Future FinTech Group Inc. Files Q2 2024 10-Q Report
Ticker: FTFT · Form: 10-Q · Filed: Aug 19, 2024 · CIK: 1066923
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Future FinTech Group Inc. filed its Q2 2024 10-Q. Check financials.
AI Summary
Future FinTech Group Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, formerly known as SkyPeople Fruit Juice, Inc., is incorporated in Florida and headquartered in New York. The filing details its financial performance and operational status for the quarter.
Why It Matters
This filing provides investors with an update on Future FinTech Group Inc.'s financial health and business activities for the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant risks or opportunities, requiring careful analysis.
Key Players & Entities
- Future FinTech Group Inc. (company) — Registrant
- June 30, 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
- 001-34502 (other) — Commission file number
FAQ
What is the primary purpose of this Form 10-Q filing?
The primary purpose is to provide a quarterly report on the financial performance and condition of Future FinTech Group Inc. for the period ended June 30, 2024.
What was Future FinTech Group Inc. previously known as?
Future FinTech Group Inc. was formerly known as SkyPeople Fruit Juice, Inc.
In which state is Future FinTech Group Inc. incorporated?
Future FinTech Group Inc. is incorporated in Florida.
What is the business address of Future FinTech Group Inc.?
The business address is Americas Tower, 1177 Avenue of the Americas, Suite 5100, New York, NY 10036.
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: 4,548 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-08-19 16:30:54
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share FTFT Nasdaq Stock Market In
Filing Documents
- ea0211138-10q_future.htm (10-Q) — 1073KB
- ea021113801ex31-1_future.htm (EX-31.1) — 11KB
- ea021113801ex31-2_future.htm (EX-31.2) — 10KB
- ea021113801ex32-1_future.htm (EX-32.1) — 4KB
- ea021113801ex32-2_future.htm (EX-32.2) — 4KB
- 0001213900-24-070725.txt ( ) — 7969KB
- ftft-20240630.xsd (EX-101.SCH) — 80KB
- ftft-20240630_cal.xml (EX-101.CAL) — 85KB
- ftft-20240630_def.xml (EX-101.DEF) — 401KB
- ftft-20240630_lab.xml (EX-101.LAB) — 677KB
- ftft-20240630_pre.xml (EX-101.PRE) — 398KB
- ea0211138-10q_future_htm.xml (XML) — 1008KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 1 Item 1.
Financial Statements
Financial Statements 1 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 40 Item 4.
Controls and Procedures
Controls and Procedures 40
OTHER INFORMATION
PART II. OTHER INFORMATION 41 Item 1.
Legal Proceedings
Legal Proceedings 41 Item 1A.
Risk Factors
Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults upon Senior Securities 42 Item 4. Mine Safety Disclosure 42 Item 5. Other Information 42 Item 6. Exhibits 42
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements FUTURE FINTECH GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 9,824,662 $ 19,016,198 Short - term investment - 959,028 Accounts receivable, net 5,256,585 5,705,877 Notes receivable 645,451 - Advances to suppliers and other current assets 20,518,414 3,829,795 Loan receivables 14,851,402 14,895,086 Other receivables, net 70,994 10,048,248 Amount due from related party 42,426 12,151 Assets related to discontinued operation - 24,086 TOTAL CURRENT ASSETS $ 51,209,934 $ 54,490,469 Property, plant and equipment, net $ 4,590,198 $ 4,579,116 Right of use assets - operation lease 1,236,149 1,282,111 Intangible assets 560,579 588,982 Debt investment 701,577 - Assets related to discontinued operation - 72 TOTAL NON-CURRENT ASSETS 7,088,503 6,450,281 TOTAL ASSETS $ 58,298,437 $ 60,940,750 LIABILITIES CURRENT LIABILITIES Accounts payable $ 2,870,133 $ 3,301,715 Accrued expenses and other payables 12,792,214 11,774,710 Advances from customers 229,294 303,711 Convertible notes payables 1,144,603 1,100,723 Lease liability - operation lease 398,522 498,736 Amounts due to related parties 296,463 505,046 Liability related to discontinued operation - 243,721 TOTAL CURRENT LIABILITIES $ 17,731,229 $ 17,728,362 NON-CURRENT LIABILITIES Lease liability - operation lease 855,048 797,344 TOTAL NON-CURRENT LIABILITIES 855,048 797,344 TOTAL LIABILITIES $ 18,586,277 $ 18,525,706 Commitments and contingencies (Note 23) 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 June 30, 2024 and December 31, 2023 respectively $ 19,985 $ 17,835 Additional paid-in capital 236,469,490 233,890,997