Wed, Dec 4, 10:02 PM (44 days ago)
For the quarter ended September 30, 2024, Fintech Scion Limited (ticker: N/A) reported a significant decline in revenue to $220,209 from $946,830 in Q3 2023, primarily due to reduced transactions from its Payment Services Provider and Foreign Exchange Conversion services. Gross profit also fell to $211,382 from $874,344. Operating expenses decreased by 68% to $398,340, driven by reduced general and administrative costs. The net loss for the quarter was $194,344, compared to a loss of $142,799 in the prior year. Cash flow from operating activities showed a net usage of $299,317, while financing activities generated $603,768, resulting in a cash balance of $4,014,768 at quarter-end. Total assets decreased slightly to $20,901,487, with total liabilities at $4,129,055. Notably, goodwill remained unchanged at $16,657,653, with management asserting no impairment is necessary despite previous losses. The company faces uncertainties, including reliance on related party loans and the need for ongoing client onboarding to stabilize revenue. Future operations may hinge on effective cost management and client acquisition strategies.