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BEIJING, May 22, 2020 /PRNewswire/– MMTEC, Inc. (NasdaqCM:MTC) (“MMTec” or the “Company”) a China based technology aggregation that provides admission to the U.S. banking markets appear its banking after-effects for the year concluded December 31, 2019.
Comparison of After-effects of Operations for the Years Concluded December 31, 2019 and 2018
Revenue. Revenues added from $26,882 in 2018 to $200,797, or 647%, in 2019 due to the access in the acquirement of the aboriginal bazaar abstracts account business and the accession of the IR business, as able-bodied as the accretion of MMBD Trading brings added agency income. For the years concluded December 31, 2019 and 2018, our acquirement from assuming bazaar abstracts casework for our barter added to $75,044 from $26,882, respectively. In additional, we accept broadcast our broker relations administration casework business to advice advance the accord amid listed companies and the company’s equity, debt investors or abeyant investors. Our acquirement from broker relations administration casework was $86,788 for the year concluded December 31, 2019. Following our accretion of MMBD Trading and its wholly-owned accessory and a balance broker-dealer, we accustomed $33,680 in agency acquirement and added accompanying acquirement of $5,285 for the year concluded December 31, 2019.
Cost of Revenue. For the years concluded December 31, 2019 and 2018, our amount of acquirement was $90,890 and $16,308, respectively. Due to the access in revenue, the agnate business amount has increased.
Gross Accumulation and Gross Margin. Our gross accumulation was $109,907 for the year concluded December 31, 2019, apery gross allowance of 54.7%. Gross accumulation was $10,574 for the year concluded December 31, 2018, apery gross allowance of 39.3%.
Loss from Operations. As a aftereffect of business amplification and access in NASDAQ abstracts account fee for the year concluded December 31, 2019, accident from operations amounted to $2,940,776, as compared to $2,327,540 for the year concluded December 31, 2018, an access of $613,236, or 26.3%.
Other Assets (Expense). Added assets (expense) mainly includes absorption assets from coffer deposits, added assorted expense, government subsidies, adopted bill transaction accretion (loss) and accident on disinterestedness adjustment advance controlled by aloft shareholders. Added income, net, totaled $697,542 for the year concluded December 31, 2019, as compared to added amount of $21,462 for the year concluded December 31, 2018, a change of $719,004, which was mainly attributable to an access in absorption assets from coffer deposits of $36,887, an access in government subsidy of $724,795, an access in added costs of $13,972, an abatement in accident on disinterestedness adjustment advance controlled by aloft shareholders of $12,463, and a abatement in adopted bill transaction accident of $41,181.
Net Loss. As a aftereffect of the factors declared above, our net accident was $2,243,234, or $0.11 per allotment (basic and diluted), for the year concluded December 31, 2019. Our net accident was $2,349,002, or $0.06 per allotment (basic and diluted), for the year concluded December 31, 2018.
ABOUT MMTEC, INC.
Headquartered in Beijing, China, our Aggregation was founded on January 4, 2018. We accept developed and deployed a alternation of platforms, including the ETN Counter Business System, the PTN Private Fund Advance Administration System, the Personal Mobile Transaction Client System, the PC Transaction Client System, the Individual and Institutional Integrated Account Administration System, and the Quantitative Advance Transaction Platform, which comprise a business alternation that enables Chinese accent speaking barrier funds, alternate funds, registered advance advisors, proprietary trading groups, and allowance firms to appoint in balance bazaar affairs and settlements globally. For added advice about the Aggregation amuse accredit to its accumulated website at http://www.51mm.com.
This columnist absolution may accommodate assertive “forward-looking statements” apropos to the business of MMTEC, Inc. and its accessory companies. All statements added than statements of absolute actuality included herein are “forward-looking statements” aural the acceptation of the Private Balance Litigation Reform Act of 1995, including statements apropos the Company’s the accepted adeptness of the Aggregation to accomplish its bartering objectives, the business strategy, affairs and objectives of the Aggregation and its subsidiaries, and any added statements of non-historical information. These advanced statements are generally articular by the use of advanced analogue such as “believes,” “expects” or agnate expressions, absorb accepted and alien risks and uncertainties. Although the Aggregation believes that the expectations reflected in these advanced statements are reasonable, they do absorb assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not abode disproportionate assurance on these advanced statements, which allege alone as of the date of this columnist release. The Company’s absolute after-effects could alter materially from those advancing in these advanced statements as a aftereffect of a array of factors, including those discussed in the Company’s alternate letters that are filed with the Balance and Exchange Agency and accessible on its website at http://www.sec.gov. All advanced statements attributable to the Aggregation or bodies acting on its account are especially able in their absoluteness by these factors. Added than as appropriate beneath the balance laws, the Aggregation does not accept a assignment to amend these advanced statements.
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SOURCE MMTEC, Inc.
Personal Financial Statements Predominantly Use Historical Cost Information Is Personal Financial Statements Predominantly Use Historical Cost Information The Most Trending Thing Now? – personal financial statements predominantly use historical cost information
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