What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-12-31 compared with 2024-12-31 · 33 added, 70 removed, 262 unchanged (28% of the section changed)

MANAGEMENT’S DISCUSSION

AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Quarterly Report Form 10-Q contains forward-looking statements.

32 unchanged sentences

& Software Development Business

the six months ended June 30, 2024, and 2023, the Company had ten (10) and thirteen (13) licensing agreements for its Condor Pro Multi-Asset

the three months ended March 31, 2024, and 2023, the Company had ten (10) and thirteen (13) licensing agreements for its Condor Pro Multi-Asset

Trading Platform.

7 unchanged sentences

& Software Development Revenue & Gross Margins:

Six months ended

Cost of sales, $

21 unchanged sentences

Management Revenue & Gross Margins:

Six months ended

Cost of sales, $

10 unchanged sentences

Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

In May 2024, Mitchell M.

Eaglstein, CEO, was appointed as the CEO of Alchemy

(AML) to oversee operations in Malta.

is an investment firm regulated by the Financial Conduct Authority (FCA).

4 unchanged sentences

(Trading) revenue & Gross Margins*:

Six months ended

Cost of sales, $

5 unchanged sentences

The Company generated $27,993,535 in revenues from January

21, 2016 (inception) to June 30, 2024.

For the six months ended June 30, 2024, and 2023, the Company generated $12,505,856 and $3,246,092

21, 2016 (inception) to March 31, 2024.

For the three months ended March 31, 2024, and 2023, the Company generated $6,376,335 and $1,545,687

in revenues, an increase of over 312.52%.

At June 30, 2024, and December 31, 2023, the Company had a cash balance of $31,806,857 and

At March 31, 2024, and December 31, 2023, the Company had a cash balance of $38,945,123 and

$31,316,461 and an accumulated deficit of $1,814,907 and $2,643,647.

Condition at June 30, 2024

June 30, 2024, the accumulated deficit, cash balance, and working capital surplus were $2,834,639, $31,806,857, and $8,854,404, respectively.

Condition at March 31, 2024

March 31, 2024, the accumulated deficit, cash balance, and working capital surplus were $1,814,907, $38,945,123, and $9,020,713, respectively.

Condition at December 31, 2023

12 unchanged sentences

OF OPERATIONS

Months Ended June 30, 2024, compared with Three Months Ended June 30, 2023

consolidated revenues for the three months ended June 30, 2024, and 2023 were $6,129,521 and $1,700,405, respectively.

Months Ended March 31, 2024, compared with Three Months Ended March 31, 2023

consolidated revenues for the three months ended March 31, 2024, and 2023 were $6,376,335 and $1,545,687, respectively.

During the three

months ended June 30, 2024, and 2023, the Company incurred a net loss of $1,045,275 and $144,187.

total revenue breakdown for the three months ended June 30, 2024, and 2023 is below:

Three Months Ended

months ended March 31, 2024, and 2023, the Company incurred a net income of $833,445 and a net loss of $224,374.

total revenue breakdown for the three months ended March 31, 2024, and 2023 is below:

Revenue Description

1 unchanged sentence

Wealth Management

the three months ended June 30, 2024, and 2023, the Company incurred general and administrative costs (“G&A”) of $2,522,394

the three months ended March 31, 2024, and 2023, the Company incurred general and administrative costs (“G&A”) of $2,299,134

and $482,116 (excluding amortization expenses), respectively.

The increase in G&A for the three months ended June 30, 2024, is due

The increase in G&A for the three months ended March 31, 2024, is due

to the inclusion of G&A costs of all subsidiaries.

The G&A costs were 36.06% and 31.19% of the revenue for the three months ended

June 30, 2024, and 2023, respectively.

Amortization expenses were $26,167 and $3,471 for the three months ended June 30, 2024, and 2023,

March 31, 2024, and 2023, respectively.

Amortization expenses were $0 and $19,032 for the three months ended March 31, 2024, and 2023,

respectively, included in the Cost of sales.

rental expense was $11,106 and $6,594 for the three months ended June 30, 2024, and 2023, respectively.

rental expense was $49,162 and $6,195 for the three months ended March 31, 2024, and 2023, respectively.

Company incurred $46,925 and $30,005 in sales, marketing, and advertising costs (“sales and marketing”) for the three months

ended June 30, 2024, and 2023.

The sales and marketing costs mainly included travel costs for tradeshows, customer meetings, online marketing

on industry websites, press releases, and public relations activities.

The sales, marketing, and advertising expenses represented 12.74%

and 0.70% of the sales for the fiscal year ending June 30, 2024, and 2023, respectively.

Months Ended June 30, 2024, compared with Six Months Ended June 30, 2023

consolidated revenues for the six months ended June 30, 2024, and 2023 were $12,505,856 and $3,246,092, respectively.

During the six

months ended June 30, 2024, and 2023, the Company incurred a net loss of $211,830 and $368,561.

total revenue breakdown for the six months ended June 30, 2024, and 2023 is below:

Six Months Ended

Revenue Description

Technology Solutions

Wealth Management

the six months ended June 30, 2024, and 2023, the Company incurred general and administrative costs (“G&A”) of $4,821,528

and $954,641 (excluding amortization expenses), respectively.

The increase in G&A for the six months ended June 30, 2024, is due

to the inclusion of G&A costs of all subsidiaries.

The G&A costs were 38.55% and 29.41% of the revenue for the six months ended

June 30, 2024, and 2023, respectively.

Amortization expenses were $26,167 and $22,503 for the six months ended June 30, 2024, and 2023,

respectively, included in the Cost of sales.

rental expense was $38,056 and $12,790 for the six months ended June 30, 2024, and 2023, respectively.

Company incurred $827,947 and $41,824 in sales, marketing, and advertising costs (“sales and marketing”) for the six months

ended June 30, 2024, and 2023.

The sales and marketing costs mainly included travel costs for tradeshows, customer meetings, online marketing

on industry websites, press releases, and public relations activities.

ended March 31, 2024, and 2023.

The sales and marketing costs mainly included travel costs for tradeshows, customer meetings, online

marketing on industry websites, press releases, and public relations activities.

The sales, marketing, and advertising expenses represented

and 1.29% of the sales for the fiscal year ending June 30, 2024, and 2023, respectively.

0.74% and 1.94% of the sales for the fiscal year ending March 31, 2024, and 2023, respectively.

AND CAPITAL RESOURCES

June 30, 2024, and December 31, 2023, we had a cash balance of $31,806,857 and $31,316,461, respectively.

March 31, 2024, and December 31, 2023, we had a cash balance of $38,945,123 and $31,316,461, respectively.

At December 31, 2023, and

2022, the working capital surplus was $9,020,713 and $7,460,959, respectively.

The increase in the working capital surplus was mainly due to

the acquisition of AML and APL, resulting in the increase of current assets over current liabilities as of June 30, 2024.

The increase in the working capital surplus was mainly

due to the acquisition of AML and APL, resulting in the increase of current assets over current liabilities as of March 31, 2024.

generate a substantial portion of our operating income outside the United States, which is deemed indefinitely reinvested in foreign

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CONCERN CONSIDERATION

have generated revenues of $12,505,856 and $3,246,092 for the six months ended June 30, 2024, and the recent fiscal year ended December

As of June 30, 2024, and December 31, 2023, the accumulated deficit was $2,834,639 and $2,643,647.

Our independent auditors included

an explanatory paragraph in their report on the audited financial statements for the fiscal year ending December 31, 2023, and 2022 regarding

concerns about our ability to continue as a going concern.

Our financial statements contain additional note disclosures describing the

circumstances that led to this disclosure by our independent auditors.

Our financial statements do not include any adjustments related

to the recoverability or classification of asset-carrying amounts or the amounts and classifications of liabilities that may result in

the Company being unable to continue as a going concern.

have generated revenues of $6,376,335 and $1,545,687 for the three months ended March 31, 2024, and the recent fiscal year ended December

As of March 31, 2024, and December 31, 2023, the accumulated deficit was $1,814,907 and $2,643,647.

Our independent auditors included an explanatory paragraph in their report on the audited financial statements for the fiscal year ending

December 31, 2023, and 2022 regarding concerns about our ability to continue as a going concern.

Our financial statements contain additional

note disclosures describing the circumstances that led to this disclosure by our independent auditors.

Our financial statements do not

include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classifications

of liabilities that may result in the Company being unable to continue as a going concern.

Accounting Policies and Significant Judgments and Estimates

31 unchanged sentences

used in the preparation of our financial statements.

QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISKS.

AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis