BEIJING, Sept. 9,
2022 /PRNewswire/ -- MMTEC, Inc. (NASDAQ: MTC)
("MMTEC", "we", "our" or the "Company"), a China based technology company that provides
access to the U.S. financial markets, today announced its unaudited
financial results for the six months ended June 30, 2022.
First Half 2022 Summary
- Revenues increased by 44.64% from $507,048 to $733,400 as a result of the increase in software
sales revenue during the six months ended June 30, 2022.
- Gross profit increased by 41.53% to $622,910 as compared to $440,140 for the same period in 2021, while the
gross profit margin was 84.93%, as compared to 86.80% for the same
period in 2021.
- Loss from operations was $2,927,617 for the six months ended June 30, 2022, as compared to $1,835,262 for the same period of 2021. The
increase was primarily attributable to the increase in operating
expenses. We increased the size of and level of spending on support
team for our investment banking business, fund management services
business and software sales business. We accrued litigation loss
contingency of $450,000 to settle
with FINRA.
- Net loss was $2,887,201 for the
six months ended June 30, 2022, as
compared to net loss of $2,367,612
for the same period of 2021.
- Loss per share both on a basic and fully diluted basis were
$0.92 for the six months ended
June 30, 2022, as compared to loss
per share on a basic and fully diluted basis of $0.99 for the six months ended June 30, 2021.
Xiangdong Wen, the Company's
Chief Executive Officer and Chairman, commented, "Our revenue
increased to $733,400 for the
first half of 2022 as a result of our increased sales force in our
software sales business. The company ramped up investment banking
team spending. Loss from operations increased significantly as a
result of the increase in size of, and level of spending on, our
support teams for our investment banking and fund management
services businesses."
Mr. Wen continued, "As for the Company's future strategy, we
will actively promote cooperative relationships with Chinese
companies listed in the US and provide them with financing, mergers
and acquisitions, and financial advisory services. In addition, we
will attempt to further increase the construction of investment
banking teams, provide high-quality services, and continue to
expand the market."
Operating Results for Six Months Ended June 30, 2022
Revenues
We derive our revenues from: (1) data services and related
technical support (the "Market data services"); (2)
software sales and related technical support, which are
primarily software to facilitate stock trading and clearing (the
"Software sales"); (3) commissions through customer securities
transactions ("Commissions"); and (4) fund management services as
the administrator of the fund ("Fund management services").
The following tables illustrate the Company's revenue by revenue
type:
|
|
For the six
months Ended June 30,
|
|
|
|
2021
|
|
|
2022
|
|
|
|
|
US$
|
|
|
|
US$
|
|
|
|
Market data
services
|
|
|
85,635
|
|
|
|
|
71,928
|
|
|
|
Software
sales
|
|
|
-
|
|
|
|
|
646,052
|
|
|
|
Fund management
services
|
|
|
79,610
|
|
|
|
|
12,145
|
|
|
|
Commissions
|
|
|
341,803
|
|
|
|
|
3,275
|
|
|
|
Total
revenues
|
|
|
507,048
|
|
|
|
|
733,400
|
|
|
|
Cost of Revenue
Cost of revenue consists primarily of internal labor cost
and related benefits, and other overhead costs that are directly
attributable to services provided.
Cost of revenues increased by $43,582, or 65.14%, to $110,490 for the six months ended June 30, 2022 from $66,908 for the same period last year. The
increase in cost of revenues is directly linked to the 100%
increase of software sales revenues. Revenue from commissions
is presented as net revenue with no associated cost of
revenues.
Gross Profit and Gross Margin
Gross profit was $622,910 for the
six months ended June 30, 2022,
representing gross margin of 84.93%, as compared to 86.80% for
the same period in 2021.
Operating Expenses
During the six months ended June 30,
2022 and 2021, respectively, operating expenses included
selling and marketing, payroll and related benefits, professional
fees, and other general and administrative expenses.
Selling and Marketing Costs
All costs related to selling and marketing are expensed as
incurred. Selling and marketing costs increased by $790,027, or 813.24%, to $887,173 for the six months ended June 30, 2022 from $97,146 for the same period last year.
Payroll and Related Benefits
Payroll and related benefits totaled $1,022,931 for the six months ended
June 30, 2022, as compared to
$669,299 for the six
months ended June 30, 2021, an
increase of $353,632.
Professional Fees
For the six months ended June 30,
2022, professional fees primarily consisted of audit fees,
legal service fees, financial consulting fees and other fees
associated with being a public company. Professional fees totaled
$696,556 for the six months ended
June 30, 2022, as compared to
$837,457 for the six months ended
June 30, 2021, a decrease of
$140,901.
Other General and Administrative Expenses
For the six months ended June 30,
2022 and 2021, other general and administrative expenses
were $943,867 and $671,500, respectively. The increase in other
general and administrative expense was mainly attributable to the
increase of $450,000 in litigation
loss contingency, which represented an estimated fine of
$450,000 from FINRA investigation;
this was partially offset by the decrease in training fee, computer
and internet expense, and ETC clearing costs.
Loss from Operations
For six months ended June 30,
2022, loss from operations amounted to $2,927,617, as compared to loss from operations
of $1,835,262 for the six months
ended June 30, 2021, an increase of
$1,092,355, or 59.52%, which was
mainly attributable to the increase in selling and marketing costs,
payroll and related benefits and litigation loss contingency. As a
result of the expansion of the Company's overall business scale,
the Company increased the size of and level of spending
on support team for investment banking business, fund management
services business.
Other Income (Expense)
Other income (expense) includes interest income from bank
deposits, other income, impairment loss on long-term investment,
and foreign currency transaction gain (loss). Other income totaled
$40,416 for six months ended
June 30, 2022, as compared to other
expense of $532,350 for six months
ended June 30, 2021, a change of
$572,766, which was mainly
attributable to the decrease in impairments of long-term
investment.
Income Taxes
We did not have any income taxes expense for the six months
ended June 30, 2022 and 2021 since we
did not generate any taxable income in these two periods.
Net Loss
As a result of the factors described above, our net loss was
$2,887,201, or $0.92 per share (basic and diluted), for the six
months ended June 30, 2022. Our net
loss was $2,367,612, or $0.99 per share (basic and diluted), for the six
months ended June 30, 2021.
Foreign Currency Translation Adjustment
Our reporting currency is the U.S. dollar. The functional
currency of our parent company, MMTEC INC., MM Future Technology
Limited, MM Fund SPC, HC Securities (HK) Limited, MMBD Trading
Limited, MMBD Investment Advisory Company Limited, Fundex SPC and
MM Global Securities, INC, are the U.S. dollar, and the functional
currency of Gujia (Beijing)
Technology Co., Ltd., is the Chinese Renminbi ("RMB"). The
financial statements of our subsidiaries whose functional currency
is the RMB are translated to U.S. dollars using period end rates of
exchange for assets and liabilities, average rate of exchange for
revenue and expenses and cash flows, and at historical exchange
rates for equity. Net gains and losses resulting from foreign
exchange transactions are included in the results of operations. As
a result of foreign currency translations, which are a non-cash
adjustment, we reported a foreign currency translation loss of
$55,780 and a foreign currency
translation gain of $23,720 for the
six months ended June 30, 2022 and
2021, respectively. This non-cash loss had the effect of increasing
our reported comprehensive loss.
Comprehensive Loss
As a result of our foreign currency translation adjustment, we
had comprehensive loss of $2,942,981
and $2,343,892 for the six months
ended June 30, 2022 and 2021,
respectively.
Financial Condition
As of June 30, 2022, the Company
had cash of $7,023,053, compared to
$11,206,220 as of December 31, 2021. Total working capital was
$9,708,668 as of June 30, 2022, compared to working capital of
$12,720,191 as of December 31, 2021.
Net cash used in operating activities for the six months ended
June 30, 2022 was $4,153,241, compared to $1,431,474 for the same period last year. Net
cash used in investing activities was $6,036 for the six months ended June 30, 2022, compared to $8,806 for the same period last year. Net cash
provided by financing activities was $nil for the six months ended
June 30, 2022, compared to
$14,637,200 for the same period of
last year.
As an entity that operates in the financial industry in
China and the United States, the Company finds itself
subject to the challenges posed by the ongoing tension in the trade
relations between the countries.
Shares Authorized and Issued
The Company is authorized to issue 50,000,000 shares with a par
value of $0.01 per share. This takes
into account the 1-for-10 reverse stock split on the Company's
common stock that was effectuated on July
13, 2022.
There were 3,137,001 common shares issued and outstanding as of
June 30, 2022 and December 31, 2021. This takes into account the
1-for-10 reverse stock split on the Company's common stock that was
effectuated on July 13, 2022.
Legal Proceedings
In the normal course of business, MM Global is engaged in
various trading and brokerage activities on a principal and agency
basis through a clearing broker. As a regulated FINRA
broker-dealer, MM Global is subject to regulatory trading inquiries
and investigations to determine whether any violations of federal
securities or FINRA rules may have occurred. MM Global has
responded to FINRA inquires and is subject to an investigation
conducted by FINRA. In June 2022,
FINRA's Department of Enforcement concluded its investigation and
alleges that there have been violations of the federal securities
laws and FINRA rules. The Company intends to settle and as of
September 9, 2022, the settlement
negotiations are still in process. The Company assesses the
likelihood of adverse outcome to the matter, as well as the range
of probable losses to the extent losses are reasonably estimable.
The Company records accruals to the extent that management
concludes a loss is probable and the financial impact, should an
adverse outcome occur, is reasonable estimable. As of June 30, 2022, the Company accrued a liability of
$450,000 that represents the total
estimated amount the Company expects to pay to settle this
matter.
Other than MM Global, we are currently not involved in any legal
proceedings; nor are we aware of any claims that could have a
material adverse effect on our business, financial condition,
results of operations or cash flows.
Recent Developments
On July 13, 2022, the Company
implemented a 1-for-10 reverse stock split. As a result of the
reverse split, on July 27, 2022, the
Company received a letter from the Listing Qualifications
Department of The Nasdaq Stock Market LLC ("NASDAQ") confirming
that the Company had regained compliance with NASDAQ's minimum bid
price requirement under Listing Rule 5550(a)(2). The Company
regained compliance with NASDAQ's requirements when the closing bid
price for the Company's common stock was at or above $1.00 for 10 consecutive business days.
On August 10, 2022, Company
entered into a common stock purchase agreement, which was
subsequently amended and restated on August
12, 2022 (the "Purchase Agreement"), with VG Master Fund SPC
("VG"). Subject to specified terms and conditions, the Company may,
from time to time during the term of the Purchase Agreement, sell
to VG up to the lesser of (a) $6.0
million of shares of common stock, par value $0.01 per share, and (b) the maximum amount of
securities the Company is permitted to issue under its existing
shelf registration statement, which was declared effective by the
SEC on July 21, 2020. In
consideration for VG's entry into the Purchase Agreement, the
Company issued 53,334 shares of common stock to VG on or about
August 17, 2022.
Follow on offering
On August 24, 2022, the Company's
shelf registration statement for up to $300,000,000 in securities was declared effective
by the SEC. Under this shelf registration statement, we may offer
and sell from time to time up to an aggregate of $300,000,000 of common shares (issued separately
or upon exercise of warrants), warrants, debt securities, and units
of the Company's securities.
Notice
Rounding amounts and percentages: Certain amounts and
percentages included in this press release have been rounded for
ease of presentation. Percentage figures included in this press
release have not in all cases been calculated on the basis of such
rounded figures, but on the basis of such amounts prior to
rounding. For this reason, certain percentage amounts in this press
release may vary from those obtained by performing the same
calculations using the figures in the financial statements. In
addition, certain other amounts that appear in this press release
may not sum due to rounding.
About MMTEC, Inc.
Headquartered in Beijing,
China, we mainly focus on investment banking and asset
management, providing customers with one-stop and all-round
financial services. In addition to traditional incubation and
investment in domestic and foreign companies listed in the United States, we also launched the HiFund
platform to attract global institutional and individual investors
to invest in the most competitive Chinese assets.
More information about the Company can be found at:
www.haisc.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding its continued growth, business outlook, and other similar
statements are forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission, including the Company's most recently filed Annual
Report on Form 20-F and its subsequent filings. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL DATA
MMTEC, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN U.S. DOLLARS)
|
|
|
|
|
As of
|
|
|
|
|
|
June 30,
2022
|
|
|
December 31,
2021
|
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
7,023,053
|
|
$
|
11,206,220
|
|
|
|
Accounts receivable,
net
|
|
466,812
|
|
|
194,856
|
|
|
|
Loan receivable,
net
|
|
2,100,000
|
|
|
2,100,000
|
|
|
|
Security deposits -
current portion
|
|
6,947
|
|
|
102,326
|
|
|
|
Prepaid expenses and
other current assets
|
|
1,350,400
|
|
|
245,021
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Current
Assets
|
|
10,947,212
|
|
|
13,848,423
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
Security deposits -
non-current portion
|
|
163,572
|
|
|
29,460
|
|
|
|
Property and equipment,
net
|
|
222,302
|
|
|
267,433
|
|
|
|
Operating lease
right-of-use assets
|
|
1,100,379
|
|
|
442,185
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-current
Assets
|
|
1,486,253
|
|
|
739,078
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
|
12,433,465
|
|
$
|
14,587,501
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Deferred
revenue
|
$
|
-
|
|
$
|
123,434
|
|
|
|
Salary
payable
|
|
234,035
|
|
|
276,356
|
|
|
|
Accrued liabilities and
other payables
|
|
699,556
|
|
|
372,168
|
|
|
|
Operating lease
liabilities - current
|
|
304,953
|
|
|
356,274
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Current
Liabilities
|
|
1,238,544
|
|
|
1,128,232
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Operating lease
liabilities - non-current
|
|
786,178
|
|
|
107,545
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-current
Liabilities
|
|
786,178
|
|
|
107,545
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
2,024,722
|
|
|
1,235,777
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
Common shares ($0.01
par value; 50,000,000 shares
authorized; 3,137,001 shares issued and outstanding at
June 30, 2022 and December 31, 2021)
|
|
31,370
|
|
|
31,370
|
|
|
|
Additional paid-in
capital
|
|
29,884,600
|
|
|
29,884,600
|
|
|
|
Accumulated
deficit
|
|
(19,494,855)
|
|
|
(16,607,654)
|
|
|
|
|
Accumulated other
comprehensive income (loss)
|
|
(12,372)
|
|
|
43,408
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
10,408,743
|
|
|
13,351,724
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
12,433,465
|
|
$
|
14,587,501
|
|
|
|
|
|
|
|
|
|
|
|
|
MMTEC, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(IN U.S. DOLLARS) (UNAUDITED)
|
|
|
|
|
|
For the six
months Ended
|
|
|
For the six
months Ended
|
|
|
|
|
|
June 30,
2022
|
|
|
June 30,
2021
|
|
|
|
|
|
|
|
|
|
REVENUE
|
$
|
733,400
|
|
$
|
507,048
|
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUE
|
|
110,490
|
|
|
66,908
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
622,910
|
|
|
440,140
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
887,173
|
|
|
97,146
|
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
Payroll and related
benefits
|
|
1,022,931
|
|
|
669,299
|
|
|
|
Professional
fees
|
|
696,556
|
|
|
837,457
|
|
|
|
Other general and
administrative expenses
|
|
943,867
|
|
|
671,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
|
3,550,527
|
|
|
2,275,402
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
|
(2,927,617)
|
|
|
(1,835,262)
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
Interest
income
|
|
19,663
|
|
|
526
|
|
|
Impairment loss on
long-term investment
|
|
-
|
|
|
(583,497)
|
|
|
Other income
|
|
2,576
|
|
|
66,940
|
|
|
Foreign currency
transaction gain (loss)
|
|
18,177
|
|
|
(16,319)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income
(Expense)
|
|
40,416
|
|
|
(532,350)
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE
INCOME TAXES
|
|
(2,887,201)
|
|
|
(2,367,612)
|
|
|
|
|
|
|
|
|
|
|
INCOME
TAXES
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
NET
LOSS
|
$
|
(2,887,201)
|
|
$
|
(2,367,612)
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
LOSS:
|
|
|
|
|
|
|
|
NET LOSS
|
|
(2,887,201)
|
|
|
(2,367,612)
|
|
|
OTHER COMPREHENSIVE
INCOME (LOSS)
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(55,780)
|
|
|
23,720
|
|
|
COMPREHENSIVE
LOSS
|
$
|
(2,942,981)
|
|
$
|
(2,343,892)
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER
COMMON SHARE
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
|
(0.92)
|
|
$
|
(0.99)
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
NUMBER OF
COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
3,137,001
|
|
|
2,386,088
|
|
|
|
|
|
|
|
|
|
|
|
MMTEC, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN U.S. DOLLARS)
(UNAUDITED)
|
|
|
|
|
|
|
For the Six
Months Ended
|
|
For the Six
Months
Ended
|
|
|
|
|
|
|
June 30,
2022
|
|
June 30,
2021
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net
loss
|
$
|
(2,887,201)
|
$
|
(2,367,612)
|
|
|
Adjustments to
reconcile net loss from operations to
|
|
|
|
|
|
|
|
net cash used in
operating activities:
|
|
|
|
|
|
|
|
Depreciation
expense
|
|
39,024
|
|
14,322
|
|
|
|
Impairment loss
on long-term investment
|
|
-
|
|
583,497
|
|
|
|
Noncash lease
expense
|
|
163,218
|
|
168,733
|
|
|
|
Foreign currency
transaction loss (gain)
|
|
(18,177)
|
|
35,464
|
|
|
|
Gain on
extinguishment of debt
|
|
-
|
|
(41,548)
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
|
Operating lease
liabilities
|
|
(193,925)
|
|
(214,724)
|
|
|
|
Accounts
receivable
|
|
(278,617)
|
|
(124,368)
|
|
|
|
Security
deposits
|
|
(41,604)
|
|
-
|
|
|
|
Prepaid expenses
and other current assets
|
|
(1,115,439)
|
|
516,649
|
|
|
|
Deferred
revenue
|
|
(121,382)
|
|
-
|
|
|
|
Salary
payable
|
|
(37,390)
|
|
(5,695)
|
|
|
|
Accrued
liabilities and other payables
|
|
338,252
|
|
3,808
|
|
|
|
|
|
|
|
|
|
|
NET CASH USED IN
OPERATING ACTIVITIES
|
|
(4,153,241)
|
|
(1,431,474)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
Purchase of
property and equipment
|
|
(6,036)
|
|
(8,806)
|
|
|
|
|
|
|
|
NET CASH USED
IN INVESTING ACTIVITIES
|
|
(6,036)
|
|
(8,806)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Proceeds from
issuance of stocks
|
|
-
|
|
14,637,200
|
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED
BY FINANCING
ACTIVITIES
|
|
-
|
|
14,637,200
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF
EXCHANGE RATE ON CASH AND
CASH EQUIVALENTS
|
|
(23,890)
|
|
(19,245)
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND
CASH EQUIVALENTS
|
|
(4,183,167)
|
|
13,177,675
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS - beginning of
period
|
|
11,206,220
|
|
1,425,926
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS - end of period
|
$
|
7,023,053
|
$
|
14,603,601
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW
INFORMATION:
|
|
|
|
|
|
|
Cash paid
for:
|
|
|
|
|
|
|
|
|
Interest
|
$
|
-
|
$
|
-
|
|
|
|
|
Income
taxes
|
$
|
-
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
NON-CASH
INVESTING AND FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
Remeasurement of
the lease liabilities and
right-of-use assets due to lease modification
|
$
|
830,860
|
$
|
-
|
|
For Media Enquiries:
Jessie
Chang
jessie@xgujia.com
View original
content:https://www.prnewswire.com/news-releases/mmtec-inc-announces-half-year-2022-unaudited-financial-results-301621218.html
SOURCE MMTEC, Inc.