Future FinTech Group Inc. Files Q3 2024 10-Q
Ticker: FTFT · Form: 10-Q · Filed: Nov 19, 2024 · CIK: 1066923
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**Future FinTech Group Inc. (FTFT) filed its Q3 2024 10-Q. Check financials.**
AI Summary
Future FinTech Group Inc. filed its 10-Q for the quarterly period ended September 30, 2024. The company, formerly known as SkyPeople Fruit Juice, Inc., is incorporated in Florida and operates in the business services sector. The filing details its financial performance and operational status for the specified quarter.
Why It Matters
This filing provides investors with an update on Future FinTech Group Inc.'s financial health and operational activities for the third 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
- September 30, 2024 (date) — Quarterly period end date
- SkyPeople Fruit Juice, Inc. (company) — Former company name
- Florida (location) — State of incorporation
- 001-34502 (other) — Commission file number
FAQ
What is the primary business of Future FinTech Group Inc.?
Future FinTech Group Inc. is classified under SIC code 7389, Services-Business Services, NEC, indicating its operations fall within business services.
When was Future FinTech Group Inc. previously known by another name?
The company was formerly known as SkyPeople Fruit Juice, Inc., with a name change occurring on June 10, 2008.
What is the fiscal year end for Future FinTech Group Inc.?
The fiscal year end for Future FinTech Group Inc. is December 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on November 19, 2024.
Where is Future FinTech Group Inc. incorporated?
Future FinTech Group Inc. is incorporated in Florida.
Filing Stats: 4,510 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-11-19 16:15:34
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share FTFT Nasdaq Stock Market In
Filing Documents
- ea0220814-10q_future.htm (10-Q) — 1061KB
- ea022081401ex31-1_future.htm (EX-31.1) — 10KB
- ea022081401ex31-2_future.htm (EX-31.2) — 10KB
- ea022081401ex32-1_future.htm (EX-32.1) — 4KB
- ea022081401ex32-2_future.htm (EX-32.2) — 4KB
- 0001213900-24-100164.txt ( ) — 8021KB
- ftft-20240930.xsd (EX-101.SCH) — 74KB
- ftft-20240930_cal.xml (EX-101.CAL) — 84KB
- ftft-20240930_def.xml (EX-101.DEF) — 395KB
- ftft-20240930_lab.xml (EX-101.LAB) — 663KB
- ftft-20240930_pre.xml (EX-101.PRE) — 403KB
- ea0220814-10q_future_htm.xml (XML) — 1016KB
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 29 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.
Controls and Procedures
Controls and Procedures 39
OTHER INFORMATION
PART II. OTHER INFORMATION 40 Item 1.
Legal Proceedings
Legal Proceedings 40 Item 1A.
Risk Factors
Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults upon Senior Securities 41 Item 4. Mine Safety Disclosure 41 Item 5. Other Information 41 Item 6. Exhibits 41
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements FUTURE FINTECH GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,519,391 $ 19,016,198 Short - term investment 959,028 Accounts receivable, net 3,413,565 5,705,877 Advances to suppliers and other current assets 19,210,498 3,829,795 Loan receivables 15,113,651 14,895,086 Other receivables, net 101,491 10,048,248 Amount due from related party 782,579 12,151 Assets related to discontinued operation - 24,086 TOTAL CURRENT ASSETS $ 45,141,175 $ 54,490,469 Property, plant and equipment, net $ 4,523,974 $ 4,579,116 Right of use assets - operation lease 1,360,998 1,282,111 Intangible assets 546,948 588,982 Debt investment 1,826,640 - Assets related to discontinued operation - 72 TOTAL NON-CURRENT ASSETS 8,258,560 6,450,281 TOTAL ASSETS $ 53,399,735 $ 60,940,750 LIABILITIES CURRENT LIABILITIES Accounts payable $ 1,758,824 $ 3,301,715 Accrued expenses and other payables 13,509,127 11,774,710 Advances from customers 54,075 303,711 Convertible notes payables 939,334 1,100,723 Lease liability - operation lease 575,159 498,736 Amounts due to related parties 11,123 505,046 Liability related to discontinued operation - 243,721 TOTAL CURRENT LIABILITIES $ 16,847,642 $ 17,728,362 NON-CURRENT LIABILITIES Lease liability - operation lease 805,982 797,344 TOTAL NON-CURRENT LIABILITIES 805,982 797,344 TOTAL LIABILITIES $ 17,653,624 $ 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; 20,747,527 shares and 17,834,874 shares issued and outstanding as of September 30, 2024 and December 31, 2023 respectively $ 20,747 $ 17,835 Additional paid-in capital 236,693,728 233,890,997 Statutory reserve 98