Revenue increase of 2,294.79% after the successful acquisition of AD Advisory Services Pty Ltd. The Company continues to build on its technology-driven acquisition growth strategy and believes that the recent market correction may provide opportunities for more strategic acquisition targets.
Irvine, Calif., May 11, 2022 (GLOBE NEWSWIRE) — FDCTech, Inc. (“FDC” or the “Company”, FDCT), a fintech-focused company specializing in the acquisition and onboarding of small and medium-sized financial services companies, today announced the following results for the quarter ended March 31, 2022, compared to the corresponding period of the previous year:
- Revenues generated for the three months ended March 31, 2022 and 2021 were $1,541,122 and $64,353, respectively.
- The increase in revenue of 2,294.79% results from the consolidation of the revenues of AD Advisory Services Pty Ltd.
- During the three months ended March 31, 2022 and 2021, the Company incurred a net loss of $389,196 and $221,838.
- Cash was $297,643 as at March 31, 2022, compared to $93,546 as at December 31, 2021. The increase in cash is mainly attributable to funds from the issuance of the promissory note with a face value of $550,000.
- As of March 31, 2022, total equity was $1,515,708, compared to total equity of $1,625,448 as of December 31, 2021.
Perspectives on Subsidiary of the company – AD Advisory Services Pty Ltd.
AD Advisory Services Pty Ltd. (ADS) is a regulated wealth management firm in Australia with 20 offices, 28 advisers and over $530 million in funds under advisement. ADS offers various licensing, compliance and training solutions for financial planners to meet the specific needs of their practice.
|For the three months ended
|Cost of sales, $||1,314,956|
|Gross profit, $||158,666|
|(1)||Consolidated in the Company’s financial statements.|
ADS’ revenues, cost of sales and gross profit for the three months ended March 31, 2022 were $1,473,622, $1,314,956 and $158,666, respectively. ADS reported net income of $30,098.
According to the Adviser Ratings 2022 Financial Advice Landscape Report, the median fee charged to consumers seeking financial advice (advised clients) increased from AUD 3,256 to AUD 3,529 per year, representing an increase of 8%, or 40% over the three years until December. 2021. Demand for advice remains stable as 29% of Australians want professional advice; however, affordability for consumers seeking professional advice is declining. The Company believes that the market timing is right to develop (or acquire), commercialize and launch a digital wealth management solution to cover end-to-end investment, retirement, insurance and estate planning solutions.
NFT Marketplace Update and Condor investment and trading app
The company develops the Condor Investing & Trading app, a simplified trading platform for traders with varied experiences in trading stocks, ETFs and other financial markets from their mobile phones. The company plans to field test the app by the end of June 30, 2022, and plans to release the app soon after completing guaranteed testing.
The company is developing NFT Marketplace, a decentralized peer-to-peer NFT marketplace on the Ethereum blockchain with an option to add multi-chain. The Company plans to commercialize the NFT Marketplace by the end of the second quarter of the fiscal year ended December 31, 2022.
Please visit our SEC Filings Where Company Website for more information on the full results and management plan.
AD Advisory Services Pty Ltd.
AD Advisory Services Pty Ltd. – AFSL No. 237058, a group of independent specialist resellers, provides licensing solutions for select education and compliance-focused financial advisors and accountants. ADS has a dedicated management team of qualified financial planners who serve metropolitan and regional practices in Australia.
FDCTech, Inc. (“FDC”) is a fully integrated financial technology company based in the United States. FDC specializes in the acquisition and integration of small and medium-sized incumbent financial services companies. FDC develops and delivers a full suite of technology infrastructure solutions for forex, crypto, wealth management and other evolving financial sectors.
Statements in this press release may be forward-looking statements or future expectations based on information currently available. Such statements are naturally subject to risks and uncertainties. Factors such as changing general economic conditions, future market conditions, unusual catastrophic loss events, changes in capital markets and other circumstances may cause actual events or results to differ materially. of those anticipated by these statements. The Company makes no representations or warranties, express or implied, regarding the accuracy, completeness or updated status of any such forward-looking statements or information provided by the third party. Accordingly, the Company and its affiliates shall in no event be liable to anyone for any decision or action taken in conjunction with the information and/or statements contained in this press release or for any related damages.
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