UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check one):
☒ Form 10-K ☐ Form 20-F ☐ Form 11-K ☐ Form 10-Q ☐ Form 10-D ☐ Form N-CEN ☐ Form N-CSR
For Period Ended: December 31, 2023
| ☐ | Transition Report on Form 10-K | |
| ☐ | Transition Report on Form 20-F | |
| ☐ | Transition Report on Form 11-K | |
| ☐ | Transition Report on Form 10-Q |
For the Transition Period Ended:
| Nothing in this form shall be construed to imply that the Commission has verified any information contained herein. |
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I — REGISTRANT INFORMATION
Future FinTech Group Inc.
Full Name of Registrant
N/A
Former Name if Applicable
Americas Tower, 1177 Avenue of The Americas,
Suite 5100
Address of Principal Executive Office (Street and Number)
New York, NY 10036
City, State and Zip Code
PART II — RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
| (a) | The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense | |
| ☒ | (b) | The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and |
| (c) | The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART III — NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Future FinTech Group Inc. (the “Company”) is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 within the prescribed time period without unreasonable effort or expense because additional time is required to complete the preparation of the Company’s financial statements in time for filing. The Company anticipates filing its Form 10-K on or before the fifteenth calendar day following the prescribed due date.
PART IV — OTHER INFORMATION
| (1) | Name and telephone number of person to contact in regard to this notification |
| Shanchun Huang | 888 | 622-1218 | |||
| (Name) | (Area Code) | (Telephone Number) |
| (2) |
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
☒ Yes ☐ No |
| (3) |
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
☒ Yes ☐ No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. |
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Future FinTech Group Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 1, 2024 | By: | /s/ Shanchun Huang |
| Shanchun Huang | ||
| Title: | Chief Executive Officer |
Part IV. (3) Anticipated Changes in Results of Operations
We anticipate that we will report the following significant changes in the results of operations from the 2023 fiscal year:
Revenue increased from $23.88 million in 2022 to $34.78 million in 2023, increase of $10.90 million or 45.65%. The increase in overall revenue was mainly due to significant increase in revenue from sand and steel supply chain financing and trading business in 2023.
General and administrative expenses decreased by $3.04 million, or 20.99%, from $14.47 million to $11.44 million for the year ended 2023, compared to the same period of last fiscal year. The decrease in general and administrative expenses was mainly due to decreased professional service fees for acquisition projects and certain training and salary during the year ended December 31, 2023.
Selling expenses decreased by $0.21 million to $0.60 million in 2023 as compared to $0.81 million in 2022. The decrease in selling expenses was mainly due to decreased salary and advertising fee. Write back of provision of doubtful debt recorded $1.12 million during the year ended December 31, 2023, which was due to bad debt recovery recognized in previous years and the Company did not have same recovery for the same period in 2022.
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