FXDD Parent Reports Slight Profit in Q2, CEO-Owned Firm Injects $1M

Nukkleus Inc, which controls FXDD Trading and FXMarkets brands, said the company’s CEO, Emil Assentato has injected $1 million to maintain the ongoing operations of the business. The transaction was made through the sale of 15 million common shares and 100,000 Series A preferred stocks to Currency Mountain Holdings Bermuda Limited (CMH), which is wholly-owned by Nukkleus, with the majority percentage owned by Mr. Assentato.

Nukkleus has also reported its financials for the three months ending June 30, 2020. The listed company managed a booked profit for the first time in several years, albeit at a very modest level.

Over this period, Nukkleus saw its trading revenue unchanged from a year ago, coming in at $4.8 million in FY Q2 2020, which came from support services rendered to FXDD Malta. Revenue for both of the nine months through to June 30, 2020, and 2019, was $14.4 million.

In terms of its net income, Nukkleus reversed its operating losses of $69,000 in the prior year’s quarter to a slight profit, in the amount of $11,492 for the April-June quarter. In the first quarter, the company also curbed its operating losses to the sum of $63,850, which was better than the $230,901 it lost in the Q1 2019.

Over a nine-month interval spanning from October 2019 to June 2020, Nukkleus’ net loss was $97,659 compared to $419,719 for the counterpart period a year prior.

Though the company had incurred a 25 percent decrease in revenues in the prior fiscal year due to the amendment of its agreement with FXDD Malta, the retail broker reduced services fees it currently pays from $2 million per month to $1.6 million.

The operating costs were pointedly lower on a yearly basis, according to the company’s latest filing with the US Securities and Exchange Commission. The primary culprit for this has been the decrease in the number of Nukkleus’ employees.

Specifically, the operating expenses that the company incurred in the last quarter were reported at $62,222, relative to $236,704 for the previous year. Other general and administrative expenses were mainly due to third party organisations and professional fees.

Nukkleus Named in BT Prime Bankruptcy

On April 16, 2020, the company was named as a defendant in the case related to the bankruptcy of Boston Prime and BT Prime, the Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term providers of Boston Technologies. In the amended complaint, BT Prime seeks to hold Nukkleus and its affiliates liable for all of the debts and liabilities stemming from its bankruptcy proceedings. BT Prime incurred huge losses as a result of unprecedented market volatility following SNB announcement to remove the euro-franc peg in 2015.

The troubled firm alleges that Nukkleus has no activity other than it does through collective business relationship with Forexware, Currency Mountain Holdings LLC, Forexware Malta Holdings Ltd., FXDIRECT, FXDD Malta and CMH. Based on this theory, BT Prime alleges that the company should be jointly liable for any liability attributable to other defendants

“The Company maintains that there is no basis in BT Prime’s claims against it and intends to vigorously defend against it, including by moving to dismiss it,” Nukkleus said

Looking at the rest of the filing, Nukkleus highlighted that it is currently seeking additional capital through private placements or public offerings of its securities. In addition, it may seek to secure funding through public or private debts to finance its business or any mergers or acquisitions in the future.