Future FinTech Released Its 2019 Financial Results and Filing of 10-K

By AIT News Desk On Jun 4, 2020

Future FinTech Group Inc., a leading blockchain e-commerce and financial technology company, 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.

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Fiscal Year 2019 Results

Revenue 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.

Operating expenses decreased 93% to $13.43 million in 2019 from $190.43 million in 2018 . The operating expenses for the discontinued operation were $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.

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The loss from operations for fiscal 2019 was $12.94 million, as compared to $190.52 million for fiscal 2018.

Net 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.

CEO Comments

Shanchun 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.”