Fingermotion, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed on December 9, 2021, by Fingermotion, Inc. (Delaware). The report discloses a capitalization table and unaudited pro forma financial information in connection with a listing application for the Company's common stock on the Nasdaq Stock Market. The data compares an actual basis as of August 31, 2021, with a pro forma as adjusted basis as of November 5, 2021.
Key Financial Metrics
The filing provides specific balance sheet and equity data but does not report revenue, profit, cash flow from operations, or operating margins for the period.
| Item | Actual (Aug 31, 2021) | Pro Forma (Nov 5, 2021) |
|---|---|---|
| Cash and Cash Equivalents | $878,085 | $2,542,855 |
| Common Shares Outstanding | 42,201,260 | 42,482,260 |
| Accumulated Deficit | ($14,576,382) | ($15,150,344) |
| Total Shareholders' Equity | $5,228,987 | $6,094,565 |
Material Changes
The pro forma adjustments reflect the issuance of 281,000 shares of common stock between October and November 2021:
- Private Placement: On November 5, 2021, the Company issued 236,000 shares at $5.00 per share, generating gross proceeds of $1,180,000.
- Debt Conversion: On November 5, 2021, the Company issued 40,000 shares at $5.00 per share to convert $200,000 of outstanding indebtedness.
- Consulting Issuance: On October 28, 2021, the Company issued 5,000 shares at $2.00 per share pursuant to a consulting agreement.
- Liquidity Impact: Cash and cash equivalents increased by approximately $1.66 million from the actual to the pro forma basis.
Guidance, Outlook, and Risks
The filing contains forward-looking statements regarding the Nasdaq listing application and future expectations. The Company disclaims any obligation to update these statements. The filing does not provide specific revenue guidance, operational outlook, or detailed risk factors beyond the standard disclaimer regarding uncertainties in forward-looking statements.
Investor Verification Checklist
- Verify the successful listing of common stock on the Nasdaq Stock Market.
- Confirm the final share count and capitalization structure post-listing.
- Review the Company's audited financial statements to assess the sustainability of the accumulated deficit.
- Validate the use of proceeds from the $1.18 million private placement.