As of March 31, 2024, Fintech Scion Limited reported total assets of $20,547,836, reflecting a decrease from $21,078,344 as of December 31, 2023. The company's total stockholders' equity also declined, amounting to $17,493,692 compared to $18,322,482 at the end of the previous year.
For the three months ended March 31, 2024, Fintech Scion generated revenue of $259,394, a significant drop from $847,194 during the same period in 2023. This decline in revenue contributed to a gross profit of $222,244 for Q1 2024, down from $847,159 in Q1 2023, indicating both lower revenue and increased costs.
The company reported a net loss of $736,967 for the first quarter of 2024, a stark contrast to a net income of $3,569 for the same period in the previous year. Operating expenses rose to $883,892 in Q1 2024, up from $871,366 in Q1 2023, primarily due to increased legal and director fees associated with preparations for a Nasdaq listing.
Fintech Scion's cash and cash equivalents at the end of Q1 2024 were $3,585,341, a decrease from $3,892,882 at the end of Q1 2023. The company experienced a shift in cash flow, with net cash used in operating activities amounting to $231,191 in Q1 2024, compared to net cash generated of $933,677 in Q1 2023.
As of March 31, 2024, current liabilities totaled $3,054,144, which included amounts due to related parties of $897,177. These financial results indicate significant challenges for Fintech Scion, marked by reduced revenue, increased operating costs, and a shift to net losses compared to the previous fiscal period.
About Fintech Scion Ltd
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