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Fintech Scion Ltd Com Par $0.001 (FINR0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenue of $220,209 for the three months ended September 30, 2024, down from $946,830 in the same period of 2023. The decrease is attributed to lower transactions in Payment Services Provider and Foreign Exchange services.
Cost of revenue for the quarter was $8,827, compared to $72,486 in the same period of the previous year. The decrease in cost is due to a shift in revenue mix towards services with lower costs.
Operating expenses for the quarter were $398,340, down from $1,259,700 in the previous year. This decrease is mainly due to reductions in platform development and consultancy fees.
Net loss for the quarter was $194,573, compared to a net loss of $144,028 in the previous year. The company attributes the loss to decreased revenue and ongoing operating expenses.
As of September 30, 2024, the company reported total assets of $20,901,487 and total liabilities of $4,129,055. Stockholders' equity stood at $16,772,432.
Cash and cash equivalents were $4,014,768 at the end of the quarter, with net cash used in operating activities totaling $299,317. Financing activities generated $603,768, primarily from related party transactions.
The company reported goodwill of $16,657,653, unchanged from December 31, 2023. Management has determined that no impairment is necessary for the period ended September 30, 2024.
Fintech Scion Ltd Com Par $0.001 continues to focus on its digital banking services, providing payment solutions to a diverse range of clients. The company is working to enhance its internal controls and financial reporting processes.
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 December 4, 2024. To report an error, please email earnings@qz.com.