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Fintech Scion Ltd (FINR0.00%) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $81,571 from $583,628 in the same quarter the previous year. This decrease is attributed to lower-than-expected transactions for both the Payment Services Provider and Foreign Exchange Conversion services.
Cost of revenue for the quarter was $21,805, compared to $42,470 in the same quarter of the previous year. The decrease in cost is not proportional to the decrease in revenue due to an increase in processing fees.
The company reported a gross profit of $59,766 for the quarter, compared to $541,158 in the previous year, with the decline attributed to reduced revenue.
Operating expenses decreased to $409,548 from $900,620, primarily due to a reduction in general and administrative expenses, including platform development fees and rent expenses.
Net loss for the quarter was $464,476, compared to $313,177 in the previous year. The increase in net loss is due to the decrease in revenue.
Cash used in operating activities was $656,279, while cash generated by investing and financing activities was $252 and $341,106, respectively.
Fintech Scion had total assets of $20,417,969 as of June 30, 2024, with total stockholders' equity of $17,025,973. The company acknowledges the significant carrying amount of goodwill recognized, which could impact its ability to continue as a going concern.
The filing also details various financial metrics and adjustments, including a goodwill impairment charge of $39,136,871 recorded in the previous year.
Fintech Scion continues to focus on its digital banking services and payment solutions, aiming to streamline payment services for merchants and expand its client base.
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.