In the premarket trading session, at last check, MercurityFintech Holding Inc. (MFH) stock had surged by 6.84% to $6.09. MFH stock closed the previous session losing -3.39% at $5.70. The MFH stock volume traded 94863.0 shares. In the past year, MFH stock jumped up by156.76%, and in the past week however, it shed -10.80%. In the past three and six months, the MFH stock has plunged by-29.10% and added 74.31% respectively.
Find out about MercurityFintech Holding’s business operations and model
MercurityFintech Holding Inc. is an internet retail company that focuses on providing digital asset infrastructure solutions. The company focuses on designing, manufacturing, and installing technological solutions based on blockchain and customizes the solutions as well. The company has expanded its operations in the British Virgin Islands and Asia Pacific region. The client base of MFH stock includes traders, communities, and liquidity merchants. The primary product is an asset digitalization platform which provides traditional assets la blockchain-based digital make-over. The traditional assets include fiat currencies, bonds, and precious metals.
Blockchain platforms are also decentralized finance platform which are more efficient in terms of cross border payments services through NBpay. MercurityFintech also provides supplemental and customized services which include software development, maintenance, and installation/upgrade services across its platforms. The company was previously known as JMU Limited until April 2020. The origin of the MFH stock started from 2011 and has an HQ in Beijing, China.
Strategic transformation has consumed major portions of revenues and capital in the first quarter of 2021
The company is undergoing strategic transition this year, and is focused on carrying out this transition as smoothly and efficiently throughout the year to create a sustainable platform of growth and high-performance execution. The business transition was not 2-dimensional simplistic process that could be carried out beside maintaining normal operations; revenue and time is of utmost utility and consideration during this business transformation as it can be reflected upon the financial result and balance sheet of MFH stock. Another important factor to note about the financial result is that the proceeds and revenue from the DeFi platform has not yet been realized in the report of first quarter 2021.
The revenues in first-quarter 2021 had dropped to a whopping $81 thousand adjusted to GAAP as compared to $1392 thousand in Q1 2020. Cost of incomes for the principal quarter of 2021 was $35 thousand, contrasted with $79 thousand in a similar period last year. The expense of incomes was essentially owing to coordinate expenses identified with the agreement endorsed in July 2020.
Net benefit for the main quarter of 2021 was $47 thousand, contrasted with $1,313 thousand in a similar period last year. Loss from operations for the principal quarter of 2021 was $4,554 thousand, contrasted with pay from tasks of $1,068 thousand in a similar period last year. Non-GAAP total deficit inferable from MFH stock for the principal quarter of 2021 was $721 thousand, contrasted with a total compensation of $1,068 thousand in a similar time of last year. Cash and money reciprocals were $287 thousand as of March 31, 2021, contrasted with $175 thousand as of December 31, 2020.
The company sees uncertainty in the future quarters due to the strategic business transition which is why is MFH stock negates the provision of financial and business outlook.