2023 Q2 Form 20-F Financial Statement

#000121390023029574 Filed on April 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022
Revenue $2.860M $365.7K $1.099M
YoY Change 289.96% 150.52% 68.31%
Cost Of Revenue $2.730M $120.6K $231.1K
YoY Change 2370.81% 62.11% 63.54%
Gross Profit $130.0K $245.1K $868.0K
YoY Change -79.13% 242.37% 69.63%
Gross Profit Margin 4.55% 67.03% 78.98%
Selling, General & Admin $3.220M $3.210M $6.761M
YoY Change -9.31% -31.98% -3.35%
% of Gross Profit 2476.92% 1309.51% 778.83%
Research & Development $828.9K
YoY Change 11.34%
% of Gross Profit 95.49%
Depreciation & Amortization $20.00K $27.41K $66.43K
YoY Change -48.74% 6.2% 65.53%
% of Gross Profit 15.38% 11.18% 7.65%
Operating Expenses $3.220M $3.210M $6.761M
YoY Change -9.31% -31.98% -3.35%
Operating Profit -$3.090M -$2.965M -$5.893M
YoY Change 5.55% -36.21% -9.11%
Interest Expense -$11.37M $203.0K $240.9K
YoY Change -30147.57% -1056.79% -750.82%
% of Operating Profit
Other Income/Expense, Net $10.00K $3.790K $247.2K
YoY Change 287.6% -131.14% 351.41%
Pretax Income -$14.44M -$2.758M -$5.645M
YoY Change 400.14% -41.1% -19.93%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.38M -$2.758M -$5.645M
YoY Change 398.06% -41.1% -19.93%
Net Earnings / Revenue -502.8% -754.16% -513.62%
Basic Earnings Per Share -$1.61
Diluted Earnings Per Share -$0.46 -$0.72 -$1.61
COMMON SHARES
Basic Shares Outstanding 85.15M shares 3.497M shares
Diluted Shares Outstanding 3.497M shares

Balance Sheet

Concept 2023 Q2 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.300M $3.825M $3.825M
YoY Change -67.25% -65.86% -65.86%
Cash & Equivalents $2.000M $3.825M $3.825M
Short-Term Investments $300.0K
Other Short-Term Assets $1.900M $395.4K $190.0K
YoY Change 39.98% 13.82% -40.02%
Inventory
Prepaid Expenses
Receivables $200.0K
Other Receivables
Total Short-Term Assets $7.200M $9.035M $9.035M
YoY Change -34.23% -34.76% -34.76%
LONG-TERM ASSETS
Property, Plant & Equipment $1.100M $184.4K $1.240M
YoY Change -16.84% -74.01% 74.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $1.141M $1.141M
YoY Change 450.22% 3772.2% 3772.2%
Total Long-Term Assets $114.1M $2.380M $2.380M
YoY Change 7576.99% 222.06% 222.06%
TOTAL ASSETS
Total Short-Term Assets $7.200M $9.035M $9.035M
Total Long-Term Assets $114.1M $2.380M $2.380M
Total Assets $121.3M $11.42M $11.42M
YoY Change 875.59% -21.74% -21.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.100M $395.4K $125.6K
YoY Change 343.14% 6.23%
Accrued Expenses $2.100M $125.6K $925.6K
YoY Change 289.62% -80.15% -0.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $405.6K
YoY Change
Total Short-Term Liabilities $5.500M $1.174M $1.174M
YoY Change 344.07% 4.05% 4.05%
LONG-TERM LIABILITIES
Long-Term Debt $58.30M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $857.2K $857.2K
YoY Change -23.68% 697.05% 697.05%
Total Long-Term Liabilities $58.90M $857.2K $857.2K
YoY Change 7391.92% 697.06% 697.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.500M $1.174M $1.174M
Total Long-Term Liabilities $58.90M $857.2K $857.2K
Total Liabilities $79.60M $2.031M $2.031M
YoY Change 3831.41% 64.36% 64.36%
SHAREHOLDERS EQUITY
Retained Earnings -$22.25M
YoY Change 33.99%
Common Stock $51.45K
YoY Change 64.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.70M $9.384M $9.384M
YoY Change
Total Liabilities & Shareholders Equity $121.3M $11.42M $11.42M
YoY Change 875.59% -21.74% -21.74%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$14.38M -$2.758M -$5.645M
YoY Change 398.06% -41.1% -19.93%
Depreciation, Depletion And Amortization $20.00K $27.41K $66.43K
YoY Change -48.74% 6.2% 65.53%
Cash From Operating Activities -$3.020M -$1.437M -$5.591M
YoY Change -27.29% -46.07% 36.47%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$2.250K $3.792K
YoY Change -100.0% -92.04% -110.23%
Acquisitions $1.000M
YoY Change
Other Investing Activities -$86.78M -$3.540M -$3.540M
YoY Change 38.5% 38.5%
Cash From Investing Activities -$86.78M -$3.538M -$3.544M
YoY Change 1436654.97% 36.9% 36.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.750M
YoY Change -89.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 88.00M 1.750M $1.750M
YoY Change -4.59% -89.37%
NET CHANGE
Cash From Operating Activities -3.020M -1.437M -$5.591M
Cash From Investing Activities -86.78M -3.538M -$3.544M
Cash From Financing Activities 88.00M 1.750M $1.750M
Net Change In Cash -1.800M -3.225M -$7.381M
YoY Change -56.72% -5.56% -175.45%
FREE CASH FLOW
Cash From Operating Activities -$3.020M -$1.437M -$5.591M
Capital Expenditures $0.00 -$2.250K $3.792K
Free Cash Flow -$3.020M -$1.435M -$5.594M
YoY Change -27.18% -45.57% 37.81%

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30360 usd
CY2022 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
26596 usd
CY2021 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-465843 usd
CY2020 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-47042 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-33015 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
54782 usd
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-206743 usd
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-117004 usd
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
121984 usd
CY2020 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-63966 usd
CY2022 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
108133 usd
CY2021 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
142758 usd
CY2020 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-49024 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
252159 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
273818 usd
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-124137 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5590567 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4096506 usd
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1982847 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3792 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37068 usd
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18379 usd
CY2021 mtc Collection Loan To Related Party
CollectionLoanToRelatedParty
93887 usd
CY2020 mtc Collection Loan To Related Party
CollectionLoanToRelatedParty
79520 usd
CY2020 mtc Collection Of Loan Employee
CollectionOfLoanEmployee
173974 usd
CY2022 mtc Collection Of Loan To Third Parties
CollectionOfLoanToThirdParties
75000 usd
CY2020 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
306518 usd
CY2021 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
350000 usd
CY2020 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
873577 usd
CY2022 us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
2615313 usd
CY2021 us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
2300000 usd
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1000000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3544105 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2593181 usd
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-331944 usd
CY2020 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
41250 usd
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
163301 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1750140 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
16637200 usd
CY2021 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2339 usd
CY2020 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
4000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1750140 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16471560 usd
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
37250 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3789 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1579 usd
CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
60946 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7380743 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9780294 usd
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2216595 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11206220 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1425926 usd
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3642521 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3825477 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11206220 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1425926 usd
CY2020 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
36000 usd
CY2020 mtc Expense Paid By Related Parties On Behalf Of Company
ExpensePaidByRelatedPartiesOnBehalfOfCompany
4000 usd
CY2020 mtc Acquisition Consideration Given Up By A Related Party
AcquisitionConsiderationGivenUpByARelatedParty
1000 usd
CY2021 us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
350000 usd
CY2020 us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
92831 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
856987 usd
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
32227 usd
CY2022 mtc Operating Lease Rightofuse Assets Obtained In Exchange For Operating Lease Liabilities
OperatingLeaseRightofuseAssetsObtainedInExchangeForOperatingLeaseLiabilities
171885 usd
CY2021 mtc Operating Lease Rightofuse Assets Obtained In Exchange For Operating Lease Liabilities
OperatingLeaseRightofuseAssetsObtainedInExchangeForOperatingLeaseLiabilities
170112 usd
CY2022 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
146137 usd
CY2018Q1 mtc Equity Interest Percentage
EquityInterestPercentage
1 pure
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.751 pure
CY2018Q1 mtc Ownership Percentage
OwnershipPercentage
0.327 pure
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.751 pure
CY2018Q1 mtc Equity Interest Percentage
EquityInterestPercentage
1 pure
CY2020Q1 mtc Outstanding Securitiesconsideration
OutstandingSecuritiesconsideration
1000 usd
CY2020Q1 mtc Outstanding Securities Percentage
OutstandingSecuritiesPercentage
0.014 pure
CY2022 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><span><b>NOTE 2 – <span style="text-decoration:underline">BASIS OF PRESENTATION</span></b></span></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 accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission for financial information.</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 consolidated financial statements include the accounts of MMTEC and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.</p>
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Use of Estimates</b></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 preparation of the consolidated financial statements in conformity with U.S. GAAP 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates during the years ended December 31, 2022, 2021 and 2020 include the allowance for doubtful accounts, impairment of long-term investment and valuation of deferred tax assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "> </p>
CY2022Q4 us-gaap Cash
Cash
1879950 usd
CY2021Q4 us-gaap Cash
Cash
1252998 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentrations of Credit Risk</b></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; "><span>T</span>he Company has operations carried out in China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in China, and by the general state of China’s economy. The Company’s operations in China are subject to specific considerations and significant risks not typically associated with companies in North America. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
CY2022 mtc Schedule Property Plant And Equipment Estimated Useful Lives
SchedulePropertyPlantAndEquipmentEstimatedUsefulLives
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful life</b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office equipment and furniture</span></td> <td style="width: 2%"> </td> <td style="width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 - 5 Years</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvement</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The lesser of remaining lease term or 2 - 3 Years</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 - 3 Years</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance lease right-of-use asset</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 Years</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
CY2021 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P4Y
CY2021 mtc Percentage Of Value Added Tax
PercentageOfValueAddedTax
0.06 pure
CY2022 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
676049 usd
CY2022 mtc Placement Agent Services
PlacementAgentServices
372677 usd
CY2022 us-gaap Market Data Revenue
MarketDataRevenue
20619 usd
CY2021 us-gaap Market Data Revenue
MarketDataRevenue
107184 usd
CY2020 us-gaap Market Data Revenue
MarketDataRevenue
73524 usd
CY2020 mtc Investor Relations Management Services
InvestorRelationsManagementServices
21113 usd
CY2021 us-gaap Brokerage Commissions Revenue
BrokerageCommissionsRevenue
390569 usd
CY2020 us-gaap Brokerage Commissions Revenue
BrokerageCommissionsRevenue
643145 usd
CY2022 mtc Fund Management Fee
FundManagementFee
25782 usd
CY2021 mtc Fund Management Fee
FundManagementFee
153494 usd
CY2022 mtc Other Revenue
OtherRevenue
4006 usd
CY2021 mtc Other Revenue
OtherRevenue
1789 usd
CY2020 mtc Other Revenue
OtherRevenue
4343 usd
CY2022 us-gaap Revenues
Revenues
1099133 usd
CY2021 us-gaap Revenues
Revenues
653036 usd
CY2020 us-gaap Revenues
Revenues
742125 usd
CY2022 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
1099133 usd
CY2021 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
653036 usd
CY2020 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
742125 usd
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
123434 usd
CY2022 mtc Deferred Revenue Recognized
DeferredRevenueRecognized
123434 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
828869 usd
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
744422 usd
CY2020 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
410840 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
1007652 usd
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
303079 usd
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
244163 usd
CY2020Q4 mtc Amount Received From Investment
AmountReceivedFromInvestment
306000 usd
CY2020Q4 us-gaap Deposits With Other Federal Home Loan Banks
DepositsWithOtherFederalHomeLoanBanks
600000 cny
CY2020Q4 us-gaap Deposits With Other Federal Home Loan Banks
DepositsWithOtherFederalHomeLoanBanks
93000 usd
CY2020 mtc Effective Income Tax Rate Reconciliation Corporate Tax Rate
EffectiveIncomeTaxRateReconciliationCorporateTaxRate
0.21 pure
CY2022 mtc Effective Income Tax Rate Reconciliation Valuation Allowance Recognized With Respect To Loss In Us Companies
EffectiveIncomeTaxRateReconciliationValuationAllowanceRecognizedWithRespectToLossInUsCompanies
-0.21 pure
CY2021 mtc Effective Income Tax Rate Reconciliation Valuation Allowance Recognized With Respect To Loss In Us Companies
EffectiveIncomeTaxRateReconciliationValuationAllowanceRecognizedWithRespectToLossInUsCompanies
-0.21 pure
CY2020 mtc Effective Income Tax Rate Reconciliation Valuation Allowance Recognized With Respect To Loss In Us Companies
EffectiveIncomeTaxRateReconciliationValuationAllowanceRecognizedWithRespectToLossInUsCompanies
-0.21 pure
CY2022 us-gaap Foreign Currency Translation Adjustment Description
ForeignCurrencyTranslationAdjustmentDescription
The consolidated balance sheet amounts, with the exception of equity, as of December 31, 2022 and 2021, were translated at RMB 6.9646 to $1.00 and RMB 6.3757 to $1.00, respectively. Equity accounts were stated at their historical rates. The average translation rates applied to consolidated statements of operations and comprehensive loss and cash flows for the years ended December 31, 2022, 2021 and 2020 were RMB 6.7261, RMB 6.4515, and RMB 6.8976 to $1.00, respectively.
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1024361 usd
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1005000 usd
CY2021 us-gaap Proceeds From Lease Payments
ProceedsFromLeasePayments
163301 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5645376 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7050755 usd
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3181596 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3497109 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2450447 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2038558 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.61
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.88
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.56
CY2022 us-gaap Fiscal Period
FiscalPeriod
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>Fiscal Year End</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; ">The Company has adopted a fiscal year end of December 31st.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p>
CY2020Q1 us-gaap Investments
Investments
5700000 cny
CY2020 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
usd
CY2021Q4 mtc Agreed Loan
AgreedLoan
200000 usd
CY2022 us-gaap Short Term Debt Interest Rate Increase
ShortTermDebtInterestRateIncrease
0.0385 pure
CY2021 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
550000 usd
CY2021Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0435 pure
CY2022Q4 us-gaap Interest And Fee Income Loans Other Consumer
InterestAndFeeIncomeLoansOtherConsumer
1300000 usd
CY2022Q4 us-gaap Interest And Fee Income Loans Other Consumer
InterestAndFeeIncomeLoansOtherConsumer
250000 usd
CY2022Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0435 pure
CY2022 mtc Maturity Date
MaturityDate
December 2023
CY2022 us-gaap Interest And Fee Income Loans Other Consumer
InterestAndFeeIncomeLoansOtherConsumer
3650000 usd
CY2022Q1 us-gaap Interest And Fee Income Loans Other Consumer
InterestAndFeeIncomeLoansOtherConsumer
100000 usd
CY2022 mtc Bad Debts
BadDebts
100000 usd
CY2022Q3 us-gaap Interest And Fee Income Loans Other Consumer
InterestAndFeeIncomeLoansOtherConsumer
120000 usd
CY2022Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0385 pure
CY2022 mtc Repaid Amount
RepaidAmount
75000 usd
CY2022 mtc Loan Amount
LoanAmount
45000 usd
CY2022Q3 us-gaap Interest And Fee Income Loans Other Consumer
InterestAndFeeIncomeLoansOtherConsumer
100000 usd
CY2022Q3 us-gaap Interest And Fee Income Loans Other Consumer
InterestAndFeeIncomeLoansOtherConsumer
1650000 cny
CY2022Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0365 pure
CY2020Q1 us-gaap Investments
Investments
817000 usd
CY2020Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.35 pure
CY2020Q4 mtc Investment Returned
InvestmentReturned
2600000 cny
CY2020Q4 mtc Investment Returned
InvestmentReturned
399000 usd
CY2020Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.19 pure
CY2020Q4 mtc Amount Received From Investment
AmountReceivedFromInvestment
2000000 cny
CY2022Q4 mtc Prepaid Professional Fees
PrepaidProfessionalFees
8927 usd
CY2021Q4 mtc Prepaid Professional Fees
PrepaidProfessionalFees
111200 usd
CY2022Q4 us-gaap Other Receivables
OtherReceivables
103204 usd
CY2021Q4 us-gaap Other Receivables
OtherReceivables
30546 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
60074 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
103275 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
172205 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
245021 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
404387 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
437597 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
219964 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
170164 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
184423 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
267433 usd
CY2022 us-gaap Depreciation
Depreciation
66428 usd
CY2021 us-gaap Depreciation
Depreciation
40130 usd
CY2020 us-gaap Depreciation
Depreciation
54576 usd
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
103998 usd
CY2019Q3 us-gaap Equity Method Investment Sold Carrying Amount
EquityMethodInvestmentSoldCarryingAmount
1000000 cny
CY2019Q3 us-gaap Equity Method Investment Sold Carrying Amount
EquityMethodInvestmentSoldCarryingAmount
143000 usd
CY2019Q3 mtc Long Term Debt Weighted Average Interest Rate At Point In Time
LongTermDebtWeightedAverageInterestRateAtPointInTime
0.049 pure
CY2020Q1 us-gaap Equity Method Investment Sold Carrying Amount
EquityMethodInvestmentSoldCarryingAmount
5700000 cny
CY2020Q1 us-gaap Equity Method Investment Sold Carrying Amount
EquityMethodInvestmentSoldCarryingAmount
817000 usd
CY2020Q1 mtc Long Term Debt Weighted Average Interest Rate At Point In Time
LongTermDebtWeightedAverageInterestRateAtPointInTime
0.35 pure
CY2020Q4 us-gaap Equity Method Investment Sold Carrying Amount
EquityMethodInvestmentSoldCarryingAmount
2600000 cny
CY2020Q4 us-gaap Equity Method Investment Sold Carrying Amount
EquityMethodInvestmentSoldCarryingAmount
399000 usd
CY2020Q4 mtc Long Term Debt Weighted Average Interest Rate At Point In Time
LongTermDebtWeightedAverageInterestRateAtPointInTime
0.19 pure
CY2020Q4 us-gaap Equity Method Investment Sold Carrying Amount
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>NOTE 16 – <span style="text-decoration:underline">CONTINGENCIES</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">In the normal course of business, MM Global is engaged in various trading and brokerage activities on a principal and agency basis through a clearing broker. As a regulated FINRA broker-dealer, MM Global is subject to regulatory trading inquiries and investigations to determine whether any violations of federal securities or FINRA rules may have occurred. During fiscal year ended December 31, 2022, FINRA’s Department of Enforcement concluded its investigation and alleges that there have been violations of the federal securities laws and FINRA rules. FINRA has issued the settlement for MMGS with a fine of $450,000 to pay through 3 years, an installment plan fee of $38,250, and a prohibition from providing market access to customers for a period of two years. The settlement also prohibits MMGS from engaging in any business in which MMGS provides market access to customers unless and until a registered principal or officer of MMGS certifies in writing to FINRA that the firm revised and enhanced its AML and supervisory procedures related to detecting and investigating suspicious trading activity and potential market manipulation. During fiscal year ended December 31, 2022, the Company had made payment in the amount of $153,450 and as of December 31, 2022, the payable to FINRA was in the amount of $334,800. The current portion of payable was included in “Accrued liabilities and other payables” on the accompanying consolidated balance sheets and the non-current portion of payable was included in “Accrued liabilities, non-current” on the accompanying consolidated balance sheets.</p>
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