BEIJING, July 7, 2020 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("Future
FinTech", "FTFT" or "the Company"), a leading blockchain e-commerce
and financial technology company, today announced its
financial results for the first quarter of fiscal 2020.
Revenue for the three months ended March
31, 2020 increased 25% to $0.2
million compared to $0.16
million for the first quarter of fiscal 2019. Sale of goods
decreased to $0.001 million compared
to $0.14 million last year, primarily
due to the negative impact of COVID-19 during this period, as the
staff could not work in the office and shipments stopped. Revenue
from CCM Shopping Mall Membership increased to $0.20 million from $0.02
million last year, reflecting the growth of the on-line
business.
Operating expenses increased to $6.14 million for the three months
ended March 31, 2020 from
$1.02 million for the first quarter
last year, primarily due to a one-time bad debt provision of
$4.2 million for other receivables
from HeDeTang Holdings (HK) Ltd. ("HeDeTang HK"), which was sold to
New Continent International Co., Ltd during the first quarter of
2020 and non-cash stock related compensation of $1.19 million for a Consulting Service Agreement
that the Company entered into on January 25,
2020 with Dragon Investment Holding Limited (Malta).
The loss from operations for the first quarter of fiscal 2020
was $5.936 million, as compared to
$0.990 million for the first quarter
of fiscal 2019.
The Company sold its fruit juice related business, HeDeTang Hong
Kong during the first quarter of 2020, resulting in a gain on
disposal of discontinued operations for $123.69 million.
Net income attributable to Future FinTech's Common
shareholders of common stock for the three months ended
March 31, 2020 was $117.21 million or $3.46 per diluted share, compared to net loss of
$1.89 million, or loss of
$0.05 per diluted share, for the
first quarter of fiscal 2019.
The information in this press release is subject to the more
complete presentation set forth in in our Quarterly Report on Form
10-Q for the quarter ended March 31,
2020 which was filed with the Securities and Exchange
Commission on July 6, 2020.
Shanchun Huang, Future FinTech's
Chief Executive Office, said, " We are pleased to have sold our
traditional fruit juice related business in first quarter, which
was highly competitive and we have suffered significant losses for
such business. Now, we are more focused on the development of
financial technology and financial service business. We are
actively looking for acquisition opportunities around the world in
such areas. We believe that the combination of blockchain
technology that we have expertise with financial technology
services will enable our company to grow rapidly in this field and
increase the value of shareholders."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is a leading blockchain technology R&D and
application company incorporated in Florida. The Company's
operations include a blockchain-based online shopping mall
platform, Chain Cloud Mall ("CCM"), a cross-border
e-commerce platform (NONOGIRL), an incubator for blockchain based
application projects, and a digital payment system
("DCON"). The Company is also engaged in development of
blockchain based e-Commerce technology, as well as financial
technology. For more information, please
visit http://www.ftftex.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2019 and our other reports and
filings with SEC. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including
through the SEC's Internet website at http://www.sec.gov. We
have no obligation and do not undertake to update, revise or
correct any of the forward-looking statements after the date
hereof, or after the respective dates on which any such statements
otherwise are made.
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SOURCE Future FinTech Group Inc.