Business
FDCTech's Quarterly Release for the First Quarter (FY22 Q2) Results
FDCTech's Quarterly Release for the First Quarter (FY22 Q2) Results.
About this update from Fdctech, Inc.
[{"type":"text","content":"\n The increase in revenue by 2,294.79% after the successful acquisition of AD Advisory Services Pty Ltd. The Company continues to build on its technology-driven acquisition growth strategy and is confident that the recent market correction may provide opportunities for more strategic acquisition targets. Irvine, CA, May 11, 2022 (GLOBE NEWSWIRE) -- FDCTech, Inc. (\"FDC\" or the \"Company,\" OTCQB: FDCT), a fintech-driven company specializing in buying and integrating small to mid-size legacy financial services companies, today announced the following results for the quarter ended March 31, 2022, as compared to the corresponding period of last fiscal year: The revenues generated for the three months ended March 31, 2022, and 2021 were $1,541,122 and $64,353, respectively.The increase in revenue by 2,294.79% results from the consolidation of AD Advisory Services Pty Ltd. revenues. During the three months ended March 31, 2022, and 2021, the Company incurred a net loss of $389,196 and $221,838.The cash on hand was $297,643 as of March 31, 2022, compared to $93,546 on December 31, 2021. The increase in cash on hand is mainly due to funds from issuing the promissory note with a face value of $550,000.On March 31, 2022, the total stockholders' equity was $1,515,708 compared with a total stockholders' equity of $1,625,448 on December 31, 2021. Outlook on Company's Subsidiary – AD Advisory Services Pty Ltd. AD Advisory Services Pty Ltd. (ADS) is an Australian-regulated wealth management company with 20 offices, 28 advisors, and $530+ million in funds under advice. ADS offers different licensing, compliance, and education solutions to financial planners to meet the specific needs of their practice.   For the three months ended03/31/22(1)(Unaudited) Revenue, $  1,473,622 Cost of sales, $  1,314,956 Gross Profit, $  158,666  (1)Consolidated in the Company financial statements. ADS’ revenues, cost of sales, and gross profits for the three months ended March 31, 2022, were $1,473,622, $1,314,956, and $158,666, respectively. ADS reported a net profit of $30,098. According to the Adviser Ratings 2022 Financial Advice Landscape Report, the median fees charged to consumers seeking financial advice (Advised Clients) increased from AUD$3,256 to AUD$3,529 a year, representing a...