QDM International Inc. Files Q2 2024 10-Q Report

TL;DR

QDM Intl filed its Q2 10-Q. Based in FL, operates in insurance brokerage. Address in HK.

AI Summary

QDM International Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, previously known as 24/7 Kid Doc, Inc., is incorporated in Florida and operates in the insurance agents, brokers & services sector. Its principal business address is in Kowloon, Hong Kong.

Why It Matters

This filing provides investors with an update on QDM International Inc.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented.

Key Players & Entities

• QDM International Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 20240819 (date) — Filing date
• Florida (location) — State of incorporation
• Kowloon, Hong Kong (location) — Business address
• 24/7 Kid Doc, Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — (g) of the Act: Common Stock, par value $0.0001 Indicate by check mark whether the re

Filing Documents

• ea0211061-10q_qdminter.htm (10-Q) — 396KB
• ea021106101ex31-1_qdminter.htm (EX-31.1) — 11KB
• ea021106101ex31-2_qdminter.htm (EX-31.2) — 11KB
• ea021106101ex32-1_qdminter.htm (EX-32.1) — 4KB
• ea021106101ex32-2_qdminter.htm (EX-32.2) — 4KB
• 0001213900-24-070371.txt ( ) — 2772KB
• qdmi-20240630.xsd (EX-101.SCH) — 26KB
• qdmi-20240630_cal.xml (EX-101.CAL) — 24KB
• qdmi-20240630_def.xml (EX-101.DEF) — 137KB
• qdmi-20240630_lab.xml (EX-101.LAB) — 230KB
• qdmi-20240630_pre.xml (EX-101.PRE) — 131KB
• ea0211061-10q_qdminter_htm.xml (XML) — 195KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19

– OTHER INFORMATION

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 political uncertainty and social unrest in Hong Kong and laws, rules and regulations of the Chinese government aimed at addressing such unrest; 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, further enhance our brand recognition; our ability to hire and retain qualified management personnel and key employees in order to enable them to develop our business; changes in applicable laws or regulations in Hong Kong related to or that

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements QDM INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30 AND MARCH 31, 2024 June 30, 2024 March 31, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 5,445,212 $ 5,158,223 Accounts receivable 667,122 183,612 Prepaid expenses 113,647 103,403 Deferred offering cost 37,500 — Total current assets 6,263,481 5,445,238 Right of use assets – operating lease 168,516 196,141 Long-term prepaids 59,583 59,583 Property and equipment, net 64,835 75,327 Total assets $ 6,556,415 $ 5,776,289 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable & accrued liabilities $ 700,430 $ 566,780 Operating lease liabilities - current 101,353 109,556 Income tax payable 395,324 309,043 Due to related party 1,412,277 1,283,221 Total current liabilities 2,609,384 2,268,600 Operating lease liabilities – non current 69,691 89,729 Total liabilities 2,679,075 2,358,329 Shareholders' equity: Preferred stock, $ 0.0001 par value, 30,000,000 shares authorized, 545,386 and 545,386 issued and outstanding as of June 30, 2024 and March 31, 2024, respectively 54 54 Common stock, $ 0.0001 par value, 700,000,000 shares authorized, 291,563,930 shares issued and 291,563,930 shares outstanding as of June 30, 2024 and March 31, 2024, respectively 3,519 3,519 Treasury stock, 4,730 and 4,730 shares at cost ( 60,395 ) ( 60,395 ) Additional paid-in capital 11,901,231 11,901,231 Accumulated deficit ( 7,967,069 ) ( 8,426,449 ) Total shareholders' equity 3,877,340 3,417,960 Total liabilities and shareholders' equity $ 6,556,415 $ 5,776,289 * Retrospectively applied for effect of the forward stock split on April 5, 2024 See accompanying notes to condensed consolidated financial statements. 1 QDM INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED J

financial statements

financial statements. 4 QDM International Inc. Notes to Condensed Consolidated Financial Statements June 30, 2024 and 2023 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, YeeTah Insurance Consultant Limited, which changed its name to Hong Kong YeeTah Insurance Broker Limited ("YeeTah") in December 2022, 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 is also licensed to provide its customers with assistance on account opening and related services under 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, the Company 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 shareholder, 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 30,000 shares ( 900,000 shares before the Reverse Split (as defined below)) of a newly designated Series C Convertible Preferred Stock, par value $ 0.0001 per share (the "Series C Preferred Stock"), with each Series C Preferred Stock initial

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