Future FinTech Group Inc. Files Q1 2024 10-Q
Ticker: FTFT · Form: 10-Q · Filed: May 20, 2024 · CIK: 1066923
Sentiment: neutral
Topics: 10-Q, financials, company-update
TL;DR
FTFT filed its Q1 2024 10-Q. Check financials.
AI Summary
Future FinTech Group Inc. filed its 10-Q for the quarterly period ended March 31, 2024. The company, formerly known as SkyPeople Fruit Juice, Inc., is incorporated in Florida and headquartered in New York. This filing provides an update on its financial performance and operations for the first quarter of 2024.
Why It Matters
This filing provides investors with crucial financial and operational details for Future FinTech Group Inc. during the first quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — The company has a history of name changes and its current business focus (FinTech) may involve evolving regulatory landscapes and competitive pressures.
Key Players & Entities
- Future FinTech Group Inc. (company) — Registrant
- March 31, 2024 (date) — Quarterly period end date
- SkyPeople Fruit Juice, Inc (company) — Former company name
- Florida (location) — State of incorporation
- New York (location) — Business address city
FAQ
What is the primary business of Future FinTech Group Inc. as indicated by its SIC code?
The company's Standard Industrial Classification (SIC) code is 7389, which falls under SERVICES-BUSINESS SERVICES, NEC.
When was Future FinTech Group Inc. incorporated?
The company is incorporated in Florida.
What was Future FinTech Group Inc. formerly known as?
Future FinTech Group Inc. was formerly known as SkyPeople Fruit Juice, Inc., ENTECH ENVIRONMENTAL TECHNOLOGIES INC, and CYBER PUBLIC RELATIONS INC.
What is the filing date of this 10-Q report?
This 10-Q report was filed on May 20, 2024.
What is the SEC file number for Future FinTech Group Inc.?
The SEC file number for Future FinTech Group Inc. is 001-34502.
Filing Stats: 4,501 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2024-05-20 16:15:40
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share FTFT Nasdaq Stock Market In
Filing Documents
- ea0205821-10q_future.htm (10-Q) — 835KB
- ea020582101ex31-1_future.htm (EX-31.1) — 11KB
- ea020582101ex31-2_future.htm (EX-31.2) — 11KB
- ea020582101ex32-1_future.htm (EX-32.1) — 4KB
- ea020582101ex32-2_future.htm (EX-32.2) — 4KB
- 0001213900-24-045190.txt ( ) — 7116KB
- ftft-20240331.xsd (EX-101.SCH) — 82KB
- ftft-20240331_cal.xml (EX-101.CAL) — 79KB
- ftft-20240331_def.xml (EX-101.DEF) — 391KB
- ftft-20240331_lab.xml (EX-101.LAB) — 659KB
- ftft-20240331_pre.xml (EX-101.PRE) — 389KB
- ea0205821-10q_future_htm.xml (XML) — 786KB
SIGNATURES
SIGNATURES 38 i PART I. FINANCIAL INFORMATION Item 1. Financial Statements FUTURE FINTECH GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 14,886,541 $ 19,032,278 Short - term investment - 959,028 Accounts receivable, net 4,618,861 5,705,877 Notes receivable 648,344 - Advances to suppliers and other current assets 18,391,419 3,837,752 Loan receivables 14,882,847 14,895,086 Other receivables, net 101,098 10,048,297 Amount due from related party 86,832 12,151 TOTAL CURRENT ASSETS $ 53,615,942 $ 54,490,469 Property, plant and equipment, net $ 4,608,429 $ 4,579,188 Right of use assets - operation lease 1,111,533 1,282,111 Intangible assets 574,548 588,982 TOTAL NON-CURRENT ASSETS 6,294,510 6,450,281 TOTAL ASSETS $ 59,910,452 $ 60,940,750 LIABILITIES CURRENT LIABILITIES Accounts payable $ 2,245,287 $ 3,320,061 Accrued expenses and other payables 13,189,384 11,997,481 Advances from customers 53,494 306,315 Convertible notes payables 1,122,663 1,100,723 Lease liability - operation lease 382,172 498,736 Amounts due to related parties 546,753 505,046 TOTAL CURRENT LIABILITIES $ 17,539,753 $ 17,728,362 NON-CURRENT LIABILITIES Lease liability - operation lease 746,265 797,344 TOTAL NON-CURRENT LIABILITIES 746,265 797,344 TOTAL LIABILITIES $ 18,286,018 $ 18,525,706 Commitments and contingencies (Note 22) STOCKHOLDER'S EQUITY Future FinTech Group, Inc, Stockholders' equity Common stock, $ 0.001 par value; 60,000,000 shares authorized; 19,985,410 shares and 17,834,874 shares issued and outstanding as of March 31, 2024 and December 31, 2023 respectively $ 19,985 $ 17,835 Additional paid-in capital 236,469,490 233,890,997 Statutory reserve 98,357 98,357 Accumulated deficits ( 189,256,870 ) ( 185,929,662 ) Accumulated other comprehensive loss ( 4,