FDCTech's Quarterly Release for the Third Quarter (FY22 Q3) Results

Rhea-AI Summary

FDCTech reported significant growth in revenue for the nine months ended September 30, 2022, with a remarkable increase of 1,980% compared to the previous year, totaling $4,597,097. Despite this growth, the company incurred a net loss of $1,002,849, although the net loss as a percentage of revenue decreased from 442.50% to 21.81%. Cash reserves improved to $246,064 from $93,546 at the end of 2021. FDCTech also announced plans to acquire an 80% equity interest in CIM Securities, marking a strategic move to expand its operations.

Positive

• Revenue increased by 1,980% year-over-year, reaching $4,597,097.
• Net loss decreased as a percentage of revenue from 442.50% to 21.81%.
• Cash on hand improved to $246,064 compared to $93,546 as of December 31, 2021.
• Strategic acquisition of 80% interest in CIM Securities to enhance business capabilities.

Negative

• The company reported a net loss of $1,002,849 for the nine-month period.

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

FAQ

What were FDCT's revenue results for the nine months ending September 30, 2022?

FDCT reported a revenue of $4,597,097 for the nine months ending September 30, 2022, representing a 1,980% increase compared to the previous year.

Did FDCT experience a net loss in the recent financial report?

Yes, FDCT incurred a net loss of $1,002,849 for the nine months ended September 30, 2022.

What is the significance of FDCT's acquisition of CIM Securities?

FDCT's acquisition of an 80% interest in CIM Securities is a strategic move to enhance its financial services offerings and overall business growth.

How did FDCT's cash position change by September 30, 2022?

FDCT's cash on hand increased to $246,064 as of September 30, 2022, up from $93,546 on December 31, 2021.

What is the net loss percentage for FDCT for the nine months ending September 30, 2022?

The net loss as a percentage of revenue for FDCT decreased to 21.81% for the nine months ending September 30, 2022.