May reportThe Issuer’s Chinese operations were affected during the reporting period by a resurgence of Covid-19, which prompted the government to take strong measures to contain the virus and limit its spread. Nonetheless, the Issuer made the most of its limited opportunities to continue to grow its operations in China. While transactions on the Business Hub™ generally slowed during the month, activity on the Heartbeat insurance brokerage platform picked up considerably as transactions that were delayed in Q4 2021 and Q1 2022 were processed.
As was the case in May 2021, the Issuer spent also spent a considerable amount of time during the period preparing for this year’s “618” Shopping Festival.
Until the Issuer launches its Canadian Business Hub, its activities in Canada continue to consist primarily in preparing the platform for launch, putting the personnel required for its Canadian operations in place, creating partnerships, and attracting potential members, which is precisely what took place during the reporting period.
In addition to the work related to getting the Issuer ready for the “618” event in China and the ongoing preparation for the Canadian segment of the Issuer’s Business Hub™, the Issuer’s management’s focus during the period was on getting the Issuer’s securities listed on a senior stock exchange in Canada. With the filing of the Issuer’s audited year-end 2021 financial statements behind it, the Issuer’s management spent time during the period updating the Issuer’s Annual Information (AIF). The Issuer’s management plans to file the updated AIF on SEDAR within days of this report as the primary disclosure document to go along with the Issuer’s application for listing on a Canadian senior stock exchange. The Issuer’s management also continued to work on the drafting of a short form prospectus offering during the month to be filed concurrent to the application to have the Issuer’s securities up listed to a senior exchange in Canada. The terms of the prospectus offering were being finalized with the Issuer’s investment banking partners as of the date of this report. Finally, the Issuer’s management also spent time during the period on the preparation of the Issuer’s Q1 2022 financial statements, which were filed just prior to the end of the period.