Mmtec, Inc. (MTC) experienced an increase of 3.40% in the aftermarket. However, the last trading session closed at $1.5159 with a decline of 4.66%.
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The half Year 2021 Unaudited Results
MTC recorded half-year 2021 unaudited results on 30th September 2021. Some factors boosted revenues by 54.09 percent from $329,070 to $507,048. The factors include the expansion in commissions fees and market data services fees, as well as the expansion of investment management services as the administrator of MOM Fond, MM Fund Growth SP. Moreover, the cost of revenue grew by 852.29 percent to $66,908 from $7,026 in the same period in 2020.
Gross profit climbed by 36.67 percent to $440,140 from $322,044 with a gross profit margin of 86.80 percent. Furthermore, the operating expenditures accounted for the majority of the increase. For the investment banking, fund management, and market data services businesses, the company raised the size of the support staff and the amount of money spent on it. Lastly, the net loss was $2,367,612, compared to $1,011,152 for the same period in 2020.
2020 End Year Results
MTC announced 2020 End Year Results on 23rd April 2021. The revenue grew from $200,797 in 2019 to $742,125 in 2020. However, the company generated revenue of $21,113 and $86,788 for the years ended December 31, 2020, and 2019, respectively. Moreover, MTC had commissions revenue of $643,145 and $33,680, and other related revenue of $4,343 and $5,285, respectively.
The revenue Costs Internal labor expenses and benefits, as well as other overhead expenditures directly tied to services delivered, make up the majority of the cost of revenue. The growth in commissions revenue and commissions revenue declared net revenue without cost was principally responsible for the improvement in our gross margin. As a consequence of the aforesaid, loss from operations for the year ended December 31, 2020, was $3,184,151, up from $2,940,776 for the year ended December 31, 2019, representing an increase of 8.3%.
Agreement for Registered Direct Placement of $15.9 Million
MTC reported on 22nd February 2021 that it has entered into a securities purchase agreement with institutional investors for the acquisition and sale of 4,300,000 common shares in a registered direct offering at a purchase price of $3.70 per share. Before placement agency fees and other projected offering expenses, the total proceeds of the offering will be around $15.9 million. The offering is scheduled to close on or around February 24, 2021, subject to normal closing conditions being met. Lastly, the net proceeds from this offering will be used by the Company for expansion capital and general working capital.