Mercurity Fintech Holding Inc., which leverages blockchain or distributed ledger know-how (DLT) to help companies with conducting “instant” cross-border transactions and remittance funds (by banks or monetary establishments), has launched its third-quarter 2020 monetary outcomes (for the interval ending September 30, 2020).
Mercurity reviews (usually accepted accounting ideas) GAAP revenues of $41,000, in comparison with $580,000 for Q3 2019. The agency’s Q3 2020 GAAP gross revenue stood at $11,000, in comparison with $464,000 throughout Q3 2019.
Mercurity posted GAAP internet lack of $631,000 for Q3 2020, in comparison with a revenue of $396,000 throughout Q3 2019. The agency’s non-GAAP internet loss stood at $427,000, in comparison with $396,000 in internet revenue for Q3 2019.
Alva Zhou, Chairperson of the Board and CEO at Mercurity Fintech Holding Inc., famous:
“As challenges of the pandemic persist and due to our new focus on capturing the opportunity of the digital assets industry, the Q3 2020 operating results reflect the stage of our initial business transition. We are building our team and products to execute this strategic transition.”
Erez Simha, Chief Monetary Officer and Interim President of the corporate, confirmed that he had joined Mercurity in August 2020. He additionally talked about that there’s “tremendous” alternative that the digital property sector can supply.
“Since I joined, I have been working with our executive teams to analyze our potential addressable markets, forming our business strategy, aligning our product road map and building a team that is necessary to execute it.”
Simba additional famous that Mercurity had launched a decentralized finance (DeFi) resolution and plans to launch different merchandise that shall be provided alongside the DeFi platform within the coming months. Simba confirmed that the agency would make investments most of its assets and deal with “bringing a comprehensive DeFi offering to the market.”
Mercurity’s announcement additionally acknowledged:
“Due to uncertainty as a result of the continued global pandemic and new product development, the Company will not provide a financial forecast for Q4 2020.”
Hua Zhou, Chairperson of the Board and CEO of Mercurity (again in September 2020), had famous:
“We are pleased with the operating results of our first half year. We have increased our revenues to $1.4 million, with a non-GAAP operating income of $0.53 million….. The digital assets industry has tremendous opportunity, and we are looking forward to capturing the opportunity of the market growth.”