UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2021

  

MMTEC, INC.

(Translation of registrant’s name into English)

  

AF, 16/F, Block B, Jiacheng Plaza, 18 Xiaguangli, Chaoyang District, Beijing, 100027

People’s Republic of China.

Tel: +86 10 5617 2312

(Address of Principal Executive Office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  ☒          Form 40-F  ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes  ☐           No  ☒

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________.

 

 

 

 

 

 

EXPLANATORY NOTE

 

This Report of Foreign Private Issuer on Form 6-K filed by MMtec, Inc. (together with our subsidiaries, unless the context indicates otherwise, “we,” “us,” “our,” or the “Company”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or the Company’s future financial performance. The Company has attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “expects,” “can,” “continue,” “could,” “estimates,” “intends,” “may,” “plans,” “potential,” “predict,” “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. The information in this Report on Form 6-K is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company expectations are as of the date this Form 6-K is filed, and the Company does not intend to update any of the forward-looking statements after the date this Report on Form 6-K is filed to confirm these statements to actual results, unless required by law.

 

 

 

 

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL DATA

 

MMTEC, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN U.S. DOLLARS)

 

    As of  
    June 30,
2021 		    December 31,
2020 		 
ASSETS   (UNAUDITED)        
             
CURRENT ASSETS:            
Cash and cash equivalents   $ 14,603,601     $ 1,425,926  
Accounts receivable, net     170,758       46,390  
Loan receivable - related party     93,762       92,831  
Security deposits - current portion     -       500,000  
Prepaid expenses and other current assets     171,736       187,994  
                 
Total Current Assets     15,039,857       2,253,141  
                 
NON-CURRENT ASSETS:                
Security deposits - non-current portion     114,023       112,891  
Property and equipment, net     98,387       102,882  
Operating lease right-of-use assets     500,216       662,609  
Long-term investment     -       578,749  
                 
Total Non-current Assets     712,626       1,457,131  
                 
Total Assets   $ 15,752,483     $ 3,710,272  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
                 
CURRENT LIABILITIES:                
Salary payable     126,427       131,445  
Accrued liabilities and other payables     98,316       94,799  
Due to related parties     720       1,433  
Operating lease liabilities - current     416,133       430,352  
                 
Total Current Liabilities     641,596       658,029  
                 
NON-CURRENT LIABILITIES:                
Loan Payable     -       41,250  
Operating lease liabilities - non-current     121,776       315,190  
                 
Total Non-current Liabilities     121,776       356,440  
                 
Total Liabilities     763,372       1,014,469  
                 
SHAREHOLDERS’ EQUITY:                
Common shares ($0.001 par value; 500,000,000 shares authorized; 25,120,000 shares issued and outstanding at June 30, 2021, and 20,820,000 shares issued and outstanding at December 31, 2020)     25,120       20,820  
Additional paid-in capital     26,866,489       12,233,589  
Accumulated deficit     (11,924,511 )     (9,556,899 )
Accumulated other comprehensive income (loss)     22,013       (1,707 )
                 
Total Shareholders’ Equity     14,989,111       2,695,803  
                 
Total Liabilities and Shareholders’ Equity   $ 15,752,483     $ 3,710,272  

 

1

 

 

MMTEC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(IN U.S. DOLLARS)

(UNAUDITED)

 

    For the
Six Months Ended 		    For the
Six Months Ended 		 
    June 30,
2021 		    June 30,
2020 		 
             
             
REVENUE   $ 507,048     $ 329,070  
                 
COST OF REVENUE     66,908       7,026  
                 
GROSS PROFIT     440,140       322,044  
                 
OPERATING EXPENSES:                
Selling and marketing     97,146       76,668  
General and administrative                
Payroll and related benefits     669,299       479,261  
Professional fees     837,457       403,300  
Other general and administrative expenses     671,500       404,176  
                 
Total Operating Expenses     2,275,402       1,363,405  
                 
LOSS FROM OPERATIONS     (1,835,262 )     (1,041,361 )
                 
OTHER INCOME (EXPENSE):                
Interest income     526       27,571  
Other income     66,940       24,483  
Foreign currency transaction loss     (16,319 )     (3,525 )
Impairment loss on long-term investment     (583,497 )     -  
Loss on equity method investment     -       (18,320 )
                 
Total Other Income (Expense)     (532,350 )     30,209  
                 
LOSS BEFORE INCOME TAXES     (2,367,612 )     (1,011,152 )
                 
INCOME TAXES     -       -  
                 
NET LOSS   $ (2,367,612 )   $ (1,011,152 )
                 
COMPREHENSIVE LOSS:                
NET LOSS     (2,367,612 )     (1,011,152 )
OTHER COMPREHENSIVE INCOME (LOSS)                
Foreign currency translation adjustments     23,720       (23,138 )
TOTAL COMPREHENSIVE LOSS   $ (2,343,892 )   $ (1,034,290 )
                 
NET LOSS PER COMMON SHARE                
Basic and diluted   $ (0.10 )   $ (0.05 )
                 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
Basic and diluted     23,860,884       20,070,000  

 

2

 

 

MMTEC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN U.S. DOLLARS)

(UNAUDITED)

 

    For the
Six Months Ended 		    For the
Six Months Ended 		 
    June 30, 2021     June 30, 2020  
             
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net loss   $ (2,367,612 )   $ (1,011,152 )
Adjustments to reconcile net loss from operations to net cash used in operating activities:                
Depreciation expense     14,322       10,338  
Impairment loss on long-term investment     583,497       -  
Loss on equity method investment     -       18,320  
Noncash lease expense     168,733       145,246  
Gain on extinguishment of debt     (41,548 )     -  
Foreign currency transaction loss     35,464       -  
Other noncash expense     -       721  
Changes in operating assets and liabilities:                
Operating lease liabilities     (214,724 )     (75,003 )
Accounts receivable     (124,368 )     1,018  
Security deposits     -       35,194  
Prepaid expenses and other current assets     516,649       14,733  
Deferred revenue     -       (44,485 )
Salary payable     (5,695 )     (12,456 )
Accrued liabilities and other payables     3,808       (183,636 )
                 
NET CASH USED IN OPERATING ACTIVITIES     (1,431,474 )     (1,101,162 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
Collection of loan to related party     -       78,002  
Cash proceeds from acquisition     -       279  
Purchase of property and equipment     (8,806 )     (10,636 )
Purchase of long-term investment     -       (809,881 )
                 
NET CASH USED IN INVESTING ACTIVITIES     (8,806 )     (742,236 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds from long-term loan     -       41,250  
Proceeds from issuance of stocks     14,637,200       -  
                 
NET CASH PROVIDED BY FINANCING ACTIVITIES     14,637,200       41,250  
                 
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS     (19,245 )     (10,536 )
                 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     13,177,675       (1,812,684 )
                 
CASH AND CASH EQUIVALENTS - beginning of period     1,425,926       3,642,521  
                 
CASH AND CASH EQUIVALENTS - end of period   $ 14,603,601     $ 1,829,837  
                 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                
Cash paid for:                
Interest   $ -     $ -  
Income taxes   $ -     $ -  
                 
NON-CASH INVESTING AND FINANCING ACTIVITIES:                
Remeasurement of the lease liabilities and right-of-use assets due to lease modification   $ -     $ 29,904  
Consideration of acquisition payable to related party   $ -     $ 1,000  

 

3

 

 

Exhibits

  

Exhibit No.   Description
     
99.1   Press release.

  

4

 


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

Date: September 30, 2021  

 

  MMtec, Inc.
     
  By: /s/ Xiangdong Wen
    Xiangdong Wen, Chief Executive Officer

 

 

5

 

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