Business
FingerMotion Reports FYE 2021 Financial Results
NEW YORK, NY / ACCESSWIRE / June 2, 2021 / FingerMotion, Inc. (OTCQX:FNGR) (the "Company" or "FingerMotion"), a mobile services and data company, is pleased
About this update from Fingermotion, Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / June 2, 2021 / FingerMotion, Inc. (OTCQX:FNGR) (the \"Company\" or \"FingerMotion\"), a mobile services and data company, is pleased to report its financial results for the fiscal year ended February 28, 2021. To review the full financial results, please view the Company's recent 10-K filing at www.sec.gov/edgar/search, which should be read in connection with this news release.FYE 2021 Financial Summary (results expressed in US$ unless otherwise indicated):Reported record annual revenue of $16.68 million (includes SMS & MMS and Telecommunications Products & Services businesses), approximately a 82% increase from the fiscal year ended Feb. 29, 2020 (\"FYE 2020\");Reported annual growth in SMS & MMS business revenue of $6.13 million or 84% compared to FYE 2020;Reported annual growth in Telecommunications Products & Services business revenue of $1.39 million or 76% compared to FYE 2020;Reported first revenues of $33,077 in Big Data business;Reported annual gross profit of $1.65 million which was an increase of $0.68 million or 71% compared to FYE 2020;Reported annual net loss from operations of $4.38 million compared to a net loss of $3.00 million for FYE 2020;Basic and diluted loss per share of $0.13 versus a loss per share of $0.12 for FYE 2020;At February 28, 2021, FingerMotion had a working capital surplus of $2.99 million and a positive shareholders' equity of $2.11 million;At February 28, 2021, total assets were $7.34 million, total current liabilities were $4.11 million and total liabilities were $5.23 million; and38,903,494 common shares were issued and outstanding as of February 28, 2021.Strong growth continued in both the Telecommunications Products & Services (mobile recharge platform) and the SMS & MMS texting service.\"The fourth quarter generated $5.43 million in revenue and represented the third consecutive quarter of record revenue. If the current trajectory continues, revenue may easily exceed US$21 million for the FYE 2022,\" stated Martin Shen, CEO of FingerMotion. \"The Company recently announced that Top-up revenue could increase by as much as 1000% and that SMS revenue could increase by 20 - 30% in FYE 2022. This growth is expected to be fueled by an expansion of subscribers in new regions. These expansion zones are primarily attributable to strong relationships with the Company's t...