Fast Finance Holding AG Gets Off to a Dynamic Start in FY 2021 with Strong Q1 Earnings in the Amount of €413 Thousand
Fast Finance Holding AG (ISIN DE000A1PG508) generated income in the amount of €741 thousand for Q1 2021 to post first-quarter earnings of €413 thousand This also strengthened the Company’s balance sheet; the balance sheet total increased 3.1% to €41.6 million as of the 31 March 2021 closing date, Non-current assets rose to €40.2 million (PY €39.3 million). Shareholders’ equity increased to €39.3 million (PY €38.8 million), and the equity ratio remained high at 94.6% (PY 96.1%).
Operating income in the amount of €736 thousand was for the most part accounted for by proceeds from the sale of interests in ok.de, a subsidiary that operates a freemail and comparison shopping platform. Plans still call for the initial public offering of ok.de announced last year to be carried out through a reverse merger with the Canadian Ok.de International Inc. subsidiary, which remains to be acquired. More precise details were announced in the course of the year. The ok.de platform was recently transferred to the German ok.de Services GmbH.
The financial statements for the first quarter still do not include the effects of the acquisition reported in mid-May 2021 of the 90% interest in Standard Vape Corporation (SVAP), which is traded over the counter in the U.S. Under the corresponding Preferred Stock Exchange Agreement, 100% interests in the two subsidiaries, FF24 Ventures GmbH and FF24 Merchant Services GmbH, were transferred to SVAP, and Fast Finance received in exchange 100,000 preferred shares (12,416 votes) in SVAP. These shares can be converted at a rate of 1:12,416 (preferred to common shares), which would represent 1,214,600 common shares. Converted into euros on the basis of the prevailing price of $0.10, this represents €104.6 million.
In addition, FF24 Merchant Services GmbH and FF24 Ventures GmbH continued to pursue their licensing activities of with third parties in the second quarter of 2021.
At the annual shareholders’ meeting held virtually on 20 August 2021, management informed shareholders on current business developments and the strategic goals.