Business
FDCTech's Quarterly Release for the Second Quarter (FY23 Q2) Results
FDCTech's Quarterly Release for the Second Quarter (FY23 Q2) Results.
About this update from Fdctech, Inc.
[{"type":"text","content":"\n Compared to the previous period, the Company enhanced its technology business by 239% and 203% for the three and six months ending June 30, 2023. The Company reported a net income of $922,343 and $685,168 for the three and six months ending June 30, 2023. Irvine, CA, Aug. 14, 2023 (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 three and six months ending June 30, 2023, as compared to the corresponding period of June 30, 2022: Three Months Highlights The total revenues generated for the three months ending June 30, 2023, and 2022 were $1,765,149 and $1,525,849, an increase of 16% from the previous period.The technology revenues generated for the three months ending June 30, 2023, and 2022 were $301,315 and $89,000, an increase of 239% from the previous period.The gross margin generated for the three months ending June 30, 2023, and 2022 were $442,657 and $155,121, an increase of 185% from the previous period.During the three months ending June 30, 2023, and 2022, the Company reported a net income and a net loss of $922,343 and $381,474, an increase of 342% from the previous period. The increase was mainly due to a gain on the bargain purchase price of Alchemy Markets Ltd. (Alchemy Markets, previously known as NSFX Ltd.) Six Months Highlights The total revenues generated for the six months ending June 30, 2023, and 2022 were $3,310,836 and $3,066,971, an increase of 8% from the previous period.The technology revenues generated for the six months ending June 30, 2023, and 2022 were $474,565 and $156,500, an increase of 203% from the previous period.The gross margin generated for the six months ending June 30, 2023, and 2022 were $739,198 and $320,793, an increase of 130% from the previous period.During the six months ending June 30, 2023, and 2022, the Company reported a net income and a net loss of $685,168 and $785,417, an increase of 187% from the previous period. The increase was mainly due to a gain on the bargain purchase price of Alchemy Markets.The cash on hand was $127,057 as of June 30, 2023, compared to $264,829 on December 31, 2022. This Company maintains its wealth management revenue while increasing the revenue of its techn...