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Mercurity Fintech Holding Inc., which leverages blockchain or Distributed Ledger Technology (DLT) to assist companies in conducting “instant” cross-border transactions and remittance payments (via banks or financial institutions), has published its third quarter 2020 financial results (for period ending September 30, 2020).
Mercurity reports (generally accepted accounting principles) GAAP revenue of $ 41,000, compared to $ 580,000 for the third quarter of 2019. The company’s third quarter 2020 GAAP gross profit was $ 11,000, compared to $ 464,000 during the third quarter 2019.
Mercurity reported a GAAP net loss of $ 631,000 for the third quarter of 2020, compared to a profit of $ 396,000 during the third quarter of 2019. The company’s non-GAAP net loss was $ 427,000, compared to $ 396,000 in net income. for the third quarter of 2019.
Alva Zhou, chairman of the board and CEO of Mercurity Fintech Holding Inc., noted:
“As the challenges of the pandemic persist and thanks to our new focus on seizing opportunities in the digital assets industry, Q3 2020 operating results reflect the stage of our initial business transition. We are building our team and our products to execute this strategic transition. “
Erez Simha, the company’s chief financial officer and interim president, confirmed that he joined Mercurity in August 2020. He also said there are “huge” opportunities that the digital assets industry can offer.
Simba added
“Since joining, I have worked with our executive teams to analyze our potential addressable markets, forming our business strategy, aligning our product road map, and building the team needed to execute it.”
Simba also noted that Mercurity has introduced a decentralized finance solution (DeFi) and plans to launch other products that will be offered alongside the DeFi platform in the coming months. Simba confirmed that the company will invest most of its resources and focus on “bringing a complete DeFi offering to market”.
Mercurity’s announcement also stated:
“Due to uncertainty following the ongoing global pandemic and new product development, the Company will not provide financial forecasts for the fourth quarter of 2020.”
Hua Zhou, chairman of the board and CEO of Mercurity (in September 2020), noted:
“We are satisfied with the operating results of our first half. We increased our revenues to $ 1.4 million, with non-GAAP operating income of $ 0.53 million… .. The digital assets industry has tremendous opportunities and we look forward to seizing the market growth opportunity “.
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