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

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<td style="padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="border-bottom: Black 1pt solid; padding: 0pt 0pt 1pt; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityAddressAddressLine1_c20210401__20211231_zzHNqa7tRGrc"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" name="dei:EntityAddressAddressLine1">Room 715</ix:nonNumeric></span>, <span id="xdx_902_edei--EntityAddressAddressLine2_c20210401__20211231_zaWni5KK8Jb2"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" name="dei:EntityAddressAddressLine2">7F</ix:nonNumeric></span>, <span id="xdx_906_edei--EntityAddressAddressLine3_c20210401__20211231_zj55AMAsUfs8"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" name="dei:EntityAddressAddressLine3">The Place Tower C</ix:nonNumeric></span> &#160; <br /> <span id="xdx_90D_ecustom--EntityAddressAddressLine4_c20210401__20211231_zP2SKKCxBdLf"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" name="QDMI:EntityAddressAddressLine4">No. 150 Zunyi Road</ix:nonNumeric></span><br /> <span id="xdx_90C_edei--EntityAddressCityOrTown_c20210401__20211231_zXs30bFbDdg"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" name="dei:EntityAddressCityOrTown">Changning District</ix:nonNumeric></span>, <span id="xdx_905_ecustom--EntityAddressAddressLine5_c20210401__20211231_ziijFS0loSWh"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" name="QDMI:EntityAddressAddressLine5">Shangha</ix:nonNumeric></span>i, <span id="xdx_90C_edei--EntityAddressCountry_c20210401__20211231_zBf0cLYYGiw9"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric></span></b></span></td>
<td style="padding: 0pt 0pt 1pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressPostalZipCode_c20210401__20211231_zNfHC9Gpvmog"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" name="dei:EntityAddressPostalZipCode">200051</ix:nonNumeric></span></b></span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</span></td>
<td style="padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</span></td></tr>
</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>+<span id="xdx_90D_edei--CityAreaCode_c20210401__20211231_zO5TOSrUVSnf"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" name="dei:CityAreaCode">86</ix:nonNumeric></span>
(21) <span id="xdx_90C_edei--LocalPhoneNumber_c20210401__20211231_zur27HIJGyg2"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" name="dei:LocalPhoneNumber">22183083</ix:nonNumeric></span></b></span></p>

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

<hr style="border-width: 0; color: Gray; background-color: Gray; height: 1px; width: 100%; margin-top: 3pt; margin-bottom: 3pt" />
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b>(Registrant&#8217;s
telephone number, including area code)</span></p>

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

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

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

<hr style="border-width: 0; color: Gray; background-color: Gray; height: 1px; width: 100%; margin-top: 3pt; margin-bottom: 3pt" />
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
name, former address and former fiscal year, if changed since last report)</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-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:&#160;<b>None.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(g) of the Act:&#160;<b>Common Stock, par value $0.0001</b></span></p>

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

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



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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; font-size: 10pt">Indicate
by check mark 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. <span id="xdx_901_edei--EntityCurrentReportingStatus_c20210401__20211231_znpYceBuj2Al"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (&#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_904_edei--EntityInteractiveDataCurrent_c20210401__20211231_z92wfPCWP0J6"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" 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-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">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 &#34;large accelerated filer,&#34; &#34;accelerated filer,&#34; &#34;smaller
reporting company,&#34; and &#34;emerging growth company&#34; in Rule 12b-2 of the Exchange Act.</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; font-size: 10pt">&#160;</span></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="padding: 0pt; width: 26%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</span></td>
    <td style="padding: 0pt; width: 21%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="padding: 0pt; width: 32%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></td>
    <td style="padding: 0pt; width: 21%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--EntityFilerCategory_c20210401__20211231_zc8s7k5tXNrb"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--EntitySmallBusiness_c20210401__20211231_zstOrH4HPaRh"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--EntityEmergingGrowthCompany_c20210401__20211231_zqoPciUG6NXd"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">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. &#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; font-size: 10pt">&#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; font-size: 10pt">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes&#9744;  <span id="xdx_903_edei--EntityShellCompany_c20210401__20211231_z5Z2KtIHlhJ3"><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</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; font-size: 10pt">&#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; font-size: 10pt">As
of February _____, 2022, there were <span id="xdx_90B_edei--EntityCommonStockSharesOutstanding_iI_c20220202_zCbJTOVrQQZ2"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-02-02" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">209,993</ix:nonFraction></span> shares of the registrant&#8217;s common stock, par value $0.0001 per share, issued and outstanding.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_001">Cautionary Note&#160;Regarding Forward-Looking Statements</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</span></td></tr>
  <tr style="background-color: white">
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_002">PART I &#8211; FINANCIAL INFORMATION</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: white">
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="padding: 0pt; vertical-align: top; width: 10%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    1.</span></td>
    <td style="padding: 0pt; vertical-align: top; width: 85%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_003">Financial Statements</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; width: 5%; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: white">
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    2.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td></tr>
  <tr>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    3.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_005">Quantitative and Qualitative Disclosures About Market Risk</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td></tr>
  <tr style="background-color: white">
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006">Controls and Procedures</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td></tr>
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: white">
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_007">PART II &#8211; OTHER INFORMATION</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: white">
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    1.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_008">Legal Proceedings</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
  <tr>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    1A.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_009">Risk Factors</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
  <tr style="background-color: white">
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    2.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_010">Unregistered Sales of Equity Securities and Use of Proceeds</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
  <tr>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    3.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_011">Defaults Upon Senior Securities</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
  <tr style="background-color: white">
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_012">Mine Safety Disclosures</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
  <tr>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    5.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_013">Other Information</a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
  <tr style="background-color: white">
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
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    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: white">
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_015">SIGNATURES</a></span></td>
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  </table>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">This
Quarterly Report on Form 10-Q (this &#34;Report&#34;), including, without limitation, statements under the heading &#34;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations,&#34; 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 &#34;Exchange Act&#34;).
These forward-looking statements can be identified by the use of forward-looking terminology, including the words &#34;believes,&#34;
&#34;estimates,&#34; &#34;anticipates,&#34; &#34;expects,&#34; &#34;intends,&#34; &#34;plans,&#34; &#34;may,&#34; &#34;will,&#34;
&#34;potential,&#34; &#34;projects,&#34; &#34;predicts,&#34; &#34;continue,&#34; or &#34;should,&#34; 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&#8217;s current expectations, but actual results may differ materially due to various
factors, including, but not limited to:</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; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="padding: 0pt; width: 24px; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; width: 24px; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the market for our services in Hong Kong and Mainland China;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our expansion and other plans and opportunities;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our future financial and operating results, including revenues, income, expenditures, cash balances and other financial items;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">current and future economic conditions in Hong Kong and China;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the future growth of the Hong Kong insurance industry as a whole and the professional insurance intermediary sector in particular;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to attract customers, further enhance our brand recognition;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to hire and retain qualified management personnel and key employees in order to enable them to develop our business;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in other applicable laws or regulations in Hong Kong related to or that could impact our business;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other assumptions regarding or descriptions of potential future events or circumstances described in this Report underlying or relating to any forward-looking statements.</span></td></tr>
</table>

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

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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; font-size: 10pt">&#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; font-size: 10pt"></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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#160;</span></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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b><span id="a_002"></span>PART
I - FINANCIAL INFORMATION</b></span></p>

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

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_307_111_z2Y5IErwisx4" summary="xdx: Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (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-align: left; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_495_20211231" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_495_20210331" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<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>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<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 31,<br /> 2021</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>
    <td colspan="3" style="text-align: center">(Unaudited)</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--AssetsAbstract_iB_zDA62if5tEt3" 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">&#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_400_eus-gaap--AssetsCurrentAbstract_i01B_zEgCHyySPM7l" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Current assets:</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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  <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zoRK6s77NGQd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--LiabilitiesCurrentAbstract_iB_zvPtYheBRQPc" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_maCzhb7_z3er0EzNv3Me" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--DueToRelatedPartiesCurrent_iI_maCzhb7_zKFoDVyPZT47" 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_40A_eus-gaap--LiabilitiesCurrent_iTI_mtCzhb7_maCztlT_zHTltubN5Tvg" style="vertical-align: bottom; background-color: White">
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    <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_40D_eus-gaap--StockholdersEquityAbstract_iB_zVuNNsPMdHl4" style="vertical-align: bottom; background-color: White">
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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_40E_eus-gaap--PreferredStockValue_iI_zxWX2E03zrY9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eus-gaap--CommonStockValue_iI_zAXzG2Yuqacd" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--StockholdersEquityNoteSubscriptionsReceivable_iNI_di_zaLyu1tg7wEi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--TreasuryStockValue_iNI_di_zvIx591QlC48" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--AdditionalPaidInCapital_iI_zHKwAMS89fCc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS<br />
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

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

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  <tr id="xdx_408_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_za8jcTYXxWNa" 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">&#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>
    <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="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><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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  <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><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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    <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>
    <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="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><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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    <td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-indent: -10pt">Weighted average basic &amp; diluted shares outstanding:</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>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</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 id="xdx_984_eus-gaap--WeightedAverageNumberOfShareOutstandingBasicAndDiluted_c20201001__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zTP5RSqHHm1h" title="Weighted average basic &amp; diluted shares outstanding" style="text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="From2020-10-012020-12-31_us-gaap_PreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">708,065</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--WeightedAverageNumberOfShareOutstandingBasicAndDiluted_c20210401__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zxPTJo3udSHc" title="Weighted average basic &amp; diluted shares outstanding" style="text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="From2021-04-012021-12-31_us-gaap_PreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">547,175</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--WeightedAverageNumberOfShareOutstandingBasicAndDiluted_c20200401__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_pdd" title="Weighted average basic &amp; diluted shares outstanding" style="text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="From2020-04-012020-12-31_us-gaap_PreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">246,712</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  </table>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<!-- Field: Page; Sequence: 7; Value: 1 -->
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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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QDM
INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; DEFICIT<br />
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nine
months ended December 31, 2020&#160;</b></span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_301_114_zIY5WOHwzw64" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS&apos; DEFICIT (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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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>
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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>
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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">&#8212;</td><td style="text-align: left">&#160;</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"><span style="-sec-ix-hidden: xdx2ixbrl0304">&#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"><span style="-sec-ix-hidden: xdx2ixbrl0305">&#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">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
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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"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three
months ended December 31, 2020</b></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr id="xdx_436_c20201001__20201231_eus-gaap--StockholdersEquity_iS_zx8cuB9g9rt6" style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nine
months ended December 31, 2021</b></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr id="xdx_438_c20210401__20211231_eus-gaap--StockholdersEquity_iS_zuNZwMsU43uk" style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 40%; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--SharesOutstandings_iS_c20210401__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zJXl3mDV0LA4" title="Beginning balance, shares" style="padding: 0pt; width: 3%; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QDMI:SharesOutstandings" contextRef="AsOf2021-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">56,268</ix:nonFraction></span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="padding: 0pt; width: 3%; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,638,955</ix:nonFraction></span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="padding: 0pt; width: 3%; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">410,498</ix:nonFraction></span></td>
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  <tr id="xdx_40B_eus-gaap--ProfitLoss_zFV2Pawcbzla" style="vertical-align: bottom; background-color: white">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0402">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0403">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0404">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0405">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0406">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-04-012021-12-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">271,689</ix:nonFraction></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-04-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">271,689</ix:nonFraction></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_405_ecustom--LoanForgivenessFromShareholder_iP3us-gaap--ProfitLoss_zKw3vGsfwTfb" style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0410">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0411">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0412">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QDMI:LoanForgivenessFromShareholder" contextRef="From2021-04-012021-12-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">141,025</ix:nonFraction></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0414">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0415">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QDMI:LoanForgivenessFromShareholder" contextRef="From2021-04-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">141,025</ix:nonFraction></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--ShareIssuanceReverseSplitRoundupValue_zvGSMzAD3ozl" style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_ecustom--ShareIssuanceDueToReverseStockSplitRoundingUpShares_c20210401__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zh2WJWIUYzm4" title="Share issuance due to reverse stock split rounding up, shares" style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QDMI:ShareIssuanceDueToReverseStockSplitRoundingUpShares" contextRef="From2021-04-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,041</ix:nonFraction></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0418">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0419">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0420">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0421">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0422">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0423">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0424">&#8212;</span></span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueNewIssues_iP3custom--ShareIssuanceDueToReverseStockSplitRoundingUpShares_zyTApENEp0P5" style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three
months ended December 31, 2021&#160;</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0487">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_409_ecustom--LoanForgivenessFromShareholder_zcPMsF57BuWl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Loan forgiveness from shareholder</td><td>&#160;</td>
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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">&#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: xdx2ixbrl0494">&#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: xdx2ixbrl0495">&#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: xdx2ixbrl0496">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Share issuance due to reverse stock split rounding up</td><td style="padding-bottom: 1pt">&#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"><span style="-sec-ix-hidden: xdx2ixbrl0502">&#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"><span style="-sec-ix-hidden: xdx2ixbrl0503">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#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"><span style="-sec-ix-hidden: xdx2ixbrl0505">&#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"><span style="-sec-ix-hidden: xdx2ixbrl0506">&#8212;</span></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to condensed consolidated financial statements.</span></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">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS<br />
FOR THE NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_300_112_zFcUY7WQ0Jj3" 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-align: left; text-indent: -10pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_497_20200401__20201231_zs377fqTxwQ2" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; 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>
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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">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-04-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">247,689</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
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    <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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    <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_406_eus-gaap--ProceedsFromRelatedPartyDebt_i01_maCzoUF_znSqJ3pkAgd8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Payments to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2021-04-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,500</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">(<ix:nonFraction name="QDMI:PaymentsForDeferredCostsRelatedToEquityFinancing" contextRef="From2021-04-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,500</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="QDMI:PaymentsForDeferredCostsRelatedToEquityFinancing" contextRef="From2020-04-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,000</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="QDMI:ReverseTakeoverTransactionsCosts" contextRef="From2020-04-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">254,024</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to Condensed Consolidated Financial Statements<br />
Nine Months Ended December 31, 2021 and 2020</b></span></p>

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

<ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="QDMI:OrganizationAndPrincipalActivitiesTextBlock"><p id="xdx_804_ecustom--OrganizationAndPrincipalActivitiesTextBlock_zMJgCi3mwKM6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
<span id="xdx_825_zlHlgLAQ2R5j">Organization and principal activities</span></b></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QDM
International Inc. (&#34;we,&#34; the &#34;Company&#34; or &#34;QDM&#34;) was incorporated in Florida in March 2020 and is the
successor to 24/7 Kid Doc, Inc. (&#34;24/7 Kid&#34;), which was incorporated in Florida in November 1998. The Company is a holding
company with no material operations and conducts its insurance brokerage business through an indirect wholly owned subsidiary, YeeTah
Insurance Consultant Limited (&#34;YeeTah&#34;), 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 (&#34;MPF&#34;) Intermediary, YeeTah also assists its customers with their investment through
the MPF and the Occupational Retirement Schemes Ordinance schemes (&#34;ORSO&#34;) in Hong Kong, both of which are retirement protection
schemes set up for employees.</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; font-size: 10pt">&#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; font-size: 10pt">On
October 21, 2020, the Company entered into a share exchange agreement (the &#34;Share Exchange Agreement&#34;) with QDM Holdings Limited,
a British Virgin Islands (&#34;BVI&#34;) company (&#34;QDM BVI&#34;), and Huihe Zheng, the sole shareholder of QDM BVI (&#34;Mr.
Zheng&#34;), 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__us-gaap--StatementClassOfStockAxis__custom--SeriesCPreferredSharesMember__dei--LegalEntityAxis__custom--MRZhengMember_pdd" title="Business acquisition, shares issued"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2020-10-012020-10-21_custom_SeriesCPreferredSharesMember_custom_MRZhengMember" 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_90A_eus-gaap--SharesIssuedPricePerShare_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesCPreferredSharesMember__dei--LegalEntityAxis__custom--QDMHoldingsLimitedMember_pdd" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_custom_SeriesCPreferredSharesMember_custom_QDMHoldingsLimitedMember" 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 $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember__dei--LegalEntityAxis__custom--QDMHoldingsLimitedMember_pdd" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_QDMHoldingsLimitedMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share, subject to certain adjustments and limitations (the &#34;Share Exchange&#34;).
The Share Exchange closed on October 21, 2020.</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; font-size: 10pt">&#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; font-size: 10pt">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 (&#34;QDM HK&#34;) and YeeTah.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">As
a result of the Share Exchange, the Company ceased to be a shell company.</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; font-size: 10pt">&#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; font-size: 10pt">Unless
the context specifically requires otherwise, the term &#34;Company&#34; used herein means QDM International Inc. together with its
direct and indirect subsidiaries described above.</span></p>

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

<ix:exclude><!-- Field: Page; Sequence: 11; Value: 1 -->
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<ix:exclude><p id="xdx_232_zLjxKoaOyIa9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going
Concern</i></b></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; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">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 December 31, 2021. Accordingly, there is substantial doubt about the Company&#8217;s ability to continue
as a going concern.</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; font-size: 10pt">&#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; font-size: 10pt">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 stockholder, although the
Company may seek other sources of funding, including public and private offerings of securities.</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; font-size: 10pt">&#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; font-size: 10pt">These
consolidated financial statements do not reflect adjustments that would be necessary if the Company were unable to continue as a &#34;going
concern.&#34; While management believes that the actions already taken or planned, including adjusting its operating expenditures and
obtaining financial supports from&#160;Mr. Zheng, its principal stockholder, will mitigate the adverse conditions and events which raise doubt about
the validity of the &#34;going concern&#34; 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 &#34;going concern,&#34; then substantial adjustments
would be necessary to the reported amounts of its liabilities, the reported expenses and the consolidated balance sheet classifications
used.</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; font-size: 10pt">&#160;</span></p>

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<span id="xdx_825_zAkqCXow18a7">Summary of significant accounting policies</span></b></span></p>

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

<ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_845_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zUXotbkKylD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zoBt46hHCanc">Basis
of Presentation</span></i></b></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; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">The
Company&#8217;s unaudited condensed financial statements have been prepared
in accordance with generally accepted accounting principles in the United States of America (&#8220;U.S. 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 for the year ended
March 31, 2021, which was originally filed with the Securities and Exchange Commission on July 12, 2021 and was amended on October 22,
2021 and December 17, 2021, respectively.</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; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84C_eus-gaap--UseOfEstimates_z4BlxpYRPoZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zxhUERDSSQIf">Use
of Estimates</span></i></b></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; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">The
preparation of the Company&#8217;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.</span></p>

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

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<ix:exclude><p id="xdx_236_zOPjtNwEDNw" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">The
Company&#8217;s reporting currency is the United States Dollar (&#34;US$&#34; or &#34;$&#34;). The Company&#8217;s operations are principally
conducted in Hong Kong where Hong Kong dollar is the functional currency.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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in Hong Kong. This pegged rate was used to translate Company&#8217;s balance sheets, income statement items and cash flow items for both 2021
and 2020.</span></p>

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

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Risks and Concentration</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">The
Company&#8217;s financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of
cash and cash equivalents and receivables, and other assets. As of December 31, 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.</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; font-size: 10pt">&#160;</span></p>

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and Cash Equivalents</span></i></b></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; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">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.</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; font-size: 10pt">&#160;</span></p>

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Receivable</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">Accounts
receivable represents trade receivable and are recognized initially at fair value and subsequently adjusted for any allowance for doubtful
accounts and impairment.</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; font-size: 10pt">&#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; font-size: 10pt">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&#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 operations. Delinquent account balances are written-off against the allowance for doubtful accounts after management
has determined that the likelihood of collection is not probable.</span></p>

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

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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; font-size: 10pt">The
Company historically did not have material bad debts in accounts receivable. There were no bad debt expenses for the three and nine months
ended December 31, 2021 and 2020 and there was <span id="xdx_90D_eus-gaap--ProvisionForDoubtfulAccounts_pp0p0_do_c20211001__20211231_zyCWoMsQOoKf" title="Provision for doubtful accounts"><span id="xdx_902_eus-gaap--ProvisionForDoubtfulAccounts_pp0p0_do_c20201001__20201231_zW7OUbhrQDLi" title="Provision for doubtful accounts"><span id="xdx_90D_eus-gaap--ProvisionForDoubtfulAccounts_pp0p0_do_c20210401__20211231_zTZVGzKOkige" title="Provision for doubtful accounts"><span id="xdx_905_eus-gaap--ProvisionForDoubtfulAccounts_pp0p0_do_c20200401__20201231_z6gJxd10kgX3" title="Provision for doubtful accounts"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2021-10-012021-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2020-10-012020-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2021-04-01to2021-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2020-04-012020-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> provision for doubtful accounts as of December 31, 2021 and March 31, 2021.</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; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_844_eus-gaap--RevenueRecognitionPolicyTextBlock_z2cDRJiYH9a6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_z9oKnOAP3pg3">Revenue
Recognition</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">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.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB
Accounting Standards Codification (&#34;ASC&#34;) Topic 606 provides for a five-step model for recognizing revenue from contracts with
customers. These five steps include:</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; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
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    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identify the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="padding: 0pt; width: 29px; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 29px; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocate transaction
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="padding: 0pt; width: 29px; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 29px; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
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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; font-size: 10pt">&#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; font-size: 10pt">The
Company enters into insurance brokerage contracts with our customers (insurance companies) primarily through written contracts. Performance
obligation for these insurance brokerage contracts is to help the Company&#8217;s insurance company customers to promote, coordinate and complete
subscriptions of insurance policies and products offered by our customers.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#160;</span></p>

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Value Measurement</span></i></b></span></p>

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

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<ix:exclude><p id="xdx_239_z3JbO5AASMXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;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:</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; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="padding: 0pt; width: 6%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; width: 6%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level&#160;1:</span></td>
<td style="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; width: 87%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted
prices (unadjusted) in active markets for identical assets or liabilities.</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="2" style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level&#160;2:</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Observable,
market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="2" style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level&#160;3:</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unobservable
inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">The
Company&#8217;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.</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; font-size: 10pt">&#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; font-size: 10pt">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 December 31, 2021.</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; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">Assets
under capital leases are depreciated the same as owned assets over the shorter of the lease term and their estimated useful lives.</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; font-size: 10pt">&#160;</span></p>

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

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<ix:exclude><p id="xdx_23A_zum4NMphxPJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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)&#160;future reversals of existing taxable temporary differences, (ii)&#160;future taxable income exclusive of reversing
temporary differences and carry-forwards, (iii)&#160;future taxable income arising from implementing tax planning strategies, and (iv)&#160;specific
known trend of profits expected to be reflected within the industry.</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; font-size: 10pt">&#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; font-size: 10pt">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&#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 classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax
expense.</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; font-size: 10pt">&#160;</span></p>

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Compensation</span></i></b></span></p>

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

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<ix:exclude><p id="xdx_233_zRepcCXFcsU2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_846_eus-gaap--EarningsPerSharePolicyTextBlock_zv9fHzJXdNQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zsy4cv7cu2Gd">Earnings
per share</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">Basic
earnings per share is computed by dividing net income attributable to holders of common stock 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 holders of common stock 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.</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; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zCqdgIV17at" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_z9weTbpfrhij">Recently
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">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.</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; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:OtherAssetsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--OtherAssetsDisclosureTextBlock_zhOVgOs3lAI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
<span id="xdx_822_zJylW9JeqR6f">Deferred Asset</span></b></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; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">Deferred
asset of $<span id="xdx_902_eus-gaap--DeferredIncomeTaxAssetsNet_c20210331_pp0p0" title="Deferred assets"><ix:nonFraction name="us-gaap:DeferredIncomeTaxAssetsNet" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">70,673</ix:nonFraction></span> as of March 31, 2021 represented prepaid transaction costs in relation to the public offering completed on April 29,
2021.</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; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80C_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zPOiqxuqeGR5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
<span id="xdx_82D_z8llnSfFAfJl">Equity</span></b></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; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt"><i>Common
Stock</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 10, 2021, the Company effected a reverse
stock split of its common stock, without changing the par value per share, whereby each 30 issued and outstanding shares of common stock
were consolidated into one share of common stock (the &#8220;Reverse Split&#8221;). The Company has retrospectively accounted for the
change in the current and prior period financial statements that are presented in the condensed interim financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">On
April 29, 2021, the Company consummated an initial closing of a &#34;best efforts&#34; self-underwritten public offering of its common
stock, par value $<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_c20210429_pdd" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-04-29" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share (the &#34;Offering&#34;), in which the Company issued and sold an aggregate of 16,708 shares (<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210401__20210429_pdd" title="Stock issued for services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-04-012021-04-29" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">501,250</ix:nonFraction></span>
shares before the Reverse Split (as defined below)) of its common stock at a price of $12 per share ($<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_c20210429_pdd" title="Common stock at a price"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-04-29" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.40</ix:nonFraction></span> before the Reverse Split)
to certain investors, generating gross proceeds to the Company of $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20210401__20210429_pp0p0" title="Stock issued for services, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2021-04-012021-04-29" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">200,500</ix:nonFraction></span>.&#160;Share offering costs of $<span id="xdx_90A_eus-gaap--CapitalUnits_c20210429_pp0p0" title="Share capital"><ix:nonFraction name="us-gaap:CapitalUnits" contextRef="AsOf2021-04-29" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">94,173</ix:nonFraction></span> were offset against
the share capital in relation to the Offering.</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; font-size: 10pt">&#160;&#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; font-size: 10pt">On
November 11, 2020, the Company&#8217;s board approved to issue an aggregate
of 667 shares (20,000 shares before the Reverse Split) of common stock to its directors and officers as equity compensation for services
they provided in 2020.&#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; font-size: 10pt">&#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; font-size: 10pt"><i>Preferred
Stock</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">On
May 17, 2021, upon receipt of a conversion notice from Mr. Zheng, the Company issued 134,976 shares (<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesOther_c20210501__20210517__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember_pdd" title="Shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2021-05-012021-05-17_custom_MRZhengMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,049,254</ix:nonFraction></span> shares before the Reverse
Split) of the Company&#8217;s common stock, par value $<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_c20210517__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember_pdd" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-05-17_custom_MRZhengMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share, upon conversion of an aggregate of 368,114 shares of Series C Convertible
Preferred Stock, par value $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_c20210517__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertiblePreferredStockMember_pdd" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-05-17_custom_MRZhengMember_custom_SeriesCConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share, at a conversion ratio of <span id="xdx_90F_ecustom--ConversionRatio_c20210501__20210517__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertiblePreferredStockMember" title="Conversion ratio"><ix:nonNumeric contextRef="From2021-05-012021-05-17_custom_MRZhengMember_custom_SeriesCConvertiblePreferredStockMember" name="QDMI:ConversionRatio">1-for-11</ix:nonNumeric></span>, pursuant to the terms of the Certification of Designation
for the Series C Convertible Preferred Stock.</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; font-size: 10pt">&#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; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 21, 2020, as part of the Share Exchange
with QDM BVI, the Company issued <span id="xdx_90F_eus-gaap--SharesIssued_iI_c20201021__us-gaap--StatementClassOfStockAxis__custom--SeriesCPreferredSharesMember_zAE0mZlj0Ho3"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2020-10-21_custom_SeriesCPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">900,000</ix:nonFraction> </span>Series C Preferred Shares to Huihe Zheng, the sole shareholder of QDM BVI and the Chairman and
Chief Executive Officer of the Company.&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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; font-size: 10pt">&#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; font-size: 10pt">On
October 8, 2020, the Company filed an amendment to its Articles of Incorporation
to designate 900,000 shares of its authorized preferred stock as Series C Convertible Preferred Stock. The holders of Series C Preferred
Shares are entitled to receive any dividends or distributions paid in respect of the Common Stock on an as-converted basis. Holders of
Series C Preferred Shares are entitled to vote, together with the holders of Common Stock, on an as-converted basis on all matters submitted
to a vote of the holders of Common Stock. Each Series C Preferred Share is convertible into Common Stock at an initial conversion rate
of 1-for-11.</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; font-size: 10pt">&#160;&#160;&#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; font-size: 10pt"><i>Additional
Paid-in Capital</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">During
the three months ended December 31, 2021, Mr. Zheng, the Company&#8217;s
principal stockholder, Chairman and Chief Executive Officer, forgave $<span id="xdx_90B_ecustom--LoanForgivenessFromShareholder_c20210401__20211231_pp0p0" title="Loan forgiveness from a shareholder"><ix:nonFraction name="QDMI:LoanForgivenessFromShareholder" contextRef="From2021-04-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">141,025</ix:nonFraction></span> related party balance due from YeeTah,
which is treated as a capital transaction.</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; font-size: 10pt">&#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; font-size: 10pt">During
the nine months ended December 31, 2020, the Company received capital contribution of $<span id="xdx_90D_eus-gaap--ProceedsFromContributedCapital_c20210401__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShareholderMember_pp0p0" title="Capital contribution"><ix:nonFraction name="us-gaap:ProceedsFromContributedCapital" contextRef="From2021-04-012021-12-31_custom_ShareholderMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">19,747</ix:nonFraction></span>
from Mr. Zheng for working capital uses. The capital contribution was recorded in additional paid-in capital.&#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; font-size: 10pt">&#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; font-size: 10pt">On
October 21, 2020, as a result of the Share Exchange with QDM BVI, the Company completed a reverse acquisition with QDM BVI. The transaction
costs of $<span id="xdx_909_ecustom--ReverseTakeoverTransactionCosts_iN_pp0p0_di_c20200401__20201231_z2bceV5Dl1af" title="Reverse take-over transaction costs"><ix:nonFraction name="QDMI:ReverseTakeoverTransactionCosts" contextRef="From2020-04-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">254,024</ix:nonFraction></span> in connection with the reverse acquisition was recorded into additional paid-in capital.&#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; font-size: 10pt">&#160;</span></p>

<ix:exclude><p id="xdx_230_zVridEa0Crab" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 17; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23B_z6jI54yVHEGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_803_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zrmLU0gZ23i8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
<span id="xdx_82A_z6DH9xmdUk4a">Related Party Transaction</span></b></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; font-size: 10pt"><b>&#160;</b></span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 35%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of related parties</b></span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 64%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship with the Company</b></span></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Siu Ping Lo</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; 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="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huihe Zheng</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; 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 style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">YeeTah Financial Group Co., Ltd.</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A company controlled by Siu Ping Lo</span></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tim Shannon</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer of the Company</span></td></tr>
</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="padding: 0pt; width: 6%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; width: 5%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
<td style="padding: 0pt; width: 89%; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine months ended December 31, 2021, YeeTah Financial Group Co., Ltd. (&#34;YeeTah Financial&#34;) charged YeeTah US$<span id="xdx_903_eus-gaap--LeasingCommissionsExpense_c20210401__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YeeTahFinancialMember_z1qhb8Mskrfg" title="Commission expenses"><ix:nonFraction name="us-gaap:LeasingCommissionsExpense" contextRef="From2021-04-012021-12-31_custom_YeeTahFinancialMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">53,862</ix:nonFraction></span> (2020: US$<span id="xdx_90A_eus-gaap--LeasingCommissionsExpense_c20200401__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YeeTahFinancialMember_zyWPa0svHxS5" title="Commission expenses"><ix:nonFraction name="us-gaap:LeasingCommissionsExpense" contextRef="From2020-04-012020-12-31_custom_YeeTahFinancialMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">97,631</ix:nonFraction></span>) commission expenses in relation to insurance referral services rendered by YeeTah Financial.</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine months ended December 31, 2021,&#160;the Company received nil (2020: US$<span id="xdx_903_eus-gaap--InsuranceCommissions_pp0p0_c20200401__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TimShannoMember_zAI2EGmv3HDg" title="Commission expenses"><ix:nonFraction name="us-gaap:InsuranceCommissions" contextRef="From2020-04-012020-12-31_custom_TimShannoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">19,747</ix:nonFraction></span>) in capital contributions from Tim Shannon for working capital uses. </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine months ended December 31, 2021, the Company received $<span id="xdx_906_eus-gaap--InsuranceCommissions_c20210401__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember_pp0p0" title="Commission expenses"><ix:nonFraction name="us-gaap:InsuranceCommissions" contextRef="From2021-04-012021-12-31_custom_MRZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">362,570</ix:nonFraction></span> (2020: US$<span id="xdx_904_eus-gaap--InsuranceCommissions_c20200401__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember_pp0p0" title="Commission expenses"><ix:nonFraction name="us-gaap:InsuranceCommissions" contextRef="From2020-04-012020-12-31_custom_MRZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">258,921</ix:nonFraction></span>) in stockholder advances from Mr. Zheng for working capital uses. The Company repaid Mr. Zheng $<span id="xdx_90E_eus-gaap--RelatedPartyCosts_c20210401__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MRZhengMember_pp0p0" title="Related Party cost"><ix:nonFraction name="us-gaap:RelatedPartyCosts" contextRef="From2021-04-012021-12-31_custom_MRZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">200,500</ix:nonFraction></span> during the nine months ended December 31, 2021. </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine months ended December 31, 2020, Mr. Zheng paid US$<span id="xdx_909_eus-gaap--PaymentsOfDebtIssuanceCosts_c20210401__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HuiheZhengMember_zggjiZH53WL4" title="Payment for debt"><ix:nonFraction name="us-gaap:PaymentsOfDebtIssuanceCosts" contextRef="From2021-04-012021-12-31_custom_HuiheZhengMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">240,000</ix:nonFraction></span> on behalf of the Company for costs associated with the Share Exchange.&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended December 31, 2021, Mr. Zheng forgave $<span id="xdx_902_ecustom--LoanForgivenessFromShareholder_pp0p0_c20211001__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YeeTahFinancialMember_zXrZ8wHmAEEb" title="Loan forgiveness from a shareholder"><ix:nonFraction name="QDMI:LoanForgivenessFromShareholder" contextRef="From2021-10-012021-12-31_custom_YeeTahFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">141,025</ix:nonFraction></span>
of related party balance due from YeeTah, which is treated as a capital transaction.</span></td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Due
to Related Party Balance</i></b></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; font-size: 10pt">The
Company&#8217;s due to related party balance as of December 31 and March 31, 2021 is as follows:</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; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><table cellspacing="0" cellpadding="0" id="xdx_89A_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zqn2AYb33uc2" summary="xdx: Disclosure - Related Party Transactions (Details)" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span id="xdx_8B0_zqPtaJA3hVu8" style="display: none">Schedule of Related Party Transactions</span></td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: black 1pt solid; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<br /> 2021</b></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: black 1pt solid; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March&#160;31,<br /> 2021</b></span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$</b></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$</b></span></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding: 0pt 0pt 0pt 10pt; width: 58%; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huihe Zheng</span></td>
<td style="padding: 0pt; width: 8%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td id="xdx_98E_eus-gaap--DueToRelatedPartiesCurrent_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HuiheZhengMember_pp0p0" title="Due to related party" style="padding: 0pt; width: 11%; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-12-31_custom_HuiheZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">594,090</ix:nonFraction></span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; width: 8%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td id="xdx_98E_eus-gaap--DueToRelatedPartiesCurrent_c20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HuiheZhengMember_pp0p0" title="Due to related party" style="padding: 0pt; width: 11%; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-03-31_custom_HuiheZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">533,590</ix:nonFraction></span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">YeeTah Financial</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td id="xdx_98D_eus-gaap--DueToRelatedPartiesCurrent_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YeeTahFinancialMember_pdp0" title="Due to related party" style="border-bottom: black 1pt solid; padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-12-31_custom_YeeTahFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,180</ix:nonFraction></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td id="xdx_985_eus-gaap--DueToRelatedPartiesCurrent_c20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YeeTahFinancialMember_pp0p0" title="Due to related party" style="border-bottom: black 1pt solid; padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-03-31_custom_YeeTahFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">22,907</ix:nonFraction></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: black 2.25pt double; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td id="xdx_98E_eus-gaap--DueToRelatedPartiesCurrent_c20211231_pp0p0" title="Due to related party" style="border-bottom: black 2.25pt double; padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">597,270</ix:nonFraction></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: black 2.25pt double; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td id="xdx_98E_eus-gaap--DueToRelatedPartiesCurrent_c20210331_pp0p0" title="Due to related party" style="border-bottom: black 2.25pt double; padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">556,497</ix:nonFraction></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">The
due to related party balance is unsecured, interest-free and due on demand.</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; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Due
from a Stockholder</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">The
due from a stockholder balances as of December 31 and March 31, 2021 are as follows:</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; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: black 1pt solid; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<br /> 2021</b></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: black 1pt solid; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March&#160;31,<br /> 2021</b></span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$</b></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$</b></span></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding: 0pt 0pt 0pt 10pt; width: 60%; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huihe Zheng</span></td>
<td style="padding: 0pt; width: 8%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td id="xdx_98A_eus-gaap--StockholdersEquityNoteSubscriptionsReceivable_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HuiheZhengMember_pp0p0" title="Subscription receivable" style="padding: 0pt; width: 10%; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquityNoteSubscriptionsReceivable" contextRef="AsOf2021-12-31_custom_HuiheZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">48,718</ix:nonFraction></span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; width: 8%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td id="xdx_98A_eus-gaap--StockholdersEquityNoteSubscriptionsReceivable_c20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HuiheZhengMember_pp0p0" title="Subscription receivable" style="padding: 0pt; width: 10%; text-align: right; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquityNoteSubscriptionsReceivable" contextRef="AsOf2021-03-31_custom_HuiheZhengMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">48,718</ix:nonFraction></span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A0_zdNkfOqb8lue" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><p id="xdx_233_zfO5EugyU8L8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 18; Value: 1 -->
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<ix:exclude><p id="xdx_23C_zSrwg6iqZ3k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zRGFaKEf622f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
due from a stockholder balances represent the purchase price for shares of QDM BVI to be paid by Mr. Zheng. These due from a stockholder
balances are unsecured, interest-free and due on demand.</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; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80A_eus-gaap--IncomeTaxDisclosureTextBlock_z0Cg1FHy94P7" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.
<span id="xdx_82D_zV6LADZ7N0T9">Income Taxes</span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">Under
the current Hong Kong Inland Revenue Ordinance, the Company&#8217;s Hong Kong subsidiaries are subject to a <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_c20210401__20211231__srt--StatementGeographicalAxis__country--HK_zeRCCzW3jOt7" title="State and federal rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2021-04-012021-12-31_country_HK" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>% 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.</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; font-size: 10pt">&#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; font-size: 10pt">The
Company did not have current income tax expenses for the three months and nine months ended December 31, 2021 and 2020 since it did not
have taxable incomes in these two periods.</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; font-size: 10pt">&#160;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">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 <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_c20210401__20211231__srt--StatementGeographicalAxis__country--US_zuIaQOi3LQea" title="State and federal rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2021-04-012021-12-31_country_US" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21</ix:nonFraction></span>% for the calendar year of 2021 (2020: <span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_c20200401__20201231__srt--StatementGeographicalAxis__country--US_zXWL99sHPwC1" title="State and federal rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2020-04-012020-12-31_country_US" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21</ix:nonFraction></span>%).</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; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">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 December 31, and March 31, 2021 the Company did
not have any significant unrecognized uncertain tax positions.</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; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80D_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zDAesnd0Vwp8" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.
<span id="xdx_825_zpPceB3Anfwg">Commitments and Contingencies</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not have other significant commitments, long-term obligations, or guarantees as of December 31, 2021.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 December 31, 2021, the
Company is not a party to any material legal or administrative proceedings.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-04-01to2021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_807_eus-gaap--SubsequentEventsTextBlock_zCWWsR30L07j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.
<span id="xdx_822_zerrnRDXV975">Subsequent Events</span></b></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; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">In
accordance with ASC 855-10, the Company has analyzed its operations subsequent to December 31, 2021 has determined that it does not have
any other material subsequent events to disclose in these financial statements.</span></p>

</ix:nonNumeric><p id="xdx_81C_zOMyYLhhGqxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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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; font-size: 10pt">&#160;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">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 &#34;shell&#34; company.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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. The Share
Exchange closed on October 21, 2020.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt"><i><span style="text-decoration: underline">Impact
of COVID-19</span></i></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; font-size: 10pt"><i><span style="text-decoration: underline">&#160;</span></i></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; font-size: 10pt"><i><span style="text-decoration: underline"></span></i></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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt"><i><span style="text-decoration: underline">Impact
of Protests in Hong Kong</span></i></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; font-size: 10pt"><i><span style="text-decoration: underline">&#160;</span></i></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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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 June 30, 2020.</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; font-size: 10pt">&#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; font-size: 10pt">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.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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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; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Regulatory Developments</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company incorporated in Florida with substantially all of our operation conducted by the operating entity in Hong Kong.
Although we conduct limited administrative activities in our principal executive offices located in China, we currently do not have or
intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any
entity in mainland China. Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong
are reflected in the Basic Law, namely, Hong Kong&#8217;s constitutional document, which provides Hong Kong with a high degree of autonomy
and executive, legislative and independent judicial powers, including that of final adjudication under the principle of &#34;one country,
two systems&#34;. Accordingly, we believe the laws and regulations of the PRC do not currently have any material impact on our business,
financial condition or results of operations. However, there is no assurance that there will not be any changes in the economic, political
and legal environment in Hong Kong in the future. If there is significant change to current political arrangements between mainland China
and Hong Kong, companies operated in Hong Kong may face similar regulatory risks as those operated in PRC, including its ability to offer
securities to investors, list its securities on a U.S. or other foreign exchange, conduct its business or accept foreign investment.
In light of China&#8217;s recent expansion of authority in Hong Kong, there are risks and uncertainties which we cannot foresee for the time
being, and rules and regulations in China can change quickly with little or no advance notice. The Chinese government may intervene or
influence our current and future operations in Hong Kong at any time, or may exert more control over offerings conducted overseas and/or
foreign investment in issuers likes ourselves. See &#34;<i>Item 1A. Risk Factors &#8211; Risks Related to Doing Business in Hong Kong</i>.&#34;
in our Annual Report on Form 10-K for the year ended March 31, 2021, which was originally filed with the Securities and Exchange Commission
on July 12, 2021 and was amended on October 22, 2021 and December 17, 2021, respectively.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We are aware that, recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based
companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021, the General Office of the Communist Party of China
Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities
market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental
authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based
companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. Also,
on July 10, 2021, the Cyberspace Administration of China (&#8220;CAC&#8221;) issued a revised draft of the Measures for Cybersecurity
Review for public comments, or the Revised Draft, which required that, among others, in addition to &#8220;operator of critical information
infrastructure&#8221;, any &#8220;data processor&#8221; controlling personal information of no less than one million users (which to
be further specified) which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated
the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the Measures
for Cybersecurity Review (2021 version) was promulgated and will become effective on February 15, 2022, which iterates that any &#8220;online
platform operators&#8221; controlling personal information of more than one million users which seeks to list in a foreign stock exchange
should also be subject to cybersecurity review. The Measures for Cybersecurity Review (2021 version), further elaborates the factors
to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core
data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country;
and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected,
controlled, or maliciously used by foreign governments after listing abroad. The Cyberspace Administration of China has said that under
the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings
in other nations because of the risk that such data and personal information could be &#8220;affected, controlled, and maliciously exploited
by foreign governments.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the Basic Law, national laws of the PRC do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied
locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law
to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong
Kong. National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have not been listed in Annex III
and so do not apply directly to Hong Kong.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not believe that we are currently required to obtain any permission or approval from the China Securities Regulatory Commission, CAC
or any other regulatory authority in the PRC for our operations, the trading of our securities on the OTC Markets and the issuance of
our securities to foreign investors.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevertheless,
the laws and regulations in the PRC are evolving, and their enactment timetable, interpretation and implementation involve significant
uncertainties. To the extent any PRC laws and regulations become applicable to us, we may be subject to the risks and uncertainties associated
with the legal system in the PRC, including with respect to the enforcement of laws and the possibility of changes of rules and regulations
with little or no advance notice.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The U.S. government, including the Securities and Exchange Commission,
has recently made statements and taken certain actions that may lead to significant changes to U.S. and international relations, and will
impact companies with connections to the United States or China (including Hong Kong). The Securities and Exchange Commission has issued
statements primarily focused on companies with significant China-based operations. For example, on July 30, 2021, Gary Gensler, Chairman
of the SEC, issued a Statement on Investor Protection Related to Recent Developments in China, pursuant to which Chairman Gensler stated
that he has asked the SEC staff to engage in targeted additional reviews of filings for companies with significant China-based operations.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Three
Months Ended December 31, 2021 and 2020</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">&#160;</span></i></b></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; font-size: 10pt">The
following table presents an overview of the results of operations for the three months ended December 31, 2021 and 2020:</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; font-size: 10pt">&#160;</span></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="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <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>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br /> 2021</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="padding: 0pt 0pt 0pt 20pt; width: 56%; text-indent: -10pt">Revenue</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">24,601</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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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">33,133</td><td style="padding-bottom: 1pt; text-align: left">&#160;</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">Gross profit</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">322</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Operating costs and expenses:</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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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">87,737</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">87,673</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total operating costs and expenses</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">87,737</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">87,673</td><td style="padding-bottom: 1pt; text-align: left">&#160;</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">Loss from operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(87,737</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(87,351</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total other income (expenses)</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">(711</td><td style="padding-bottom: 1pt; text-align: left">)</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">(3,559</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">(87,026</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(83,791</td><td style="text-align: left">)</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt"><i>Revenue</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">Revenue
decreased by approximately $9,000 or 26.5% for the three months ended December 31, 2021 as compared to the same period of 2020. The decrease
was mainly due to the decrease in the number of customers from mainland China resulting from the prolonged COVID-19 travel restriction
and quarantine measures imposed by Hong Kong government during three months ended December 31, 2021.</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; font-size: 10pt">&#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; font-size: 10pt"><i>Cost
of sales</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">Cost
of sales represented commissions paid to individuals or companies who referred customers to us. The amount decreased by approximately
$9,000 or 25.8% for the three months ended December 31, 2021 as compared to the same period of 2020. The decrease was in line with the
decrease of revenue.</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; font-size: 10pt">&#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; font-size: 10pt"><i>Gross
margin</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">Gross
margin was 0% for the three months ended December 31, 2021 as compared to the 1.0% for the same period of last year. The gross margin
is fairly consistent for both periods.</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; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt"><i>General
and administrative expenses</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt"><i></i></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; font-size: 10pt">General
and administrative expenses (&#34;G&amp;A&#34;) 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 are consistent for the three months ended December 31, 2021 as compared to the same period of 2020 as G&amp;A is largely fixed
expenses</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; font-size: 10pt">.</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; font-size: 10pt"><i>Net
loss</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">As
a result of the factors described above, net loss for the three months ended December 31, 2021 increased by approximately $3,000 or 3.9%
as compared to the same period of 2020.</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; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Nine
Months Ended December 31, 2021 and 2020</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">&#160;</span></i></b></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; font-size: 10pt">The
following table presents an overview of the results of operations for the nine months ended December 31, 2021 and 2020:</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; font-size: 10pt">&#160;</span></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="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-indent: -10pt">&#160;</td>
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    <td colspan="3" style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-align: center; text-indent: -10pt">For The Nine Months<br /> Ended</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-indent: -10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; width: 56%; text-indent: -10pt">Revenue</td><td style="padding: 0pt 0pt 0pt 10pt; width: 8%; text-indent: -10pt">&#160;</td>
    <td style="padding: 0pt 0pt 0pt 10pt; width: 1%; text-align: left; text-indent: -10pt">$</td><td style="padding: 0pt 0pt 0pt 10pt; width: 12%; text-align: right; text-indent: -10pt">54,819</td><td style="padding: 0pt 0pt 0pt 10pt; width: 1%; text-align: left; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; width: 8%; text-indent: -10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Cost of sales</td><td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Gross profit</td><td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: right; text-indent: -10pt">1,225</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: right; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: right; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td></tr>
  <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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    <td style="border-bottom: Black 1pt solid; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td><td style="border-bottom: Black 1pt solid; padding: 0pt 0pt 0pt 10pt; text-align: right; text-indent: -10pt">230,122</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: right; text-indent: -10pt">(271,440</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">)</td><td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: right; text-indent: -10pt">(228,897</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">)</td></tr>
  <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="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net loss</td><td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">$</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: right; text-indent: -10pt">(271,689</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">)</td><td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt"><i>Revenue</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">Revenue
decreased by approximately $46,000 or 45.4% for the nine months ended December 31, 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 and quarantine measures
imposed by Hong Kong government during the nine months ended December 31, 2021.</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; font-size: 10pt">&#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; font-size: 10pt"><i>Cost
of sales</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">Cost
of sales represented commissions paid to individuals or companies who referred customers to us. The amount decreased by approximately
$44,000 or 44.7% for the nine months ended December 31, 2021 as compared to the same period of 2020. The decrease was in line with the
decrease of revenue.</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; font-size: 10pt">&#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; font-size: 10pt"></span></p>

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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; font-size: 10pt">&#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; font-size: 10pt"><i>Gross
margin</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">Gross
margin was 0% for the nine months ended December 31, 2021 as compared to the 1.2% for the same period of last year. The lower gross margin
in 2021 compared to 2020 was because our commission costs for the nine months ended December 31, 2020 were relatively lower. During the
nine months ended December 31, 2021, we slightly increased our commissions for renewals for clients referred by YeeTah Financial from
the previous year.</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; font-size: 10pt">&#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; font-size: 10pt"><i>General
and administrative expenses</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt"><i></i></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; font-size: 10pt">General
and administrative expenses increased by approximately $41,000 or 18.0% for the nine months ended December 31, 2021 as compared to the
same period of 2020. The increase was primarily due to additional legal fees incurred for the Reverse Split in the nine months ended
December 31, 2021.</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; font-size: 10pt">&#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; font-size: 10pt"><i>Net
loss</i></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; font-size: 10pt"><i>&#160;</i></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; font-size: 10pt">As
a result of the factors described above, net loss for the nine months ended December 31, 2021 increased by approximately $50,000 or 22.4%
as compared to the same period of 2020.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Currency Translation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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.</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; font-size: 10pt">&#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; font-size: 10pt">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
and nine months ended December 31, 2021 and 2020.</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; font-size: 10pt">&#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; font-size: 10pt"></span></p>

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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; font-size: 10pt">&#160;</span>&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">We
have financed our operations primarily through cash generated by operating
activities, equity financings and advances from Huihe Zheng, our principal stockholder, Chairman and Chief Executive Officer. We are a
holding company and conduct substantially all of our operations through YeeTah, which is our only entity that has cash inflows and outflows.
Our expenses are paid directly either by YeeTah or Mr Zheng. There have been no cash and any asset transactions between us and our subsidiaries
since the Share Exchange. As of December 31, 2021 and March 31, 2021, we had $126,977 and 35,605, respectively, in cash and cash equivalents,
which primarily consisted of cash deposited in banks.</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; font-size: 10pt">&#160;</span></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">December 31,<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">December 31,<br /> 2020</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left; text-indent: 0pt; padding-left: 0pt">Net cash used in operating activities</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(247,689</td><td style="width: 1%; text-align: left">)</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(226,493</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Net cash provided by (used in) financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">339,070</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">234,643</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Net increase (decrease) in cash, cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">91,372</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,150</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Cash and cash equivalents at beginning of year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">35,605</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62,780</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Cash and cash equivalents at end of year</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">126,977</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">70,930</td><td style="text-align: left">&#160;</td></tr>
  </table>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">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 Mr. Zheng, our principal stockholder, Chairman and Chief
Executive Officer. 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 Mr. Zheng. Although
historically we were successful in obtaining equity financings through the sales of our securities and obtaining loans from Mr. Zheng,
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.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">Net
cash used in operating activities was approximately $248,000 for the nine months ended December 31, 2021, compared to net cash used in
operating activities of approximately $227,000 for the same period of 2020, representing an increase of approximately $21,000 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 $50,000 in the nine months ended December 31, 2021 as compared to the same period of 2020 and the following major working capital
changes:</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; font-size: 10pt">&#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; font-size: 10pt"></span></p>

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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; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="padding: 0pt; width: 48px; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 24px; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in accounts receivable resulted in an approximately $6,000 cash outflow for the nine months ended December 31, 2021, while for the
    same period of 2020, change in accounts receivable resulted in a cash inflow of approximately $4,000, which led to an approximately
    $10,000 increase in net cash outflow from operating activities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="padding: 0pt; width: 48px; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 24px; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in prepaid expenses resulted in an approximately $6,000 cash inflow for the nine months ended December 31, 2021, while for the same
    period of 2020, change in prepaid expenses resulted in a cash outflow of approximately $18,000, which led to an approximately $24,000
    increase in net cash inflow from operating activities.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in accounts payable and accrued liabilities resulted in an approximately $4,000 cash inflow for the nine months ended December 31,
    2021, while for the same period of 2020, change in accounts payable and accrued liabilities generated a cash outflow of approximately
    $12,000, which led to an approximately $16,000 increase in net cash inflow from operating activities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="padding: 0pt; width: 48px; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 24px; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in due to related parties resulted in an approximately $19,000 cash inflow for the nine months ended December 31, 2021, while for
    the same period of 2020, change in due to related parties generated a cash inflow of approximately $1,000, which led to an approximately
    $18,000 increase in net cash inflow from operating activities.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in non-cash stock compensation resulted in a decreased in cash inflow of $20,000 in nine-month period of 2021 compared to 2020.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities:</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no investing activities for the nine months ended December 31, 2021 and December 31, 2020.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></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; font-size: 10pt">Net
cash generated from financing activities was approximately $339,000 for the nine months ended December 31, 2021, which was attributable
to the net results of: (i) stockholder advances of approximately $363,000; (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.</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; font-size: 10pt">&#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; font-size: 10pt">Net
cash generated from financing activities was approximately $235,000 for the nine months ended December 31, 2020, which was attributable
to the net results of: (i) stockholder advances of approximately $499,000; (ii) costs incurred on reverse take-over of $254,000; (iii)
payment of $30,000 issuance costs for deferred equity transactions; and (vi) capital contribution of $20,000 from a stockholder.</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; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">We
have no material commitments for the next twelve months. We will, however, require additional capital to meet our liquidity needs.</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; font-size: 10pt">&#160;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">As
of December 31, 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.</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; font-size: 10pt">&#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; font-size: 10pt"></span></p>

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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; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>Item
3. Quantitative and Qualitative Disclosures about Market Risk.</b></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; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">Not
applicable.</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; font-size: 10pt">&#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; font-size: 10pt"><b><span id="a_006"></span>Item
4. Controls and Procedures.</b></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; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt"><b></b></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; font-size: 10pt">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 to allow timely decisions regarding required disclosure.</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; font-size: 10pt">&#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; font-size: 10pt">Under
the supervision of our Chief Executive Officer and Chief Financial Officer (the &#34;Certifying Officers&#34;), we evaluated the effectiveness
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 December 31, 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.</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; font-size: 10pt">&#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; font-size: 10pt"><b>Changes
in Internal Control over Financial Reporting</b></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; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">There
were no changes in our internal control over financial reporting during the quarter ended December 31, 2021 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.</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; font-size: 10pt">&#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; font-size: 10pt"></span></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_007"></span>PART
II - OTHER INFORMATION</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">We
are a smaller reporting company and accordingly we are not required to provide information required by this Item.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">None.</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; font-size: 10pt">&#160;</span></p>

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; font-size: 10pt">Not
applicable.</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; font-size: 10pt">&#160;</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></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; padding: 0pt; width: 7%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 92%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; 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="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; 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">
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1094032/000173112220000424/e1860_3-1.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="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.1*</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="e3453_ex31-1.htm">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2*</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="e3453_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: White">
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1**</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="e3453_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>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; 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>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished herewith.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QDM International Inc.</b></span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="2" style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: February
2, 2022</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
<td colspan="2" style="border-bottom: black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Huihe Zheng</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huihe Zheng</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer<br /> (Principal Executive Officer)</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="2" style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: February 2, 2022</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
<td colspan="2" style="border-bottom: black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tim Shannon</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tim Shannon</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; width: 50%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; width: 7%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; width: 6%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </span></td>
<td style="padding: 0pt; width: 38%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer<br /> (Principal Financial and Accounting Officer)</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;26</span></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
December 31, 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
,
Shangha
i,
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 mark 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 February _____, 2022, there were
209,993
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
23
Item
    4.
Controls and Procedures
23
PART II – OTHER INFORMATION
24
Item
    1.
Legal Proceedings
24
Item
    1A.
Risk Factors
24
Item
    2.
Unregistered Sales of Equity Securities and Use of Proceeds
24
Item
    3.
Defaults Upon Senior Securities
24
Item
    4.
Mine Safety Disclosures
24
Item
    5.
Other Information
24
Item
    6.
Exhibits
24
SIGNATURES
26
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 DECEMBER 31, AND MARCH 31, 2021
December 31,
2021
March 31,
2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
126,977
$
35,605
Accounts receivable
7,924
2,250
Prepaid expenses
36,480
42,526
Deferred assets
—
70,673
Total current assets
171,381
151,054
Total assets
$
171,381
$
151,054
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable & accrued liabilities
$
8,946
$
5,055
Due to related parties
597,270
556,497
Total current liabilities
606,216
561,552
Stockholders' equity deficit:
Preferred stock, $
0.0001
par value,
5,000,000
shares authorized,
545,386
and
913,500
issued and outstanding designated as Series C Convertible Preferred Stock
54
91
Common stock, $
0.0001
par value,
200,000,000
shares authorized,
209,993
and
56,268
shares issued and
209,521
and
55,796
shares outstanding
624
169
Subscription receivable
(
48,718
)
(
48,718
)
Treasury stock,
473
and
473
shares at cost
(
60,395
)
(
60,395
)
Additional paid-in capital
9,584,244
9,337,310
Accumulated deficit
(
9,910,644
)
(
9,638,955
)
Total stockholders' deficit
(
434,835
)
(
410,498
)
Total liabilities and stockholders' deficit
$
171,381
$
151,054
See
accompanying notes to condensed consolidated financial statements.
1
QDM
INTERNATIONAL INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020
For the Three Months
Ended
December 31,
For the Nine Months
Ended
December 31,
2021
2020
2021
2020
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenue
$
24,601
$
33,455
$
54,819
$
100,355
Cost of sales
24,601
33,133
54,819
99,130
Gross profit
—
(
322
)
—
1,225
Operating expenses
General & administrative expenses
$
87,737
$
87,673
$
271,440
$
230,122
Total operating expenses
87,737
87,673
271,440
230,122
Loss from operations
(
87,737
)
(
87,351
)
(
271,440
)
(
228,897
)
Other (income) expense
Finance costs (income)
(
711
)
—
249
—
Other (income) expense, net
—
(
3,559
)
—
(
6,849
)
Total other expense (income)
(
711
)
(
3,559
)
249
(
6,849
)
Income(loss) before income taxes
(
87,026
)
(
83,791
)
(
271,689
)
(
222,048
)
Net income(loss)
$
(
87,026
)
$
(
83,791
)
$
(
271,689
)
$
(
222,048
)
Earnings per share of common stock:
Basic
$
(
0.42
)
$
(
1.51
)
$
(
1.48
)
$
(
4.02
)
Diluted
(
0.42
)
(
1.51
)
$
(
1.48
)
(
4.02
)
Weighted average basic & diluted shares outstanding:
Series C Convertible Preferred Stock
545,386
708,065
547,175
246,712
Common stock
209,499
55,491
183,815
55,249
See
accompanying notes to condensed consolidated financial statements.
2
QDM
INTERNATIONAL INC.
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020
Nine
months ended December 31, 2020
Preferred Stock
Common Stock
Treasury Stock
Preferred
Stock Amount
Common
Stock Amount
Treasury Amount
Additional
Paid-in Capital
Subscription Receivable
Accumulated Deficit
Total
Balance March 31, 2020
13,500
55,589
(
473
)
$
1
$
167
(
60,395
)
$
9,503,807
$
(
48,718
)
$
(
9,331,253
)
$
63,609
Net loss
—
—
—
—
—
—
—
—
(
222,048
)
(
222,048
)
Contribution from stockholders
—
—
—
—
—
—
19,747
—
19,747
Reverse take-over transaction costs
—
—
—
—
—
—
(
254,024
)
—
(
254,024
)
Preferred shares issued
900,000
—
—
90
—
—
(
90
)
—
—
Common share issued
—
667
—
—
2
—
19,998
—
20,000
Share issuance due to reverse stock split rounding up
—
13
—
—
—
—
—
—
Balance December 31, 2020 (Unaudited)
913,500
56,268
(
473
)
$
91
$
169
(
60,395
)
$
9,289,438
$
(
48,718
)
$
(
9,553,301
)
$
(
372,716
)
Three
months ended December 31, 2020
Balance
    September 30, 2020 (Unaudited)
13,500
55,602
(
473
)
$
1
$
167
(
60,395
)
$
9,523,554
$
(
48,718
)
$
(
9,469,510
)
$
(
54,901
)
Net
    loss
—
—
—
—
—
—
—
—
(
83,791
)
(
83,791
)
Reverse
    take-over transaction costs
—
—
—
—
—
—
(
254,024
)
—
(
254,024
)
Preferred
    shares issued
900,000
—
—
90
—
—
(
90
)
—
—
Common
    share issued
—
667
—
—
2
—
19,998
—
—
20,000
Balance
    December 31, 2020 (Unaudited)
913,500
56,268
(
473
)
$
91
$
169
(
60,395
)
$
9,289,438
$
(
48,718
)
$
(
9,553,301
)
$
(
372,716
)
3
Nine
months ended December 31, 2021
Balance
    March 31, 2021
913,500
56,268
(
473
)
$
91
$
169
(
60,395
)
$
9,337,310
$
(
48,718
)
$
(
9,638,955
)
$
(
410,498
)
Net
    loss
—
—
—
—
—
—
—
—
(
271,689
)
(
271,689
)
Loan
    forgiveness from shareholder
—
—
—
—
—
—
141,025
—
—
141,025
Share
    issuance due to reverse stock split rounding up
—
2,041
—
—
—
—
—
—
—
—
Share
    offering costs
—
—
—
—
—
—
(
94,173
)
—
—
(
94,173
)
Conversion
    to common stock
(
368,114
)
134,976
—
(
37
)
405
—
(
368
)
—
—
—
Issuance
    of common stock
—
16,708
—
—
50
—
200,450
—
—
200,500
Balance
    December 31, 2021 (Unaudited)
545,386
209,993
(
473
)
$
54
$
624
(
60,395
)
$
9,584,244
$
(
48,718
)
$
(
9,910,644
)
$
(
434,835
)
Three
months ended December 31, 2021
Balance September 30, 2021 (Unaudited)
545,386
208,084
(
473
)
$
54
$
624
(
60,395
)
$
9,443,219
$
(
48,718
)
$
(
9,823,618
)
$
(
488,834
)
Net loss
—
—
—
—
—
—
—
—
(
87,026
)
(
87,026
)
Loan forgiveness from shareholder
—
—
—
—
—
—
141,025
—
—
141,025
Share issuance due to reverse stock split rounding up
—
1,909
—
—
—
—
—
—
—
—
Balance December 31, 2021 (Unaudited)
545,386
209,993
(
473
)
$
54
$
624
(
60,395
)
$
9,584,244
$
(
48,718
)
$
(
9,910,644
)
$
(
434,835
)
See
accompanying notes to condensed consolidated financial statements.
4
QDM
INTERNATIONAL INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020
December 31,
2021
December 31,
2020
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net loss
$
(
271,689
)
$
(
222,048
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation
—
251
Stock compensation
—
20,000
Net (gain)/loss from write-off of fixed assets
—
543
Changes in working capital:
Accounts receivable & other receivable
(
5,674
)
4,305
Prepaid expenses
6,047
(
18,283
)
Accounts payable & accrued liabilities
3,890
(
12,729
)
Due to a related party
19,728
1,468
Net cash used in operating activities
(
247,689
)
(
226,493
)
Cash flows from financing activities:
Proceeds received from related parties
362,570
498,921
Payments to related parties
(
200,500
)
—
Share issuance proceeds
200,500
—
Costs related to equity financing
(
23,500
)
(
30,000
)
Reverse take-over transaction costs
—
(
254,024
)
Contribution from stockholders
—
19,746
Net cash provided by (used) in financing activities
339,070
234,643
EFFECT OF EXCHANGE RATE CHANGES ON CASH
—
—
NET INCREASE (DECREASE) IN CASH
91,372
8,150
CASH, BEGINNING OF PERIOD
$
35,605
$
62,780
CASH, END OF PERIOD
126,977
70,930
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest
$
—
$
—
Cash paid for income taxes
$
—
$
—
NON-CASH
    TRANSACTIONS:
Loan
    forgiveness from a shareholder
$
141,025
$
—
See
accompanying notes to condensed consolidated financial statements.
5
QDM
International Inc.
Notes
to Condensed Consolidated Financial Statements
Nine Months Ended December 31, 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 is a holding
company with no material operations and conducts its insurance brokerage 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.
Unless
the context specifically requires otherwise, the term "Company" used herein means QDM International Inc. together with its
direct and indirect subsidiaries described above.
6
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 December 31, 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 stockholder, 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 Mr. Zheng, its principal stockholder, 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, which was originally filed with the Securities and Exchange Commission on July 12, 2021 and was amended on October 22,
2021 and December 17, 2021, respectively.
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.
7
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 December 31, 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 operations. Delinquent account balances are written-off against the allowance for doubtful accounts after management
has determined that the likelihood of collection is not probable.
8
The
Company historically did not have material bad debts in accounts receivable. There were no bad debt expenses for the three and nine months
ended December 31, 2021 and 2020 and there was
no
provision for doubtful accounts as of December 31, 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 insurance brokerage contracts with our customers (insurance companies) primarily through written contracts. Performance
obligation for these insurance brokerage contracts is to help the Company's insurance company customers to promote, coordinate and complete
subscriptions of insurance policies and products offered by 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.
9
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 December 31, 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.
10
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.
11
Earnings
per share
Basic
earnings per share is computed by dividing net income attributable to holders of common stock 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 holders of common stock 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 August 10, 2021, the Company effected a reverse
stock split of its common stock, without changing the par value per share, whereby each 30 issued and outstanding shares of common stock
were consolidated into one share of common stock (the "Reverse Split"). The Company has retrospectively accounted for the
change in the current and prior period financial statements that are presented in the condensed interim financial statements.
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 16,708 shares (
501,250
shares before the Reverse Split (as defined below)) of its common stock at a price of $12 per share ($
0.40
before the Reverse Split)
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.
On
November 11, 2020, the Company's board approved to issue an aggregate
of 667 shares (20,000 shares before the Reverse Split) of common stock to its directors and officers as equity compensation for services
they provided in 2020.
Preferred
Stock
On
May 17, 2021, upon receipt of a conversion notice from Mr. Zheng, the Company issued 134,976 shares (
4,049,254
shares before the Reverse
Split) 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.
On October 21, 2020, as part of the Share Exchange
with QDM BVI, the Company issued
900,000
Series C Preferred Shares to Huihe Zheng, the sole shareholder of QDM BVI and the Chairman and
Chief Executive Officer of the Company.
On
October 8, 2020, the Company filed an amendment to its Articles of Incorporation
to designate 900,000 shares of its authorized preferred stock as Series C Convertible Preferred Stock. The holders of Series C Preferred
Shares are entitled to receive any dividends or distributions paid in respect of the Common Stock on an as-converted basis. Holders of
Series C Preferred Shares are entitled to vote, together with the holders of Common Stock, on an as-converted basis on all matters submitted
to a vote of the holders of Common Stock. Each Series C Preferred Share is convertible into Common Stock at an initial conversion rate
of 1-for-11.
Additional
Paid-in Capital
During
the three months ended December 31, 2021, Mr. Zheng, the Company's
principal stockholder, Chairman and Chief Executive Officer, forgave $
141,025
related party balance due from YeeTah,
which is treated as a capital transaction.
During
the nine months ended December 31, 2020, the Company received capital contribution of $
19,747
from Mr. Zheng for working capital uses. The capital contribution was recorded in additional paid-in capital.
On
October 21, 2020, as a result of the Share Exchange with QDM BVI, the Company completed a reverse acquisition with QDM BVI. The transaction
costs of $
254,024
in connection with the reverse acquisition was recorded into additional paid-in capital.
12
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 nine months ended December 31, 2021, YeeTah Financial Group Co., Ltd. ("YeeTah Financial") charged YeeTah US$
53,862
(2020: US$
97,631
) commission expenses in relation to insurance referral services rendered by YeeTah Financial.
(ii)
During the nine months ended December 31, 2021, the Company received nil (2020: US$
19,747
) in capital contributions from Tim Shannon for working capital uses.
(iii)
During the nine months ended December 31, 2021, the Company received $
362,570
(2020: US$
258,921
) in stockholder advances from Mr. Zheng for working capital uses. The Company repaid Mr. Zheng $
200,500
during the nine months ended December 31, 2021.
(vi)
During the nine months ended December 31, 2020, Mr. Zheng paid US$
240,000
on behalf of the Company for costs associated with the Share Exchange.
(v)
During
the three months ended December 31, 2021, Mr. Zheng forgave $
141,025
of related party balance due from YeeTah, which is treated as a capital transaction.
Due
to Related Party Balance
The
Company's due to related party balance as of December 31 and March 31, 2021 is as follows:
December 31,
2021
March 31,
2021
US$
US$
Huihe Zheng
594,090
533,590
YeeTah Financial
3,180
22,907
Total
597,270
556,497
The
due to related party balance is unsecured, interest-free and due on demand.
Due
from a Stockholder
The
due from a stockholder balances as of December 31 and March 31, 2021 are as follows:
December 31,
2021
March 31,
2021
US$
US$
Huihe Zheng
48,718
48,718
13
The
due from a stockholder balances represent the purchase price for shares of QDM BVI to be paid by Mr. Zheng. These due from a stockholder
balances 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 and nine months ended December 31, 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 December 31, 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 December 31, 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 December 31, 2021, the
Company is not a party to any material legal or administrative proceedings.
8.
Subsequent Events
In
accordance with ASC 855-10, the Company has analyzed its operations subsequent to December 31, 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. 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 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
Recent
Regulatory Developments
We
are a holding company incorporated in Florida with substantially all of our operation conducted by the operating entity in Hong Kong.
Although we conduct limited administrative activities in our principal executive offices located in China, we currently do not have or
intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any
entity in mainland China. Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong
are reflected in the Basic Law, namely, Hong Kong's constitutional document, which provides Hong Kong with a high degree of autonomy
and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country,
two systems". Accordingly, we believe the laws and regulations of the PRC do not currently have any material impact on our business,
financial condition or results of operations. However, there is no assurance that there will not be any changes in the economic, political
and legal environment in Hong Kong in the future. If there is significant change to current political arrangements between mainland China
and Hong Kong, companies operated in Hong Kong may face similar regulatory risks as those operated in PRC, including its ability to offer
securities to investors, list its securities on a U.S. or other foreign exchange, conduct its business or accept foreign investment.
In light of China's recent expansion of authority in Hong Kong, there are risks and uncertainties which we cannot foresee for the time
being, and rules and regulations in China can change quickly with little or no advance notice. The Chinese government may intervene or
influence our current and future operations in Hong Kong at any time, or may exert more control over offerings conducted overseas and/or
foreign investment in issuers likes ourselves. See "
Item 1A. Risk Factors – Risks Related to Doing Business in Hong Kong
."
in our Annual Report on Form 10-K for the year ended March 31, 2021, which was originally filed with the Securities and Exchange Commission
on July 12, 2021 and was amended on October 22, 2021 and December 17, 2021, respectively.
We are aware that, recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based
companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021, the General Office of the Communist Party of China
Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities
market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental
authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based
companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. Also,
on July 10, 2021, the Cyberspace Administration of China ("CAC") issued a revised draft of the Measures for Cybersecurity
Review for public comments, or the Revised Draft, which required that, among others, in addition to "operator of critical information
infrastructure", any "data processor" controlling personal information of no less than one million users (which to
be further specified) which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated
the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the Measures
for Cybersecurity Review (2021 version) was promulgated and will become effective on February 15, 2022, which iterates that any "online
platform operators" controlling personal information of more than one million users which seeks to list in a foreign stock exchange
should also be subject to cybersecurity review. The Measures for Cybersecurity Review (2021 version), further elaborates the factors
to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core
data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country;
and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected,
controlled, or maliciously used by foreign governments after listing abroad. The Cyberspace Administration of China has said that under
the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings
in other nations because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited
by foreign governments."
Except
for the Basic Law, national laws of the PRC do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied
locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law
to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong
Kong. National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have not been listed in Annex III
and so do not apply directly to Hong Kong.
We
do not believe that we are currently required to obtain any permission or approval from the China Securities Regulatory Commission, CAC
or any other regulatory authority in the PRC for our operations, the trading of our securities on the OTC Markets and the issuance of
our securities to foreign investors.
Nevertheless,
the laws and regulations in the PRC are evolving, and their enactment timetable, interpretation and implementation involve significant
uncertainties. To the extent any PRC laws and regulations become applicable to us, we may be subject to the risks and uncertainties associated
with the legal system in the PRC, including with respect to the enforcement of laws and the possibility of changes of rules and regulations
with little or no advance notice.
17
The U.S. government, including the Securities and Exchange Commission,
has recently made statements and taken certain actions that may lead to significant changes to U.S. and international relations, and will
impact companies with connections to the United States or China (including Hong Kong). The Securities and Exchange Commission has issued
statements primarily focused on companies with significant China-based operations. For example, on July 30, 2021, Gary Gensler, Chairman
of the SEC, issued a Statement on Investor Protection Related to Recent Developments in China, pursuant to which Chairman Gensler stated
that he has asked the SEC staff to engage in targeted additional reviews of filings for companies with significant China-based operations.
Results
of Operations
Three
Months Ended December 31, 2021 and 2020
The
following table presents an overview of the results of operations for the three months ended December 31, 2021 and 2020:
For The Three Months
Ended
For The Three Months
Ended
December 31,
2021
December 31,
2020
Revenue
$
24,601
$
33,455
Cost of sales
24,601
33,133
Gross profit
—
322
Operating costs and expenses:
General and administrative expenses
87,737
87,673
Total operating costs and expenses
87,737
87,673
Loss from operations
(87,737
)
(87,351
)
Total other income (expenses)
(711
)
(3,559
)
Net loss
$
(87,026
)
$
(83,791
)
Revenue
Revenue
decreased by approximately $9,000 or 26.5% for the three months ended December 31, 2021 as compared to the same period of 2020. The decrease
was mainly due to the decrease in the number of customers from mainland China resulting from the prolonged COVID-19 travel restriction
and quarantine measures imposed by Hong Kong government during three months ended December 31, 2021.
Cost
of sales
Cost
of sales represented commissions paid to individuals or companies who referred customers to us. The amount decreased by approximately
$9,000 or 25.8% for the three months ended December 31, 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 December 31, 2021 as compared to the 1.0% for the same period of last year. The gross margin
is fairly consistent for both periods.
18
General
and administrative expenses
General
and administrative expenses ("G&A") 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 are consistent for the three months ended December 31, 2021 as compared to the same period of 2020 as G&A is largely fixed
expenses
.
Net
loss
As
a result of the factors described above, net loss for the three months ended December 31, 2021 increased by approximately $3,000 or 3.9%
as compared to the same period of 2020.
Nine
Months Ended December 31, 2021 and 2020
The
following table presents an overview of the results of operations for the nine months ended December 31, 2021 and 2020:
For The Nine Months
Ended
For The Nine Months
Ended
December 31,
2021
December 31,
2020
Revenue
$
54,819
$
100,355
Cost of sales
54,819
99,130
Gross profit
—
1,225
Operating costs and expenses:
General and administrative expenses
271,440
230,122
Total operating costs and expenses
271,440
230,122
Loss from operations
(271,440
)
(228,897
)
Total other income (expenses)
249
(6,849
)
Net loss
$
(271,689
)
$
(222,048
)
Revenue
Revenue
decreased by approximately $46,000 or 45.4% for the nine months ended December 31, 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 and quarantine measures
imposed by Hong Kong government during the nine months ended December 31, 2021.
Cost
of sales
Cost
of sales represented commissions paid to individuals or companies who referred customers to us. The amount decreased by approximately
$44,000 or 44.7% for the nine months ended December 31, 2021 as compared to the same period of 2020. The decrease was in line with the
decrease of revenue.
19
Gross
margin
Gross
margin was 0% for the nine months ended December 31, 2021 as compared to the 1.2% for the same period of last year. The lower gross margin
in 2021 compared to 2020 was because our commission costs for the nine months ended December 31, 2020 were relatively lower. During the
nine months ended December 31, 2021, we slightly increased our commissions for renewals for clients referred by YeeTah Financial from
the previous year.
General
and administrative expenses
General
and administrative expenses increased by approximately $41,000 or 18.0% for the nine months ended December 31, 2021 as compared to the
same period of 2020. The increase was primarily due to additional legal fees incurred for the Reverse Split in the nine months ended
December 31, 2021.
Net
loss
As
a result of the factors described above, net loss for the nine months ended December 31, 2021 increased by approximately $50,000 or 22.4%
as compared to the same period of 2020.
Foreign
Currency Translation
Our
reporting currency is the United States dollar. Our operations are principally conducted in Hong Kong where the Hong Kong dollar is the
functional currency.
Transactions
denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates
prevailing on the transaction dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies
are translated into the functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences
are reported in the statements of operations and comprehensive income.
The
exchanges rate used for translation from Hong Kong dollar to US$ 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
and nine months ended December 31, 2021 and 2020.
20
Liquidity
and Capital Resources
We
have financed our operations primarily through cash generated by operating
activities, equity financings and advances from Huihe Zheng, our principal stockholder, Chairman and Chief Executive Officer. We are a
holding company and conduct substantially all of our operations through YeeTah, which is our only entity that has cash inflows and outflows.
Our expenses are paid directly either by YeeTah or Mr Zheng. There have been no cash and any asset transactions between us and our subsidiaries
since the Share Exchange. As of December 31, 2021 and March 31, 2021, we had $126,977 and 35,605, respectively, in cash and cash equivalents,
which primarily consisted of cash deposited in banks.
December 31,
2021
December 31,
2020
Net cash used in operating activities
$
(247,689
)
$
(226,493
)
Net cash provided by (used in) financing activities
339,070
234,643
Net increase (decrease) in cash, cash equivalents
91,372
8,150
Cash and cash equivalents at beginning of year
35,605
62,780
Cash and cash equivalents at end of year
$
126,977
$
70,930
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 Mr. Zheng, our principal stockholder, Chairman and Chief
Executive Officer. 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 Mr. Zheng. Although
historically we were successful in obtaining equity financings through the sales of our securities and obtaining loans from Mr. Zheng,
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 $248,000 for the nine months ended December 31, 2021, compared to net cash used in
operating activities of approximately $227,000 for the same period of 2020, representing an increase of approximately $21,000 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 $50,000 in the nine months ended December 31, 2021 as compared to the same period of 2020 and the following major working capital
changes:
21
(1)
Change
    in accounts receivable resulted in an approximately $6,000 cash outflow for the nine months ended December 31, 2021, while for the
    same period of 2020, change in accounts receivable resulted in a cash inflow of approximately $4,000, which led to an approximately
    $10,000 increase in net cash outflow from operating activities.
(2)
Change
    in prepaid expenses resulted in an approximately $6,000 cash inflow for the nine months ended December 31, 2021, while for the same
    period of 2020, change in prepaid expenses resulted in a cash outflow of approximately $18,000, which led to an approximately $24,000
    increase in net cash inflow from operating activities.
(3)
Change
    in accounts payable and accrued liabilities resulted in an approximately $4,000 cash inflow for the nine months ended December 31,
    2021, while for the same period of 2020, change in accounts payable and accrued liabilities generated a cash outflow of approximately
    $12,000, which led to an approximately $16,000 increase in net cash inflow from operating activities.
(4)
Change
    in due to related parties resulted in an approximately $19,000 cash inflow for the nine months ended December 31, 2021, while for
    the same period of 2020, change in due to related parties generated a cash inflow of approximately $1,000, which led to an approximately
    $18,000 increase in net cash inflow from operating activities.
(5)
Change
    in non-cash stock compensation resulted in a decreased in cash inflow of $20,000 in nine-month period of 2021 compared to 2020.
Investing
Activities:
There
were no investing activities for the nine months ended December 31, 2021 and December 31, 2020.
Financing
Activities:
Net
cash generated from financing activities was approximately $339,000 for the nine months ended December 31, 2021, which was attributable
to the net results of: (i) stockholder advances of approximately $363,000; (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.
Net
cash generated from financing activities was approximately $235,000 for the nine months ended December 31, 2020, which was attributable
to the net results of: (i) stockholder advances of approximately $499,000; (ii) costs incurred on reverse take-over of $254,000; (iii)
payment of $30,000 issuance costs for deferred equity transactions; and (vi) capital contribution of $20,000 from a stockholder.
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 December 31, 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.
22
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 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 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 December 31, 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.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting during the quarter ended December 31, 2021 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
23
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.
Item
6. Exhibits.
24
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
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.
25
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: February
2, 2022
By:
/s/ Huihe Zheng
Name:
Huihe Zheng
Title:
President and Chief Executive Officer
(Principal Executive Officer)
Dated: February 2, 2022
By:
/s/ Tim Shannon
Name:
Tim Shannon
Title:
Chief Financial Officer
(Principal Financial and Accounting Officer)
26