Quarterly Report (10-q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _____________

Commission File Number 333-205835

TINGO, INC.

(Exact name of registrant as specified in its charter)

Nevada		83-0549737
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

43 West 23^rd Street, 2^nd Floor New York, NY		10010 (Zip Code)
(Address of principal executive offices)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Registrant’s telephone number, including area code: (646) 847- 0144

Securities registered pursuant to Section 12(b) of the Act: None.

Securities registered pursuant to Section 12(g) of the Act:

Class A Common Stock, $0.001 par value per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller Reporting Company ☒	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company. Yes ☐ No ☒

There were 1,227,516,211 shares of the registrant’s Class A common stock, $0.001 par value, outstanding, as of November 10, 2022.

Table of Contents

TINGO, INC.

(A Nevada Corporation)

INDEX


		Page
PART I. FINANCIAL INFORMATION
Item 1. Unaudited Condensed Financial Statements		3
Condensed Consolidated Balance Sheets		3
Condensed Consolidated Statements of Comprehensive Income		4
Condensed Consolidated Statements of Shareholders’ Equity		5
Condensed Consolidated Statements of Cash Flows		7
Notes to Condensed Consolidated Financial Statements		8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		21
Item 3. Quantitative and Qualitative Disclosure about Market Risk		30
Item 4. Controls and Procedures		30
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		31
Item 1A. Risk Factors		31
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		31
Item 3. Defaults Upon Senior Securities		31
Item 4. Mine Safety Disclosures		31
Item 5. Other Information		31
Item 6. Exhibits		32
SIGNATURE		33

Table of Contents

Part I.Financial Information

Item 1. Unaudited Condensed Consolidated Financial Statements

TINGO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	September 30,		December 31,
	2022		2021
Assets
Current Assets
Cash	$	246,550,136	$	128,367,605
Accounts receivable, net		386,037,551		364,308,399
Inventory		—		129,823
Total Current Assets		632,587,687		492,805,827

Non-Current Assets
Property, plant and equipment, net		876,114,483		1,198,883,019
Intangible assets, net		779,697		1,670,924
Total non-current assets		876,894,180		1,200,553,943
Total Assets	$	1,509,481,867	$	1,693,359,770

Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accruals	$	3,593,659	$	755,885,193
Deferred income - current portion		336,752,128		221,215,018
Value added tax - current portion		26,515,899		17,162,192
Income tax payable		144,295,342		100,606,352
Advances from related party		85,574,855		—
Note payable - short term		3,659,945		—
Total current liabilities		600,391,827		1,094,868,755

Non-current liabilities
Deferred Tax		4,160,098		2,171,039
Total non- current liabilities		4,160,098		2,171,039

Total Liabilities		604,551,925		1,097,039,794

Stockholders’ Equity
Common stock - Class A, par value $.001 per share, 2,250,000,000 shares authorized, 1,227,516,211 and 1,205,016,211 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		1,227,516		1,205,016
Common stock - Class B, par value $.001 per share, 200,000,000 shares authorized, 65,000,000 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		65,000		65,000
Additional paid-in-capital		419,181,135		330,703,635
Retained earnings		612,007,343		416,095,565
Deferred stock compensation		(43,282,593)		(66,357,804)
Translation reserve		(84,268,459)		(85,391,436)
Total Stockholders’ Equity		904,929,942		596,319,976
Total Liabilities and Stockholders’ Equity	$	1,509,481,867	$	1,693,359,770

The accompanying notes are an integral part of these consolidated financial statements.

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TINGO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	For the three months ended		For the three months ended		For the nine months ended		For the nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Revenues	$	291,700,902	$	176,985,441	$	817,443,320	$	317,540,202
Cost of Sales		(22,881,851)		(2,241,861)		(28,374,179)		(6,630,971)
Gross Profit		268,819,051		174,743,580		789,069,141		310,909,231

Operating expenses
Payroll and related expenses		13,465,678		781,710		53,036,574		2,191,994
Distribution expenses		403,141		352,919		913,102		574,531
Professional fees		764,536		111,660,000		69,255,362		112,260,000
Bank fees and charges		300,877		286,072		1,297,297		513,342
Depreciation and amortization		100,175,992		90,815,271		313,915,790		135,972,995
General and administrative expenses - other		4,103,855		122,774		7,812,627		150,489
Bad debt expenses		66,365		23,012		113,820		44,365
Total Operating Expenses		119,280,444		204,041,758		446,344,572		251,707,716

Income (loss) from Operations		149,538,607		(29,298,178)		342,724,569		59,201,515

Other Income (Expenses)
Other income (expense)		666,446		(243,128)		990,525		(2,752)
Interest expense		(41,849)		—		(65,918)		—
Total Other Income		624,597		(243,128)		924,607		(2,752)

Income (loss) before tax		150,163,204		(29,541,306)		343,649,176		59,198,763

Taxation		(59,454,259)		(15,141,810)		(147,737,398)		(54,548,065)

Net Income (Loss)	$	90,708,945	$	(44,683,116)	$	195,911,778	$	4,650,698

Other Comprehensive Income (loss)
Translation Adjustment		(31,187,311)		(2,555,063)		1,122,977		(33,935,739)

Total Comprehensive Income (Loss)	$	59,521,634	$	(47,238,179)	$	197,034,755	$	(29,285,041)

Earnings per share - Basic and Diluted	$	0.05	$	(0.04)	$	0.16	$	(0.03)

Weighted Average number of common shares outstanding
Basic and diluted		1,227,516,211		1,051,384,648		1,223,250,643		1,014,563,668

The accompanying notes are an integral part of these consolidated financial statements.

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TINGO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(Continued on Next Page)

Nine Months ended September 30, 2022


	Common Stock - Class A			Common Stock - Class B			Additional Paid		Deferred Stock		Retained		Translation		Total Stockholders’
	Number of Shares	Amount		Number of Shares	Amount		In Capital		Compensation		Earnings		Reserve		Equity
Balance as of January 1, 2022	1,205,016,211	$	1,205,016	65,000,000	$	65,000	$	330,703,635	$	(66,357,804)	$	416,095,565	$	(85,391,436)	$	596,319,976

Issuance of shares for incentive compensation plan – consultants	14,500,000		14,500	—		—		66,485,500		(66,500,000)		—		—		—

Issuance of shares for incentive compensation plan - employees	8,000,000		8,000	—		—		21,992,000		(22,000,000)		—		—		—

Vesting of deferred stock compensation	—		—	—		—		—		111,575,211		—		—		111,575,211

Net income for the nine months ended September 30, 2022	—		—	—		—		—		—		195,911,778		—		195,911,778

Foreign Currency Translation Adjustment	—		—	—		—		—		—		—		1,122,977		1,122,977

Balances as of September 30, 2022	1,227,516,211	$	1,227,516	65,000,000	$	65,000	$	419,181,135	$	(43,282,593)	$	612,007,343	$	(84,268,459)	$	904,929,942

Three Months ended September 30, 2022


	Common Stock - Class A			Common Stock - Class B			Additional Paid		Deferred Stock		Retained		Translation		Total Stockholders’
	Number of Shares	Amount		Number of Shares	Amount		In Capital		Compensation		Earnings		Reserve		Equity
Balance as of June 30, 2022	1,227,516,211	$	1,227,516	65,000,000	$	65,000	$	419,181,135	$	(53,633,818)	$	521,298,398	$	(80,732,053)	$	807,406,178

Vesting of deferred stock compensation	—		—	—		—		—		10,351,225		—		—		10,351,225

Net income for the three months ended September 30, 2022	—		—	—		—		—		—		90,708,945		—		90,708,945

Foreign Currency Translation Adjustment	—		—	—		—		—		—		—		(3,536,406)		(3,536,406)

Balances as of September 30, 2022	1,227,516,211	$	1,227,516	65,000,000	$	65,000	$	419,181,135	$	(43,282,593)	$	612,007,343	$	(84,268,459)	$	904,929,942

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TINGO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(Continued from Previous Page)

Nine Months ended September 30, 2021


	Common Stock - Class A			Common Stock - Class B			Additional Paid		Retained		Translation		Total Stockholders’
	Number of Shares	Amount		Number of Shares	Amount		In Capital		Earnings		Reserve		Equity
Balance as of January 1, 2021	1,028,000,000	$	1,028,000	65,000,000	$	65,000	$	508,549	$	458,438,770	$	(32,283,238)	$	427,757,081

Issuance of shares for acquisition of IWEB	40,306,211		7,801	—		—		3,207,635		(3,316,865)		(93,472)		(194,901)

Issuance of shares for services provided	27,840,000		27,840	—		—		111,332,160		—		—		111,360,000

Additional share issuances	100,000,000		100,000	—		—		---		—		—		100,000

Net income for the nine months ended September 30, 2021	—		—	—		—		—		4,650,698		—		4,650,698

Foreign Currency Translation Adjustment	—		—	—		—		—		—		(33,935,739)		(33,935,739)

Balances as of September 30, 2021	1,196,146,211	$	1,163,641	65,000,000	$	65,000	$	115,048,344	$	459,772,603	$	(66,312,449)	$	509,737,139

Three Months ended September 30, 2021


	Common Stock - Class A			Common Stock - Class B			Additional Paid		Retained		Translation		Total Stockholders’
	Number of Shares	Amount		Number of Shares	Amount		In Capital		Earnings		Reserve		Equity
Balance as of June 30, 2021	1,028,000,000	$	1,028,000	65,000,000	$	65,000	$	508,549	$	507,772,584	$	(63,663,914)	$	445,710,219
Issuance of shares for acquisition of IWEB	40,306,211		7,801	—		—		3,207,635		(3,316,865)		(93,472)		(194,901)
Issuance of shares for services provided	27,840,000		27,840	—		—		111,332,160		—		—		111,360,000
Additional share issuances	100,000,000		100,000	—		—		—		—		—		100,000
Net loss for the three months ended September 30, 2021	—		—	—		—		—		(44,683,116)		—		(44,683,116)
Foreign Currency Translation Adjustment	—		—	—		—		—		—		(2,555,063)		(2,555,063)
Balances as of September 30, 2021	1,196,146,211	$	1,163,641	65,000,000	$	65,000	$	115,048,344	$	459,772,603	$	(66,312,449)	$	509,737,139

The accompanying notes are an integral part of these consolidated financial statements.

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TINGO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Nine months ended
	September 30, 2022		September 30, 2021
Cash Flows from operating activities
Net Income	$	195,911,778	$	4,650,698
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization		313,915,790		135,972,995
Bad debt expense		—		44,365
Shares issued to outside parties		66,500,000		111,360,000
Shares issued under employee incentive plan		22,000,000		—
Deferred compensation		23,075,211		—
Increase/Decrease related to
Inventories		129,823		(194,509)
Trade and other receivables		(21,729,152)		(1,172,531,430)
Prepayments		—		(1,228,303,999)
Accounts payable and accruals		(752,291,536)		2,110,223,470
Deferred income		115,537,110		—
Value added tax		9,353,707		—
Income tax payable		45,678,049		51,774,614
Net Cash provided by operating activities		18,080,781		28,353,001

Cash Flows from investing activities
Acquisition of property, plant and equipment		—		(403,947)
Acquisition of IWEB		—		(194,901)
Acquisition of intangibles		—		(573,915
Net Cash used in investing activities		—		(1,172,763)

Cash Flows from financing activities
Proceeds from related party		85,574,855		—
Proceeds from notes payable		3,659,945		—
Net Cash provided by financing activities		89,234,800		—

Translation Adjustment		10,866,950		(30,017,453)

Net change in cash and cash equivalents		118,182,531		(2,837,215)

Cash and cash equivalents, beginning of the year		128,367,605		28,202,869

Cash and cash equivalents, end of the period	$	246,550,136	$	25,365,654

Supplemental Cash flow information
Cash paid for period for:
Income taxes	$	96,169,379	$	—
Interest	$	—	$	—

Non-cash disclosures
Shares issued for acquisition	$	—	$	100,000
Shares issued for services	$	88,500,000	$	111,360,000

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

TINGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022

(Unaudited)

(1)Description of Business and Basis of Presentation

Description of Business—Tingo, Inc. (collectively, with our subsidiary, “we,” “us,” “our,” “Tingo” and the “Company”), a Nevada corporation, was formed on February 17, 2015. Our shares trade on the OTC Markets trading platform under the symbol ‘TMNA’. We acquired our wholly-owned subsidiary, Tingo Mobile, PLC, a Nigerian public limited company (“Tingo Mobile”), in a share exchange with its sole shareholder effective August 15, 2021. The Company, including its subsidiary Tingo Mobile, is an Agri-Fintech company offering a comprehensive platform service through use of smartphones – ‘device as a service’ (using GSM technology) to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. The ecosystem provides a ‘one stop shop’ solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and micro finance to support their value chain from ‘seed to sale’.

As of September 30, 2022, Tingo had approximately 9.3 million subscribers using its mobile phones and Nwassa payment platform (www.nwassa.com). Nwassa is Africa’s leading digital agriculture ecosystem that empowers rural farmers and agri-businesses by using proprietary technology to enable access to market. Nwassa’s payment gateway also has an escrow structure that creates trust between buyers and sellers. Our system provides real-time pricing, straight from the farms, eliminating middlemen. Our users’ customers pay for produce bought using available pricing on our platform. Our platform is paperless, verified and matched against a smart contract. Data is efficiently stored on the blockchain.

Our platform has created an escrow solution that secures the buyer, funds are not released to our members until fulfilment. The platform also facilitates trade financing, ensuring that banks and other lenders compete to provide credit to our members.

Tingo aims to be Africa’s leading Agri-Fintech player that transforms rural farming communities by enabling growers to connect through our proprietary platform to meet their complete needs from inputs, agronomy, off take and marketplace which delivers sustainable income in an impactful way. Additional information about the Company can be obtained from our website at www.tingoinc.com. Our website, however, does not constitute a part of this Quarterly Report.

Basis of Presentation— The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Articles 3 and 3A of Regulation S-X. The interim unaudited financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, including any amendments thereto, as filed with the Securities and Exchange Commission (“SEC”). All normal recurring adjustments considered necessary for a fair presentation have been included. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”).

Our results of operations for the quarter and nine months ended September 30, 2022 are not necessarily indicative of results that ultimately may be achieved for the remainder of 2022.

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(2)Entry Into Restated Merger Agreement with MICT, Inc.

On October 6, 2022, the Company, MICT, Inc. (“MICT”), and representatives of each company’s shareholders entered into a Second Amended and Restated Agreement and Plan of Merger (“Restated Merger Agreement”). The common stock of MICT is traded on the Nasdaq Capital Market under the symbol ‘MICT’. The Restated Merger Agreement is the second restatement of the agreement and the result of efforts of Tingo and MICT to restructure the transaction as a multi-phase forward triangular merger (“Merger”) instead of as a reverse triangular merger as previously agreed. Under the terms of the Restated Merger Agreement, Tingo will create a newly-formed subsidiary incorporated in the British Virgin Islands (“Tingo BVI Sub”) to facilitate the Merger and hold the Company’s beneficial ownership interest in Tingo Mobile. MICT will also create a subsidiary incorporated in the British Virgin Islands (“MICT BVI Sub”), which will be merged with and into Tingo BVI Sub, with MICT BVI Sub as the surviving corporation and a subsidiary of MICT. The Merger will, therefore, result in Tingo Mobile becoming an indirect wholly-owned subsidiary of MICT, and the operations of Tingo Mobile, as an agri-fintech company, becoming the predominant operations of MICT. The aggregate consideration tendered by MICT to Tingo, the sole shareholder of Tingo Mobile, will consist of: (i) newly-issued common stock of MICT equal to 19.9% of its outstanding shares, calculated immediately prior to the closing date of the Merger; and (ii) two series of convertible preferred shares – Series A Convertible Preferred Stock and Series B Convertible Preferred Stock (collectively, the “MICT Preferred Shares”). The conversion of the MICT Preferred Shares is subject to various conditions, including approval of MICT’s shareholders and, in the case of the MICT Series B Convertible Preferred Stock, is also subject to Nasdaq approving a change of control of MICT. If all of the MICT Preferred Shares are converted into MICT common stock, Tingo will hold 75.0% of the outstanding shares of MICT. A summary of the Restated Merger Agreement and the actions taken by the Company and MICT in connection therewith are included in our Current Report on Form 8-K/A filed with the U.S. Securities and Exchange Commission on October 14, 2022. On November 9, 2022, we filed a definitive Information Statement to provide information to our shareholders about the Merger, the Merger Agreement, and the transactions contemplated thereby.

(3)Change in Accounting Treatment

As disclosed in the Company’s Current Report on Form 8-K filed on June 15, 2022, in preparation for the planned Merger, the Company reviewed and considered its accounting treatment of its acquisition of Tingo Mobile on August 15, 2021. Based on this review, the Company elected to modify its accounting treatment of the acquisition of Tingo Mobile as a reverse acquisition of the Company by Tingo Mobile instead of as a forward acquisition of Tingo Mobile by the Company as had been previously presented.

Accordingly, the financial statements included herein have been prepared in accordance with reverse acquisition accounting rules, which therefore include the consolidated operating results of Tingo Mobile for the full periods presented, rather than using forward acquisition accounting.

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(4)Significant Accounting Policies

Reverse Acquisition Accounting—We have adopted reverse acquisition accounting methods in connection with the Company’s Acquisition of Tingo Mobile. Accordingly, the consolidated financial statements include the results of Tingo Mobile for the periods indicated in this Report.

Earnings Per Share— Basic and diluted per share calculations are computed utilizing the weighted-average number of shares of common stock outstanding for the period. Pursuant to our 2021 Equity Incentive Plan adopted in 2021, in accordance with ASC 260, Earnings Per Share, the unvested shares of restricted stock awarded in the quarter and nine months ended September 30, 2022 pursuant to our equity compensation plans are participating securities and, therefore, are included in the basic earnings per share calculation.

Share-Based Compensation—We account for share-based compensation using the fair value method, as prescribed by ASC 718, Compensation-Stock Compensation. Accordingly, for restricted stock awards, we measure the grant date fair value based upon the market price of our common stock on the date of the grant and amortize the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term. For all share-based awards that are not subject to vesting, we recognize expense associated with the award during the period in which the award is granted, in an amount equal to the number of shares granted, multiplied by the closing trading price of the shares on the relevant grant date. Determining the appropriate fair value of share-based awards requires the use of subjective assumptions, particularly given that the Company’s common stock is not actively traded. The assumptions used in calculating the fair value of share-based awards represents management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards.

Classes of Common Stock—The Company has two classes of common stock. Each share of Class A common stock is entitled to one (1) vote, and is entitled to receive dividends when and if declared by the board of directors out of assets legally available therefor. Each share of Class B common stock is entitled to ten (10) votes, but carries no dividend, distribution, liquidation, conversion, or economic rights of any kind.

Distributable Earnings— The components that make up distributable earnings (accumulated retained earnings) on the Consolidated Balance Sheet as of September 30, 2022 and December 31, 2021 are as follows:


	September 30, 2022		December 31, 2021

Net Income (Loss) for period	$	195,911,778	$	(39,026,340)
Acquisition of Company’s Former Business (IWeb)		—		(3,316,865)
Retained earnings		416,095,565		458,538,770

Retained Earnings	$	612,007,343	$	416,095,565

Impairment of Long-Lived Assets—In accordance with authoritative guidance on accounting for the impairment or disposal of long-lived assets, as set forth in Topic 360 of the ASC, the Company assesses the recoverability of the carrying value of its long-lived assets when events occur that indicate an impairment in value may exist. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. If this occurs, an impairment loss is recognized for the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. There was no impairment of long-lived assets during the nine months ended September 30, 2022 and June 30, 2021.

Income Taxes—The Company uses the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the accounting bases and the tax bases of the Company’s assets and liabilities. The deferred tax assets are computed using enacted tax rates in effect for the year in which the temporary differences are expected to reverse.

The Company has adopted ASC guidance regarding accounting for uncertainty in income taxes. This guidance clarifies the accounting for income taxes by prescribing the minimum recognition threshold an income tax position is required to meet before being recognized in the consolidated financial statements and applies to all income tax positions. Each income tax position is assessed using a two-step process. A determination is first made as to whether it is more likely than not that the income tax position will be sustained, based upon technical merits, upon examination by the taxing authorities. If the income tax position is expected to meet the more likely than not criteria, the benefit recorded in the consolidated financial statements equals the largest amount that is greater than 50% likely

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to be realized upon its ultimate settlement. At September 30, 2022 and December 31, 2021, there were no uncertain tax positions that required accrual.

The reconciliation of income tax benefit of our parent company at the U.S. statutory rate of 25.0% for nine months and year ended September 30, 2022 and December 31, 2021, respectively, to the Company’s effective tax rate is as follows:


	September 30, 2022		Percent		December 31, 2021		Percent

Federal statutory rates	$	27,893,803	25.0	%	$	65,199,716	25.0	%
Valuation allowance against net deferred tax assets		(27,893,803)	(25.0)	%		(65,199,716)	(25.0)	%
Effective rate	$	—	0.00	%	$	—	0.00	%

The tax effects of temporary differences that give rise to the Company’s net deferred tax assets on an unconsolidated basis for the quarter and year ended September 30, 2022 and December 31, 2021, respectively, are as follows:


	September 30, 2022		December 31, 2021

Beginning of period	$	—	$	—
Net Operating Loss Carryforward		93,093,519		65,199,716
Valuation Allowance		(93,093,519)		(65,199,716)
Net Deferred Tax Assets	$	—	$	—

In our Consolidated Statements of Comprehensive Income, we have deducted taxes payable in connection with our operations in Nigeria. However, inasmuch as the U.S. and Nigeria do not have a tax treaty, we do not receive a corresponding credit in the U.S. for tax paid in Nigeria by Tingo Mobile, our wholly-owned subsidiary. In addition, our parent company, Tingo, Inc. has incurred operating losses on an unconsolidated basis, largely due to non-cash expenses associated with stock awards made pursuant to our 2021 Equity Incentive Plan. Our ability to utilize tax losses associated with the operations of our parent company is restricted, however, due to limitations on the deductibility of certain share compensation to our executive officers and directors that may be deemed ‘excess compensation’ pursuant to Section 162(m) of the Internal Revenue Code.

Subject to any such disallowances pursuant to Code Section 162(m), as of September 30, 2022, the Company has approximately $93.0 million of net operating losses carried forward to offset taxable income, if any, in future years which expire commencing in fiscal year 2037. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on this assessment, management has established a full valuation allowance against all of the deferred tax asset relating to NOLs because it is more likely than not that all of the deferred tax asset will not be realized as the parent company is not presently income producing.

Inventory—The Company holds certain stocks of spare parts to support the maintenance of new phones. These are recorded at cost. The company does not hold significant stock of new phones in the event of damage or replacement. Inventory is measured on the first-in, first-out method.

Operating Segments—We have examined our operating business pursuant to the guidance of ASC 280, Segment Reporting, which establishes standards for reporting information about operating segments. It also establishes standards for related disclosures about customers, products and geographic areas. Operating segments are defined as components of an enterprise that engage in business activities that earn revenues, incur expenses and prepare separate financial information that is evaluated regularly by our Chief Operating Decision Maker (“CODM”) in order to allocate resources and assess performance. Resources are allocated and performance is assessed by the CODM.

Based on the provisions of ASC 280, we have evaluated our operating business and considered various factors associated therewith, including the concentration of our business in one country and the integration of our leasing business with the use of our agri-fintech platform that utilizes software embedded within the leased device. Accordingly, this evaluation resulted in one reportable segment.

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Deferred Income— We reflect the full value of the 12-month leasing revenues due in accordance with our mobile leasing contracts with our subscribers. We recognize lease revenue on a ratable basis over the 12-month term. We do not allocate the costs of our mobile phones against these revenues, but instead recognize depreciation expense ratably on a straight-line basis over the estimated 3-year useful life of these devices.

Leased Assets— We make use of leasing arrangements principally for the provision of our offices and related facilities. The rental contracts for offices are typically negotiated for terms of between 1 and 10 years and some of these have extension terms. Lease terms for office fixtures and equipment have lease terms of between 1 year and 10 years without any extension terms. The Company does not enter into sale and leaseback arrangements. All the leases are negotiated on an individual basis and contain a wide variety of different terms and conditions such as purchase options and escalation clauses. The Company assesses whether a contract is or contains a lease at inception of the contract. A lease conveys the right to direct the use and obtain substantially all of the economic benefits of an identified asset for a period of time in exchange for consideration.

Measurement and Recognition of Leases as a Lessee—At lease commencement date, we recognize a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). We depreciate the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. We also assess the right-of-use asset for impairment when such indicators exist.

At the commencement date, we measure the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the incremental borrowing rate. The incremental borrowing rate is the estimated rate that the Company would have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value. This rate is adjusted should the lessee entity have a different risk profile to that of the Company.

Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.

Subsequent to initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal and finance costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability.

The lease liability is reassessed when there is a change in the lease payments. Changes in lease payments arising from a change in the lease term or a change in the assessment of an option to purchase a leased asset. The revised lease payments are discounted using the incremental borrowing rate at the date of reassessment when the rate implicit in the lease cannot be readily determined. The amount of the remeasurement of the lease liability is reflected as an adjustment to the carrying amount of the right-of-use asset. The exception being when the carrying amount of the right-of-use asset has been reduced to zero then any excess is recognized in profit or loss.

Payments under leases can also change when there is either a change in the amounts expected to be paid under residual value guarantees or when future payments change through an index or a rate used to determine those payments, including changes in market rental rates following a market rent review. The lease liability is remeasured only when the adjustment to lease payments takes effect and the revised contractual payments for the remainder of the lease term are discounted using an unchanged discount rate. Except for where the change in lease payments results from a change in floating interest rates, in which case the discount rate is amended to reflect the change in interest rates.

The remeasurement of the lease liability is dealt with by a reduction in the carrying amount of the right-of use asset to reflect the full or partial termination of the lease for lease modifications that reduce the scope of the lease. Any gain or loss relating to the partial or full termination of the lease is recognized in profit or loss. The right-of-use asset is adjusted for all other lease modifications.

The Company has elected to account for short-term leases and leases of low-value assets using the practical expedients. These leases relate to residential houses for a year. Instead of recognizing a right-of-use asset and lease liability, the payments in relation to these are recognized as an expense on a straight-line basis over the lease term.

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Accounting Pronouncements—In August 2020, the FASB issued ASU No. 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. The new guidance removes the separation models for convertible debt with a cash conversion feature or a beneficial conversion feature. In addition, the new standard provides guidance on calculating the dilutive impact of convertible debt on earnings per share. The ASU clarifies that the average market price should be used to calculate the diluted earnings per share denominator when the exercise price or the number of shares that may be issued is variable. The ASU is effective for the Company on January 1, 2022, including interim periods, with early adoption permitted. The ASU permits the use of either a full or modified retrospective method of adoption. The Company is still evaluating the impact of the adoption of this ASU on its future financial statements and disclosures.

(5)Share-Based Compensation

On October 6, 2021, the Company’s Board of Directors adopted our 2021 Equity Incentive Plan (“Incentive Plan”), the purpose of which was to promote the interests of the Company by encouraging directors, officers, employees, and consultants of Tingo to develop a long-term interest in the Company, align their interests with that of our stockholders, and provide a means whereby they may develop a proprietary interest in the development and financial success of the Company and its stockholders. The Incentive Plan is also intended to enhance the ability of the Company and its subsidiaries to attract and retain the services of individuals who are essential for the growth and profitability of the Company. The Incentive Plan permits the award of restricted stock, common stock purchase options, restricted stock units, and stock appreciation awards. The maximum number of shares of our Class A common stock that are subject to awards granted under the Incentive Plan is 131,537,545 shares. The term of the Incentive Plan will expire on October 6, 2031. On October 12, 2021, our stockholders approved our Incentive Plan and, during the fourth quarter of 2021 and the first nine months of 2022, the Tingo Compensation Committee granted awards under the Incentive Plan to certain directors, executive officers, employees, and consultants in the aggregate amount of 131,370,000 shares. The majority of the awards so issued are each subject to a vesting requirement over a 2-year period unless the recipient thereof is terminated or removed from their position without “cause”, or as a result of constructive termination, as such terms are defined in the respective award agreements entered into by each of the recipients and the Company. We account for share-based compensation using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, we measure the grant date fair value based upon the market price of our common stock on the date of the grant and amortize the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term. For all stock awards under the Incentive Plan that are not subject to vesting, we recognize expense associated with the award during the period in which the award is granted, in an amount equal to the number of shares granted, multiplied by the closing trading price of the shares on the relevant grant date. In connection with these awards, we recorded stock-based compensation expense and professional fees of $10.4 million and $111.6 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, total compensation expense to be recognized in future periods is $43.3 million. The weighted average period over which this expense is expected to be recognized is 1.1 years.

The following table summarizes the activity related to granted, vested, and unvested restricted stock awards under the Incentive Plan for the nine months ended September 30, 2022:


		Weighted
	Number of	Average Grant
	Shares	Date Fair Value
Unvested shares outstanding, January 1, 2022	36,950,833	$	1.80
Shares Granted	22,500,000	$	3.93
Shares Vested	37,447,214	$	3.71
Shares Forfeited	—		—
Unvested shares outstanding, September 30, 2022	22,003,619	$	1.97

(6)Revenue Recognition

Policy

Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount

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of revenue that is recorded reflects the consideration that we expect to receive in exchange for those goods. We apply the following five-step model in order to determine this amount:

1.Identification of the promised goods in the contract;

2.Determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract;

3.Measurement of the transaction price, including the constraint on variable consideration;

4.Allocation of the transaction price to the performance obligations; and

5.Recognition of revenue when (or as) the Company satisfies each performance obligation.

We only apply the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, our performance obligations for phone leasing are recognized over time, while our obligations for agri-fintech services, which are usage based, are transferred to customers at a point in time, typically upon delivery. We have elected to record revenue net of taxes collected from our customers that are remitted to governmental authorities, with the collected taxes recorded within other liabilities until remitted to the relevant government authority.

Our revenue is principally comprised of lease payments for smart phone devices, and fees for services and financial technology solutions. From time to time, we also sell mobile phones in one-off bulk transactions. We offer service-only contracts and contracts that bundle equipment used to access the services and/or with other service offerings. All mobile leasing contracts have fixed terms.

Sources

The Company has the following principal revenue sources:

●Mobile Leasing – our customers enter a 12-month contract for a fixed monthly rental. The customers are committed for the full term. Our accounting policy is to recognize lease revenue ratably during the term. We do not assess a cost of sales associated with such lease revenue, but instead depreciate our mobile devices ratably on a straight-line basis over their estimated life of 36 months. Mobile devices are included as Fixed Assets for such mobile leasing contracts.

●Call and Data Services – our customers use call and data services at normalized rates which, given the increasing proliferation of wifi connections, even in rural locations, have steadily declined over time.

●Nwassa services – this is our Agri-Fintech platform. Revenue is recognized based on fixed percentage of the value of the transaction on the following basis when transactions are executed as follows:

●Agri- Marketplace – fixed percentage of the value of produce trade on Nwassa

●Mobile airtime top up – fixed percentage of value of top-up

●Utilities – fixed percentage of value of transaction

●Mobile Insurance – fixed fee recognized monthly based on contract

●Financial Services (Loans and related services) – fixed referral fee as completed

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(7)Foreign Currency Translation

Functional and presentation currency—The consolidated financial statements are presented in U.S. dollars, which is the presentation currency, the functional currency is Nigeria Naira.

The exchange rate used for conversion is:


	September 30,	December 31,
	2022	2021
Balance Sheet:

Nigerian Naira	432.37	412.99

Profit and Loss :

Nigerian Naira	422.68	396.46

Foreign currency transactions—Foreign currency transactions are translated into the functional currencies of the Company’s subsidiaries using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive income. Non-monetary items carried at cost are translated using the exchange rate at the date of the transaction. Non-monetary items carried at fair value are translated at the date the fair value is determined. For Nigeria, due to the volatile nature of the exchange rate, we have applied the prudent approach to convert both the Profit and Loss and Balance Sheet at the same rate to indicate a fairer reflection of the state of affairs.

(8)Inventory

Inventory on hand consisted of the following:


	September 30, 2022		December 31, 2021
Spare parts	$	—	$	129,823

Total Inventory	$	—	$	129,823

(9)Accounts and Other Receivables


	September 30, 2022		December 31, 2021

Trade and other receivable gross	$	386,104,187	$	364,350,175
Allowance for expected credit loss		(66,636)		(42,065)
		386,037,551		364,308,110
Directors current account		—		289
Total accounts and other receivables	$	386,037,551	$	364,308,399

Accounts Receivable—This amount consists almost exclusively of trade receivables relating to our 12-month smartphone leasing contract which our customers entered during 2021 and 2022. The release and delivery of new phones in accordance with the new 12-month phone contracts took place in May 2021 and August 2021, each of which were renewed in 2022. The balances reflect the remaining balance outstanding as of September 30, 2022 and December 31, 2021. The December 31, 2021 balances also include balance due from one off sales completed in November 2021. This outstanding balance was fully repaid in January 2022. The previous lease contracts expired in May 2020. The delay in renewal of new contracts in 2021 was due to the impact of Covid 19 and resultant delays in recommencement of our supply chains as a consequence. The new phone leasing contracts will expire in April 2023 and July 2023 respectively. The Company had approximately 9.3 million subscribers for this service as of September 30, 2022 and December 31, 2021. The Company has successfully renewed its previous contracts that originally expired in May and August of 2020, were renewed in May and August of 2021, and again in May and August of 2022, without any attrition in the number of subscribers. We view this as significant, given the gap of a year due to the Covid-19 pandemic that affected our supply chain in 2020 and the early part of 2021. We believe it is a clear demonstration of our ability to maintain subscriber loyalty and reflection of affordability at the price point we offer our subscribers over the 12-month leasing period. Management reviews accounts receivable periodically to determine if any

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receivables will potentially be uncollectible. Management’s evaluation includes several factors including the aging of the accounts receivable balances, a review of significant past due accounts, economic conditions, and our historical write-off experience, net of recoveries. The Company includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve, in its allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. We recognized bad debt expense of $66,365 during the quarter ended September 30, 2022 and $113,820 for the nine months ended September 30, 2022. The allowance for credit loss for the nine months ended September 30, 2022 was $66,636 and was $42,065 for the year ended December 31, 2021.

We also offer certain of our customers the option to purchase some of our wireless devices in installments over a specified period of time and, in many cases, once certain conditions are met, they may be eligible to trade in the original equipment for a new device and have the remaining unpaid balance paid or settled. As of December 31, 2021, all receivables on this arrangement have been collected and the balance has been written off, and no new receivables have been incurred during the quarter ended September 30, 2022.

We have a strong history of mobile leasing to our subscriber base in partnership with our farmers’ cooperatives. Unlike a typical mobile leasing business, we analyze credit risk on these cooperatives and not directly with our 9.3 million subscribers. We have history of leasing to the same number of subscribers since 2017 and have a strong collection record where the cooperatives settle the monthly leasing receivables in bulk. The cooperatives manage the interaction and collection from their members and, therefore, we do not undertake direct credit risk with our subscribers. This ‘business to business’ credit model has assured minimal bad debts and late payments, as well as reduced administrative effort needed to collect monthly receivables due over the 12-month contract.

(10) Property, Plant & Equipment


			MOTOR	FURNITURE &	OFFICE	PLANT &	SITE	MOBILE
	LAND	BUILDING	VEHICLES	FITTINGS	EQUIPMENT	MACHINERY	INSTALLATIONS	DEVICES	Total
	$	$	$	$	$	$	$	$	$
COST
December 31, 2021	8,794,695	31,774,624	207,709	60,009	66,142	10,112,085	191,316,838	1,219,411,221	1,461,743,324
ADDITIONS	—	—	—	—	—	—	—	—	—
Forex translation difference	(394,203)	(1,424,225)	(9,310)	(2,690)	(2,965)	(453,251)	(8,575,341)	—	(10,861,985)
September 30, 2022	8,758,008	31,642,075	206,844	59,759	65,866	10,069,903	190,518,762	1,219,411,221	1,450,881,339

DEPRECIATION
December 31, 2021	—	8,246,459	126,507	41,444	62,662	10,074,916	—	244,290,317	262,860,305
CHARGED FOR THE YEAR	—	1,164,262	19,698	4,732	1,667	6,588	14,019,815	297,864,011	313,080,743
Forex translation difference	—	(396,527)	(6,112)	(1,963)	(2,847)	(452,540)	(314,203)	—	(1,174,192)
September 30, 2022	—	9,032,164	140,093	44,213	61,482	9,628,964	13,705,612	542,154,328	574,766,856

NET BOOK VALUE
December 31, 2021	8,794,695	23,510,165	81,202	18,565	3,480	37,169	191,316,839	975,120,904	1,198,883,019
September 30, 2022	8,400,492	21,318,235	58,306	13,106	1,695	29,870	169,035,886	677,256,893	876,114,483

The fixed assets table above refers to the Tingo Mobile business as consolidated into Tingo, Inc. for the nine months and year ended September 30, 2022 and December 31, 2021, respectively.

Property, plant and equipment are carried at historical value and depreciated over their useful life. All property and equipment with a cost of $5,000 or greater are capitalized. Major betterments that extend the useful lives of assets are also capitalized. Normal maintenance and repairs are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations.

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Plant and equipment consist of prototypes, mobile devices, software, furniture and equipment, which are depreciated on a straight-line basis over their expected useful lives.


		Estimated useful lives
		(years)
Buildings		20
Motor Vehicles		5
Furniture & Fittings		5
Office Equipment		5
Plant & Machinery		4
Mobile Devices		3
Site Installations		4

Site Installations relates to the capitalization of the Company’s investment in rural fiber network and equipment. Depreciation on these assets commenced from January 1, 2022.

Mobile devices are assets that are leased on 12 month contracts to the subscriber base linked to two major farmers’ cooperatives in Nigeria. We estimate the useful life of these devices to be 3 years.

(11) Intangible Assets

Intangible Assets—The details below relate to Intangible Assets for Tingo Mobile as consolidated into the Company for the nine months ended September 30, 2022. This represents cost incurred on software development of our mobile operating system and secure browser. This is Tingo’s proprietary operating system and mobile/web browser. The system and its technology platform is designed to help our customers securely execute financial transactions. This cost is amortized over 5 (Five) years, because on or before then we are expected to have significantly upgraded the software. For the nine months ended September 30, 2022, the Company incurred capitalized costs of $ 0 and charged $835,047 in amortization costs for this period.


Cost
As of January 1, 2022	$	6,193,507
Additions		—
Forex translation difference		(277,610)
As of September 30, 2022		5,915,897

Amortization
As of January 1, 2022		4,026,671
Charge for the period		835,047
Forex translation difference		274,482
As of September 30, 2022		5,136,200

Carrying Amount as of September 30, 2022	$	779,697

(12) Liquidity and Financing Arrangements

Liquidity—There are several factors that may materially affect our liquidity during the reasonably foreseeable future including, for example, currency volatility, foreign exchange controls and other items that affect cash flows to our parent company. In view of the foregoing, we believe that our operating cash flow and cash on hand will be sufficient to meet operating requirements from the date of this filing through the next twelve months.

Cash and Cash Equivalents—As of September 30, 2022, we had cash and cash equivalents of $246.6 million on a consolidated basis. As of December 31, 2021, we had cash and cash equivalents of $128.4 million on a consolidated basis. The cash and cash equivalent mainly consists of funds held with the company’s bank in Nigeria. We seek to optimize value by managing and placing excess liquidity on fixed deposits to earn income from such excess cashflows. Reduction is cash and cash equivalent is mainly due to a significant repayment of accounts payables to our core suppliers of mobile phones.

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(13) Current and Non-Current Liabilities

Accounts Payable and Accruals


	September 30, 2022		December 31, 2021
Trade payables	$	596,352	$	754,709,169
Accrued compensation		2,935,389		1,049,030
Accrued interest		61,918		—
Other payables		—		126,994
Total Accounts Payable and Accruals	$	3,593,659	$	755,885,193

Trade Payables—Included in this amount is the balance due to our Smartphone suppliers at September 30, 2022 and December 31, 2021.

Deferred Income—The balance represents the gross income due over the term of the 12-month phone leasing cycle. Monthly releases to revenue will be conducted in line with our revenue recognition policy and will reduce to $0 by April 2023 and July 2023 accordingly. The table below provides the aging of the balances between current and non-current deferred income as follows:


	September 30, 2022		December 31, 2021
Due within one year	$	336,752,128	$	221,215,018
Over one year		—		—
Total Deferred income		336,752,128		221,215,018

Deferred income - current portion		336,752,128		221,215,018
Deferred income - non-current portion		—		—
Total Deferred income	$	336,752,128	$	221,215,018

VAT—This represents the current and future VAT liability at rate of 7.5% relating to the mobile phone leasing contracts included under Accounts Receivable and Deferred Income. The table below shows the aging of when such liabilities will become due and payable:


	September 30, 2022			December 31, 2021
Due within one year	$	26,515,899	$	17,162,192
Over one year		—		—
Total Value added tax		26,515,899		17,162,192

Value added tax - current portion		26,515,899		17,162,192
Value added tax - non-current portion		—		—
Total Value added tax	$	26,515,899	$	17,162,192

(14) Notes and Loans Payable

On October 6, 2022, in connection with the Restated Merger Agreement described in Note (2) above, we issued a Senior Promissory Note (“Note”) to MICT in the original principal amount of $23,700,000, bearing interest at 5% per annum, and maturing on the first to occur of (i) May 10, 2024, or (ii) thirty days from the date of termination of the Restated Merger Agreement. This Note superseded and replaced a previous promissory note issued to MICT on July 28, 2022 in the original principal amount of $3,500,000. Interest expense and interest accrued on the Note for the quarter ended September 30, 2022 was $42,192 and $61,918, respectively.

We also borrowed $49,945 from a third party during the second quarter of 2022, which amount is payable on demand. This loan was repaid subsequent to the end of the third quarter of 2022. From time to time to facilitate the operation of our Company, we will continue to procure short- and long-term loans of various amounts and maturities.

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(15) Taxation and Deferred Tax

The provision for income tax consists of the following components for the nine months ended September 30, 2022 and 2021:


	September 30, 2022		September 30, 2021
Income tax⁽¹⁾	$	138,503,810	$	51,138,811
Education tax		9,233,588		3,409,254
Current Tax	$	147,737,398	$	54,548,065

(1) Tax provision is based on pre-tax income of Tingo Mobile on a stand-alone basis for the period indicated.

The significant components of the tax liabilities as of September 30, 2022 and December 2021 are summarized below:


Current Tax Liabilities	September 30, 2022		December 31, 2021
Beginning of period	$	100,606,352	$	67,601,594
Charge for the period⁽¹⁾		147,737,398		104,802,090
		248,282,418		172,403,684
Paid during the period		(96,169,379)		(62,946,048)
Forex translation difference		(7,817,697)		(8,851,284)

Total Current Tax Liabilites	$	144,295,342	$	100,606,352

(1) Tax liability is based on pre-tax income of Tingo Mobile on a stand-alone basis for the period indicated.

The significant components of the deferred tax liabilities as of September 30, 2022 and December 31, 2021 are summarized below:


Deferred Tax	September 30, 2022		December 31, 2021
Beginning of period	$	2,171,039	$	2,360,004
Change for the period		—		—
Forex translation difference		1,989,059		(188,965)
Total Deferred Tax Liabilities	$	4,160,098	$	2,171,039

(16) Related-Party Transactions and Agreements

From time to time, we may enter into transactions or incur indebtedness to persons affiliated with members of our board of directors or executive officers. We will seek to ensure that, to the greatest extent possible, any such agreements or transactions are undertaken on an arms-length basis and representative of standard commercial terms and conditions that would be available to us from third parties. During the quarter ended June 30, 2022, we received an advance of $89.2 million from affiliates of our founder and CEO, Dozy Mmobuosi, to satisfy short-term capital needs of Tingo Mobile, our wholly-owned operating subsidiary. As of September 30, 2022, the balance on this advance was $85.6 million. We expect to repay some or all of this advance later in 2022.

(17) Legal Proceedings

On May 23, 2022, ClearThink Capital LLC, a Florida limited liability company claiming to be an investment banking firm (“ClearThink”), filed a complaint against the Company alleging a breach by Tingo of a purported non-circumvention agreement and an alleged obligation to pay ClearThink an investment banking fee in connection with the planned merger of the Company with a wholly-owned subsidiary of MICT, Inc. The lawsuit seeks relief for breach of contract, a breach of the covenant of good faith and fair dealing, and unjust enrichment, and also seeks declaratory relief, injunctive relief, and an award of costs, attorneys’ fees, and expenses. We believe that this lawsuit, and the allegations included therein, are without merit, particularly in view of the fact that ClearThink and its Managing Director, Craig Marshak, failed to disclose to Tingo their lack of a required broker-dealer license, or that Robert S. Brown, the Chief Executive Officer of ClearThink, was subject to an Order from the SEC suspending him from practicing before the Commission. While the outcome of the lawsuit cannot at this time be predicted with certainty, we do not expect that the proceeding will have a material effect upon Tingo’s financial condition or results of operations.

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From time to time, the Company is a party to certain other proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our customers and subscribers. While the outcome of these legal proceedings cannot at this time be predicted with certainty, we do not expect that these proceedings will have a material effect upon the Company’s financial condition or results of operations.

(18) Subsequent Events

Management performed an evaluation of the Company’s activity through the date the financial statements were issued, noting the following subsequent events:

Entry into Second Amended and Restated Merger Agreement. As described above in Note 2 – Entry Into Restated Merger Agreement with MICT, on October 6, 2022, the Company, MICT, and representatives of each company’s shareholders entered into the Restated Merger Agreement.

Amendment of Purchaser Loan. As described above in Note 14 – Notes and Loans Payable, on October 6, 2022, MICT extended to Tingo a loan in the principal amount of $23,700,000 with an interest rate of 5% per year, and which amended and restated the previous loan agreement between MICT and Tingo dated May 10, 2022, for a principal amount of $3,500,000.

Filing of Information Statement. In connection with the Merger, on November 9, 2022, we filed a definitive information statement on Schedule 14C with the SEC, including a copy of the Restated Merger Agreement, to provide information to our shareholders about the Merger and the transactions contemplated thereby.

Agreement with AFAN. On October 20, 2022, the Company announced that Tingo Mobile had signed an agreement with the All Farmers Association of Nigeria (AFAN), the umbrella body of the 56 recognized commodities and agricultural associations in Nigeria. Under the terms of the agreement, AFAN committed to add a minimum of 20 million additional subscribers to the Company’s customer base. These new subscribers would be comprised principally of owners of small and medium-sized agricultural enterprises throughout the country.

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Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Tingo, Inc. (collectively with our subsidiary, “we,” “us,” “our,” “Tingo” or the “Company”), a Nevada corporation, was formed on February 17, 2015. Our shares trade on the OTC Markets trading platform under the symbol ‘TMNA’. We acquired our wholly-owned subsidiary, Tingo Mobile, PLC, a Nigerian public limited company (“Tingo Mobile”), in a share exchange with its sole shareholder effective August 15, 2021. The Company, including its subsidiary Tingo Mobile, is an Agri-Fintech company offering a comprehensive platform service through use of smartphones – ‘device as a service’ (using GSM technology) to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. The ecosystem provides a ‘one stop shop’ solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and micro finance to support their value chain from ‘seed to sale’.

As of September 30, 2022, Tingo had approximately 9.3 million leasing customers using its mobile phones and who also use the Company’s agri-fintech platform (www.nwassa.com). Nwassa is considered to be Africa’s leading digital agriculture ecosystem that empowers rural farmers and agri-businesses by using proprietary technology to enable access to markets in which they operate. Farmers in Nigeria use the Nwassa agri-trading platform to support the supply and purchase of a variety of agricultural inputs and produce. The system provides real-time pricing, straight from the farms, eliminating middlemen. Our users’ customers pay for produce bought using available pricing on our platform.

The Nwassa platform has also created an escrow solution that secures the buyer, inasmuch as funds are not released until fulfilment. The platform also facilitates trade financing, ensuring that banks and other lenders compete to provide credit to our members.

Although we have a large retail subscriber base, ours is essentially a business-to-business-to-consumer (“B2B2C”) business model. Each of our subscribers is a member of one of two large farmers’ cooperatives with whom we have a contractual relationship and which relationship facilitates the distribution of our branded smartphones into various rural communities of member farmers. And it is through our phones and our proprietary applications imbedded therein where we are able to distribute our wider array of agri-fintech services and generate the diverse revenue streams as described in more detail in this report.

Our principal office is located at 43 West 23^rd Street, 2^nd Floor, New York, NY 10010, and the telephone number is +1-646-847-0144. Our corporate website is located at www.tingoinc.com, although it does not constitute a part of this Quarterly Report. We make available free of charge on our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such material is electronically filed or furnished to the Securities and Exchange Commission (“SEC”). Our shares are traded on OTC Markets under the ticker symbol ‘TMNA’.

The information contained in this section should be read in conjunction with our financial statements and notes thereto appearing elsewhere in this Quarterly Report and in conjunction with the financial statements and notes thereto in the Company’s Annual Report on Form 10-K, and any amendments thereto (“10-K”). In addition, some of the statements in this report constitute forward-looking statements. The matters discussed in this Quarterly Report, as well as in future oral and written statements by management of Tingo, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Important assumptions include our ability to generate revenues, achieve certain margins and levels of profitability, and the availability of additional capital. In light of these and other uncertainties, the inclusion of a forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this Quarterly Report include statements as to:

●

our future operating results;

●

our business prospects;

●

currency volatility, foreign exchange, and inflation risk;

●

our contractual arrangements with our customers and other relationships with third parties;

●

the dependence of our future success on the general economy and its impact on the industries in which we invest;

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●

political instability in the countries in which we operate;

●

uncertainty regarding certain legal systems in Africa;

●

our dependence upon external sources of capital;

●

our expected financings and capital raising;

●

our regulatory structure and tax treatment;

●

the adequacy of our cash resources and working capital;

●

the timing of cash flows from our operations;

●

the impact of fluctuations in interest rates on our business;

●

market conditions and our ability to access additional capital, if deemed necessary;

●

uncertainty regarding the timing, pace and extent of an economic recovery in the United States and elsewhere; and

●

natural or man-made disasters and other external events that may disrupt our operations.

There are a number of important risks and uncertainties that could cause our actual results to differ materially from those indicated by such forward-looking statements. For a discussion of factors that could cause our actual results to differ from forward-looking statements contained in this Quarterly Report, please see the discussion in “Item 1A. Risk Factors” in our 10-K. In particular, you should carefully consider the risks we have described in the 10-K and elsewhere in this Quarterly Report concerning the coronavirus pandemic and the economic impact of the coronavirus on the Company and our operations. You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date this Quarterly Report is filed with the SEC.

Entry Into Merger Agreement with MICT, Inc.

On October 6, 2022, the Company, MICT, Inc. (“MICT”), and representatives of each company’s shareholders entered into a Second Amended and Restated Agreement and Plan of Merger (“Restated Merger Agreement”). The common stock of MICT is traded on the Nasdaq Capital Market under the symbol ‘MICT’. The Restated Merger Agreement is the second restatement of the agreement and the result of efforts of Tingo and MICT to restructure the transaction as a multi-phase forward triangular merger (“Merger”) instead of as a reverse triangular merger as previously agreed. Under the terms of the Restated Merger Agreement, Tingo will create a newly-formed subsidiary incorporated in the British Virgin Islands (“Tingo BVI Sub”) to facilitate the Merger and hold the Company’s beneficial ownership interest in Tingo Mobile. MICT will also create a subsidiary incorporated in the British Virgin Islands (“MICT BVI Sub”), which will be merged with and into Tingo BVI Sub, with MICT BVI Sub as the surviving corporation and a subsidiary of MICT. The Merger will, therefore, result in Tingo Mobile becoming an indirect wholly-owned subsidiary of MICT, and the operations of Tingo Mobile, as an agri-fintech company, becoming the predominant operations of MICT. The aggregate consideration tendered by MICT to Tingo, the sole shareholder of Tingo Mobile, will consist of: (i) newly-issued common stock of MICT equal to 19.9% of its outstanding shares, calculated immediately prior to the closing date of the Merger; and (ii) two series of convertible preferred shares – Series A Convertible Preferred Stock and Series B Convertible Preferred Stock (collectively, the “MICT Preferred Shares”). The conversion of the MICT Preferred Shares is subject to various conditions, including approval of MICT’s shareholders and, in the case of the MICT Series B Convertible Preferred Stock, is also subject to Nasdaq approving a change of control of MICT. If all of the MICT Preferred Shares are converted into MICT common stock, Tingo will hold 75.0% of the outstanding shares of MICT. A summary of the Restated Merger Agreement and the actions taken by the Company and MICT in connection therewith are included in our Current Report on Form 8-K/A filed with the U.S. Securities and Exchange Commission on October 14, 2022. On November 9, 2022, we filed a definitive Information Statement with the SEC to provide information to our shareholders about the Merger, the Merger Agreement, and the transactions contemplated thereby.

Acquisition of Tingo Mobile plc

On August 15, 2021, the Company acquired all of the share capital of Tingo Mobile plc, a Nigerian corporation (“Tingo Mobile”) from Tingo International Holdings, Inc., a Delaware corporation (“TIH”), the sole shareholder of Tingo Mobile. Pursuant to

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the Acquisition Agreement executed in connection with the transaction, as subsequently amended, we issued TIH 1,028,000,000 shares of our Class A common stock and 65,000,000 shares of our Class B common stock. We also paid various fees and expenses in connection with the transaction, including 27,840,000 shares of our Class A common stock as a finder’s fee.

Results of Operations

Three Months Ended September 30, 2022 Compared with the Three Months Ended September 30, 2021

The Company’s consolidated results from operations for the three months ended September 30, 2022 and September 30, 2021 are summarized as follows:


	Three Months Ended
			% of				% of
(in Thousands)	September 30, 2022		Revenue		September 30, 2021		Revenue
Revenue	$	291,701	—		$	176,985	—
Operating Expense		(142,162)	48.74	%		(206,284)	116.55	%
Operating Income		149,539	51.26	%		(29,298)	(16.55)	%

Other Income (Expense), net		625	—			(243)	—
Income (Loss) before taxes		150,163	51.48	%		(29,541)	(16.69)	%
Income tax⁽¹⁾		(59,454)	—			(15,142)	—
Net Income (Loss)	$	90,709	31.10	%	$	(44,683)	(25.25)	%

(1) Tax liability is based on pre-tax income of Tingo Mobile on a stand-alone basis for the period indicated.

Tingo’s operating income for the three months ended September 30, 2022 was $149.5 million as compared to an operating loss of $29.3 million during the three months ended September 30, 2021, an increase of $178.8 million. The substantial increase as compared to the third quarter of 2021 is largely due to renewal of the mobile leasing activity that commenced in May 2021 and August 2021 with our two partner cooperatives, as well as the revenue contribution made by our Nwassa agri-fintech platform. We believe the increased adoption rates and growth in our Nwassa user base are a clear demonstration of how rapidly the Nwassa agri-fintech platform, powered through a smartphone, is providing value and convenience to farming and rural communities. We earn up to a 4.0% commission on Nwassa services, which have net margins of over 90.0%. As Nwassa becomes a progressively larger component of our aggregate revenue, we expect overall gross profit margins, as well as aggregate profit, to increase accordingly. This is reflective in the growth of Tingo’s Net Income of $90.7 million for the three months ended June 30, 2022 compared to a loss of $44.7 million for the three months ended September 30, 2021, an increase of $135.4 million.

Nine Months Ended September 30, 2022 Compared with the Nine Months Ended September 30, 2021

The Company’s consolidated results from operations for the nine months ended September 30, 2022 and September 30, 2021 are summarized as follows:


	Nine Months Ended
			% of				% of
(in Thousands)	September 30, 2022		Revenue		September 30, 2021		Revenue
Revenue	$	817,443	—		$	317,540	—
Operating Expense		(474,719)	58.07	%		(258,339)	(81.36)	%
Operating Income		342,725	41.93	%		59,202	18.64	%

Other Income (Expense), net		925	—			(3)	—
Income before taxes		343,649	42.04	%		59,199	18.64	%
Income tax (current period)⁽¹⁾		(147,737)				(54,548)
Net Income	$	195,912	23.97	%	$	4,651	1.46

(1) Tax liability is based on pre-tax income of Tingo Mobile on a stand-alone basis for the period indicated.

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Tingo’s operating income for the nine months ended September 30, 2022 was $342.7 million as compared to $59.2 million during the nine months ended September 30, 2021, an increase of $283.5 million. As with the comparative three-month results discussed above, the substantial increase is largely due to renewal of the mobile leasing activity that commenced in May and August 2021, as well as the significantly positive growth of revenue mix in the higher margin business in Nwassa, where we earn up to a 4.0% commission on various agri-fintech transactions and have relatively insignificant marginal costs as compared to our sales and leasing business.

Revenue

Three Months Ended September 30, 2022 and 2021


	Three Months Ended
	September 30, 2022		September 30, 2021
Mobile Phone leasing and sales	$	136,676,839	$	108,669,889
Services- Mobile calls & data		15,971,094		11,799,270

NWASSA revenue		139,052,969		56,516,282
Airtime		3,854,119		2,762,722
Brokerage on loans		8,240,610		552,180
Insurance		6,386,797		5,380,600
Trading on agricultural produce		70,779,965		20,746,218
Utility		49,791,478		27,074,562
Total Revenue	$	291,700,902	$	176,985,441

Nine Months Ended September 30, 2022 and 2021


	Nine Months Ended
	September 30, 2022		September 30, 2021
Mobile Phone leasing and sales	$	380,518,797	$	161,919,889
Services- Mobile calls & data		45,448,334		34,899,849

NWASSA revenue		391,476,189		120,720,464
Airtime		10,905,880		6,747,944
Brokerage on loans		18,386,738		1,563,546
Insurance		19,608,875		7,362,470
Trading on agricultural produce		198,415,950		51,269,806
Utility		144,158,746		53,776,698
Total Revenue	$	817,443,320	$	317,540,202

Generally. We generated total revenue of $291.7 million during the quarter ended September 30, 2022 compared to $177.0 million during the quarter ended September 30, 2021, an increase of $114.7 million, or 64.8%. During the nine months ended September 30, 2022, we generated revenue of $817.4 million as compared to $317.5 million during the nine months ended September 30, 2021, an increase of $499.9 million, or 157.4%. In addition to recognizing leasing and service revenue from our mobile phones during the first half of 2022, we also experienced sharp growth in the utilization of our Nwassa agri-fintech platform as compared to the first nine months of 2021. This platform delivered strong growth in revenue, increasing from $56.5 million and $120.7 million during the three and nine months ended September 30, 2021, respectively, to $139.1 million and $391.5 million during the three and nine months ended September 30, 2022, respectively. This represents growth of 146.2% and 224.4% for the respective comparative periods. Our Nwassa agri-fintech business now represents approximately 47.9% of total revenue for the nine months ended September 30, 2022 as compared to approximately 38.0% of total revenue for the nine months ended September 30, 2021. The principal reasons for the increases during the third quarter and first nine months of 2022 as compared to the third quarter and first nine months of 2021 were as follows:

●

Our strategy of enabling rural communities with an affordable smartphone ‘device as a service’ has proved successful in increasing the volume of agri-produce trading being conducted on the platform. Given the fees we earn through these services, we estimate that the Company processed just under $9.0 billion in transaction volume for our subscribers during the first nine months of 2022.

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●

Agri-trading revenues for the third quarter and first nine months of 2022 were $70.8 million and $198.4 million, respectively, as compared to $20.7 million and $51.3 million during the third quarter and first nine months, respectively, of 2021. The number of farmers trading produce on our system has also increased by a significant level as compared to prior periods. We believe that this is a clear demonstration of the value that Nwassa offers farmers as the platform of choice to trade their produce into the domestic market.

●

Utility top-ups on Nwassa saw revenues increase to $49.8 million and $144.2 million for the quarter and nine months ended September 30, 2022, respectively, as compared to $27.1 million and $53.8 million for the quarter and nine months ended September 30, 2021, respectively. This represents a growth rate of 83.8% on a quarter-over-quarter basis, and a 168.0% growth rate as compared to the first nine months of 2021. The level of activity is a strong indicator of the level of trust and reliability that consumers place on our service, with virtually no resistance to the transaction fees we charge.

●

The significant growth in Nwassa revenues is in line with our strategy to expand our Agri-Fintech business as our core focus with the access to mobile devices as an enabler to assure access and connectivity to our Nwassa platform.

●

The decline in the Naira -USD exchange rate from September 30, 2021 to September 30, 2022 has been mitigated by the significant organic growth of both volume and margins on our agri-fintech trading business.

Mobile leasing revenues continue to be in line with expectations of our 12-month leasing contracts and has been slightly impacted by the declining exchange rate.

Leasing revenue is recognized over 12 months in equal instalments from the date of sign up of the contract. Inasmuch as our lease agreements did not commence until midway through the first nine months of 2021, wherein we had $108.7 million and $161.9 million in leasing revenue during the quarter and nine months ended September 30, 2021, respectively, as compared to $136.7 million and $380.5 million for the quarter and nine months ended September 30, 2022, respectively.

Nwassa, our Agri-Fintech platform generated 47.7% and 47.9% of total Company revenue during the three and nine months ended September 30, 2022, respectively, compared to 31.9% and 38.0% of total revenue for the three and nine months ended September 30, 2021, respectively.

Utility top-up activity levels more than tripled during the quarter ended September 30, 2022 as compared to the quarter ended September 30, 2021, and were more than double during the nine months ended September 30, 2022 compared to the same period in 2021. We believe that the strong performance of the Agri-fintech side of our business is a clear demonstration of the maturity and adoption of the Nwassa platform by a higher percentage of our ‘Device as a Service’ customer base powered through farmers’ cooperatives. The level of loan brokerage, which was relatively negligible in the first nine months of 2021 increased to $18.4 million for the nine months ended September 30, 2022. Of note was the residual revenue stream in the first nine months of 2022 resulting from the one-time sale of mobile phones in the fourth quarter of 2021, where we estimate that at least 30% of the non-leasing customer base who purchased these phones registered for access to the Nwassa platform to manage airtime and utility payments during the first nine months of 2022. This is significant, inasmuch as it is a demonstration of our successful campaigns we ran to register customers who bought a phone via a third non-agricultural cooperative with which we contracted in November 2021.

However, we believe that it is important to understand that the provision of smartphones is the means to drive a higher level of access to our Agri-Fintech platform Nwassa, to enable our customers to participate in our Agri-marketplace, top up their airtime, pay for utilities, insure their mobile devices and access credit services through partner institutions. Typical fees and commissions on these services can be up to 4.0%. Insurance revenue is fixed at $0.24 per device per month. Our focus on providing an affordable mobile device is core to the delivery of our fintech services and we call that ‘Device as a Service’ model. The richness of our Agri-Fintech service and related payment services deliver a very unique model of social upliftment and financial inclusion to rural communities. The agri-marketplace we have created provides our customers with an opportunity to market their fresh produce to reduce the ‘time to market’ and contribute towards our objectives to support the rural farming community with products and services that enable reduction in ‘post-harvest losses’ - a key area of focus for us as part of our investment to deliver services through use of smartphones to drive tangible social upliftment through increased sales for such farmers using the Nwassa platform.

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Cost of Sales

Three Months Ended September 2022 and 2021

The following table sets forth the cost of sales for the three months ended September 30, 2022 and September 30, 2021:


	Three Months Ended
	September 30, 2022		September 30, 2021

Commission to Cooperatives and Agents	$	3,142,856	$	2,241,861
Cost of Mobile Phones		19,738,995		—

Total Cost of Sales	$	22,881,851	$	2,241,861

Nine Months Ended September 30, 2022 and 2021

The following table sets forth the cost of sales for the nine months ended September 30, 2022 and September 30, 2021:


	Nine Months Ended
	September 30, 2022		September 30, 2021
Commission to Cooperatives and Agents	$	8,635,184	$	6,630,971
Cost of Mobile Phones		19,738,995		—

Total Cost of Sales	$	28,374,179	$	6,630,971

The Company’s cost of sales for the three and nine months ended September 30, 2022 was $22.9 million and $28.4 million, respectively, most of which was related to a one-off bulk sale of mobile phones in July 2022.

Cost of sales consists of two key elements:

●

Commissions to Cooperatives and Agents - the Company has over 17,000 agents that support the rollout of our services through Cooperatives and an independent agency network of rural farmers and women.

●

Cost of mobile phones – In July 2022, we sold 87,508 mobile devices in a one-off sale, generating approximately $24.1 million in revenue. Other than the foregoing, there were no outright sales of phones during the three or nine months ended September 30, 2022. The cost of sales relating to these devices was $19.7million.

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Selling, General & Administrative Expenses

Three Months Ended September 30, 2022 and 2021

The following table sets forth selling, general and administrative expenses for the three months ended September 30, 2022 and September 30, 2021:


	Three Months Ended
	September 30, 2022		September 30, 2021

Payroll and related expenses	$	13,465,678	$	781,710
Distribution expenses		403,141		352,919
Professional fees		764,536		111,660,000
Bank fees and charges		300,877		286,072
Depreciation and amortization		100,175,992		90,815,271
General and administrative – other		4,103,855		122,774
Bad debt expenses		66,365		23,012

Selling, General and Administrative Expenses	$	119,280,444	$	204,041,758

Nine Months Ended September 30, 2022 and 2021

The following table sets forth selling, general and administrative expenses for the nine months ended September 30, 2022 and September 30, 2021:


	Nine Months Ended
	September 30, 2022		September 30, 2021
Payroll and related expenses	$	53,036,574	$	2,191,994
Distribution expenses		913,102		574,531
Professional fees		69,255,362		112,260,000
Bank fees and charges		1,297,297		513,342
Depreciation and amortization		313,915,790		135,972,995
General and administrative – other		7,812,627		150,489
Bad debt expenses		113,820		44,365
Selling, General and Administrative Expenses	$	446,344,572	$	251,707,716

Prior year expenses mainly relate to general and administrative expenses relating of Tingo Mobile only. Our acquisition of Tingo Mobile during the third quarter of 2021 and the attendant expenses to maintain our status as a public reporting company has substantially increased these costs. In addition, in the fourth quarter of 2021, we adopted our 2021 Equity Incentive Plan which provided for, among other awards, shares of restricted stock to Plan participants. This resulted in stock-based compensation expense and professional fees of $111.6 million in the aggregate for the nine months ended September 30, 2022. A detailed breakdown of other costs included in Selling General and Administrative Expenses are contained in the Consolidated Profit and Loss Statement. A substantial part of these costs relate to Tingo Mobile’s operations in Nigeria and operational costs related to our parent company, Tingo, Inc.

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2021 Equity Incentive Plan

On October 6, 2021, the Board adopted our 2021 Equity Incentive Plan (“Incentive Plan”), the purpose of which was to promote the interests of the Company by encouraging directors, officers, employees, and consultants of Tingo to develop a long-term interest in the Company, align their interests with that of our stockholders, and provide a means whereby they may develop a proprietary interest in the development and financial success of the Company and its stockholders. The Incentive Plan is also intended to enhance the ability of the Company and its subsidiaries to attract and retain the services of individuals who are essential for the growth and profitability of the Company. The Incentive Plan permits the award of restricted stock, common stock purchase options, restricted stock units, and stock appreciation awards. The maximum number of shares of our Class A common stock that are subject to awards granted under the Incentive Plan is 131,537,545 shares. The term of the Incentive Plan will expire on October 6, 2031. On October 12, 2021, our stockholders approved our Incentive Plan and, during the fourth quarter of 2021 and the first nine months of 2022, the Tingo Compensation Committee granted awards under the Plan to certain directors, executive officers, employees, and consultants in the aggregate amount of 131,370,000 shares. The majority of the awards so issued are each subject to a vesting requirement over a 2-year period unless the recipient thereof is terminated or removed from their position without “cause”, or as a result of constructive termination, as such terms are defined in the respective award agreements entered into by each of the recipients and the Company. We account for share-based compensation using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, we measure the grant date fair value based upon the market price of our common stock on the date of the grant and amortize the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term. For all stock awards under the Incentive Plan that are not subject to vesting, we recognize expense associated with the award during the period in which the award is granted, in an amount equal to the number of shares granted, multiplied by the closing trading price of the shares on the relevant grant date. In connection with these awards, we recorded stock-based compensation expense and professional fees of $10.4 million and $111.6 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, total compensation expense to be recognized in future periods is $43.3 million. The weighted average period over which this expense is expected to be recognized is 1.1 years.

The following table summarizes the activity related to granted, vested, and unvested restricted stock awards under the Incentive Plan for the nine months ended September 30, 2022:


		Weighted
	Number of	Average Grant
	Shares	Date Fair Value
Unvested shares outstanding, January 1, 2022	36,950,833	$	1.80
Shares Granted	22,500,000	$	3.93
Shares Vested	37,447,214	$	3.71
Shares Forfeited	—		—
Unvested shares outstanding, September 30, 2022	22,003,619	$	1.97

Liquidity and Capital Resources

Sources and Uses of Cash: Our principal sources of liquidity are our cash and cash equivalents, and cash generated from operations. In addition, on October 6, 2022, in connection with the Restated Merger Agreement described herein, we issued a Senior Promissory Note (“Note”) to MICT in the original principal amount of $23,700,000, bearing interest at 5% per annum, and maturing on the first to occur of (i) May 10, 2024, or (ii) thirty days from the date of termination of the Restated Merger Agreement.. We expect that, as a result of issuance of the Note, we will also be able to secure sufficient operating and working capital for our parent company activities for the next twelve months.

Cash on Hand. As of September 30, 2022, our cash and cash equivalents totaled $246.6 million on a consolidated basis, as compared to cash and cash equivalents of $128.4 million on a consolidated basis at December 31, 2021.

Indebtedness: The Company had $3.5 million and $0 in investment debt as of September 30, 2022 and December 31, 2021, respectively.

We expect our cash on hand and proceeds received from our assets and operations will be sufficient to meet our anticipated liquidity needs for business operations for the next twelve months. There can be no assurance that we will continue to generate cash flows at or above current levels or that we will be able to raise additional financing to support our parent company’s operating and compliance expenditures.

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Our cash flows could be adversely affected by events outside our control, including, without limitation, changes in overall economic conditions, regulatory requirements, changes in technologies, demand for our products and services, availability of labor resources and capital, natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, and other conditions. Our ability to attract and maintain a sufficient customer base, particularly in our principal markets, is critical to our ability to maintain a positive cash flow from operations. The foregoing events individually or collectively could affect our results.

We are evaluating the impact of current market conditions on our Company and its ability to generate dollar-denominated income. We believe that our operating cash flow and cash on hand will be sufficient to meet operating requirements and to finance routine capital expenditures through the next twelve months.

Off Balance Sheet Arrangements

None.

Dividends

On November 10, 2021, our Board adopted a Dividend Policy for the Company. The Policy provides a process that the Board will undertake when approving quarterly, annual, and special dividends for the Company including, but not limited to, various financial criteria and macroeconomic factors, as well as certain financial and economic factors specific to the Company. In the case of quarterly dividends, within ninety (90) calendar days following the end of each fiscal year, the Board will determine the dividend payment, if any, that will be made to holders of the Company’s capital stock. Such dividend will generally be expressed as a cash amount equal to a percentage of the Company’s consolidated after-tax net income for such prior fiscal year, and will be divided into fourths, with one-fourth of the amount payable each quarter.

Subsequent Events

Management performed an evaluation of the Company’s activity through the date the financial statements were issued, noting the following subsequent events:

Entry into Second Amended and Restated Merger Agreement. As described herein, on October 6, 2022, the Company, MICT, and representatives of each company’s shareholders entered into the Restated Merger Agreement.

Amendment of Purchaser Loan. As described herein, on October 6, 2022, MICT extended to Tingo a loan in the principal amount of $23,700,000 with an interest rate of 5% per year, and which amended and restated the previous loan agreement between MICT and Tingo dated May 10, 2022, for a principal amount of $3,500,000.

Filing of Information Statement. In connection with the Merger, on November 9, 2022, we filed a definitive information statement on Schedule 14C, including a copy of the Restated Merger Agreement, to provide information to our shareholders about the Merger and the transactions contemplated thereby.

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Item 3.Quantitative and Qualitative Disclosure about Market Risk

We are subject to financial market risks, including changes in interest rates, lease rates, credit rates, and general debt terms.

We are subject to risks regarding currency volatility and foreign exchange rates. In particular, we are subject to fluctuations in foreign exchange rates between the U.S. dollar, our reporting currency, and currencies of countries where we market or source our products and services, which presently consists principally of the Nigerian Naira. Such fluctuations may result in significant increases or decreases in our reported revenue and other results as expressed in dollars, and in the reported value of our assets, liabilities and cash flows. In addition, currency fluctuation may adversely affect receivables, payables, debt, firm commitments and forecast transactions denominated in non-U.S. currencies. In particular, transition risks arise where parts of the cost of sales are not denominated in the same currency of such sales. We currently do not hedge this exposure. Fluctuation in exchange rates, depreciation of local currencies, changes in monetary and/or fiscal policy or inflation in the countries in which we operate could have a material adverse effect on our business, financial condition, results of operations and prospects.

In addition to foreign currency risk, our ability to generate operating cash flows at our parent company level depends on the ability of our subsidiaries to upstream funds. Nigeria and other countries in which we may operate have exchange controls that can, from time to time, place restrictions on the exchange of local currency for foreign currency and the transfer of funds abroad. These controls and other controls that may be implemented in the future could limit the ability of our subsidiaries to transfer cash to us and make us dependent upon external sources of cash and credit.

We can offer no assurance that additional restrictions on currency exchange will not be implemented in the future or that these restrictions will not limit the ability of our subsidiaries to transfer cash to us, which could have a material adverse effect on our business, financial condition, results of operations and prospects.

Item 4.Controls and Procedures

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Management assessed the effectiveness of our internal control over financial reporting as of June 30, 2022. In making this assessment, management used the criteria set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013.

Based upon our evaluation of internal controls, our CEO and CFO determined that (i) we have a material weakness over our entity level control environment as of September 30, 2022 and (ii) our internal control over financial reporting was not effective as of September 30, 2022, inasmuch as, during the quarter, we recharacterized the acquisition of Tingo Mobile as a reverse acquisition under applicable accounting rules and amended and restated our financial statements in previous quarterly and annual reports accordingly.

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Part II.Other Information

Item 1.Legal Proceedings

Item 1A. Risk Factors

In connection with our acquisition of Tingo Mobile and as a public company focused on the agri-fintech sector, we are subject to a number of risks, many of which are identified in our Annual Report on Form 10-K and any amendments thereto (“10-K”). In addition, we have identified additional risks associated with our planned Merger as described in our definitive Information Statement on Schedule 14C filed with the SEC on November 9, 2022, as may be amended (“Information Statement”). As the business of the Company and its subsidiaries continues to develop and as we progress toward completion of the merger, we intend to identify, as will be reasonably possible, any such additional risks and include the same in our subsequent filings and reports with the SEC.

Moreover, the economic dislocation precipitated by the coronavirus pandemic is still rapidly evolving. As of the date of filing of this 10-Q, we are unable to predict either the potential near-term or longer-term impact that the coronavirus may have on our financial and operating results due to numerous uncertainties regarding the duration and severity of the crisis. To the greatest extent possible, we intend to operate our business in the ordinary course. Nevertheless, the ultimate impact of the coronavirus pandemic is highly uncertain and subject to change, and our business, results of operations, and financial condition have been and will likely continue to be impacted by future developments concerning the pandemic and the resulting economic disruption.

Readers should carefully consider these risks and all other information contained in our 10-K the Information Statement, including the Company’s financial statements and the related notes thereto. The risks and uncertainties described in our 10-K, the Information Statement, and throughout this 10-Q are not the only ones facing the Company.

Additional risks and uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not Applicable.

Item 5.Other Information

Not Applicable.

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Item 6.Exhibits

3.	Articles of Incorporation or Bylaws
	(a)	Amended and Restated Articles of Incorporation of the Company. [Incorporated by reference to Exhibit 3(i) to Registrant’s Current Report on Form 8-K filed on October 20, 2021]
			(b)	Amended and Restated Bylaws of the Company [Incorporated by reference to Exhibit 3(ii) to Registrant’s Current Report on Form 8-K filed on September 16, 2021]
			(c)	Acquisition Agreement, dated July 29, 2021, among the Company, Tingo International Holdings, Inc., and Tingo Mobile PLC. [Incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K filed on August 4, 2021.]
10.	Material Contracts
	(a)	Form of Indemnification Agreement between the Company and its directors and certain officers. [Incorporated by reference to Exhibit 10(a) to Registrant’s Amendment No. 1 to Quarterly Report on Form 10-Q/A filed on July 21, 2022]
			(b)	Code of Business Conduct and Ethics. [Incorporated by reference to Exhibit 14.1 to Registrant’s Current Report on Form 8-K filed on October 20, 2021]
			(c)	2021 Equity Incentive Plan. [Incorporated by reference to Exhibit 10.1 to Registrant’s Registration Statement on Form S-8, filed on October 12, 2021.]
	(d)	Second Amended and Restated Agreement and Plan of Merger among the Company, MICT, Inc., and certain representatives of the shareholders of the Company and MICT [Incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K/A, filed on October 14, 2022.]
31.	Rule 13a-14(a)/15d-14(a) Certifications
	1.	Certification by Chief Executive Officer*
			2.	Certification by Chief Financial Officer*

32.	Rule 1350 Certifications
	1.	Certification by Chief Executive Officer**
	2.	Certification by Chief Financial Officer**

101.INS	Formatted in Inline XBRL (Extensible Business Reporting Language) (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

* Filed herewith

** The certifications furnished in Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed by the undersigned, thereunto duly authorized.

Dated: November 14, 2022

	TINGO, INC.

	/s/ Dozy Mmobuosi
	Dozy Mmobuosi
	Chief Executive Officer

Tingo (CE) (USOTC:TMNA)
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