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<p style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 14pt Times New Roman, Times, Serif"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 14pt Times New Roman, Times, Serif"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 12pt Times New Roman, Times, Serif"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 18pt Times New Roman, Times, Serif"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 12pt Times New Roman, Times, Serif"><span id="xdx_900_edei--DocumentQuarterlyReport_c20210401__20210630_zR4nLjsvZgTa"><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" format="ixt:booleantrue" name="dei:DocumentQuarterlyReport">&#9746;</ix:nonNumeric></span>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>For the quarterly period ended <span id="xdx_900_edei--DocumentPeriodEndDate_c20210401__20210630_zi8NuwSKD4E3"><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">June 30, 2021</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>OR</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 12pt Times New Roman, Times, Serif"><span id="xdx_901_edei--DocumentTransitionReport_c20210401__20210630_zXSOz5AnmzZ"><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" format="ixt:booleanfalse" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span>
<b>TRANSITION REPORT PURSUANT TO SECTION&#160;13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>For the transition period from ________ to&#160;________.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&#8217;s telephone number, including area
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name, former address and former fiscal year,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities registered pursuant to Section 12(b) of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities registered pursuant to Section 12(g) of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check ma<span style="font-family: Times New Roman, Times, Serif">rk
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the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. <span id="xdx_900_edei--EntityCurrentReportingStatus_c20210401__20210630_zy0AGR1aCgaf"><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746;&#160;No&#160;&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Indicate
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405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). <span id="xdx_906_edei--EntityInteractiveDataCurrent_c20210401__20210630_zoVEPSwz2Agl"><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746;&#160;No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221;
&#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Indicate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
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outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>TABLE OF CONTENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="2" style="vertical-align: top"><span style="font-size: 10pt"><a href="#a_001">Cautionary Note&#160;Regarding Forward-Looking Statements</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">ii</span></td></tr>
  <tr style="background-color: White">
    <td colspan="2" style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="2" style="vertical-align: top"><span style="font-size: 10pt"><a href="#a_002">PART I &#8211; FINANCIAL INFORMATION</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="background-color: White">
    <td colspan="2" style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 10%"><span style="font-size: 10pt">Item 1.</span></td>
    <td style="vertical-align: top; width: 85%"><span style="font-size: 10pt"><a href="#a_003">Financial Statements</a></span></td>
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  <tr style="background-color: White">
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  <tr style="background-color: rgb(204,238,255)">
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  <tr style="background-color: White">
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  <tr style="background-color: rgb(204,238,255)">
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  <tr style="background-color: rgb(204,238,255)">
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  <tr style="background-color: rgb(204,238,255)">
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  <tr style="background-color: White">
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  <tr style="background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_001"></span>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Quarterly Report on Form 10-Q (this &#8220;Report&#8221;),
including, without limitation, statements under the heading &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and
Results of Operations,&#8221; includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). These forward-looking statements can
be identified by the use of forward-looking terminology, including the words &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;anticipates,&#8221;
&#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;potential,&#8221; &#8220;projects,&#8221;
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terminology. There can be no assurance that actual results will not materially differ from expectations. These statements are based on
management&#8217;s current expectations, but actual results may differ materially due to various factors, including, but not limited to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The forward-looking statements contained in this Report
are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments
affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some
of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those
expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any
of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities laws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution
you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition
and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking
statements contained in this Report. In addition, even if our results or operations, financial condition and liquidity, and developments
in the industry in which we operate are consistent with the forward-looking statements contained in this Report, those results or developments
may not be indicative of results or developments in subsequent periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<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: center">&#160;<b><span id="a_002"></span>PART I - FINANCIAL INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="a_003"></span>Item 1. Financial Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;QDM INTERNATIONAL INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>CONDENSED CONSOLIDATED BALANCE SHEETS<br />
AS OF JUNE 30 AND MARCH 31, 2021</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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  <tr id="xdx_407_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zVSM7un0Qth1" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_i02I_maCzj2D_zQcq59phlsh3" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--DueToRelatedPartiesCurrent_i02I_maCzj2D_zTntIsXyFKy2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LiabilitiesCurrent_i01TI_mtCzj2D_maCzL8S_zqyea580RQ1c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--StockholdersEquityAbstract_i01B_zJ3DSP4xO0A6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--PreferredStockValue_i02I_maCzaLY_zb30zMqGim75" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--CommonStockValue_i02I_maCzaLY_zmc6iFUFXrU3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--StockholdersEquityNoteSubscriptionsReceivable_i02NI_di_msCzaLY_z9odBTpgkeqk" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Subscription receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquityNoteSubscriptionsReceivable" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">48,718</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--TreasuryStockValue_i02NI_di_msCzaLY_zhXOaCTUJfMa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Treasury stock, 14,176 and 14,176 shares at cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:TreasuryStockValue" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,395</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--AdditionalPaidInCapital_i02I_maCzaLY_zV4C8l3hYJda" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--StockholdersEquity_i01TI_mtCzaLY_maCzL8S_zvdXqSiA1Yni" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_mtCzL8S_zy4IkTd3Wdx5" style="vertical-align: bottom; background-color: White">
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">See accompanying notes to
condensed consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>QDM INTERNATIONAL INC.</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<br />
FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">See accompanying notes to
condensed consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>QDM INTERNATIONAL INC.</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217;
DEFICIT<br />
FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_309_114_zKLevRbxRk2e" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS&apos; DEFICIT" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt">Net loss</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_435_c20210401__20210630_eus-gaap--StockholdersEquity_iS_zWPaLFLgyLPf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0267">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0268">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0269">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0270">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0271">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--ShareOfferingCosts_iP3us-gaap--ProfitLoss_z3o3tkbIrwmg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -7.5pt; padding-left: 7.5pt">Share offering costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0275">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0276">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0277">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TVMD:ShareOfferingCosts" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">94,173</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0279">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0280">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TVMD:ShareOfferingCosts" contextRef="From2021-04-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">94,173</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueConversionOfUnits_iP3custom--ShareOfferingCosts_zuETDDQXMvbb" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfUnits" contextRef="From2021-04-012021-06-30_us-gaap_PreferredStockMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">37</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0285">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfUnits" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">368</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0287">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0288">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0289">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0295">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2021-04-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">See accompanying notes to
condensed consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>QDM INTERNATIONAL INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<br />
FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_309_112_zAAbBuEmgE72" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br /> 2021</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br /> 2020</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
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    <td colspan="3" style="text-align: center">(Unaudited)</td></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Changes in working capital:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See accompanying notes to condensed consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>QDM International Inc.</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Notes to Condensed Consolidated Financial Statements<br />
June 30, 2021 and 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<ix:nonNumeric contextRef="From2021-04-01to2021-06-30" escape="true" name="TVMD:OrganizationAndPrincipalActivitiesTextBlock"><p id="xdx_80B_ecustom--OrganizationAndPrincipalActivitiesTextBlock_zpY23LAEOJWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>1. <span id="xdx_829_zbz0ZMew1zrf">Organization and principal activities</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">QDM International Inc. (&#8220;we,&#8221; the &#8220;Company&#8221;
or &#8220;QDM&#8221;) was incorporated in Florida in March 2020 and is the successor to 24/7 Kid Doc, Inc. (&#8220;24/7 Kid&#8221;), which
was incorporated in Florida in November 1998. The Company, conducts its business through an indirect wholly owned subsidiary, YeeTah Insurance
Consultant Limited (&#8220;YeeTah&#8221;), 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 (&#8220;MPF&#8221;) Intermediary, YeeTah also assists its customers with their investment through the MPF
and the Occupational Retirement Schemes Ordinance schemes (&#8220;ORSO&#8221;) in Hong Kong, both of which are retirement protection schemes
set up for employees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 21, 2020, the Company entered into a share
exchange agreement (the &#8220;Share Exchange Agreement&#8221;) with QDM Holdings Limited, a British Virgin Islands (&#8220;BVI&#8221;)
company (&#8220;QDM BVI&#8221;), and Huihe Zheng, the sole shareholder of QDM BVI (&#8220;Mr. Zheng&#8221;), who is also the Company&#8217;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 Mr. Zheng of <span id="xdx_90B_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20201001__20201021__dei--LegalEntityAxis__custom--MRZhengMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCPreferredSharesMember_pdd" title="Business acquisition, shares issued"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2020-10-012020-10-21_custom_MRZhengMember_custom_SeriesCPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">900,000</ix:nonFraction></span> shares of a newly designated Series C Convertible Preferred Stock, par value $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_c20210630__dei--LegalEntityAxis__custom--QDMHoldingsLimitedMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCPreferredSharesMember_pdd" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-06-30_custom_QDMHoldingsLimitedMember_custom_SeriesCPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share,
with each Series C Convertible Preferred Stock initially being convertible into 11 shares of the Company&#8217;s common stock, par value
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21, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the consummation of the Share Exchange,
the Company acquired all the issued and outstanding capital stock of QDM BVI and its subsidiaries, QDM Group Limited, a Hong Kong corporation
and wholly owned subsidiary of QDM BVI (&#8220;QDM HK&#8221;) and YeeTah.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company was a shell company prior to the reverse
acquisition which occurred as a result of the consummation of the transaction contemplated by the Share Exchange Agreement, and QDM BVI
was a private operating company. The reverse acquisition by a non-operating public shell company by a private operating company typically
results in the owners and management of the private company having actual or effective voting and operating control of the combined company.
Therefore, the reverse acquisition is considered a capital transaction in substance. In other words, the transaction is a reverse recapitalization,
equivalent to the issuance of stock by the private company for the net monetary assets of the shell company accompanied by a recapitalization.
Therefore, the acquisition was accounted for as a recapitalization and QDM BVI is considered the acquirer for accounting and financial
reporting purposes. The assets and liabilities of QDM BVI have been brought forward at their book value and no goodwill has been recognized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accordingly, the reverse acquisition has been treated
as a corporate restructuring (reorganization) of entities under common control and thus the current capital structures of QDM BVI and
its wholly-owned subsidiary QDM HK and its wholly-owned subsidiary, YeeTah, have been retrospectively presented in prior periods as if
such structures existed at that time and in accordance with ASC 805-50-45-5.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the Share Exchange, the Company ceased
to be a shell company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<ix:exclude><p id="xdx_23A_zPT67OohikB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless the context specifically requires otherwise,
the term &#8220;Company&#8221; used herein means QDM International Inc. together with its direct and indirect subsidiaries described above.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Going Concern</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements have been prepared
on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course
of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit as of June
30, 2021. Accordingly, there is substantial doubt about the Company&#8217;s ability to continue as a going concern.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ability to continue as a going concern is dependent
upon the Company generating revenue and profit in the future and/or to obtain necessary financing to meet its obligations and repay its
liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve
months primarily through financings from the Company&#8217;s major shareholder, although the Company may seek other sources of funding,
including public and private offerings of securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These consolidated financial statements do not reflect
adjustments that would be necessary if the Company were unable to continue as a &#8220;going concern.&#8221; While management believes
that the actions already taken or planned, including adjusting its operating expenditures and obtaining financial supports from its principal
shareholder, will mitigate the adverse conditions and events which raise doubt about the validity of the &#8220;going concern&#8221; assumption
used in preparing these financial statements, there can be no assurance that these actions will be successful. If the Company were unable
to continue as a &#8220;going concern,&#8221; then substantial adjustments would be necessary to the reported amounts of its liabilities,
the reported expenses and the consolidated balance sheet classifications used.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s unaudited condensed financial
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GAAP&#8221;). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items,
which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not
necessarily indicative of the results to be expected for the fiscal year ending March 31, 2022. These unaudited condensed financial statements
should be read in conjunction with the financial statements and related notes included in the Company&#8217;s Annual Report on Form 10-K
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the Company&#8217;s consolidated
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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
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s reporting currency is the United
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transactions denominated in other than the functional
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assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency
at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the statements of operations
and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s financial instruments that potentially
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assets. As of June 30, 2021, substantially all of the Company&#8217;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">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable represents trade receivable and
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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current creditworthiness and the past collection history of each debtor. Impairments arise when there is an objective evidence indicate
that the balances may not be collectible. The identification of bad and doubtful debts, in particular of a loss event, requires the use
of judgment and estimates, which involve the estimates of specific losses on individual exposures, as well as a provision on historical
trends of collections. Based on management of customers&#8217; credit and ongoing relationship, management makes conclusions whether any
balances outstanding at the end of the period will be deemed uncollectible on an individual basis and on aging analysis basis. The provision
is recorded against accounts receivables balances, with a corresponding charge recorded in the statements of income and comprehensive
income. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the
likelihood of collection is not probable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates revenue primarily by providing
insurance brokerage services in Hong Kong. The Company sells insurance products underwritten by insurance companies operating in Hong
Kong to its individual customers and is compensated for its services by commissions paid by insurance companies, typically based on a
percentage of the premium paid by the insured.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: #4D5156; background-color: white">FASB
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with customers. These five steps include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company enters into contracts with our customers
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insurance company customers to promote, coordinate and complete subscriptions of insurance policies offered by our customers for sales
of our products to our customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under ASC 606, revenue is recognized when the customer
obtains control of a good or service. A customer obtains control of a good or service if it has the ability to direct the use of and obtain
substantially all of the remaining benefits from that good or service. The transfer of control of the Company&#8217;s brokerage services
generally occurs at a point in time on the effective date of the associated insurance contract when the policy transfers to the customer.
The insurance policy entered between the insurance company and the insured customer generally contains a cool-off period of one to two
months. When the cool-off period elapses and the insured customer does not withdraw from the insurance policy, the policy becomes effective.
Once the transfer of control of a service occurs, the Company has satisfied its insurance brokerage performance obligation and recognizes
revenue.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair value is the price that would be received from
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s financial instruments include
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party. The carrying amounts of these financial instruments approximate their fair values due to the short-term nature of these instruments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company noted no transfers between levels during
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basis as of June 30, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A lease for which substantially all the benefits and
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Leases that substantially transfer to the Company
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The corresponding liability to the lessor is included
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Assets under capital leases are depreciated the same
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current income taxes are provided on the basis of
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than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with
the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to
taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers positive and negative evidence
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among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration
of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate
realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward
periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization
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taxable temporary differences, (ii)&#160;future taxable income exclusive of reversing temporary differences and carry-forwards, (iii)&#160;future
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taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently
measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate
settlement with a taxing authority. The Company&#8217;s liability associated with unrecognized tax benefits is adjusted periodically due
to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments
are recognized entirely in the period in which they are identified. The Company&#8217;s effective tax rate includes the net impact of
changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company
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in the financial statements. It establishes fair value as the measurement objective in accounting for share-based payment arrangements
and requires all entities to apply a fair-value-based measurement in accounting for share-based payment transactions with employees. ASC
718 also establishes fair value as the measurement objective for transactions in which an entity acquires goods or services from non-employees
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic earnings per share is computed by dividing net
income attributable to common shareholders by the weighted average number of shares of common stock outstanding during the period using
the two-class method. Under the two-class method, net income is allocated between shares of common stock and other participating securities
based on their participating rights. Net loss is not allocated to other participating securities if based on their contractual terms they
are not obligated to share in the losses. Diluted earnings per share is calculated by dividing net income attributable to common shareholders
by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares
are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has reviewed all the recent accounting
pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" escape="true" name="us-gaap:OtherAssetsDisclosureTextBlock"><p id="xdx_804_eus-gaap--OtherAssetsDisclosureTextBlock_zUAAiNU8aop2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. <span id="xdx_825_zuiaou3xIow7">Deferred Asset</span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Common Stock</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 29, 2021, the Company consummated an initial
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Preferred Stock</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 17, 2021, upon receipt of a conversion notice
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Additional Paid-in Capital</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended June 30, 2021, the Company
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_237_zWVOadkLQR7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Related Parties</i></b></p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; width: 36%"><span style="font-size: 10pt"><b>Name of related parties</b></span></td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: black 1pt solid; width: 63%"><span style="font-size: 10pt"><b>Relationship with the Company</b></span></td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"><span style="font-size: 10pt">Siu Ping Lo</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Responsible officer of YeeTah and former director of YeeTah (resigned on December 31, 2019)</span></td></tr>
  <tr style="background-color: white">
    <td style="vertical-align: top"><span style="font-size: 10pt">Huihe Zheng</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Principal Stockholder, Chief Executive Officer and Chairman of the Company</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">YeeTah Financial Group Co., Ltd.</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">A company controlled by Siu Ping Lo</span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><span style="font-size: 10pt">Tim Shannon</span></td>
    <td>&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Related Party Transactions</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 8%">&#160;</td>
<td style="width: 5%"><span style="font-size: 10pt">(i)</span></td>
<td style="text-align: justify; width: 87%"><span style="font-size: 10pt">During the three months ended June 30, 2021, YeeTah Financial Group Co., Ltd. (&#8220;YeeTah Financial&#8221;) charged YeeTah US$<span id="xdx_90A_eus-gaap--RelatedPartyCosts_c20210401__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YeeTahFinancialMember_pp0p0" title="Related Party cost"><ix:nonFraction name="us-gaap:RelatedPartyCosts" contextRef="From2021-04-012021-06-30_custom_YeeTahFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,610</ix:nonFraction></span> (2020: US$<span id="xdx_908_eus-gaap--RelatedPartyCosts_c20200401__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YeeTahFinancialMember_pp0p0" title="Related Party cost"><ix:nonFraction name="us-gaap:RelatedPartyCosts" contextRef="From2020-04-012020-06-30_custom_YeeTahFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">19,578</ix:nonFraction></span>) commission expenses in relation to insurance referral services rendered by YeeTah Financial.</span></td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td><span style="font-size: 10pt">(ii)</span></td>
<td style="text-align: justify">During the three months ended June 30, 2021, the Company received <span id="xdx_90D_eus-gaap--InsuranceCommissions_pp0p0_do_c20210401__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TimShannoMember_zcq2PCpyuxW7" style="display: none"><ix:nonFraction name="us-gaap:InsuranceCommissions" contextRef="From2021-04-012021-06-30_custom_TimShannoMember" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">No</ix:nonFraction></span> $nil
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in capital contributions from Tim Shannon for working capital uses. &#160;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td><span style="font-size: 10pt">(ii)</span></td>
<td style="text-align: justify">During the three months ended June 30, 2021, the Company received $<span id="xdx_90B_eus-gaap--InsuranceCommissions_c20210401__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember_pp0p0" title="Commission expenses"><ix:nonFraction name="us-gaap:InsuranceCommissions" contextRef="From2021-04-012021-06-30_custom_MRZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">119,805</ix:nonFraction></span> (2020: US$<span id="xdx_906_eus-gaap--InsuranceCommissions_c20200401__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember_pp0p0" title="Commission expenses"><ix:nonFraction name="us-gaap:InsuranceCommissions" contextRef="From2020-04-012020-06-30_custom_MRZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">87,538</ix:nonFraction></span>) shareholder advances from Mr. Zheng for working capital uses. The Company repaid Mr. Zheng $<span id="xdx_907_eus-gaap--RelatedPartyCosts_c20210401__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember_pp0p0" title="Related Party cost"><ix:nonFraction name="us-gaap:RelatedPartyCosts" contextRef="From2021-04-012021-06-30_custom_MRZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">200,500</ix:nonFraction></span> during the three months ended June 30, 2021. &#160;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Due to Related Party Balance</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s due to related party balance as
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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  <tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The due to related party balance is unsecured, interest-free
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Subscription Receivable Due from a Shareholder</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s subscription receivable due from
a shareholder balances as of June 30 and March 31, 2021 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br /> 2021</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March&#160;31,<br /> 2021</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">US$</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left">Huihe Zheng</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--StockholdersEquityNoteSubscriptionsReceivable_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HuiheZhengMember_pp0p0" title="Subscription receivable" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityNoteSubscriptionsReceivable" contextRef="AsOf2021-06-30_custom_HuiheZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">48,718</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A3_z8ORmiMgICwh" style="margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:exclude><p id="xdx_23A_z2041JpF4Dy2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<ix:exclude><p id="xdx_230_zwec3wCp9vFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The due from shareholder balances represent the purchase
price for shares of QDM BVI to be paid by Mr. Zheng. These due from shareholder balances at of the balance sheet dates are unsecured,
interest-free and due on demand.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80A_eus-gaap--IncomeTaxDisclosureTextBlock_zwtBuw01gKUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>6. <span id="xdx_827_zV3q6SytNXNl">Income Taxes</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Hong Kong</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the current Hong Kong Inland Revenue Ordinance,
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Kong. On December 29, 2017, Hong Kong government announced a two-tiered profit tax rate regime. Under the two-tiered tax rate regime,
the first HK$2.0 million assessable profits will be subject to a lower tax rate of 8.25% and the excessive taxable income will continue
to be taxed at the existing 16.5% tax rate. The two-tiered tax regime becomes effective from the assessment year of 2018/2019, which was
on or after April 1, 2018. The application of the two-tiered rates is restricted to only one nominated enterprise among connected entities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not have current income tax expenses
for the three months ended June 30, 2021 and 2020 since it did not have taxable incomes in these two periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>BVI</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the current laws of the BVI, the Company is
not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no BVI withholding tax will
be imposed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>US</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the current Florida state and US federal income
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Uncertain tax positions</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated
with the tax positions. As of June 30 and March 31, 2021 the Company did not have any significant unrecognized uncertain tax positions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_807_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z1jUbEGkwr04" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>7. <span id="xdx_823_zo3ZOBJmJ47k">Commitments and Contingencies</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company did not have other significant commitments, long-term obligations,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Contingencies</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is subject to legal proceedings and regulatory
actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not
anticipate that the final outcome arising out of any such matter will have a material adverse effect on our business, financial position,
cash flows or results of operations taken as a whole. As of June 30, 2021, the Company is not a party to any material legal or administrative
proceedings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_23A_zbHwrNEq5VW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

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<ix:exclude><p id="xdx_23C_zY1cY7LNNAH6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_804_eus-gaap--EarningsPerShareTextBlock_zbf1ReGB3zec" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>8. <span id="xdx_826_zMO4YN7jtLAa">Loss Per Share</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic and diluted net loss per share for each of the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic loss per share is computed using the weighted
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of ordinary shares and dilutive ordinary share equivalents outstanding during the period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B6_z4JDaGEdLpJd" style="display: none">Schedule of loss per share</span></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_493_20200401_20200630" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June&#160;30, 2021</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-06-30" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_806_eus-gaap--SubsequentEventsTextBlock_zE06hXqz5cOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>9. <span id="xdx_826_zmfYQ2EWyo63">Subsequent Events</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with ASC 855-10, the Company has analyzed
its operations subsequent to June 30, 2021 has determined that it does not have any other material subsequent events to disclose in these
financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

</ix:nonNumeric><p id="xdx_818_zgtNkeDVlI4k" style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="a_004"></span>Item 2. Management&#8217;s Discussion and Analysis of Financial Condition
and Results of Operations.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>The following discussion should be read in conjunction
with our interim financial statements, including the notes thereto, appearing elsewhere in this Report. The following discussion contains
forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed
in the forward- looking statements. Factors that could cause or contribute to such differences include but are not limited to those discussed
below and elsewhere in this Report. Our interim financial statements are stated in United States Dollars and are prepared in accordance
with United States Generally Accepted Accounting Principles.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Overview</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From 2016 to 2020, we were a telemedicine company
that provides Connect-a-Doc telemedicine kits to schools. Our services aimed to provide alternatives to schools that desire to provide
a higher level of healthcare to their students but are unable to keep a full-time school nurse available. In 2020 this business was discontinued
and we became a non-operating &#8220;shell&#8221; company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following the change in control in March 2020, we
planned to conduct insurance brokerage business in Hong Kong, through either formation or acquisition of an existing insurance brokerage
business. To implement our business plan, during 2020, we engaged professionals (legal counsel and accountants) to evaluate the optimal
corporate structure for our new business and conduct due diligence on a potential target.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 21, 2020, we entered into the Share Exchange
Agreement with QDM BVI, and Huihe Zheng, the sole shareholder of QDM BVI, who is also our principal stockholder and serves as our Chairman
and Chief Executive Officer, to acquire all the issued and outstanding capital stock of QDM BVI in exchange for the issuance to Mr. Zheng
of 900,000 shares of a newly designated Series C Preferred Stock, with each share of Series C Preferred Stock initially being convertible
into 11 shares of our common stock, subject to certain adjustments and limitations. The Share Exchange closed on October 21, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the consummation of the Share Exchange,
we acquired QDM BVI and its indirect subsidiary, YeeTah, an insurance brokerage company primarily engaged in the sales and distribution
of insurance products in Hong Kong. Following the closing of the transaction, we have assumed the business operations of QDM BVI and its
subsidiaries.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Impact of COVID-19 and Protests</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline">Impact of COVID-19 </span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An outbreak of a novel strain of the coronavirus,
COVID-19, was identified in China and has subsequently been recognized as a pandemic by the World Health Organization. The COVID-19 pandemic
has severely restricted the level of economic activity around the world. In response to this pandemic, the governments of many countries,
states, cities and other geographic regions, including Hong Kong, have taken preventative or protective actions, such as imposing restrictions
on travel and business operations and advising or requiring individuals to limit or forego their time outside of their homes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With social distancing measures having been implemented
to curtail the spread of COVID-19, insurance brokers in Hong Kong, such as YeeTah, which relied primarily on storefront and in-person
consultations for new business production faced an immediate slowdown. In addition, Hong Kong has suspended mainland tourists&#8217; free
travel and Hong Kong&#8217;s current boarding requirements vary based on where the traveler has visited in the past 14 or 21 days and
whether the traveler is vaccinated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Customers from mainland China contributed to a large
part of YeeTah&#8217;s commissions. Regulations require their physical presence in Hong Kong to complete the policy contract. However,
due to the political turmoil and travel restrictions related to the COVID-19 epidemic, mainland Chinese customers have dropped sharply.
As a result, YeeTah&#8217;s revenue from commissions on new business has decreased significantly. YeeTah&#8217;s commissions from renewal
premiums have also been materially affected since the mainland Chinese customers have been late in making the renewal payments due to
inability to visit Hong Kong to make the payments. Most of YeeTah&#8217;s mainland customers do not have Hong Kong bank account and used
to pay their premiums through credit card or in cash in person.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline">Impact of Protests in Hong Kong</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since early 2019, a number of political protests and
conflicts have occurred in Hong Kong in connection with proposed legislation that would allow local authorities to detain and extradite
people who are wanted in territories that Hong Kong does not have extradition agreements with, including mainland China and Taiwan. On
June 30, 2020, China&#8217;s National People&#8217;s Congress Standing Committee passed a national security law for the Hong Kong Special
Administrative Region (HKSAR). Hong Kong&#8217;s Chief Executive promulgated it in Hong Kong later the same day. Among other things, it
criminalizes separatism, subversion, terrorism and foreign interference in Hong Kong. The economy of Hong Kong has been negatively impacted,
including the retail market, property market, stock market, and tourism, from such protests.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Basic Law of the Hong Kong Special Administrative
Region of the People&#8217;s Republic of China, Hong Kong is exclusively in charge of its internal affairs and external relations, while
the government of the PRC is responsible for its foreign affairs and defense. As a separate customs territory, Hong Kong maintains and
develops relations with foreign states and regions. We cannot assure you that the Hong Kong protests will not affect Hong Kong&#8217;s
status as a Special Administrative Region of the People&#8217;s Republic of China and thereby affecting its current relations with foreign
states and regions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our revenue is susceptible to Hong Kong protests as
well as any other incidents or factors which affect the stability of the social, economic and political conditions in Hong Kong. For example,
as a result of the Hong Kong protests, we experienced a drop in new customers from mainland China beginning in June 2019, which impacted
our revenue for the period from June 2019 to the quarter ended June 30, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is unclear whether there will be other political
or social unrest in the near future or that there will not be other events that could lead to the disruption of the economic, political
and social conditions in Hong Kong. If such events persist for a prolonged period of time or that the economic, political and social conditions
in Hong Kong are to be disrupted, our overall business and results of operations may be adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Results of Operations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span style="text-decoration: underline">Three Months Ended June 30, 2021 and 2020</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents an overview of the results
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="3" style="font-weight: bold; text-align: center">For The Three Months<br /> Ended</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Gross profit</td><td>&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">82,709</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(108,123</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">896</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(3,444</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net loss</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(109,019</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(77,963</td><td style="text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Revenue</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue decreased by approximately $9,000 or 44.4%
for the three months ended June 30, 2021 as compared to the same period of 2020. The decrease was mainly due to the decrease in the number
of customers resulting from the prolonged COVID-19 travel restriction imposed by Hong Kong government during three months ended June 30,
2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cost of sales</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost of sales represented commissions paid to individuals
or companies who referred customers to us. The amount decreased by approximately $8,000 or 40.7% for the three months ended June 30, 2021
as compared to the same period of 2020. The decrease was in line with the decrease of revenue.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Gross margin</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gross margin was 0% for the three months ended June
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costs for the three months ended June 30, 2020 were lower. During the three months ended June 30, 2021, we increased our commissions for
renewals for clients referred by YeeTah Financial from the previous year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>General and administrative expenses </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">General and administrative expenses consist primarily
of stock-based payments, employee salaries, office rents, insurance costs, general office operating expenses (e.g. utilities, repairs
and maintenance) and professional fees. General and administrative expenses increased by approximately $25,000 or 30.7% for the three
months ended June 30, 2021 as compared to the same period of 2020. The increase was primarily due to additional legal fees incurred in
the three months ended June 30, 2021 for the proposed reverse stock split.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Net loss</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the factors described above, net loss
for the three months ended June 30, 2021 increased by approximately 31,000 or 39.8% as compared to the same period of 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Foreign Currency Translation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our reporting currency is the United States dollar.
Our operations are principally conducted in Hong Kong where the Hong Kong dollar is the functional currency.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transactions denominated in other than the functional
currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary
assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency
at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the statements of operations
and comprehensive income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exchanges rate used for translation from Hong
Kong dollar to US$ was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to
translate our balance sheets, income statement items and cash flow items for both the three months ended June 30, 2021 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Liquidity and Capital Resources</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have financed our operations primarily through
cash generated by operating activities, equity financings and advances from our principal stockholder. As of June 30, 2021 and March 31, 2021, we
had $30,389 and 35,605, respectively, in cash and cash equivalents, which primarily consisted of cash deposited in banks.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left">Net cash used in operating activities</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(101,521</td><td style="width: 1%; text-align: left">)</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(62,462</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net cash provided by (used in) financing activities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">82,529</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,216</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash and cash equivalents at end of year</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">30,389</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">82,847</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our working capital requirements mainly comprise of
commissions paid to technical representatives and referral fees, office administrative costs and employee salaries. Historically, our
capital requirements were generally met by cash generated from our operations, equity financings and funding from our principal stockholder.
In light of impact on our operations from the civilian protests in Hong Kong and the COVID-19 epidemic in China and Hong Kong, we undertook
certain cost cutting measures, including but not limited to, relocating to a new office with a much lower rent and reducing the number
of employees. Discretionary expenditures are also curtailed or reduced to save costs. In addition to adjusting our operating expenditures,
we will continue to seek opportunities of equity financings and financial supports from our principal stockholder. Although historically
we were successful in obtaining equity financings through the sales of our securities and obtaining loans from our principal stockholder,
the availability of such financings when required is dependent on many factors beyond our control, such as the unforeseeable impact from
COVID-19 and the recovery of the Hong Kong economy following the civilian protests.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Operating Activities:</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in operating activities was approximately
$102,000 for the three months ended June 30, 2021, compared to net cash used in operating activities of approximately $62,000 for 2020,
representing an increase of approximately $40,000 in the net cash outflow in operating activities. The increase in net cash used in operating
activities was primarily due to an increase of net loss of $31,000 in the three months ended June 30, 2021 as compared to the same period
of 2020 and the following major working capital changes:&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">(1)</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Change in due to related parties resulted in an approximately $36,000 cash outflow for the three months ended June 30, 2021, while for the same period of 2020, change in due to related parties generated a cash inflow of approximately $27,000, which led to an approximately $63,000 increase in net cash outflow from operating activities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Financing Activities:</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash generated from financing activities was approximately
$96,000 for the three months ended June 30, 2021, which was attributable to the net results of: (i) stockholder advances of approximately
$120,000; (ii) share issuance proceeds of $200,500; (iii) repayment of related party of $200,500 and payment of $24,000 issuance costs
for share issued in the period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash generated from financing activities was approximately
$83,000 for the three months ended June 30, 2020, which was attributable to the net results of: (i) stockholder advances of approximately
$88,000; (ii) repayment of stockholder advances of approximately $10,000; and (iii) capital contribution of $5,000 from a shareholder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Material Commitments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have no material commitments for the next twelve
months. We will, however, require additional capital to meet our liquidity needs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Critical Accounting Policies</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Please refer to the notes to the Company&#8217;s condensed
consolidated financial statements included in this Report for details of critical accounting policies. There were no areas requiring significant
management judgments and estimates for the periods covered by this Report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Off-balance Sheet Commitments and Arrangements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2021, the Company did not have any
material off-balance sheet arrangements that had or were reasonably likely to have any effect on their respective financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="a_005"></span>Item 3. Quantitative and Qualitative Disclosures
about Market Risk.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="a_006"></span>Item 4. Controls and Procedures. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 26.4pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Disclosure controls and procedures are controls and
other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act
is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms. Disclosure controls
and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is accumulated and communicated to our chief executive officer and chief financial officer
(the &#8220;Certifying Officers&#8221;) or persons performing similar functions, as appropriate, to allow timely decisions regarding required
disclosure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the supervision of our Chief Executive Officer
and Chief Financial Officer (the &#8220;Certifying Officers&#8221;), we evaluated the effectiveness of the design and operation of our
disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying
Officers concluded that our disclosure controls and procedures were not effective as of June 30, 2021 due to the material weakness in
our internal control over financial reporting, which are indicative of many small companies with small staff: (i) lack of proper segregation
of duties and risk assessment process; (ii) lack of formal documentation in internal controls over financial reporting; and (iii) lack
of independent directors and an audit committee. We will devote resources to remediate these material weaknesses as we grow and such resources
required for implementing proper internal controls for financial reporting are available.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Changes in Internal Control over Financial Reporting</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no changes in our internal control over
financial reporting during the fiscal quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_007"></span>PART II - OTHER INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="a_008"></span>Item 1. Legal Proceedings.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are not currently a party to any material legal
or administrative proceedings. We may from time to time be subject to legal or administrative claims and proceedings arising in the ordinary
course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial
cost and diversion of our resources, including our management&#8217;s time and attention.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="a_009"></span>Item&#160;1A. Risk Factors.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a smaller reporting company and accordingly
we are not required to provide information required by this Item.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="a_010"></span>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="a_011"></span>Item 3. Defaults Upon Senior Securities.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="a_012"></span>Item 4. Mine Safety Disclosures.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="a_013"></span>Item 5. Other Information.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="a_014"></span>Item 6. Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border-bottom: black 1pt solid; width: 9%"><span style="font-size: 10pt"><b>Number</b></span></td>
<td style="width: 1%">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 90%"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td><span style="font-size: 10pt">2.1</span></td>
<td>&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1094032/000173112220000424/e1860_2-1.htm">Agreement and Plan of Merger, incorporated herein by reference to Exhibit 2.1 to the Company&#8217;s Form 8-K filed May 1, 2020</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="text-align: justify"><span style="font-size: 10pt">3.1</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1094032/000173112220000424/e1860_3-1.htm">Articles of Incorporation, incorporated herein by reference to Exhibit 3.1 to the Company&#8217;s Form 8-K filed May 1, 2020</a></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-align: justify"><span style="font-size: 10pt">3.2</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1094032/000173112220000424/e1860_3-2.htm">Bylaws, incorporated herein by reference to Exhibit 3.2 to the Company&#8217;s Form 8-K filed May 1, 2020</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="text-align: justify">10.1</td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1094032/000173112221000509/e2546_ex10-4.htm">Form of Securities Purchase Agreement, incorporated herein by reference to Exhibit 10.4 to Amendment No. 1 to the Company&#8217;s Registration Report on Form S-1 filed on April 2, 2021.</a>&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-align: justify"><span style="font-size: 10pt">31.1*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt"><a href="e3009_ex31-1.htm">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="text-align: justify"><span style="font-size: 10pt">31.2*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt"><a href="e3009_ex31-2.htm">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt"><a href="e3009_ex32-1.htm">Certification pursuant to 18 U.S.C. Section&#160;1350, as adopted pursuant to Section&#160;906 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
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<td>&#160;</td>
<td><span style="font-size: 10pt">Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document</span></td></tr>
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<td>&#160;</td>
<td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document</span></td></tr>
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<td>&#160;</td>
<td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<td>&#160;</td>
<td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: White">
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<td>&#160;</td>
<td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<td>&#160;</td>
<td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: White">
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<td>&#160;</td>
<td><span style="font-size: 10pt">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_015"></span>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto
duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

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    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(Principal Financial and Accounting Officer)</p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">23</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></p>

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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30, 2021
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________.
Commission File Number:
000-27251
QDM International Inc.
(Exact name of registrant as specified in its charter)
Florida
59-3564984
(State or other jurisdiction
(IRS Employer
of incorporation or organization)
Identification No.)
Room 715
,
7F
,
The Place Tower C
No. 150 Zunyi Road
Changning District
,
Shanghai
,
China
200051
(Address of principal executive offices)
(Zip Code)
+86
(21)
22183083
(Registrant's telephone number, including area
code)
N/A
(Former name, former address and former fiscal year,
if changed since last report)
Securities registered pursuant to Section 12(b) of
the Act:
None.
Securities registered pursuant to Section 12(g) of
the Act:
Common Stock, par value $0.0001
Indicate by check ma
rk
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated Filer
☒
Smaller reporting company
☒
Emerging growth company
☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No
☒
As
of August 9, 2021, there were
6,238,553
shares of the registrant's common stock, par value $0.0001 per share, issued and
outstanding.
TABLE OF CONTENTS
Cautionary Note Regarding Forward-Looking Statements
ii
PART I – FINANCIAL INFORMATION
1
Item 1.
Financial Statements
1
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
15
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
20
Item 4.
Controls and Procedures
20
PART II – OTHER INFORMATION
21
Item 1.
Legal Proceedings
21
Item 1A.
Risk Factors
21
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
21
Item 3.
Defaults Upon Senior Securities
21
Item 4.
Mine Safety Disclosures
21
Item 5.
Other Information
21
Item 6.
Exhibits
22
SIGNATURES
23
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 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 (including travel and entry restrictions and quarantine) of public health epidemics, including the COVID-19 pandemic in 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 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 conditions in Hong Kong and 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 other applicable laws or regulations in Hong Kong related to or that could impact our business;
●
our management of business through a U.S. publicly-traded and reporting company and the general reputation and potential scrutiny of U.S. publicly-traded companies with their principal operations in Hong Kong and China; and
●
other assumptions regarding or descriptions of potential future events or circumstances described in this Report underlying or relating to any forward-looking statements.
ii
The forward-looking statements contained in this Report
are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments
affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some
of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those
expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any
of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities laws.
By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution
you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition
and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking
statements contained in this Report. In addition, even if our results or operations, financial condition and liquidity, and developments
in the industry in which we operate are consistent with the forward-looking statements contained in this Report, those results or developments
may not be indicative of results or developments in subsequent periods.
iii
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
QDM INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30 AND MARCH 31, 2021
June 30,
2021
March 31,
2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
30,389
$
35,605
Accounts receivable
2,541
2,250
Prepaid expenses
10,714
42,526
Deferred assets
—
70,673
Total current assets
43,644
151,054
Total assets
$
43,644
$
151,054
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable & accrued liabilities
$
17,665
$
5,055
Due to related parties
439,169
556,497
Total current liabilities
456,834
561,552
Stockholders' equity deficit:
Preferred stock, $
0.0001
par value,
5,000,000
shares authorized,
545,386
and
913,500
issued and outstanding
54
91
Common stock, $
0.0001
par value,
200,000,000
shares authorized,
6,238,553
and
1,688,049
shares issued and
6,224,377
and
1,673,873
shares outstanding
624
169
Subscription receivable
(
48,718
)
(
48,718
)
Treasury stock, 14,176 and 14,176 shares at cost
(
60,395
)
(
60,395
)
Additional paid-in capital
9,443,219
9,337,310
Accumulated deficit
(
9,747,974
)
(
9,638,955
)
Total stockholders' deficit
(
413,190
)
(
410,498
Total liabilities and stockholders' deficit
$
43,644
$
151,054
See accompanying notes to
condensed consolidated financial statements.
1
QDM INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020
For the Three Months
Ended
June 30
2021
2020
(Unaudited)
(Unaudited)
Revenue
$
11,610
$
20,880
Cost of sales
11,610
19,578
Gross profit
—
1,302
Operating expenses
General & administrative expenses
$
108,123
$
82,709
Total operating expenses
108,123
82,709
Loss from operations
(
108,123
)
(
81,407
)
Other (income) expense
Finance costs
896
77
Other (income) expense, net
(
3,521
)
Total other expense (income)
896
(
3,444
)
Income(loss) before income taxes
(
109,019
)
(
77,963
)
Net income(loss)
$
(
109,019
)
$
(
77,963
)
Earnings per common share:
Basic
$
(
0.03
)
$
(
0.05
)
Diluted
$
(
0.03
)
(
0.05
)
Weighted average basic & diluted shares outstanding:
Preferred stocks
550,833
13,500
Common
3,998,813
1,682,054
See accompanying notes to
condensed consolidated financial statements.
2
QDM INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS'
DEFICIT
FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020
Preferred Stock
Common Stock
Treasury Stock
Preferred
Stock Amount
Common
Stock Amount
Treasury Amount
Additional
Paid-in Capital
Subscription Receivable
Accumulated Deficit
Total
March 31, 2020
13,500
1,667,658
(
14,176
)
$
1
$
167
(
60,395
)
$
9,503,807
$
(
48,718
)
$
(
9,331,253
)
$
63,609
Net loss
—
—
—
—
—
—
—
—
(
77,963
)
(
77,963
)
Contribution from shareholders
—
—
—
—
—
—
5,000
—
5,000
Share issuance due to reverse-split round up
—
391
—
—
—
—
—
—
June 30, 2020 (Unaudited)
13,500
1,668,049
(
14,176
)
$
1
$
167
(
60,395
)
$
9,508,807
$
(
48,718
)
$
(
9,409,216
)
$
(
9,354
)
Balance March 31, 2021
913,500
1,688,049
(
14,176
)
$
91
$
169
(
60,395
)
$
9,337,310
$
(
48,718
)
$
(
9,638,955
)
$
(
410,498
)
Net loss
—
—
—
—
—
—
—
—
(
109,019
)
(
109,019
)
Share offering costs
—
—
—
—
—
—
(
94,173
)
—
—
(
94,173
)
Conversion to common shares
(
368,114
)
4,049,254
—
(
37
)
405
—
(
368
)
—
—
—
Issuance of common stock
—
501,250
—
—
50
—
200,450
—
—
200,500
Balance June 30, 2021 (Unaudited)
545,386
6,238,553
(
14,716
)
$
54
$
624
(
60,395
)
$
9,443,219
$
(
48,718
)
$
(
9,747,974
)
$
(
413,190
)
See accompanying notes to
condensed consolidated financial statements.
3
QDM INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020
June 30,
2021
June 30,
2020
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net loss
$
(
109,019
)
$
(
77,963
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation
—
84
Net (gain)/loss from write-off of fixed assets
—
543
Changes in working capital:
Accounts receivable & other receivable
(
291
)
2,021
Prepaid expenses
31,812
(
21,000
)
Accounts payable & accrued liabilities
12,610
7,026
Due to a related party
(
36,633
)
26,827
Net cash used in operating activities
(
101,521
)
(
62,462
)
Cash flows from financing activities:
Proceeds borrowed from related parties
119,805
87,538
Payments to related parties
(
200,500
)
(
10,009
)
Share issuance proceeds
200,500
—
Costs related to equity financing
(
23,500
)
—
Contribution from shareholders
—
5,000
Net cash provided by (used) in financing activities
96,305
82,529
EFFECT OF EXCHANGE RATE CHANGES ON CASH
—
—
NET INCREASE (DECREASE) IN CASH
(
5,216
)
20,067
CASH, BEGINNING OF PERIOD
$
35,605
$
62,780
CASH, END OF PERIOD
30,389
82,847
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest
$
—
$
—
Cash paid for income taxes
$
—
$
—
Non-cash transactions:
Forgiveness of shareholder advances
$
$
See accompanying notes to condensed consolidated financial
statements.
4
QDM International Inc.
Notes to Condensed Consolidated Financial Statements
June 30, 2021 and 2020
1.
Organization and principal activities
QDM International Inc. ("we," the "Company"
or "QDM") 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 indirect wholly owned subsidiary, 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, the Company entered into a share
exchange agreement (the "Share Exchange Agreement") with QDM Holdings Limited, a British Virgin Islands ("BVI")
company ("QDM BVI"), and Huihe Zheng, the sole shareholder of QDM BVI ("Mr. Zheng"), 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 Mr. Zheng of
900,000
shares of a newly designated Series C Convertible Preferred Stock, par value $
0.0001
per share,
with each Series C Convertible Preferred Stock initially being convertible into 11 shares of the Company's common stock, par value
$
0.0001
per share, subject to certain adjustments and limitations (the "Share Exchange"). The Share Exchange closed on October
21, 2020.
As a result of the consummation of the Share Exchange,
the Company acquired all the issued and outstanding capital stock of QDM BVI and its subsidiaries, QDM Group Limited, a Hong Kong corporation
and wholly owned subsidiary of QDM BVI ("QDM HK") and YeeTah.
The Company was a shell company prior to the reverse
acquisition which occurred as a result of the consummation of the transaction contemplated by the Share Exchange Agreement, and QDM BVI
was a private operating company. The reverse acquisition by a non-operating public shell company by a private operating company typically
results in the owners and management of the private company having actual or effective voting and operating control of the combined company.
Therefore, the reverse acquisition is considered a capital transaction in substance. In other words, the transaction is a reverse recapitalization,
equivalent to the issuance of stock by the private company for the net monetary assets of the shell company accompanied by a recapitalization.
Therefore, the acquisition was accounted for as a recapitalization and QDM BVI is considered the acquirer for accounting and financial
reporting purposes. The assets and liabilities of QDM BVI have been brought forward at their book value and no goodwill has been recognized.
Accordingly, the reverse acquisition has been treated
as a corporate restructuring (reorganization) of entities under common control and thus the current capital structures of QDM BVI and
its wholly-owned subsidiary QDM HK and its wholly-owned subsidiary, YeeTah, have been retrospectively presented in prior periods as if
such structures existed at that time and in accordance with ASC 805-50-45-5.
As a result of the Share Exchange, the Company ceased
to be a shell company.
5
Unless the context specifically requires otherwise,
the term "Company" used herein means QDM International Inc. together with its direct and indirect subsidiaries described above.
Going Concern
The consolidated financial statements have been prepared
on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course
of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit as of June
30, 2021. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern.
The ability to continue as a going concern is dependent
upon the Company generating revenue and profit in the future and/or to obtain necessary financing to meet its obligations and repay its
liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve
months primarily through financings from the Company's major shareholder, although the Company may seek other sources of funding,
including public and private offerings of securities.
These consolidated financial statements do not reflect
adjustments that would be necessary if the Company were unable to continue as a "going concern." While management believes
that the actions already taken or planned, including adjusting its operating expenditures and obtaining financial supports from its principal
shareholder, will mitigate the adverse conditions and events which raise doubt about the validity of the "going concern" assumption
used in preparing these financial statements, there can be no assurance that these actions will be successful. If the Company were unable
to continue as a "going concern," then substantial adjustments would be necessary to the reported amounts of its liabilities,
the reported expenses and the consolidated balance sheet classifications used.
2.
Summary of significant accounting policies
Basis of Presentation
The Company's unaudited condensed financial
statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S.
GAAP"). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items,
which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not
necessarily indicative of the results to be expected for the fiscal year ending March 31, 2022. These unaudited condensed financial statements
should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K
for the year ended March 31, 2021 filed with the Securities and Exchange Commission on July 12, 2021.
Use of Estimates
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.
6
Foreign Currency and Foreign Currency Translation
The Company's reporting currency is the United
States Dollar ("US$" or "$"). The Company's operations are principally conducted in Hong Kong where Hong
Kong dollar is the functional currency.
Transactions denominated in other than the functional
currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary
assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency
at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the statements of operations
and comprehensive loss.
The exchanges rates used for translation from Hong Kong dollar to US$ was
7.8000
, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to translate Company's
balance sheets, income statement items and cash flow items for both 2021 and 2020.
Certain Risks and Concentration
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 June 30, 2021, 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.
Cash and Cash Equivalents
Cash and cash equivalents consist of petty cash on
hand and cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal
or use.
Accounts Receivable
Accounts receivable represents trade receivable and
are recognized initially at fair value and subsequently adjusted for any allowance for doubtful accounts and impairment.
The Company makes impairment loss for bad and doubtful
debts based on assessments of the recoverability of the trade and other receivables based on individual account analysis, including the
current creditworthiness and the past collection history of each debtor. Impairments arise when there is an objective evidence indicate
that the balances may not be collectible. The identification of bad and doubtful debts, in particular of a loss event, requires the use
of judgment and estimates, which involve the estimates of specific losses on individual exposures, as well as a provision on historical
trends of collections. Based on management of customers' credit and ongoing relationship, management makes conclusions whether any
balances outstanding at the end of the period will be deemed uncollectible on an individual basis and on aging analysis basis. The provision
is recorded against accounts receivables balances, with a corresponding charge recorded in the statements of income and comprehensive
income. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the
likelihood of collection is not probable.
7
The Company historically did not have material bad
debts in accounts receivable. There were no bad debt expenses for the three months ended June 30, 2021 and 2020 and there was
no
provision
for doubtful accounts as of June 30, 2021 and March 31, 2021.
Revenue Recognition
The Company generates revenue primarily by providing
insurance brokerage services in Hong Kong. The Company sells insurance products underwritten by insurance companies operating in Hong
Kong to its individual customers and is compensated for its services by commissions paid by insurance companies, typically based on a
percentage of the premium paid by the insured.
FASB
Accounting Standards Codification ("ASC") Topic
606 provides for a five-step model for recognizing revenue from contracts
with customers. These five steps include:
(i)
Identify the contract
(ii)
Identify performance obligations
(iii)
Determine transaction price
(iv)
Allocate transaction price
(v)
Recognize revenue
The Company enters into contracts with our customers
(insurance companies) primarily through written contracts. Performance obligation for these insurance brokerage contracts is to help our
insurance company customers to promote, coordinate and complete subscriptions of insurance policies offered by our customers for sales
of our products to our customers.
Under ASC 606, revenue is recognized when the customer
obtains control of a good or service. A customer obtains control of a good or service if it has the ability to direct the use of and obtain
substantially all of the remaining benefits from that good or service. The transfer of control of the Company's brokerage services
generally occurs at a point in time on the effective date of the associated insurance contract when the policy transfers to the customer.
The insurance policy entered between the insurance company and the insured customer generally contains a cool-off period of one to two
months. When the cool-off period elapses and the insured customer does not withdraw from the insurance policy, the policy becomes effective.
Once the transfer of control of a service occurs, the Company has satisfied its insurance brokerage performance obligation and recognizes
revenue.
Fair Value Measurement
Fair value is the price that would be received from
selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining
the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal
or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the
asset or liability.
8
The established fair value hierarchy requires an entity
to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's
categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The three levels of inputs that may be used to measure fair value as follows:
Level 1:
Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:
Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.
Level 3:
Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
The Company's financial instruments include
cash and cash equivalents, accounts receivable, due from related parties, accounts payable and accrued liabilities, and due to related
party. The carrying amounts of these financial instruments approximate their fair values due to the short-term nature of these instruments.
The Company noted no transfers between levels during
any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring nor non-recurring
basis as of June 30, 2021.
Leases
A lease for which substantially all the benefits and
risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. When a lease contains rent holidays,
the Company records the total expenses on a straight-line basis over the lease term.
Leases that substantially transfer to the Company
all the risks and rewards of ownership of assets are accounted for as capital leases. At the commencement of the lease term, a capital
lease is capitalized at the lower of the fair value of the leased asset and the present value of the minimum lease payments, each determined
at the inception of the lease.
The corresponding liability to the lessor is included
in the balance sheets as capital lease obligation. Lease payments are apportioned between the finance charge and the reduction of the
outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate
of interest on the remaining balance of the liability.
Assets under capital leases are depreciated the same
as owned assets over the shorter of the lease term and their estimated useful lives.
Taxation
Current income taxes are provided on the basis of
net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax
purposes, in accordance with the regulations of the relevant tax jurisdictions.
9
Deferred income taxes are recognized for temporary
differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss
carryforwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely
than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with
the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to
taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities
of changes in tax rates is recognized in the statement of operations and comprehensive income in the period of the enactment of the change.
The Company considers positive and negative evidence
when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers,
among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration
of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate
realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward
periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization
of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing
taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future
taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected
within the industry.
The Company recognizes a tax benefit associated with
an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a
taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently
measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate
settlement with a taxing authority. The Company's liability associated with unrecognized tax benefits is adjusted periodically due
to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments
are recognized entirely in the period in which they are identified. The Company's effective tax rate includes the net impact of
changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company
classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.
Stock-Based Compensation
The Company recognizes stock-based compensation in
accordance with FASB ASC 718, Stock Compensation. ASC 718 requires that the cost resulting from all share-based transactions be recorded
in the financial statements. It establishes fair value as the measurement objective in accounting for share-based payment arrangements
and requires all entities to apply a fair-value-based measurement in accounting for share-based payment transactions with employees. ASC
718 also establishes fair value as the measurement objective for transactions in which an entity acquires goods or services from non-employees
in share-based payment transactions.
10
Earnings per share
Basic earnings per share is computed by dividing net
income attributable to common shareholders by the weighted average number of shares of common stock outstanding during the period using
the two-class method. Under the two-class method, net income is allocated between shares of common stock and other participating securities
based on their participating rights. Net loss is not allocated to other participating securities if based on their contractual terms they
are not obligated to share in the losses. Diluted earnings per share is calculated by dividing net income attributable to common shareholders
by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares
are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive.
Recently Issued Accounting Standards
The Company has reviewed all the recent accounting
pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have
a material impact on the Company.
3.
Deferred Asset
Deferred asset of $
70,673
as of March 31, 2021 represented
prepaid transaction costs in relation to the public offering completed on April 29, 2021.
4.
Equity
Common Stock
On April 29, 2021, the Company consummated an initial
closing of a "best efforts" self-underwritten public offering of its common stock, par value $
0.0001
per share (the "Offering"),
in which the Company issued and sold an aggregate of
501,250
shares of its common stock at a price of $
0.40
per share to certain investors,
generating gross proceeds to the Company of $
200,500
. Share offering costs of $
94,173
were offset against the share capital in relation
to the Offering.
Preferred Stock
On May 17, 2021, upon receipt of a conversion notice
from Mr. Zheng, the Company issued
4,049,254
shares of the Company's common stock, par value $
0.0001
per share, upon conversion
of an aggregate of 368,114 shares of Series C Convertible Preferred Stock, par value $
0.0001
per share, at a conversion ratio of
1-for-11
,
pursuant to the terms of the Certification of Designation for the Series C Convertible Preferred Stock.
Additional Paid-in Capital
During the three months ended June 30, 2021, the Company
received capital contribution of $
5,000
from its principal shareholder for working capital uses. The capital contribution was recorded
in additional paid-in capital.
11
5.
Related Party Transaction
Related Parties
Name of related parties
Relationship with the Company
Siu Ping Lo
Responsible officer of YeeTah and former director of YeeTah (resigned on December 31, 2019)
Huihe Zheng
Principal Stockholder, Chief Executive Officer and Chairman of the Company
YeeTah Financial Group Co., Ltd.
A company controlled by Siu Ping Lo
Tim Shannon
Chief Financial Officer of the Company
Related Party Transactions
(i)
During the three months ended June 30, 2021, YeeTah Financial Group Co., Ltd. ("YeeTah Financial") charged YeeTah US$
11,610
(2020: US$
19,578
) commission expenses in relation to insurance referral services rendered by YeeTah Financial.
(ii)
During the three months ended June 30, 2021, the Company received
$nil
(2020: US$
5,000
)
in capital contributions from Tim Shannon for working capital uses.
(ii)
During the three months ended June 30, 2021, the Company received $
119,805
(2020: US$
87,538
) shareholder advances from Mr. Zheng for working capital uses. The Company repaid Mr. Zheng $
200,500
during the three months ended June 30, 2021.
Due to Related Party Balance
The Company's due to related party balance as
of June 30 and March 31, 2021 is as follows:
June 30,
2021
March 31,
2021
US$
US$
Huihe Zheng
437,034
533,590
YeeTah Financial
2,136
22,907
Total
439,169
556,497
The due to related party balance is unsecured, interest-free
and due on demand.
Subscription Receivable Due from a Shareholder
The Company's subscription receivable due from
a shareholder balances as of June 30 and March 31, 2021 are as follows:
June 30,
2021
March 31,
2021
US$
US$
Huihe Zheng
48,718
48,718
12
The due from shareholder balances represent the purchase
price for shares of QDM BVI to be paid by Mr. Zheng. These due from shareholder balances at of the balance sheet dates are unsecured,
interest-free and due on demand.
6.
Income Taxes
Hong Kong
Under the current Hong Kong Inland Revenue Ordinance,
the Company's Hong Kong subsidiaries are subject to a
16.5
% income tax on their taxable income generated from operations in Hong
Kong. On December 29, 2017, Hong Kong government announced a two-tiered profit tax rate regime. Under the two-tiered tax rate regime,
the first HK$2.0 million assessable profits will be subject to a lower tax rate of 8.25% and the excessive taxable income will continue
to be taxed at the existing 16.5% tax rate. The two-tiered tax regime becomes effective from the assessment year of 2018/2019, which was
on or after April 1, 2018. The application of the two-tiered rates is restricted to only one nominated enterprise among connected entities.
The Company did not have current income tax expenses
for the three months ended June 30, 2021 and 2020 since it did not have taxable incomes in these two periods.
BVI
Under the current laws of the BVI, the Company is
not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no BVI withholding tax will
be imposed.
US
Under the current Florida state and US federal income
tax, the Company does not need to pay income taxes as Florida state does not levy income tax. The federal income tax is based on a flat
rate of
21
% for the calendar year of 2021 (2020:
21
%).
Uncertain tax positions
The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated
with the tax positions. As of June 30 and March 31, 2021 the Company did not have any significant unrecognized uncertain tax positions.
7.
Commitments and Contingencies
The Company did not have other significant commitments, long-term obligations,
or guarantees as of June 30, 2021.
Contingencies
The Company is subject to legal proceedings and regulatory
actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not
anticipate that the final outcome arising out of any such matter will have a material adverse effect on our business, financial position,
cash flows or results of operations taken as a whole. As of June 30, 2021, the Company is not a party to any material legal or administrative
proceedings.
13
8.
Loss Per Share
Basic and diluted net loss per share for each of the
three month periods presented are calculated as follows:
Basic loss per share is computed using the weighted
average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the weighted average number
of ordinary shares and dilutive ordinary share equivalents outstanding during the period.
June 30, 2021
June 30, 2020
US$
US$
Numerator:
Net loss attributable to ordinary shareholders—basic and diluted
(
109,019
)
(
77,963
)
Denominator:
Weighted average number of ordinary shares outstanding—basic and diluted
3,998,813
1,682,054
Loss per share attributable to ordinary shareholders —basic and diluted
(
0.03
)
(
0.05
)
9.
Subsequent Events
In accordance with ASC 855-10, the Company has analyzed
its operations subsequent to June 30, 2021 has determined that it does not have any other material subsequent events to disclose in these
financial statements.
14
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
The following discussion should be read in conjunction
with our interim financial statements, including the notes thereto, appearing elsewhere in this Report. The following discussion contains
forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed
in the forward- looking statements. Factors that could cause or contribute to such differences include but are not limited to those discussed
below and elsewhere in this Report. Our interim financial statements are stated in United States Dollars and are prepared in accordance
with United States Generally Accepted Accounting Principles.
Overview
From 2016 to 2020, we were a telemedicine company
that provides Connect-a-Doc telemedicine kits to schools. Our services aimed to provide alternatives to schools that desire to provide
a higher level of healthcare to their students but are unable to keep a full-time school nurse available. In 2020 this business was discontinued
and we became a non-operating "shell" company.
Following the change in control in March 2020, we
planned to conduct insurance brokerage business in Hong Kong, through either formation or acquisition of an existing insurance brokerage
business. To implement our business plan, during 2020, we engaged professionals (legal counsel and accountants) to evaluate the optimal
corporate structure for our new business and conduct due diligence on a potential target.
On October 21, 2020, we entered into the Share Exchange
Agreement with QDM BVI, and Huihe Zheng, the sole shareholder of QDM BVI, who is also our principal stockholder and serves as our Chairman
and Chief Executive Officer, to acquire all the issued and outstanding capital stock of QDM BVI in exchange for the issuance to Mr. Zheng
of 900,000 shares of a newly designated Series C Preferred Stock, with each share of Series C Preferred Stock initially being convertible
into 11 shares of our common stock, subject to certain adjustments and limitations. The Share Exchange closed on October 21, 2020.
As a result of the consummation of the Share Exchange,
we acquired QDM BVI and its indirect subsidiary, YeeTah, an insurance brokerage company primarily engaged in the sales and distribution
of insurance products in Hong Kong. Following the closing of the transaction, we have assumed the business operations of QDM BVI and its
subsidiaries.
Impact of COVID-19 and Protests
Impact of COVID-19
An outbreak of a novel strain of the coronavirus,
COVID-19, was identified in China and has subsequently been recognized as a pandemic by the World Health Organization. The COVID-19 pandemic
has severely restricted the level of economic activity around the world. In response to this pandemic, the governments of many countries,
states, cities and other geographic regions, including Hong Kong, have taken preventative or protective actions, such as imposing restrictions
on travel and business operations and advising or requiring individuals to limit or forego their time outside of their homes.
15
With social distancing measures having been implemented
to curtail the spread of COVID-19, insurance brokers in Hong Kong, such as YeeTah, which relied primarily on storefront and in-person
consultations for new business production faced an immediate slowdown. In addition, Hong Kong has suspended mainland tourists' free
travel and Hong Kong's current boarding requirements vary based on where the traveler has visited in the past 14 or 21 days and
whether the traveler is vaccinated.
Customers from mainland China contributed to a large
part of YeeTah's commissions. Regulations require their physical presence in Hong Kong to complete the policy contract. However,
due to the political turmoil and travel restrictions related to the COVID-19 epidemic, mainland Chinese customers have dropped sharply.
As a result, YeeTah's revenue from commissions on new business has decreased significantly. YeeTah's commissions from renewal
premiums have also been materially affected since the mainland Chinese customers have been late in making the renewal payments due to
inability to visit Hong Kong to make the payments. Most of YeeTah's mainland customers do not have Hong Kong bank account and used
to pay their premiums through credit card or in cash in person.
Impact of Protests in Hong Kong
Since early 2019, a number of political protests and
conflicts have occurred in Hong Kong in connection with proposed legislation that would allow local authorities to detain and extradite
people who are wanted in territories that Hong Kong does not have extradition agreements with, including mainland China and Taiwan. On
June 30, 2020, China's National People's Congress Standing Committee passed a national security law for the Hong Kong Special
Administrative Region (HKSAR). Hong Kong's Chief Executive promulgated it in Hong Kong later the same day. Among other things, it
criminalizes separatism, subversion, terrorism and foreign interference in Hong Kong. The economy of Hong Kong has been negatively impacted,
including the retail market, property market, stock market, and tourism, from such protests.
Under the Basic Law of the Hong Kong Special Administrative
Region of the People's Republic of China, Hong Kong is exclusively in charge of its internal affairs and external relations, while
the government of the PRC is responsible for its foreign affairs and defense. As a separate customs territory, Hong Kong maintains and
develops relations with foreign states and regions. We cannot assure you that the Hong Kong protests will not affect Hong Kong's
status as a Special Administrative Region of the People's Republic of China and thereby affecting its current relations with foreign
states and regions.
Our revenue is susceptible to Hong Kong protests as
well as any other incidents or factors which affect the stability of the social, economic and political conditions in Hong Kong. For example,
as a result of the Hong Kong protests, we experienced a drop in new customers from mainland China beginning in June 2019, which impacted
our revenue for the period from June 2019 to the quarter ended June 30, 2020.
It is unclear whether there will be other political
or social unrest in the near future or that there will not be other events that could lead to the disruption of the economic, political
and social conditions in Hong Kong. If such events persist for a prolonged period of time or that the economic, political and social conditions
in Hong Kong are to be disrupted, our overall business and results of operations may be adversely affected.
16
Results of Operations
Three Months Ended June 30, 2021 and 2020
The following table presents an overview of the results
of operations for the three months ended June 30, 2021 and 2020:
For The Three Months
Ended
For The Three Months
Ended
June 30,
2021
June 30,
2020
Revenue
$
11,610
$
20,880
Cost of sales
11,610
19,578
Gross profit
—
1,302
Operating costs and expenses:
General and administrative expenses
108,123
82,709
Total operating costs and expenses
108,123
82,709
Loss from operations
(108,123
)
(81,407
)
Total other income
896
(3,444
)
Net loss
$
(109,019
)
$
(77,963
)
Revenue
Revenue decreased by approximately $9,000 or 44.4%
for the three months ended June 30, 2021 as compared to the same period of 2020. The decrease was mainly due to the decrease in the number
of customers resulting from the prolonged COVID-19 travel restriction imposed by Hong Kong government during three months ended June 30,
2021.
Cost of sales
Cost of sales represented commissions paid to individuals
or companies who referred customers to us. The amount decreased by approximately $8,000 or 40.7% for the three months ended June 30, 2021
as compared to the same period of 2020. The decrease was in line with the decrease of revenue.
Gross margin
Gross margin was 0% for the three months ended June
30, 2021 as compared to the 6.2% for the same period of last year. The lower gross margin in 2021 compared to 2020 was because our commission
costs for the three months ended June 30, 2020 were lower. During the three months ended June 30, 2021, we increased our commissions for
renewals for clients referred by YeeTah Financial from the previous year.
17
General and administrative expenses
General and administrative expenses consist primarily
of stock-based payments, employee salaries, office rents, insurance costs, general office operating expenses (e.g. utilities, repairs
and maintenance) and professional fees. General and administrative expenses increased by approximately $25,000 or 30.7% for the three
months ended June 30, 2021 as compared to the same period of 2020. The increase was primarily due to additional legal fees incurred in
the three months ended June 30, 2021 for the proposed reverse stock split.
Net loss
As a result of the factors described above, net loss
for the three months ended June 30, 2021 increased by approximately 31,000 or 39.8% as compared to the same period of 2020.
Foreign Currency Translation
Our reporting currency is the United States dollar.
Our operations are principally conducted in Hong Kong where the Hong Kong dollar is the functional currency.
Transactions denominated in other than the functional
currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary
assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency
at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the statements of operations
and comprehensive income.
The exchanges rate used for translation from Hong
Kong dollar to US$ was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to
translate our balance sheets, income statement items and cash flow items for both the three months ended June 30, 2021 and 2020.
Liquidity and Capital Resources
We have financed our operations primarily through
cash generated by operating activities, equity financings and advances from our principal stockholder. As of June 30, 2021 and March 31, 2021, we
had $30,389 and 35,605, respectively, in cash and cash equivalents, which primarily consisted of cash deposited in banks.
June 30,
2021
June 30,
2020
Net cash used in operating activities
$
(101,521
)
$
(62,462
)
Net cash provided by (used in) financing activities
96,305
82,529
Net increase (decrease) in cash, cash equivalents
(5,216
)
20,067
Cash and cash equivalents at beginning of year
35,605
62,780
Cash and cash equivalents at end of year
$
30,389
$
82,847
18
Our working capital requirements mainly comprise of
commissions paid to technical representatives and referral fees, office administrative costs and employee salaries. Historically, our
capital requirements were generally met by cash generated from our operations, equity financings and funding from our principal stockholder.
In light of impact on our operations from the civilian protests in Hong Kong and the COVID-19 epidemic in China and Hong Kong, we undertook
certain cost cutting measures, including but not limited to, relocating to a new office with a much lower rent and reducing the number
of employees. Discretionary expenditures are also curtailed or reduced to save costs. In addition to adjusting our operating expenditures,
we will continue to seek opportunities of equity financings and financial supports from our principal stockholder. Although historically
we were successful in obtaining equity financings through the sales of our securities and obtaining loans from our principal stockholder,
the availability of such financings when required is dependent on many factors beyond our control, such as the unforeseeable impact from
COVID-19 and the recovery of the Hong Kong economy following the civilian protests.
Operating Activities:
Net cash used in operating activities was approximately
$102,000 for the three months ended June 30, 2021, compared to net cash used in operating activities of approximately $62,000 for 2020,
representing an increase of approximately $40,000 in the net cash outflow in operating activities. The increase in net cash used in operating
activities was primarily due to an increase of net loss of $31,000 in the three months ended June 30, 2021 as compared to the same period
of 2020 and the following major working capital changes:
(1)
Change in prepaid expenses resulted in an approximately $32,000 cash inflow for the three months ended June 30, 2021, while for the same period of 2020, change in prepaid expenses resulted in a cash outflow of approximately $21,000, which led to an approximately $53,000 decrease in net cash outflow from operating activities.
(2)
Change in accounts payable and accrued liabilities resulted in an approximately $13,000 cash inflow for the three months ended June 30, 2021, while for the same period of 2020, change in accounts payable and accrued liabilities generated a cash inflow of approximately $7,000, which led to an approximately $6,000 increase in net cash inflow from operating activities.
(3)
Change in due to related parties resulted in an approximately $36,000 cash outflow for the three months ended June 30, 2021, while for the same period of 2020, change in due to related parties generated a cash inflow of approximately $27,000, which led to an approximately $63,000 increase in net cash outflow from operating activities.
Financing Activities:
Net cash generated from financing activities was approximately
$96,000 for the three months ended June 30, 2021, which was attributable to the net results of: (i) stockholder advances of approximately
$120,000; (ii) share issuance proceeds of $200,500; (iii) repayment of related party of $200,500 and payment of $24,000 issuance costs
for share issued in the period.
19
Net cash generated from financing activities was approximately
$83,000 for the three months ended June 30, 2020, which was attributable to the net results of: (i) stockholder advances of approximately
$88,000; (ii) repayment of stockholder advances of approximately $10,000; and (iii) capital contribution of $5,000 from a shareholder.
Material Commitments
We have no material commitments for the next twelve
months. We will, however, require additional capital to meet our liquidity needs.
Critical Accounting Policies
Please refer to the notes to the Company's condensed
consolidated financial statements included in this Report for details of critical accounting policies. There were no areas requiring significant
management judgments and estimates for the periods covered by this Report.
Off-balance Sheet Commitments and Arrangements
As of June 30, 2021, the Company did not have any
material off-balance sheet arrangements that had or were reasonably likely to have any effect on their respective financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
Item 3. Quantitative and Qualitative Disclosures
about Market Risk.
Not applicable.
Item 4. Controls and Procedures.
Disclosure controls and procedures are controls and
other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act
is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls
and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is accumulated and communicated to our chief executive officer and chief financial officer
(the "Certifying Officers") or persons performing similar functions, as appropriate, to allow timely decisions regarding required
disclosure.
Under the supervision of our Chief Executive Officer
and Chief Financial Officer (the "Certifying Officers"), we evaluated the effectiveness of the design and operation of our
disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying
Officers concluded that our disclosure controls and procedures were not effective as of June 30, 2021 due to the material weakness in
our internal control over financial reporting, which are indicative of many small companies with small staff: (i) lack of proper segregation
of duties and risk assessment process; (ii) lack of formal documentation in internal controls over financial reporting; and (iii) lack
of independent directors and an audit committee. We will devote resources to remediate these material weaknesses as we grow and such resources
required for implementing proper internal controls for financial reporting are available.
20
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over
financial reporting during the fiscal quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
We are not currently a party to any material legal
or administrative proceedings. We may from time to time be subject to legal or administrative claims and proceedings arising in the ordinary
course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial
cost and diversion of our resources, including our management's time and attention.
Item 1A. Risk Factors.
We are a smaller reporting company and accordingly
we are not required to provide information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Not applicable.
21
Item 6. Exhibits.
Number
Description
2.1
Agreement and Plan of Merger, incorporated herein by reference to Exhibit 2.1 to the Company's Form 8-K filed May 1, 2020
3.1
Articles of Incorporation, incorporated herein by reference to Exhibit 3.1 to the Company's Form 8-K filed May 1, 2020
3.2
Bylaws, incorporated herein by reference to Exhibit 3.2 to the Company's Form 8-K filed May 1, 2020
10.1
Form of Securities Purchase Agreement, incorporated herein by reference to Exhibit 10.4 to Amendment No. 1 to the Company's Registration Report on Form S-1 filed on April 2, 2021.
31.1*
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*
Inline XBRL Taxonomy Extension Schema Document
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*
Filed herewith.
**
Furnished herewith.
22
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto
duly authorized.
QDM International Inc.
Dated: August 10, 2021
By:
/s/ Huihe Zheng
Name:
Huihe Zheng
Title:
President and Chief Executive Officer
(Principal Executive Officer)
Dated: August 10, 2021
By:
/s/ Tim Shannon
Name:
Tim Shannon
Title:
Chief Financial Officer
(Principal Financial and Accounting Officer)
23