Wed, Nov 20, 11:02 AM (56 days ago)
For the quarter ending March 31, 2024, Fintech Scion Limited (OTC: FNTX) reported revenues of $259,394, a significant decrease from $847,194 in Q1 2023, primarily due to reduced transaction volumes in Payment Services and Foreign Exchange services. Gross profit fell to $222,244, with a loss from operations of $661,648, compared to a loss of $24,207 the previous year. Operating expenses rose slightly to $883,892, driven by increased legal and director fees related to preparations for a Nasdaq listing. The company’s cash position decreased to $3,585,341, with net cash used in operations amounting to $231,191. Total liabilities increased to $3,054,144, largely due to amounts due to related parties. Goodwill remained unchanged at $16,657,653, with no impairment identified during the quarter, despite prior concerns. Management cited onboarding new clients and anticipated cost savings as potential mitigators for future performance. However, uncertainties remain regarding market conditions and operational challenges, particularly following regulatory changes affecting service offerings. Overall, the company continues to navigate a challenging environment while focusing on strategic growth initiatives.