Financial Archives - Page 39 of 44

December 13, 2021

RYB Education, Inc. Reports Third Quarter 2021 Financial Results

BEIJING, Dec. 12, 2021 /PRNewswire/ — RYB Education, Inc. (“RYB” or the “Company”) (NYSE: RYB), a leading early childhood education service provider in China, today announced its unaudited financial results for the third quarter of 2021.

Third Quarter 2021 Operational and Financial Summary

Number of students enrolled at directly operated facilities was 36,513 as of September 30, 2021, compared with 33,760 as of September 30, 2020.
Net revenues were $42.8 million, compared with $32.6 million for the third quarter of 2020.
Gross profit was $3.1 million, compared with $2.0 million for the third quarter of 2020.
Net loss attributable to ordinary shareholders of RYB for the third quarter of 2021 was $2.2 million, compared with $7.1 million for the third quarter of 2020. Adjusted net loss attributable to ordinary shareholders^[1] of RYB for the third quarter of 2021 was $1.8 million, compared with $6.5 million for the third quarter of 2020.
Cash generated from operating activities was $7.3 million in the third quarter of 2021, compared to $14.6 million for the third quarter of 2020.

“As China continues to carry out its reform in the education sector, private education will enter a new phase of development. RYB has long adhered to its original mission for preschool education and endeavored to contribute to the development of private education through providing high-quality products and services,” said Ms. Yanlai Shi, Co-founder, Director and Chief Executive Officer of RYB. “Over the years, we have committed to the healthy, sustainable and compliant development of preschool education, and have steadily followed the policy to expand access to inclusive preschool education in China. For example, we not only managed to provide more inclusive kindergartens to society, but also have been constantly improving the quality of our education services with curriculum upgrades, teacher training as well as security and safety measures enhancement.

With respect to our strategic transformation, in the third quarter we continued to reinforce and explore the potential of our existing business while innovating and extending the scope of our business lines in several areas, including quality-oriented education (including art education), early-years childcare, teacher training (vocational training for preschool education), among other things, all aiming to capture market opportunities and foster new growth engines. As we leverage our competitive edge in existing distribution channels and gradually diversify our business lines, we are confident to strengthen our presence in all preschool education segments, thereby enabling the RYB’s long-term healthy growth.” concluded Ms. Shi.

Third Quarter 2021 Financial Results

Net Revenues

Net revenues for the third quarter of 2021 were $42.8 million, a 31.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase compared with $32.6 million for the same quarter of 2020.

Service revenues for the third quarter of 2021 were $40.0 million, a 34.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase compared with $29.8 million for the same quarter of 2020. The increase was mainly due to a significant increase in tuition fees revenue, thanks to a shorter facility closure period at the Company’s directly operated kindergartens in China during this quarter compared to the same quarter of 2020. The increase in the number of students enrolled at facilities in both China and Singapore also contributed to a higher tuition fees revenue.

Product revenues for the third quarter of 2021 were $2.8 million, compared with $2.8 million for the same quarter of 2020.

Cost of Revenues

Cost of revenues for the third quarter of 2021 was $39.7 million, a 30.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase from $30.5 million for the same quarter of 2020. Cost of revenues for services for the third quarter of 2021 was $38.4 million, compared with $29.2 million for the same quarter of 2020. The increase was primarily due to the increase in staff compensation and direct cost at the Company’s directly operated facilities. Cost of products revenues for the third quarter of 2021 was $1.3 million, compared with $1.4 million for the same quarter of 2020.

Gross Profit and Gross Margin

Gross profit for the third quarter of 2021 were $3.1 million, compared with $2.0 million for the same quarter of 2020.

Gross margin for the third quarter of 2021 was 7.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, compared with 6.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the same quarter of 2020.

Operating Expenses

Total operating expenses for the third quarter of 2021 were $5.7 million, compared with $5.5 million for the same quarter of 2020. Excluding share-based compensation expenses, operating expenses were $5.3 million, compared with $4.9 million for the third quarter of 2020.

Selling expenses for the third quarter of 2021 were $0.7 million, compared with $0.5 million for the same quarter of 2020.

General and administrative (“G&A”) expenses for the third quarter of 2021 were $5.0 million, compared with $5.0 million for the same quarter of 2020. Excluding share-based compensation expenses, G&A expenses were $4.6 million for the third quarter of 2021, compared with $4.4 million for the same quarter of 2020. G&A expenses excluding share-based compensation expenses and effect of exchange rate fluctuation were lower compared with the same quarter of 2020. The share-based compensation expenses included in G&A expenses were $0.5 million for the quarter.

Operating loss

Operating loss for the third quarter of 2021 was $2.7 million, compared with $3.5 million for the same quarter of 2020. Adjusted operating loss^[2] was $2.2 million for the third quarter of 2021, compared with $2.9 million for the same quarter of 2020.

Net loss

Net loss attributable to ordinary shareholders of RYB for the third quarter of 2021 was $2.2 million, compared with $7.1 million for the same quarter of 2020. Adjusted net loss attributable to ordinary shareholders of RYB, which excluded the impact of $0.5 million of share-based compensation expense for the third quarter of 2021, was $1.8million, compared with $6.5 million for the same quarter of 2020.

Basic and diluted net loss per American depositary share (“ADS”) attributable to ordinary shareholders of RYB for the third quarter of 2021 were $0.08 and $0.08, compared with $0.26 and $0.26, respectively, for the same quarter of 2020. Each ADS represents one Class A ordinary share.

Adjusted basic and diluted net loss per ADS attributable to ordinary shareholders^[3] of RYB for the third quarter of 2021 were $0.06 and $0.06, compared with $0.23 and $0.23, respectively, for the same quarter of 2020.

EBITDA^[4] for the third quarter of 2021 was $0.6 million, compared with $0.5 million for the same period of 2020. Adjusted EBITDA^[5] for the third quarter of 2021 was $1.0 million, compared with $1.1 million for the same quarter of 2020.

Balance Sheet

As of September 30, 2021, the Company had total cash and cash equivalents of $77.7 million, compared with $53.5 million as of December 31, 2020. The increase in cash and cash equivalents balances was mainly due to the operating cash inflow of $30.2 million during the first nine months of 2021 as a result of tuition fee collection.

Operating Cash Flow

Cash generated from operating activities were $7.3 million during the third quarter of 2021, compared with $14.6 million from operating activities during the third quarter of 2020.

Business Outlook

For the fourth quarter of 2021, the Company’s management currently expects net revenues to be between $49.0 million and $50.0 million, representing a year-over-year increase of approximately 4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. The above outlook is based on the current market conditions and reflects the Company management’s current and preliminary estimates of market and operating conditions, customer demand and foreign exchange environment, which are all subject to change.

[1] Adjusted net loss attributable to ordinary shareholders is a non-GAAP financial measure, which is defined as net loss attributable to ordinary shareholders excluding share-based compensation expenses and changes of redeemable non-controlling interests. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and non-GAAP results” included elsewhere in this earnings release.

[2] Adjusted operating loss is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

[3] Adjusted basic and diluted net loss per ADS attributable to ordinary shareholders is a non-GAAP financial measure, which is defined as basic and diluted net loss per ADS attributable to ordinary shareholders excluding share-based compensation expenses. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

[4] EBITDA is defined as net income excluding depreciation, amortization and income tax expenses. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and non-GAAP results” included elsewhere in this earnings release.

[5] Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income excluding depreciation, amortization, income tax expenses, and share-based compensation expenses. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and non-GAAP results” included elsewhere in this earnings release.

About RYB Education, Inc.

Founded on the core values of ”Care” and ”Responsibility,” “Inspire” and “Innovate,” RYB Education, Inc. is a leading early childhood education service provider in China. Since opening its first play-and-learn center in 1998, the Company has grown and flourished with the mission to provide high-quality, individualized and age-appropriate care and education to nurture and inspire each child for his or her betterment in life. During its two decades of operating history, the Company has built “RYB” into a well-recognized education brand and helped bring about many new educational practices in China’s early childhood education industry. RYB’s comprehensive early childhood education solutions meet the needs of children from infancy to 6 years old through structured courses at kindergartens and play-and-learn centers, as well as at-home educational products and services.

For more information, please visit http://ir.rybbaby.com

Use of Non-GAAP Financial Measures

We use EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes.

EBITDA is defined as net income excluding depreciation, amortization, and income tax expenses; adjusted EBITDA is defined as net income excluding depreciation, amortization, income tax expenses, and share-based compensation expenses; adjusted operating income is defined as operating income excluding share-based compensation expenses; adjusted net income attributable to ordinary shareholders is defined as net income attributable to ordinary shareholders excluding share-based compensation expenses and changes of redeemable non-controlling interests; and adjusted basic and diluted net income per ADS attributable to ordinary shareholders are defined as basic and diluted net income per ADS attributable to ordinary shareholders excluding share-based compensation expenses and changes of redeemable non-controlling interests.

We believe that EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income from operations and net income. We believe that EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical adjusted financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s brand recognition and market reputation; student enrollment in the Company’s teaching facilities; the Company’s growth strategies; its future business development, results of operations and financial condition; trends and competition in China’s early childhood education market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese early childhood education market; Chinese governmental policies relating to the Company’s industry and general economic conditions in China. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
RYB Education, Inc.
Investor Relations
E-mail: [email protected]

The Piacente Group, Inc.
Yang Song
Tel: +86 (10) 5730-6200
E-mail: [email protected]

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

*UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS*
(in thousands of U.S. dollars)

	As of
	September 30, 2021	December 31, 2020
Current assets:
Cash and cash equivalents	77,746	53,454
Accounts receivable, net	2,271	1,844
Inventories	6,501	5,773
Prepaid expenses and other current assets	8,927	8,927
Loan receivables	160	107

Total current assets	95,605	70,105

Non-current assets:
Restricted cash	1,318	1,127
Property, plant and equipment, net	42,667	47,638
Goodwill	46,458	46,147
Intangible assets, net	13,038	14,179
Long-term investment	212	217
Deferred tax assets	22,855	21,168
Other non-current assets	12,102	14,438
Operating lease right-of-use assets	74,058	87,472
Total assets	308,313	302,491

Liabilities
Current liabilities:
Prepayments from customers, current portion	5,761	4,145
Accrued expenses and other current liabilities	58,847	54,406
Income tax payable	20,340	18,592
Operating lease liabilities, current portion	14,971	16,856
Deferred revenue, current portion	45,881	34,351
Long-term debt, current portion	–	7
Total current liabilities	145,800	128,357

Non-current liabilities:
Prepayments from customers, non-current portion	3,247	4,024
Deferred revenue, non-current portion	813	1,726
Other non-current liabilities	11,904	12,519
Deferred income tax liabilities	1,919	1,890
Operating lease liabilities, non-current portion	63,309	76,308
Total liabilities	226,992	224,824

Mezzanine equity
Redeemable non-controlling interests	9,366	9,988

Equity
Ordinary shares	29	29
Treasury stock	(9,042)	(10,321)
Additional paid-in capital	141,611	141,094
Statutory reserve	4,652	4,652
Accumulated other comprehensive loss	(1,541)	(1,468)
Accumulated deficit	(69,700)	(71,837)
Total RYB Education, Inc. shareholders’ equity	66,009	62,149
Non-controlling interest	5,946	5,530
Total equity	71,955	67,679
Total liabilities, mezzanine equity and total equity	308,313	302,491

*UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS*
(in thousands of U.S. dollars, except share, ADS, per share and per ADS data)

	Three Months Ended September 30,
	2021	2020
Net revenues:
Services	40,016	29,755
Products	2,794	2,797
Total net revenues	42,810	32,552
Cost of revenues:
Services	38,409	29,150
Products	1,331	1,383
Total cost of revenues	39,740	30,533
Gross profit	3,070	2,019

Operating expenses
Selling expenses	692	513
General and administrative expenses	5,040	5,027
Total operating expenses	5,732	5,540

Operating loss	(2,662)	(3,521)
Interest income	47	102
Government subsidy income	268	1,103
Loss on disposal of subsidiaries	(28)	(168)

Loss before income taxes	(2,375)	(2,484)
Less: Income tax expenses	(257)	3,725

Loss before loss in equity method investments	(2,118)	(6,209)
Loss from equity method investments	(12)	(128)

Net loss	(2,130)	(6,337)
Less: Net income attributable to non-controlling interest	98	794
Net loss attributable to ordinary shareholders of RYB Education, Inc.	(2,228)	(7,131)

Net loss per share attributable to ordinary shareholders of RYB Education, Inc.
Basic	(0.08)	(0.26)
Diluted	(0.08)	(0.26)

Net loss per ADS attributable to ordinary shareholders of RYB Education, Inc. (Note 1)
Basic	(0.08)	(0.26)
Diluted	(0.08)	(0.26)

Weighted average shares used in calculating net loss per ordinary share
Basic	28,467,242	27,736,777
Diluted	28,467,242	27,736,777

Net loss	(2,130)	(6,337)
Other comprehensive loss, net of tax of nil:
Change in cumulative foreign currency translation adjustments	(168)	(360)
Total comprehensive loss	(2,298)	(6,697)

Less: Comprehensive loss attributable to non- controlling interest	47	1,122
Comprehensive loss attributable to RYB Education, Inc.	(2,345)	(7,819)

Note 1：Each ADS represents one Class A ordinary share.

*RECONCILIATION OF GAAP AND NON-GAAP RESULTS*
(in thousands of U.S. dollars, except share, ADS, per share and per ADS data)

	Three Months Ended September 30,
	2021	2020
Operating loss	(2,662)	(3,521)
Share-based compensation expenses	471	617
Adjusted operating loss	(2,191)	(2,904)

Net loss attributable to ordinary shareholders of RYB Education, Inc.	(2,228)	(7,131)
Share-based compensation expenses	471	617
Adjusted net loss attributable to ordinary shareholders of RYB Education, Inc.	(1,757)	(6,514)

Net loss	(2,130)	(6,337)
Add: Income tax expense	(257)	3,725
Depreciation of property, plant and equipment, and amortization of intangible assets	2,939	3,076
EBITDA	552	464
Share-based compensation expenses	471	617
Adjusted EBITDA	1,023	1,081

Net loss per ADS attributable to ordinary shareholders of RYB Education, Inc.- Basic (Note1)	(0.08)	(0.26)
Net loss per ADS attributable to ordinary shareholders of RYB Education, Inc.- Diluted (Note1)	(0.08)	(0.26)

Adjusted net loss per ADS attributable to ordinary shareholders of RYB Education Inc.- Basic (Note1)	(0.06)	(0.23)
Adjusted net loss per ADS attributable to ordinary shareholders of RYB Education Inc.- Diluted (Note1)	(0.06)	(0.23)

Weighted average shares used in calculating basic net loss per ADS (Note1)	28,467,242	27,736,777
Weighted average shares used in calculating diluted net loss per ADS (Note1)	28,467,242	27,736,777

Adjusted net loss per share- Basic	(0.06)	(0.23)
Adjusted net loss per share- Diluted	(0.06)	(0.23)

Note 1：Each ADS represents one Class A ordinary share.

SOURCE RYB Education, Inc.

How Can We Improve Through Financial Education

Viewpoints expressed by Entrepreneur contributors are their possess.

The economic state of quite a few Us citizens is not where by it should really be. According to a Mind above Cash study, a lot more than three in four Individuals experience the pressure, with 77{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} reporting they are nervous about their cash condition. The greater part of people are so preoccupied with money that they can not command it or even take it easy when making decisions all-around the matter. The existing financial local weather has only made the predicament even worse.

Two-thirds of the nation is battling with income issues: Not having adequate for retirement or trying to keep up with value-of-residing expenses are day-to-day worries amongst a ton of males and women. Although there are a lot of good reasons for this, 1 key contributing aspect is lack of recognition.

Why monetary education and literacy is essential for absolutely everyone?

Fiscal education and learning is a wide expression that can be defined as any learning that assists persons make educated selections about controlling their funds. It can be essential for numerous causes, but just one, in particular, stands out: Financial training presents a alternative to the money hole.

Money education and learning and literacy are the very first measures to economic properly-being. It is a continuous and crucial method that should include things like:

Everybody with subprime credit rating
Disadvantaged communities
Younger grown ups who have never experienced any audio practical experience handling their funds

But here is the catch: The finance field is entire of misinformation. It can be demanding to navigate the mainstream process devoid of understanding that there’s much more than what fulfills the eye about your finances.

Similar: Fiscal Literacy: The Crucial to The Development of the Economy

How can companies assistance increase monetary recognition with education and learning?

Economical organizations can enjoy an important purpose in increasing consciousness and increasing the financial scenario for all Individuals by educating men and women on how they can get regulate more than their funds as a result of instruments like budgeting and conserving.

They also require to perform with other corporations to aid those people who will need enable to not experience ashamed or ashamed about their scenario.

Economic literacy is an crucial difficulty that corporations are starting to consider on, as more than 50 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of grown ups in the U.S. feel they really don’t have adequate expertise about controlling their funds. Money schooling usually takes diverse sorts, but it ordinarily consists of:

Instructing children how credit score cards and bank accounts work.
Giving informational seminars about retirement financial savings options for deprived communities.
On-line discussion boards wherever folks can get respectable information and facts about money units, and how they can use them to their benefit.
Instilling know-how about finances at early ages

Monetary training wants to start off early since children understand about shelling out money at an previously age. We have to give them the understanding of how to preserve and commit early on as nicely. The economical solutions local community, non-profit organizations and faculties must be proactive in partaking all communities. Breaking down the info into relatable, effortless-to-fully grasp curricula could create a complete new era of money geniuses.

Connected: 5 Ways to Construct Your Kid’s Monetary Literacy

When should really people be engaged in fiscal literacy and consciousness?

Fiscal training commences in the classroom, but it desires to lengthen through adulthood. 1 dimension does not in shape all when it comes to this vital subject matter. We have to generate custom-made systems for each individual age team based on their stage in everyday living or desires.

Every purchaser has a distinct baseline comprehending of the money system and engages in it at various points through their lifecycle.

Permit me give you a couple examples of how and when individuals get associated in economic selections:

College students who are hunting for facts on securing or spending off student loans
Car or truck prospective buyers who are seeking for the best auto lease possibilities
Family members might also technique selected monetary areas in different ways since there can frequently only just one parent is performing outdoors the residence though elevating children
Older grown ups who are heading to retire shortly

These are excellent possibilities for fiscal businesses to access out with insightful information to help individuals far better comprehend in which they need to boost.

How do we contain far more consumers in the mainstream fiscal procedure?

The mainstream financial technique has been inherently designed to exclude people devoid of accessibility or implies. These types of shoppers who do not have excellent funds are not welcomed warmly in the economical technique. As a final result, they absence trust in the field and come across it difficult to navigate.

If we want these people back again into our economy, we need to have associates who understand how really hard every day everyday living can be when you you should not have any cash. Constructing rely on begins with partnering for the bigger good. Partnering begins at household and moves outward to setting up coalitions that include things like individuals who have been historically excluded from mainstream finance.

Related: Each Enterprise Operator Wants a Economical Education and learning

The monetary world is shifting, and the way we interact with money is evolving. The world economic landscape poses new challenges and opportunities for folks all-around the earth. Financial inclusion and fiscal status may well look like a consumer trouble, but the actuality of enhancing in general economical effectively-currently being falls on far more than just an personal.

Economical literacy is the crucial to strengthening monetary inclusion. If buyers are not very well knowledgeable about their funds, they will never ever be able to make knowledgeable choices or take part in society’s mainstream economic system with self esteem. For this reason, it is all about financial training.

December 4, 2021

China Liberal Education Holdings Limited Reports Financial Results for the First Six Months of Fiscal Year 2021

BEIJING, Dec. 3, 2021 /PRNewswire/ — China Liberal Education Holdings Limited (Nasdaq: CLEU) (“China Liberal”, or the “Company”, or “we”), a China-based company that provides smart campus solutions and other educational services, today announced its financial results for the first six months of fiscal year 2021.

Ms. Ngai Ngai Lam, Chairwoman and CEO of China Liberal, commented, “We still delivered respectable results in the first half of the fiscal year 2021, although the ongoing uncertainties associated with the COVID-19 pandemic caused many Chinese universities and colleges to hold off on their ‘smart campus’ project plans. Through our efforts and dedication, we achieved highly resilient financial results while prioritizing our customers during the pandemic. For the first half of fiscal year 2021, our revenue decreased by 18.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $1.85 million from $2.27 million for the same period last year. However, our gross profit reached $1.37 million, an increase of 74.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from $0.79 million for the same period of last year, and our gross margin was 74.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, a year-over-year increase of 39.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from 34.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the same period of last year. We are also excited about our business progress of integration of enterprises and vocational education business(tailored job readiness training services). To address the actual needs of regional economic development and industrial upgrading and transformation, we provided colleges and universities with school-enterprise integrated education solutions. We strived to establish a talent training system and a comprehensive platform, providing talent trainings and co-op opportunities for students. In addition, our self-developed and patented all-in-one teaching machine, AI-Space machine, has been recognized by the market and the industry and installed in several colleges and universities across China, including Beijing Foreign Studies University, Beijing Language and Culture University, and Straits Institute of Minjiang University, laying a solid foundation for our future potential revenue growth. We believe that we are well-positioned for the future with our brand awareness, innovative technologies, and loyal customer base.”

First Six Months of Fiscal Year 2021 Financial Highlights

	For the Six Months Ended June 30,
($ millions, except per share data)	2021	2020	{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change
Revenue	1.85	2.27	-18.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Gross profit	1.37	0.79	74.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Gross margin	74.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	34.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	39.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Income (Loss) from operations	0.30	(0.11)	NM
Operating profit(loss) margin	16.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	-5.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	NM
Net income (loss)	0.23	(0.08)	NM
Basic and diluted earnings (loss) per share	0.03	(0.02)	NM

Revenue decreased by 18.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $1.85 million for the six months ended June 30, 2021 from $2.27 million for the same period last year.
Gross profit increased by 74.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $1.37 million for the six months ended June 30, 2021 from $0.79 million for the same period last year.
Gross margins were 74.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and 34.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the six months ended June 30, 2021 and 2020, respectively.
Income from operations was $0.30 million for the six months ended June 30, 2021, compared to loss from operations of $0.11 million for the same period last year. Operating profit margin was 16.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the six months ended June 30, 2021, compared to operating loss margin of 5.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the same period last year.
Net income was $0.23 million for the six months ended June 30, 2021, compared to net loss of $0.08 million for the same period last year.
Basic and diluted earnings per share were $0.03 for the six months ended June 30, 2021, compared to basic and diluted loss per share of $0.02 for the same period last year.

First Six Months of Fiscal Year 2021 Financial Results

Revenue

Revenue decreased by 18.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $1.85 million for the six months ended June 30, 2021 from $2.27 million for the same period last year. The decrease in revenue was mainly driven by decreased revenue from technological consulting services for smart campus solutions as the Company did not enter into new large “smart campus” project contract with Chinese universities/ colleges during the six months ended June 30, 2021 since continued uncertainties associated with the COVID-19 pandemic caused many Chinese universities/colleges to hold off on their “smart campus” project plans.

	For the Six Months Ended June 30,
($ millions)	2021			2020
Revenue	Revenue	Cost of Revenue	Gross Margin	Revenue	Cost of Revenue	Gross Margin
Sino-foreign Jointly Managed Academic Programs	1.42	0.23	84.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	1.26	0.26	79.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Technological Consulting Services for Smart Campus Solutions	0.34	0.19	43.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	0.93	1.21	-29.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Overseas Study Consulting Services	0.03	0.02	29.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	0.07	0.01	82.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Tailored Job Readiness Training Services	0.07	0.04	37.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	–	–	–
Total	1.85	0.48	74.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	2.27	1.48	34.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

For the six months ended June 30, 2021, revenue from sino-foreign jointly managed academic programs increased by $0.16 million, or 12.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $1.42 million, from $1.26 million for the same period last year. This increase was primarily attributed to an increase in the number of students by 173 or 6.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 2,841 students in six months ended June 30, 2021, from 2,668 students in six months ended June 30, 2020. Furthermore, the increase is also attributable to an approximately 9.03{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} positive impact from foreign currency fluctuation when the average exchange rate used in converting RMB into USD increased from $1 to RMB 7.0416 in the six months ended June 30, 2020 to $1 to RMB 6.4587 in the six months ended June 30, 2021. The increase is partially offset by a 3.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} decrease in average tuition fees. The decrease in average tuition fee was mainly caused by change in student mix enrolled in different academic programs with the universities/ colleges.

Revenue from technological consulting services for smart campus solutions decreased by $0.59 million, or 63.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $0.34 million for the six months ended June 30, 2021, from $0.93 million for the same period last year. The decrease was primarily because the Company did not obtain smart campus projects of large size during the six months ended June 30, 2021. In addition, the continued uncertainties associated with COVID-19 caused many Chinese universities/colleges to hold their “smart campus” project plans.

Revenue from overseas study consulting services decreased by $0.04 million, or 64.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $0.03 million for the six months ended June 30, 2021, from $0.07 million for the same period last year. The decrease was mainly due to the impact of the COVID-19 pandemic which caused certain countries closed its borders and imposed travel restrictions. As a result, the number of students interested in seeking overseas education reduced significantly. A portion of our revenue from overseas study consulting services was recognized when the students received offers and obtained appropriate visas. For the six months ended June 30, 2021, none of the students who participated in overseas consulting services received offers or visas as they have not yet completed their trainings and studies compared to 11 students who received school offers and obtained visas in the same period in 2020.

Revenue from tailored job readiness training services was $0.07 million for the six months ended June 30, 2021, compared with nil for the same period last year. The Company provided tailored job readiness training services to more than 130 students for the six months ended June 30, 2021.

Cost of Revenue

Cost of revenue decreased by $1.00 million, or 67.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $0.48 million for the six months ended June 30, 2021, from $1.48 million for the same period last year, primarily due to the decreased hardware costs of $1.02 million associated with the smart campus projects.

Gross Profit

Gross profit increased by $0.58 million, or 74.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $1.37 million for the six months ended June 30, 2021, from $0.79 million for the same period last year, while gross profit margin increased by 39.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 74.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the six months ended June 30, 2020, from 34.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the same period last year. The increase in gross profit and gross margin was primarily due to decreased hardware costs associated with the Company’s technological consulting service projects.

Operating Expenses

Selling expenses decreased by $53,872, or 41.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $76,593 for the six months ended June 30, 2021, from $130,465 for the same period last year. The decrease in selling expenses was primarily attributable to the decrease in the rental and office expenses and depreciation expenses by $54,679 when the Company relocated to a smaller office space.

General and administrative expenses increased by $224,833, or 29.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $995,451 for the six months ended June 30, 2021, from $770,618 for the same period last year, primarily due to an increase in salaries and welfares expenses of $74,630 resulting from increased number of administrative employees, an increase in professional services fees of $57,300, an increase in share-based compensation to independent directors of $53,250 and an increase in independent director compensation of $28,419.

Interest Income

Interest income decreased by $22,797 or 27.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $59,973 for the six months ended June 30, 2021, from $82,770 for the same period last year. In connection with the Company’s technological consulting services for smart campus projects, the Company recognized financing component resulted from a timing difference between when control is transferred and when the Company collected cash consideration from the customer. For the six months ended June 30, 2021 and 2020, the Company recognized $56,511 and $79,907 interest income in connection with the aforementioned financing component, respectively.

Other Expense

Other expense was $7,249 and $907 for the six months ended June 30, 2021 and 2020, respectively, the increase was due to increased bank charges.

Income Tax Provision

Income tax provision was $0.12 million for the six months ended June 30, 2021, increased from $0.05 million for the same period of last year due to higher taxable income.

Net Income (Loss)

Net income was $0.23 million for the six months ended June 30, 2021, compared to a net loss of $0.08 million for the same period last year. Basic and diluted earnings per share were $0.03 for the six months ended June 30, 2021, compared to basic and diluted loss per share of $0.02 for the same period last year.

Financial Condition

During the six months ended June 30, 2021, the Company had negative cash flow from operations. As of June 30, 2021, the Company had cash of approximately $33.7 million and had positive working capital of approximately $40.8 million. The Company’s liquidity is influenced by the level of its operations, the numerical volume and dollar value of its sales contracts, the progress of execution on its customer contracts, and the timing of accounts receivable collections. Management believes that the Company’s current cash as of June 30, 2021 will be sufficient to meet its working capital needs for at least the next 12 months from the date of the Company’s interim financial statements are issued.

As of June 30, 2021, the Company had cash of $33.70 million, compared to $5.01 million as of December 31, 2020.

Net cash used in operating activities was $1.89 million for the six months ended June 30, 2021, compared to $0.94 million for the same period last year.

Net cash provided by investing activities was $1.45 million for the six months ended June 30, 2021, compared net cash used in investing activities of $0.01 million for the same period last year.

Net cash provided by financing activities was $29.06 million for the six months ended June 30, 2021, compared to $5.50 million for the same period last year.

The Company intends to finance its future working capital requirements and capital expenditures from cash generated from operating activities. However, the Company may seek additional financings, to the extent required, and there can be no assurances that such financing will be available on favorable terms or at all.

COVID-19

The Company’s operations may be further affected by the ongoing COVID-19 pandemic. For the six months ended June 30, 2021, the Company’s revenue from sino-foreign jointly managed academic programs was not significantly impacted because Chinese universities/colleges have resumed on-site instruction since May 2020 and the number of students enrolled in the Company’s sino-foreign jointly managed education programs with two colleges increased during the 2021 academic school year. The total enrolled number of students increased by 14{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} as compared to the same period of last year. The teaching services that the Company has been providing to students have returned to normal, and no dropout has been reported to the Company during the six months ended June 30, 2021. However, due the impact of COVID-19, the internal payment processes of the partnering schools were temporarily delayed. As a result, the Company and these partnering schools mutually agreed to extend the tuition payment term by three to six months. The Company does not believe such delay will result in any collectability risk and the entire tuition receivable balance is expected to be fully received but only slightly later than a typical operating year. Furthermore, this temporary delay in tuition payment does not represent a change in the Company’s cooperation model with these partnering schools and the Company does not expect to incur further tuition payment delays in the future.

The continued uncertainties associated with the COVID-19 have caused many Chinese universities/ colleges to temporarily hold off on their “smart campus” project construction plans and accordingly the Company did not obtain new large “smart campus” project contract during the six months ended June 30, 2021, which led to a decrease in the Company’s revenue from technological consulting and supporting services during current period. Additionally, the COVID-19 pandemic continues to have a negative impact over the Company’s study abroad consulting services. A portion of the Company’s revenue from overseas study consulting services were recognized when students received offers and obtained appropriate visas. However, due to the COVID-19 pandemic, certain countries closed their borders and imposed travel restrictions. For the six months ended June 30, 2021, none of the students receiving overseas consulting services received offers or visas, compared to 11 students who received school offers and obtained visas in the same period in 2020. Due to the uncertainties around international travels, it is expected that the COVID-19 pandemic may continue to result in students being restricted from pursuing their overseas education in the near terms and may have further negative impact over the oversea study consulting service revenue stream.

About China Liberal Education Holdings Limited

China Liberal, headquartered in Beijing, is an educational services 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:ir@chinaliberal.com

Ascent Investor Relations LLC
Ms. Tina Xiao
Email:tina.xiao@ascent-ir.com
Tel: +1 917 609 0333

China Liberal Education Holdings Limited
Condensed Consolidated Balance Sheets
(Unaudited)

		June 30,			December 31,
		2021			2020
Assets
Current Assets
Cash	$		33,698,671	$		5,007,449
Accounts receivable, net			1,547,175			915,618
Contract receivable, net, current			2,352,267			4,448,946
Advance to suppliers, net			4,033,956			94,648
Due from a related party			–			1,439,080
Prepaid expenses and other current assets			358,576			419,713
Total current assets			41,990,645			12,325,454

Property and equipment, net			41,750			49,148
Operating lease right-of-use lease assets, net			92,980			136,695
Contract receivable, net– non-current			168,869			262,617
Total non-current assets			303,599			448,460
Total Assets		$	42,294,244		$	12,773,914

Liabilities and STOCKHOLDERS’ Equity

CURRENT LIABILITIES
Account payable	$		83,524	$		125,223
Deferred revenue			111,772			154,927
Taxes payable			766,835			633,651
Due to a related party			12,390			–
Operating lease liabilities, current			92,980			90,253
Accrued expenses and other current liabilities			116,038			105,829
TOTAL CURRENT LIABILITIES			1,183,539			1,109,883

Operating lease liabilities, non-current			–			23,102
TOTAL LIABILITIES			1,183,539			1,132,985

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 12,348,333 and 6,333,333 shares issued and
outstanding at June 30, 2021 and December 31, 2020, respectively			12,348			6,333
Additional paid-in capital			38,452,810			9,358,487
Statutory reserve			623,476			551,146
Retained earnings			1,719,509			1,565,817
Accumulated other comprehensive income			302,562			159,146
Total stockholders’ equity			41,110,705			11,640,929

Total Liabilities and STOCKHOLDERS’ Equity	$		42,294,244	$		12,773,914

China Liberal Education Holdings Limited
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)

	For the six months ended June 30,
	2021		2020

REVENUE, NET	$	1,850,551	$	2,270,788
COST OF REVENUE		(476,727)		(1,482,515)
GROSS PROFIT		1,373,824		788,273

OPERATING EXPENSES
Selling expenses		(76,593)		(130,465)
General and administrative expenses		(995,451)		(770,618)
Total operating expenses		(1,072,044)		(901,083)

INCOME (LOSS) FROM OPERATIONS		301,780		(112,810)

OTHER INCOME (EXPENSES)
Interest income		59,973		82,770
Other expense, net		(7,249)		(907)
Total other income, net		52,724		81,863

INCOME (LOSS) BEFORE INCOME TAXES		354,504		(30,947)

INCOME TAX PROVISION		(128,482)		(48,675)

NET INCOME (LOSS)		226,022		(79,622)

COMPREHENSIVE INCOME (LOSS)
Total foreign currency translation adjustment		143,416		(113,868)
TOTAL COMPREHENSIVE INCOME (LOSS)		369,438		(193,490)

Weighted average number of shares, basic and diluted		8,756,372		5,366,300
Basic and diluted earnings (loss) per ordinary share	$	0.03	$	(0.02)

China Liberal Education Holdings Limited
Condensed Consolidated Statements of Cash Flows
(Unaudited)

	For the Six Months Ended
	June 30,
	2021		2020
Cash flows from operating activities
Net income (loss)	$	226,022	$	(79,622)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		10,810		12,234
Loss from disposal of property and equipment		606		27,381
Amortization of operating lease right-of-use lease assets		45,148		18,181
Share-based compensation		53,250		–
Changes in operating assets and liabilities:				–
Accounts receivable, net		(621,655)		172,176
Contract receivable, net		2,239,613		(1,834,390)
Advances to suppliers		(3,937,025)		571,128
Prepaid expenses and other current assets		64,982		121,107
Accounts payable		(43,011)		332,972
Deferred revenue		(38,853)		(390,331)
Taxes payable		126,429		77,397
Accrued expenses and other current liabilities		(18,412)		33,843
Net cash used in operating activities		(1,892,096)		(937,924)

Cash flows from investing activities
Purchase of property and equipment		(3,500)		(12,831)
Repayment from a related party		1,453,853		–
Net cash provided by (used in) investing activities		1,450,353		(12,831)

Cash flows from financing activities
Proceeds from borrowing from a related party		12,386		94,804
Net proceeds from issuance of ordinary shares		29,047,088		5,405,451
Net cash provided by financing activities		29,059,474		5,500,255

Effect of exchange rate changes on cash		73,491		(28,696)

Net increase in cash		28,691,222		4,520,804

Cash, beginning of period		5,007,449		1,702,279
Cash, end of period		$33,698,671		$6,223,083
Supplemental disclosure of cash flow information:
Income taxes paid	$	40,463	$	20,321
Interest paid	$	–	$	–

Cision

View original content:https://www.prnewswire.com/news-releases/china-liberal-education-holdings-limited-reports-financial-results-for-the-first-six-months-of-fiscal-year-2021-301436992.html

SOURCE China Liberal Education Holdings Limited

November 26, 2021

BBVA’s financial education grants will finance five projects seeking to resolve challenges from the pandemic

In this fourth edition of the program, each selected team will have access to a €10,000 prize to finance their research project. The global pandemic has demonstrated the importance of financial education as a tool to overcome the challenges that contribute to a more sustainable society. It is no surprise, therefore, that the winning proposals mostly focus on solving the sector’s most pressing challenges.

Since 2018, BBVA’s Center for Financial Education and Capability has given €200,000 to 22 projects from countries such as Mexico, the U.S., Spain, Argentina, Colombia, Peru, Turkey, Kenya and Indonesia. These are the winning projects from 2021.

1- IE Foundation (Spain)

The research led by Laura Núñez Letamendia will delve into the role of financial education in households’ financial well-being. The work is based on analysis of the population’s knowledge of concepts like inflation, diversification and simple and compound interest; understanding of investment vehicles; planning skills and the sense of financial empowerment; in other words, the confidence each person has in their abilities to carry out financial management activities.

The research will explore the influence of these four pillars on people’s well-being or vulnerability through the Consumer Financial Protection Bureau’s (CFPB) scale of well-being. For this, it will use the survey conducted by the Household Savings Observatory in March 2021 of 1,500 Spanish households as an empirical base. This poll collected information on variables related to individuals’ financial behaviors and attitudes prior to the pandemic, and their level of financial education. “Beyond the satisfaction of the funding, it is an honor for us to have been selected by such a prestigious program as BBVA Edufin,” said Laura Núñez when learning that her project had been selected.

2- William Marsh Rice University – Baker Institute (EE. UU. – México)

Many Mexicans lost their jobs due to the economic crisis from the pandemic. They found themselves pushed into the informal economy, or were forced to spend their retirement savings. Researcher José Iván Rodríguez-Sánchez began the project “Improving financial education and retirement accounts in Mexico after the COVID-19 pandemic” in order to explore the pandemic’s impact on Mexicans and how it has influenced their interactions with the financial system. This expert was enthusiastic when hearing that his project had been selected: “The fact that BBVA has chosen me, makes me feel very honored and with a lot of responsibility to do my research.”

The conclusions of this study will seek to understand the vision that many of the country’s citizens have of the future now that their ability to save, plan for retirement and access credit has been diminished. The research will analyze the impact that better financial education would have in the current situation and will provide recommendations of public policies to offer quality education and greater financial inclusion.

3- The Pennsylvania State University (EE. UU. – Colombia)

Despite its development in recent years, Colombia is facing a dramatic increase in economic equality, which has gotten worse in rural areas. In this scenario, the fintech industry is emerging as an option to provide alternative financial products and services that are adapted to users’ needs. Led by Priya Sharma, this project explores the role of financial inclusion and the sector’s technologies as a tool to boost economic growth from the perspective of several representatives of two sectors: fintech companies and rural communities, specifically a group of women coffee growers and families running small cocoa farms.

The information from both groups will be collected in in-depth interviews and two workshops, which will be held separately with a total of 40 participants. The one for fintech companies, which will take place in Bogota, will focus on the products and services the rural population consider a priority and how they perceive the needs and expectations of these communities. For the farmers, the research aims to understand their perspectives of poverty, inequality and financial inclusion in order to understand their needs and offer solutions. The final report will offer recommendations regarding how to challenge the country’s current paradigm of financial education and the role of financial technologies in a challenging context, among other topics.

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November 22, 2021January 9, 2022

America’s First Multi-Media Financial Education Network Introduced By Nationally Noted Experts

As more Americans seek financial help, a team of industry leaders is introducing a first-of-a-kind solution: unbiased financial education, resources, and services all Americans can use and enjoy

MIAMI, Nov. 19, 2021 /PRNewswire/ — At a time when public awareness and the need for a solid financial position have reached all-time highs, a nationally noted team is introducing a new platform to provide what’s been missing: unbiased, engaging, fact-based financial education, resources, and services for every American. The Institute of Financial Wellness is the first multi-media platform providing free access to all the financial information and resources people need to develop customized strategies for every stage of life, Business Loan.

The team of financial services thought-leaders, digital media veterans, and financial professionals developed the first-of-a-kind platform, as well as a Financial Professional Network which is available to enable customers to implement their customized plans.

“Based on my 25 years of experience running large financial services firms and leading hundreds of financial professionals, we recognized the need to establish the Institute of Financial Wellness to provide engaging, unbiased, fact-based information giving Americans the clarity and confidence needed to make the right financial decisions for their lives,” said Erik Sussman, IFW CEO & Co-Founder. “Importantly, we ensure that our customer journey helps people take action by selecting a Financial Professional who is committed to the same holistic and unbiased approach that addresses all aspects of financial well-being.”

Added Darren Sussman, IFW President and Co-Founder: “Financial education does not have to be boring, elitist, or hard to understand. What sets the Institute of Financial Wellness apart is our commitment to deliver engaging, thoughtful, and unbiased programming that is curated in ways similar to other categories like science, the arts, or sports — so people actually understand and enjoy it!”

Specifically, here’s how it works. Consumers:

Begin by reviewing educational resources and content relevant to their unique life stages
Register and participate in a financial educational webinar relevant to them
Sign up to receive a free personalized report about their current situation
Connect with a human IFW Concierge to gather information to produce the report
Select a financial professional to review and explain their personalized report
Meet with their selected financial professional regarding recommendations, potential solutions and implementation of a customized plan

Every step of the way, the IFW team monitors the process and ensures the consumers have favorable experiences, and also provides ongoing content, education, guidance and support.

About the Institute of Financial Wellness
The Institute of Financial Wellness is America’s first multi-media financial education company providing free access to the unbiased, engaging, fact-based information Americans need to ensure their best lives. Established by professionals with decades of experience running financial services firms and media companies, the IFW seeks to serve as America’s most trusted company for financial education, resources and services. More information is available at www.the-ifw.com

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November 21, 2021

Michigan 4-H offering Financial Fitness and Fun program for youth

Michigan 4-H is offering Financial Fitness and Fun sessions for youth through live online and self-guided formats.

Being involved in a financial literacy program can prepare youths for lifelong financial success. According to Next Generation Personal Finance (NGPF), high school graduates with guaranteed financial education are 21{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} less likely to carry a balance on a credit card while in college, use subsidized student loans 13{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} more often, and are 3.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} more likely to submit the free application for federal student aid (FAFSA). Students who receive financial education are also less likely to fall prey to high-cost predatory loans than their peers who don’t have access to a personal finance curriculum. A national study by the Financial Industry Regulatory Authority (FINRA) found that nearly half of Americans (49{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) who have received more than 10 hours of financial education report spending less than they earn, compared with 36{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of those people who received less than 10 hours of financial education.

According to the National Institute of Food and Agriculture, a national evaluation of a teen financial education program showed that young people who were involved in a financial education curriculum for as little as 10 hours not only significantly increased their understanding of money management, but also improved their financial behavior in the ensuing months.

Michigan State University Extension and Michigan 4-H have embraced providing financial literacy education through a grant from the Michigan Department of Licensing and Regulatory Affairs. The 4-H Financial Fitness and Fun program offers youth the opportunity to learn about setting financial goals, saving, budgeting, banking basics, credit, and much more through 10 financial education modules packed with fun lessons, activities, and games. Topics include:

Online modules are offered for an interactive self-guided course using Nearpod. Live online sessions will be offered again starting in late February 2022. Keep an eye on the MSU Extension calendar . The first 100 youth to complete all ten sessions either in a live session or through Nearpod lesson on the website will receive a $50 incentive.

MSU Extension and Michigan 4-H youth development help prepare young people for successful futures. As a result of career exploration and workforce preparation activities, thousands of Michigan youth are better equipped to make important decisions about their professional future, ready to contribute to the workforce, and able to take fiscal responsibility in their personal lives. For more information or resources on career exploration, workforce preparation, financial education, or entrepreneurship, contact 4-HCareerPrep@msu.edu.

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