and $1.09, in the Form 10-K as compared to $14,014,696 and $1.15 in the Release; and
• Income tax benefit and income tax benefit per share are $10,281,612 and $0.84 in the Form 10-K as compared to $10,996,331 and $0.90 in the Release.
The deferred tax asset valuation allowance does not impact cash flows as it is a non-cash GAAP accounting adjustment.