Sen. Warren Calls for Consumer Financial Protection Bureau & Education Department To Investigate Mismanagement & Provide Relief To Loan Borrowers

Sen. Warren Calls for Consumer Financial Protection Bureau & Education Department To Investigate Mismanagement & Provide Relief To Loan Borrowers

In full transparency, the next is a media launch from Sen. Elizabeth Warren’s business. She was elected by voters in the Commonwealth of Massachusetts to provide the point out in Washington DC in the US Senate. She is a Democrat. (inventory photo)

***

WASHINGTON DC – Senators Elizabeth Warren (D-Mass.), Sherrod Brown (D-Ohio), and Dick Durbin (D-Sick.) sent letters yesterday, April 15, to the Shopper Economical Security Bureau (CFPB) and the Department of Instruction (ED), contacting on them to assessment student financial loan servicers’ documented mismanagement of the income-driven compensation (IDR) program, which has led to substantial damage for very low-earnings borrowers.

Modern reports present that out of 4.4 million qualified debtors, only 32 borrowers have ever had their pupil financial loans canceled as a result of IDR. The senators are urging the CFPB to examine reviews of college student bank loan servicers’ mismanagement of IDR packages and ED to rectify the harms finished to debtors by adopting an IDR waiver that will assistance debtors toward credit card debt aid and cancellation.

“It is apparent that IDR designs, as they presently stand, are not fulfilling their first promise that federal university student credit card debt really should be very affordable and not a life time debt sentence, especially for minimal-profits learners. ED has a responsibility to ensure borrowers do not bear the effects of the failures of IDR implementation and oversight and that IDR delivers on its promise of providing debtors a mild at the close of the tunnel,” wrote the senators in their letter to ED.

The senators’ letter will come soon after a latest NPR report which identified that the IDR software has been seriously mismanaged by personal loan services. Although IDR strategies to limit borrowers’ every month bills and discharge the borrower’s personal debt soon after 20-25 a long time of qualifying payments, incredibly several debtors are able to get the loan forgiveness they were promised. 

For a long time, student mortgage servicers mismanaged IDR programs, such as by failing to properly depend qualifying IDR payments, such as $ payments, and not correctly tracking borrowers’ development in the direction of cancellation. 48{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of IDR debtors qualify for $ qualifying payment simply because they generate significantly less than 150{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the federal poverty line – so the failure to count these $ payments hits lowest-income borrowers the most. 

Senator Warren, Brown, and Durbin are calling on the CFPB to investigate college student financial loan servicers’ extreme mismanagement of the IDR software, and they are contacting on ED to undertake an IDR waiver that would retroactively depend all months considering the fact that borrowers entered compensation, which includes intervals of deferment, forbearance, and default, as skilled months toward debt cancellation. 

Study the letter to Instruction Section here.

Financial education becoming more common

Financial education becoming more common

Not much too very long ago, higher faculty students analyzed conventional classes like math, heritage and English. Personal finance was almost by no means protected. Which is all changing, and it is one particular of the very best innovations in American schooling in several years.

Nearly fifty percent the states — 24 or them — now have to have superior university college students to learn about particular cash matters in their classroom together with the other subjects that instructors have taught for decades. Nebraska and New Mexico have a short while ago joined this craze, and Florida did past thirty day period.

In Florida, the Legislature accredited a invoice demanding pupils to choose a whole semester program in private finance right before they graduate. Florida superior educational facilities had been presenting that as an elective, but now it’s obligatory.

 

10 well known business enterprise majors in college

and their regular yearly salaries

Organization administration – $62,900-$137,020

Intercontinental business – $73,580

Management analysts – $82,450

Human resources administration – $83,048a

Accounting – $92,910

Job administration – $98,228

Finance – $99,330

Promoting – $112,800

E-commerce – $127,870

Entrepreneurship – $158,560

Resource: Potomac.edu


Why would Florida and other states incorporate this mandate to their already crowded college schedules? The response, unfortunately, is all all-around us. From one particular coast to one more, as well many Us citizens don’t have an understanding of essential concepts about personal finance — a simple grasp of ideas like saving, credit score, curiosity fees, investing and possibility assessment.

“The will need has never ever been better,” claimed Annamaria Lusardi, founder and academic director of the World Economic Literacy Excellence Heart at George Washington University. “We owe it to this youthful generation to be very well organized for the long run.”

In truth we do, and we must have started off yesterday. Many shoppers are trapped in financial debt and staying stressed out for the reason that of it. As a substitute of staying equipped to get pleasure from their lives, they battle from paycheck to paycheck. All as well generally, they retain digging the gap further, piling on far more credit card debt and building their long term even extra precarious.

It’s a sad spectacle, and it is not constantly since persons are younger and just don’t have a ton of maturity or working experience under their belt. That is portion of it, but all far too frequently it’s for the reason that they have under no circumstances been taught basic financial information — and probably lived with mothers and fathers who ended up just as irresponsible.

When they get their 1st career and see that paycheck, they assume they are prosperous. They begin spending more, and the price tag of residing is significant more than enough these days as it is. Like also a lot of contemporary buyers, they think they have to have designer clothes and awesome car or truck to be joyful. They see that on Tv set commercials all the time and adhere to the life of superstars who have hundreds of funds.

It does not have to be that way. But they just really don’t have the equipment to are living within their suggests and commit responsibly. Economic schooling in high school could change that, specially since most college students do not go on to faculty. This is their past actual opportunity to get formal instruction in some thing so critical, and it’s coming at a time in their lives exactly where it is pretty well timed.

They can understand to pay back dollars for nearly anything and use credit score sparingly — and ideally not at all. They can be taught to pay out their costs very first and then devote whichever is remaining more than on other points. That observe by yourself can pressure them to limit their impulse purchases and have an understanding of that virtually anyone has to say no to something now and then — or generally. They can have an understanding of how significant it is to start out saving money with their initial frequent career as a substitute of pondering they can do that later. By acquiring that fantastic behavior suitable away, they can continue on to help save their total daily life and avoid the stress of constant debt. They can notice that huge charges like vacations or extravagant vehicles materialize only when you can manage that in just your budget.

Economic education and learning in significant faculty is not a magic bullet. Some pupils can — and will — take these programs and then start off overspending the day immediately after they graduate. But for a lot of students, a properly-taught program can give them a basis in popular perception and fiscal restraint that can final their entire life. In flip, they will move on these classes to their small children alternatively of serving as undesirable function models on their own.

It’s really worth a try out, and if your significant faculty does not provide some thing like this, you may possibly request your superintendent if it can be added. It could be one of the ideal things your son or daughter learns while nevertheless a teen.

Purchaser Corner is a new characteristic intended to target on economic troubles significant to Southeast Texans. If you have an thought for a topic, e mail it to Thoughts@BeaumontEnterprise.com If it passions you, it could fascination other people much too!

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

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

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

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. 

LETTERS: Residents Weigh In on Bd. of Finance and the Board of Education Budget

LETTERS: Residents Weigh In on Bd. of Finance and the Board of Education Budget

As unsettled as the issue of the Board of Schooling budget continue to is, and with the Board of Finance assembly tonight to finalize its recommendation for a spending budget to propose at the Once-a-year Town Assembly in Might, Great Early morning Wilton has obtained several letters from readers about the matter. Some ended up published in response to yesterday’s letter from previous BOF Chair Warren Serenbetz, and some others have been despatched by viewers who have followed the budget system this 12 months.

Underneath are letters we acquired Monday, April 11. They are printed in the buy of the time they ended up received by using e-mail.

It’s Fiction that Scholar-Dealing with Cuts are Only Alternatives

To the Editor:

Just one of the fictions listened to in abundance since very last 7 days in Wilton is that in order to lessen price range increases, Wilton faculties would have to make cuts to expenses that have direct impacts on students, this sort of as math interventionists and distinctive education and learning. This is pure rubbish that would seem like gamesmanship on the aspect of Superintendent Dr. Kevin Smith and Board of Schooling Chair Deborah Small. It is unlucky that Smith and Small took a political road by reacting to the Board of Finance so reflexively in a way plainly meant to hurt as a lot as possible. Wilton warrants better.

Don Drummond

Serenbetz’s Promises are Misleading — Wilton Need to Trust Judgment of Bd. of Ed & Tremendous. on Very best Use of College Funds, Not Next-Guessing by Existing and Former BoF Customers

To the Editor:

With regards to Warren Serenbetz‘s letter “Bd. of Eduction, Not Finance, Decides What to Slice or Maintain in Funds,” this is a disappointingly deceptive letter from a former Board of Finance chair.

Initial off, evaluating our mill level to these of neighboring cities is really disingenuous. New Canaan, Westport, and Darien have a lot larger grand lists than ours — any Wilton home-owner can shell out a couple of minutes on Zillow looking up what a equivalent property in all those cities would price to recognize why our mill premiums are so superior. We don’t get a discount on teacher salaries simply because our residences are more affordable than residences in Westport.

It also doesn’t aid issues that our populace is lesser than any of the other towns he mentions an terrible ton of the charges of running a school district are set, and really do not scale neatly with the dimension of the university student overall body. This applies not just to administration and support services but also to a lot more tangible things like athletics and transportation — Wilton spends a great deal of cash operating 50 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}-vacant buses mainly because we have so a lot very low-inhabitants-density ground they need to have to include. (Of course we experienced a golden opportunity to decrease some of our expenditures a couple of many years back by sharing administrative solutions with neighboring cities, but the “Hands Off Our Schools” people put a stop to that.)

Mr. Serenbetz is fairly correct that the Board of Training decides what to keep and what to cut, but he fails to grapple with the larger implications of that. Wilton voters elected the BoE — they have just as a great deal of a mandate as the BoF does. If Wilton voters considered that the district was spending too a lot funds on instructional coaching, they would have favored BoE candidates who promised to decrease the district’s shelling out on that.

If the BoF required to progress strictly financial or fiscal arguments for chopping the BoE spending plan, that would at the very least be working inside their competency — creating people determinations is the career they are elected to do. Having said that, the genuine arguments put ahead by BoF users for lowering the BoE finances have experienced tiny to do with that bigger photo (resting greatly on an inconclusive and at any rate not-accurately-statistically-arduous resident survey) and substantially additional to do with calling out particular objects in the BoE funds that they look at wasteful and saying that the BoE price range should to be slice simply because they don’t believe the BoE really should be spending funds on those people items.

The BoE spending budget request is basically fair — it’s not a disproportionately big increase relative to what other districts are doing, and it’s coming right after a lot of many years of extremely lean budgets, not to mention a pandemic blowing up all the things. It is also coming at a time when we’re in a particularly solid situation to draw in new inhabitants, the two with the shift to hybrid operate making farther-flung NYC suburbs like Wilton a lot more desirable and with developers eager to build new housing together Route 7 if there’s any time to devote in our university method, it’s suitable now.

The BoF should completely fund the BoE finances request based mostly on that greater financial and fiscal picture, and not presume to tell its fellow board that it is expending funds on the erroneous things. We have an remarkable superintendent and an seasoned and effectively-competent Board of Instruction — we should really rely on their judgment on the most effective use of our college budget, and not issue it to second-guessing by latest and former BoF associates.

Michael Like

BOF “Appropriately Holding School Administration’s Feet to the Spending budget Fire”

To the Editor:

Ultimately! Even though the Wilton Board of Finance does not have any “line item” authority over the schools’ price range, the BOF is appropriately keeping the university administration’s toes to the hearth on the budget challenges that appear to be in need of attention. Like most individuals I am not a price range “hawk” nor do I advocate for austerity budgets in our universities, but it is time to trim the fats in the schools’ price range. And, regardless of what [Superintendent] Dr. Kevin Smith and [Board of Education Chair] Deborah Very low appear to counsel, reigning in shelling out can be done in ways that are not instantly impacting our pupils and their training.

Kathleen Wrampe

REI University Launches as the Premier Online Real Estate Investment Education and Coaching Platform to Professionally Train Real Estate Investors

REI University Launches as the Premier Online Real Estate Investment Education and Coaching Platform to Professionally Train Real Estate Investors

REI College claims to renovate newbie buyers into industry experts with online mastering modules, outcome-dependent learning and reside coaching with industry’s best genuine estate specialists

GERMANTOWN, Tenn., April 11, 2022 /PRNewswire/ — REI College launches as the premier on the net training system for serious estate financial investment. REI University’s launch includes a user-welcoming platform supplying instructional courses, final result-based mostly understanding and stay coaching to teach novice real estate investors to become skilled investors.

REI University’s mission is to supply specialised knowledge and coaching in all regions of real estate investing for all concentrations of financial investment practical experience and skills, together with newbies and innovative investors. The curriculum, designed by a Stanford College graduate and authentic estate expense pro, strategies on line instruction in a new way by instruction students to turn into experts and giving them the tools and real-time information to scale their business enterprise as component of the coursework. Unlike numerous on line educational packages nowadays, REI College supports the demands of aspiring genuine estate buyers and business owners by instructing analyzed financial investment procedures as nicely as providing pupils entry to financial commitment software package and instruments.

“I established and introduced REI College as an modern and fingers-on strategy to serious estate expense, as a result of an on line academic system. As an professional trader myself, I wished to make a system that offers college students a leg-up on the classes I had to learn myself entering this market,” says Hamza Ibrahim, founder and CEO of REI University. “Even though the system goes outside of true estate wholesaling, this real estate financial investment apply is necessary for grownups transitioning to new careers in the industry. Our staff of qualified coaches believe this curriculum and their put together specialised information will help pupils accomplish accomplishment as their own business enterprise proprietors and generate generational prosperity and stability for themselves and their people.”

REI University’s starter study course, The Wholesaling Academy, is a 12-week software that brings together module coursework with every day reside instruction classes from subject matter make a difference authorities within the genuine estate expenditure market. The program is intended to wander the university student as a result of the wholesaling course of action, from direct technology, operating with sellers and potential buyers, to comprehending contracts and other required competencies to successfully commence their personal businesses. Graduates obtain a instrument-package of resources they can use in their wholesaling company, in addition to a completion certification and unique access to an alumni network and group for ongoing help.

A secondary study course, REI Entrepreneur, teaches learners who have finished the Wholesaling Academy how to make a crew, operationalize and scale their organization. The enterprise designs to acquire additional programs for students interested in discovering much more strategies these kinds of as correcting and flipping a household, handling shorter-expression rentals as properly as investing in other sorts of real estate like multi-relatives and professional homes.

About REI University
Produced by highly regarded true estate agent and trader Hamza Ibrahim, REI University is an on the net authentic estate investment schooling system concentrated on educating new and expert traders alike via an on line curriculum with classes, result-primarily based understanding procedures and stay coaching with marketplace specialists. Its signature system, The Wholesaling Academy, gives inexperienced traders with the applications needed to begin earning funds in as tiny as three months. You can study additional at REIUniversity.com or on TikTok, Instagram and YouTube.

Media Speak to:
Laura Panza
(949) 777-2487
333825@e-mail4pr.com

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