Business
Future FinTech Released its 2019 Financial Results and Filing of 10-K
BEIJING, June 3, 2020 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT), a leading blockchain e-commerce and financial technology company, today
About this update from Future Fintech Group Inc.
[{"type":"text","content":"BEIJING, June 3, 2020 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT), a leading blockchain e-commerce and financial technology company, today announced that it had filed its annual report on Form 10-K for the year ended December 31, 2019 with the U.S. Securities and Exchange Commission. \nFiscal Year 2019 Results\nRevenue for the fiscal year 2019 increased 8% to $0.96 million compared to $0.89 million for the fiscal 2018. The increase in revenue was mainly due to an increase in sales and membership fee through the E-commerce business which started operating at the end of 2018.\nOperating expenses decreased 93% to $13.43 million in 2019 from $190.43 million in 2018 . The operating expenses for the discontinued operation was $6.19 million for fiscal year 2019. The significant decrease in operating expenses were primarily due to Future FinTech transforming its focus to a real-name blockchain based shared shopping mall platform, Chain Cloud Mall (\"CCM\")from its traditional juice manufacturing and distribution business, which suffered heavy losses in previous years. \nThe loss from operations for fiscal 2019 was $12.94 million, as compared to $190.52 million for fiscal 2018.\nNet loss attributable to Future FinTech Common Stock shareholders for the fiscal 2019 was $25.23 million, or $0.79 per diluted share, compared to $167.00 million, or $7.74 per diluted share for fiscal 2018.\nCEO Comments\nShanchun Huang, Future FinTech's CEO, said, \"There is a change in the business focus for us in 2019. We are pleased to see that our revenue is growing in the initial stage of our E-business. The beginning of 2020 has been challenging for us due to the COVID-19 pandemic, however we are trying our best to safeguard our staff and continue to serve our customers. On-line sales in China have increased recently due to the pandemic and stay at home order. We are confident about the company's future and will continue to develop our E-commerce business, and keep strengthening the blockchain based technology; also develop our new financial service business through technology.\"\nAbout Future FinTech Group Inc.\nFuture FinTech Group Inc. (\"Future FinTech\", \"FTFT\" or the \"Company\") is a leading blockchain technology R&D and application company incorporated in Florida. The Company's operations include a blockchain-based online shopping ma...