.Paak Home Co-Founder, and Founder of Global Management Team, Carrie Lyn Hosts United Good friends of Little ones Foster Youth.
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LOS ANGELES, Dec. 24, 2021 (World NEWSWIRE) — .Paak Household co-founder, and founder of World-wide Administration Group, Carrie Lyn hosts United Buddies of Little ones Foster Youth in 8th Once-a-year Holiday getaway High Tea and presents cryptocurrency for every of them.
This Holiday Substantial Tea is organized to elevate far more very well-rounded, self-knowledgeable, accountable, youthful women of all ages that split limitations for our Upcoming Planet, though providing them an working experience and entry to assist that they could not ever have had prior to.
Saturday, December 18, 2021, at The Getty, Los Angeles
Just about every of the Ladies were being VIP Visitors, climbing to the event, presenting solutions to their 6 thoughts furnished prior to the occasion. This year’s theme of issues was based on Mental wellbeing recognition, coming out of quarantine and economical literacy as it pertains to cryptocurrency and NFTs.
A lot of of the women did not know everyone else there, and but were being able to bond and share hardships and factors they identified to be beneficial to “get as a result of” difficult situations. This was a risk-free area to be vulnerable and discover from every single other’s experiences.
The Girls realized nothing of Cryptocurrency, but Lyn was capable to give them illustrations that lit their eyes up with understanding. The girls were being gifted cryptocurrency belongings that will be doubled soon after completion of a 1-year cryptocurrency and NFT instructional software she is providing for them.
Topping off the event, just about every of them were gifted an awesome ALO Yoga bag full of goodies and have been ready to investigate the Getty.
“My mission in lifestyle is to generate an impact that will last lengthier than my lifestyle on Earth.” – Carrie Lyn
Lyn initial tapped in with United Pals of Kids for her .Paak Property Past the Streets initiative that focused on the fact that “Your instances do NOT ascertain your Result.” With that, she noticed even far more so the require and worth that she could provide to the youth.
It is really extraordinary with how fingers-on Lyn is, no matter of the advancement of these impactful occasions. We will be hunting out for what is actually to occur in 2022!
The new 12 months usually provides with it the need to make variations and resolutions that will better the two by yourself and your corporation. It can be enjoyable to appear back again at all that you have realized in a year and glimpse in advance to what else you can do in the future. Perhaps there are specific tasks your staff failed to get to that you hope to total, or objectives you did not really achieve that seem even much more achievable now.
Whilst “new year” initiatives are an thrilling prospect, it can also be frustrating to try to accomplish so lots of new objectives and initiatives at once. Down below, 9 Younger Entrepreneur Council users shared their most effective suggestions for prioritizing and planning throughout Q1.
Younger Entrepreneur Council customers share suggestions for prioritizing tasks for the new yr.
Shots courtesy of the personal users.
1. Ensure Your Picked Aims Are Attainable But Demanding
Location goals that you really don’t truly believe that in is a harmful match, because every time you established a objective that you do not meet up with, you teach oneself, habitually, to not satisfy objectives in the upcoming. This is unacceptable. That explained, you do will need to extend you a little bit with your intention placing or else, you are going to be permanently set for the position quo. What’s the option? When setting plans, check with your self, “Is this aim moderately attainable?” If you comfortably remedy, “Yes,” and you experience that this goal stretches you a tiny, then that’s the target you really should established. As soon as you meet this purpose that you have established for your self, celebrate your achievement and notify your concerned thoughts in the potential that you are a man or woman that hits your aims productively. Then, established the following one particular a tiny greater. – Jonathan Sparks, Sparks Regulation
2. Determine Areas Where You Can Boost
The vital to prioritizing for the new year is examining your prolonged-expression “North Star” ambitions as a company and then comparing people objectives against your existing problems and learnings (i.e. examining “what’s going well” and “what desires to be improved”). A couple of superior perform periods with your vital management team can guarantee your existing tactic is acquiring you where you will need to go. This sort of a session need to spotlight the “gaps” that need to be prioritized and the “wins” that can be leveraged for better success in the new 12 months. – Cooper Harris, Klickly
3. Make A Timeline Spanning Eight Quarters
To stay away from becoming overcome with too a lot of aims in the new 12 months, I recommend you plot out your upcoming progress in a timeline for the following eight quarters. What do you want to do in every single quarter? How do you see you increasing into new divisions and inside of your marketplace? Publish that down and then style it up. Right after looking at your approach from a superior-stage viewpoint, now consider the 1st two approaching quarters and add as quite a few facts as attainable to make a superior prepare for the in the vicinity of future. Generally be two quarters ahead. Really don’t get worried about sticking to it, as designs will adjust, but plotting a detailed approach will generally leave you fewer stressed and a lot more capable of acquiring your targets. – Michael Sinensky, WeShield
4. Look at The Domino Influence Of Decisions
Have your top rated-line plans and also imagine about what the major domino is that will knock down a whole lot of other dominos. Be conscious of dependencies—where matters that need to be carried out call for other points to be performed first. Solving all those dependencies is important due to the fact it will allow you to do other points later on and aim on the bigger photo. At Bounce, for example, if we can correctly provide new lover merchants on board, almost everything else is crafted on leading of that. If we went the other way around and targeted on perfecting some other process, the impact wouldn’t be as excellent. So it is quite critical to know all those elements of your organization that almost everything else relies on. – Cody Candee, Bounce
5. Glance To The Developments
Prioritize the developments. You can’t make a large offer about scheduling your tasks. Prioritize what is actually hot and strike when you will find a prospect. Be versatile enough to prolong when it is effective and stop when it doesn’t. What issues most is that you get it finished with performance and awesome outcomes. – Daisy Jing, Banish
6. Aim On What Not To Do
I have “shiny ball” syndrome and can very easily be distracted, so element of my early morning ritual entails composing down the 3 most critical issues for the working day so I am laser-concentrated on what desires to be performed. This dietary supplements my even bigger targets that I crack down into quarterly chunks. I identify these quarterly aims by very first creating down the 15 to 20 most crucial items I want to realize this 12 months. Then I give a score from one to 7 to the issues that are most crucial to me. Anything with scores of four and beneath receives crossed off, and I dedicate myself to disregarding all those aims. I aim on what not to do. Whatever is still left on the list goes through a next round and course of action of elimination, and I’m ultimately still left with 3 ambitions for the year. These are damaged into quarterly metric ambitions. – Givelle Lamano, Lamano Regulation Office
7. Remember Your KPIs And Means
Prioritization is the hallmark of any productive supervisor or entrepreneur. Always maintain your KPIs and targets in head, and then let your choices be made to carry out those people. I always choose to appraise everything I can do and pick out the jobs I really should do primarily based on large worth, low exertion. Choose duties that can outcome in the most profit with the least amount of money of time and sources to go into it. This way you can full much more crucial jobs more quickly and function toward your targets speedier. – Andy Karuza, Base64.ai
8. Communicate With Your Staff Members For Their Insights
As they say, it is tricky to know the place you are going if you really don’t know in which you’ve been. Begin the new year off by receiving feed-back from your crew. These men and women know your enterprise far better than any individual. They know what operates, what doesn’t perform and what could be enhanced on. They can share experiences about the past 12 months and get rid of light on processes that have to have to be thrown out or strengthened. They maintain the responses to all of individuals in which-do-we-go-from-right here queries, and they can offer the greatest thoughts about what to go for in Q1. To attain this, sit down with your workforce and truly listen to all their suggestions and strategies. With their sharp insights, you can hit the floor operating with your 2022 planning. – Blair Thomas, eMerchantBroker
9. Finish A Time, Price tag and Resource Investigation For Every single Job
Develop a matrix that lets you see what each individual task will value, the time to completion and the features you require in area to make it occur. Try and strategy out these assignments so that you can get the greater-percentage duties (the extra probable to realize success) and those with an believed higher ROI performed initial. Getting the more available and far more worthwhile projects out of the way will give you the momentum and the cash to get on the other initiatives in the coming calendar year. There is normally a opportunity the much more sophisticated jobs will stall in their development, and this can set an undue stress on your teams and get in the way of other vital jobs for months to appear. – Salvador Ordorica, The Spanish Team LLC
At a minimal, the lawmakers claimed in a letter this thirty day period to Biden, the administration should really go on the freeze on college student financial loans “until the overall economy reaches pre-pandemic work ranges.”
The lawmakers also launched a new examination by the progressive Roosevelt Institute, which estimates that some 18 million American family members would have to collectively shell out additional than $85 billion subsequent 12 months if the Biden administration restarts payments as scheduled.
Those people payments would “hurt personal family members and the financial system as a complete,” the lawmakers wrote to Biden, incorporating that the emergence of the Omicron “variant is a reminder the virus is still impacting sections of the economic climate and community wellbeing.”
White Dwelling push secretary Jen Psaki reported Friday that the administration would release extra particulars about its ideas in the coming months and is “planning for a assortment of measures” forward of the Feb. 1 expiration.
“We’re even now evaluating the affect of the Omicron variant,” she stated. “But a smooth changeover back into repayment is a high priority for the administration.”
Mounting force for an extension: The letter arrives amid increasing calls on the still left for the Biden administration to carry on the reduction for borrowers as the White Home decides the broader issue of irrespective of whether to outright terminate university student loan debt, which it has publicly mentioned it proceeds to evaluation.
A extensive coalition of largely left-leaning organizations, purchaser advocacy groups and unions last 7 days also named on the Biden administration to lengthen the payment pause.
The teams, led by the Pupil Borrower Defense Heart, claimed in a letter to the White Home that “a rush to resume university student personal loan payments is a recipe for disaster and will final result in widespread confusion and distress for pupil loan debtors.”
The Schooling Section has approximated that the waiver of curiosity on federal university student loans alone saves borrowers about $5 billion just about every month.
Crucial context: Biden administration officials at the Schooling Division have continuously mentioned they are preparing to resume the collection of student financial loans in February — for the initial time in nearly two a long time.
Congress in March 2020 suspended month-to-month payments and curiosity on most kinds of federal university student loans, and the Trump and Biden administrations have every single used govt motion to carry on that relief.
The Education and learning Section declared the most modern extension of the relief in August. Some White Residence officers at the time experienced been hesitant to difficulty that extension, which best Schooling Division officers experienced proposed, because of concerns that continuing the unexpected emergency application would undercut the administration’s messaging about the power of the economic recovery.
The Training Division has already started sending email messages to debtors reminding them that payments will resume in February. Division officials and their contracted bank loan servicing organizations have been functioning to carry out some new flexibilities for debtors as they return to repayment up coming 12 months.
Biden administration officials have mentioned they are continuing to overview proposals for a mass scholar personal debt jubilee. But in the meantime they are focused on increasing existing pupil financial debt reduction applications qualified at unique populations of borrowers, such as community provider personnel or people with critical disabilities.
The Education Division has touted about $12 billion in pupil financial debt that has been forgiven below those people present federal applications due to the fact the starting of the Biden administration.
The Business Providers group has loads of wonderful shares, but investors should really always be looking for corporations that are outperforming their friends. Gartner (IT) is a inventory that can surely seize the notice of a lot of traders, but do its modern returns compare favorably to the sector as a total? Let’s acquire a nearer glance at the stock’s year-to-day functionality to uncover out.
Gartner is a member of the Business Expert services sector. This team features 277 individual shares and at present retains a Zacks Sector Rank of #8. The Zacks Sector Rank gauges the strength of our 16 unique sector teams by measuring the common Zacks Rank of the person shares in the groups.
The Zacks Rank is a productive stock-selecting model that emphasizes earnings estimates and estimate revisions. The procedure highlights a number of various shares that could be poised to outperform the broader marketplace over the future one to 3 months. Gartner is now sporting a Zacks Rank of #1 (Strong Get).
Over the earlier 90 days, the Zacks Consensus Estimate for It truly is full-calendar year earnings has moved 11.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} larger. This is a sign of improving upon analyst sentiment and a favourable earnings outlook pattern.
Centered on the most current knowledge, IT has returned 96{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} so far this 12 months. In comparison, Business enterprise Expert services firms have returned an common of -26.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. This suggests that Gartner is outperforming the sector as a complete this yr.
A different Business Companies inventory, which has outperformed the sector so considerably this year, is Korn/Ferry (KFY). The stock has returned 75.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} calendar year-to-day.
The consensus estimate for Korn/Ferry’s recent calendar year EPS has amplified 13.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in excess of the previous 3 months. The inventory at present has a Zacks Rank #2 (Buy).
Hunting more particularly, Gartner belongs to the Consulting Expert services industry, which incorporates 15 particular person stocks and presently sits at #21 in the Zacks Marketplace Rank. Shares in this team have acquired about 44.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} so considerably this yr, so IT is doing better this team in phrases of calendar year-to-date returns.
Korn/Ferry, on the other hand, belongs to the Staffing Firms sector. At the moment, this 16-stock marketplace is ranked #37. The business has moved +42{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} so considerably this yr.
Buyers with an desire in Business enterprise Providers shares should continue on to monitor Gartner and Korn/Ferry. These shares will be on the lookout to proceed their reliable overall performance.
5 Shares Established to Double
Just about every was handpicked by a Zacks pro as the #1 most loved inventory to acquire +100{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} or extra in 2021. Prior recommendations have soared +143.{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, +175.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, +498.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and +673.{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
Most of the stocks in this report are traveling below Wall Street radar, which presents a wonderful possibility to get in on the floor ground.
Investors intrigued in Organization Solutions shares should really usually be looking to discover the greatest-doing corporations in the team. Is Cross State Health care (CCRN) just one of individuals shares proper now? A quick look at the firm’s calendar year-to-day effectiveness in comparison to the rest of the Enterprise Companies sector need to support us response this issue.
Cross Place Health care is a member of our Enterprise Providers team, which includes 277 various providers and presently sits at #6 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 particular person sector groups by measuring the regular Zacks Rank of the personal stocks within the teams.
The Zacks Rank is a established technique that emphasizes earnings estimates and estimate revisions, highlighting a assortment of stocks that are displaying the ideal properties to defeat the market over the future one particular to a few months. Cross Country Healthcare is at present sporting a Zacks Rank of #1 (Sturdy Acquire).
Around the previous 3 months, the Zacks Consensus Estimate for CCRN’s full-12 months earnings has moved 73.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} greater. This shows that analyst sentiment has enhanced and the company’s earnings outlook is more powerful.
Our most current offered information reveals that CCRN has returned about 183.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} considering that the start off of the calendar 12 months. In the meantime, the Enterprise Solutions sector has returned an average of -25.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on a calendar year-to-day basis. This displays that Cross Place Health care is outperforming its friends so much this year.
CRA International (CRAI) is a further Organization Solutions inventory that has outperformed the sector so much this year. Considering the fact that the commencing of the year, the inventory has returned 85.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
For CRA International, the consensus EPS estimate for the latest yr has improved 7.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} more than the past 3 months. The stock currently has a Zacks Rank #2 (Purchase).
Looking much more precisely, Cross Region Health care belongs to the Staffing Companies sector, a group that incorporates 16 individual shares and at present sits at #28 in the Zacks Market Rank. Stocks in this group have gained about 43.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} so far this year, so CCRN is doing better this group in terms of yr-to-date returns.
On the other hand, CRA Global belongs to the Consulting Products and services field. This 15-inventory industry is currently rated #20. The industry has moved +45.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 12 months to day.
Traders with an fascination in Business Services stocks really should continue on to keep track of Cross Nation Health care and CRA Intercontinental. These stocks will be seeking to keep on their reliable efficiency.
5 Shares Set to Double
Each was handpicked by a Zacks pro as the #1 most loved stock to obtain +100{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} or additional in 2021. Prior suggestions have soared +143.{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, +175.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, +498.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and +673.{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
Most of the shares in this report are flying under Wall Road radar, which presents a good possibility to get in on the ground ground.
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
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, 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
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