In the news release, Global Mofy Metaverse Reports Record 2023
Financial Year Results, issued 31-Jan-2024 by Global Mofy Metaverse Limited over
PR Newswire, we are advised by the company that the 1st
Sub-headline should read "Thursday, February 1, 2024" rather than
"Tuesday, February 1, 2024"; the first table column header should
read "For the Years Ended September
30" rather than "For the Years Ended September 33"; the
first paragraph under Earnings Conference Call should read
"Thursday February 1, 2024" rather than "Tuesday 1, 2024"; and the
Date/Time under Earnings Conference Call should be "Thursday,
February 1, 2024" rather than "Tuesday, February 1, 2023" as
originally issued inadvertently. The complete, corrected release
follows:
Global Mofy Metaverse Reports Record 2023 Financial Year Results
Company to Host Earnings Conference
Call on Thursday, February 1, 2024,
at 8.30 am ET
- Record Revenues of $26.9
million, up 56.4% from year ago, the highest revenue in
company's history
- Gross profit and net income both reached historical high of
$14.5 million and $6.6 million, respectively; with a 54% gross
margin
BEIJING, Jan. 31,
2024 /PRNewswire/ -- Global Mofy Metaverse Limited
(the "Company" or "Global Mofy Metaverse") (NASDAQ: GMM), a
technology solutions provider engaged in virtual content production
and digital assets development for the metaverse industry,
today reported its financial
results for the fiscal year ended September
30, 2023.
Fiscal Year 2023 Financial Highlights:
- Total revenues increased by $9.7
million or 56.4%, from $17.2
million for FY 2022, to $26.9
million for FY 2023.
- Gross profit increased by $10.4
million, 253.1% from $4.1
million for FY 2022 to $14.5
million for FY 2023.
- Gross margin improved from 23.9% for FY2022 to 54.0% for
FY2023.
- Net income grew significantly to $6.6 million with earnings per share of
$0.26 in FY 2023, as compared to a
net loss of $0.3 million with loss
per share of $0.01 for the same
period of last year.
- Revenue from high margin 3D Digital Asset Licensing
business up 186.3% YoY to $11.5
million, accounting for 42.8% of the total sales.
- Intangible Asset totaled about $6.5 million as of FY 2023, v.s. $0 million as of FY2022.
- In October 2023, the Company
completed its $6 million Initial
Public Offering on NASDAQ.
|
|
For the Years Ended
September 30
|
(in $
millions, except earnings per share;
differences due to rounding)
|
|
2023
|
|
|
2022
|
|
|
%
Change
|
|
Revenues
|
|
$
|
26.9
|
|
|
$
|
17.2
|
|
|
56.4 %
|
|
Gross profit
|
|
|
14.5
|
|
|
|
4.1
|
|
|
253.1 %
|
|
Gross margin
|
|
|
54.0 %
|
|
|
|
23.9 %
|
|
|
30 percentage
point
|
|
Income from
operations
|
|
|
7.6
|
|
|
|
(0.3)
|
|
|
2760.6 %
|
|
Net income
|
|
|
6.6
|
|
|
|
(0.3)
|
|
|
2569.9 %
|
|
Net income per share –
Basic and Diluted
|
|
|
0.26
|
|
|
|
(0.01)
|
|
|
2700.0 %
|
|
Haogang Yang, CEO of the Company commented, "In fiscal year
2023, we achieved exceptional results, highlighted by significant
milestones. Our revenue reached an all-time high, primarily driven
by the rapid growth of our digital asset licensing business and the
resurgence of the virtual production industry. Total revenues
increased by 56.4% to $26.9 million,
marking a new record for our Company."
"We strategically optimized our revenue structure, with digital
asset licensing-related revenue accounting for 42.8% of our total
revenue. This high-margin sector experienced a remarkable growth of
186.3% compared to the previous year.
"Our focus on research and development yielded impressive
outcomes, as our digital asset innovations gained recognition and
adoption in the metaverse industry. We successfully capitalized on
these achievements, converting them into revenue-generating assets,
and reducing R&D costs.
"We also achieved historic highs in gross profit and gross
profit margin, driven by our expansion in the digital asset
application field and our leading position in the metaverse
industry."
"Lastly, our net income soared to $6.6
million, a significant increase compared to the previous
year's net loss. This remarkable growth was propelled by the
optimization of our revenue structure and the increasing proportion
of high-margin digital asset licensing business.
"With successfully completion of our initial public offerings
with $6 million in October 2023 and follow-on offerings of
$10 million early January 2024, we believe we have strong balance
sheet and sufficient working capital to support our business growth
for year 2024.
"In conclusion, our Company's exceptional performance in fiscal
year 2023, with record revenue, optimized revenue structure,
successful R&D capitalization, unprecedented gross profit, and
a substantial increase in net profit, positions us for continued
success. We remain committed to the development of digital assets
and leveraging our position in the metaverse industry to drive
sustained growth and create substantial value."
Fiscal Year 2023 Financial Results:
Revenues
Total revenues increased by $9.7
million or 56.4%, from $17.2
million for the year ended September
30, 2022, to $26.9 million for
the year ended September 30, 2023.
The following table sets forth a breakdown of our revenues:
|
|
For the Years Ended
September 30,
|
|
|
2023
|
|
2022
|
|
Variance
|
|
|
Amount
|
|
|
Amount
|
|
|
Amount
|
|
%
|
Virtual technology
service
|
|
$
|
15.4
|
|
|
$
|
12.5
|
|
|
$
|
2.8
|
|
|
22.7
|
%
|
Digital
marketing
|
|
|
—
|
|
|
|
0.6
|
|
|
|
(0.6)
|
|
|
(100)
|
%
|
Digital asset
development and
others
|
|
|
11.5
|
|
|
|
4.0
|
|
|
|
7.5
|
|
|
186.3
|
%
|
Total
|
|
$
|
26.9
|
|
|
$
|
17.2
|
|
|
$
|
9.7
|
|
|
56.4
|
%
|
- Virtual technology service revenues accounted for 57.2% and
72.9% of total revenues in fiscal years 2023 and 2022,
respectively. Revenue from virtual technology service increased by
$2.8 million, or 22.7%, from fiscal
year 2022 to fiscal year 2023, driven by the recovery of the
Chinese movie and TV industries.
- Revenues from digital marketing accounted for 0.0% and 3.7% of
total revenues in fiscal years 2023 and 2022, respectively, due to
adjusted business mechanisms and a focus on higher-margin
lines.
- Revenues from digital asset development and others accounted
for 42.8% and 23.4% of total revenues in fiscal years 2023 and
2022, respectively. Revenue from digital asset development
increased by $7.5 million, or 186.3%,
from fiscal year 2022 to fiscal year 2023, driven by the popularity
of the metaverse concept and expansion into game production
and cultural tourism businesses.
Cost of revenues
Total cost of revenues decreased from $13.1 million for the year ended September 30, 2022, to $12.4 million for the year ended September 30, 2023.
- The cost of revenues for virtual technology service increased
by $0.1 million, or 1.1%, from
$9.5 million for the fiscal year 2022
to $9.6 million for the fiscal year
2023. It includes outsourcing costs, staff costs, and overhead
related to content production. The cost of revenues was varied in
accordance with different projects.
- The cost of revenues for digital marketing was $nil in fiscal
year 2023 primarily due to we do not recognize revenue for this
period. In 2022, we entered into agency agreements with customers,
eliminating significant costs for ad inventories and advertising
services.
- The cost of revenues for digital asset development and others
decreased by $0.4 million, or 14.1%,
from $3.2 million for the fiscal year
2022 to $2.7 million for the fiscal
year 2023.The decrease was mainly due to the Company acquired less
complex digital assets from external suppliers in the current
fiscal year which reduced the overall development and related
cost..
Gross profit and margin
As a result of changes in revenue and cost of revenues, gross
profit increased by $10.4 million, or
253.1% from $4.1 million for the year
ended September 30, 2022 to
$14.5 million for the year ended
September 30, 2023. The following
table sets forth a breakdown of our gross profit and gross margin
by services offered for the years ended September 30, 2023 and 2022:
|
|
For the Years Ended
September 30,
|
|
|
2023
|
|
2022
|
|
Variance
|
|
|
Gross
profit
|
|
GM%
|
|
Gross
profit
|
|
GM%
|
|
Amount
|
|
%
|
Virtual technology
service
|
|
$
|
5.8
|
|
37.5
|
%
|
|
$
|
3.0
|
|
24.1
|
%
|
|
$
|
2.7
|
|
|
90.6
|
%
|
Digital
marketing
|
|
|
—
|
|
—
|
|
|
|
0.3
|
|
41.4
|
%
|
|
|
(0.3)
|
|
|
(100.0)
|
%
|
Digital asset
development
and others
|
|
|
8.8
|
|
76.2
|
%
|
|
|
0.8
|
|
20.6
|
%
|
|
|
7.9
|
|
|
957.0
|
%
|
Total
|
|
$
|
14.5
|
|
54
|
%
|
|
$
|
4.1
|
|
23.9
|
%
|
|
$
|
10.4
|
|
|
253.1
|
%
|
- The gross margin increased from 23.9% to 54% in fiscal year
2023. The improvement was driven by higher gross profit margins for
virtual technology services, which increased from 24.1% to 37.5%.
Additionally, the gross profit margin for digital asset development
and others was 76.2% in fiscal year 2023, reflecting the higher
margins typically seen in this business line. The increase in gross
margin for both segments was attributed to completing higher-margin
projects and selling processed digital assets.
Operating expenses
Operating expenses rose by $2.5
million, or 56.4%, from $4.4
million for the fiscal year 2022 to $6.9 million for the fiscal year 2023. This
increase was mainly driven by a $2.0
million rise in general and administrative expenses and
increase of $0.3 million in research
and development expenses.
- Selling expenses, which include salary and benefit expenses
for sales and marketing personnel, increased by $0.1 million, or 91.5%, from $0.2 million for the FY2022 to $0.3 million for FY2023. These expenses represent
a small portion of total revenues and are not directly correlated
with revenue growth.
- General and administrative ("G&A") expenses, including
salaries, professional service fees, and office expenses, increased
by $2.0 million, or 192.5%, from
$1.0 million for FY2022 to
$3.0 million for FY2023. This
increase was primarily due to higher professional service fees
related to the initial public offering, amortization of intangible
assets, and provision for doubtful accounts. G&A expenses
represent 11.3% and 6.1% of total revenues for the years ended
September 30, 2023 and 2022,
respectively.
- Research and development expenses, covering employee salaries,
overhead, and outsourced development costs, increased by
$0.3 million, or 10.5%, to
$3.5 million for the FY2023, from
$3.2 million for the same period in
2022. This slight increase is primarily due to less ongoing
research and development projects as we have substantially
completed our initial research of the digital assets related
techniques, and commenced development stage.
Net income
As a result of the foregoing, we recorded a net income of
$6.6 million for the year ended
September 30, 2023, as compared to a
net loss of $0.3 million for the year
ended September 30, 2022.
Recent developments
On January 11, 2024, the Company
announced its strategic investment in MERAEDU, marking its entrance
into the vocational education sector. The RMB 8 million funding round was led by the Anji
County Government Industrial Guidance Fund, with Global Mofy
Metaverse as a co-investor.
On January 04, 2024, the Company
announced the registration of its subsidiary, Global Mofy
Technology LLC, in California,
the United States, aiming to
expand its virtual content production business overseas, and to
delve into the overseas digital entertainment markets.
On December 29, 2023, the Company
entered into securities purchase agreements with institutional
investors for a follow-on offering of $10
million, resulting in the issuance of 1,379,313 ordinary
shares and warrants. This increased the total number of issued and
outstanding ordinary shares to 28,545,468.
On December 19, 2023, the Company
announced the success of "The Future Handbook," an artificial
intelligence-themed short film series produced in collaboration
with bilibili. This collection of multi-universe sci-fi films is
directed by promising young directors, exploring the captivating
domain of AI.
On December 06, 2023, the Company
has been honored with the prestigious "Most Valuable Investment
Chinese Concept Stock" award at the 8th Zhitong Finance Capital
Market Annual Conference and Listed Company Awards Ceremony, held
in Shenzhen, China.
On November 24, 2023, the Company
and ELLE CHINA, ELLE MEN CHINA have forged a long-term
partnership, embarking on an eagerly anticipated collaboration that
promises mutual promotional benefits and an array of exciting
projects in the realm of advertising and beyond.
In October 2023, the Company
closed its initial public offering, issuing 1,240,000 ordinary
shares. The underwriter exercised its over-allotment option for an
additional 40,000 ordinary shares. After the IPO, the total number
of issued and outstanding ordinary shares reached 27,166,155.
Earnings Conference Call
The Company's management including CEO, CFO and CTO will host a
conference call to discuss its 2023 annual results at 8.30 am US Eastern Time
on Thursday February 1, 2024.
To attend the conference call, please use the information
below.
Date/Time 8.30
am US Eastern Time (5.30 am US
Pacific Time/9.30 pm Beijing Time) on
Thursday, February 1,
2024.
Conference Title: Global Mofy Metaverse Fiscal Year 2023
Earnings Call
To attend the conference call, please dial in via:
Beijing +86 (10) 58084199
(Chinese)
Beijing +86 (10) 58084166
(English)
China 400 810 8228 (Chinese)
Hong Kong +852 30051313
Hong Kong +852 30051355
(Chinese)
U.S. +1 646 2543594 (English)
The meeting password is 640770 for all participants.
This conference call will be broadcast live on the Internet and
can be accessed by all interested parties at:
https://roadshowing.com/roadshowing/info.html?id=90435&lang=en.
The website login password is 265036. Please access the link at
least 15 minutes prior to the start of the call to register,
download, and install any necessary audio software.
About Global Mofy Metaverse Limited
Headquartered at Beijing,
Global Mofy Metaverse Limited is a technology solutions provider
engaged in virtual content production, digital marketing, and
digital assets development for the metaverse industry. Utilizing
its proprietary "Mofy Lab" technology platform which consists of
cutting-edge three-dimensional ("3D") rebuilt technology and
artificial intelligence ("AI") interactive technology, the Company
creates 3D high definition virtual version of a wide range of
physical world objects such as characters, objects and scenes which
can be used in different applications such as movies, TV series,
AR/VR, animation, adverting and gaming. Global Mofy Metaverse is
one of the leading digital asset banks in China, which consists of more than 30,000 high
precision 3D digital assets. With its strong technology platform
and industry track record, Global Mofy Metaverse is able to attract
high-profile customers and earn repeat business. The Company
primarily operates in two lines of business (i) virtual technology
service and (ii) digital asset development and others. We had
another business line of digital marketing in the fiscal years
ended September 30, 2022 and 2021.
For more information, please visit: www.globalmofy.cn/,
ir.globalmofy.cn.
Forward-Looking Statement
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. These forward-looking statements include, without
limitation, the Company's statements regarding the expected trading
of its Ordinary Shares on the Nasdaq Capital Market and the closing
of the Offering. Forward-looking statements are not guarantees of
future performance and involve risks and uncertainties that may
cause the actual results to differ materially from the Company's
expectations discussed in the forward-looking statements. These
statements are subject to uncertainties and risks including, but
not limited to, the uncertainties related to market conditions and
the completion of the initial public offering on the anticipated
terms or at all, and other factors discussed in the "Risk Factors"
section of the registration statement filed with the SEC. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
SEC, which are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
For more information, please contact:
Company
Global Mofy Metverse Ltd.
Investor Relations Department
Email: ir@mof-vfx.com
Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214
GLOBAL MOFY
METAVERSE LIMITED
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(Expressed in
U.S. Dollars, except for the number of shares)
|
|
|
|
|
|
As of September 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
|
US$
|
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash
|
|
$
|
10,437,580
|
|
|
$
|
1,136,064
|
|
Short-term investments
|
|
|
780,000
|
|
|
|
—
|
|
Accounts receivable, net
|
|
|
3,286,330
|
|
|
|
2,101,665
|
|
Accounts receivable – related party
|
|
|
—
|
|
|
|
298,587
|
|
Advance to vendors
|
|
|
2,593,887
|
|
|
|
1,543,294
|
|
Due from related party
|
|
|
—
|
|
|
|
182,751
|
|
Loans receivable – current
|
|
|
287,829
|
|
|
|
295,213
|
|
Prepaid expenses and other current assets, net
|
|
|
507,336
|
|
|
|
395,842
|
|
Total current assets
|
|
|
17,892,962
|
|
|
|
5,953,416
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
34,431
|
|
|
|
37,806
|
|
Intangible assets
|
|
|
6,505,792
|
|
|
|
—
|
|
Operating lease right-of-use assets
|
|
|
954,771
|
|
|
|
147,099
|
|
Loans receivable – noncurrent
|
|
|
447,505
|
|
|
|
458,986
|
|
Advance to vendor – noncurrent
|
|
|
1,020,874
|
|
|
|
1,800,000
|
|
Prepaid expenses and other non-current assets, net
|
|
|
262,986
|
|
|
|
129,222
|
|
Total non-current assets
|
|
|
9,226,359
|
|
|
|
2,573,113
|
|
Total
Assets
|
|
$
|
27,119,321
|
|
|
$
|
8,526,529
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Short-term bank loans
|
|
$
|
2,442,609
|
|
|
$
|
1,532,073
|
|
Loans from third parties
|
|
|
22,615
|
|
|
|
108,245
|
|
Accounts payable
|
|
|
531,091
|
|
|
|
952,249
|
|
Advance from customers
|
|
|
345,838
|
|
|
|
1,154,100
|
|
Tax payable
|
|
|
1,555,059
|
|
|
|
474,370
|
|
Accrued expenses and other liabilities
|
|
|
555,440
|
|
|
|
327,641
|
|
Operating lease liabilities – current
|
|
|
293,040
|
|
|
|
120,418
|
|
Total current liabilities
|
|
|
5,745,692
|
|
|
|
4,669,096
|
|
|
|
|
|
|
|
|
|
|
Non-current
Liabilities
|
|
|
|
|
|
|
|
|
Loan from third party, noncurrent
|
|
|
—
|
|
|
|
107,542
|
|
Operating lease liabilities – noncurrent
|
|
|
556,674
|
|
|
|
—
|
|
Total non-current liabilities
|
|
|
556,674
|
|
|
|
107,542
|
|
Total
Liabilities
|
|
|
6,302,366
|
|
|
|
4,776,638
|
|
|
|
|
|
|
|
|
|
|
Commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.000002 par value, 25,000,000,000 shares
authorized, 25,926,155 and 23,618,037 shares
issued and
outstanding as of September 30, 2023 and 2022,
respectively)*
|
|
|
52
|
|
|
|
47
|
|
Additional paid-in
capital
|
|
|
16,035,229
|
|
|
|
5,112,181
|
|
Statutory
reserves
|
|
|
368,271
|
|
|
|
39,620
|
|
Accumulated earnings
(deficit)
|
|
|
5,158,115
|
|
|
|
(1,065,072)
|
|
Accumulated other
comprehensive (loss)
|
|
|
(604,182)
|
|
|
|
(193,324)
|
|
Total
Global Mofy Metaverse Limited shareholders'
equity
|
|
|
20,957,485
|
|
|
|
3,893,452
|
|
Non-controlling
interests
|
|
|
(140,530)
|
|
|
|
(143,561)
|
|
Total
equity
|
|
|
20,816,955
|
|
|
|
3,749,891
|
|
Total liabilities and equity
|
|
$
|
27,119,321
|
|
|
$
|
8,526,529
|
|
GLOBAL MOFY
METAVERSE LIMITED
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
|
(Expressed in
U.S. Dollars, except for the number of shares)
|
|
|
|
|
|
For the Years
Ended
September 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Revenue from third
parties
|
|
$
|
26,889,911
|
|
|
$
|
14,540,300
|
|
|
$
|
14,268,184
|
|
Revenue from related
parties
|
|
|
—
|
|
|
|
2,647,993
|
|
|
|
—
|
|
Revenue
|
|
|
26,889,911
|
|
|
|
17,188,293
|
|
|
|
14,268,184
|
|
Cost of
revenue
|
|
|
(12,357,934)
|
|
|
|
(13,072,732)
|
|
|
|
(10,990,076)
|
|
Gross profit
|
|
|
14,531,977
|
|
|
|
4,115,561
|
|
|
|
3,278,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(294,587)
|
|
|
|
(153,822)
|
|
|
|
(143,708)
|
|
General and
administrative expenses
|
|
|
(3,046,037)
|
|
|
|
(1,041,330)
|
|
|
|
(1,077,102)
|
|
Research and
development expenses
|
|
|
(3,546,155)
|
|
|
|
(3,207,759)
|
|
|
|
(661,134)
|
|
Total operating
expenses
|
|
|
(6,886,779)
|
|
|
|
(4,402,911)
|
|
|
|
(1,881,944)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
7,645,198
|
|
|
|
(287,350)
|
|
|
|
1,396,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expenses)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
41,230
|
|
|
|
42,948
|
|
|
|
42,690
|
|
Interest
expenses
|
|
|
(126,206)
|
|
|
|
(74,888)
|
|
|
|
(25,183)
|
|
Other income,
net
|
|
|
89,124
|
|
|
|
54,049
|
|
|
|
10,488
|
|
Total other income,
net
|
|
|
4,148
|
|
|
|
22,109
|
|
|
|
27,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
|
7,649,346
|
|
|
|
(265,241)
|
|
|
|
1,424,159
|
|
Income tax
expense
|
|
|
(1,098,087)
|
|
|
|
—
|
|
|
|
(9,992)
|
|
Net income
(loss)
|
|
|
6,551,259
|
|
|
|
(265,241)
|
|
|
|
1,414,167
|
|
Net (loss) income
attributable to non-controlling interest
|
|
|
(579)
|
|
|
|
1,981
|
|
|
|
(2,295)
|
|
Net income (loss)
attributable to Global Mofy Metaverse
Limited
|
|
$
|
6,551,838
|
|
|
$
|
(267,222)
|
|
|
$
|
1,416,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss)
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
6,551,259
|
|
|
$
|
(265,241)
|
|
|
$
|
1,414,167
|
|
Foreign currency
translation (loss) gain
|
|
|
(407,248)
|
|
|
|
(198,124)
|
|
|
|
7,983
|
|
Total comprehensive
income (loss)
|
|
|
6,144,011
|
|
|
|
(463,365)
|
|
|
|
1,422,150
|
|
Comprehensive income
attributable to non-controlling
interests
|
|
|
3,031
|
|
|
|
2,304
|
|
|
|
4,259
|
|
Comprehensive income
(loss) attributable to Global Mofy
Metaverse Limited
|
|
$
|
6,140,980
|
|
|
$
|
(465,669)
|
|
|
$
|
1,417,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
– Basic and
diluted*
|
|
$
|
0.26
|
|
|
$
|
(0.01)
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
– Basic and
diluted*
|
|
|
25,021,246
|
|
|
|
23,441,484
|
|
|
|
23,015,777
|
|
GLOBAL MOFY
METAVERSE LIMITED
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Expressed in
U.S. Dollars)
|
|
|
|
|
|
For the Years
Ended
September 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
6,551,259
|
|
|
$
|
(265,241)
|
|
|
$
|
1,414,167
|
|
Adjustments to
reconcile net income (loss) to net cash used in
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
439,279
|
|
|
|
27,852
|
|
|
|
23,140
|
|
Amortization of
operating lease right-of-use assets
|
|
|
184,427
|
|
|
|
151,863
|
|
|
|
147,482
|
|
Provision for doubtful
accounts, net of recovery
|
|
|
1,204,551
|
|
|
|
(16,084)
|
|
|
|
21,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(1,684,402)
|
|
|
|
3,565,011
|
|
|
|
(5,302,583)
|
|
Accounts
receivable – related party
|
|
|
301,136
|
|
|
|
(324,116)
|
|
|
|
—
|
|
Advances to
vendors
|
|
|
(766,921)
|
|
|
|
(3,356,195)
|
|
|
|
662,025
|
|
Prepaid expenses and
other current assets
|
|
|
1,518,313
|
|
|
|
(16,901)
|
|
|
|
(323,016)
|
|
Prepaid expenses and
other noncurrent assets
|
|
|
(65,892)
|
|
|
|
61,142
|
|
|
|
—
|
|
Accounts
payable
|
|
|
(411,037)
|
|
|
|
(1,823,331)
|
|
|
|
1,405,228
|
|
Advance from
customers
|
|
|
(809,364)
|
|
|
|
738,642
|
|
|
|
49,877
|
|
Taxes
payable
|
|
|
1,129,748
|
|
|
|
29,585
|
|
|
|
485,017
|
|
Accrued expenses and
other liabilities
|
|
|
(1,549,218)
|
|
|
|
281,003
|
|
|
|
33,716
|
|
Lease
liabilities
|
|
|
(265,773)
|
|
|
|
(190,457)
|
|
|
|
(89,756)
|
|
Net cash provided by
(used in) operating activities
|
|
|
5,776,106
|
|
|
|
(1,137,227)
|
|
|
|
(1,473,281)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(9,782)
|
|
|
|
(28,839)
|
|
|
|
(51,683)
|
|
Purchase of intangible
assets
|
|
|
(7,156,636)
|
|
|
|
—
|
|
|
|
—
|
|
Purchase of short-term
investments
|
|
|
(750,000)
|
|
|
|
—
|
|
|
|
—
|
|
Collection of loans to
related parties
|
|
|
184,311
|
|
|
|
—
|
|
|
|
112,644
|
|
Loans to third
parties
|
|
|
(2,400,000)
|
|
|
|
—
|
|
|
|
(501,752)
|
|
Loans to related
party
|
|
|
—
|
|
|
|
(198,376)
|
|
|
|
—
|
|
Collection of loans to
third parties
|
|
|
2,400,000
|
|
|
|
61,039
|
|
|
|
359,602
|
|
Net cash used in
investing activities
|
|
|
(7,732,107)
|
|
|
|
(166,176)
|
|
|
|
(81,189)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings from third
parties
|
|
|
(217,629)
|
|
|
|
234,237
|
|
|
|
1,060,364
|
|
Repayments of third
parties loans
|
|
|
23,393
|
|
|
|
(1,243,667)
|
|
|
|
—
|
|
Proceeds from
short-term bank loans
|
|
|
2,526,658
|
|
|
|
1,785,143
|
|
|
|
1,059,849
|
|
Repayments of
short-term bank loans
|
|
|
(1,545,149)
|
|
|
|
(1,174,487)
|
|
|
|
(302,583)
|
|
Deferred offering
cost
|
|
|
(70,867)
|
|
|
|
(131,634)
|
|
|
|
—
|
|
Capital
contributions
|
|
|
10,923,053
|
|
|
|
2,000,000
|
|
|
|
805,722
|
|
Net cash provided by
financing activities
|
|
|
11,639,459
|
|
|
|
1,469,592
|
|
|
|
2,623,352
|
|
Effect of foreign
exchange rate on cash
|
|
|
(381,942)
|
|
|
|
(118,819)
|
|
|
|
11,054
|
|
Net increase in
cash
|
|
|
9,301,516
|
|
|
|
47,370
|
|
|
|
1,079,936
|
|
Cash at the beginning
of the year
|
|
|
1,136,064
|
|
|
|
1,088,694
|
|
|
|
8,758
|
|
Cash at the end of the
year
|
|
$
|
10,437,580
|
|
|
$
|
1,136,064
|
|
|
$
|
1,088,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
258
|
|
|
$
|
—
|
|
|
|
739
|
|
Interest
paid
|
|
$
|
126,206
|
|
|
$
|
74,888
|
|
|
$
|
25,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash transactions
of investing and financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial recognition of
right-of-use assets
|
|
$
|
1,022,582
|
|
|
$
|
—
|
|
|
$
|
313,741
|
|
View original
content:https://www.prnewswire.com/news-releases/global-mofy-metaverse-reports-record-2023-financial-year-results-302049274.html
SOURCE Global Mofy Metaverse Limited