BEIJING, April 30, 2021 /PRNewswire/ -- China Liberal
Education Holdings Limited (Nasdaq: CLEU) ("China Liberal," or the
"Company," or "we"), an educational service provider in China,
today announced its financial results for the fiscal year ended
December 31, 2020.
Ms. Ngai Ngai Lam, Chairwoman and CEO of China Liberal,
commented, "We delivered strong results for fiscal year 2020. The
number of students enrolled in our Sino-foreign jointly managed
education programs increased by 22.1%. For fiscal year 2020, our
gross profit increased by 51.2% to $2.87
million and gross margin reached 57.1%. Our net income
increased by 176.0% to $1.21 million
for fiscal year 2020. Looking forward, we will implement our growth
strategy in identifying, acquiring, and integrating schools
including universities, colleges, technical secondary schools or
full-time elementary schools, junior high schools and high schools.
We believe this strategy will further enable the Company to respond
to growing demand for educational services nationwide, enhance our
capabilities and expand our customer base. Based on our solid
reputation and extensive experience in education industry, we are
confident that our acquisition will enable us to execute on our
next phase of growth and create long term value to our
investors."
Fiscal Year 2020 Financial Highlights
|
|
For the Year Ended
December 31,
|
($ millions,
except per share data)
|
|
2020
|
|
2019
|
|
%Change
|
Revenue
|
|
5.02
|
|
5.25
|
|
-4.4%
|
Gross
profit
|
|
2.87
|
|
1.90
|
|
51.2%
|
Gross
margin
|
|
57.1%
|
|
36.1%
|
|
21.0%
|
Income from
operations
|
|
1.44
|
|
0.52
|
|
177.0%
|
Operating
margin
|
|
28.6%
|
|
9.9%
|
|
18.7%
|
Net income
|
|
1.21
|
|
0.44
|
|
176.0%
|
Basic and diluted
earnings per share
|
|
0.21
|
|
0.09
|
|
133.3%
|
- Revenue decreased by 4.4% year-over-year to $5.02 million for fiscal year 2020 from
$5.25 million for fiscal year
2019.
- Gross profit increased by 51.2% year-over-year to $2.87 million for fiscal year 2020 from
$1.90 million for fiscal year
2019.
- Gross margin increased to 57.1% for fiscal year 2020 from 36.1%
for fiscal year 2019.
- Income from operations increased by 177.0% year-over-year to
$1.44 million for fiscal year 2020
from $0.52 million for fiscal year
2019.
- Operating margin increased to 28.6% for fiscal year 2020 from
9.9% for fiscal year 2019.
- Net income increased by 176.0% year-over-year to $1.21 million for fiscal year 2020 from
$0.44 million for fiscal year
2019.
- Basic and diluted earnings per share were $0.21 and $0.09 for
fiscal year 2020 and 2019, respectively.
Fiscal Year 2020 Financial Results
Revenue
Revenue decreased by 4.4% year-over-year to $5.02 million for fiscal year 2020 from
$5.25 million for fiscal year 2019.
The decrease in our revenue was mainly attributable to decreased
revenue from our overseas study consulting services in 2020 as
compared to 2019. The decrease was also due to decreased revenue
from technological consulting services when the number of smart
campus related projects decreased, offset by increased revenue from
jointly-managed academic programs when number of enrolled students
increased by 22.1%.
|
|
For the Year Ended
December 31,
|
($
millions)
|
|
2020
|
|
2019
|
Revenue
|
|
Revenue
|
Cost of
Revenue
|
Gross
Margin
|
|
Revenue
|
Cost of
Revenue
|
Gross
Margin
|
Sino-foreign jointly
managed academic programs
|
|
2.77
|
0.59
|
78.6%
|
|
2.48
|
1.51
|
39.3%
|
Technological
consulting services for smart campus
solutions
|
|
1.99
|
1.40
|
29.7%
|
|
2.23
|
1.58
|
29.4%
|
Overseas study
consulting services
|
|
0.13
|
0.09
|
33.8%
|
|
0.53
|
0.26
|
49.7%
|
Tailored job
readiness training services
|
|
0.08
|
0.06
|
15.0%
|
|
-
|
-
|
-
|
Textbook and course
material sales
|
|
0.05
|
0.01
|
80.9%
|
|
0.01
|
0.01
|
12.6%
|
Total
|
|
5.02
|
2.15
|
57.1%
|
|
5.25
|
3.36
|
36.1%
|
Revenue from Sino-foreign jointly managed academic programs
increased by $0.29 million, or 11.6%,
to $2.77 million for fiscal year
2020, from $2.48 million for fiscal
year 2019. This increase was primarily attributed to an increase in
the number of students by 495 or 22.1%, from 2,236 students for the
year ended December 31, 2019 to 2,731
students for the year ended December 31,
2020, which resulted in an increase of $0.53 million in revenue. The increase in the
number of students was mainly attributed to better recruitment by
Fuzhou Melbourne Polytechnic ("FMP"). The increase was partially
offset by the changes in average tuition fees collected from
$1,111 per student in 2019 to
$1,015 per student in 2020, which
resulted in a decrease of $0.24
million in revenue. 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 providing smart campus related technological
consulting service and technical support services for other
entities decreased by $0.24 million,
or 10.6%, to $1.99 million for fiscal
year 2020, from $2.23 million for
fiscal year 2019. The COVID-19 pandemic caused the temporary
closure of the Chinese universities/ colleges until reopening in
May 2020. As a result, we were unable
to promote our technological consulting services for smart campus
solutions to Chinese universities and colleges on a timely basis,
and the total number of smart campus related projects we undertook
and executed in 2020 decreased by approximately 60% from 35
projected executed in 2019 to only 14 projects executed in
2020.
Revenue from overseas study consulting services decreased by
$0.40 million, or 75.4%, to
$0.13 million for fiscal year 2020,
from $0.53 million for fiscal year
2019. During the year ended December 31,
2020, our service contract with Beijing Foreign Studies
University ("BFSU") assisted 11 students for Russia language training and 22 students for
German language training. We recognized $0.13 million in revenue when our performance
obligations under the service contract were satisfied. The decrease
in revenue from overseas study consulting services was mainly
attributed to the decrease in the number of students subscribed to
our overseas study consulting services from 56 in 2019 to 33 in
2020, which is mainly due to the impact of the travel restrictions
related to COVID-19. As a result, the number of students interested
in seeking overseas education decreased significantly.
Revenue from tailored job readiness training services was
$0.08 million for fiscal year 2020,
compared to nil for fiscal year 2019. In late 2019, we started to
provide tailored job readiness training services to students from
the appropriate partner schools so that such students would be
better equipped to serve the employer at their respective job
positions. Because this line of business was newly added, the
revenue generated from this line of business was immaterial in
2019.
Revenue from textbooks and course material sales increased by
$0.04 million, or 272.4%, to
$0.05 million for fiscal year 2020,
from $0.01 million for fiscal year
2019 when number of students enrolled under our Sino-foreign
jointly managed education programs increased by 22.1% from fiscal
year 2019.
Cost of Revenues
Cost of revenue decreased by $1.20
million, or 35.8%, to $2.16
million for fiscal year 2020, from $3.36 million for fiscal year 2019, primarily due
to the decrease in salary, welfare and insurance costs of
$914,321, or 60.6%, for foreigner
teachers in Sino-foreign jointly managed academic programs. Due to
travel bans or restrictions caused by the COVID-19 pandemic,
certain foreigner teachers were unable to enter into China and we used more Chinese teachers
to provide online teaching services to students in the first half
of 2020. Therefore, our costs associated with Sino-foreign jointly
managed academic programs decreased. In addition, our costs
associated with technology consulting services for smart campus
related projects decreased by $.017
million or 11.0%, the decrease was due to decreased hardware
costs associated with the smart campus projects in 2020 when the
number of smart campus projects decreased by about 60% and more
software customization services rather than hardware installation
services were performed by us. Also, costs associated with overseas
study consulting services decreased by $0.18
million or 67.6%, due to a decrease in the number of
students for our one-on-one study abroad consulting services as a
result of the COVID-19 pandemic, and accordingly we hired fewer
qualified teachers to provide one-on-one tutoring to the students
and reduced the office space lease to save costs.
Gross Profit
Gross profit increased by $0.97
million, or 51.2%, to $2.87
million for fiscal year 2020, from $1.90 million for fiscal year 2019, while gross
profit margin increased by 21.0%, to 57.1% for fiscal year 2020
from 36.1% for fiscal year 2019. The increase in our gross profit
was primarily due to decreased costs associated with Sino-foreign
Jointly Managed Academic Programs by 60.6% when salary, welfare and
insurance costs paid to foreign teachers decreased. In addition,
our smart campus related technological consulting services require
both hardware and software application. In 2020, as we executed
more projects with software customization rather than hardware
installation, our costs associated with undertaking these projects
decreased accordingly and as a result, our gross profit and gross
margin associated with smart campus projects increased.
Operating Expenses
Selling expenses decreased by $0.36
million, or 61.3%, to $0.23
million for fiscal year 2020, from $0.59 million for fiscal year 2019. The decrease
in selling expenses was primarily attributable to the decrease in
the rental expenses by $0.11 million
when we relocated to a smaller office space, a decrease in business
travelling expenses by $0.03 million,
a decrease in advertising expenses by $0.03
million and a decrease in salary and employee welfare
benefit expenses paid to sales and marketing personnel by
$0.20 million, resulting from cutting
down our sales and marketing force due to COVID-19 outbreak.
General and administrative expenses increased by $0.42 million, or 53.2%, to $1.20 million for fiscal year 2020, from
$0.78 million for fiscal year 2019,
primarily due to an increase in professional service fees of
$0.25 million in connection with the
preparation of our initial public offering, an increase in investor
relation expenses of $0.10 million
and an increase in director and officer insurance expenses of
$0.06 million.
Interest Income
Interest income increased by $95,137 or 1,554.5%, to $101,257 for fiscal year 2020, from $6,120 for fiscal year 2019. In connection with
the Company's technological consulting services for smart campus
projects, we recognized financing component resulted from a timing
difference between when control is transferred and when we
collected cash consideration from the customer. For the year ended
December 31, 2020, we recognized
$94,271 interest income in connection
with the aforementioned financing component. In addition, the
Company reported interest income of $6,987 from increased bank deposit balance during
the year ended December 31, 2020.
These factors led to increased interest income as compared to the
same period of 2019.
Other Expense
Other expense was $26,035 for
fiscal year 2020, compared to other income of $69,162 for fiscal year 2019. The increase in
other expenses was primarily due to the loss of $37,468 from the disposal of property and
equipment and penalty of $7,234
associated with our early termination of the original office
leases.
Provision for Income Taxes
Provision for income taxes was $0.30
million for fiscal year 2020, increased from $0.16 million for fiscal year 2019 due to higher
taxable income.
Net Income
Net income increased by 176.0% to $1.21
million for fiscal year 2020, from $0.44 million for fiscal year 2019. Basic and
diluted earnings per share were $0.21
for fiscal year 2020, compared to $0.09 for fiscal year 2019.
Financial Condition
As of December 31, 2020, the
Company had cash of $5.01 million,
compared to $1.70 million as of
December 31, 2019.
Net cash provided by operating activities was $1.26 million for fiscal year 2020, compared to
net cash used in operating activities of $0.34 million for fiscal year 2019.
Net cash used in investing activities was $1.40 million for fiscal year 2020, compared to
$0.47 million for fiscal year
2019.
Net cash provided by financing activities was $3.34 million for fiscal year 2020, compared to
$0.44 million for fiscal year
2019.
Impact of the COVID-19 on Performance and Financial
Indicators
Our results of operations and financial conditions in 2020 were
affected by the COVID-19 pandemic, and may continue to be affected
by COVID-19 pandemic in 2021 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.
The pandemic and related travel restrictions have affected and
may continue to adversely affect our business and results of
operations, including our ability to provide one-on-one consulting
services, the demand for our services, the ability of partner
schools to pay back accounts receivable on a timely basis. We will
pay close attention to the 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, visit the company's
website at ir.chinaliberal.com.
Forward-Looking Statements
This document contains forward-looking statements. In
addition, from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these
forward-looking statements on our expectations and projections
about future events, which we derive from the information currently
available to us. 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. We are not obligated to
publicly update or revise any forward-looking statement, whether as
a result of uncertainties and assumptions, the forward-looking
events discussed in this press release and other statements made
from time to time by us or our representatives might not
occur.
Investor Relations Contact
China Liberal Education Holdings Limited
Email: ir@chinaliberal.com
Ascent Investor Relations LLC
Ms. Tina Xiao
Email: tina.xiao@ascent-ir.com
Tel: +1 917 609 0333
CHINA LIBERAL
EDUCATION HOLDINGS LIMITED
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
As of December
31,
|
|
|
2020
|
|
2019
|
ASSETS
|
CURRENT
ASSETS
|
|
|
|
|
Cash
|
|
$
|
5,007,449
|
|
$
|
1,702,279
|
Accounts receivable,
net
|
|
|
915,618
|
|
|
518,191
|
Contract receivable,
net, current
|
|
|
4,448,946
|
|
|
1,639,213
|
Advance to
suppliers
|
|
|
94,648
|
|
|
836,766
|
Deferred initial
public offering costs
|
|
|
-
|
|
|
649,451
|
Due from a related
party
|
|
|
1,439,080
|
|
|
-
|
Inventory,
net
|
|
|
196,326
|
|
|
-
|
Prepaid expenses and
other current assets
|
|
|
223,387
|
|
|
339,260
|
TOTAL CURRENT
ASSETS
|
|
|
12,325,454
|
|
|
5,685,160
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
49,148
|
|
|
77,782
|
Operating lease
right-of-use lease assets, net
|
|
|
136,695
|
|
|
18,372
|
Contract receivable,
net, non-current
|
|
|
262,617
|
|
|
1,071,826
|
TOTAL NON-CURRENT
ASSETS
|
|
|
448,460
|
|
|
1,167,980
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
12,773,914
|
|
$
|
6,853,140
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
125,223
|
|
$
|
51,071
|
Deferred
revenue
|
|
|
154,927
|
|
|
562,056
|
Taxes
payable
|
|
|
633,651
|
|
|
404,453
|
Due to related
parties
|
|
|
-
|
|
|
461,633
|
Operating lease
liabilities, current
|
|
|
90,253
|
|
|
10,326
|
Accrued expenses and
other current liabilities
|
|
|
105,829
|
|
|
178,276
|
TOTAL CURRENT
LIABILITIES
|
|
|
1,109,883
|
|
|
1,667,815
|
|
|
|
|
|
|
|
Operating
lease liabilities, non-current
|
|
|
23,102
|
|
|
5,350
|
TOTAL
LIABILITIES
|
|
|
1,132,985
|
|
|
1,673,165
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
Ordinary shares $0.001
par value, 50,000,000 shares authorized, 6,333,333 and
5,000,000
shares issued and outstanding at December 31, 2020 and 2019,
respectively
|
|
|
6,333
|
|
|
5,000
|
Additional paid-in
capital
|
|
|
9,358,487
|
|
|
4,579,116
|
Statutory
reserve
|
|
|
551,146
|
|
|
379,952
|
Retained
earnings
|
|
|
1,565,817
|
|
|
528,315
|
Accumulated other
comprehensive income (loss)
|
|
|
159,146
|
|
|
(312,408)
|
Total stockholders'
equity
|
|
|
11,640,929
|
|
|
5,179,975
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
12,773,914
|
|
$
|
6,853,140
|
CHINA LIBERAL
EDUCATION HOLDINGS LIMITED
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
|
|
For the
years ended
December
31,
|
|
|
2020
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
REVENUE,
NET
|
|
$
|
5,023,099
|
|
$
|
5,255,810
|
|
$
|
4,808,993
|
COST OF
REVENUE
|
|
|
2,157,033
|
|
|
3,360,694
|
|
|
2,702,297
|
GROSS
PROFIT
|
|
|
2,866,066
|
|
|
1,895,116
|
|
|
2,106,696
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
229,656
|
|
|
593,215
|
|
|
704,060
|
General and
administrative expenses
|
|
|
1,199,690
|
|
|
783,241
|
|
|
579,500
|
Total operating
expenses
|
|
|
1,429,346
|
|
|
1,376,456
|
|
|
1,283,560
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
|
1,436,720
|
|
|
518,660
|
|
|
823,136
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
101,257
|
|
|
6,120
|
|
|
88,926
|
Other (expenses)
income, net
|
|
|
(26,035)
|
|
|
69,162
|
|
|
180,191
|
Total other income,
net
|
|
|
75,222
|
|
|
75,282
|
|
|
269,117
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
|
|
1,511,942
|
|
|
593,942
|
|
|
1,092,253
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
PROVISION
|
|
|
303,246
|
|
|
156,038
|
|
|
167,813
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
|
1,208,696
|
|
|
437,904
|
|
|
924,440
|
Less: net income
attributable to non-controlling interest
|
|
|
-
|
|
|
-
|
|
|
81,779
|
NET INCOME
ATTRIBUTABLE TO CHINA LIBERAL EDUCATION
HOLDINGS LIMITED
|
|
$
|
1,208,696
|
|
$
|
437,904
|
|
$
|
842,661
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
Total foreign
currency translation adjustment
|
|
|
471,554
|
|
|
(78,171)
|
|
|
(260,983)
|
TOTAL
COMPREHENSIVE INCOME
|
|
|
1,680,250
|
|
|
359,733
|
|
|
663,457
|
Less: comprehensive
income (loss) attributable to non-controlling interest
|
|
|
-
|
|
|
-
|
|
|
(22,871)
|
COMPREHENSIVE
INCOME ATTRIBUTABLE TO CHINA LIBERAL
EDUCATION HOLDINGS LIMITED
|
|
$
|
1,680,250
|
|
$
|
359,733
|
|
$
|
686,328
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
0.21
|
|
$
|
0.09
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
NUMBER OF SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
5,852,459
|
|
|
5,000,000
|
|
|
5,000,000
|
CHINA LIBERAL
EDUCATION HOLDINGS LIMITED
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
For the years
ended
December
31,
|
|
|
2020
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net income
|
|
$
|
1,208,696
|
|
$
|
437,904
|
|
$
|
924,440
|
Adjusted to reconcile
net income to cash provided by (used in) operating
activities
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
15,891
|
|
|
40,038
|
|
|
45,347
|
Non-cash lease
expenses
|
|
|
41,524
|
|
|
2,533
|
|
|
-
|
Loss from disposal of
property and equipment
|
|
|
37,468
|
|
|
-
|
|
|
-
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(343,165)
|
|
|
306,781
|
|
|
(243,769)
|
Contract receivable,
net
|
|
|
(719,615)
|
|
|
(176,968)
|
|
|
(1,848,073)
|
Advance to
suppliers
|
|
|
756,846
|
|
|
(824,141)
|
|
|
1,484,014
|
Deferred initial
public offering costs
|
|
|
-
|
|
|
(650,092)
|
|
|
-
|
Due from a related
party
|
|
|
-
|
|
|
72,371
|
|
|
(75,571)
|
Inventory,
net
|
|
|
(185,985)
|
|
|
-
|
|
|
-
|
Prepaid expenses and
other current assets
|
|
|
753,405
|
|
|
(57,406)
|
|
|
(130,282)
|
Accounts
payable
|
|
|
66,961
|
|
|
(69,500)
|
|
|
(42,786)
|
Deferred
revenue
|
|
|
(421,834)
|
|
|
417,987
|
|
|
53,000
|
Taxes
payable
|
|
|
191,373
|
|
|
164,879
|
|
|
78,988
|
Operating lease
liabilities
|
|
|
(60,907)
|
|
|
(5,252)
|
|
|
-
|
Accrued expenses and
other current liabilities
|
|
|
(80,097)
|
|
|
2,434
|
|
|
16,507
|
Net cash provided by
(used in) operating activities
|
|
|
1,260,561
|
|
|
(338,432)
|
|
|
261,816
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(21,230)
|
|
|
(17,738)
|
|
|
(83,515)
|
Acquisition of 8.8228%
non-controlling interest in China Liberal Beijing
|
|
|
-
|
|
|
(453,669)
|
|
|
-
|
Advance to a related
party
|
|
|
(1,374,895)
|
|
|
-
|
|
|
-
|
Repayment of loan
receivable
|
|
|
-
|
|
|
-
|
|
|
1,964,844
|
Net cash (used in)
provided by investing activities
|
|
|
(1,396,125)
|
|
|
(471,407)
|
|
|
1,881,329
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
Repayment of due to a
related party
|
|
|
(1,439,799)
|
|
|
-
|
|
|
-
|
Net proceeds from
initial public offering – stock issuance
|
|
|
4,780,704
|
|
|
-
|
|
|
-
|
Proceeds from related
party borrowings
|
|
|
-
|
|
|
439,193
|
|
|
8,094
|
Net cash provided by
financing activities
|
|
|
3,340,905
|
|
|
439,193
|
|
|
8,094
|
|
|
|
|
|
|
|
|
|
|
Effect of changes
of foreign exchange rates on cash
|
|
|
99,829
|
|
|
(4,241)
|
|
|
(82,043)
|
Net increase
(decrease) in cash
|
|
|
3,305,170
|
|
|
(374,887)
|
|
|
2,069,196
|
Cash, beginning of
year
|
|
|
1,702,279
|
|
|
2,077,166
|
|
|
7,970
|
Cash, end of
year
|
|
$
|
5,007,449
|
|
$
|
1,702,279
|
|
$
|
2,077,166
|
Supplemental
disclosure of cash flow information
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
expense
|
|
$
|
2,697
|
|
$
|
-
|
|
$
|
-
|
Cash paid for income
tax
|
|
$
|
20,775
|
|
$
|
18,657
|
|
$
|
79,830
|
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
|
|
$
|
-
|
Capital
restructuring
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2,935,589
|
View original
content:http://www.prnewswire.com/news-releases/china-liberal-education-holdings-limited-reports-financial-results-for-fiscal-year-2020-301281343.html
SOURCE China Liberal Education Holdings Limited