April 2022 - Page 16 of 28

April 15, 2022

China Liberal Education Holdings Limited Reports Financial Results for Fiscal Year 2021

BEIJING, April 14, 2022 /PRNewswire/ — China Liberal Education Holdings Limited (Nasdaq: CLEU) (“China Liberal,” the “Company,” or “we”), a China-based company that provides smart campus solutions and other educational services, today announced its financial results for the fiscal year ended December 31, 2021.

Ms. Ngai Ngai Lam, Chairperson and CEO of China Liberal, commented, “In fiscal year 2021, the COVID-19 pandemic and related travel restrictions negatively impacted our operations and business expansion. Particularly, many Chinese universities and colleges held off on their ‘smart campus’ project plans due to the uncertainties associated with the COVID-19 pandemic. As a result, our revenue decreased by 22.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $3.91 million from $5.02 million last fiscal year. We strive to drive our business forward despite these short-term challenges and remain optimistic on our business outlook for 2022 and beyond. We have taken actions to strengthen our market position and keep our financials resilient by acquiring Wanwang Investment Limited, which we believe will allow us to enhance our services and products and improve the quality of our programs.”

Ms. Ngai Ngai Lam continued, “We keep optimizing our growth strategies as market dynamics change and continue monitoring our customers’ preferences while focusing investments on our core growth initiatives with the clearest path to profitability. Growing demand for school-enterprise integrated education solutions continues to accelerate the growth of our integrated enterprises and vocational education (tailored job readiness training services). In addition, the acquisition of Wanwang Investment Limited allows us to become an operator of an independent three-year college and a four-year college in China with a total student enrollment of over 4,200, facilitating our strategic transformation and laying a solid new business foundation. I am proud of the team for what we have accomplished together and I am looking forward to building on our momentum.”

Fiscal Year 2021 Financial Highlights

	For the Year Ended December 31,
($ millions, except per share data)	2021	2020	{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change
Revenue	3.91	5.02	-22.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Gross profit	2.76	2.87	-3.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Gross margin	70.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	57.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	13.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Income(loss) from operations	-1.17	1.44	NM
Net income(loss)	-1.25	1.21	NM
Basic and diluted earnings(loss) per share	-0.12	0.21	NM
Note: NM refers to “Not Meaningful”

Revenue decreased by 22.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $3.91 million for fiscal year 2021 from $5.02 million for fiscal year 2020.
Gross profit decreased by 3.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $2.76 million for fiscal year 2021 from $2.87 million for fiscal year 2020.
Gross margin increased to 70.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for fiscal year 2021 from 57.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for fiscal year 2020.
Loss from operations was $1.17 million for fiscal year 2021, compared to income from operations of $1.44 million for fiscal year 2020.
Net loss was $1.25 million for fiscal year 2021, compared to net income of $1.21 million for fiscal year 2020.
Basic and diluted loss per share were $0.12 for fiscal year 2021, compared to basic and diluted earnings per share of $0.21 for fiscal year 2020.

Fiscal Year 2021 Financial Results

Revenue

Revenue decreased by 22.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $3.91 million for fiscal year 2021 from $5.02 million for fiscal year 2020. The decrease in revenue was mainly attributable to decreased revenue from our technological consulting services for smart campus solutions in fiscal year 2021 as compared to fiscal year 2020, which was mainly caused by a decrease in the average contractual value of smart campus related projects by 70.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} as high value contracts with Fuzhou Melbourne Polytechnic (“FMP”) were mainly completed in 2020.

	For the Year Ended December 31,
($ millions)	2021			2020
Revenue	Revenue	Cost of Revenue	Gross Margin (Loss)	Revenue	Cost of Revenue	Gross Margin
Sino-foreign jointly managed academic programs	2.68	0.36	86.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	2.77	0.59	78.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Technological consulting services for smart campus solutions	1.06	0.62	41.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	1.99	1.40	29.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Overseas study consulting services	0.04	0.05	-43.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	0.13	0.09	33.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Tailored job readiness training services	0.14	0.12	15.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	0.08	0.06	15.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Textbook and course material sales	–	–	–	0.05	0.01	80.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Total	3.91	1.15	70.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	5.02	2.15	57.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Revenue from Sino-foreign jointly managed academic programs decreased by $0.09 million, or 3.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $2.68 million for fiscal year 2021, from $2.77 million for fiscal year 2020. This decrease was primarily attributed to a decrease in the number of students by 243, or 9.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, from 2,731 students for the year ended December 31, 2020, to 2,488 students for the year ended December 31, 2021, which resulted in a decrease of $254,042 in revenue. The decrease was partially offset by an increase in average tuition fees collected from $1,015 per student in 2020 to $1,076 per student in 2021, which resulted in an increase of $157,510 in revenue. The increase in average tuition fee was mainly caused by an appreciation of Renminbi (“RMB”) against U.S. dollars while the average tuition fee per student in RMB decreased from RMB6,993 ($1,015) in 2020 to RMB6,931 ($1,076) in 2021.

Revenue from providing smart campus related technological consulting services and technical support services for other entities decreased by $0.93 million, or 46.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $1.06 million for fiscal year 2021, from $1.99 million for fiscal year 2020. The decrease in revenue was mainly attributable to a decrease in the average project size from $143,000 per project in 2020 to $58,859 per project in 2021 as compared to 2020. In 2020, we executed three relatively large technological consulting service projects, including the hardware and software installation and digital classrooms for FMP’s experiment-based simulation center for its hotel management major with contract price of RMB5 million ($0.7 million), the digital classrooms for Beijing Institute of Graphic Communications with contract price of approximately RMB1.3 million ($0.2 million) and technical support services provided to a third party enterprise, Wuhan Wangjie Hengtong Information Technology Co., Ltd., with contract price of RMB4.2 million ($612,239). However, in 2021, the 18 projects we worked on were of smaller size and scope and accordingly, the service fees we charged to customers were also smaller. The overall decrease in our revenue from technological consulting services for smart campus solutions reflected the above combined reasons.

Revenue from overseas study consulting services decreased by $0.09 million, or 75.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $0.04 million for fiscal year 2021, from $0.13 million for fiscal year 2020. During the years ended December 31, 2021 and 2020, under our service contracts with Beijing Foreign Studies University, we assisted 27 students and 11 students for Russian language training, and 27 students and 22 students for German language training, respectively. We recognized $36,174 in revenue when our performance obligations under the service contracts were satisfied during the fiscal year 2021. The decrease in revenue from overseas study consulting services was mainly attributed to the cancellation of visa applications to Russia and Germany by the students, which is mainly due to the international travel restrictions caused by the COVID-19 pandemic.

Revenue from tailored job readiness training services increased by $0.06 million, or 80.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $0.14 million for fiscal year 2021, from $0.08 million for fiscal year 2020. The increase was mainly attributable to an increase in the number of students who received tailored job readiness training services from 147 in 2020 to 443 in 2021.

Revenue from textbooks and course material sales decreased by $0.05 million, or 100{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to nil for fiscal year 2021, from $0.05 million for fiscal year 2020. The decrease was mainly attributed to a delay in our publisher’s payment cycle due to small publication volume of our textbooks and course materials.

Cost of Revenue

Cost of revenue decreased by $1.01 million, or 46.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $1.15 million for fiscal year 2021, from $2.16 million for fiscal year 2020, primarily due to the reduced average size and scope of the 18 technological consulting service projects we worked on in 2021 compared to projects in 2020, and accordingly costs associated with hardware and components installation in technology consulting services for smart campus related projects decreased in 2021. In addition, our cost associated with Sino-foreign jointly managed academic programs decreased by $0.2 million, or 38.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, in 2021 as compared to 2020, which was mainly attributable to a decrease in salary, welfare and insurance costs of foreigner teachers in Sino-foreign jointly managed academic programs. Due to travel bans or restrictions caused by the COVID-19 pandemic, some foreign teachers were unable to enter China and we engaged more Chinese teachers to provide teaching services to students in 2021.

Gross Profit

Gross profit decreased by $0.11 million, or 3.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $2.76 million for fiscal year 2021, from $2.87 million for fiscal year 2020, while gross profit margin increased by 13.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 70.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for fiscal year 2021 from 57.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for fiscal year 2020. The decrease in gross profit was primarily due to a decrease in gross profit contribution from smart campus related technological consulting services, which mainly resulted from the decrease in average project size and average gross profit per project in fiscal year 2021 compared to fiscal year 2020, as we executed more projects with software customization rather than hardware installation in fiscal year 2021. Also, gross profit contribution from overseas study consulting services decreased by 135.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in fiscal year 2021 compared to fiscal year 2020 due to higher student recruitment costs in 2021. Additionally, gross profit contribution from textbook and course material sales decreased by 100{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} due to the decrease in publication volume.

Operating Expenses

Selling expenses decreased by $76,897, or 166.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $152,759 for fiscal year 2021, from $229,656 for fiscal year 2020. The decrease in selling expenses was primarily attributable to a decrease in depreciation of $18,236 and a decrease in rental expenses by $16,018 when we relocated to a smaller office space due to streamlining of operations, a decrease in salary and employee welfare benefit expenses paid to sales and marketing personnel by $14,893, resulting from cutting down our sales and marketing force, and a decrease in office and other miscellaneous expenses.

General and administrative expenses increased by $2.58 million, or 214.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $3.78 million for fiscal year 2021, from $1.20 million for fiscal year 2020, primarily due to an increase in share-based compensation to employees of $2.3 million, an increase in professional service fees of $72,229, an increase in audit fee of $67,300, an increase in investor relation expenses of $61,376, and an increase in director and officer insurance expenses of $34,127.

Interest Income

Interest income decreased by $7,062, or 7.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $94,195 for fiscal year 2021, from $101,257 for fiscal year 2020. In connection with the technological consulting services for smart campus projects, we recognized financing component resulted from a timing difference between when control was transferred and when we collected cash consideration from the customer. For the years ended December 31, 2021 and 2020, we recognized $87,589 and $94,271 in interest income in connection with the aforementioned financing component, respectively. In addition, we reported interest income of $6,606 and $6,986 from bank deposit balance in the years ended December 31, 2021 and 2020, respectively. These factors led to decreased interest income in fiscal year 2021, as compared to fiscal year 2020.

Other Income (Expense), Net

Other income was $126,648 for fiscal year 2021, as compared to other expense of $26,035 for fiscal year 2020. The increase in other income was primarily due to provision of other training services in fiscal year 2021.

Provision for Income Taxes

Provision for income taxes was $300,034 for fiscal year 2021, decreased from $303,246 for fiscal year 2020 due to lower taxable income.

Net Income (Loss)

Net loss was $1.25 million for fiscal year 2021, compared to net income of $1.21 million for fiscal year 2020. Basic and diluted loss per share were $0.12 for fiscal year 2021, compared to basic and diluted earnings per share of $0.21 for fiscal year 2020.

Financial Condition

As of December 31, 2021, the Company had cash of $32.68 million, compared to $5.01 million as of December 31, 2020.

Net cash used in operating activities was $1.41 million for fiscal year 2021, compared to net cash provided by operating activities of $0.64 million for fiscal year 2020.

Net cash used in investing activities was $7,543 for fiscal year 2021, compared to $1,396,125 for fiscal year 2020.

Net cash provided by financing activities was $29.06 million for fiscal year 2021, compared to $3.97 million for fiscal year 2020.

Impact of the COVID-19 on Performance and Financial Indicators

Our results of operations and financial conditions in 2021 were affected by the COVID-19 pandemic and may continue to be affected by COVID-19 pandemic in 2022 and potentially beyond. COVID-19 has impact on China’s study abroad consulting and training services industry and the business operations of our Company. The extent to which COVID-19 impacts our results of operations in the future will depend on the future developments of the pandemic, including new information concerning the global severity of and actions taken to contain the pandemic, which are highly uncertain and unpredictable. In addition, our results of operations could be adversely affected to the extent that the pandemic harms the Chinese and global economy in general. We face risks related to natural disasters, extreme weather conditions, health epidemics including the COVID-19, and other catastrophic incidents, which could significantly disrupt our operations.

The pandemic and related travel restrictions have affected and may continue to adversely affect our business and results of operations, including the demand for our services and the ability of partner schools to pay back accounts receivable on a timely basis. We will pay close attention to the future development of COVID-19 pandemic and perform further assessment of its impact and take relevant measures to minimize the impact. Uncertainties associated with COVID-19 pandemic may cause the Company’s revenue and cash flows to underperform in the next 12 months.

About China Liberal Education Holdings Limited

China Liberal, headquartered in Beijing, is an educational service provider in China. It provides a wide range of services, including those under sino-foreign jointly managed academic programs; overseas study consulting services; technological consulting services for Chinese universities to improve their campus information and data management system and to optimize their teaching, operating and management environment, creating a “smart campus”; and tailored job readiness training to graduating students. For more information, please visit the Company’s website at ir.chinaliberal.com.

Forward-Looking Statements

This document contains forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s expectations and projections about future events, which the Company derives from the information currently available to the Company. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review risk factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.

Investor Relations Contact

China Liberal Education Holdings Limited
Email: [email protected]

Ascent Investor Relations LLC
Ms. Tina Xiao
Email: [email protected]
Tel: +1 917 609 0333

CHINA LIBERAL EDUCATION HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS


	As of December 31,
	2021		2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	32,678,421	$	5,007,449
Account receivables		2,462,550		915,618
Contract assets,		2,014,146		4,448,946
Advance to suppliers		4,525,794		94,648
Prepayment to acquire a subsidiary		1,492,772		–
Due from a related party		–		1,439,080
Inventories		201,091		196,326
Prepaid expenses and other current assets		175,956		223,387
TOTAL CURRENT ASSETS	$	43,550,730	$	12,325,454
NON-CURRENT ASSETS
Plant and equipment		35,384		49,148
Right-of-use asset		47,617		136,695
Contract assets		–		262,617
TOTAL NON-CURRENT ASSETS	$	83,001	$	448,460

TOTAL ASSETS	$	43,633,731	$	12,773,914

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Account payables	$	169,137	$	125,223
Contract liabilities		291,833		154,927
Taxes payable		740,966		633,651
Due to related parties		23,557		–
Lease liability		47,617		90,253
Accrued expenses and other liabilities		402,233		105,829
TOTAL CURRENT LIABILITIES	$	1,675,343	$	1,109,883
NON-CURRENT LIABILITIES
Lease liability		–		23,102
TOTAL LIABILITIES	$	1,675,343	$	1,132,985

COMMITMENTS AND CONTINGENCIES		–		–

SHAREHOLDERS’ EQUITY
Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 13,848,333 and 6,333,333 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	$	13,848	$	6,333
Additional paid-in capital		40,686,311		9,358,487
Statutory reserve		719,804		551,146
Retained earnings		147,278		1,565,817
Accumulated other comprehensive income		391,147		159,146
Total shareholders’ equity	$	41,958,388	$	11,640,929

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	43,633,731	$	12,773,914

CHINA LIBERAL EDUCATION HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


	For the years ended December 31
	2021		2020		2019

REVENUE	$	3,909,546	$	5,023,099	$	5,255,810
COST OF REVENUE		(1,149,148)		(2,157,033)		(3,360,694)
GROSS PROFIT		2,760,398		2,866,066		1,895,116

OPERATING EXPENSES
Selling expenses		(152,759)		(229,656)		(593,215)
General and administrative expenses		(3,778,329)		(1,199,690)		(783,241)
Total operating expenses		(3,931,088)		(1,429,346)		(1,376,456)

(LOSS) INCOME FROM OPERATIONS		(1,170,690)		1,436,720		518,660

OTHER INCOME
Interest income		94,195		101,257		6,120
Other income (expenses), net		126,648		(26,035)		69,162
Total other income, net		220,843		75,222		75,282

(LOSS) INCOME BEFORE INCOME TAXES		(949,847)		1,511,942		593,942
INCOME TAX EXPENSE		(300,034)		(303,246)		(156,038)

NET (LOSS) INCOME	$	(1,249,881)	$	1,208,696	$	437,904

COMPREHENSIVE (LOSS) INCOME
Total currency translation differences arising from consolidation		232,001		471,554		(78,171)
TOTAL COMPREHENSIVE INCOME (LOSS)	$	(1,017,880)	$	1,680,250	$	359,733

(LOSS) EARNINGS PER SHARE
Basic and diluted	$	(0.12)	$	0.21	$	0.09

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic and diluted		10,368,563		5,852,459		5,000,000

CHINA LIBERAL EDUCATION HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS


	For the years ended December 31,
	2021		2020		2019

Cash flows from operating activities
Net (loss) income	$	(1,249,881)	$	1,208,696	$	437,904
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		18,652		15,891		40,038
Non-cash lease expenses		91,386		41,524		2,533
Loss on disposal of property and equipment		607		37,468		–
Share-based compensation		2,288,251		–		–
Changes in operating assets and liabilities:
Account receivables		(1,504,828)		(343,165)		306,781
Contract assets		2,781,603		(719,615)		(176,968)
Advance to suppliers		(4,355,926)		756,846		(824,141)
Deferred initial public offering costs		–		–		(650,092)
Due from a related party		–		–		72,371
Inventories		199		(185,985)		–
Prepaid expenses and other current assets		33,653		128,658		(57,406)
Account payables		40,239		66,961		(69,500)
Contract liabilities		462,253		(421,834)		417,987
Taxes payable		90,150		191,373		164,879
Lease liability		(67,754)		(60,907)		(5,252)
Accrued expenses and other liabilities		(40,842)		(80,097)		2,434
Net cash (used in) provided by operating activities		(1,412,238)		635,814		(338,432)

Cash flows from investing activities
Purchase of plant and equipment		(4,439)		(21,230)		(17,738)
Acquisition of 8.8228{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} non-controlling interest in China Liberal Beijing		–		–		(453,669)
Advance to a related party		–		(1,374,895)		–
Prepayment to acquire a subsidiary		(1,474,217)		–		–
Repayment of advance to a related party		1,471,113		–		–
Net cash used in investing activities		(7,543)		(1,396,125)		(471,407)

Cash flows from financing activities
Proceeds from related party borrowings		9,415		–		439,193
Repayment of due to a related party		–		(1,439,799)		–
Net proceeds from issuance of ordinary shares		29,047,088		5,405,451		–
Net cash provided by financing activities		29,056,503		3,965,652		439,193

Effect of changes of foreign exchange rates on cash		34,250		99,829		(4,241)
Net increase (decrease) in cash		27,670,972		3,305,170		(374,887)
Cash, beginning of year		5,007,449		1,702,279		2,077,166
Cash, end of year	$	32,678,421	$	5,007,449	$	1,702,279

Supplemental disclosure of cash flow information:
Cash paid for interest expense	$	40,555	$	2,697		–
Cash paid for income tax		–	$	20,775	$	18,657
Supplemental disclosure of non-cash investing and financing activities
Transfer of non-controlling interest		–		–	$	87,238
Right-of-use assets obtained in exchange for operating lease obligations		–	$	180,528	$	21,062

SOURCE China Liberal Education Holdings Limited

April 14, 2022

Elon Musk Makes Offer to Buy Twitter: Live Updates

Credit score…Laura Morton for The New York Situations

Twitter’s board is thinking about a defensive transfer recognised as a poison tablet that would severely restrict Elon Musk’s skill to obtain the social media big, two folks with information of the situation reported.

The board achieved on Thursday to examine Mr. Musk’s give to acquire the enterprise, according to a single of the folks, who wasn’t licensed to speak publicly. The administrators are weighing no matter if to go forward with the poison tablet — formally referred to as a shareholder rights prepare — that would limit the skill of a solitary shareholder, like Mr. Musk, to get a critical mass of shares in the open up market and drive the organization into a sale.

The poison tablet protection is a widespread tactic utilised by providers that want to fend off unwelcome takeover presents. It primarily allows the business flood the current market with new shares or allow for present shareholders other than the likely acquirer to invest in shares at a low cost. This dilutes the bidder’s stake and would make shopping for shares far more highly-priced.

The Wall Avenue Journal previously described that Twitter was weighing a poison capsule.

If Twitter’s board rejects Mr. Musk’s bid, he could put his offer specifically to shareholders, rather than the board, by launching a so-termed tender present. If Twitter’s other shareholders like Mr. Musk’s offer you, which is now at $54.20 a share, they could promote their inventory straight to the billionaire, allowing for him to acquire management of the company.

“It would be completely indefensible not to place this provide to a shareholder vote,” Mr. Musk mentioned in a Twitter post on Thursday. “They personal the company, not the board of administrators.”

But Twitter’s investors on Thursday appeared underwhelmed with Mr. Musk’s bid, probably more than considerations as to how he would finance it. Whilst share of firms ordinarily increase when there is takeover speculation, Twitter’s were being down practically 2 per cent on Thursday.

Prince Al Waleed bin Talal of Saudi Arabia, who described himself as one of Twitter’s most significant and most extensive-time period shareholders, claimed that Twitter ought to reject Mr. Musk’s due to the fact the offer you was not high more than enough to replicate “intrinsic benefit” of the enterprise.

Twitter’s other best shareholders, according to FactSet, include things like The Vanguard Group, the company’s greatest shareholder, with a 10.3 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} stake Morgan Stanley Investment Management, with a 8 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} stake and BlackRock Fund Advisors, with a 4.6 p.c stake. Vanguard and Morgan Stanley Investment Management declined to comment on Mr. Musk’s bid. BlackRock did not quickly answer to requests for comment.

Mr. Musk turned down a seat on Twitter’s board over the weekend, leaving directors who experienced a short while ago welcomed him to their ranks to weigh a proposal in which Mr. Musk stated he had no confidence in their administration of the firm.

The board is manufactured up of Twitter insiders, like Jack Dorsey, a co-founder, and its chief government, Parag Agrawal, in addition to independent directors.

Bret Taylor, the co-chief govt of the business enterprise engineering company Salesforce, chairs the board. Mr. Musk texted Mr. Taylor on Wednesday night, creating his intent to purchase Twitter identified, according to a regulatory submitting. “After the past a number of days of pondering this about, I have made a decision I want to purchase the company and choose it personal,” Mr. Musk wrote.

Salesforce considered paying for Twitter in 2016, but the offer hardly ever materialized. Mr. Taylor, who has been on Twitter’s board due to the fact 2016, joined Salesforce a calendar year later on just after it acquired his possess firm, Quip.

A different key participant on the board is Egon Durban, the co-chief of Silver Lake, a personal investment company. Mr. Durban joined Twitter’s board in 2020 as element of a deal the firm struck with a different activist trader who wished to shake up Twitter’s administration.

At the time, Silver Lake invested in Twitter and helped regular its administration, stopping the quick ouster of Mr. Dorsey. Since Silver Lake has assisted Twitter out of a hard condition in the earlier, Mr. Durban could deal with inquiries about irrespective of whether his company can double down and support fend off Mr. Musk.

Mr. Dorsey could also impact the selection. He is pleasant with Mr. Musk and to begin with celebrated Mr. Musk’s financial investment in the enterprise and final decision to sign up for the board. But Mr. Dorsey has typically delegated key conclusions to his team, preferring to count on their experience. And Mr. Dorsey is also set to go away the Twitter board upcoming month, which could give him an additional explanation to recuse himself.

His allies on the board are Mr. Agrawal, who was named as his successor late very last yr, and Patrick Pichette, a typical companion at the enterprise funds company Inovia Cash and the former main fiscal officer at Google.

Mr. Agrawal and Mr. Dorsey have been carefully aligned on a eyesight to make Twitter’s technological know-how far more decentralized, and Mr. Pichette has been a shut confidant of Mr. Dorsey in discussions about the extended-phrase approach for Twitter. Mr. Pichette may well also have expertise negotiating with Mr. Musk — he was at Google in 2013 when it considered buying Tesla.

Mike Isaac contributed reporting.

— Kate Conger and Lauren Hirsch

April 14, 2022

Helen Johnson-Leipold shares business tips for success at Marquette speaker series

Helen Johnson-Leipold Marquette — Helen Johnson-Leipold speaks at the Girls Enterprise Leaders Speaker Series.

1 of Wisconsin’s 8 billionaires spoke Tuesday afternoon at Marquette College to share her thoughts on running a successful household business.

Helen Johnson-Leipold was Tuesday night’s keynote speaker through Marquette University’s 2022 June and Herman Loebl Girls Business enterprise Leaders Speaker Series. Johnson-Leipold is the chairman and CEO of Racine-centered Johnson Outside Inc., chairman of Johnson Economic Team, and chairman of The Johnson Foundation at Wingspread.

Johnson-Leipold is the fantastic terrific granddaughter of Samuel Curtis Johnson Sr., the founder of Racine-primarily based S.C. Johnson, a manufacturer of household cleansing supplies and other shopper chemical merchandise. S.C. Johnson was started in 1886. The organization remains privately held and is nevertheless owned by the Johnson loved ones. Johnson-Leipold’s brother, H. Fisk Johnson, is the company’s CEO, the fifth technology of the loved ones to direct the small business. Johnson-Leipold is a member of S.C. Johnson’s board of directors.

Johnson-Leipold mentioned that within her loved ones, getting a main established of unwavering values and a determination to serving the neighborhood have served them continue being thriving.

“Our goal is to keep our enterprise wholesome and flourishing so we can continue to have a beneficial affect on the lives of much more people in a lot more communities for generations to occur,” she explained. “Our objective usually takes us past ‘What’s in it for me right now?’ to ‘How do we assure benefit development and positive impression that builds in excess of time?’”

This goal has served as the inspiration and direction for all generations of Johnson-Leipold’s loved ones, she stated. Acquiring a business that is established for prolonged time period good results is already a tough endeavor without having adding in the drive to transfer that enterprise on to the following generation. Thirteen members of the following generation are involved in one of the Johnson family’s organizations in some potential.

Johnson-Leipold stated her relatives has been so thriving at generational transfers simply because just about every incoming technology is predicted to deliver anything new to the business to propel it forward. Change is a provided in their loved ones and inclusion and respect for all is anticipated.

“When you think of loved ones organizations, we’re not just one of the household corporations that receives caught in custom. Each individual generation was anticipated to deliver new thinking…to recognize our marketplaces and consumers intimately as they adjust with the situations,” Johnson-Leipold mentioned.

Who’s managing the loved ones enterprises is not the only matter that has altered above the several years. Johnson-Leipold stated her relatives has also experienced to tackle modern-day difficulties including distant get the job done and the differing ideologies of up-and-coming generations.

“Millennials are really serious when they say having a everyday living is much more significant than a task,” Johnson-Leipold reported. “Things need to adjust. We have lived and breathed our work opportunities no make any difference what and that was a generational issue.”

To address the need of the modern workforce to proceed remote get the job done, Johnson-Leipold suggests she has taken on a hybrid solution. For the foreseeable long term, she’s been supplying employees a two-working day a week remote selection. Nonetheless, she continue to believes in the electrical power of getting an “in particular person culture.”

Johnson-Leipold explained she has witnessed a shift in philosophy getting area in excess of the earlier numerous many years in conditions of what it suggests to be a great enterprise leader and run a robust company. Even in the very last ten years, concentrating on price and reason-based philosophies have been not deemed “hardcore” business techniques. In point, quite a few organization leaders thought they could harm the bottom line.

Reason and values have now turn out to be some of the most reviewed subjects among organization leaders. Johnson-Leipold characteristics this adjust to the subsequent generation of the workforce.

“The young technology has referred to as us out about how we imagine about factors and asking for modify,” she stated.

April 14, 2022

Maha Energy AB awards Drilling Contract to Global Business Services in Oman for a six well drilling campaign

Maha Electricity AB (publ) is pleased to announce the signing of a Letter of Award (“LOA”) with Global Organization Solutions (“GBS”) in Muscat, Oman for the drilling of a bare minimum of six wells, on Block 70, onshore Oman.

The LOA is binding and precedes a Drilling Contract which is envisioned to be finalized in the around future. The Drilling Rig, GBS-1 (previously OGI-4) is a 1,000 hp super one top drive rig, crafted in 2010 and is at the moment found in Muscat, Oman.

The rig will be organized for the campaign and envisioned mobilization is in June, 2022. The drilling plan will consist of two appraisal wells followed by 4 horizontal pilot generation wells on the Mafraq construction.

Jonas Lindvall, CEO at Maha reviews: “We are very excited about working with GBS on this venture. The GBS-1 rig is an ideal drilling rig for this undertaking due to the fact it can transfer incredibly immediately concerning very well sites. We are also pretty excited about breaking floor on the Mafraq field and appear ahead with anticipation to the preliminary results of the pilot very well tests.”

Instant designs for the Mafraq oilfield contain obtaining essential reservoir information and facts to help in producing a total Area Development Approach. Information that will be obtained in the very first two appraisal wells consists of, but is not limited to, the Oil Water Speak to (OWC), petrophysical homes, cores and identification of feasible h2o disposal zones. Right after the two appraisal wells are drilled and finished, 4 horizontal pilot production wells will be drilled. These 4 wells will be completed with point out-of-the-art PCP pumps from Canada and then put on an prolonged effectively check to further confirm oil productiveness.

About the Mafraq industry
Maha was prosperous in securing Block 70, which consists of the Mafraq significant oil discovery, in a 2019 – 2020 bid round. The Mafraq construction is a delineated hefty oil subject that was thoroughly tested by Petroleum Advancement Oman (PDO) in 1988 and 1991. The subject examined 15,700 barrels of 13° API oil more than a period of 24 days making use of a Progressive Cavity Pump (PCP) from a one nicely. The test perfectly, MF-5, tested 100{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} oil for considerably less than a working day soon after which h2o encroachment stabilized at a 25 – 28{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} watercut. It is unidentified why PDO did not develop the industry at the time, but it is probable that prevailing commodity selling prices (US$ 18 – US$ 20 for every bbl) and accessibility to other lessen value alternatives precluded Mafraq as a advancement solution at the time.

According to the independent reserve auditor, Chapman Petroleum Engineering Ltd. of Calgary, Canada, the Mafraq subject may maintain around 35 million barrels of recoverable oil (2C + 2P as at 31 December 2021). The OWC has not been penetrated yet which renders doable more upside to these volumes. The Mafraq composition is an East-West fault bounded anticline with the productive interval becoming at +/- 430 meters down below the floor amount. The oil flows freely in the reservoir at 51° C and is envisioned to cold flow to floor in commercial portions.

Miscellaneous
The info was submitted for publication, through the company of the speak to human being established out beneath, 15:00 CET on 14 April, 2022.

For more info, make sure you call:
Jonas Lindvall (CEO)
Tel: +1 403 454 7560
E-mail: jonas@mahaenergy.ca

Victoria Berg (Trader Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

About Maha
Maha Energy AB (publ) is a outlined, international upstream oil and fuel enterprise whose organization routines include exploration, advancement and production of crude oil and purely natural gas. The method is to concentrate on and create underperforming hydrocarbon belongings on global basis. Maha operates four oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in the United States. The shares are outlined on Nasdaq Stockholm (MAHA-A). The head business is in Stockholm, Sweden with a technical place of work in Calgary, Canada, as perfectly as functions offices in Grayville, Illinois, Usa and Rio De Janeiro, Brazil. For much more facts, be sure to go to our web page www.mahaenergy.ca

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April 14, 2022

How schools teach Gen Z to make, manage money

When 17-year-old high school senior Rhyan Diaz started his cashiering job, he spent $3,000 in the first two months on clothes and other small items. He used to be “terrible with money,” he says.

Then he began taking a personal finance class at Canyon High School in Santa Clarita, California. Now he budgets meticulously to save for college — and eventually, a down payment on a house. “So I don’t have to struggle as much,” Diaz says. “I have seen my family struggle with certain things and almost wanting to give more but not having enough to give.”

Diaz is among the growing number of teens learning about money in school.

Rhyan Diaz says he was “terrible with money” before taking personal finance at Canyon High School.

Helen Zhao | CNBC

During the 2020-21 academic year, 7 out of 10 public high school students had access to a full-semester of personal finance, as either an elective or graduation requirement, according to Next Gen Personal Finance. That’s up from 2 out of 3 the prior year.

The number of states that require or will soon require students to take a semester of personal finance has doubled in the last three years, from 5 to 11. As of early April, about 20 states are considering more than 40 bills promoting personal finance education, according to NGPF.

“We’re creating a wave right? Of action and motion across the country,” says Yanely Espinal, NGPF director of education outreach, who as a Miami resident, played a major role in Florida signing into law this spring a new bill mandating personal finance education in high school.

Diaz meticulously tracks his expenses using a budgeting notebook.

Helen Zhao | CNBC

“It’s going to be slow progress with the 12^th, 13^th, 14^th, 15^th state,” she says. “But then progress will become a lot more rapid. By the time we have 30 states requiring this, then your state is embarrassed to be left behind.”

Even more movement is happening at the local level: The last school year marked the first time more students were required to take a semester-long personal finance class in states that don’t mandate it than in states that do, according to NGPF. That’s thanks to passionate community stakeholders.

Explaining to students how choices can help ‘make you a millionaire’

Diaz and the other 17- and 18-year-old seniors I met at Canyon High School in Santa Clarita, California, are already making strides toward short-term and long-term financial goals. They’re learning about saving, budgeting, debt, investing, careers, and more.

Dahlia Aldaz says learning about budgeting has been the most life-changing for her. For instance, she stopped spending $35 every other day at Starbucks, to save up for a car.

Joseph Rendon says he recently spent $400 in one month on dining out. Now he’s saving more so he can one day invest in stocks and cryptocurrency. “It’s basically passive income,” he says. “Your money is working for you.”

Dahlia Aldaz says learning about budgeting has had the greatest impact on her financial habits.

Helen Zhao | CNBC

Since I was bad with money until my mid-twenties, never saved for future goals and only recently considered investing, I was impressed by what I witnessed in their class.

I was present as the students’ teacher, Marina White, demonstrated the power of investing and compound interest. “This one decision, to give up a couple Starbucks every weekend and each morning you walk in here, can make you a millionaire by the time you retire,” she says.

Many of White’s students are “in shock” when they learn that their behavior and choices can so strongly influence their financial future.

Students work on a group assignment that demonstrates the power of long-term investing.

Helen Zhao | CNBC

The students I met are among the more than 4,700 seniors who have taken or are currently taking personal finance in the William Hart School District in Southern California, since the first class launched at Canyon High in 2015.

The course counts as one semester of math but is not required to graduate.

Communities fighting for personal finance education

What happened in the Hart district is a model for how personal finance education is increasingly spreading at a grassroots level, even when it’s not required by the state.

California is one of just three states, plus Washington, D.C., that do not include personal finance education in their K-12 standards, according to a 2022 report from the Council for Economic Education.

Statewide, under 1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of students in California were required to take a semester of personal finance, during the 2020-21 academic year, according to NGPF. More than half of students in California learned personal finance as part of another course — usually for just a few weeks in an economics class. One in 5 had no access at all.

The 2020 to 2021 school year was the first in which more students were required to take personal finance in states that don’t mandate it, than in states that do.

Next Gen Personal Finance

That’s why former Canyon High teacher Kim Arnold and local personal finance coach Brendie Heter took matters into their own hands.

Concerned about her students being crippled by college debt, Arnold persuaded school and district administrators to let her start a personal finance class. The problem was, she says there was no money in the school or district budget to fund the course.

That’s when Arnold was introduced to Heter, who was already championing personal finance education at Santa Clarita schools. “But being an outsider, no one she talked to at the district office or at several of the schools she had called was interested,” Arnold said. “She needed me, and I needed her.”

Marina White teaches Canyon High seniors a lesson on investing and the power of compound interest.

Helen Zhao | CNBC

To start a personal finance class at Canyon High, Heter donated the $2,000 necessary for the curriculum and textbooks.

“Rumors spread fast,” Heter says. “Students were having a great time in class. They took the information back to their parents. Their parents started talking to their friends and their friends started asking each other, ‘Well, why doesn’t my son or daughter have this at this school?’ And we started getting calls almost every single day or weekly from parents all over.”

Funding classes at the district’s eight other high schools was a team effort. The Hart district provided about $19,000. The Heter family and another donor, real estate agent Sam Neylan, donated about $18,000. Arnold also secured a grant of around $10,000.

“I’m hoping that my district will be a beacon for the rest of the state,” Heter says.

‘Status quo is very powerful thing when it comes to public education policy’

Studies by numerous economists show that financial education improves financial outcomes: Credit scores increase, non-student debt falls, student loan repayment increases, and credit card delinquencies drop.

Still, changing the education system is far from easy. “Status quo is very powerful thing when it comes to public education policy,” says California Senate Minority Leader Scott Wilk, who previously served as vice chair of the CA Senate Education Committee.

One of the challenges is that high schools are in the business of preparing students for college — traditionally the surest path to the American dream.

“Schools’ funding is based on their attendance. So they want to make sure that they attract students to their schools, and at the high school level, that means providing lots of AP courses,” says Joshua Mitton, director of programs at the California Council on Economic Education. “Versus thinking about how can we, as a public education system, prepare students for the rest of their lives, whether or not they go on to college?”

These students are among the 4,700 seniors who have taken or are currently taking personal finance in the William Hart School District in Southern California.

Helen Zhao | CNBC

Personal finance faces competition from other subjects vying to establish a permanent place in the school curriculum, each of which has its own passionate constituency. Think classes on mental health, geography, ethnic studies, and nutrition, among others.

“Everyone wants a piece of the school curriculum,” says Richard Ingersoll, a professor of education and sociology at the University of Pennsylvania. “We’ve had a century of adding things onto what we want schools to teach, all of which is completely worthwhile.”

And when you require a new course, something else often has got to go, because there just aren’t enough hours in the school day. Then you’ve got backlash. “There’s already people who have a have a vested interest in it. So you’re rolling the boulder uphill, all the time,” says Wilk.

Requiring a new course can also be costly. For example, California will soon require students to take a semester of ethnic studies. The state estimates it could cost more than $270 million each year.

Still, Wilk says the cost of personal finance education would be worth it. “If people are financially literate, they’re going to make better choices,” he says. “They’re not going to be a drag on greater society. And we’ll give them the tools to work to build wealth for themselves.”

More from Grow:

April 13, 2022

JN manager calls for financial education to be taught in more schools

Supervisor of the Youth Banking Unit at JN Bank, Michael Collins, is reiterating the simply call for monetary literacy to be extra to the curriculum of more universities in Jamaica to give young persons a head begin to economic achievement.

“We will need to expose our young folks to easy principles, these kinds of as budgeting, saving and investing, and to a lot more advanced thoughts these types of as fascination, compounding, inflation, diversification, and bond selling prices,” he mentioned.

With April becoming observed as Fiscal Literacy Month, Collins reported it is an opportune time to emphasis on educating much more Jamaicans about ways they can boost their monetary IQ, and in so undertaking, offer them with the knowledge required to make wiser financial conclusions.

He remarked that individual finance education really should start out early, at both equally house and college.

“Ideally, own finance principles should be taught in main and high university and need to carry on into college or university or university. In mathematics, you start with counting, shift on to addition and subtraction, and then move on to division and multiplication. You want to master letters before you can read. In the similar way, individual finance training need to be a cumulative process, with age-suitable subject areas taught each individual faculty 12 months,” the JN Financial institution supervisor advocated.

He pointed out that the reality is that quite a few people are not supplied with any substantive private finance education until finally they are way into adulthood. “At that place numerous folks would have presently designed many issues with their money and frequently situations individuals blunders get many years to repair,” Collins reported.

The JN Bank supervisor even more pointed out that investigate reveals that folks with bigger ranges of economic literacy make superior particular economic decisions. He explained persons who are monetarily illiterate are considerably less possible to have a conserving or chequing account, wet working day unexpected emergency fund or retirement prepare, or individual stocks.

“They are also extra probably to use payday loans, shell out only the minimum total owed on their credit history cards, have superior-cost home loans, and have better debt and credit rating delinquency amounts,” he claimed.

“As a society, we have to have far more coaching programmes that enhance the range of financially literate citizens who are able to make much better and wiser money choices in their personal life. These types of programmes are not just fantastic for the personal, but also beneficial to culture.”

Collins said The JN Team carries on to do its component to enhance money literacy among Jamaicans by way of its BeWi$e Economical Empowerment programme.

The initiative, which was started in 2014, aims to influence older people and youthful folks to increase their monetary recognition, and present them with applications to make sensible financial conclusions, to realize their financial ambitions and come to be monetarily unbiased.

Around the yrs, thousands of persons of all ages and from all walks of lifestyle, have been properly trained in spots these types of as budgeting, productive use of credit history and how to manage financial debt, prosperity development by means of setting up assets, retirement arranging, as very well as utilizing insurance coverage to take care of the pitfalls of lifestyle.

“We offer you a compact, life transforming two-hour workshop the place we expose participants to a huge range of subjects aimed at improving their financial IQ. The aim is that men and women will go away our periods emotion enlightened and empowered to consider cost of their finances as perfectly as embrace the notion of using obligation for improving upon their money education and learning,” Collins said.