SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
NOTIFICATION OF LATE FILING
SEC File Number: 001-34502
CUSIP Number: 36117V204
Form 10-K ☐ Form 20-F ☐
Form 11-K ☒ Form 10-Q ☐
Form 10-D ☐ Form N-CEN ☐
For Period Ended: June 30,
||Transition Report on Form 10-K|
||Transition Report on Form 20-F|
||Transition Report on Form 11-K|
||Transition Report on Form 10-Q|
For the Transition Period
Nothing in this form shall be construed to imply
that the Commission has verified any information contained
If the notification relates to a portion of the
filing checked above, identify the Item(s) to which the notification relates:
PART I — REGISTRANT INFORMATION
Future FinTech Group Inc.
Full Name of Registrant
Former Name if Applicable
Americas Tower, 1177 Avenue of The Americas,
Address of Principal Executive Office (Street and Number)
New York, NY 10036
City, State and Zip Code
PART II — RULES 12b-25(b) AND (c)
If the subject report could not be filed without
unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box
||The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense|
||The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and|
||The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.|
PART III — NARRATIVE
State below in reasonable detail why Forms 10-K,
20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Future FinTech Group Inc. (the “Company”)
is unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the “Quarterly Report”) within
the prescribed time period without unreasonable effort or expense because additional time is required to complete the preparation of the
Company’s financial statements in time for filing. The Company anticipates filing its Form 10-Q on or before the fifth calendar
day following the prescribed due date.
PART IV — OTHER INFORMATION
||Name and telephone number of person to contact in regard to this notification|
Have all other periodic reports required under
Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12
months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
||☒ Yes ☐ No|
Is it anticipated that any significant change
in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included
in the subject report or portion thereof?
Yes ☐ No
If so, attach an explanation of the anticipated
change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be
Future FinTech Group Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed
on its behalf by the undersigned hereunto duly authorized.
|Date: August 14, 2023
||/s/ Shanchun Huang|
||Chief Executive Officer|
Part IV. (3) Anticipated Significant Changes in Results of Operations
We anticipate reporting the following significant
changes in the results of operations from the same period of the last fiscal year:
Revenue Revenue for
the three months ended June 30, 2023 was $3.8 million, an decrease of $3.6 million, or 48.65%, when compared to the revenue of $7.4 million
for the same period of the last fiscal year. The decrease in revenue for the three months ended June 30, 2023 was primarily due to significant
decrease in revenue from supply chain financing/trading business from $3.7 million for the three months ended June 30, 2022 to $369,993
for the three months ended June 30, 2023 as the Company had more sales agent type of trading service for a service fee instead of purchase
the ownership of the goods for resale which generates more overall revenue.
Gross Margin Gross profits
for the three months ended June 30, 2023 was $1.26 million, an decrease from $1.38 million for the same period of the last fiscal year.
Overall gross margin as a percentage of revenue was 33.06% for the three months ended June 30, 2023, an increase of 14.52% from 18.54%
for the same period of the last fiscal year, mainly due to higher profit margin from supply chain financing/trading for the three months
ended June 30, 2023, comparing to the same period of 2022, which was mainly due to decreased supply chain financing/trading cost as we
had more revenue generated from service fees instead of purchasing ownership of goods for resale.
Operating expenses for the three months ended June 30, 2023 was $1.75 million, an decrease of $2.47 million from $4.22 million for the
same period of the last fiscal year.
General and administrative expenses increased
by $45,976, or 1.73%, from $2.65 million to $2.70 million for the three months ended June 30, 2023, compared to the same period of the
last fiscal year. The increase in general and administrative expenses was mainly due to increased rental fee during the three months ended
June 30, 2023.
Selling expenses decreased by $0.23 million to
$0.12 million during the three months ended June 30, 2023 from $0.35 million for the same period of the last fiscal year. The decrease
in selling expenses was mainly due to decreased salaries and advertising fees.
The Company recorded $0.45 million of impairment
loss in three months ended June 30, 2022 relating to short term investment which mainly due to Future Private Equity Fund Management (Hainan)
Co., Ltd. invested $1.94 million (RMB13,000,000) to entrust Shanghai Yuli Enterprise Management Consulting Firm to invest in various types
of investment portfolios. The impairment loss relating to short term investment is due to that overall economic environment has worsened
in China with COVID-19 outbreak and related lockdown in various cities in China in 2022, Ukraine war, inflation, looming recession worldwide.
According to the market value, the Company’s balance of the short term investment was $1.06 million on June 30, 2023 and $1.26 million
on June 30, 2022.
The Company recorded $0.12 million of research
and development expenses. Research and development expenses include salaries, contracted services, as well as the related expenses of
our research and product development team, and expenditures relating to our efforts to develop, design new products and services, and
enhance our existing products and services to our clients. Research and development expenses decreased by $0.65 million to $0.12 million
during the three months ended June 30, 2023 from $0.77 million for the same period of the last fiscal year. The decrease in research and
development expenses was mainly due to decreased salaries.
Write back of provision of doubtful debt recorded
$1.19 million during the three months ended June 30, 2023, which was due to bad debt recovery recognized in previous years and the Company
did not have same recovery for the same period in 2022.
Other Income (Expense), Net
Other income, net, decreased by $0.25 million to $0.38 million for the three months ended June 30, 2023 from $0.63 million in the same
period of the last fiscal year, primarily due to decreased foreign exchange gains and losses.
Loss from Continuing Operations
Loss from Continuing Operations decreased by $2.19 million from $2.34 million for the three months ended June 30, 2022 to $0.14 million
for the same period of 2023 mainly due to the decrease in operating expenses, as discussed above.
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