$TMNA
Tingo Inc

2021 Q4 Form 10-Q Financial Statement

#000141057821000228 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $763.1M $102.7M $1.575K
YoY Change 47400026.71% 6520299.11%
Cost Of Revenue $474.4M $54.05M $542.00
YoY Change 86257116.36% 9973093.91%
Gross Profit $288.7M $48.64M $1.033K
YoY Change 27238329.25% 4708668.15%
Gross Profit Margin 37.83% 47.36% 65.59%
Selling, General & Admin $413.9M $112.9M $152.5K
YoY Change 297188.86% 73969.01% 52.48%
% of Gross Profit 143.35% 232.19% 14760.89%
Research & Development $57.23K
YoY Change -42.77%
% of Gross Profit 5540.17%
Depreciation & Amortization $778.0K $208.8K $61.60K
YoY Change 11962.48% 238.92%
% of Gross Profit 0.27% 0.43% 5963.21%
Operating Expenses $417.1M $1.473M $209.7K
YoY Change 210847.41% 602.43% 109.71%
Operating Profit -$128.4M $47.17M -$208.7K
YoY Change 65191.14% -22703.7% 108.68%
Interest Expense -$64.49K
YoY Change
% of Operating Profit
Other Income/Expense, Net $438.5K -$25.74K $112.2K
YoY Change 299.75% -122.94%
Pretax Income -$128.0M $47.19M -$320.9K
YoY Change 84466.31% -14808.49% 220.86%
Income Tax $89.66M $15.14M $0.00
% Of Pretax Income 32.08%
Net Earnings -$217.6M $32.05M -$273.2K
YoY Change 174503.24% -11832.01% 173.21%
Net Earnings / Revenue -28.52% 31.21% -17346.35%
Basic Earnings Per Share $0.03 -$0.01
Diluted Earnings Per Share -$203.8K $0.03 -$0.01
COMMON SHARES
Basic Shares Outstanding 1.205B 1.096B 40.31M
Diluted Shares Outstanding 1.096B 40.31M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $128.4M $25.37M $36.01K
YoY Change 1026019.98% 70340.57% -94.0%
Cash & Equivalents $128.4M $25.40M $36.01K
Short-Term Investments
Other Short-Term Assets $409.4M $409.4M $404.6K
YoY Change 220126066.67% 101099.93% -49.43%
Inventory $123.8K $225.0K
Prepaid Expenses $409.4M $409.4M
Receivables $1.401B $1.414B $3.590K
Other Receivables $0.00 $0.00 $16.75K
Total Short-Term Assets $1.939B $1.849B $460.9K
YoY Change 557046.99% 401145.73% -64.54%
LONG-TERM ASSETS
Property, Plant & Equipment $223.8M $33.08M $123.5K
YoY Change 7443749.47% 26683.83%
Goodwill $3.700B $3.694B
YoY Change
Intangibles $1.671M $1.970M
YoY Change
Long-Term Investments
YoY Change
Other Assets $575.5M $685.0M $304.1K
YoY Change 179850.59% 225163.97%
Total Long-Term Assets $800.9M $4.718B $427.6K
YoY Change 186979.14% 1103373.69% 327.58%
TOTAL ASSETS
Total Short-Term Assets $1.939B $1.849B $460.9K
Total Long-Term Assets $800.9M $4.718B $427.6K
Total Assets $2.740B $6.568B $888.5K
YoY Change 352913.69% 739080.73% -36.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.049M $39.58K
YoY Change 9657.51%
Deferred Revenue $492.3M $492.3M
YoY Change
Short-Term Debt $0.00 $0.00 $855.9K
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.387B $1.365B $1.059M
YoY Change 117291.06% 128759.38% 429.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $744.5M $886.2M
YoY Change
Total Long-Term Liabilities $746.7M $887.5M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.387B $1.365B $1.059M
Total Long-Term Liabilities $746.7M $887.5M $0.00
Total Liabilities $2.134B $2.252B $920.7K
YoY Change 180491.17% 244539.11% 360.37%
SHAREHOLDERS EQUITY
Retained Earnings $416.1M $28.55M
YoY Change -12497.51%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $606.1M $4.315B -$32.23K
YoY Change
Total Liabilities & Shareholders Equity $2.740B $6.568B $888.5K
YoY Change 352913.69% 739080.73% -36.54%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$217.6M $32.05M -$273.2K
YoY Change 174503.24% -11832.01% 173.21%
Depreciation, Depletion And Amortization $778.0K $208.8K $61.60K
YoY Change 11962.48% 238.92%
Cash From Operating Activities $95.50M $28.41M -$850.3K
YoY Change -99421.16% -3440.89% 325.16%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$977.9K -$159.4K
YoY Change -100.0% 513.42%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$201.6K $110.00
YoY Change -183400.0%
Cash From Investing Activities $0.00 -$1.179M -$159.3K
YoY Change -100.0% 640.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 200.6K
YoY Change -100.0% -49.84%
NET CHANGE
Cash From Operating Activities 95.50M 28.41M -850.3K
Cash From Investing Activities 0.000 -1.179M -159.3K
Cash From Financing Activities 0.000 200.6K
Net Change In Cash 95.50M 27.23M -809.0K
YoY Change -228617.11% -3465.82% -504.49%
FREE CASH FLOW
Cash From Operating Activities $95.50M $28.41M -$850.3K
Capital Expenditures $0.00 -$977.9K -$159.4K
Free Cash Flow $95.50M $29.39M -$690.9K
YoY Change -100222.98% -4353.25% 245.46%

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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-979022
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-159303
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
924749
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
49730
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
33450
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
196091
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
200640
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
219382
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-38825
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
25353144
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-847803
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12511
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
883812
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25365655
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36009
us-gaap Interest Paid Net
InterestPaidNet
196883
us-gaap Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1
4083360000
us-gaap Stock Issued1
StockIssued1
111360000
iwbb Number Of Subscribers Using Mobile Phones And Nwassa Payment Platform
NumberOfSubscribersUsingMobilePhonesAndNwassaPaymentPlatform
9500000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Use of Estimates<span style="font-weight:normal;">—The preparation of financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Although we believe the estimates and assumptions used in preparing these financial statements and related notes are reasonable in light of known facts and circumstances, actual results could differ from those estimates.</span></p>
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
31863490
CY2020 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-124646
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-3316865
CY2020Q4 iwbb Accumulated Deficit
AccumulatedDeficit
-3231637
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
28546625
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3356283
CY2021Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6525
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Deferred Income</b>—The Company reflects the full value of the three year revenues due in accordance with the mobile leasing contract. On a straight line basis, a monthly release is made to profit and loss to reflect revenue from  mobile leasing over the <span style="-sec-ix-hidden:Hidden_PFc3l4WHuU6hWPwOnmSRRA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">36 months</span></span> term. </p>
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
CY2021Q3 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
225000
CY2021Q3 us-gaap Inventory Net
InventoryNet
225000
CY2021Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1414461542
CY2020Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
171741
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
28705
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0
CY2021Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
1414432838
CY2020Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
171741
CY2021Q3 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
72
CY2020Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
0
CY2020Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
171741
iwbb Number Of Subscribers Using Mobile Phones And Nwassa Payment Platform
NumberOfSubscribersUsingMobilePhonesAndNwassaPaymentPlatform
9000000
CY2021Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6525
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
28705
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
CY2021Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
409434667
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
163744
CY2021Q3 iwbb Prepaid Expense One To Two Years
PrepaidExpenseOneToTwoYears
409434667
CY2021Q3 iwbb Prepaid Expense Over Two Years
PrepaidExpenseOverTwoYears
275570555
CY2021Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1094439888
CY2021Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
163744
CY2021Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
409434667
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
163744
CY2021Q3 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
685005221
CY2021Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1094439888
CY2021Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
163744
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
55455578
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
0
iwbb Property Plant And Equipment Forex Translation Difference
PropertyPlantAndEquipmentForexTranslationDifference
-4067116
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
51388462
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
18413234
iwbb Accumulated Depreciation Depletion And Amortization Forex Translation Difference
AccumulatedDepreciationDepletionAndAmortizationForexTranslationDifference
-1350813
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
18310433
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
33078030
CY2020Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Current
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentCurrent
428106
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
208777
CY2021Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
111400000
us-gaap Finite Lived Intangible Assets Cost Incurred To Renew Or Extend
FiniteLivedIntangibleAssetsCostIncurredToRenewOrExtend
0
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
860872
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
145021
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5739146
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3138446
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
860872
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
327162
CY2021Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
714172570
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
327162
CY2020Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
0
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6193507
us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
IndefiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-454361
iwbb Finite Lived Intangible Assets Accumulated Amortization Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedAmortizationForeignCurrencyTranslationGainLoss
-230239
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3769079
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1970067
iwbb Work In Progress Forex Translation Difference
WorkInProgressForexTranslationDifference
-15256797
CY2021Q3 iwbb Work In Progress
WorkInProgress
192712052
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25400000
CY2021Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
0
CY2020Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
854318
CY2021Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
714005220
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
167350
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
492269333
CY2021Q3 iwbb Contract With Customer Liability One To Two Years
ContractWithCustomerLiabilityOneToTwoYears
492269333
CY2021Q3 iwbb Contract With Customer Liability Over Two Years
ContractWithCustomerLiabilityOverTwoYears
330349444
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1314888111
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
492269333
CY2021Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
822618777
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1314888111
iwbb Value Added Tax Rate
ValueAddedTaxRate
0.075
CY2021Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
38072052
CY2021Q3 iwbb Sales And Excise Tax Payable One To Two Years
SalesAndExciseTaxPayableOneToTwoYears
38072052
CY2021Q3 iwbb Sales And Excise Tax Payable Over Two Years
SalesAndExciseTaxPayableOverTwoYears
25549187
CY2021Q3 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
101693292
CY2021Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
38072052
CY2021Q3 iwbb Sales And Excise Tax Payable Noncurrent
SalesAndExciseTaxPayableNoncurrent
63621239
CY2021Q3 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
101693292
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
15141810
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
15141810
CY2020Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
110544689
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
15141810
CY2021Q3 iwbb Accrued Income Taxes And Current Year Taxes
AccruedIncomeTaxesAndCurrentYearTaxes
125686499
iwbb Accrued Income Taxes Forex Translation Difference
AccruedIncomeTaxesForexTranslationDifference
-5218785
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1368923
iwbb Deferred Income Taxes Forex Translation Difference
DeferredIncomeTaxesForexTranslationDifference
-100425
CY2021Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1268498
iwbb Common Stock Number Of Votes
CommonStockNumberOfVotes
10
CY2021Q3 iwbb Shares Authorized
SharesAuthorized
1500000000

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