QDM International Inc. Files 10-Q for Period Ended December 31, 2023

TL;DR

<b>QDM International Inc. has filed its quarterly report for the period ending December 31, 2023, indicating its status as a smaller reporting company.</b>

AI Summary

QDM International Inc. (QDMI) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. QDM International Inc. filed a 10-Q report for the quarterly period ended December 31, 2023. The company is incorporated in Florida and its fiscal year ends on March 31. QDM International Inc. was formerly known as 24/7 Kid Doc, Inc., DALE JARRETT RACING ADVENTURE INC, and JARRETT FAVRE DRIVING ADVENTURE INC. The company's principal executive offices are located in Kowloon, Hong Kong. QDM International Inc. is classified as a smaller reporting company and a non-accelerated filer.

Why It Matters

For investors and stakeholders tracking QDM International Inc., this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the specified quarter, which is crucial for investors to assess its current standing. Understanding QDM International Inc.'s classification as a smaller reporting company and non-accelerated filer helps in interpreting the level of detail and regulatory scrutiny applied to its disclosures.

Risk Assessment

Risk Level: low — QDM International Inc. shows low risk based on this filing. The filing is a standard 10-Q, and no immediate financial distress or significant negative events are indicated within the provided header information.

Analyst Insight

Review the full 10-Q filing for detailed financial statements and management discussion to understand QDM International Inc.'s performance and outlook.

Key Numbers

• 20231231 — Quarterly Period End Date (CONFORMED PERIOD OF REPORT)
• 20240214 — Filing Date (FILED AS OF DATE)
• 000-27251 — SEC File Number (Commission File Number)
• 59-3564984 — IRS Employer Identification No. (IRS NUMBER)

Key Players & Entities

• QDM International Inc. (company) — COMPANY CONFORMED NAME
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240214 (date) — FILED AS OF DATE
• Florida (location) — STATE OF INCORPORATION
• 000-27251 (other) — Commission File Number
• Kowloon, Hong Kong (location) — Address of principal executive offices
• 24/7 Kid Doc, Inc. (company) — FORMER COMPANY
• 20160126 (date) — DATE OF NAME CHANGE

FAQ

Key Dates

• 2023-12-31: Quarterly Period End — The end date for the reporting period covered by the 10-Q filing.
• 2024-02-14: Filing Date — The date the 10-Q report was officially filed with the SEC.
• 2016-01-26: Name Change — Date QDM International Inc. changed its name from 24/7 Kid Doc, Inc.

Key Financial Figures

• $0.0001 — ,393 shares of common stock, par value $0.0001 per share, of the registrant issued and

Filing Documents

• f10q1223_qdminter.htm (10-Q) — 604KB
• f10q1223ex31-1_qdminter.htm (EX-31.1) — 13KB
• f10q1223ex31-2_qdminter.htm (EX-31.2) — 10KB
• f10q1223ex32-1_qdminter.htm (EX-32.1) — 5KB
• f10q1223ex32-2_qdminter.htm (EX-32.2) — 5KB
• 0001213900-24-014097.txt (&nbsp;) — 3025KB
• qdmi-20231231.xsd (EX-101.SCH) — 31KB
• qdmi-20231231_cal.xml (EX-101.CAL) — 26KB
• qdmi-20231231_def.xml (EX-101.DEF) — 145KB
• qdmi-20231231_lab.xml (EX-101.LAB) — 275KB
• qdmi-20231231_pre.xml (EX-101.PRE) — 152KB
• f10q1223_qdminter_htm.xml (XML) — 303KB

Financial Statements

Financial Statements 1 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3. Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II – OTHER INFORMATION 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 20

SIGNATURES

SIGNATURES 21 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Report"), including, without limitation, statements under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. These statements are based on management's current expectations, but actual results may differ materially due to various factors, including, but not limited to: the impact of public health epidemics, including the COVID-19 in Mainland China, Hong Kong and the rest of the world, on the market we operate in and our business, results of operations and financial condition; the market for our services in Hong Kong and Mainland China ; our expansion and other plans and opportunities ; our future financial and operating results, including revenues, income, expenditures, cash balances and other financial items ; current and future economic and political conditions in Hong Kong and Mainland China ; the future growth of the Hong Kong insurance industry as a whole and the professional insurance intermediary sector in particular ; our ability to attract customers and further enhance our brand recognition ; our ability to hire and retain qualified management personnel and key employees to develop our business ; changes in applicable laws or regul

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements QDM INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31 AND MARCH 31, 2023 December 31, 2023 March 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 6,322,854 $ 2,717,745 Accounts receivable 75,228 291,900 Prepaid expenses 70,959 18,856 Total current assets 6,469,041 3,028,501 Right of use assets – operating lease 223,183 75,557 Long-term prepaids 86,316 27,720 Property and equipment, at cost, net 86,090 18,256 Total assets $ 6,864,630 $ 3,150,034 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable & accrued liabilities $ 1,896,951 $ 222,753 Operating lease liabilities - current 114,185 29,393 Income tax payable 266,028 - Due to related party 1,217,893 1,047,108 Total current liabilities 3,495,057 1,299,254 Operating lease liabilities – non current 112,758 44,406 Total liabilities 3,607,815 1,343,660 Stockholders' equity: Preferred stock, $ 0.0001 par value, 5,000,000 shares authorized, 545,386 and 545,386 issued and outstanding as of December 31, 2023 and March 31, 2023, respectively 54 54 Common stock, $ 0.0001 par value, 200,000,000 shares authorized, 29,156,393 and 29,156,393 shares issued and 29,155,920 and 29,155,920 shares outstanding as of December 31, 2023 and March 31, 2023, respectively 3,519 3,519 Subscription receivable — ( 48,718 ) Treasury stock, 473 and 473 shares at cost ( 60,395 ) ( 60,395 ) Additional paid-in capital 11,901,231 11,901,231 Accumulated deficit ( 8,587,594 ) ( 9,990,987 ) Accumulated other comprehensive income — 1,670 Total stockholders' equity 3,256,815 1,806,374 Total liabilities and stockholders' equity $ 6,864,630 $ 3,150,034 See accompanying notes to condensed consolidated financial statements. 1 QDM INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FO

financial statements

financial statements. 4 QDM International Inc. Notes to Condensed Consolidated Financial Statements December 31, 2023 and 2022 1. Organization and principal activities QDM International Inc. ("QDM," and collectively with its subsidiaries, the "Company") was incorporated in Florida in March 2020 and is the successor to 24/7 Kid Doc, Inc. ("24/7 Kid"), which was incorporated in Florida in November 1998. The Company conducts its business through an indirectly wholly owned subsidiary, H ong Kong Yeetah Insurance Broker Limited, formerly known as YeeTah Insurance Consultant Limited ("Yeetah"), a licensed insurance brokerage company located in Hong Kong, China. Yeetah sells a wide range of insurance products, consisting of two major categories: (1) life and medical insurance, such as individual life insurance; and (2) general insurance, such as automobile insurance, commercial property insurance, liability insurance, homeowner insurance. In addition, as a Mandatory Provident Fund ("MPF") intermediary, Yeetah also assists its customers with their investment through the MPF and the Occupational Retirement Schemes Ordinance schemes ("ORSO") in Hong Kong, both of which are retirement protection schemes set up for employees. On October 21, 2020, QDM entered into a share exchange agreement (the "Share Exchange Agreement") with QDM Holdings Limited, a BVI company ("QDM BVI"), and Huihe Zheng, the sole shareholder of QDM BVI (the "QDM BVI Shareholder"), who is also the Company's principal stockholder, Chairman and Chief Executive Officer, to acquire all the issued and outstanding capital stock of QDM BVI in exchange for the issuance to the QDM BVI Shareholder 900,000 shares) of a newly designated Series C Convertible Preferred Stock, par value $ 0.0001 per share (the "Series C Preferred Stock"), with each share of Series C Preferred Stock being convertible into approximately 0.3667 shares (or 11 shares before the Reverse Split (as defined below)) of the Company's commo

View Full Filing

View this 10-Q filing on SEC EDGAR