FingerMotion (NASDAQ: FNGR), a mobile data and services company, is anticipating more than $10 million in quarter revenues for the period ended Nov. 30, 2022. The company announced that, based on expected revenue growth in its core businesses, the company also projects that 2022 annual revenue will exceed last year’s total. The company explained the projections by noting that, during the past six months, FingerMotion has raised a total of $15.5 million in proceeds from a convertible note private placement and a nonbrokered private placement offering. By Nov. 30, 2022, only a portion of the funds raised was used, leaving a $11.5 million balance. According to the company, those funds could be used to pay or extinguish the existing note from the convertible note private placement. However, FingerMotion offered to comply with the repayment of 25% of the proceeds towards the note, unless waived, as well as to pay the mandatory default amount of $5.28 million. The company reported that the lender refused to address the company’s offer or to provide any waiver of the repayment of 25% of the proceeds towards repayment. Consequently, FingerMotion has concluded that the lender is not interested in early repayment and will plan to make monthly payments starting on Feb. 9, 2023; the remaining funds will be used for operations and revenue generation. “This large capital inflow into existing operations is a welcomed event,” said FingerMotion CEO Martin Shen in the press release. “While we would have preferred to strengthen our balance sheet by repaying the note, the strong cash flow generated from the available capital provided formidable revenue results. With the recent funds raised, the company could experience significant revenue growth as we can triple the capital of the original investment. And our projections do not include the full launch of the device protection program, which may prove another significant driver of revenue and margin as we anticipate that division to grow rapidly.”
To view the full press release, visit https://ibn.fm/bSp4y
About FingerMotion Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of only a few companies in China with access to wholesale rechargeable minutes from China’s largest mobile phone providers to service their consumers. As the user base of its primary business continues to grow, the company is developing additional value-added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases. FingerMotion eventually hopes to serve more than 1 billion users in the China market and eventually expand the model to other regional markets. For more information about the company, please visit www.FingerMotion.com.
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