XIAMEN,
China, Oct. 28, 2022 /PRNewswire/ -- Pop
Culture Group Co., Ltd ("Pop Culture" or the "Company") (Nasdaq:
CPOP), a hip-pop culture company
in China, today reported its financial results for the fiscal
year ended June 30, 2022.
Fiscal Year 2022 Financial Highlights
- Total revenue was $32.28 million,
an increase of 26% from $25.53
million in fiscal year 2021.
- Revenue from event hosting was $14.71
million, a decrease of 2% from $14.98
million in fiscal year 2021.
- Revenue from brand promotion was $8.73
million, an increase of 1,064% from $0.75 million in fiscal year 2021.
- Revenue from event planning and execution was $8.42 million, a decrease of 8% from $9.20 million in fiscal year 2021.
- Gross profit was $6.25 million, a
decrease of 14% from $7.22 million in
fiscal year 2021.
- Net income was $0.69 million,
compared with $4.27 million in fiscal
year 2021.
- Basic and diluted earnings per share were $0.04, compared with $0.25 in fiscal year 2021.
Fiscal Year 2022 Operational Highlights
- The Company's concerts and hip-hop events generated an
aggregate attendance of 203,233 during the fiscal year ended
June 30, 2022.
- The Company's online hip-hop programs generated over 210
million views during the fiscal year ended June 30, 2022.
- The Company served 21 clients in 56 events with respect to
event planning and execution during the fiscal year ended
June 30, 2022.
Mr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop
Culture, commented, "We continued to deliver recorded performance
during fiscal year 2022, as our revenue reached $32.28 million, representing an increase of 26%
from fiscal year 2021, despite the challenging and uncertainty
macroeconomic headwinds. Our brand promotion business generated an
increase of 1,064% in revenue from fiscal year 2021. Our strong
financial performance during this year reflected the continued
success of our high-quality services to help clients achieve their
goals, our expertise and deep understanding of hip-hop culture, and
our strong capabilities to meet the needs of our clients."
Mr. Huang continued, "We developed several strategic initiatives
to gain competitive edges on the market. We aim to benefit more
street dance organizations through our software-as-a-service (SaaS)
platform. There were over 60,000 students using the SaaS platform
provided by our subsidiary, Shenzhen Jam Box Technology Co., Ltd.,
as of June 30, 2022, and we expect to
continue to upgrade the SaaS platform, implement horizontal growth
strategy, and further provide services to companies from the
education and training industry. Also, the development of
metaverse-related business remains our priority, we will continue
to make investment in metaverse-related business to provide a
comprehensive of hip-hop experience to users. Looking forward, we
aim to leverage the strengths of our intellectual property
portfolio and services to strengthen our existing customer base,
attract new customers, and enhance our market position. We believe
our solid business model and strategic development plan position us
well to capture the growth opportunity in the market and maintain
our momentum. As we look to fiscal year 2023, we are excited to
deliver innovative content and experience to users and generate
long-term value for our shareholders."
Fiscal Year 2022 Financial Results
Revenue
Following table presents the Company's revenue by revenue source
and by proportion:
|
|
For the Fiscal Years
Ended June 30,
|
|
|
Change
|
|
|
|
2022
|
|
|
%
|
|
|
2021
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Event
Hosting
|
|
$
|
14,711,787
|
|
|
|
46
|
%
|
|
$
|
14,978,643
|
|
|
|
59
|
%
|
|
$
|
(266,856)
|
|
|
|
(2)
|
%
|
|
Brand
Promotion
|
|
|
8,733,764
|
|
|
|
27
|
%
|
|
|
750,315
|
|
|
|
3
|
%
|
|
|
7,983,449
|
|
|
|
1,064
|
%
|
|
Event Planning and
Execution
|
|
|
8,420,328
|
|
|
|
26
|
%
|
|
|
9,196,773
|
|
|
|
36
|
%
|
|
|
(776,445)
|
|
|
|
(8)
|
%
|
|
Other
Services
|
|
|
415,664
|
|
|
|
1
|
%
|
|
|
600,826
|
|
|
|
2
|
%
|
|
|
(185,162)
|
|
|
|
(31)
|
%
|
|
Total
revenue
|
|
$
|
32,281,543
|
|
|
|
100
|
%
|
|
$
|
25,526,557
|
|
|
|
100
|
%
|
|
$
|
6,754,986
|
|
|
|
26
|
%
|
Total revenue increased by $6.75 million, or 26%,
to $32.28 million in fiscal year 2022,
from $25.53 million in fiscal year 2021.
Revenue from event hosting decreased by $0.27 million, or
2%, to $14.71 million in fiscal year 2022, from $14.98
million in fiscal year 2021. The decrease was primarily because the
Company's PRC operating entities postponed most of their Move
It campaigns until July 2022 due to
the Covid-19 pandemic.
Revenue from brand promotion increased by $7.98 million, or
1,064%, to $8.73 million in fiscal year 2022, from $0.75
million in fiscal year 2021. The increase was generated from
clients' increasing investment in online platforms like TikTok,
Kuaishou, and Xigua.
Revenue from event planning and execution decreased
by $0.78 million, or 8%, to $8.42 million in fiscal year
2022, from $9.20 million in fiscal year 2021. The decrease was
primarily attributable to a decrease in the number and size of the
events the Company's PRC operating entities undertook.
In fiscal year 2022, other service revenue included music
recording service income, digital collection sales income, and SaaS
software service income. Other service revenue was $415,664 in fiscal year 2022, a decrease of 31%
from fiscal year 2021. Compared with fiscal year 2021, the
Company's PRC operating entities generated revenue from certain
newly developed businesses, including $350,886 from music recording services,
$55,536 from digital collection
sales, and $9,242 from SaaS software
services in fiscal year 2022. In fiscal year 2021, the Company's
PRC operating entities generated advertisement distribution service
revenue of $616,292, while they did
not generate such revenue in fiscal year 2022.
Cost of Revenue
The cost of revenue increased by $7.73
million, or 42%, to $26.04
million in fiscal year 2022, from $18.30 million in fiscal year 2021.
The cost of revenue was derived from the following sources:
|
|
For the Fiscal Years
Ended June 30,
|
|
|
Change
|
|
|
|
2022
|
|
|
%
|
|
|
2021
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Event
Hosting
|
|
$
|
9,853,996
|
|
|
|
38
|
%
|
|
$
|
10,345,925
|
|
|
|
56
|
%
|
|
$
|
(491,929)
|
|
|
|
(5)
|
%
|
|
Brand
Promotion
|
|
|
1,358,040
|
|
|
|
5
|
%
|
|
|
366,433
|
|
|
|
2
|
%
|
|
|
991,607
|
|
|
|
271
|
%
|
|
Event Planning and
Execution
|
|
|
7,332,011
|
|
|
|
28
|
%
|
|
|
7,553,522
|
|
|
|
41
|
%
|
|
|
(221,511)
|
|
|
|
(3)
|
%
|
|
Other
Services
|
|
|
7,491,964
|
|
|
|
29
|
%
|
|
|
36,614
|
|
|
|
1
|
%
|
|
|
7,455,350
|
|
|
|
20,362
|
%
|
|
Total Cost of
Revenue
|
|
$
|
26,036,011
|
|
|
|
100
|
%
|
|
$
|
18,302,494
|
|
|
|
100
|
%
|
|
$
|
7,733,517
|
|
|
|
42
|
%
|
Gross Profit and Gross Margin
Gross profit decreased by $0.98
million, or 14%, to $6.25
million in fiscal year 2022, from $7.22 million in fiscal year 2021. Gross margin
was 19% in fiscal year 2022, compared with 28% in fiscal year
2021.
The following table displays the gross profit:
|
|
For the Fiscal Years
Ended June 30,
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Change
|
|
|
|
Amount
|
|
|
%
|
|
|
GP%
|
|
|
Amount
|
|
|
%
|
|
|
GP %
|
|
|
Amount
|
|
|
%
|
|
|
Event
Hosting
|
|
$
|
4,857,791
|
|
|
|
78
|
%
|
|
|
33
|
%
|
|
$
|
4,632,718
|
|
|
|
64
|
%
|
|
|
31
|
%
|
|
$
|
225,073
|
|
|
|
5
|
%
|
|
Brand
Promotion
|
|
|
7,375,724
|
|
|
|
118
|
%
|
|
|
84
|
%
|
|
|
383,882
|
|
|
|
5
|
%
|
|
|
51
|
%
|
|
|
6,991,842
|
|
|
|
1821
|
%
|
|
Event Planning and
Execution
|
|
|
1,088,317
|
|
|
|
17
|
%
|
|
|
13
|
%
|
|
|
1,643,251
|
|
|
|
23
|
%
|
|
|
18
|
%
|
|
|
(554,934)
|
|
|
|
(34)
|
%
|
|
Other
Services
|
|
|
(7,076,300)
|
|
|
|
(113)
|
%
|
|
|
(1702)
|
%
|
|
|
564,212
|
|
|
|
8
|
%
|
|
|
94
|
%
|
|
|
(7,640,512)
|
|
|
|
(1354)
|
%
|
|
Total gross
profit
|
|
$
|
6,245,532
|
|
|
|
100
|
%
|
|
|
19
|
%
|
|
$
|
7,224,063
|
|
|
|
100
|
%
|
|
|
28
|
%
|
|
$
|
(978,531)
|
|
|
|
(14)
|
%
|
Operating Expenses
Total operating expenses increased by $3.44 million, or 247%, to $4.83 million in fiscal year 2022, from
$1.39 million in fiscal year 2021.
Operating expenses as a percentage of total revenue increased to
15.0% in fiscal year 2022 from 5.5% in the same period of last
year.
Selling and marketing expenses increased by $0.25 million,
or 185%, to $0.38 million in fiscal year 2022,
from $0.13 million in fiscal year 2021. The increase was
primarily due to sales and marketing staff recruitment and
compensation for business development.
General and administrative expenses increased by $3.19
million, or 253%, to $4.45 million in fiscal year 2022,
from $1.26 million in fiscal year 2021. The increase was
mainly driven by two factors: management bonus for calendar year
2021 was issued in the first quarter of fiscal year 2022; and a
majority of legal fees occurred in fiscal year 2021 was
IPO-related, thus offset as equity-settled capital reserve, while
legal fees in fiscal year 2022 were recorded as administrative
expenses.
Income from Operations
Income from operations was $1.42
million in fiscal year 2022, compared to $5.83 million in fiscal year 2021.
Income Tax Expenses
Income tax expenses were $871,231
and $1,416,872 for fiscal year
2022 and 2021, respectively. The decrease was primarily from
accrued regular income tax in fiscal year 2020 and a preferential
tax rate that Company's subsidiaries were entitled to.
Net Income
Net income was $0.69 million in
fiscal year 2022, compared with $4.27 million in fiscal year
2021. Net income attributable to the Company's shareholders
was $0.79 million in the fiscal year 2022, compared
with $4.27 million in fiscal year 2021.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share were $0.04 in fiscal
year 2022, compared with basic and diluted earnings per share
of $0.25 in fiscal year 2021.
Cash Flows
Net cash used in operating activities was $19.37 million in fiscal year 2022, compared to
$4.04 million in fiscal year 2021.
Net cash used in investing activities was $0.80 million in fiscal year 2022, compared to
$nil in fiscal year 2021. Net cash provided by financing activities
was $33.06 million for fiscal year
2022, compared to $3.95 million in
fiscal year 2021.
Cash and Cash Equivalents
As of June 30, 2022, the Company
had cash and cash equivalents of $14.40
million, compared to $1.32
million as of June 30,
2021.
About Pop Culture Group Co., Ltd
Headquartered in Xiamen, China, Pop Culture Group Co., Ltd is a hip-hop
culture company. The Company aims to promote hip-hop culture and
its values, and to promote cultural exchanges with respect to
hip-hop between the United States and China. With
the values of hip-hop culture at its core and the younger
generation as its primary target audience, the Company hosts
entertainment events, operates hip-hop related online programs, and
provides event planning and execution services and brand promotion
services to corporate clients. The Company has in recent years
focused on developing and hosting its own hip-hop events. For more
information, visit the Company's website
at http://ir.cpop.cn/.
Forward-Looking Statements
Certain statements made in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties, including the
further spread of the COVID-19 virus or new variants thereof, or
the occurrence of another wave of cases and the impact it may have
on the Company's operations and the demand for the Company's
services, and are based on current expectations and projections
about future events and financial trends that the Company believes
may affect its financial condition, results of operations, business
strategy, and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to," or
other similar expressions. 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 other factors that may affect its
future results in the Company's registration statement and its
other filings with the SEC.
For more information, please contact:
Pop Culture Group Co., Ltd
Investor Relations
Department
Email: ir@cpop.cn
Ascent Investors Relations LLC
Tina Xiao
President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com
|
POP CULTURE GROUP
CO., LTD
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(In U.S. dollars,
except share data)
|
|
|
|
As of June
30,
|
|
|
|
2022
|
|
|
2021
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
Cash
|
|
$
|
14,396,032
|
|
|
$
|
1,319,977
|
|
|
Accounts receivable,
net
|
|
|
26,278,634
|
|
|
|
25,537,236
|
|
|
Advance to
suppliers
|
|
|
9,351,431
|
|
|
|
1,999,876
|
|
|
Prepaid expenses and
other current assets
|
|
|
805,427
|
|
|
|
3,553,028
|
|
|
TOTAL CURRENT
ASSETS
|
|
|
50,831,524
|
|
|
|
32,410,117
|
|
|
Property and equipment,
net
|
|
|
71,763
|
|
|
|
48,393
|
|
|
Intangible asset,
net
|
|
|
2,204,411
|
|
|
|
1,635,321
|
|
|
Operating right-of-use
asset
|
|
|
461,399
|
|
|
|
194,747
|
|
|
Prepaid
Taxes
|
|
|
332,022
|
|
|
|
-
|
|
|
Deferred tax
assets
|
|
|
457,649
|
|
|
|
140,757
|
|
|
Other non-current
assets
|
|
|
10,009,200
|
|
|
|
-
|
|
|
TOTAL
ASSETS
|
|
$
|
64,367,968
|
|
|
$
|
34,429,335
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Short-term bank
loans
|
|
$
|
3,792,121
|
|
|
$
|
5,140,990
|
|
|
Accounts
payable
|
|
|
966,822
|
|
|
|
1,900,883
|
|
|
Deferred
revenue
|
|
|
47,710
|
|
|
|
1,648,847
|
|
|
Taxes
payable
|
|
|
4,697,267
|
|
|
|
4,232,391
|
|
|
Due to a related
party
|
|
|
149,296
|
|
|
|
225,000
|
|
|
Accrued liabilities and
other payables
|
|
|
229,209
|
|
|
|
77,567
|
|
|
Operating lease
liability – current
|
|
|
208,926
|
|
|
|
98,427
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
10,091,351
|
|
|
|
13,324,105
|
|
|
Long-term bank
loans
|
|
|
1,254,087
|
|
|
|
1,672,370
|
|
|
Operating lease
liability - non-current
|
|
|
250,178
|
|
|
|
104,755
|
|
|
TOTAL
LIABILITIES
|
|
|
11,595,616
|
|
|
|
15,101,230
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Ordinary shares (par
value $0.001 per share; 44,000,000 Class A ordinary
shares
authorized as of June 30, 2021 and
2022; 12,086,923 and 18,286,923 Class A
ordinary shares issued and outstanding as of June 30, 2021 and
2022,
respectively; 6,000,000 Class B ordinary shares
authorized, 5,763,077 Class B
ordinary shares issued and outstanding as of June 30, 2021 and
2022) *
|
|
|
24,050
|
|
|
|
17,850
|
|
|
Subscription
receivable
|
|
|
(15,441)
|
|
|
|
(15,441)
|
|
|
Additional paid-in
capital
|
|
|
40,158,643
|
|
|
|
6,643,118
|
|
|
Statutory
reserve
|
|
|
1,499,369
|
|
|
|
1,241,573
|
|
|
Retained
earnings
|
|
|
11,028,345
|
|
|
|
10,498,183
|
|
|
Accumulated other
comprehensive (loss) income
|
|
|
69,019
|
|
|
|
942,822
|
|
|
TOTAL POP CULTURE
GROUP CO., LTD SHAREHOLDERS' EQUITY
|
|
|
52,763,985
|
|
|
|
19,328,105
|
|
|
Non-controlling
interests
|
|
|
8,367
|
|
|
|
-
|
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
52,772,352
|
|
|
|
19,328,105
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
64,367,968
|
|
|
$
|
34,429,335
|
|
|
*
|
Certain shares are
related to the reorganization for the founding shareholders and are
presented on a retroactive
basis to reflect the reorganization.
|
|
POP CULTURE GROUP
CO., LTD
|
|
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
(In U.S. dollars,
except share data)
|
|
|
|
For the years ended
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
REVENUE,
NET
|
|
$
|
32,281,543
|
|
|
$
|
25,526,557
|
|
|
$
|
15,688,080
|
|
|
Cost of
revenue
|
|
|
26,036,011
|
|
|
|
18,302,494
|
|
|
|
11,158,847
|
|
|
GROSS
PROFIT
|
|
|
6,245,532
|
|
|
|
7,224,063
|
|
|
|
4,529,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
380,723
|
|
|
|
133,387
|
|
|
|
110,132
|
|
|
General and
administrative
|
|
|
4,448,342
|
|
|
|
1,258,750
|
|
|
|
1,256,954
|
|
|
Total operating
expenses
|
|
|
4,829,065
|
|
|
|
1,392,137
|
|
|
|
1,367,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
|
1,416,467
|
|
|
|
5,831,926
|
|
|
|
3,162,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expenses)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses,
net
|
|
|
(235,327)
|
|
|
|
(243,458)
|
|
|
|
(125,560)
|
|
|
Other (expenses)
income, net
|
|
|
377,979
|
|
|
|
95,946
|
|
|
|
46,235
|
|
|
Total other expenses,
net
|
|
|
142,652
|
|
|
|
(147,512)
|
|
|
|
(79,325)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAX PROVISION
|
|
|
1,559,119
|
|
|
|
5,684,414
|
|
|
|
3,082,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
|
|
871,231
|
|
|
|
1,416,872
|
|
|
|
457,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
|
687,888
|
|
|
|
4,267,542
|
|
|
|
2,625,817
|
|
|
Less: net income
attributable to non-controlling interests
|
|
|
(100,070)
|
|
|
|
-
|
|
|
|
189,996
|
|
|
NET INCOME
ATTRIBUTABLE TO POP CULTURE GROUP
CO., LTD SHAREHOLDERS
|
|
|
787,958
|
|
|
|
4,267,542
|
|
|
|
2,435,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(873,803)
|
|
|
|
1,335,757
|
|
|
|
(241,839)
|
|
|
COMPREHENSIVE
INCOME
|
|
|
(185,915)
|
|
|
|
5,603,299
|
|
|
|
2,383,978
|
|
|
Less: comprehensive
income attributable to non-controlling interest
|
|
|
(100,070)
|
|
|
|
-
|
|
|
|
174,392
|
|
|
COMPREHENSIVE INCOME
ATTRIBUTABLE TO POP
CULTURE GROUP CO., LTD SHAREHOLDERS
|
|
$
|
(85,845)
|
|
|
$
|
5,603,299
|
|
|
$
|
2,209,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
0.04
|
|
|
$
|
0.25
|
|
|
$
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used in calculating net income per share *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
20,950,000
|
|
|
|
17,228,698
|
|
|
|
14,881,478
|
|
|
*
|
Certain shares are
related to the reorganization for the founding shareholders and are
presented on a retroactive
basis to reflect the reorganization.
|
|
POP CULTURE GROUP
CO., LTD
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(In U.S.
dollars)
|
|
|
|
For the years ended
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
687,888
|
|
|
$
|
4,267,542
|
|
|
$
|
2,625,817
|
|
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for doubtful
accounts
|
|
|
1,307,518
|
|
|
|
195,187
|
|
|
|
324,345
|
|
|
Depreciation and
amortization
|
|
|
310,343
|
|
|
|
243,905
|
|
|
|
233,353
|
|
|
Deferred tax
benefit
|
|
|
(334,045)
|
|
|
|
(47,802)
|
|
|
|
(84,246)
|
|
|
Non-cash lease
expense
|
|
|
84,552
|
|
|
|
107,139
|
|
|
|
89,977
|
|
|
Loss/(gain) from
disposal of property and equipment
|
|
|
(1,237)
|
|
|
|
-
|
|
|
|
19,300
|
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(3,001,954)
|
|
|
|
(9,259,862)
|
|
|
|
(5,672,992)
|
|
|
Advance to
suppliers
|
|
|
(7,542,591)
|
|
|
|
1,440,794
|
|
|
|
(2,531,334)
|
|
|
Amounts due from
related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
153,586
|
|
|
Prepaid expenses and
other current assets
|
|
|
1,533,471
|
|
|
|
(1,504,345)
|
|
|
|
(44,002)
|
|
|
Operating lease
right-of-use assets
|
|
|
(563,300)
|
|
|
|
-
|
|
|
|
-
|
|
|
Other non-current
assets
|
|
|
(10,050,789)
|
|
|
|
268,433
|
|
|
|
(252,816)
|
|
|
Accounts
payable
|
|
|
(898,452)
|
|
|
|
(1,130,593)
|
|
|
|
49,588
|
|
|
Deferred
revenue
|
|
|
(1,599,990)
|
|
|
|
(275,888)
|
|
|
|
1,762,730
|
|
|
Taxes
payable
|
|
|
295,333
|
|
|
|
1,592,715
|
|
|
|
721,743
|
|
|
Accrued liabilities and
other payables
|
|
|
156,840
|
|
|
|
(52,007)
|
|
|
|
54,234
|
|
|
Due to a related
party
|
|
|
(225,000)
|
|
|
|
225,000
|
|
|
|
-
|
|
|
Operating lease
liability
|
|
|
476,367
|
|
|
|
(107,550)
|
|
|
|
(54,112)
|
|
|
Net cash provided by
(used in) operating activities
|
|
|
(19,365,046)
|
|
|
|
(4,037,332)
|
|
|
|
(2,604,829)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(82,733)
|
|
|
|
-
|
|
|
|
(1,716)
|
|
|
Proceed from disposal
of property and equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
4,977
|
|
|
Purchase of intangible
asset
|
|
|
(720,000)
|
|
|
|
-
|
|
|
|
-
|
|
|
Net cash (used in)
provided by investing activities
|
|
|
(802,733)
|
|
|
|
-
|
|
|
|
3,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
short-term bank loans
|
|
|
3,433,810
|
|
|
|
6,341,729
|
|
|
|
1,838,833
|
|
|
Repayments of
short-term bank loans
|
|
|
(4,956,629)
|
|
|
|
(3,472,851)
|
|
|
|
(1,981,799)
|
|
|
Proceeds from long-term
bank loans
|
|
|
(245,791)
|
|
|
|
1,811,922
|
|
|
|
-
|
|
|
Repayments of long-term
bank loans
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Proceeds from issuance
of shares
|
|
|
33,630,162
|
|
|
|
-
|
|
|
|
3,817,842
|
|
|
Payment for deferred
offering costs
|
|
|
1,197,380
|
|
|
|
(729,977)
|
|
|
|
(409,743)
|
|
|
Net cash provided by
financing activities
|
|
|
33,058,932
|
|
|
|
3,950,823
|
|
|
|
3,265,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
|
184,902
|
|
|
|
47,349
|
|
|
|
40,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash
|
|
|
13,076,055
|
|
|
|
(39,160)
|
|
|
|
703,648
|
|
|
Cash at beginning of
year
|
|
|
1,319,977
|
|
|
|
1,359,137
|
|
|
|
655,489
|
|
|
Cash at end of
year
|
|
$
|
14,396,032
|
|
|
$
|
1,319,977
|
|
|
$
|
1,359,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
paid
|
|
$
|
398,370
|
|
|
$
|
34,765
|
|
|
$
|
17,408
|
|
|
Interest expense
paid
|
|
$
|
56,733
|
|
|
$
|
235,361
|
|
|
$
|
126,095
|
|
View original
content:https://www.prnewswire.com/news-releases/pop-culture-group-co-ltd-reports-fiscal-year-2022-financial-results-301662583.html
SOURCE Pop Culture Group Co., Ltd
