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Fintech Scion Ltd (FINR0.00%) has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing includes financial statements showing a decrease in revenue to $259,394 from $847,194 in the same quarter the previous year. The decrease is attributed to lower-than-expected transactions for Payment Services Provider and Foreign Exchange Conversion services.
Cost of revenue for the quarter was $37,150, compared to $35 in the same quarter of the previous year, due to increased processing fees.
The company reported a gross profit of $222,244 for the quarter, compared to $847,159 in the previous year, with the decline attributed to lower revenue and higher costs.
Operating expenses for the quarter were $883,892, up from $871,366 in the previous year, mainly due to increased costs associated with preparation for Nasdaq listing.
Net loss for the quarter was $736,967, compared to a net income of $3,569 in the previous year.
Cash used in operating activities was $231,191, while cash generated from investing and financing activities was $259 and $42,137, respectively.
Fintech Scion had a cash balance of $3,585,341 as of March 31, 2024. The company reported total assets of $20,547,836 and stockholders' equity of $17,493,692.
The filing also details related party transactions and balances, including amounts due to related parties totaling $897,177.
Fintech Scion does not have any off-balance sheet arrangements or unregistered sales of equity securities during the reported period.
The company identified a material weakness in its internal control over financial reporting related to the acquisition of Fintech, which management is addressing.
Fintech Scion continues to focus on expanding its digital banking services and enhancing its payment processing capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fintech Scion Ltd Com Par $0.001 quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.