Business
MMTEC, Inc. Announces Half Year 2021 Unaudited Financial Results
BEIJING, Sept. 30, 2021 /PRNewswire/ -- MMTEC, Inc. (NASDAQ: MTC) ("MMTEC", "we", "our" or the "Company"), a China based technology company that provides
About this update from Mmtec, Inc.
[{"type":"text","content":"BEIJING, Sept. 30, 2021 /PRNewswire/ -- MMTEC, Inc. (NASDAQ: MTC) (\"MMTEC\", \"we\", \"our\" or the \"Company\"), a China based technology company that provides access to the U.S. financial markets, today announced its unaudited financial results for the six months ended June 30, 2021.\nFirst Half 2021 Summary\nRevenues increased by 54.09% from $329,070 to $507,048 as a result of the increase in commissions fees and market data services fees and development of fund management services as the administrator of MOM Fond, MM Fund Growth SP, during the six months ended June 30, 2021. Cost of revenue increased by 852.29% to $66,908 for the six months ended June 30, 2021 from $7,026 for the same period in 2020. Gross profit increased by 36.67% to $440,140 as compared to $322,044 for the same period in 2020, while the gross profit margin was 86.80%, as compared to 97.86% for the same period in 2020. Loss from operations was $1,835,262 for the six months ended June 30, 2021, as compared to $1,041,361 for the same period of 2020. The increase was primarily attributable to the increase in operating expenses. We increased the size of and level of spending on support team for investment banking business, fund management services business, and market data services business. Net loss was $2,367,612 for the six months ended June 30, 2021, as compared to net loss of $1,011,152 for the same period of 2020. Loss per share both on a basic and fully diluted basis were $0.10 for the six months ended June 30, 2021, as compared to loss per share on a basic and fully diluted basis of $0.05 for the six months ended June 30, 2020.Xiangdong Wen, the Company's Chief Executive Officer and Chairman, commented, \"Our revenue increased to $507,048 for the first half of 2021 as a result of our increased sales force in the fund management services business, market data services business and broker-dealer business. The Company ramped up marketing spending as well as increased the number of marketing team members. Loss from operations increased significantly as a result of increase in the size of and level of spending on support team for investment banking business, fund management services business and market data services business.\"\nMr. Wen continued, \"As for the Company's future strategy, the Company is applying for Hong Kong securities broker license to dev...