What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2024-12-31 compared with 2024-12-31 · 84 added, 84 removed, 248 unchanged (40% of the section changed)

DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT’S 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 nine months ended September 30, 2024, and 2023, the Company had ten (10) and thirteen (13) licensing agreements for its Condor Pro

Multi-Asset Trading Platform.

The Company continuously negotiates additional licensing agreements with several retail online brokers

to use the Condor Pro Multi-Asset Trading Platform.

Condor Pro Multi-Asset Trading Platform is available in desktop, web, and mobile

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

Trading Platform.

The Company continuously negotiates additional licensing agreements with several retail online brokers to use the Condor

Pro Multi-Asset Trading Platform.

Condor Pro Multi-Asset Trading Platform is available in desktop, web, and mobile versions.

Company is developing the Condor Investing & Trading App, a simplified trading platform for traders with varied experiences in trading

3 unchanged sentences

& Software Development Revenue & Gross Margins:

Nine months ended

September 30,

Nine months ended

September 30,

Six months ended

Cost of sales, $

21 unchanged sentences

Management Revenue & Gross Margins:

Nine months ended

September 30,

Nine months ended

September 30,

Six months ended

Cost of sales, $

19 unchanged sentences

(Trading) revenue & Gross Margins*:

Nine months ended

September 30,

Nine months ended

September 30,

Six months ended

Cost of sales, $

5 unchanged sentences

The Company generated $34,123,056 in revenues from January

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

For the nine months ended September 30, 2024, and 2023, the Company generated $18,178,864

and $6,949,183 in revenues, an increase of over 161.60%.

At September 30, 2024, and December 31, 2023, the Company had a cash balance

of $27,989,417 and $31,316,461 and an accumulated deficit of $3,488,102 and $2,643,647.

Condition at September 30, 2024

September 30, 2024, the accumulated deficit, cash balance, and working capital surplus were $3,488,102, $27,989,417, and $8,557,179,

respectively.

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

in revenues, an increase of over 285.26%.

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

$31,316,461 and an accumulated deficit of $2,834,639 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 December 31, 2023

12 unchanged sentences

OF OPERATIONS

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

consolidated revenues for the three months ended September 30, 2024, and 2023 were $5,673,008 and $3,703,091, respectively.

three months ended September 30, 2024, and 2023, the Company incurred a net loss and net income of $649,565 and $689,390.

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

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.

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

September 30,

Revenue Description

1 unchanged sentence

Wealth Management

the three months ended September 30, 2024, and 2023, the Company incurred general and administrative costs (“G&A”) of

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

and $472,525 (excluding amortization expenses), respectively.

The increase in G&A for the three months ended September

30, 2024, is due to the inclusion of G&A costs of all subsidiaries.

The G&A costs were 48.55% and 18.22% of the revenue for the

three months ended September 30, 2024, and 2023, respectively.

Amortization expenses were $93,541 and $0 for the three months ended September

30, 2024, and 2023, respectively, included in the Cost of sales.

rental expense was $10,861 and $11,039 for the three months ended September 30, 2024, and 2023, respectively.

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

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

The G&A costs were 41.15% and 27.79% 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,

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.

Company incurred $781,022 and $11,819 in sales, marketing, and advertising costs (“sales and marketing”) for the three months

ended September 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 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%

6.76% and 15.35% of the sales for the fiscal year ending September 30, 2024, and 2023, respectively.

months Ended September 30, 2024, compared with Nine Months Ended September 30, 2023

consolidated revenues for the nine months ended September 30, 2024, and 2023 were $18,178,864 and $6,949,183, respectively.

nine months ended September 30, 2024, and 2023, the Company incurred a net loss and net income of $861,395 and $320,829.

total revenue breakdown for the nine months ended September 30, 2024, and 2023 is below:

the nine months ended September 30, 2024, and 2023, the Company incurred general and administrative costs (“G&A”) of

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 nine months ended September

30, 2024, is due to the inclusion of G&A costs of all subsidiaries.

The G&A costs were 48.55% and 18.22% of the revenue for the

nine months ended September 30, 2024, and 2023, respectively.

Amortization expenses were $119,708 and $22,503 for the nine months ended

September 30, 2024, and 2023, respectively, included in the Cost of sales.

rental credit and expense were $27,195 and $23,828 for the nine months ended September 30, 2024, and 2023, respectively.

Company incurred $1,211,724 and $610,274 in sales, marketing, and advertising costs (“sales and marketing”) for the nine

months ended September 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 6.67% and 8.78% of the sales for the fiscal year ending September 30, 2024, and 2023, 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.

The sales, marketing, and advertising expenses represented 6.62%

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

AND CAPITAL RESOURCES

September 30, 2024, and December 31, 2023, we had a cash balance of $27,989,417 and $31,316,461, respectively.

At September 30, 2024, and December 31, 2023, the working capital surplus was $8,557,179 and $7,460,959, respectively.

The increase in the working capital surplus was mainly

due to the acquisition of AML and APL, resulting in an increase in current assets over current liabilities as of September 30, 2024.

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

Consequently, as outlined under “Cash and Cash Equivalent,” most of our cash and short-term investments are held by our foreign

subsidiaries.

We do not intend to repatriate these funds and do not foresee a need.

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

At December 31, 2023, and 2022,

the working capital surplus was $8,854,404 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.

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

jurisdictions.

Consequently, as outlined under “Cash and Cash Equivalent,” the majority of our cash and short-term investments

are held by our foreign subsidiaries.

At present, we do not intend to repatriate these funds and do not foresee a need to do so.

anticipate that our existing domestic cash, short-term investments, and cash flows from operations will be sufficient to fund our domestic

7 unchanged sentences

We have previously borrowed funds domestically and believe

we can continue doing so at reasonable interest rates.

that we can continue to do so at reasonable interest rates.

the next twelve (12) months, the Company will continue investing in sales, marketing, product development, new technology solutions,

67 unchanged sentences

a Delaware limited liability company, for the principal amount of $550,000 with a maturity date of July 27, 2022, and a coupon of 10%.

The parties extended the AJB Note maturity date by another nine months till January 23, 2023.

The parties extended the AJB Note maturity date by another six months till January 23, 2023.

As part of the AJB Note, the Company entered

22 unchanged sentences

CONCERN CONSIDERATION

have generated revenues of $18,178,864 and $6,949,183 for the nine months ended September 30, 2024, and the recent fiscal year ended

December 31, 2023.

As of September 30, 2024, and December 31, 2023, the accumulated deficit was $3,488,102 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 $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.

Accounting Policies and Significant Judgments and Estimates

31 unchanged sentences

used in the preparation of our financial statements.

AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS.

QUANTITATIVE 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