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FDCTech Inc (FDCT+129.67%). has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $6,129,521, an increase from $1,700,405 in the same quarter the previous year. The revenue increase is attributed to growth in the brokerage segment.
The company reported a gross profit of $2,231,372 for the quarter, with operating expenses totaling $3,349,906. This resulted in an operating loss of $1,118,534.
Net income for the quarter was a loss of $1,045,275, compared to a loss of $144,187 in the previous year. The company attributes the loss to increased general and administrative expenses.
FDCTech reported cash and cash equivalents of $31,806,857 as of June 30, 2024. The company maintains a working capital surplus of $8,854,404.
The filing details recent acquisitions, including the acquisition of Alchemy Markets Holdings Ltd and Alchemy Prime Ltd, which are expected to contribute to future revenue growth.
FDCTech continues to focus on expanding its financial technology services and has plans to commercialize the Condor Investing & Trading App by 2025.
The company acknowledges its dependence on raising additional capital to fund its growth strategy, including potential private equity or public market offerings.
FDCTech identified a material weakness in its internal controls over financial reporting due to inadequate segregation of duties and insufficient written policies.
The filing also notes the geopolitical impact of the Russia-Ukraine conflict, with the company relocating its technical support and development office from Russia to Kazakhstan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FDCTech Inc quarterly 10-Q report dated December 31, 2024. To report an error, please email earnings@qz.com.