MMTec, Inc. Files Form 6-K, Reports as Foreign Private Issuer

TL;DR

MMTec, Inc. filed a 6-K on 12/13/24, confirming 20-F filings and including forward-looking statements.

AI Summary

MMTec, Inc. filed a Form 6-K on December 13, 2024, reporting as a foreign private issuer. The filing indicates the company will file its annual reports under Form 20-F. The report contains forward-looking statements as defined by the Securities Act of 1933.

Why It Matters

This filing provides an update on MMTec, Inc.'s reporting status and includes forward-looking statements, which are important for investors to understand the company's future outlook and potential risks.

Risk Assessment

Risk Level: low — This is a routine reporting form (6-K) confirming the company's status and filing procedures, not announcing significant new events or financial results.

Key Numbers

• 001-38766 — SEC File Number (Identifies the company's filing history with the SEC)
• 20241213 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• MMTec, Inc. (company) — Filer of the report
• 001-38766 (company) — SEC File Number
• 20241213 (date) — Filing date
• Form 20-F (document) — Annual report filing type
• Form 6-K (document) — Report type

FAQ

Key Financial Figures

• $2.86 million — es decreased by 100% from approximately $2.86 million to nil, as a result of the disposal of
• $0.13 million — it decreased by 100% from approximately $0.13 million to nil, compared to the same period in
• $2.3 m — Loss from operations was approximately $2.3 million, compared to approximately $3.09
• $3.09 million — $2.3 million, compared to approximately $3.09 million for the same period in 2023. The increa
• $28.37 m — f of 2024. Net loss was approximately $28.37 million, compared to a net loss of approx
• $4.42 million — compared to a net loss of approximately $4.42 million for the same period of 2023. The increa
• $25.51 million — es on notes receivable of approximately $25.51 million. Loss per share on a basic and a full
• $0.14 — n a basic and a fully diluted basis was $0.14 for the six months ended June 30, 2024,
• $0.07 — e on a basic and fully diluted basis of $0.07 for the same period in 2023. Operatin
• $2.73 million — of revenue decreased from approximately $2.73 million to nil for the six months ended June 30
• $0.64 m — keting costs decreased by approximately $0.64 million, or 63.7%, to approximately $0.37
• $0.37 million — .64 million, or 63.7%, to approximately $0.37 million for the six months ended June 30, 2024
• $1.01 million — ended June 30, 2024 from approximately $1.01 million for the same period last year. The decr
• $0.96 — and related benefits were approximately $0.96 for the six months ended June 30, 2024,
• $1.19 million — une 30, 2024, compared to approximately $1.19 million for the six months ended June 30, 2023,

Filing Documents

• ea0223987-6k_mmtec.htm (6-K) — 188KB
• 0001213900-24-108638.txt ( ) — 189KB

financial statements were restated to correct errors in accounting for interest expense

financial statements were restated to correct errors in accounting for interest expense. 5 The following table summarizes changes made to the June 30, 2023 unaudited consolidated statements of operations and comprehensive loss: June 30, 2023 As Reported Adjustment As Restated Interest expense $ (11,425,657 ) 10,025,469 (1,400,188 ) NET LOSS (14,445,066 ) 10,025,469 (4,419,597 ) NET LOSS ATTRIBUTABLE TO MMTEC, INC. $ (14,377,372 ) $ 10,025,469 $ (4,351,903 ) NET LOSS PER COMMON SHARE: Basic (0.46 ) 0.39 (0.07 ) Diluted (0.30 ) 0.23 (0.07 ) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 31,154,116 35,307,362 66,461,478 Diluted 83,411,491 (16,950,013 ) 66,461,478 The following table summarizes changes made to the June 30, 2023 unaudited consolidated statements of cash flows: June 30, 2023 As Reported Adjustment As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (14,445,066 ) $ 10,025,469 $ (4,419,597 ) Adjustments to reconcile net loss from operations to net cash used in operating activities: Imputed interest expense 11,425,469 (10,025,469 ) 1,400,000 NET CASH USED IN OPERATING ACTIVITIES: $ (3,017,565 ) $ - $ (3,017,565 ) Shares Authorized and Issued There were 199,145,041 common shares issued and outstanding as of June 30, 2024. Legal Proceedings In the normal course of business, MM Global Securities, INC (“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. As such, MM Global has responded to FINRA inquires. MM Global submitted a Letter of Acceptance, Waiver, and Consent for the purpose of proposing a settlement of the alleged rule violations on September 9, 2022. Without admitting o

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View this 6-K filing on SEC EDGAR