Entrepreneur Universe Bright Group (QB) (EUBG) News

$EUBG ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2021 Fiscal Year Financial ResultsPress Release | 04/15/2022
ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2021 Fiscal Year Financial Results

PR Newswire

XI'AN, China, April 15, 2022

XI'AN, China, April 15, 2022 /PRNewswire/ -- ENTREPRENEUR UNIVERSE BRIGHT GROUP ("EUBG" or the "Company") (OTCBB: EUBG), a digital marketing consulting company, today announced its audited financial results for the fiscal year ended December 31, 2021.

Mr. Guolin Tao, CEO of Entrepreneur Universe Bright Group commented, "A new Delta variant of COVID-19 had been found in certain cities in China in the second quarter of 2021, which may cause another outbreak, thus increasing risks and possible further disruption to businesses. Therefore, certain of our consulting services were suspended from April 2021 to August 2021. We have resumed these consulting businesses from August 2021 in order to maintain diversified services for our customers."

"As of December 31, 2021, the COVID-19 pandemic continues to be dynamic, and near-term challenges across the economy remain. Although vaccines are now being distributed and administered across many parts of the world, new variants of the virus have emerged and may continue to emerge that have shown to be more contagious. We continue to adhere to applicable governmental and commercial restrictions and to work to mitigate the impact of COVID-19 on our employees, customers, communities, liquidity and financial position. The extent to which the COVID-19 outbreak may impact the company's business, operations and financial results from this point forward will depend on numerous evolving factors that the company cannot accurately predict. Those factors include the following: the duration and scope of the pandemic; governmental, business and individuals' actions in response to the pandemic in the future; and any other further development of the COVID-19 outbreak," Mr. Tao added.

2021 Financial Results:




2021




2020


Revenue



$


5,637,396




$


9,187,023


Cost of revenue




(1,827,082)





(661,462)


Gross profit




3,810,314





8,525,561


Selling expenses




(253,958)





(188,900)


General and administrative expenses




(1,668,432)





(935,302)


Total other income, net




187,392





71,556


Income before income tax




2,075,316





7,472,915


Income tax expense




(988,916)





(2,504,845)


Net income



$


1,086,400




$


4,968,070




Revenue and cost of revenue: During the year ended December 31, 2021, we generated revenue of $5,637,396 compared to $9,187,023 for the year ended December 31, 2020, representing a decrease of $3,549,627 or 38.6% as compared with the prior year. The decrease in revenue was due to the Delta virus in China increased the inherent risk of the business and the realignment of our resources to focus on our KOL Training Related Services business, which resulted in the suspension of certain consulting services from April, 2021 to August, 2021 to maintain diversified services for our customers.

Cost of revenue was $1,827,082 for the year ended December 31, 2021 compared to $661,462 for year ended December 31, 2020. The cost of revenue for the year ended December 31, 2021 increased because we started the digital training related services during the year and incurred agency fees of $579,959 and direct operation costs of $391,125 for the services. For the year ended December 31, 2020, the cost of revenue mainly represented the staff costs for our consulting services.

Selling expenses: During the year ended December 31, 2021, we incurred $253,958 selling expenses compared to $188,900 for the year ended December 31, 2020, representing an increase of $65,058 or 34.4% as compared with the prior year. The increase of selling expenses was mainly due to more staff costs incurred in marketing our KOL Training Related Services for the year ended December 31, 2021.

General and administrative expenses: During the year ended December 31, 2021, we incurred $1,668,432 general and administrative expenses compared to $935,302 for the year ended December 31, 2020, representing an increase of $733,130 or 78.4% as compared with the prior year. Our general and administrative expenses consisted mainly of audit fees, professional fees, payroll expenses and consultancy fees.

For the year ended December 31, 2021, we incurred audit fees, professional fees and consultancy fees of $346,664, $270,400 and $226,807, respectively, to assist us in complying with the relevant reporting requirements. For the year ended December 31, 2020, we incurred audit fees, professional fees and consultancy fees of $204,942, $100,808 and $77,176, respectively because we engaged our new company lawyer and consultants during the year.

In addition, we incurred social insurance of $124,386 for the year ended December 31, 2021. There was only $4,911 incurred for the year ended December 31, 2020 because the PRC government waived employer obligations on social security contributions for a specified period of time to ease the burden of enterprises arising from COVID-19 in 2020 and our PRC subsidiary failed to deposit adequate contributions to the housing funds for the year ended December 31, 2020.

Total other income, net: During the year ended December 31, 2021, we generated net other income of $187,392 compared to $71,556 for the year ended December 31, 2020, representing an increase of $115,836 or 161.9% as compared with the prior year. Our other income mainly consisted of bank interest income, exchange rate differences and certain sundry incomes.

Income tax expense: During the year ended December 31, 2021, we incurred income tax expense of $988,916 compared to $2,504,845 for the year ended December 31, 2020, representing a decrease of $1,515,929 or 60.5% as compared with the prior year. The income tax expense consisted of income taxes charged in China and Hong Kong.

For the year ended December 31, 2021, our income tax expenses comprised of current tax and deferred tax expenses of $767,877 and $221,039, respectively, compared to $1,952,840 and $552,005 for the year ended December 31, 2020. The decrease of the current tax and deferred tax was mainly resulted from a lower profit caused by the realignment of our resources to focus on our KOL Training Related Services business.

Net income: As a result of the above, we generated a net income of $1,086,400 and $4,968,070 for the year ended December 31, 2021 and 2020, respectively.

Cash and cash equivalents: As of December 31, 2021, the company had cash and cash equivalents of $7,649,129 compared to $3,846,470 as of December 31, 2020.

About ENTREPRENEUR UNIVERSE BRIGHT GROUP

ENTREPRENEUR UNIVERSE BRIGHT GROUP is a digital marketing consultation company with its main operation in China, providing marketing consulting services to Chinese start-up companies. The company provides consulting services, sourcing and marketing services, KOL training coordination business and KOL training services in China through its PRC subsidiary with support from its HK subsidiary. Its PRC subsidiary provides services aimed at connecting businesses with e-commerce platforms. The integrated service platform focuses on strategic marketing and consulting. The company's mission is to help start-up companies and small-size companies and guide these companies' founders in utilizing the company's digital marketing consulting plan to reach their business goals. For more information about the Company, please visit: http://www.eubggroup.com/ .

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. 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. Specifically, the Company's statements regarding trading on the OTC Pink market and closing the initial public offering are forward-looking statements. 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 following: the Company's goals and strategies; the Company's future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company 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:

The Company:
Jianyong Li
Email: lijianyong@eubggroup.com
Phone: +86-(029) 86100263

Investor Relations:
Janice Wang
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1-908-510-2351 (from U.S.)
+86 13811768559 (from China)



ENTREPRENEUR UNIVERSE BRIGHT GROUP
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2021 AND 2020
(In U.S. dollars except for number of shares)







2021




2020


ASSETS







CURRENT ASSETS







Cash and cash equivalents



$


7,649,129




$


3,846,470


Debt products




-





3,058,041


Accounts receivable




67,940





202,183


Other receivables and prepayments




55,925





50,306


Loan to a related company




-





186,796


Total current assets




7,772,994





7,343,796











NON-CURRENT ASSETS









Plant and equipment, net




281,448





355,609


Operating lease right-of-use assets, net




146,698





25,615


Total non-current assets




428,146





381,224











TOTAL ASSETS



$


8,201,140




$


7,725,020











LIABILITIES AND STOCKHOLDERS' EQUITY









CURRENT LIABILITIES









Accounts payable



$


115,833




$


-


Other payables and accrued liabilities




402,158





618,508


Contract liabilities




216,142





-


Receipt in advance




5,161





50,369


Operating lease liabilities, current




59,370





29,933


Tax payables




39,545





595,338


Amount due to a shareholder




-





53,000


Amount due to a director




171,443





51,309


Borrowings




-





128,996


Total current liabilities




1,009,652





1,527,453











NON-CURRENT LIABILITY









Deferred tax liabilities




342,546





626,546


Operating lease liabilities, non-current




87,328





-


Total non-current liabilities




429,874





626,546











TOTAL LIABILITIES




1,439,526





2,153,999











COMMITMENTS AND CONTINGENCIES


















STOCKHOLDERS' EQUITY









Preferred stock, par value $0.0001 per share, 1,100,000 shares authorized, Nil (December 31, 2020:
Nil) shares issued and outstanding as of December 31, 2021




-





-


Common stock, par value $0.0001 per share; 1,800,000,000 shares authorized, 1,701,181,423
(December 31, 2020: 1,701,181,423) shares issued and outstanding as of December 31, 2021




170,118





170,118


Additional paid-in capital




6,453,048





6,453,048


Statutory reserves




65,911





65,911


Accumulated deficit




(357,403)





(1,443,803)


Accumulated other comprehensive income




429,940





325,747


Total stockholders' equity




6,761,614





5,571,021


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY



$


8,201,140




$


7,725,020






ENTREPRENEUR UNIVERSE BRIGHT GROUP
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
(In U.S. dollars except for number of shares)







2021




2020


Revenue



$


5,637,396




$


9,187,023


Cost of revenue




(1,827,082)





(661,462)


Gross profit




3,810,314





8,525,561


Selling expenses




(253,958)





(188,900)


General and administrative expenses




(1,668,432)





(935,302)


Profit from operations




1,887,924





7,401,359


Other income (expenses):









Interest income




76,952





36,721


Exchange loss




(476)





(813)


Sundry income




110,916





35,648


Total other income, net




187,392





71,556


Income before income tax




2,075,316





7,472,915


Income tax expense




(988,916)





(2,504,845)


Net income



$


1,086,400




$


4,968,070


Other comprehensive income









Foreign currency translation adjustment




104,193





329,795


Total comprehensive income



$


1,190,593




$


5,297,865











Net income per share - Basic and diluted



$


0.00


*



$


0.00


*

Weighted average number of common shares outstanding









- Basic and Diluted




1,701,181,423





1,701,181,423




*


Less than $0.01 per share





ENTREPRENEUR UNIVERSE BRIGHT GROUP
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
(In U.S. dollars)







2021




2020


Cash flows from operating activities







Net income



$


1,086,400




$


4,968,070


Adjustments to reconcile net income to cash used in operating activities:









Depreciation




83,212





32,059


Amortization of operating lease right-of-use assets




39,367





31,350


Deferred tax




(293,366)





552,005


Changes in operating assets and liabilities:









Other receivables and prepayments




(5,186)





(27,577)


Accounts receivable




137,165





(28,585)


Amount due from a related company




-





235,930


Amount due to a shareholder




(53,000)





53,000


Accounts payable




115,561





(57,954)


Other payables and accrued liabilities




(220,493)





395,583


Tax payables




(563,979)





415,984


Contract liabilities




215,636





(87,490)


Receipt in advance




(45,909)





29,104


Operating lease liabilities




(43,745)





(27,259)


Net cash generated from operating activities




451,663





6,484,220











Cash flows from investing activities









Purchase of property, plant and equipment




-





(369,021)


Acquisition of debt products




(2,789,855)





(2,897,689)


Redemption of debt products




5,889,695





-


Loan to a related company




(123,994)





(147,912)


Repayment from a related company




313,343





-


Net cash generated from (used in) investing activities




3,289,189





(3,414,622)











Cash flows from financing activities









Proceed from borrowings




-





128,927


Repayment of borrowings




(128,656)





-


Advance from a director




121,090





41,271


Net cash (used in) generated from financing activities




(7,566)





170,198











Effect of exchange rates on cash




69,373





206,796











Net increase in cash and cash equivalents




3,802,659





3,446,592


Cash and cash equivalents at beginning of year




3,846,470





399,878


Cash and cash equivalents at end of year



$


7,649,129




$


3,846,470











Supplemental cash flow information









Cash paid during the year for:









Income taxes



$


1,326,242




$


1,536,857


Withholding tax paid



$


518,702




$


-


Non-cash financing activities Operating lease assets obtained in exchange for operating lease
obligations



$


171,419




$


55,622






View original content:https://www.prnewswire.com/news-releases/entrepreneur-universe-bright-group-announces-2021-fiscal-year-financial-results-301526739.html

crazy was fun while it lasted

That's why I think it's a boiler room quietly promoting it. That way salesman can control their buyers, demanding they don't sell. This way it's all buys and no sells, and price does crazy things like this If the company releases a PR, that brings too many uncontrollable investors

Ya I learned a long time ago gotta hold the low floaters. Never know whats gonna happen. REEI shares ended up very pretty at the end. Whats weird about this one is I cant find any reason for the run but yet millions of dollars has hit it.

Dark or Defunct. Back to zero.

Careful with this one, I've seen similar patterns before from a pink being promoted by a shady boiler room. Their MO was to find low float off-radar OTC companies, get in bed with the principals and possibly with market makers, and have their many marks buy and hold to pump price up until the time for their insiders to unload came. That day appears to be today lol, and from the trading action it looks like the boiler room callers went on high alert to demand their marks buy the dip, only to unload on them again lol. I could be wrong.... BTW my dumb ass sold 54k shares inherited from defunct REEI at 1 penny just before the run, netting about 500 lousy bucks instead of over 50 grand smh.

1.00 what a bounce

.80

.64 guess not

.35 down -69% wonder if its finally done

I can’t believe there is no information out there on this company. Only thing I found was the area they own all that acreage in is known for gold mining (Port-e-Kiatuma, Guyana ). Maybe they became successful with their mining? Enjoying the ride though

1.10 unreal

Still can't find a reason this ran, but I'll take it!!!

1.00 Boooooooooooooooooooooooooooooooooooooooooooooooooooom. This is nuts!

.44 and no clue why weeeeeeeeeeeeee

.34 wow and so quietly

.21

Amazing run from subbies and I dont see any chatter on it anywhere. Do you know why its moving?

Back to my cave and be quiet....

"EUBG looking gooood....can run past .05 easy..."

.18 where you at MOUTH?????????? Patience WINNNING!!!!!!!!!

.08 hit today still going nice

hit .059 on surge cant find anything new wonder whats up

Anyone come up with any further info? Don't get it, why go through the hassle of a name change, a funky one at that, and not alert shareholders to anything whatsoever. Must be working behind the scenes on something great, as the name suggests. I'm looking forward to a great PR soon, and from trading patterns being little loads here and there I bet I'm right

Wow. I still am holding this. I dont know why its rising but ill take it

.028 nice

vol surge wonder whats up

EUBG .01

EUBG .008 break those .01s

.01 booooooooooooooooooooooooooooooooooooom coppa

Looks that way , like to see some sort of update

EUBG looking gooood....can run past .05 easy...

EUBG holding this, lets see a nice run from here

$EUBG: OS Shares still over 1.7Billion.............


Why waste your time here.


Collect profits and move on




Overvalued here at $0.015


Should fall

.015 hit patience winning. Wheres the haters now?

Looks like somebody wanted some shares :) Hope this is a precursor of things to come...

.007

yup i seen .0059 getting hit earlier would love to see updates

Somebody's been nibbling on this one. Would like to see some sort of news soon :) Still haven't been able to find anything more on it, quite the mystery!

Nope, it's an odd one. The address leads to some big office building complex in Hong Kong, but that's about it.

1.7 billion shares here and 6 million dollar market cap and no one knows anything about it?

.004

.0018 whos the donk?

Still can't find any info about the new company name. Hopefully there's some sort of PR or something soon that fills us in :)

Ree International Inc., REEI, changed to Entrepreneur Universe Bright Group, EUBG:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

Cool beans

.0044 symbol/name change to EUBG ENTREPRENEUR UNIVERSE BRIGHT GROUP tomorrow


https://otce.finra.org/otce/dailyList

We have a name change: Entrepreneur Universe Bright Group

https://esos.nv.gov/EntitySearch/BusinessFilingHistoryOnline

A quick google search came up with no info on the name...

Hopefully we get something else soon.

Did some more digging on the address, and came up with another possibility in this document (terms of service for FACHAT)

http://www.fachat.com.s3-website.eu-central-1.amazonaws.com/static/terms_of_service_en.html

which mentions the address as the registered office of MEET TECH LIMITED

1.2 Contracting Entity

By using Fachat, you are agreeing to be bound by these Terms between you and MEET TECH LIMITED, a company incorporated under the law of the Hong Kong with its registered office at Room 1003, 10/F, Tower 1, Lippo Centre, 89 Queensway, Admiralty, Hong Kong. ("we", "our" and "us").

We may specify in certain of our Fachat service-specific terms that you are contracting with one of our affiliate companies or Service Providers (instead of us) in relation to your use of the relevant Fachat service or feature to which the relevant service-specific terms apply. Where this is the case, the relevant contracting entity will be identified in the relevant Fachat service-specific terms, and these Terms (and those relevant service-specific terms) will apply between you and that identified contracting entity in relation to your use of the relevant Fachat services or features.

Again, don't really know how old the document is, I can't find dates anywhere. Meet Tech Limited seems to be a company developing chat apps, they also have one called Veego (https://www.formidapps.com/ios/app.veego-live-chat-video-chat-xDnxqnFp.aspx)

Still can't find any reference to Guolin Tao...