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FDCTech Inc (FDCT+12.50%) has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing includes financial statements for the quarter, showing total revenues of $6,376,335, a significant increase from $1,545,687 in the same quarter the previous year. The increase is attributed to the company's acquisitions and expansion in its business segments.
The company reported a gross profit of $2,342,101 for the quarter, compared to $296,541 in the previous year, with the improvement driven by higher revenues and better cost management.
General and administrative expenses increased to $2,299,134 from $482,116, primarily due to the inclusion of costs from newly acquired subsidiaries.
Net income for the quarter was $833,445, compared to a net loss of $224,374 in the previous year. The turnaround is attributed to increased revenues and improved operational efficiency.
Cash and cash equivalents at the end of the quarter were $38,945,123, up from $31,316,461 at the end of the previous year, reflecting improved cash flow from operations.
FDCTech continues to focus on expanding its technology and software development, wealth management, and brokerage business segments. The company plans to further develop its Condor Investing & Trading App and increase its market presence.
The company completed the acquisition of Alchemy Prime Limited and Alchemy Markets Ltd, enhancing its position in the investment and margin brokerage business.
FDCTech's management has identified a material weakness in internal controls over financial reporting due to inadequate segregation of duties and insufficient written policies. The company plans to address these issues by enhancing its board size and engaging third-party professionals.
The filing also notes the geopolitical situation in Eastern Europe, specifically the conflict between Russia and Ukraine, which has led to the closure of FDCTech's technical support and development office in Russia.
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.