Teaching Kids & Teens Healthy Financial Habits

Teaching Kids & Teens Healthy Financial Habits

It is in no way as well early to educate children and adolescents about budgeting and finance. Even the youngest of children can discover how to regulate revenue in a wholesome way. The purpose is for them to produce behaviors that transfer with them into adulthood and be certain they make clever economic conclusion all through their life.

Modeling good behaviors

For younger young ones, it is important to model wholesome actions connected to dollars. Take your children with you to the bank so they can get started to study the procedure and language bordering depositing or withdrawing income. Pay with hard cash when feasible so children study that income is a suggests of currency with worth. It’s harder to learn this when the adults in their life generally pay with cards. Retain a beneficial frame of mind surrounding cash and get the job done to not argue about charges or debt. This allows young children develop a neutral or optimistic feeling of income, as opposed to viewing it as anything that really should result in tension or anger. 

Demands vs. wishes

Assisting younger little ones understand the differences concerning needs and desires will enable them in the long run when they are earning paying out possibilities. Numerous caregivers think little ones immediately know the variation involving requirements and would like, but this is a principle that should be taught. To set it merely, a need to have is a little something you should have to endure these as food stuff, water or shelter. A want is anything that would be good to have but is not a necessity, this kind of as a new movie recreation.  

Budgeting

Earnings and allowances assist small children and teens discover how to budget. Regardless of whether they generate funds from finishing chores or are specified an allowance, acquiring a regular money will help advertise fiscal literacy. These tactics assist them realize money flow and what it will be like to get paid a paycheck later on. For this to be constructive, the allowance requires to be paid in a exact amount of money on a reliable plan. 

HCC Libations

Conserving

Little ones and teenagers can reward enormously from discovering how to preserve cash early in lifetime. 1 way to do this is to established aside component of their allowance or chore earnings in a “savings” jar. This will help them see visually how beneficial it is to established apart income every single time they are compensated. This behavior will with any luck , transfer as they age and their earnings improves. For older children, a lot of financial institutions have the solution of examining and personal savings accounts. For occasion, Winner Credit rating delivers a application called Discover Teenager Cost savings account, that will allow young ones 13 and up to extend their information, use a debit card, and commence developing credit history. For those that are young, pick the Take a look at Cost savings account.

Investing

Commence early conversing to your young ones and teenagers about investing. If you have financial investment accounts, present your children graphs and figures related to the stock sector. Initiating an financial commitment account for your child’s thirteenth birthday would help him or her truly feel more vested in the inventory market. For birthdays and vacations, spouse and children users can deposit further money so the youth has a lot more “cash” to invest in stocks. Educate young people terminology like “low hazard, very low return – high hazard, substantial return” or “diversified portfolio.” 

Mothers and fathers have a tendency to wait around right up until the large college or university yrs to support children and teens understand about budgeting and finance, but there is so considerably to find out when they are youthful. All of this information will cumulate to generate nutritious adult practices. For more suggestions and information and facts, Winner Credit score Union delivers the Money Supervisor Tool that dives deep into budgeting and economic objectives. 

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. 

Carleen Pierce, RCSD chief financial officer, negotiating departure

Carleen Pierce, RCSD chief financial officer, negotiating departure

Rochester Metropolis School District Main Economical Officer Carleen Pierce is on administrative go away and is envisioned to leave her task one way or another in just days, according to 4 resources with immediate expertise of the problem, more complicating the district’s by now harried budget period.

RCSD has introduced on its former spending budget director, Vern Connors, as an administrative substitute to aid steer it through the spending budget process. Its initially spending plan proposal, created underneath Pierce’s enjoy, was turned down by Point out Observe Shelley Jallow.

Carleen Pierce

Pierce’s impending departure was described by four persons with immediate knowledge who spoke on problem of anonymity. RCSD spokeswoman Marisol Ramos-Lopez would say only that she is a current district personnel as of Monday afternoon. The Democrat and Chronicle also approached Pierce directly, even so in a joint assertion, the district and Pierce’s legal professional wrote that they are “actively engaged in negotiations as a result of mediation,” and declined to comment. The statement did not specify the scope of the negotiations.

The college board has expressed disappointment with Pierce’s work various situations due to the fact she was hired in August 2020, which includes later in the 2020-21 school year when she gave significantly varying estimates of the district’s economic deficit.

Kennesaw State adds financial technology master’s degree, instructional technology bachelor’s degree

Kennesaw State adds financial technology master’s degree, instructional technology bachelor’s degree

Kennesaw State
 


KENNESAW, Ga.
(Apr 12, 2022)
— The Board of Regents of the College Program of Georgia on Tuesday accredited two new
degree courses in Kennesaw State University’s Coles Higher education of Business and Bagwell School of Education and learning.

The Learn of Science in Digital Financial Systems in the Coles Faculty has been
recognized in response to Georgia’s $70 billion economic technological know-how (FinTech) business,
focusing on people trying to find professions as blockchain builders, compliance experts and cybersecurity
analysts, between other individuals. The Bachelor of Science in Mastering, Style, and Technological know-how
in the Bagwell University was made to prepare college students to style, produce, carry out
and assess instruction and schooling in enterprise, medication, instruction and other fields.

“These chopping edge degree systems allow for Kennesaw State to get ready the following generation
of specialists in the regions of electronic payments and tutorial layout to fill
the essential want for highly trained employees in our region and state,” claimed KSU President
Kathy Schwaig. “Our duty as a primary establishment of greater studying is
to aid our pupils triumph right now and shape the planet of tomorrow.”

The FinTech degree will come at an vital moment when the money technologies overall economy
is dealing with remarkable expansion in Ga and all-around the globe. The program will
focus on digital payments, the greatest sub-sector of FinTech, and will be made available
absolutely on the web. Contrary to classic two-calendar year master’s levels, it will present a pathway
for pupils to graduate in 18 months.

“Our Learn of Science in Digital Fiscal Systems degree positions Kennesaw
Point out College and the Coles Faculty of Enterprise at the middle of Georgia’s booming
FinTech market,” reported Robin Cheramie, dean of Coles Higher education. “We are thrilled to
provide an additional degree in a complete suite of graduate plans specifically intended to
satisfy the real wants of the business enterprise neighborhood.”

A lot like its FinTech counterpart, educational structure is a escalating market, with
work projected to expand extra than 12 per cent more than the next 10 years for instructional
designer positions and a lot more than 15 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for instruction and advancement specialist
positions.

Adrian Epps, dean of Bagwell Faculty, mentioned the Bachelor of Science in Mastering, Style and design,
and Technological know-how has been founded to get ready designers for an increasingly digital
age. A graduate of the plan will be able to guide businesses in performance enhancement
and educational layout, and the degree will put together people today to produce, apply
and appraise instruction and education in small business, medication, education, and other
fields.

It will equip graduates with the skills to review the education and learning or training requires
of an group and proficiently implement principle and technological know-how to design, establish
and examine learning answers for facial area-to-experience, on-line and hybrid environments within just
industrial and company settings.

“We noticed technologies engage in a purpose in the earth economy like by no means just before in the course of this
pandemic, and that change has made significant desire for staff who have a wide
expertise of tutorial style and design and technologies,” Epps stated. “It’s an enjoyable instant
to launch this new application, which will manual the future of electronic education in an
more and more competitive workforce.”

The undergraduate software also calls for a bare minimum of 3 credit rating hrs of internship,
which will enable learners to utilize what they understand in the classroom in true-globe
configurations.

Potential college students can use for admission to equally diploma programs for the Slide
2022 semester.

– Thomas Hartwell


 

A chief in progressive training and understanding, Kennesaw Condition College presents undergraduate, graduate and doctoral degrees to its practically 43,000 pupils. With 11 schools on two metro Atlanta campuses, Kennesaw State is a member of the College Process of Georgia. The university’s lively campus culture, diverse populace, potent worldwide ties and entrepreneurial spirit draw pupils from all over the state and the world. Kennesaw Condition is a Carnegie-designated doctoral investigation establishment (R2), inserting it between an elite group of only 6 p.c of U.S. colleges and universities with an R1 or R2 position. For much more info, check out kennesaw.edu

Teaching financial literacy can unlock academic measurement

Teaching financial literacy can unlock academic measurement

Escalating up in a functioning-class family members, we hardly ever obtained cash stuck in a birthday or holiday card, which is why I don’t forget the time I got a $25 U.S. Savings Bond from my grandmother.

Point out Treasurer Dave Younger

It arrived in a birthday card, when I was 7 or 8 several years outdated. Twenty-5 bucks was a fortune to me. As badly as I needed access to that dollars then, I understood my payout would double to $50 if I waited 20 yrs for the bond to mature.

This was my initially memory getting to offer with funds, but undoubtedly not my past. And it was my introduction to money literacy as a baby.

Economic literacy refers to a person’s potential to make great monetary choices. Without it, people will battle to make ends meet, to prepare their finances, and to obtain economic effectively-being.

Go through: Colorado Sunlight viewpoint columnists.

As a previous junior higher faculty math teacher, I know that much as well couple of students — significantly these from lower-revenue backgrounds — receive any individual finance education and learning at university. Still they are predicted to make massive money decisions about student financial loans and budgeting for living expenses right after graduation.

Training learners to come to be monetarily literate as a result of assessing, analyzing, and employing individual-finance tactics that positively effects excellent of everyday living will place learners for achievements throughout their vocation and adulthood.

​Though the Colorado State Board of Training strongly encourages local college district boards to include personal finance classes and curriculum during the point out, only about 25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of districts include personalized finance in their approved graduation skills.

Economic schooling is a essential element of abilities that pre-university by significant school pupils need to have in purchase to become economically literate and fiscally impartial.

I guidance monetary literacy as aspect of an ongoing instructional curriculum however, I prevent shorter of supporting a point out-selected high college graduation prerequisite.

I wrestle with this for the reason that how we measure regardless of whether someone is fiscally literate matters.

If we have a graduation prerequisite, then there must be discovering results that are anticipated, and how we evaluate people finding out outcomes will have to match the complexity of understanding. I anxiety that we’ll default to bubble tests like we generally have, learners will pass the bubble assessments, and we’ll hang the proverbial “Mission Accomplished” signal up, when in simple fact, pupils aren’t basically fiscally literate.

A single of the reasons I’m so passionate about financial literacy is mainly because it retains the vital to fixing how we evaluate genuine mastering in other tutorial areas. If an individual is genuinely economically literate, we ought to be capable to observe a modify in their economical behaviors.

But you just can’t measure a transform in conduct on a bubble check — you have to established up on-heading systems that, with the authorization of the scholar, capture the true variations in the way they manage their cash around a prolonged period of time of time.

If we can figure this out for monetary literacy, I assume it would be most valuable to the rest of the instructional method as we try out to develop greater strategies to evaluate studying in other topic locations.

Frankly, some of this is well-recognized in the “non-tested” locations like the arts, science, physical education and learning, and early childhood.  But, the understanding of math and language arts are specially being pushed by superficial testing approaches that are simply inadequate.

Absolutely everyone is impacted by their degree of financial literacy. More and more, persons are anticipated to understand and make conclusions in a intricate monetary atmosphere, which includes managing and choosing credit history cards, financial loans, banking, and insurance plan, and preparing for retirement.

Some dollars troubles People at present experience could be avoided if economical literacy have been taught earlier in university. Money literacy courses instruct students the fundamentals of income management: budgeting, preserving, personal debt, investing, giving, and far more. That information lays a foundation for pupils to construct sturdy dollars habits early on and keep away from many of the issues that guide to lifelong money struggles.

I problem us in the course of April, which is Economic Literacy Thirty day period, to assume of creative approaches we can employ financial literacy in the curriculum, while staying in a position to correctly observe modifications in financial behaviors around the study course of a student’s life time that guide to fiscal empowerment.


 Dave Youthful, of Greeley, is Colorado Condition Treasurer.


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