BEIJING, Sept. 30, 2021 /PRNewswire/ -- MMTEC, Inc.
(NASDAQ: MTC) ("MMTEC", "we", "our" or the "Company"), a
China based technology company
that provides access to the U.S. financial markets, today announced
its unaudited financial results for the six months ended
June 30, 2021.
First Half 2021 Summary
- Revenues increased by 54.09% from $329,070 to $507,048 as a result of the increase in
commissions fees and market data services fees and development of
fund management services as the administrator of MOM Fond, MM Fund
Growth SP, during the six months ended June
30, 2021.
- Cost of revenue increased by 852.29% to $66,908 for the six months ended June 30, 2021 from $7,026 for the same period in 2020.
- Gross profit increased by 36.67% to $440,140 as compared to $322,044 for the same period in 2020, while the
gross profit margin was 86.80%, as compared to 97.86% for the same
period in 2020.
- Loss from operations was $1,835,262 for the six months ended June 30, 2021, as compared to $1,041,361 for the same period of 2020. The
increase was primarily attributable to the increase in operating
expenses. We increased the size of and level of spending on support
team for investment banking business, fund management services
business, and market data services business.
- Net loss was $2,367,612 for the
six months ended June 30, 2021, as
compared to net loss of $1,011,152
for the same period of 2020.
- Loss per share both on a basic and fully diluted basis were
$0.10 for the six months ended
June 30, 2021, as compared to loss
per share on a basic and fully diluted basis of $0.05 for the six months ended June 30, 2020.
Xiangdong Wen, the Company's
Chief Executive Officer and Chairman, commented, "Our revenue
increased to $507,048 for the first
half of 2021 as a result of our increased sales force in the fund
management services business, market data services business and
broker-dealer business. The Company ramped up marketing spending as
well as increased the number of marketing team members. Loss
from operations increased significantly as a result of increase in
the size of and level of spending on support team for investment
banking business, fund management services business and market data
services business."
Mr. Wen continued, "As for the Company's future strategy, the
Company is applying for Hong Kong
securities broker license to develop services including securities
trading, investment advice and asset management for
Hong Kong clients. In addition,
the Company will reduce retail business gradually because of the
Chinese government's requirements for cross-border data security
supervision."
Operating Results for Six Months Ended June 30, 2021
Revenues
We derive our revenues from (1) data services and related
technical support (the "Market data services"); (2) investor
relations management services business to help maintain the
relationship between listed companies and the company's equity,
debt investors or potential investors (the "Investor relations
management services"); (3) commissions through customer securities
transactions ("Commissions") and (4) fund management services as
the administrator of the fund ("Fund management services").
The following tables illustrate the Company's revenue by revenue
type:
|
|
For the six months
Ended June 30,
|
|
|
|
2020
|
|
|
2021
|
|
|
|
US$
|
|
|
US$
|
|
Market data
services
|
|
|
44,146
|
|
|
|
85,635
|
|
Investor relations
management services
|
|
|
13,807
|
|
|
|
-
|
|
Commissions
|
|
|
271,117
|
|
|
|
341,803
|
|
Fund management
services
|
|
|
-
|
|
|
|
79,610
|
|
Total
revenues
|
|
|
329,070
|
|
|
|
507,048
|
|
Cost of Revenue
Cost of revenue consists primarily of internal labor cost
and related benefits, and other overhead costs that are directly
attributable to services provided.
Cost of revenues increased by $59,882, or 852.29%, to $66,908 for the six months ended June 30, 2021 from $7,026 for the same period last year. The
increase in cost of revenues is directly linked to the 93.98%
increase of market data services revenues. Revenue from commissions
and fund management services are presented as net revenue with no
associated cost of revenues.
Gross Profit and Gross Margin
Gross profit was $440,140 for the
six months ended June 30, 2021,
representing gross margin of 86.80%.
Operating Expenses
During the six months ended June 30,
2021 and 2020, respectively, operating expenses included
selling and marketing, payroll and related benefits, professional
fees, and other general and administrative expenses.
Selling and Marketing Costs
All costs related to selling and marketing are expensed as
incurred. Selling and marketing costs increased by
$20,478, or 26.71%, to $97,146 for the six months ended June 30, 2021 from $76,668 for the same period last year.
Payroll and Related Benefits
Payroll and related benefits totaled $669,299 for the six months ended June 30, 2021, as compared to $479,261 for the six months ended June 30, 2020, an increase of $190,038.
Professional Fees
For the six months ended June 30,
2021, professional fees primarily consisted of audit fees,
legal service fees, financial consulting fees, and other fees
associated with being a public company. Professional fees totaled
$837,457 for the six months ended
June 30, 2021, as compared to
$403,300 for the six months ended
June 30, 2020, an increase of
$434,157.
Other General and Administrative Expenses
For the six months ended June 30,
2021 and 2020, other general and administrative expenses
were $671,500 and $404,176, respectively.
Loss from Operations
For six months ended June 30,
2021, loss from operations amounted to $1,835,262, as compared to loss from operations
of $1,041,361 for the six months
ended June 30, 2020, an increase of
$793,901, or 76.24%, which was mainly
attributable to the increase in selling and marketing costs,
payroll and related benefits, professional fees, and other general
and administrative expenses. As a result of the expansion of the
Company's overall business scale, the Company increased the
size of and level of spending on support team for investment
banking business, fund management services business and market data
services business. MM Global Capital's application for Hong Kong securities broker license has led to
increase in professional fees.
Other Income (Expense)
Other income (expense) includes interest income from bank
deposits, other income, other miscellaneous expense, impairment
loss on long-term investment, and foreign currency transaction
gain. Other expense totaled $532,350
for six months ended June 30, 2021,
as compared to other income of $30,209 for six months ended June 30, 2020, a change of $562,559, which was mainly attributable to the
increase in impairments of long-term investment.
Income Taxes
We did not have any income taxes expense for the six months
ended June 30, 2021 and 2020 since we
did not generate any taxable income in these two periods.
Net Loss
As a result of the factors described above, our net loss was
$2,367,612, or $0.10 per share (basic and diluted), for the six
months ended June 30, 2021. Our net
loss was $1,011,152, or $0.05 per share (basic and diluted), for the six
months ended June 30, 2020.
Foreign Currency Translation Adjustment
Our reporting currency is the U.S. dollar. The functional
currency of our parent company, MMTEC INC., MM Future Technology
Limited, MM Fund SPC, MM Global Capital Limited, MMBD Trading
Limited, MMBD Investment Advisory Company Limited and MM Global
Securities, INC, are the U.S. dollar, and the functional currency
of Gujia (Beijing) Technology Co.,
Ltd., is the Chinese Renminbi ("RMB"). The financial statements of
our subsidiaries whose functional currency is the RMB are
translated to U.S. dollars using period end rates of exchange for
assets and liabilities, average rate of exchange for revenue and
expenses and cash flows, and at historical exchange rates for
equity. Net gains and losses resulting from foreign exchange
transactions are included in the results of operations. As a result
of foreign currency translations, which are a non-cash adjustment,
we reported a foreign currency translation gain of $23,720 and a foreign currency translation loss
of $23,138 for the six months ended
June 30, 2021 and 2020, respectively.
This non-cash gain had the effect of decreasing our reported
comprehensive loss.
Comprehensive Loss
As a result of our foreign currency translation adjustment, we
had comprehensive loss of $2,343,892
and $1,034,290 for the six months
ended June 30, 2021 and 2020,
respectively.
Financial Condition
As of June 30, 2021, the Company
had cash of $14,603,601, compared to
$1,425,926 as of December 31, 2020. Total working capital was
$14,398,261 as of June 30, 2021, compared to working capital of
$1,595,112 as of December 31, 2020.
Net cash used in operating activities for the six months ended
June 30, 2021 was $1,431,474, compared to $1,101,162 for the same period last year. Net
cash used in investing activities was $8,806 for the six months ended June 30, 2021, compared to $742,236 for the same period last year. Net cash
provided by financing activities was $14,637,200 for the six months ended June 30, 2021, compared to $41,250 for the same period of last year.
As an entity that operates in the financial industry in
China and the United States, the Company finds itself
subject to the challenges posed by the ongoing tension in the trade
relations between the countries.
Shares Authorized and Issued
The Company is authorized to issue 500,000,000 shares with a par
value of $0.001 per share.
There were 25,120,000 shares issued and 25,120,000 shares
outstanding as of June 30, 2021.
There were 20,820,000 shares issued and 20,820,000 shares
outstanding as of December 31,
2020.
Follow-on offering
On February 22, 2021 The Company
entered into a Securities Purchase Agreement with certain
institutional investors in connection with a registered direct
offering of 4,300,000 of the Company's common shares, at a purchase
price of $3.70 per share. The Company
sold the common shares for aggregate gross proceeds of $15,910,000. The net proceeds from the
transactions were $14,637,200, after
deducting certain fees due to the placement agent and the Company's
transaction expenses, and will be used for working capital and
general corporate purposes.
Recent Developments
Pursuant to the investment agreement dated as of September 1, 2021, the Company has agreed to
invest USD 350,000 to acquire a 4.99%
interest in HuaMei Trading Management Limited ("HuaMei Trading"), a
Hong Kong corporation. HuaMei
Trading acquired a wholly-owned subsidiary, Xiaosong Xiaoya
(Chongqing) Technology Co., Ltd
("Xiaosong Xiaoya") on January 25,
2021. Xiaosong Xiaoya was incorporated in People's Republic of China ("PRC") on
January 25, 2021. Huamei Trading
Management Limited is a financial technology company based on data
service.
Notice
Rounding amounts and percentages: Certain amounts and
percentages included in this press release have been rounded for
ease of presentation. Percentage figures included in this press
release have not in all cases been calculated on the basis of such
rounded figures, but on the basis of such amounts prior to
rounding. For this reason, certain percentage amounts in this press
release may vary from those obtained by performing the same
calculations using the figures in the financial statements. In
addition, certain other amounts that appear in this press release
may not sum due to rounding.
About MMTEC, Inc.
Headquartered in Beijing, China, our Company develops and deploys a
series of platforms, such as the ETN Counter Business System, the
PTN Private Fund Investment Management System, which comprise a
business chain that enables Chinese language speaking hedge funds,
mutual funds, registered investment advisors, proprietary trading
groups, and brokerage firms to engage in securities market
transactions and settlements globally. In 2020, the company used
internally designed and built system with the US brokerage license
and the Cayman fund management qualification to form a series of
MOM funds, with the main goal of discovering small and medium-sized
institutional investors and helping them set up the fund to issue
securities fund products.
More information about the Company can be found
at: www.51mm.com
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding its continued growth, business outlook, and other similar
statements are forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission, including the Company's most recently filed Annual
Report on Form 20-F and its subsequent filings. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL DATA
|
|
MMTEC, INC. AND
SUBSIDIARIES
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(IN U.S.
DOLLARS)
|
|
|
|
|
|
As of
|
|
|
|
June 30,
2021
|
|
|
December 31,
2020
|
|
|
|
(UNAUDITED)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
14,603,601
|
|
|
$
|
1,425,926
|
|
Accounts receivable,
net
|
|
|
170,758
|
|
|
|
46,390
|
|
Loan receivable -
related party
|
|
|
93,762
|
|
|
|
92,831
|
|
Security deposits -
current portion
|
|
|
-
|
|
|
|
500,000
|
|
Prepaid expenses and
other current assets
|
|
|
171,736
|
|
|
|
187,994
|
|
|
|
|
|
|
|
|
|
|
Total Current
Assets
|
|
|
15,039,857
|
|
|
|
2,253,141
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
Security deposits -
non-current portion
|
|
|
114,023
|
|
|
|
112,891
|
|
Property and
equipment, net
|
|
|
98,387
|
|
|
|
102,882
|
|
Operating lease
right-of-use assets
|
|
|
500,216
|
|
|
|
662,609
|
|
Long-term
investment
|
|
|
-
|
|
|
|
578,749
|
|
|
|
|
|
|
|
|
|
|
Total Non-current
Assets
|
|
|
712,626
|
|
|
|
1,457,131
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
15,752,483
|
|
|
$
|
3,710,272
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Salary
payable
|
|
|
126,427
|
|
|
|
131,445
|
|
Accrued liabilities
and other payables
|
|
|
98,316
|
|
|
|
94,799
|
|
Due to related
parties
|
|
|
720
|
|
|
|
1,433
|
|
Operating lease
liabilities - current
|
|
|
416,133
|
|
|
|
430,352
|
|
|
|
|
|
|
|
|
|
|
Total Current
Liabilities
|
|
|
641,596
|
|
|
|
658,029
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Loan
Payable
|
|
|
-
|
|
|
|
41,250
|
|
Operating lease
liabilities - non-current
|
|
|
121,776
|
|
|
|
315,190
|
|
Total Non-current
Liabilities
|
|
|
121,776
|
|
|
|
356,440
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
763,372
|
|
|
|
1,014,469
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares ($0.001
par value; 500,000,000 shares authorized; 25,120,000
shares issued and outstanding at June 30,
2021, and 20,820,000 shares issued and
outstanding at December 31,
2020)
|
|
|
25,120
|
|
|
|
20,820
|
|
Additional paid-in
capital
|
|
|
26,866,489
|
|
|
|
12,233,589
|
|
Accumulated
deficit
|
|
|
(11,924,511)
|
|
|
|
(9,556,899)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
22,013
|
|
|
|
(1,707)
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
|
14,989,111
|
|
|
|
2,695,803
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
|
15,752,483
|
|
|
$
|
3,710,272
|
|
MMTEC, INC. AND
SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
|
(IN U.S.
DOLLARS)
|
|
(UNAUDITED)
|
|
|
|
|
|
For the
Six Months
Ended
|
|
|
For the
Six Months
Ended
|
|
|
|
June 30,
2021
|
|
|
June 30,
2020
|
|
|
|
|
|
|
|
|
REVENUE
|
|
$
|
507,048
|
|
|
$
|
329,070
|
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUE
|
|
|
66,908
|
|
|
|
7,026
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
|
440,140
|
|
|
|
322,044
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
97,146
|
|
|
|
76,668
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
Payroll and related
benefits
|
|
|
669,299
|
|
|
|
479,261
|
|
Professional
fees
|
|
|
837,457
|
|
|
|
403,300
|
|
Other general and
administrative expenses
|
|
|
671,500
|
|
|
|
404,176
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
|
|
2,275,402
|
|
|
|
1,363,405
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
|
|
(1,835,262)
|
|
|
|
(1,041,361)
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
526
|
|
|
|
27,571
|
|
Other
income
|
|
|
66,940
|
|
|
|
24,483
|
|
Foreign currency
transaction loss
|
|
|
(16,319)
|
|
|
|
(3,525)
|
|
Impairment loss on
long-term investment
|
|
|
(583,497)
|
|
|
|
-
|
|
Loss on equity method
investment
|
|
|
-
|
|
|
|
(18,320)
|
|
|
|
|
|
|
|
|
|
|
Total Other Income
(Expense)
|
|
|
(532,350)
|
|
|
|
30,209
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES
|
|
|
(2,367,612)
|
|
|
|
(1,011,152)
|
|
|
|
|
|
|
|
|
|
|
INCOME
TAXES
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(2,367,612)
|
|
|
$
|
(1,011,152)
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
LOSS:
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
|
(2,367,612)
|
|
|
|
(1,011,152)
|
|
OTHER COMPREHENSIVE
INCOME (LOSS)
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
23,720
|
|
|
|
(23,138)
|
|
TOTAL COMPREHENSIVE
LOSS
|
|
$
|
(2,343,892)
|
|
|
$
|
(1,034,290)
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.10)
|
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
NUMBER OF COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
23,860,884
|
|
|
|
20,070,000
|
|
MMTEC, INC. AND
SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(IN U.S.
DOLLARS)
|
|
(UNAUDITED)
|
|
|
|
|
|
For the
Six Months
Ended
|
|
|
For the
Six Months
Ended
|
|
|
|
June 30,
2021
|
|
|
June 30,
2020
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(2,367,612)
|
|
|
$
|
(1,011,152)
|
|
Adjustments to
reconcile net loss from operations to net cash used in
operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
expense
|
|
|
14,322
|
|
|
|
10,338
|
|
Impairment loss on
long-term investment
|
|
|
583,497
|
|
|
|
-
|
|
Loss on equity method
investment
|
|
|
-
|
|
|
|
18,320
|
|
Noncash lease
expense
|
|
|
168,733
|
|
|
|
145,246
|
|
Gain on
extinguishment of debt
|
|
|
(41,548)
|
|
|
|
-
|
|
Foreign currency
transaction loss
|
|
|
35,464
|
|
|
|
-
|
|
Other noncash
expense
|
|
|
-
|
|
|
|
721
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Operating lease
liabilities
|
|
|
(214,724)
|
|
|
|
(75,003)
|
|
Accounts
receivable
|
|
|
(124,368)
|
|
|
|
1,018
|
|
Security
deposits
|
|
|
-
|
|
|
|
35,194
|
|
Prepaid expenses and
other current assets
|
|
|
516,649
|
|
|
|
14,733
|
|
Deferred
revenue
|
|
|
-
|
|
|
|
(44,485)
|
|
Salary
payable
|
|
|
(5,695)
|
|
|
|
(12,456)
|
|
Accrued liabilities
and other payables
|
|
|
3,808
|
|
|
|
(183,636)
|
|
|
|
|
|
|
|
|
|
|
NET CASH USED IN
OPERATING ACTIVITIES
|
|
|
(1,431,474)
|
|
|
|
(1,101,162)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Collection of loan to
related party
|
|
|
-
|
|
|
|
78,002
|
|
Cash proceeds from
acquisition
|
|
|
-
|
|
|
|
279
|
|
Purchase of property
and equipment
|
|
|
(8,806)
|
|
|
|
(10,636)
|
|
Purchase of long-term
investment
|
|
|
-
|
|
|
|
(809,881)
|
|
|
|
|
|
|
|
|
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
|
(8,806)
|
|
|
|
(742,236)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds from
long-term loan
|
|
|
-
|
|
|
|
41,250
|
|
Proceeds from
issuance of stocks
|
|
|
14,637,200
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY
FINANCING ACTIVITIES
|
|
|
14,637,200
|
|
|
|
41,250
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE ON CASH AND CASH EQUIVALENTS
|
|
|
(19,245)
|
|
|
|
(10,536)
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
13,177,675
|
|
|
|
(1,812,684)
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS - beginning of period
|
|
|
1,425,926
|
|
|
|
3,642,521
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS - end of period
|
|
$
|
14,603,601
|
|
|
$
|
1,829,837
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
Cash paid
for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
|
$
|
-
|
|
Income
taxes
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING
AND FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Remeasurement of the
lease liabilities and right-of-use assets due to lease
modification
|
|
$
|
-
|
|
|
$
|
29,904
|
|
Consideration of
acquisition payable to related party
|
|
$
|
-
|
|
|
$
|
1,000
|
|
View original
content:https://www.prnewswire.com/news-releases/mmtec-inc-announces-half-year-2021-unaudited-financial-results-301389095.html
SOURCE MMTEC, Inc.