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OFFON

FHT FUTURE TECHNOLOGY LTD

(FHTF)
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FHT FUTURE TECHNOLOGY : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

07/22/2021 | 06:05am EDT

The following information should be read in conjunction with our financial statements and related notes thereto included in Part I, Item 1, above. We also urge you to review and consider our disclosures describing various risks that may affect our business, which are set forth under the heading "Risk Factors," below.




Forward Looking Statements



Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.



Overview


Ghar Inc. ("GHAR") was incorporated in the State of Nevada on December 11, 2018 and is located at 5348 Vegas Drive Las Vegas, NV, 89108.

On May 28, 2020, as a result of a private transaction, 29,500,000 shares of common stock of GHAR, were transferred from Hamza Abid to Custodian Ventures LLC. The consideration paid for the Shares, which represent approximately 95% of the issued and outstanding share capital of GHAR on a fully-diluted basis, was $45,000. In connection with the transaction, Hamza Abid released the Company from all debts owed and ceased to serve as GHAR's President, Chief Executive Officer, Treasurer, Secretary and Director, and David Lazar consented to act as the new President, CEO, CFO, Treasurer, Secretary and sole director of the Board of Directors of GHAR effective June 1, 2020.

On June 30, 2020, as a result of a private transaction, 29,500,000 shares of common stock of GHAR were transferred from Custodian Ventures LLC to Wenjin Li. The consideration paid for the Shares, which represents approximately 95% of the issued and outstanding share capital of GHAR on a fully diluted basis, was $225,000. In connection with the transaction, Custodian Ventures LLC released GHAR from all debts owed and David Lazar ceased to serve as GHAR's President, Chief Executive Officer, Treasurer, Secretary and Director. Wenjin Li consented to act as the new President, CEO, CFO, Treasurer, Secretary and sole director of the Board of Directors of GHAR. In addition, the Board of Directors and majority shareholder of GHAR approved a name change of GHAR from Ghar Inc. to FHT Future Technology Ltd ("FHTF"), the name change became effective in July 2020.



Reorganization


On June 8, 2020, FHT Future Technology Pte Ltd ("FHT Singapore") was incorporated by Mr. Wenjin Li in anticipation to conduct business in Singapore. On June 12, 2020, FHT Future (HK) Holdings Co., Ltd ("FHT HK") was incorporated by a contracted independent party on behalf of FHTF solely for the purpose of being acquired by FHTF. Subsequently, FHT HK established new PRC subsidiary, Xiamen Zhenghe Xin Neng Digital Technology Co Ltd ("Zhenghe Xin Neng") on July 6, 2020.

On July 23, 2020, FHTF acquired 100% ownership interest in FHT Singapore at the consideration of one Singapore Dollar from Wenjin Li. On September 28, 2020, FHTF completed its acquisition of FHT HK together with its wholly owned PRC subsidiary, at the consideration of one hundred Hong Kong dollar respectively from the contracted independent party (the "Reorganization").




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Immediately before and after the Reorganization, the stockholders of FHTF effectively controlled FHTF, FHT Singapore and FHT HK, together with its wholly owned PRC subsidiary (collectively, the "Company"). Therefore, for accounting purpose, the Reorganization is accounted for as a transaction of entities under common control. Accordingly, the accompanying consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout the periods presented.

In November 2020, Xiamen Zhenghe Zhi Fang Digital Technology Co., Ltd.("Zhenghe Zhi Fang") and Xiamen Zhenghe Hui Chong Technology Co., Ltd.("Zhenghe Hui Chong") were incorporated in the PRC as wholly owned subsidiary of Zhenghe Xin Neng.

The Company has commenced its operation during the quarter ended December 31, 2020 to conduct business of selling cryptocurrencies mining machine and providing technical services through its subsidiaries.

Results of Operations for the Three Months Ended December 31, 2020

We started operations in the quarter ended December 31, 2020, and our revenues during the three months ended December 31, 2020, were $1,570,549, and the cost of revenues was $1,207,073, as compared to nil and nil for the same period in 2019, respectively.

We recorded selling, general and administrative expenses of $180,009 for the three months ended December 31, 2020 as compared to $48,625 for the three months ended December 31, 2019. The increase is mainly associated with the selling operations commenced during the three months ended December 31, 2020.

We recorded net income of $159,130 for the three months ended December 31, 2020 as opposed to net loss of $48,625 for the three months ended December 31, 2019. The increase of income is mainly due to that we commenced operations and incurred revenues during the period.

Results of Operations for the Nine Months Ended December 31, 2020

We started operations in quarter ended December 31, 2020, and our revenues during the nine months ended December 31, 2020, were $1,570,549, and the cost of revenues was $1,207,703, as compared to nil and nil for the same period in 2019, respectively.

We recorded selling, general and administrative expenses of $216,047 for the nine months ended December 31, 2020 as compared to $83,706 for the nine months ended December 31, 2019. The increase is mainly associated with the selling operations commenced during the three months ended December 31, 2020.

We recorded net income of $123,093 for the nine months ended December 31, 2020 as opposed to net loss of $83,706 for the nine months ended December 31, 2019. The increase of income is mainly due to that we commenced operations and incurred revenues during the period.




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Liquidity and Capital Resources

As of December 31, 2020, we had assets of $2,241,018, which consisted of current assets of $10,662 in cash, $889,516 in account receivables, $130,634 due from related parties, $104,210 in prepaid expenses, $16,083 in prepaid expenses - related party, $6,864 in other receivables, and $1,079,862 as inventory, and noncurrent asset of $3,187 as property and equipment. We had liabilities of $1,796,346, which consisted of current liabilities of $1,630,815 in accounts payables, $94,100 in accrued expenses, $24,564 in income tax payables, $21,766 due to related parties, and $25,101 as deferred revenue. We had retained earnings of $5,653.

As of March 31, 2020, we had assets of $5,306, which is cash and cash equivalents, we had liabilities of $63,245, which is due to related party payables. We also had an accumulated deficit of $117,439.

Our primary source of liquidity historically has been equity contributions from our shareholders and borrowings, which have historically been sufficient to meet our working capital and capital expenditure requirements.

Off-Balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 - - -
Net income 2020 -0,12 M - -
Net Debt 2020 0,06 M - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 1 785 M 1 785 M -
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 90,9%
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Managers and Directors
Wen Jin Li President, CEO, Treasurer, Secretary & Director
Kean Tat Che Independent Director
Shan Lin Independent Director
Xiaoyi Chen Independent Director
Wei Fang Executive Director
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