As of June 30, 2024, Fintech Scion Limited reported total assets of $20.4 million and total liabilities of $3.4 million. The company's current assets saw a decline, decreasing from $4.3 million as of December 31, 2023, to $3.7 million. Additionally, total stockholders’ equity fell from $18.3 million at the end of 2023 to $17.0 million by mid-2024.
In terms of financial performance, Fintech Scion experienced a significant drop in revenue for the three months ended June 30, 2024, generating only $81.6 thousand compared to $583.6 thousand during the same period in 2023. Gross profit also decreased sharply, falling to $59.8 thousand from $541.2 thousand in the prior year. The company reported a net loss of $464.5 thousand for the quarter, worsening from a net loss of $312.7 thousand in the same quarter of 2023.
For the six months ended June 30, 2024, total revenue was $341.0 thousand, a substantial decline from $1.4 million for the same period in 2023. Operating expenses for the first half of 2024 were $1.3 million, down from $1.8 million in the previous year, indicating a reduction in costs despite the significant drop in revenue.
The company's cash position also deteriorated, with a cash balance of $3.5 million as of June 30, 2024, down from $4.5 million a year earlier. Furthermore, net cash used in operating activities for the first half of 2024 was $656.3 thousand, contrasting sharply with net cash generated of $1.3 million during the same period in 2023.
These financial results reflect the challenges faced by Fintech Scion, including a notable decline in revenue and profitability, alongside strategic cost reductions in operating expenses.
About Fintech Scion Ltd
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