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    MGOM   US59862G1076

MIGOM GLOBAL CORP.

(MGOM)
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MIGOM GLOBAL : Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)

10/20/2020 | 03:23pm EDT

General

Migom Global Corp. (the "Company") was incorporated as Alfacourse Inc. in the State of Nevada on February 29, 2016. On October 9, 2019, as a result of a private transactions, 5,000,000 shares of common stock (the "Shares") of the Company, were transferred from Oleg Jitov to Heritage Equity Fund LP (the "Purchaser"). As a result, the Purchaser became a 68.35% holder of the voting rights of the issued and outstanding share capital of the Company on a fully-diluted basis of the Company, and became the controlling shareholder. In connection with the transaction, Oleg Jitov released the Company from all debts owed to him. On October 8, 2019, the existing director and officer resigned. Accordingly, Oleg Jitov, serving as a director and an officer, ceased to be the Company's Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary and a Director. At the effective date of the transfer, Georgi Parrik consented to act as the new President, CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company. On November 1, 2019, the Company amended its articles of incorporation change its name to Migom Global Corp. The change was made in anticipation of entering into a new line of business operations which is a new company building synergistic ventures in international banking, securities brokerage, electronic money distribution as well as digital assets origination and market making. Our offices are located at 1185 Avenue of the Americas, 3rd Floor, New York, NY 10036.

On January 23, 2020, HRH Prince Maximillian Habsburg was appointed as Chairman of the Board of Directors of the Company. Also, on January 23, 2020, Mr. Thomas Schaetti and Mr. Stefan Lenhart were appointed as members of the Board of Directors of the Company. HRH Prince Maximillian Habsburg, Thomas Schaetti, and Stefan Lenhart accepted such appointments on January 23, 2020. Each appointee is independent using the definition of independence under NASDAQ Listing Rule 5605(a)(2) and the standards established by the Securities and Exchange Commission.

On May 12, 2020, the Company entered into an acquisition agreement with Migom Bank Ltd. and Thomas A. Schaetti (the "Migom Agreement"). Pursuant to the Migom Agreement, the Company acquired all of the outstanding equity of Migom Bank Ltd. ("Migom Bank"). Migom Bank is a regulated full-service international bank, licensed by the Financial Services Unit of the Ministry of Finance of Commonwealth of Dominica, specializing in providing retail banking services to individuals and companies worldwide. In addition to the traditional services of a deposit institution Migom Bank offers lending, leasing, and investment services, provides money transmittal services, is authorized to issue and administer means of payment such as credit and debit cards, travelers cheques, bankers' drafts and electronic money. Migom Bank is also authorized by its regulators to provide custody of securities, issue guarantees and commitments, provide credit reference services, safe custody of valuables, offer all forms of electronic banking and foreign exchange and precious metal dealing services. Migom Bank is also authorized by its regulators to perform a variety of investment banking and corporate finance services. In exchange for the equity Migom Bank, the Company issued Mr. Schaetti 126,222 shares of common stock of the Company, at a price per share of $9.00.

On May 12, 2020, the Company, entered into an acquisition agreement with Central Rich Trading Ltd. and Thomas A. Schaetti (the "Central Agreement"). Pursuant to the Central Agreement, the Company acquired all of the outstanding equity of Central Rich Trading Ltd. ("Central"). Central is a money service business that is licensed by the Hong Kong Customs and Excise Department to provide all forms of permitted money services, electronic money and payment services in the respective territories. In exchange for the equity of Central, the Company issued Mr. Schaetti 17,778 shares of common stock of the Company, at a price per share of $9.00.

On May 14, 2020, Mr. Thomas A. Schaetti was appointed as President of the Company and Georgi Parrik assumed the title of Chief Executive Officer.

We are a company with limited earnings to date and nominal operations and assets with a focus on intellectual property development.

Patent, Trademark, License & Franchise Restrictions and Contractual Obligations & Concessions

Migom Global uses a group of Intellectual Property Practice lawyers assist internationally and locally in transactions where intellectual property plays an important role, such as non-disclosure and confidentiality agreements, franchise agreements, license agreements and transfer agreements. It is carried out in accordance with local and international law.

Governmental and Industry Regulations

We will be subject to federal and state laws and regulations that relate directly or indirectly to our operations including federal securities laws. We will also be subject to common business and tax rules and regulations pertaining to the normal business operations.



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Research and Development Activities and Costs

Support will be provided for activities targeting among others: regional marketing, trade and investment promotion, SME development, the development of local and regional labor markets, the development of an information society, new technologies, improvement of cooperation between research and business institutions, the socio-economic and environmental rehabilitation of technologically transformed and contaminated areas.

Compliance with Environmental Laws

Our operations are not subject to any environmental laws.

Results of Operations for the Three Months Ended June 30, 2020 and 2019



Revenues


For the three months ended June 30, 2020, our revenue was $0 compared to $0 for the same period in June 30, 2019.



Operating Expenses


For the three months ended June 30, 2020, our operating expenses were $261,992 comprised of salary expense, $16,200, rent expense, $12,042, marketing expenses, $221,021, and general and administrative expenses, $2,073 compared to operating expenses of $6,469, comprised of professional fees, $5,812, and general and administrative expenses, $657 for the three months ended June 30, 2019, primarily due to the acquisition of Migom Bank Ltd. ("Migom Bank") and Central Rich Trading Limited ("Central Rich Trading") in May 2020.



Net Income / (Loss)


For the three months ended June 30, 2020, our net loss was $262,624 compared to a net loss of $6,469 for the same period in 2019.

Results of Operations for the Six Months Ended June 30, 2020 and 2019



Revenues


For the six months ended June 30, 2020, our revenue was $0 compared to $0 for the same period in June 30, 2019.



Operating Expenses


For the six months ended June 30, 2020, our operating expenses were $297,005 comprised of salary expense, $32,400, rent expense, $13,392, marketing expenses, $221,021, and general and administrative expenses, $6,429 compared to operating expenses of $10,696, comprised of professional fees, $8,953, and general and administrative expenses, $1,743 for the six months ended June 30, 2019, primarily due to the acquisition of Migom Bank and Central Rich Trading in May 2020.




Net Loss



For the six months ended June 30, 2020, our net loss was $298,201 compared to a net loss of $10,740 for the same period in 2019.

Liquidity and Capital Resources

Liquidity and Capital Resources during the six months ended June 30, 2020 compared to the six months ended June 30, 2019

As of June 30, 2020, the Company reported the cash or cash equivalent balance of $1,351,323 and liabilities of $466,297. The net operating capital of the Company is not sufficient for the Company to remain operational in a short term.



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For the six months ended June 30, 2020, we have cash flows provided by operating activities of $148,947 compared to cash flows used in operating activities of $707 the six months ended June 30, 2019.

Since inception, we have sold 5,000,000 shares of common stocks to our previous president and director, at a price of $0.001 per share and 2,315,000 shares of common stock to our investors at a price of $0.01 per share for the aggregated proceeds of $28,150. Our previous president and director also provided $3,224 long term loan to the company (non-interest bearing with no fixed term of repayment), which was waived as part of the change of control transaction. Our current President and Director, Georgi Parrik, provided a $8,691 long-term loan to the Company (non-interest bearing with no fixed term of repayment),



Going Concern


The accompanying unaudited financial statements and the factors within it, have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and the ability of the Company to continue as a going concern for a reasonable period of time. The Company had net loss of $298,201 for the six months ended June 30, 2020, and had cash provided by operating activities of $148,947 for the six months ended June 30, 2020. The Company had working capital surplus and accumulated deficit of $885,024 and $462,678, respectively, as of June 30, 2020. The Company's continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from third parties to sustain its current level of operations. The Company is in the process of securing working capital from investors for common stock, convertible notes payable, and/or strategic partnerships. No assurance can be given that the Company will be successful in these efforts. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

We currently have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.



Critical Accounting Policies


The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make a number of 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. Such estimates and assumptions affect the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experiences and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions and conditions. We continue to monitor significant estimates made during the preparation of our financial statements. On an ongoing basis, we evaluate estimates and assumptions based upon historical experience and various other factors and circumstances. We believe our estimates and assumptions are reasonable in the circumstances; however, actual results may differ from these estimates under different future conditions.

See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 1, "Summary of Significant Accounting Policies" in our audited financial statements for the year ended December 31, 2019, included in our Annual Report on Form 10-K as filed on March 31, 2020, for a discussion of our critical accounting policies and estimates.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 0,01 M - -
Net income 2019 -0,04 M - -
Net Debt 2019 0,01 M - -
P/E ratio 2019 -620x
Yield 2019 -
Capitalization 751 M 751 M -
EV / Sales 2018 -
EV / Sales 2019 2 269x
Nbr of Employees 4
Free-Float 33,2%
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Income Statement Evolution
Managers and Directors
Georgi Parrik CEO, CFO, Secretary, Treasurer & Director
Thomas Adrian Schaetti President & Director
Stefan Lenhart Independent Director
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