The increase in nine months of revenue by 1,980% compared to the previous period is due to the successful integration of the wealth management business.
Irvine, CA:, Nov. 04, 2022 (GLOBE NEWSWIRE) -- FDCTech, Inc. ("FDC" or the "Company," OTCQB: FDCT), a fintech-driven company specializing in buying and integrating small to mid-size legacy financial services companies, today announced the following results for the quarter ended September 30, 2022, as compared to the corresponding period of last fiscal year:
- The revenues generated for the nine months ended September 30, 2022, and 2021 were $4,597,097 and $221,003, respectively.
- During the nine months ended September 30, 2022, and 2021, the Company incurred a net loss of $1,002,849 and $977,933.
- The net loss as a percentage of revenue decreased from 442.50% to 21.81% for the nine months ended September 30, 2022, compared to the previous period.
- The cash on hand was $246,064 as of September 30, 2022, compared to $93,546 on December 31, 2021.
- On September 30, 2022, the total stockholders' equity was $1,283,751 compared with a total stockholders' equity of $1,625,448 on December 31, 2021.
On July 19, 2022, the Company signed a non-binding letter of intent to acquire eighty percent (80%) equity interest in CIM Securities, LLC ("CIM Securities"), a FINRA and SIPC member firm. On September 30, 2022, the Company paid a $20,000 non-refundable deposit and transferred $180,000 to the escrow account to complete the transaction. The FINRA Rule 1017 requires the Company to file continuing membership applications (CMAs) as it plans to apply for changes in ownership, control, and business operations. The Company expects to file the CMA form by the end of fiscal 2022.
Please visit our SEC filings or Company's website for more information on the full results and management's plan.
AD Advisory Services Pty Ltd.
AD Advisory Services Pty Ltd. – AFSL No. 237058, an independent specialist dealer group, provides licensing solutions for select education and compliance-focused financial advisors & accountants. ADS has a dedicated management team are qualified financial planners that service metro and regional practices around Australia.
FDCTech, Inc.
FDCTech, Inc. ("FDC") is a US-based, fully integrated financial technology company. FDC specializes in buying and integrating small to mid-size legacy financial services companies. FDC develops and delivers a full suite of technology infrastructure solutions to forex, crypto, wealth management, and other future-proof financial sectors.
Press Release Disclaimer
This press release's statements may be forward-looking statements or future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third party. Therefore, in no case whatsoever will Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.
Contact Media Relations
FDCTech, Inc.
info@fdctech.com
www.fdctech.com
+1 877-445-6047
200 Spectrum Center Drive, Suite 300,
Irvine, CA, 92618
