Business
MMTEC, Inc. Announces Half Year 2022 Unaudited Financial Results
BEIJING, Sept. 9, 2022 /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. 9, 2022 /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, 2022.\nFirst Half 2022 Summary\nRevenues increased by 44.64% from $507,048 to $733,400 as a result of the increase in software sales revenue during the six months ended June 30, 2022.Gross profit increased by 41.53% to $622,910 as compared to $440,140 for the same period in 2021, while the gross profit margin was 84.93%, as compared to 86.80% for the same period in 2021.Loss from operations was $2,927,617 for the six months ended June 30, 2022, as compared to $1,835,262 for the same period of 2021. The increase was primarily attributable to the increase in operating expenses. We increased the size of and level of spending on support team for our investment banking business, fund management services business and software sales business. We accrued litigation loss contingency of $450,000 to settle with FINRA.Net loss was $2,887,201 for the six months ended June 30, 2022, as compared to net loss of $2,367,612 for the same period of 2021.Loss per share both on a basic and fully diluted basis were $0.92 for the six months ended June 30, 2022, as compared to loss per share on a basic and fully diluted basis of $0.99 for the six months ended June 30, 2021.Xiangdong Wen, the Company's Chief Executive Officer and Chairman, commented, \"Our revenue increased to $733,400 for the first half of 2022 as a result of our increased sales force in our software sales business. The company ramped up investment banking team spending. Loss from operations increased significantly as a result of the increase in size of, and level of spending on, our support teams for our investment banking and fund management services businesses.\"\nMr. Wen continued, \"As for the Company's future strategy, we will actively promote cooperative relationships with Chinese companies listed in the US and provide them with financing, mergers and acquisitions, and financial advisory services. In addition, we will attempt to further increase the construction of investment banking teams, provide high-quality services, and continue to expand the market.\"\nOperating Results for Six Months Ended June 30...