$FTFT
Future FinTech Group Inc.

2024 Q4 Form 10-Q Financial Statement

#000121390024100164 Filed on November 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $5.175M
YoY Change -78.21%
Cost Of Revenue $3.661M
YoY Change -83.63%
Gross Profit $1.514M
YoY Change 8.86%
Gross Profit Margin 29.25%
Selling, General & Admin $3.441M
YoY Change -12.64%
% of Gross Profit 227.24%
Research & Development $655.00
YoY Change -96.1%
% of Gross Profit 0.04%
Depreciation & Amortization $128.2K
YoY Change 28.24%
% of Gross Profit 8.47%
Operating Expenses $6.824M
YoY Change 71.59%
Operating Profit -$5.310M
YoY Change 105.33%
Interest Expense $208.1K
YoY Change 4.06%
% of Operating Profit
Other Income/Expense, Net $378.4K
YoY Change 157.2%
Pretax Income -$4.932M
YoY Change 102.2%
Income Tax
% Of Pretax Income
Net Earnings -$4.879M
YoY Change 102.58%
Net Earnings / Revenue -94.27%
Basic Earnings Per Share -$0.24
Diluted Earnings Per Share -$0.24
COMMON SHARES
Basic Shares Outstanding 20.75M shares 20.34M shares
Diluted Shares Outstanding 20.17M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.519M
YoY Change -80.65%
Cash & Equivalents $6.519M
Short-Term Investments
Other Short-Term Assets $19.21M
YoY Change 562.43%
Inventory
Prepaid Expenses $11.55M
Receivables $3.414M
Other Receivables $101.5K
Total Short-Term Assets $45.14M
YoY Change -10.89%
LONG-TERM ASSETS
Property, Plant & Equipment $4.524M
YoY Change -2.24%
Goodwill
YoY Change
Intangibles $546.9K
YoY Change 15.08%
Long-Term Investments $1.827M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $8.259M
YoY Change -58.46%
TOTAL ASSETS
Total Short-Term Assets $45.14M
Total Long-Term Assets $8.259M
Total Assets $53.40M
YoY Change -24.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.759M
YoY Change 399.31%
Accrued Expenses $3.486M
YoY Change 24.5%
Deferred Revenue $54.08K
YoY Change
Short-Term Debt $939.3K
YoY Change 34.19%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.85M
YoY Change 46.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $806.0K
YoY Change 61.2%
Total Long-Term Liabilities $806.0K
YoY Change 57.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.85M
Total Long-Term Liabilities $806.0K
Total Liabilities $17.65M
YoY Change 46.73%
SHAREHOLDERS EQUITY
Retained Earnings -$195.9M
YoY Change 23.72%
Common Stock $236.7M
YoY Change 1616139.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.40M
YoY Change
Total Liabilities & Shareholders Equity $53.40M
YoY Change -24.3%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$4.879M
YoY Change 102.58%
Depreciation, Depletion And Amortization $128.2K
YoY Change 28.24%
Cash From Operating Activities -$1.585M
YoY Change 296.36%
INVESTING ACTIVITIES
Capital Expenditures $6.050K
YoY Change -98.49%
Acquisitions
YoY Change
Other Investing Activities -$1.254M
YoY Change 108.99%
Cash From Investing Activities -$1.260M
YoY Change 26.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.026M
YoY Change -64.64%
NET CHANGE
Cash From Operating Activities -1.585M
Cash From Investing Activities -1.260M
Cash From Financing Activities -1.026M
Net Change In Cash -3.871M
YoY Change -9.98%
FREE CASH FLOW
Cash From Operating Activities -$1.585M
Capital Expenditures $6.050K
Free Cash Flow -$1.591M
YoY Change 98.93%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. CORPORATE INFORMATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future FinTech Group Inc. (the “Company”) is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices), fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company had transformed its business from fruit juice manufacturing and distribution to financial technology related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong and cross-border money transfer service in UK. The Company also expanded into brokerage and investment banking business in Hong Kong and cryptocurrency mining farm in the U.S. The Company had contractual arrangements with a VIE E-Commerce Tianjin in China, which has generated minimal revenue and business since 2021 due to the negative impact caused by COVID-19. The Company started the process to close it down in November 2023 and completed deregistration and dissolution of the VIE with local authority on March 7, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">   </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 27, 2023, Future FinTech (Hong Kong) Limited (“Buyer”), a company incorporated in Hong Kong and a wholly owned subsidiary of Future FinTech Group Inc. (the “Company”) entered into a Share Transfer Agreement (the “Agreement”) with Alpha Financial Limited, a company incorporated in Hong Kong (“Seller”) and sole owner and shareholder of Alpha International Securities (Hong Kong) Limited, a company incorporated in Hong Kong (“Alpha HK”) and Alpha Information Service (Shenzhen) Co., Ltd., a company incorporated in China (“Alpha SZ”). Alpha HK holds Type 1 ‘Securities Trading’, Type 2 ‘Futures Contract Trading’ and Type 4 ‘Securities Consulting’ financial licenses issued by the Hong Kong Securities and Futures Commission. Alpha SZ provides technical support services to Alpha HK. The share transfer transaction was approved by the Securities and Futures Commission of Hong Kong (“SFC”) in August 2023 and the acquisition was closed on November 7, 2023. The names of the two entities were changed to ‘FTFT International Securities and Futures Limited’ and ‘FTFT Information Services (Shenzhen) Co. Ltd.’, respectively, as a part of the closing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha International Securities (HONG KONG) Limited a company incorporated in Hong Kong for $1,791,174 (<span style="-sec-ix-hidden: hidden-fact-105">HKD14,010,421</span>), which is in the securities business. The Company has changed its name from Alpha International Securities (HONG KONG) Limited to FTFT International Securities and Futures Limited on November 1, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2023, Future FinTech (Hong Kong) Limited, a wholly owned subsidiary of the Company acquired 100% equity interest of Alpha Information Services (Shenzhen) Co., Ltd for $210,788 (<span style="-sec-ix-hidden: hidden-fact-106">HKD1,649,528</span>), which provides information services for FTFT International Securities and Futures Limited. The Company has changed its name from Alpha Information Services (Shenzhen) Co., Ltd to Future information service (Shenzhen) Co., Ltd on November 3, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s business and operations are principally conducted by its subsidiaries in the PRC and Hong Kong.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 26, 2023, the Company filed with the Florida Secretary of State’s office Articles of Amendment (the “Amendment”) to amend its Second Amended and Restated Articles of Incorporation, as amended (“Articles of Incorporation”). As a result of the Amendment, the Company has authorized and approved a 1-for-5 reverse stock split of the Company’s authorized shares of common stock from 300,000,000 shares to 60,000,000 shares, accompanied by a corresponding decrease in the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”). The common stock continues to be $0.001 par value. The Company rounded up to the next full share of the Company’s shares of common stock any fractional shares that result from the Reverse Stock Split and no fractional shares were issued in connection with the Reverse Stock Split and no cash or other consideration was paid in connection with any fractional shares that would otherwise have resulted from the Reverse Stock Split. No changes have been made to the number of preferred shares of the Company which remain as 10,000,000 preferred shares as authorized but not issued. The amendment to the Articles of Incorporation of the Company took effect on February 1, 2023. The Reverse Stock Split and Amendment were authorized and approved by the Board of Directors of the Company without shareholders’ approval, pursuant to 607.10025 of the Florida Business Corporation Act of the State of Florida.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reverse stock split would be reflected in our September 30, 2024 and December 31, 2023 statements of changes in stockholders’ equity, and in per share data for all periods presented.</p>
us-gaap Stockholders Equity Reverse Stock Split
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Uses of Estimates in the Preparation of Financial Statements </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s condensed consolidated financial statements have been prepared in accordance with US GAAP and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but not limited to, the allowance for doubtful receivable, estimated useful life and residual value of property, plant and equipment, impairment of long-lived assets provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our condensed consolidated financial statements.  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
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IncomeLossFromContinuingOperationsPerBasicShare
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644593 usd
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IncomelossAvailableToCommonStockholdersFromDiscontinuingOperationsShare
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0.03
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42108 shares
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-10611493 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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20134818 shares
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IncomeLossFromContinuingOperationsPerDilutedShare
-0.53
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NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersDiluted
644593 usd
ftft Diluted Income Per Share Is Calculated By Taking Net Loss Divided By The Diluted Weighted Averages
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20134818 shares
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.03
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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5890462 usd
ftft Net Incomeloss From Continued Operations Share
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14645653 shares
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-0.4
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IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-166306 usd
ftft Net Incomeloss From Discontinuing Operations Share
NetIncomelossFromDiscontinuingOperationsShare
14645653 shares
ftft Net Incomeloss From Discontinuing Operations Preshare
NetIncomelossFromDiscontinuingOperationsPreshare
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14687761 shares
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CY2023Q3 ftft Disposal Group Including Discontinued Operation Other Income Expense
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CY2023Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
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