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SOS Limited Reports 2021 Full Year Financial Results

SOS Limited Reports 2021 Full Year Financial Results

Revenue Jumps 612{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $357.8 million

Gross Profit Improves 62.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $21.1 million

Mining Operations Begin Transitioning to the U.S.

QINGDAO,China, May 2, 2022 /PRNewswire/ — SOS Limited (“SOS” or the “Company”) (NYSE: SOS) today reported its full year financial results for the twelve-months ended December 31, 2021.

Revenue was $357.8 million, 612{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over the twelve-months ended December 31, 2020. Gross Profit increased to $21.1 million from $13.0 million, over the same period.

Results from Operations

Revenue

Net revenue was $357.8 million, up 612{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over the prior period. The robust growth of revenue demonstrated the strong and effective execution of the Company’s strategy, mainly due to rapid market expansion and the addition of crypto-mining and commodity trading operations. Growth was driven by taking advantage of our block-chain expertise.

Audited condensed consolidated Statements of comprehensive of loss

(US$ thousands, except share data and per share data, or otherwise noted)

Twelve months ended

31-Dec-20

31-Dec-21

$

$

Revenue

50,317

358,042

Business taxes and surcharges

(28)

(221)

Net revenue

50,289

357,821

Operating costs

(37,295)

(336,752)

Gross profit

12,994

21,070

Gross profit ratio

25.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

5.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

As of December 31, 2021, SOS focused on six product lines including insurance marketing, telecom call centers, bank call center, SaaS services, cryptocurrency mining and commodity trading.

Revenue by products

FY2021

FY2020

Product lines

$”000″

Percentage

$”000″

Percentage

Commodity trading

275,363

77.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

–

0.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Insurance marketing

65,880

18.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

49,234

97.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Cryptocurrency mining

15,427

4.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

–

0.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Telecom call center

338

0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

920

1.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Bank call center

–

0.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

76

0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

SaaS

813

0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

58

0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Total net revenue

357,821

100.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

50,289

100.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Our traditional business of insurance marketing increased 34{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $65.9 million year over year, as a result of rapid market expansion from regional to national customer base in China. We added commodity trading to our product mix during the year. We buy and sell commodity products such as sesame, sulfur, asphalt and circuit modular units. Our trading business recorded revenue of $275.4 million, which represents 77.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of total sales. We booked revenue of $15.4 million from our cryptocurrency mining business from a partial year of operation. We started generating revenue from our mining pools in February 2021 and mined 174.28 units of BTC and 2,770.09 units of ETH by the end of the second quarter. In July 2021, due to the Chinese government’s ban on certain types of cryptocurrency mining activities, we shut down our mining operations in China and began transitioning our crypto mining operations to the U.S. The Company launched its U.S. mining operations in Wisconsin this April.

Operating Costs

Operating costs increased to $336.8 million for the period ended December 31, 2021, compared to operating costs of $37.3 million for the period ended December 31, 2020. The increase in operating costs and expenses was driven primarily from the growth in our commodity trading inventory and data acquisition costs for our insurance marketing businesses and a share-based compensation plan. We also saw an increase from depreciation on cryptocurrency mining equipment, consulting and legal fees.

General and Administrative Expenses

General and administrative expenses were $62.4 million for the period ended December 31, 2021, representing an increase of approximately 21.5 times compared to general and administrative expenses of $2.9 million for the period ended December 31, 2020. The increase in general and administrative expenses was mainly associated with employee and management’s share-based compensation expenses of $33.5 million, professional and consultancy fee of $17.1 million, wages & salary expenses of $5.3 million, $1.2 million of bad debt expense and significant increases in legal expenses related to class action lawsuit against the Company and its management.

GAAP Operating Loss and EPS

Our net loss for the period ended December 31, 2021 was $43.9 million according to GAAP, compared to profit of $4.9 million for the period ended December 31, 2020. The loss resulted from increased expenses related to increased operating expenses, legal and consulting fees and share-based compensation expenses. Gross margin dropped to 6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in FY 2021 from 26{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in the prior year driven by the significant growth in the lower margin commodity trading business, increased operating expenses and the interruption of crypto-mining operations.

GAAP EPS Basic was $(0.020) per share for the period ended December 31, 2021, as compared to $0.0135 per share for the period ended December 31, 2020.

GAAP EPS Diluted was $(0.018) per share for the period ended December 31, 2021, as compared to $0.0090 per share for the period ended December 31, 2020.

Income Tax

The company incurred $0.74 million in corporate income tax for the current period.

Balance Sheet and Cash Flow

As of December 31, 2021, the Company had cash and cash equivalents of $338.0 million, compared to $3.7 million for the period ended December 31, 2020. The net increase in cash flow was mainly due to its financing activity through registered direct offerings. The Company believes that its cash resources are adequate to fund its current operations and short-term growth initiatives. The Company, through its subsidiary, SOS International Trading Co., Ltd. purchased commodity for trading inventory of $96.1 million.

Cash Flow Used For Investment Activities

The Company, through its subsidiaries, SOS Information Technology New York Inc. and China SOS Ltd., acquired BTC and ETH mining equipment for an aggregate cost of approximately $31 0 million

Financing Activities

The Company received aggregate net proceeds of US$585.8 million from registered direct offerings during the year.

Audited condensed consolidated statement of cash flow

(US$ thousands, except share data and per share data, or otherwise noted)

31-Dec-20

31-Dec-21

Cash flows from operating activities:

US$”000″

US$”000″

Net (loss)

4,404

(49,251)

Adjustments:

Depreciation and amortization

2

5,203

Share-based compensation

506

33,537

Depreciation of ROU

843

Accretion of finance leases

152

Allowance for doubtful accounts-accounts receivable

1

963

Allowance for doubtful accounts-Other receivable

158

269

Impairment of cryptocurrencies

925

Loss on acquisition

5,679

–

Income from disposal of discountined operations

(63)

Inventory

–

(96,071)

Changes in operating assets and liabilities:

Accounts receivables

(2,065)

(15,894)

Ohter receivables

(36,019)

(125,861)

Amount due from related parties

(2,871)

(4,146)

crptocurrencies

–

(14,502)

Accrued liabilities

–

19,815

Accounts payable

(11,940)

28,409

Tax payable

292

(8,371)

Other payables

1,484

5,003

Amount due to related parties

(3,666)

868

Contract liability

546

(454)

Lease liabilities

Net cash （used in）in generating from operating activities:

(43,552)

(218,563)

Cash flows from investing activities:

Purchase of property, equipment and software

(501)

(33,034)

Investment in equity

–

0

Disposition of assets

3,500

–

Net cash (used in)generated from investing activities

2,999

(33,034)

Cash flows from financing activities:

Repayment of principle portion of lease liabilities

(1,764.00)

Proceeds from share issuance, net of issuance costs

3,578

585,839

Proceeds from private equity placement,net of issuance costs

39,973

–

Net cash generated from(used in) financing activities

43,551

584,075

Effect of exchange rates on cash

683

1,825

Net increase/(decrease), effect of exchange rate changes on cash and cash equivalent

3,680

334,303

Cash and cash equivalent at beginning of the period

42

3,722

Cash and cash equivalent at end of the period

3,722

338,026

Yandai Wang, the CEO comments that “In the past year, we have provided technical services through artificial intelligence and blockchain technologies by leveraging data-driven marketing, digital based commodity trading, digital supercomputer and emergency rescue technology. Through this we were able to realize revenue of $357.8 million as of December 31,2021, which represents 661{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} growth. over 2020.

In our data marketing business, we rely on artificial intelligence technology & comprehensive intelligent screening to acquire customers more effectively; we also utilize blockchain technology to solve the information security problems to provide customers with one-stop benchmark customer acquisition services; In our digital-based commodity trading segmentt, we make full use of the accurate traceability of blockchain technology, product quality assurance, smart contracts, Intelligent trading matching technology to provides a one-stop trust trading platform for customer trading; in emergency rescue, we team up with some industry experts to invest and design emergency rescue watches, Emergency rescue amphibious rescue boat.

We believe we are well-positioned to grow our business in all segments. Within China we are focused on data-driven insurance marketing, and commodity trading. In U.S. we have launched our supercomputing hosting center in Wisconsin.

Mainland China, as one of the world’s largest markets, demands huge amount of raw material products and food commodities to sustain its long -term growth. In 2020 we established our commodity trading business to bridge supply and demand by providing seamless trading exchange through our block-chain technology and plat-form. We started from green field and are proud to report that our commodity trading business generated revenue of $275million during the twelve -month period ended December 31,2021.

Our aspiration is to expand beyond China especially in North America. We are in the process of building a leading supercomputer center in North America which will provide customers with cryptocurrency mining capacity & hosting service.

One of the tools we used to accelerate this goal is the innovative mobile container data center. We believe it will improve user experience and be attractive to small to medium size customers. Our plans continue to proceed as we have secured a renewable energy supply of 25 MW at its facility in Price County Wisconsin, which is expected to be increased to 37MW.

We look forward to continued growth and expansion in both China and U.S.

About SOS Limited

SOS is an emerging blockchain-based and big data-driven marketing solution provider，SOS is also engaged in blockchain and cryptocurrency operations, which currently include cryptocurrency mining and maybe expand into cryptocurrency security and insurance in the future Since April 2021, we launched commodity trading via our subsidiary SOS International Trading Co. Ltd, The core infrastructure of SOS’ marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud “software as a service (SaaS)” platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry. For more information, please visit: http://www.sosyun.com/ .

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” “look” or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to the Company’s:

  • ability to execute its business plan;

  • changes in the market for SOS’ products and services; and

  • expansion plans and opportunities.

These forward-looking statements are based on information available as of the date of this press release and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission (“SEC”). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:

  • US government’s policies and regulatory oversight of crypto currency mining operation and our other operations;

  • SOS’s cryptocurrency mining, commodity trading and marketing solutions businesses are still under development, with many uncertainties in integration of these various business segments;

  • Failure to manage the newly launched commodities trading business effectively;

  • Loss of key customers in the commodity trading business;

  • failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our demand for SOS’s mining activities;

  • shortages in, or rises in the prices of mining machines may adversely affect the Company’s business;

  • any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation;

  • security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; and

  • other risks and uncertainties indicated in SOS’s SEC reports or documents filed or to be filed with the SEC by SOS.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Cision

Cision

View original content:https://www.prnewswire.com/news-releases/sos-limited-reports-2021-full-year-financial-results-301537455.html

SOURCE SOS Limited

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Are Business Services Stocks Lagging Barrett Business Services (BBSI) This Year?

Are Business Services Stocks Lagging Barrett Business Services (BBSI) This Year?

The Enterprise Solutions team has loads of great shares, but investors ought to usually be searching for companies that are outperforming their peers. Has Barrett Small business Providers (BBSI) been a single of these stocks this calendar year? By having a appear at the stock’s year-to-date efficiency in comparison to its Enterprise Solutions peers, we may be ready to response that dilemma.

Barrett Small business Companies is one of 319 personal stocks in the Enterprise Expert services sector. Collectively, these corporations sit at #14 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 unique teams, measuring the common Zacks Rank of the specific stocks in just the sector to gauge the power of each team.

The Zacks Rank is a proven technique that emphasizes earnings estimates and estimate revisions, highlighting a wide range of stocks that are displaying the correct qualities to beat the market place more than the upcoming one particular to a few months. Barrett Enterprise Services is now sporting a Zacks Rank of #2 (Obtain).

Inside the earlier quarter, the Zacks Consensus Estimate for BBSI’s entire-calendar year earnings has moved 3.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increased. This signifies that analyst sentiment is stronger and the stock’s earnings outlook is increasing.

In accordance to our newest info, BBSI has moved about 7.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on a calendar year-to-day foundation. In the meantime, the Business enterprise Solutions sector has returned an regular of -16.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on a year-to-day basis. As we can see, Barrett Business Expert services is undertaking superior than its sector in the calendar year.

A person other Organization Expert services inventory that has outperformed the sector so considerably this 12 months is Clean up Harbors (CLH). The stock is up 6.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} calendar year-to-day.

Around the earlier 3 months, Clean Harbors’ consensus EPS estimate for the present-day 12 months has amplified 21.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. The stock at the moment has a Zacks Rank #2 (Acquire).

Looking more especially, Barrett Company Expert services belongs to the Outsourcing business, a group that consists of 14 particular person shares and now sits at #94 in the Zacks Field Rank. On ordinary, stocks in this group have dropped 8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} this yr, that means that BBSI is accomplishing improved in phrases of 12 months-to-date returns.

On the other hand, Clean up Harbors belongs to the Waste Removing Providers business. This 17-inventory marketplace is currently ranked #145. The sector has moved -1.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 12 months to date.

Buyers interested in the Organization Providers sector may well want to preserve a shut eye on Barrett Business enterprise Expert services and Clean up Harbors as they attempt to carry on their solid effectiveness.

Zacks Names “Solitary Very best Select to Double”

From countless numbers of shares, 5 Zacks experts each and every have decided on their favored to skyrocket +100{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} or additional in months to come. From those 5, Director of Study Sheraz Mian hand-picks 1 to have the most explosive upside of all.

It is a tiny-recognized chemical corporation which is up 65{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over final 12 months, nevertheless continue to dust low-cost. With unrelenting desire, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail buyers could soar in at any time.

This business could rival or surpass other latest Zacks’ Stocks Set to Double like Boston Beer Business which shot up +143.{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in small a lot more than 9 months and NVIDIA which boomed +175.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in one particular year.

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These states poised to pass personal finance education laws this year

These states poised to pass personal finance education laws this year

Lee Jimenez, a instructor at Indian Hill Elementary School in Cincinnati, Ohio, discusses credit rating playing cards and techniques of payments with his 3rd grade course working with online fiscal schooling curriculum SmartPath.

SMARTPATH

You can find momentum for personal finance education turning out to be legislation in several states throughout the country.

Even extra states could move laws this 12 months to make sure learners, specially all those at the superior faculty degree, have this kind of instruction.

“It is been a huge modify,” claimed John Pelletier, director of the Middle for Financial Literacy at Champlain Faculty in Burlington, Vermont.

In advance of the coronavirus pandemic, progress on personalized money education and learning experienced stagnated, he stated. But amid pandemic layoffs and the ensuing economic downturn, it grew to become crystal clear that economical literacy is incredibly vital for learners.

“What appears to be to propel these expenses ahead is a catastrophe,” Pelletier reported.

Who is following  

Ga will probably be the subsequent point out to go a individual finance education requirement, in accordance to Following Gen Individual Finance, a nonprofit.

Both equally chambers of the state’s general assembly have handed a monthly bill, SB 220, that would demand all high university learners to take at the very least a half-credit score economical literacy system to graduate, commencing with the 2024-2025 university yr. The bill is awaiting the governor’s signature to come to be legislation.

South Carolina also may perhaps before long pass legislation mandating personal finance training. The state has a bill, S16, that is now in convention committee. At the time Georgia’s invoice is signed into legislation, South Carolina will be the only point out in the Southeast that isn’t going to call for private finance coursework, in accordance to Tim Ranzetta, co-founder of Subsequent Gen Personal Finance.

“I consider there is certainly an element of [fear of missing out] happening concerning the states,” mentioned Ranzetta. “Which is why we’re viewing the craze there.”

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Michigan could also progress laws in the coming months. A monthly bill that would involve a fifty percent-credit score private finance training course for significant university graduation handed the condition Home of Associates in December and is anticipated to be taken up by the condition Senate in May possibly.

In Minnesota, an omnibus education and learning invoice would mandate that superior faculty freshman starting in the 2023-2024 school calendar year acquire at least a half-credit history own finance program to graduate. And, in New Hampshire, an schooling invoice consists of particular finance on a record of factors that represent an suitable instruction.

So significantly, there are 12 states that adhere to Next Gen Particular Finance’s gold normal of individual finance instruction, that means that they demand or will soon need at the very least a half-credit history, standalone particular finance program for high college graduation.

All round, there are 23 states in the U.S. that have some type of individual finance education and learning mandate, according to the 2022 Study of the States from the Council for Economic Instruction. And 47 states throughout the country incorporate language about individual finance in their point out instruction expectations, although quite a few never have expected classes.

A well known study course of research

Details exhibits that pupils and their moms and dads want increased particular fiscal training out there in general public schools.  

Help for getting monetary literacy courses polls at 80{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} or a lot more in California, Florida, Georgia, Michigan and South Carolina, in accordance to Up coming Gen Private Finance.

In my states, legislation has also been handed with bipartisan assist, generally overwhelmingly from the two sides of the political aisle. In Florida, for instance, the bipartisan legislation was passed unanimously in March.

“It can be a single of those people common perception issues that cuts throughout political events,” stated Ranzetta.

What is actually subsequent

To be absolutely sure, some dad and mom feel that it is their responsibility to teach their children about income, alternatively of them learning it at college. But few are executing the get the job done, and lots of dad and mom may not have had wonderful personal finance education on their own.

That leaves it up to point out education boards to include things like individual finance instruction in legislation.

So far in 2022, 61 payments about personalized finance education and learning have been proposed in 26 states, in accordance to Next Gen Personal Finance. Of people, 47 payments throughout 20 states are nonetheless alive, this means they could sometime develop into law.

In addition to encouraging laws mandating fiscal literacy classes, advocates are on the lookout at the high quality of each bill proposed and if they include teacher schooling. This is an significant piece of the puzzle, as pupils need to have assured, certified lecturers that can explain finance.

“Instructors want to be qualified in personal finance so they can give their students the most effective,” stated Michael Sheffer, director of education at FoolProof Foundation, which gives totally free financial schooling curriculum for students and teachers.

The enhanced urge for food for personalized finance classes has assisted get a lot more quality education and learning to lecturers, a pattern that is possible to continue, he reported. Following Gen Personal Finance has a objective of producing sure that every single higher university student will have taken at minimum 1 semester of private finance by they graduate by the year 2030.

They’re perfectly on the way to earning that a reality, according to Sheffer.

“This is a snowball running downhill now, and it is really finding larger and greater,” he said.

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Disclosure: NBCUniversal and Comcast Ventures are buyers in Acorns.

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

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

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

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

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

Fiscal Year 2021 Financial Highlights

For the Year Ended December 31,

($ millions, except per share data)

2021

2020

{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change

Revenue

3.91

5.02

-22.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Gross profit

2.76

2.87

-3.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Gross margin

70.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

57.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

13.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Income(loss) from operations

-1.17

1.44

NM

Net income(loss)

-1.25

1.21

NM

Basic and diluted earnings(loss) per share

-0.12

0.21

NM

Note: NM refers to “Not Meaningful”
  • Revenue decreased by 22.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $3.91 million for fiscal year 2021 from $5.02 million for fiscal year 2020.
  • Gross profit decreased by 3.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $2.76 million for fiscal year 2021 from $2.87 million for fiscal year 2020.
  • Gross margin increased to 70.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for fiscal year 2021 from 57.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for fiscal year 2020.
  • Loss from operations was $1.17 million for fiscal year 2021, compared to income from operations of $1.44 million for fiscal year 2020.
  • Net loss was $1.25 million for fiscal year 2021, compared to net income of $1.21 million for fiscal year 2020.
  • Basic and diluted loss per share were $0.12 for fiscal year 2021, compared to basic and diluted earnings per share of $0.21 for fiscal year 2020.  

Fiscal Year 2021 Financial Results

Revenue

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



For the Year Ended December 31,

($ millions)

2021

2020

Revenue

Revenue

Cost of
Revenue

Gross
Margin

(Loss)

Revenue

Cost of
Revenue

Gross
Margin

Sino-foreign jointly managed academic
programs

2.68

0.36

86.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

2.77

0.59

78.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Technological consulting services for
smart campus solutions

1.06

0.62

41.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

1.99

1.40

29.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Overseas study consulting services

0.04

0.05

-43.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

0.13

0.09

33.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Tailored job readiness training services

0.14

0.12

15.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

0.08

0.06

15.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Textbook and course material sales

–

–

–

0.05

0.01

80.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Total

3.91

1.15

70.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

5.02

2.15

57.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

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

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

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

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

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

Cost of Revenue

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

Gross Profit

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

Operating Expenses

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

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

Interest Income

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

Other Income (Expense), Net

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

Provision for Income Taxes

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

Net Income (Loss)

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

Financial Condition

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

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

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

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

Impact of the COVID-19 on Performance and Financial Indicators

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

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

About China Liberal Education Holdings Limited

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

Forward-Looking Statements

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

Investor Relations Contact

China Liberal Education Holdings Limited
Email: [email protected]

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

CHINA LIBERAL EDUCATION HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS




 As of December 31,




2021

2020

ASSETS

CURRENT ASSETS





Cash and cash equivalents

$

32,678,421

$

5,007,449

Account receivables

2,462,550


915,618

Contract assets,

2,014,146


4,448,946

Advance to suppliers

4,525,794


94,648

Prepayment to acquire a subsidiary

1,492,772


–

Due from a related party

–


1,439,080

Inventories

201,091


196,326

Prepaid expenses and other current assets

175,956


223,387

TOTAL CURRENT ASSETS

$

43,550,730

$

12,325,454

NON-CURRENT ASSETS







Plant and equipment

35,384


49,148

Right-of-use asset

47,617


136,695

Contract assets

–


262,617

TOTAL NON-CURRENT ASSETS

$

83,001

$

448,460









TOTAL ASSETS

$

43,633,731

$

12,773,914









LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES







Account payables

$

169,137

$

125,223

Contract liabilities

291,833


154,927

Taxes payable

740,966


633,651

Due to related parties

23,557


–

Lease liability

47,617


90,253

Accrued expenses and other liabilities

402,233


105,829

TOTAL CURRENT LIABILITIES

$

1,675,343

$

1,109,883

NON-CURRENT LIABILITIES







Lease liability

–


23,102

TOTAL LIABILITIES

$

1,675,343

$

1,132,985









COMMITMENTS AND CONTINGENCIES

–


–









SHAREHOLDERS’ EQUITY







Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 13,848,333 and
6,333,333 shares issued and outstanding as of December 31, 2021 and December 31,
2020, respectively

$

13,848

$

6,333

Additional paid-in capital

40,686,311


9,358,487

Statutory reserve



719,804


551,146

Retained earnings



147,278


1,565,817

Accumulated other comprehensive income

391,147


159,146

Total shareholders’ equity

$

41,958,388

$

11,640,929









TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

43,633,731

$

12,773,914

CHINA LIBERAL EDUCATION HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)




For the years ended December 31


2021

2020

2019










REVENUE

$

3,909,546

$

5,023,099

$

5,255,810

COST OF REVENUE



(1,149,148)


(2,157,033)


(3,360,694)

GROSS PROFIT



2,760,398


2,866,066


1,895,116













OPERATING EXPENSES













Selling expenses



(152,759)


(229,656)


(593,215)

General and administrative expenses



(3,778,329)


(1,199,690)


(783,241)

Total operating expenses



(3,931,088)


(1,429,346)


(1,376,456)













(LOSS) INCOME FROM OPERATIONS



(1,170,690)


1,436,720


518,660













OTHER INCOME













Interest income



94,195


101,257


6,120

Other income (expenses), net



126,648


(26,035)


69,162

Total other income, net



220,843


75,222


75,282













(LOSS) INCOME BEFORE INCOME TAXES



(949,847)


1,511,942


593,942

INCOME TAX EXPENSE



(300,034)


(303,246)


(156,038)













NET (LOSS) INCOME


$

(1,249,881)

$

1,208,696

$

437,904













COMPREHENSIVE (LOSS) INCOME













Total currency translation differences arising from consolidation

232,001


471,554


(78,171)

TOTAL COMPREHENSIVE INCOME (LOSS)


$

(1,017,880)

$

1,680,250

$

359,733













(LOSS) EARNINGS PER SHARE











Basic and diluted

$

(0.12)

$

0.21

$

0.09













WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING











Basic and diluted

10,368,563


5,852,459


5,000,000

CHINA LIBERAL EDUCATION HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS




For the years ended December 31,


2021

2020

2019










Cash flows from operating activities








 Net (loss) income


$

(1,249,881)

$

1,208,696

$

437,904

 Adjustments to reconcile net (loss) income to net cash (used in)
provided by operating activities:













 Depreciation and amortization



18,652


15,891


40,038

 Non-cash lease expenses



91,386


41,524


2,533

 Loss on disposal of property and equipment



607


37,468


–

 Share-based compensation



2,288,251


–


–

 Changes in operating assets and liabilities:













 Account receivables

(1,504,828)


(343,165)


306,781

 Contract assets



2,781,603


(719,615)


(176,968)

 Advance to suppliers



(4,355,926)


756,846


(824,141)

 Deferred initial public offering costs



–


–


(650,092)

 Due from a related party



–


–


72,371

 Inventories

199


(185,985)


–

 Prepaid expenses and other current assets



33,653


128,658


(57,406)

 Account payables

40,239


66,961


(69,500)

 Contract liabilities

462,253


(421,834)


417,987

 Taxes payable



90,150


191,373


164,879

 Lease liability

(67,754)


(60,907)


(5,252)

 Accrued expenses and other liabilities



(40,842)


(80,097)


2,434

Net cash (used in) provided by operating activities

(1,412,238)


635,814


(338,432)













Cash flows from investing activities











 Purchase of plant and equipment



(4,439)


(21,230)


(17,738)

 Acquisition of 8.8228{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} non-controlling interest in China Liberal
Beijing



–


–


(453,669)

 Advance to a related party



–


(1,374,895)


–

 Prepayment to acquire a subsidiary

(1,474,217)


–


–

 Repayment of advance to a related party



1,471,113


–


–

Net cash used in investing activities

(7,543)


(1,396,125)


(471,407)













Cash flows from financing activities











 Proceeds from related party borrowings



9,415


–


439,193

 Repayment of due to a related party

–


(1,439,799)


–

Net proceeds from issuance of ordinary shares



29,047,088


5,405,451


–

Net cash provided by financing activities

29,056,503


3,965,652


439,193













Effect of changes of foreign exchange rates on cash

34,250


99,829


(4,241)

Net increase (decrease) in cash

27,670,972


3,305,170


(374,887)

Cash, beginning of year

5,007,449


1,702,279


2,077,166

Cash, end of year

$

32,678,421

$

5,007,449

$

1,702,279













Supplemental disclosure of cash flow information:











 Cash paid for interest expense

$

40,555

$

2,697


–

 Cash paid for income tax

–

$

20,775

$

18,657

Supplemental disclosure of non-cash investing and financing activities











 Transfer of non-controlling interest

–


–

$

87,238

 Right-of-use assets obtained in exchange for operating lease
obligations

–

$

180,528

$

21,062

SOURCE China Liberal Education Holdings Limited

Posted on

CPS Finance Committee meeting focuses on upcoming school year | K-12 Education

CPS Finance Committee meeting focuses on upcoming school year | K-12 Education

The Columbia Community Universities Finance Committee met Wednesday to strategy for the 2022-2023 school year. Chief Economic Officer Heather McArthur introduced updates on budgeting for cash tasks and the costs for following year’s proposed salary schedules.

Funds jobs

The committee voted in favor of recommending that the Columbia University Board grant approval to program, bid and contract the money projects for the 2022-2023 budget.

Throughout a presentation in advance of the vote, McArthur confirmed a checklist of the expenditures.

The district hopes to speed up preparing, bidding and contracting of specific 2022-2023 projects and other capital project fund expenses. This would make it possible for assignments established for the summer to be completed in advance of the commence of the faculty 12 months.

The total budgeted funds expenditure for the year is $76.8 million. This consists of assignments lined underneath the bond challenge that voters accredited by a vast margin Tuesday.

“We are excited since our new bond was handed past night time,” McArthur mentioned.

The $80 million bond will be issued in two $40 million increments, with the initially a single in 2022 and the 2nd in 2024. It will fund building of two elementary educational facilities, renovations to the Columbia Place Profession Center, an addition to Struggle Elementary University and other capital advancements.

Financial update

In another presentation, McArthur presented the fees of the proposed wage schedules for the future university year.

The overall value of salary as well as rewards in the 2022-2023 school 12 months will be $10.02 million. The price of wage schedule improvement for all personnel is additional than $4 million.

As has been described, beginning shell out for lecturers in the district will exceed $40,000 for the initially time next 12 months below an agreement achieved by the school district and the teachers’ union, the Columbia Missouri National Training Affiliation. This year, the typical once-a-year wage was $39,050.

McArthur’s economic update provided the expense of a single-time additions and deductions for the coming faculty year, totaling $1.17 million. This involves school home furniture and fixtures, world languages materials and Battle Large University band uniforms.

Recurring additions and deductions for the forthcoming school calendar year will price tag $1.58 million. Grant-funded recurring additions full $1.02 million. Some of people additions are funded by federal COVID-19 aid funds named Elementary and Secondary Schools Crisis Relief (ESSER).

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Has ABM Industries (ABM) Outpaced Other Business Services Stocks This Year?

Has ABM Industries (ABM) Outpaced Other Business Services Stocks This Year?

For those people seeking to locate sturdy Enterprise Providers shares, it is prudent to look for for organizations in the group that are outperforming their friends. Is ABM Industries (ABM) a person of people shares right now? Let us get a closer look at the stock’s yr-to-day performance to come across out.

ABM Industries is one particular of 306 unique stocks in the Organization Solutions sector. Collectively, these corporations sit at #11 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 diverse teams and is listed in purchase from very best to worst in conditions of the common Zacks Rank of the particular person companies in just each and every of these sectors.

The Zacks Rank is a tested model that highlights a range of stocks with the correct traits to outperform the current market over the following one to three months. The system emphasizes earnings estimate revisions and favors corporations with enhancing earnings outlooks. ABM Industries is presently sporting a Zacks Rank of #1 (Potent Purchase).

In the earlier quarter, the Zacks Consensus Estimate for ABM’s whole-12 months earnings has moved 5.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} bigger. This indicators that analyst sentiment is improving upon and the stock’s earnings outlook is extra optimistic.

Based on the most up-to-date offered data, ABM has gained about 8.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} so significantly this calendar year. In comparison, Organization Solutions firms have returned an average of -12.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. This means that ABM Industries is outperforming the sector as a complete this calendar year.

Another stock in the Business enterprise Expert services sector, Brink’s (BCO), has outperformed the sector so much this year. The stock’s year-to-day return is 3.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

In Brink’s’ circumstance, the consensus EPS estimate for the current 12 months greater .4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} above the past three months. The inventory at the moment has a Zacks Rank #2 (Purchase).

Breaking items down much more, ABM Industries is a member of the Creating Goods – Maintenance Services market, which features 4 personal corporations and at present sits at #54 in the Zacks Field Rank. On ordinary, this team has obtained an normal of 2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} so significantly this calendar year, which means that ABM is performing far better in phrases of yr-to-date returns.

On the other hand, Brink’s belongs to the Outsourcing sector. This 13-stock industry is now rated #104. The market has moved -8.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} yr to day.

Going forward, investors interested in Organization Solutions shares ought to carry on to fork out near awareness to ABM Industries and Brink’s as they could sustain their strong efficiency.

Infrastructure Inventory Growth to Sweep The us

A massive push to rebuild the crumbling U.S. infrastructure will quickly be underway. It’s bipartisan, urgent, and inevitable. Trillions will be invested. Fortunes will be built.

The only query is “Will you get into the proper stocks early when their development potential is best?”

Zacks has launched a Distinctive Report to help you do just that, and now it’s absolutely free.Learn 5 special corporations that look to achieve the most from development and mend to streets, bridges, and properties, in addition cargo hauling and vitality transformation on an practically unimaginable scale.

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ABM Industries Included (ABM): Free Inventory Examination Report

Brink’s Firm The (BCO): No cost Inventory Evaluation Report

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The sights and views expressed herein are the sights and viewpoints of the writer and do not necessarily mirror those people of Nasdaq, Inc.