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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Future International Group Corp.    FIGM

FUTURE INTERNATIONAL GROUP CORP.

(FIGM)
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FUTURE INTERNATIONAL : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

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10/30/2019 | 11:28am EDT

FORWARD LOOKING STATEMENT NOTICE

Certain statements made in this quarterly report on Form 10-Q are "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) in regard to the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the registrant to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company's plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this quarterly report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the registrant or any other person that the objectives and plans of the registrant will be achieved.

Substantial risks exist with respect to an investment in the Company. These risks include but are not limited to, those factors discussed in our Annual Report on Form 10-K for the fiscal year ended October 31, 2018, filed with the Securities and Exchange Commission ("Commission") on January 8, 2019. More broadly, these factors include, but are not limited to:

? We have incurred significant losses and expect to incur future losses;

? Our current financial condition and immediate need for capital;

? Potential significant dilution resulting from the issuance of new

securities for any funding, debt conversion or any business combination;

        and



? We are a "shell" company" and "penny stock" company.




Description of Business

Pacman Media, Inc. (the "Company") was incorporated under the laws in the State of Nevada on September 25, 2013 under the name Pacman Media Inc. The Company initially commenced operations as a developer of mobile apps to be used on smartphones, tablet computes, and other mobile devices.

Effective March 29, 2019, a change of control occurred with respect to the Company. In connection with the change of control transaction, the Company has ceased its operations and is now a "shell company" as defined under the Securities Act of 1933, as amended.

On May 2, 2019, the Company filed a Certificate of Amendment with the Nevada Secretary of State which;



    1.  Changed the name of the Company from "Pacman Media Inc." to "Future
        International Group Corp.",

    2.  Increased the authorized shares of common stock, $0.001 par value, from
        75,000,000 to 500,000,000 shares, and

    3.  Created a class of preferred stock, $0.001 par value, called the Class A
        Preferred Stock in the amount of 10,000,000 authorized shares, with each
        share of Class A Preferred Stock having 100 votes to be cast with respect
        to any and all matters presented to shareholders for a vote whether at a
        meeting of shareholders or by written consent. Apart from the voting
        rights stated in the preceding sentence, the Class A Preferred Stock shall
        have no other rights, privileges or preferences.





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On May 7, 2019, the Company received approval from FINRA for the name change of the Company. In addition, the Company's new symbol is "FIGM."

On August 12, 2019, the Board of Directors of the Company appointed Mr. Lingbo Shi as the new Chief (Principal) Executive Officer of the Company and Mr. Goubin Su resigned in such capacity. Mr. Su remains as the Company's Chief Financial Officer and sole Director.

On September 25, 2019, the Company and Hillhouse Shareholding Group Co., Ltd. ("Hillhouse") entered into a loan conversion agreement. Pursuant to the agreement, Hillhouse converted (i) $6,257 and received 6,257,000 shares of the Company's Class A Preferred Stock and (ii) $83,740 and received 83,740,000 shares of the Company's common stock. The Class A Preferred Stock has 100 to 1 voting rights per share.



Results of Operations


Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

Three And Six Months Period Ended April 30, 2019 And 2018



Revenues


During the three and six months ended April 30, 2019 and 2018, respectively, we did not have any revenue from operations.



Operating Expenses


During the three months ended April 30, 2019, we incurred operational expenses of $7,879 compared to $2,708 for the three months ended April 30, 2018. The increase in operational expenses for the three months period ended April 30, 2019 was due principally to an impairment loss of assets, professional fees and stock transfer fees related to the change of control transaction.

During the six months ended April 30, 2019, we incurred operational expenses of $24,108 compared to $6,588 for the six months ended April 30, 2018. The increase in operational expenses for the six months period ended April 30, 2019 was due principally to a federal tax liability of $10,236, an impairment loss of assets, professional fees and stock transfer fees related to the change of control transaction.




Net Income/Loss.



Our net loss for the three months ended April 30, 2019 and 2018 were $7,969 and $2,708, respectively, while net loss for the six months ended April 30, 2019 and 2018 were $24,198 and $6,588, respectively.

Liquidity and Capital Resources

As at April 30, 2019, our current assets were $4,394 compared to $1,542 in current assets as of October 31, 2018 (restated). Total assets were comprised of cash and cash equivalents and website development (for the year ended October 31, 2018 only). As at April 30, 2019, our current liabilities were $28,077, and at October 31, 2018, our current liabilities were $18,920, both periods consisting of accounts payable and a director loan. Our working capital deficit as of April 30, 2019 was $23,683 compared with a working capital deficit as of October 31, 2018 (restated) of $17,378.




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Statements of Cash Flows.


Cash Flows from Operating Activities

We had a net loss for the six months period ended April 30, 2019 of $24,198 compared with a net loss for the six months period ended April 30, 2018 of $6,588 and we have not generated positive cash flows from operating activities for such periods. For the six months period ended April 30, 2019, we had net cash flows used in operating activities of $(11,694) and for the six months period ended April 30, 2018, we had net cash flows used in operating activities of $(5,508). The increase in cash flows from operating activities for the current six month period is due to increase in related party payable, impairment loss of assets and accounts payable.

Cash Flows from Financing Activities

For the six months period ended April 30, 2019, we generated cash flows from financing activities $14,546 mainly from capital contributions by former officer and director of the Company in connection with the change of control transaction. For the six months period ended April 30, 2018, we have generated $4,100 in cash flows from financing activities from issuance of common stock.

Plan of Operation and Funding

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.




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Off-Balance Sheet Arrangements

As of the date of this Quarterly Report, we do not have any off­balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.



Going Concern


The independent auditors' review report accompanying our October 31, 2018 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

© Edgar Online, source Glimpses

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Income Statement Evolution
Managers
NameTitle
Lingbo Shi Chief Executive Officer
Guobin Su President, CFO, Secretary, Treasurer & Director
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