BEIJING, June 3, 2020 /PRNewswire/ -- Future FinTech Group
Inc. (NASDAQ: FTFT), a leading blockchain e-commerce and
financial technology company, today announced that it had filed its
annual report on Form 10-K for the year ended December 31, 2019 with the U.S. Securities and
Exchange Commission.
Fiscal Year 2019 Results
Revenue for the fiscal year 2019 increased 8% to $0.96 million compared to $0.89 million for the fiscal 2018. The increase
in revenue was mainly due to an increase in sales and membership
fee through the E-commerce business which started operating at the
end of 2018.
Operating expenses decreased 93% to $13.43 million in 2019 from $190.43 million in 2018 . The operating expenses
for the discontinued operation was $6.19
million for fiscal year 2019. The significant decrease in
operating expenses were primarily due to Future FinTech
transforming its focus to a real-name blockchain based shared
shopping mall platform, Chain Cloud Mall ("CCM")from its
traditional juice manufacturing and distribution business, which
suffered heavy losses in previous years.
The loss from operations for fiscal 2019 was $12.94 million, as compared to $190.52 million for fiscal 2018.
Net loss attributable to Future FinTech Common Stock
shareholders for the fiscal 2019 was $25.23
million, or $0.79 per diluted
share, compared to $167.00 million,
or $7.74 per diluted share for fiscal
2018.
CEO Comments
Shanchun Huang, Future FinTech's
CEO, said, "There is a change in the business focus for us in 2019.
We are pleased to see that our revenue is growing in the initial
stage of our E-business. The beginning of 2020 has been challenging
for us due to the COVID-19 pandemic, however we are trying our best
to safeguard our staff and continue to serve our customers. On-line
sales in China have increased
recently due to the pandemic and stay at home order. We are
confident about the company's future and will continue to develop
our E-commerce business, and keep strengthening the blockchain
based technology; also develop our new financial service business
through technology."
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.