Stock in News Spotlight: Future FinTech Group Inc. (NASDAQ: FTFT)
Future FinTech Group Inc. stock identified change of 176.19% away from 52-week low price and recently located move of -25.16% off 52-week high price. FTFT stock has been recorded 2.70% away from 50 day moving average and 37.10% away from 200 day moving average. Moving closer, we can see that shares have been trading 3.16% off 20-day moving average.
Future FinTech Group Inc. (FTFT) recently reported its financial results for the first quarter of fiscal 2020.
Operating expenses increased to $6.14 M for the three months ended March 31, 2020 from $1.02M for the first quarter last year, primarily Because of a one-time bad debt provision of $4.2M for other receivables from HeDeTang Holdings (HK) Ltd. (“HeDeTang HK”), which was sold to New Continent International Co., Ltd during the first quarter of 2020 and non-cash stock related compensation of $1.19M for a Consulting Service Contract that the Company entered into on January 25, 2020 with Dragon Investment Holding Limited (Malta).
The loss from operations for the first quarter of fiscal 2020 was $5.936M, as contrast to $0.990M for the first quarter of fiscal 2019.
The Company sold its fruit juice related business, HeDeTang Hong Kong during the first quarter of 2020, resulting in a gain on disposal of discontinued operations for $123.69M.
Net income attributable to Future FinTech’s Ordinary shareholders of ordinary stock for the three months ended March 31, 2020 was $117.21M or $3.46 per diluted share, contrast to net loss of $1.89M, or loss of $0.05 per diluted share, for the first quarter of fiscal 2019.
The information in this press release is subject to the more complete presentation set forth in in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 which was filed with the Securities and Exchange Commission on July 6, 2020.
Revenue for the three months ended March 31, 2020 increased 25% to $0.2M contrast to $0.16M for the first quarter of fiscal 2019. Sale of goods reduced to $0.001M contrast to $0.14M last year, primarily Because of the negative impact of COVID-19 during this period, as the staff could not work in the office and shipments stopped. Revenue from CCM Shopping Mall Membership increased to $0.20M from $0.02M last year, reflecting the growth of the on-line business.
The Technology sector company, Future FinTech Group Inc. noticed change of 0.87% to $1.16 along volume of 136367 shares in recent session compared to an average volume of 160.5K. There are 31.34M shares outstanding and 9.02M shares are floated in market.
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