What changed in this filing

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Item 1. Legal Proceedings

2024-11-19 compared with 2024-08-19 · 87 added, 73 removed, 23 unchanged (87% of the section changed)

5 unchanged sentences

In the complaint, FT Global alleges claims, most of which attempt to

hold the Company liable under legal theories that relate back to an alleged breach of an exclusive placement agent agreement between

FT Global and the Company in July 2020 which had a term of three months.

hold the Company liable under legal theories that relate back to an alleged breach of an exclusive placement agent agreement between FT

Global and the Company in July 2020 which had a term of three months.

FT Global claims that the Company failed to compensate FT Global

7 unchanged sentences

in damages and attorneys’ fees.

The Company timely removed the case to the United

States District Court for the Northern District of Georgia (the (“Court”) on February 9, 2021 based on diversity of jurisdiction.

On March 9, 2021, the Company filed a motion to dismiss based on FT Global’s failure to state a claim which is pending before the

The Company timely removed the case to the

United States District Court for the Northern District of Georgia (the (“Court”) on February 9, 2021 based on diversity

of jurisdiction.

On March 9, 2021, the Company filed a motion to dismiss based on FT Global’s failure to state a claim which

is pending before the Court.

On March 23, 2021, FT Global filed its response to the Company’s motion to dismiss.

FT Global argues that the Court should

deny the Company’s motion to dismiss.

However, if the Court is inclined to grant the Company’s motion to dismiss, FT Global

requested that the Court permit it to file an amended complaint.

On April 8, 2021, the parties filed a Joint Preliminary Report and Discovery

On April 12, 2021, the Court approved the Joint Preliminary Report and Discovery Plan and issued a Scheduling Order placing this

case on a six-month discovery tract.

On April 30, 2021, the Company served FT Global with its Initial Disclosures.

On May 6, 2021, FT

Global served the Company with its Initial Disclosures.

On May 17, 2021, FT Global served the Company with its First Amended Initial Disclosures.

On November 10, 2021, the Court entered an Order granting the Company’s motion to dismiss FT Global’s fraud claim and breach

of contract claim as to the disclosure of its confidential and proprietary information.

The Court denied the Company’s motion to

dismiss FT Global’s i) breach of contract claim for failure to pay FT Global pursuant to the terms of the exclusive placement agent

ii) claim for breach of the covenant of good faith and fair dealing;

and iii) claim for attorney’s fees, and the court

concluded that additional information can be obtained through discovery.

The Company timely filed an answer and defenses to FT Global’s

complaint on November 24, 2021.

On January 3, 2022 the Company propounded discovery requests upon FT Global, including interrogatories

and requests for production of documents.

argues that the Court should deny the Company’s motion to dismiss.

However, if the Court is inclined to grant the

Company’s motion to dismiss, FT Global requested that the Court permit it to file an amended complaint.

On April 8, 2021, the

parties filed a Joint Preliminary Report and Discovery Plan.

On April 12, 2021, the Court approved the Joint Preliminary Report and

Discovery Plan and issued a Scheduling Order placing this case on a six-month discovery tract.

On April 30, 2021, the Company served

FT Global with its Initial Disclosures.

On May 6, 2021, FT Global served the Company with its Initial Disclosures.

On May 17, 2021,

FT Global served the Company with its First Amended Initial Disclosures.

On November 10, 2021, the Court entered an Order granting

the Company’s motion to dismiss FT Global’s fraud claim and breach of contract claim as to the disclosure of its

confidential and proprietary information.

The Court denied the Company’s motion to dismiss FT Global’s i) breach of

contract claim for failure to pay FT Global pursuant to the terms of the exclusive placement agent agreement;

ii) claim for breach

of the covenant of good faith and fair dealing;

and iii) claim for attorney’s fees, and the court concluded that additional

information can be obtained through discovery.

The Company timely filed an answer and defenses to FT Global’s complaint on

November 24, 2021.

On January 3, 2022 the Company propounded discovery requests upon FT Global, including interrogatories and

requests for production of documents.

On March 23, 2022, the Company propounded requests for admission upon FT Global.

2022, FT Global propounded discovery requests upon the Company, including requests for production of documents and requests for admission.

2022, FT Global propounded discovery requests upon the Company, including requests for production of documents and requests for

On April 1, 2022, FT Global served its response to the Company’s requests for production of documents.

2022, FT Global served its responses to the Company’s interrogatories and requests for admissions.

On May 13, 2022, FT Global

served its responses to the Company’s interrogatories and requests for admissions.

On May 13, 2022, FT Global produced documents

in response to the Company’s requests for production of documents.

On June 3, 2022, the Company produced documents in response to

FT Global’s requests for production of documents.

On August 3, 2022, the Company took the deposition of FT Global.

2022, FT Global took the deposition of the Company.

On August 3, 2022, the Court granted the parties’ Consent Motion to Extend Discovery

Period extending the discovery period from August 5, 2022 to September 14, 2022 and the deadline to file dispositive motions to October

On October 12, 2022, the Company filed a motion for summary judgment on all claims asserted by FT Global in this lawsuit.

November 2, 2022, FT Global filed its opposition to the Company’s motion for summary judgment.

On November 16, 2022, the Company

filed its reply in support of its motion for summary judgment on all claims asserted by FT Global in this lawsuit.

On August 31, 2023,

the Court entered an Order denying the Company’s motion for summary judgment.

On September 20, 2023, the parties filed a joint motion

to extend the deadline to file the consolidated pretrial order pending mediation of the case by the parties.

On September 21, 2023, the

Court granted the parties’ joint motion to extend the deadline to file the consolidated pretrial order to October 27, 2023.

produced documents in response to the Company’s requests for production of documents.

On June 3, 2022, the Company produced

documents in response to FT Global’s requests for production of documents.

On August 3, 2022, the Company took the deposition

of FT Global.

On August 4, 2022, FT Global took the deposition of the Company.

On August 3, 2022, the Court granted the

parties’ Consent Motion to Extend Discovery Period extending the discovery period from August 5, 2022 to September 14, 2022

and the deadline to file dispositive motions to October 12, 2022.

On October 12, 2022, the Company filed a motion for summary

judgment on all claims asserted by FT Global in this lawsuit.

On November 2, 2022, FT Global filed its opposition to the

Company’s motion for summary judgment.

On November 16, 2022, the Company filed its reply in support of its motion for summary

judgment on all claims asserted by FT Global in this lawsuit.

On August 31, 2023, the Court entered an Order denying the

Company’s motion for summary judgment.

On September 20, 2023, the parties filed a joint motion to extend the deadline to file

the consolidated pretrial order pending mediation of the case by the parties.

On September 21, 2023, the Court granted the

parties’ joint motion to extend the deadline to file the consolidated pretrial order to October 27, 2023.

On October 16, 2023,

the parties mediated the case.

1 unchanged sentence

consolidated pretrial order.

On October 27, 2023, the Court granted the parties’ joint motion to extend the deadline to file the

consolidated pretrial order to November 17, 2023 and set the case for trial on January 8, 2024.

Subsequently, the Court approved an extension

of the deadline to file a pretrial order to December 1, 2023.

The Court has also rescheduled the trial to commence on April 8, 2024.

trial began on April 8, 2024 and ended on April 11, 2024, on which date the jury returned a verdict in favor of FT Global and the Court

entered a judgment awarding FT Global $8,875,265.31.

On April 16, 2024, the Court issued an amended judgment, awarding FT Global $10,598,379.93,

which includes $7,895,265.31 in damages, $1,723,114.62 in prejudgment interest, and $980,000.00 in attorney’s fees.

filed a post-trial motion challenging the judgment on May 9, 2024, which remains pending before the Court.

The Company will continue to

vigorously defend the action against FT Global, including by appealing the judgment to the United States Court of Appeals for the Eleventh

Circuit, if necessary.

FT Global has registered the judgment in the Southern District of New York, where FT Global has brought a motion

requiring the Company to turn over its stock in its subsidiary companies.

The Company has filed an opposition to the motion, arguing

that according to the New York statute the Court should first determine that the value of the stock in the subsidiary is insufficient

to satisfy the judgment as the Company believe the request for turnover is premature before a valuation hearing.

Shareholders Lawsuit

The complaint, filed by Jeff Janzen in June 2024

derivatively on behalf of Future FinTech Group Inc., alleges that certain officers and directors of Future FinTech engaged in breaches

of fiduciary duties and violations of federal securities laws.

The lawsuit, which was initiated in the United States District Court for

the District of New Jersey, has not been served on the individual defendants as of the date of this report.

The allegations include

the manipulation of the company's stock price and failures in disclosure practices, among other claims.

On October 27, 2023, the Court granted the parties’ joint motion to extend the deadline to file

the consolidated pretrial order to November 17, 2023 and set the case for trial on January 8, 2024.

Subsequently, the Court approved

an extension of the deadline to file a pretrial order to December 1, 2023.

The Court has also rescheduled the trial to commence on

April 8, 2024.

The trial began on April 8, 2024 and ended on April 11, 2024, on which date the jury returned a verdict in favor of

FT Global and the Court entered a judgment awarding FT Global $8,875,265.31.

On April 16, 2024, the Court issued an amended

judgment, awarding FT Global $10,598,379.93, which includes $7,895,265.31 in damages, $1,723,114.62 in prejudgment interest, and

$980,000.00 in attorney’s fees.

The Company filed a post-trial motion challenging the judgment on May 9, 2024, which

remains pending before the Court.

The Company will continue to vigorously defend the action against FT Global, including by

appealing the judgment to the United States Court of Appeals for the Eleventh Circuit, if necessary.

FT Global has registered the

judgment in the Southern District of New York (“NY Court”), where FT Global has brought a motion requiring the Company

to turn over its stock in its subsidiary companies.

The Company has filed an opposition to the motion, arguing that according

to the New York statute the Court should first determine that the value of the stock in the subsidiary is insufficient to satisfy

the judgment as the Company believe the request for turnover is premature before a valuation hearing.

On August 28, 2024, NY Court

granted FT Global’s motion for turnover of Defendant’s shares in Defendant’s wholly-owned subsidiaries as

Defendant 1) failed to satisfy the $10.8 million judgment rendered in the Northern District of Georgia and registered in the

Southern District of New York, and 2) is in possession of money and property in which it has an interest.

The NY Court ordered

Defendant shall turn over the shares, membership, or limited partnership interests in all of its subsidiaries, and the corporate

seals of its China and Hong Kong-based subsidiaries, to the U.S.

Marshal for auction or sale until the judgment is satisfied.

Company will continue to vigorously defend the action against FT Global, including by appealing the order of the NY Court to the

United States Court of Appeals for the Second Circuit.

Not applicable.

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 1. Legal Proceedings