$QDMI
QDM International Inc.

2023 Q1 Form 10-Q Financial Statement

#000173112223000214 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $24.06K $24.60K
YoY Change -2.21% -26.48%
Cost Of Revenue $16.51K $24.60K
YoY Change -32.89% -25.75%
Gross Profit $7.549K
YoY Change
Gross Profit Margin 31.38%
Selling, General & Admin $76.88K $87.74K
YoY Change -12.38% 0.08%
% of Gross Profit 1018.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.300K $0.00
YoY Change -100.0%
% of Gross Profit 30.47%
Operating Expenses $76.88K $87.74K
YoY Change -12.38% 0.07%
Operating Profit -$69.33K -$87.74K
YoY Change -20.99% 0.45%
Interest Expense -$210.00 $710.00
YoY Change -129.58%
% of Operating Profit
Other Income/Expense, Net $252.00
YoY Change
Pretax Income -$69.07K -$87.03K
YoY Change -20.63% 3.87%
Income Tax
% Of Pretax Income
Net Earnings -$69.07K -$87.03K
YoY Change -20.63% 3.87%
Net Earnings / Revenue -287.13% -353.78%
Basic Earnings Per Share -$0.33 -$0.43
Diluted Earnings Per Share -$0.33 -$415.4K
COMMON SHARES
Basic Shares Outstanding 210.0K shares 210.0K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.1K $127.0K
YoY Change -4.6% 79.02%
Cash & Equivalents $2.718M $121.1K $127.0K
Short-Term Investments
Other Short-Term Assets $102.3K $36.48K
YoY Change 180.35% -41.12%
Inventory
Prepaid Expenses $18.86K $35.77K
Receivables $291.9K $12.76K $7.920K
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.029M $236.2K $171.4K
YoY Change 1936.56% 37.81% 23.78%
LONG-TERM ASSETS
Property, Plant & Equipment $18.26K $17.71K
YoY Change 393.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $121.5K $102.8K $0.00
YoY Change -0.33% -100.0%
TOTAL ASSETS
Total Short-Term Assets $3.029M $236.2K $171.4K
Total Long-Term Assets $121.5K $102.8K $0.00
Total Assets $3.150M $339.0K $171.4K
YoY Change 1063.91% 97.8% 23.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.54K $8.950K
YoY Change 73.63% 36.64%
Accrued Expenses $38.95K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.002M $597.3K
YoY Change 67.72% 18.34%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.299M $1.056M $606.2K
YoY Change 49.2% 74.24% 18.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $44.41K
YoY Change
Total Long-Term Liabilities $44.41K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.299M $1.056M $606.2K
Total Long-Term Liabilities $44.41K $0.00
Total Liabilities $1.344M $1.101M $606.2K
YoY Change 42.24% 81.56% 18.58%
SHAREHOLDERS EQUITY
Retained Earnings -$9.991M -$10.27M
YoY Change -0.44%
Common Stock $3.519K $624.00
YoY Change 463.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $60.40K $60.40K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $1.806M -$761.7K -$434.8K
YoY Change
Total Liabilities & Shareholders Equity $3.150M $339.0K $171.4K
YoY Change 1063.91% 97.8% 23.71%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$69.07K -$87.03K
YoY Change -20.63% 3.87%
Depreciation, Depletion And Amortization $2.300K $0.00
YoY Change -100.0%
Cash From Operating Activities -$44.53K -$53.85K
YoY Change -17.31% -44.19%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.48K 151.6K
YoY Change -93.09% 42.96%
NET CHANGE
Cash From Operating Activities -44.53K -53.85K
Cash From Investing Activities 0.000
Cash From Financing Activities 10.48K 151.6K
Net Change In Cash -34.05K 97.73K
YoY Change -134.84% 923.35%
FREE CASH FLOW
Cash From Operating Activities -$44.53K -$53.85K
Capital Expenditures $0.00
Free Cash Flow -$44.53K
YoY Change

Facts In Submission

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
51482 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
91372 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69658 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35605 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
121140 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
126977 usd
QDMI Debt Forgiveness By Shareholder
DebtForgivenessByShareholder
141025 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zKbRQbIZNDzh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_869_zgpEQqWltQea">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the Company’s consolidated financial statements in conformity with the U.S. GAAP requires the Company to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses may be affected by the estimates that management is required to make. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
7.8000 pure
CY2021Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
7.8000 pure
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zBdCo7iud7re" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="xdx_862_zDBnG4VNjXEi">Certain Risks and Concentration</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and receivables, and other assets. As of December 31, 2022, substantially all of the Company’s cash and cash equivalents were held in major financial institutions located in Hong Kong, which management considers to being of high credit quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
66503 usd
CY2022Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
30000 usd
CY2021Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
each 30
CY2022Q3 QDMI Additional Share Capital
AdditionalShareCapital
1170000 usd
CY2022Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
1001758 usd
CY2022Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
818685 usd
CY2022Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
10542 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
42172 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
35143 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
87857 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4497 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
83360 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
38954 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
44406 usd

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