FHT FUTURE TECHNOLOGY LTD 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.
Plan of Operations
The company is currently in the business of providing 95-110T Bitcoin mining
machine, offering after-sales technical services and custodian services for
bitcoin machines and its products. In addition, the company is also providing
digital analysis and technical services via SHA256 techniques to customers. The
Board believes that the Digital Analysis Service will provide the Group with the
opportunity to leverage on its extensive experience in
On
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Results of Operations for the Six Months Ended
2020 2019
Revenue $ - -
General and Administrative Expense (39,850 ) (35,081 ) Profit/ (Loss) from Operations
(39,850 ) (35,081 )
Other revenue - -
Net Profit/ (Loss) before income tax
Revenues
We have had no revenue since our inception on
General and administrative expenses
There was operating expenses of
Net Loss
There is operating loss of
Results of Operations for the Three Months Ended
2020 2019
Revenue $ - -
General and Administrative Expense (36,850 ) (31,611 ) Profit/ (Loss) from Operations
(36,850 ) (31,611 )
Other revenue - -
Net Profit/ (Loss) before income tax
Revenues
We have had no revenue since our inception on
General and administrative expenses
There was operating expenses of
Net Loss
There is operating loss of
Liquidity and Capital Resources
As reflected in the accompanying financial statements, the Company has an
accumulated deficit of
We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.
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As of
Operating activities
Our net cash used in operating activities is
Financing activities
Cash used in financing activities was increased to
Critical Accounting Estimates and Policies
The preparation of financial statements in conformity with accounting principles
generally accepted in
We are subject to various loss contingencies arising in the ordinary course of business. We consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss in determining loss contingencies. An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted.
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We recognize deferred tax assets (future tax benefits) and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities. The deferred tax assets and liabilities represent the expected future tax return consequences of those differences, which are expected to be either deductible or taxable when the assets and liabilities are recovered or settled. Future tax benefits have been fully offset by a 100% valuation allowance as management is unable to determine that it is more likely than not that this deferred tax asset will be realized.
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.
Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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