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Uncategorized FINGERMOTION, INC. – 10-Q – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – Insurance News Net

The terms the “Registrant”, “we”, “us”, “our”, “FingerMotion” and the “Company”
mean FingerMotion, Inc. or as the context requires, collectively with its
consolidated subsidiaries and contractually controlled companies.
Cautionary Note Regarding Forward-Looking Statements
The Company was initially incorporated as Property Management Corporation of
America on January 23, 2014 in the State of Delaware.
Our principal executive offices are located at 1460 Broadway, New York, New York
10036, and our telephone number at that address is (347) 349-5339.
designee(s)
? a call option agreement under which the owner of JiuGe Technology has
? a share pledge agreement under which the owner of JiuGe Technology has
Technology
of its
Agreement
Acquisition of Beijing Technology
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China Unicom Cooperation Agreement
China Mobile Cooperation Agreement
In December 2020, JiuGe Technology entered into a strategic cooperation
agreement (the “China Mobile Cooperation Agreement”) with China Mobile’s
subsidiary, China Mobile Financial Technology Co., Ltd. (“China Mobile
Financial”) to explore and create a new forward-leaning business model that
combines the traditional loyalty point redemption business with an e-commerce
platform designed to create a higher evolution of brand loyalty.
100%
100%
100%
100%
Contractually
100%
Contractually
(3) Finger Motion (CN) Limited is a wholly-owned subsidiary of Finger
(5) Shanghai JiuGe Information Technology Co., Ltd. is a variable interest
Business
(6) Beijing XunLian TianXia Technology Co., Ltd. is a 99% owned subsidiary
(7) Finger Motion Financial Group Limited is a wholly-owned subsidiary of
(8) Finger Motion Financial Company Limited is a wholly-owned subsidiary
Telecommunications Products and Services
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Three Months Ended November 30, 2021 Compared to Three Months Ended November 30,
2020
The following table sets forth the Company’s revenue from its three lines of
business for the periods indicated:
Telecommunication Products & Services $ 2,315,308 $
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General & Administrative Expenses
The following table sets forth the Company’s general and administrative expenses
for the periods indicated:
We recorded $1,521,114 in general and administrative expenses for the three
months ended November 30, 2021, an increase of $727,564 or 92%, compared to the
three months ended November 30, 2020. The increased consulting and staff
salaries are principally the result of the building of our three lines of
businesses.
We incurred fees of $158,055 in research & development for the three months
ended November 30, 2021 as compared to $124,723 for the three months ended
November 30, 2020. The increase of $33,332 or 27% was due to higher data access
and usage fees charged by telecommunications companies.
This division comprises of experienced actuaries, data scientists and computer
programmers.
The expenses for research & development include associated wages and salaries,
data access fees and IT infrastructure.
The 1st stage of prototyping on Phase 1 – analytical framework and business
applications have been completed and target to commercialize by the middle of
calendar 2022.
Net Loss attributable to the Company’s shareholders
Nine Months Ended November 30, 2021 Compared to Nine Months Ended November 30,
2020
The following table sets forth the Company’s revenue from its three lines of
business for the periods indicated:
Telecommunication Products & Services $ 5,005,278 $
We recorded depreciation of $43,544 for fixed assets for the nine months ended
November 30, 2021, a decrease of $9,807 or 18%, compared to the nine months
ended November 30, 2020. The decrease was due to some fully depreciated assets.
General & Administrative Expenses
The following table sets forth the Company’s general and administrative expenses
for the periods indicated:
We recorded $4,145,775 in general and administrative expenses for the nine
months ended November 30, 2021, an increase of $1,767,209 or 74%, compared to
the nine months ended November 30, 2020. The increased consulting and staff
salaries are principally the result of the building of our three lines of
businesses.
This division comprises of experienced actuaries, data scientists and computer
programmers.
The expenses for research & development include associated wages and salaries,
data access fees and IT infrastructure.
The 1st stage of prototyping on Phase 1 – analytical framework and business
applications have been completed and target to commercialize by the middle of
calendar 2022.
Net Loss attributable to the Company’s shareholders
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Liquidity and Capital Resources
The following table sets out our cash and working capital as of November 30,
2021 and February 28, 2021:
Cash Flow used in Operating Activities
Cash Flow used in Investing Activities
During the nine months period ended November 30, 2021, investing activities
decreased by $306,853 compared to nine months period ended November 30, 2020.
Cash Flow provided by Financing Activities
During the nine months period ended November 30, 2021, financing activities
increased by $137,986 compared to the nine months period ended November 30,
2020, which was primarily due to the proceeds from issuance of shares of our
common stock.
Off-Balance Sheet Arrangements
On December 28, 2021, the Company shares of common stock were listed for trading
on the Nasdaq Capital Market under the current trading symbol of “FNGR”.
On January 7, 2022, the Company issued an aggregate of 55,000 shares of our
common stock to two entities pursuant to consulting agreements.
Critical Accounting Policies
Refer to “Critical Accounting Policies” under Item 7, Management’s Discussion
and Analysis of Financial Condition and Results of Operations in our Annual
Report on Form 10-K for our fiscal year ended February 28, 2021.
Recently Issued Accounting Pronouncements
The Company does not believe recently issued but not yet effective accounting
standards, if currently adopted, would have a material effect on the
consolidated financial position, statements of operations and cash flows.
NMI Holdings, Inc. to Announce Fourth Quarter and Full Year 2021 Financial Results on February 15, 2022
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