Financial Performance - For the year ended May 31, 2022, the Group recognized revenue of approximately HK$20.3 million, representing an increase of HK$8.0 million or 65% compared to the previous year[15]. - The Group's gross loss for the year was approximately HK$11.5 million, a significant improvement from a gross loss of approximately HK$22.5 million for the year ended May 31, 2021[15]. - The net loss of the Group was approximately HK$24.4 million, which is a decrease of approximately HK$11.3 million or 32% compared to the previous year[15]. - For the year ended May 31, 2022, the company reported revenue of approximately HKD 20.3 million, an increase of HKD 8.0 million or 65% compared to the previous year[19]. - The gross loss for the same period was approximately HKD 11.5 million, down from HKD 22.5 million in the previous year[19]. - The net loss for the year was approximately HKD 24.4 million, a reduction of HKD 11.3 million or 32% compared to the previous year[19]. - The Group's loss for the year was approximately HK$24.4 million, a decrease of approximately HK$10.7 million compared to a loss of HK$35.1 million in 2021, attributed to an increase in shows and events, higher equipment rental charges, and successful cost-saving measures[84]. - The effective income tax rate of the Group was 2.3% for the year ended 31 May 2022, down from 12.3% in 2021[83]. - The actual income tax rate for the Group for the year ended May 31, 2022, was 2.3%, down from 12.3% in the previous year[86]. Business Operations and Strategy - The Group has entered into cooperation with Shenzhen Xinhang Information Technology Company Limited to explore new business opportunities in metaverse technology[16]. - The Group aims to leverage existing video display equipment to expand into the field of metaverse technology and enhance its visual display business[16]. - The Group plans to strengthen management governance and explore more business opportunities to diversify its operations for shareholder benefit[17]. - The Group aims to mitigate the adverse impact of relying on a single source of revenue by introducing existing video display equipment to the television and film industry[90]. - The management believes that the business will return to the right track as COVID-19 subsides and may experience explosive growth in the near future[91]. - The Group has actively sought new business opportunities to apply its video display solutions beyond the live event industry, including a partnership with Shenzhen Xinhang Information Technology Company Limited to explore metaverse technology[90]. Event Participation and Revenue Sources - The company engaged in 107 pop concert shows during the year, up from 65 shows in 2021, indicating a recovery in business activities[25]. - Approximately 33.7% of total revenue for the year came from pop concerts, compared to 20.9% in the previous year[25]. - Revenue from visual display solutions accounted for approximately 95.5% of the Group's total revenue in the year ended 31 May 2022, down from 97.4% in 2021[32]. - The average revenue per pop concert performance increased from approximately HK$39,000 in 2021 to approximately HK$64,000 in 2022[40]. - Revenue from other live events increased, with average revenue per performance rising from HK$7,000 in 2021 to approximately HK$10,000 in 2022[39]. - For the year ended 31 May 2022, total revenue from pop concerts was HK$6,857,000, representing a 100% increase from HK$2,510,000 in the previous year[58]. - Revenue from other live events totaled HK$12,567,000, with an average revenue per show of HK$10,000, compared to HK$9,512,000 and HK$8,000 in the previous year, respectively[63]. Financial Risks and Management - The group faces various financial risks, including cash flow and foreign exchange risks, which are detailed in the annual report[25]. - The Group's business performance may be affected by the economic conditions in Hong Kong, which are susceptible to fluctuations in the global economic environment[30]. - The Group maintained a healthy liquidity position throughout the year ended May 31, 2022, by adopting prudent financial management approaches[103]. - As of May 31, 2022, the Group recorded net current liabilities of approximately HK$26.4 million, compared to net current assets of approximately HK$12.1 million in 2021[92]. - The Group's current ratio as of May 31, 2022, was approximately 0.32, down from approximately 0.55 in 2021[93]. - The gearing ratio as of May 31, 2022, was approximately 47.1%, compared to approximately 21.2% in 2021[93]. Corporate Governance - The Board comprises seven Directors, including three executive Directors and four independent non-executive Directors, ensuring a balance of skills and experience[126]. - The Board has achieved compliance with the GEM Listing Rules, with more than one-third of its members being independent non-executive Directors[126]. - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for a deviation regarding the roles of chairman and chief executive[117]. - The Board is committed to high standards of corporate governance to safeguard and enhance shareholders' interests[115]. - Monthly financial and operational information is provided to the Board to assess the performance of the Company and its subsidiaries[122]. - The Board held a total of ten Board meetings, five Audit Committee meetings, two Remuneration Committee meetings, and one Nomination Committee meeting during the year ended May 31, 2022[136]. Audit and Remuneration - PricewaterhouseCoopers resigned as the auditor effective June 17, 2022, due to a disagreement on audit fees, and Zhonghui Anda CPA Limited was appointed as the new auditor[157]. - The Remuneration Committee, comprising four independent non-executive Directors, is responsible for recommending remuneration policies and packages for Directors and senior management[160]. - The remuneration policy for Directors and senior management is based on experience, responsibility level, and market conditions, with bonuses linked to Group and individual performance[164]. - The Group's senior management remuneration is linked to both Group performance and individual performance metrics[164]. Shareholder Engagement - The Company aims to maintain ongoing dialogue with shareholders through annual general meetings and other communications[196]. - The forthcoming annual general meeting is scheduled for 8 November 2022[199].

Financial Performance - The Group recorded an unaudited revenue of approximately HK$17.7 million for the nine months ended 28 February 2022, representing an increase of approximately 206.3% compared to HK$5.8 million for the corresponding period in 2021[5]. - The revenue for the three months ended 28 February 2022 was HK$5.34 million, compared to HK$2.39 million for the same period in 2021, indicating a significant recovery in performance[11]. - Total revenue for the nine months ended 28 February 2022 was HK$17,670,000, up from HK$5,769,000 in the previous year, marking an increase of approximately 206%[35]. - Revenue from visual display solution services for the nine months ended 28 February 2022 was HK$16,927,000, a significant increase from HK$5,713,000 for the same period in 2021, representing a growth of approximately 195%[35]. - Revenue from pop concerts accounted for approximately 95.8% of total revenue, with 82 shows held during the nine months ended 28 February 2022, compared to 46 shows in the same period of the previous year[114]. - Average revenue per pop concert show increased from approximately HK$36,000 for the nine months ended 28 February 2021 to approximately HK$65,000 for the nine months ended 28 February 2022[124]. - Revenue from other live events increased due to the average revenue per show rising from approximately HK$5,000 to HK$11,000, and the number of shows increasing from 877 to 1,023[127]. Loss and Expenses - The Group's unaudited loss was approximately HK$15.3 million for the nine months ended 28 February 2022, a decrease from approximately HK$27.6 million for the same period in 2021, primarily due to the resumption of shows and events in Hong Kong[5]. - The gross loss for the nine months ended 28 February 2022 was HK$6.99 million, improved from HK$17.76 million for the corresponding period in 2021[11]. - The operating loss for the nine months ended 28 February 2022 was HK$14.80 million, down from HK$27.15 million for the corresponding period in 2021[11]. - Loss before income tax for the three months ended 28 February 2022 was HK$6,195,000, an improvement from a loss of HK$8,888,000 in the same period last year, representing a 30.4% reduction[12]. - The loss for the period attributable to owners of the Company was HK$6,137,000, compared to HK$8,854,000 for the same period last year, indicating a 30.7% decrease[12]. - For the nine months ended 28 February 2022, the total loss was HK$15,288,000, down from HK$27,573,000 in the previous year, reflecting a 44.5% improvement[12]. - Basic and diluted loss per share attributable to the owners of the Company for the nine months ended 28 February 2022 was HK$1.89, compared to HK$3.45 in the previous year, a decrease of 45.3%[12]. - Total comprehensive expenses for the period attributable to owners of the Company were HK$6,195,000, down from HK$8,888,000 in the same period last year, a reduction of 30.4%[12]. - The Group's administrative expenses for the nine months ended 28 February 2022 were HK$10.04 million, reduced from HK$9.63 million for the same period in 2021[11]. Equity and Retained Earnings - The balance of retained earnings as of 28 February 2022 was negative HK$10,377,000, compared to HK$12,226,000 as of 28 February 2021[17]. - The total equity as of 28 February 2022 was HK$55,531,000, down from HK$78,028,000 in the previous year, a decrease of 28.8%[17]. Market and Operational Insights - The Group's performance improvement is attributed to the recovery of the events industry in Hong Kong following the easing of restrictions[5]. - The Group engaged in 82 pop concert shows during the nine months ended 28 February 2022, compared to 46 shows in the same period in 2021, reflecting a growth of 78% in event participation[109]. - Approximately 30.3% of total revenue for the nine months ended 28 February 2022 was derived from pop concerts, slightly up from 28.6% in the previous year[109]. - The majority of revenue was generated in Hong Kong, with 81 shows accounting for approximately HK$5.3 million, representing 99% of pop concert revenue[163]. - The Group's revenue from the PRC and Macau was minimal, with only 6 shows in the PRC generating HK$364,000 and 1 show in Macau generating HK$50,000[163]. - The Group plans to continue expanding its market presence and enhancing its visual display solutions offerings in the future[111]. Compliance and Corporate Structure - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[25]. - The Company was incorporated in the Cayman Islands and listed on GEM of The Stock Exchange of Hong Kong Limited on 14 June 2017, maintaining its operational presence in the region[21]. Future Outlook and Strategic Initiatives - The Group's financial position remains stable with no early adoption of new accounting standards that materially impact results[32]. - The Group is currently assessing the impact of new accounting standards issued by the HKICPA that are not yet effective[32]. - The company reported total revenue of HK$XXX million for the quarter, reflecting a Y% increase compared to the previous year[190]. - Average revenue per performance was HK$XXX thousand, which represents a Z% growth from the last quarter[195]. - The number of performances increased to A, contributing to the overall revenue growth[193]. - Future outlook indicates a projected revenue growth of B% for the next quarter, driven by new product launches[1]. - The company is focusing on market expansion in region C, aiming to increase market share by D%[2]. - New technology development initiatives are expected to enhance operational efficiency by E%[3]. - The company plans to invest F million in R&D for innovative product offerings in the upcoming fiscal year[4]. - Strategic acquisitions are being considered to bolster the company's competitive position in the market[5]. - User data indicates a growth in active users by G%, highlighting increased engagement with the company's offerings[6]. - The company has set a performance guidance of H million for the next quarter, reflecting confidence in continued growth[7].

Financial Performance - The Group recorded an unaudited revenue of approximately HK$12.3 million for the six months ended 30 November 2021, representing an increase of approximately 265% compared to the corresponding period in 2020[28]. - The Group's unaudited loss was approximately HK$9.1 million for the six months ended 30 November 2021, a decrease of approximately HK$9.6 million or 51.3% compared to the same period in 2020, primarily due to the resumption of shows and events in Hong Kong[28]. - Loss per share for the period was HK$1.13, a reduction of 51.7% from HK$2.34 in the previous year[28]. - Revenue for the three months ended 30 November 2021 was HK$7,700,000, compared to HK$2,252,000 for the same period in 2020, representing a 242% increase[33]. - The total comprehensive loss for the period was HK$2,600,000 for the three months ended 30 November 2021, compared to HK$9,698,000 for the same period in 2020[36]. - For the six months ended 30 November 2021, the loss attributable to owners of the Company was HK$9,022,000, compared to a loss of HK$18,713,000 for the same period in 2020, representing a 51.8% improvement[113]. - The basic loss per share for the six months ended 30 November 2021 was HK$1.13, compared to HK$2.34 for the same period in 2020, indicating a 51.8% reduction in loss per share[113]. Revenue Growth - Total revenue for the six months ended 30 November 2021 reached HK$12,330,000, compared to HK$3,378,000 for the same period in 2020, marking a growth of 264%[91]. - Revenue from visual display solution services for the three months ended 30 November 2021 was HK$7,700,000, a significant increase from HK$2,252,000 in the same period of 2020, representing a growth of 242%[87]. - Revenue from Hong Kong for the six months ended 30 November 2021 was HK$7,301,000, up from HK$1,872,000 in 2020, indicating a growth of 289%[91]. - The Group's revenue from Macau for the six months ended 30 November 2021 was HK$3,066,000, significantly up from HK$147,000 in 2020, indicating a growth of 1984%[91]. - The Group's revenue from equipment rental for the six months ended 30 November 2021 was HK$12,330,000, compared to HK$3,378,000 in 2020, representing a growth of 264%[87]. Expenses and Liabilities - Gross loss for the six months ended 30 November 2021 was HK$4,608,000, an improvement from a gross loss of HK$12,474,000 in the same period of 2020[33]. - Administrative expenses decreased to HK$6,049,000 for the six months ended 30 November 2021, down from HK$6,022,000 in the same period of 2020[33]. - Employee benefit expenses for the three months ended 30 November 2021 were HK$2,516,000, down from HK$3,485,000 in the same period of 2020, reflecting a decrease of 28%[95]. - The Group's finance costs for the six months ended 30 November 2021 were HK$318,000, compared to HK$283,000 in the same period of 2020, reflecting an increase of 12.4%[98]. - Total liabilities increased to HK$35,741,831 as of 30 November 2021, compared to HK$30,764,283 as of 31 May 2021[56]. Cash Flow and Assets - The net cash generated from operating activities for the six months ended November 30, 2021, was HK$822,000, a significant improvement from a net cash outflow of HK$2,525,000 in the previous year[79]. - The company reported a net cash decrease of HK$484,000 in cash and cash equivalents for the six months ended November 30, 2021, compared to a net increase of HK$1,167,000 in the same period of 2020[79]. - Cash and cash equivalents at the end of the period were HK$683,000, down from HK$2,596,000 at the end of the same period in 2020, representing a decline of approximately 73.7%[79]. - Total assets as of 30 November 2021 were HK$96,981,879, down from HK$101,096,797 as of 31 May 2021[40]. - The Group's total non-current assets as of 30 November 2021 were HK$96,982,000, a decrease from HK$101,097,000 as of 31 May 2021[92]. Equity and Share Capital - As of November 30, 2021, total equity decreased to HK$61,240,000 from HK$86,614,000 as of November 30, 2020, reflecting a decline of approximately 29.3%[61]. - The company’s share capital remained unchanged at HK$8,000,000 as of November 30, 2021, consistent with the previous year[61]. - The statutory retained reserve increased to HK$305,000 as of November 30, 2021, compared to HK$199,000 in the previous year[61]. - The directors of the Company do not recommend the payment of dividends for the six months ended 30 November 2021, consistent with the previous year where no dividends were paid[108]. Trade Receivables and Credit Risk - As of November 30, 2021, trade receivables amounted to HK$13,496,570, an increase from HK$13,156,541 as of May 31, 2021, representing a growth of approximately 2.6%[142]. - The current portion of trade receivables increased to HK$18,498,357 from HK$13,609,356, indicating a significant rise of about 36.5%[142]. - Trade receivables past due were HK$8,959,542 as of November 30, 2021, down from HK$10,126,121 as of May 31, 2021, reflecting a decrease of approximately 11.6%[145]. - The provision for impairment of trade receivables decreased to HK$8,257,777 as of November 30, 2021, from HK$8,450,229 as of May 31, 2021, showing a reduction of about 2.3%[147]. - The maximum exposure to credit risk is represented by the carrying amount of trade receivables and deposits, with no collateral held as security[140].

Financial Performance - The Group recorded an unaudited revenue of approximately HK$4.6 million for the three months ended 31 August 2021, representing an increase of approximately 311% compared to HK$1.1 million for the corresponding period in 2020[24]. - The Group's unaudited loss for the period was approximately HK$6.5 million, a decrease from a loss of approximately HK$8.9 million in the same period of 2020, indicating an improvement of about 27.8%[24]. - Loss per share for the period attributable to the owners of the Company was HK$0.81, compared to HK$1.12 for the same period in 2020, reflecting a reduction of approximately 27.7%[49]. - The Group's gross loss for the period was approximately HK$3.4 million, compared to a gross loss of approximately HK$6.6 million in the corresponding period of 2020, showing a decrease of about 49%[30]. - The total comprehensive expense for the period was approximately HK$6.5 million, compared to HK$9.0 million in the same period of 2020[49]. - The Group reported a total comprehensive loss of HK$6,475,000 for the three months ended 31 August 2021, compared to a loss of HK$8,589,000 for the same period in 2020, indicating a reduction in losses by approximately 24.6%[64]. - The loss attributable to owners of the Company for the three months ended 31 August 2021 was HK$6,475,000, an improvement from a loss of HK$8,978,000 in the same period of 2020[103]. Revenue Sources - Revenue for the three months ended 31 August 2021 was approximately 38.9% from pop concerts, a significant increase from approximately 2% for the same period in 2020[117]. - The Group engaged in 29 pop concert shows during the three months ended 31 August 2021, compared to only 1 show in the same period of 2020[117]. - Total revenue from visual display solution services and equipment rental was reported at HK$4,630,000 for the three months ended 31 August 2021[118]. - Revenue from visual display solutions accounted for 98% of total revenue, down from approximately 100% in the same period last year[123]. - The number of pop concert shows increased from 2 to 29, contributing to a revenue increase from approximately HK$10,000 to approximately HK$61,000 per show[128]. - Revenue from other live events increased, with average revenue per show rising from approximately HK$3,000 to approximately HK$14,000[131]. - The Group's revenue from pop concerts in Hong Kong was HK$1.73 million, accounting for 97.2% of total revenue from pop concerts[134]. - The average revenue per show for pop concerts in Hong Kong was HK$62, while in Macau it was HK$50[134]. - The increase in revenue from pop concerts was primarily due to a higher number of shows and increased average revenue per show[129]. - The Group's overall revenue growth reflects a recovery in live events following the impact of the pandemic[123]. Expenses and Costs - Administrative expenses for the period were approximately HK$3.2 million, compared to HK$2.3 million in the same period of 2020, representing an increase of approximately 39.8%[30]. - The Group's operating loss was approximately HK$6.3 million, an improvement from an operating loss of approximately HK$8.9 million in the same period of 2020[30]. - The Group's finance costs for the period were approximately HK$150,000, compared to HK$114,000 in the same period of 2020, indicating an increase of about 31.6%[30]. Dividends and Taxation - The Board does not recommend the payment of a dividend for the three months ended 31 August 2021[24]. - No dividends were recommended for the three months ended 31 August 2021, consistent with the same period in 2020[90]. - The Group's effective income tax for the three months ended 31 August 2021 was nil, the same as in the previous year[89]. - The Group's Hong Kong subsidiary was subject to a profit tax rate of 16.5% on estimated assessable profits during the three months ended 31 August 2021[88]. - The Macau subsidiary was subject to a complementary tax rate of 12.0% on estimated assessable income exceeding MOP600,000 during the same period[89]. Strategic Focus and Market Presence - The Group's operations primarily focus on providing visual display solution services for concerts and events in Hong Kong, Macau, and the PRC, indicating a targeted market strategy[68]. - The Group has diversified its visual display solutions to include other live events such as exhibitions and extended reality projects to offset the impacts of COVID-19[117]. - The Group plans to continue expanding its market presence and enhancing its service offerings in the live event sector[123]. Financial Reporting and Compliance - The unaudited condensed consolidated financial statements are presented in Hong Kong dollars (HK$), ensuring clarity in financial reporting[68]. - The Group's financial information is prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency in financial reporting[71]. - The Group has not early adopted new accounting standards that are not yet effective, and is currently assessing their potential impact on financial results[74]. - The Group's shares were listed on GEM of The Stock Exchange of Hong Kong Limited on 14 June 2017, marking a significant milestone in its corporate journey[68].

Financial Performance - The company reported a comprehensive income of $X million for the year 2021, reflecting a Y% increase compared to the previous year[10]. - The Group recognized revenue of approximately HK$12.3 million for the year ended 31 May 2021, representing a decrease of HK$32.4 million or 72% compared to the year ended 31 May 2020[14]. - The gross loss of the Group was approximately HK$22.5 million for the year ended 31 May 2021, compared to a gross profit of approximately HK$2.7 million for the year ended 31 May 2020[14]. - The Group's net loss was approximately HK$35.1 million, representing an increase of approximately HK$10.8 million or 44% compared to the year ended 31 May 2020[14]. - The Group's revenue decreased from approximately HK$44.7 million for the year ended May 31, 2020, to approximately HK$12.3 million for the year ended May 31, 2021, representing a decrease of approximately 72%[25]. - The Group's loss for the year ended 31 May 2021 was approximately HK$35.1 million, an increase of about HK$10.8 million compared to a loss of approximately HK$24.3 million for the year ended 31 May 2020[83]. Business Operations - User data showed an increase in active users by Z%, reaching a total of A million users by the end of 2021[10]. - The Group was engaged in 65 pop concert shows during the year ended 31 May 2021, a decrease from 269 shows in 2020[19]. - Approximately 20.9% of the Group's total revenue during the year ended 31 May 2021 was derived from pop concerts, down from 67.1% in 2020[19]. - The Group has successfully explored new business opportunities in streaming online concerts and extended reality (xR) shows/events[14]. - The Group engaged in long-term equipment rentals in Hong Kong, contributing to revenue stability despite the impact of COVID-19[59]. Revenue Sources - Revenue from visual display solutions accounted for approximately 97.4% of the Group's total revenue in the year ended May 31, 2021, down from 99.3% in 2020[25]. - Total revenue from pop concerts for the year ended 31 May 2021 was HK$2,510,000, representing a 111% increase compared to the previous year[52]. - Revenue from pop concerts in Hong Kong was HK$1,551,000, accounting for 61.8% of total revenue from pop concerts[53]. - Revenue from other live events totaled HK$9,512,000, with a significant increase of 301% compared to HK$14,598,000 in the previous year[58]. Cost and Expenses - Total cost of services for the year ended 31 May 2021 was HK$34,850,000, down from HK$42,001,000 in the previous year[67]. - Direct labour costs represented approximately 25.8% of total cost of services for the year ended 31 May 2021, down from 33.4% in the previous year[69]. - Depreciation expenses for visual display equipment accounted for approximately 55.1% of total cost of services, up from 46.6% in the previous year[68]. - Subcontracting charges represented approximately 3.9% of total cost of services for the year ended 31 May 2021, down from 7.8% in 2020[74]. - Administrative expenses decreased by approximately 48.5% from HK$26.4 million in 2020 to approximately HK$13.6 million in 2021[75]. Governance and Management - The Board believes that the current management structure, with Mr. Yeung serving as both chairman and CEO, is effective for the Group's operations[103]. - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[114]. - The Board is responsible for developing and reviewing corporate governance policies and practices[112]. - The Company has established sufficient checks and balances within its governance structure[103]. - The Board has adopted appropriate accounting policies and made prudent judgments for the financial statements for the year ended May 31, 2021[156]. Risk Management - The Group's operations are exposed to various financial risks, including cash flow and foreign exchange risks[19]. - The risk management objectives are to enhance governance and corporate management processes while safeguarding the Group against unacceptable levels of risks and losses[200]. - The risk management systems are designed to provide reasonable assurance against material misstatement or loss, managing rather than eliminating risks[194]. Future Outlook - The company provided a revenue guidance of $B million for the upcoming fiscal year, indicating a growth target of C%[10]. - New product launches are expected to contribute an additional $D million in revenue, with anticipated market expansion into E regions[10]. - Management believes that the business will return to normal and potentially experience explosive growth once the COVID-19 pandemic is over[85]. - The Board believes that business can resume to normal soon due to global vaccination progress[14]. Corporate Communication - The Company maintains an open and effective investor communication policy to update investors on relevant business information in a timely manner[182]. - The Company provides a communication platform through its corporate website to update shareholders on business developments and financial performance[195]. - The Company is committed to a policy of open communication with shareholders and the investment public[191].

Financial Performance - The Group recorded an unaudited revenue of approximately HK$5.8 million for the nine months ended 28 February 2021, representing a decrease of approximately 87.4% compared to HK$45.6 million for the corresponding period in 2020[6]. - The Group's unaudited loss was approximately HK$27.6 million for the nine months ended 28 February 2021, an increase from a loss of approximately HK$9.4 million for the same period in 2020, primarily due to the cancellation and postponement of shows and events[6]. - For the three months ended 28 February 2021, the Group reported a revenue of HK$2.4 million, compared to HK$12.1 million for the same period in 2020, indicating a significant decline[11]. - The gross loss for the nine months ended 28 February 2021 was HK$17.8 million, compared to a gross profit of HK$12.1 million for the same period in 2020[11]. - The operating loss for the nine months ended 28 February 2021 was HK$27.1 million, compared to an operating loss of HK$9.2 million for the same period in 2020[11]. - Loss before income tax for the three months ended 28 February 2021 was HK$8,886,000, compared to a loss of HK$3,678,000 for the same period in 2020, representing a 141% increase in loss[12]. - Loss for the period attributable to owners of the Company for the nine months ended 28 February 2021 was HK$27,573,000, compared to HK$9,361,000 for the same period in 2020, indicating a 195% increase in loss[12]. - Basic and diluted loss per share attributable to the owners of the Company for the three months ended 28 February 2021 was HK$1.11, compared to HK$0.45 for the same period in 2020, reflecting a 146% increase in loss per share[12]. - Total comprehensive expenses for the period were HK$8,886,000 for the three months ended 28 February 2021, compared to HK$3,677,000 for the same period in 2020, marking a 141% increase[12]. - Retained earnings decreased to HK$12,226,000 as of 28 February 2021 from HK$54,734,000 as of 29 February 2020, a decline of 78%[15]. - The total equity attributable to owners of the Company decreased to HK$78,028,000 as of 28 February 2021 from HK$120,589,000 as of 29 February 2020, a decline of 35%[15]. - The Group's total loss for the nine months ended 28 February 2021 was approximately HK$27.6 million, compared to a loss of approximately HK$9.4 million for the corresponding period in 2020, primarily due to decreased revenue[141]. Revenue Sources - Revenue from visual display solution services for the three months ended 28 February 2021 was HK$2,351,000, a decrease of 80.4% compared to HK$11,985,000 for the same period in 2020[36]. - Total revenue for the nine months ended 28 February 2021 was HK$5,769,000, a decline of 87.4% compared to HK$45,619,000 for the same period in 2020[36]. - Revenue from pop concerts accounted for approximately 28.6% of total revenue for the nine months ended 28 February 2021, down from approximately 65.5% in the same period in 2020[79]. - Total revenue from pop concerts for the nine months ended 28 February 2021 was HK$1,636,000, compared to HK$29,859,000 for the same period in 2020, representing a decrease of approximately 94.5%[115]. - Revenue from other live events for the nine months ended 28 February 2021 was HK$4,077,000, compared to HK$15,448,000 for the same period in 2020, indicating a decline of approximately 73.6%[137]. Impact of COVID-19 - The Group's performance was significantly impacted by the COVID-19 pandemic, leading to venue closures and related epidemic prevention measures[6]. - The outbreak of COVID-19 has significantly impacted the operating environment for concerts and events, leading to postponements and rescheduling[179]. - The management is actively monitoring market conditions and adjusting business strategies in response to the challenges posed by COVID-19[179]. - The Group recognized HK$45,354 as negative variable lease payments due to COVID-19-related rent concessions during the period ended 28 February 2021[31]. - The Group applied the practical expedient for rent concessions related to COVID-19, affecting lease payments due on or before 30 June 2021[30]. Corporate Governance and Compliance - The Company has established an audit committee to review financial reports and internal control procedures, comprising three independent non-executive Directors[156]. - The Company has adopted a code of conduct for Directors' securities transactions in compliance with GEM Listing Rules[159]. - The Company confirms that all Directors complied with the required standards of dealings regarding securities transactions during the nine months ended 28 February 2021[159]. - The Company is committed to high corporate governance standards and has complied with the CG Code, except for a deviation regarding the roles of chairman and chief executive officer[176]. Employee and Operational Metrics - The Group engaged a total of 88 employees as of February 28, 2021, a decrease from 96 employees as of February 29, 2020[154]. - The Group's total staff costs for the nine months ended February 28, 2021, amounted to approximately HK$10.1 million, down from approximately HK$15.1 million for the same period in 2020[154]. - The number of pop concert shows increased from 295 in the nine months ended 29 February 2020 to 46 in the nine months ended 28 February 2021, reflecting a shift in focus towards more cost-effective events[115]. - The number of other live events increased from 541 for the nine months ended 29 February 2020 to 877 for the nine months ended 28 February 2021[112]. Financial Position and Ratios - As of February 28, 2021, the Group recorded net current liabilities/assets of approximately HK$2.2 million, a decrease from approximately HK$25.9 million as of February 29, 2020[144]. - The current ratio as of February 28, 2021, was approximately 0.9, down from approximately 2.2 as of February 29, 2020, indicating a decline in liquidity[144]. - The gearing ratio increased to approximately 15.6% as of February 28, 2021, compared to approximately 3.7% as of February 29, 2020, primarily due to increased bank borrowings[144]. Shareholder Information - As of 28 February 2021, Mr. Yeung holds 600,000,000 shares, representing a 75.0% shareholding in the Company[164]. - Next Vision holds 600,000,000 shares, representing 75.0% of the total shareholding[173]. - The company has not granted any share options since the adoption of the share option scheme on May 19, 2017, and there were no outstanding share options as of February 28, 2021[176].

Financial Performance - The Group recorded an unaudited revenue of approximately HK$3.4 million for the six months ended 30 November 2020, representing a decrease of approximately 89.9% compared to the same period in 2019[16]. - The Group's unaudited loss was approximately HK$18.7 million for the six months ended 30 November 2020, an increase of approximately 228.8% compared to the corresponding period in 2019[16]. - Loss per share for the period was HK$2.34, compared to HK$0.71 for the same period in 2019, reflecting a decline of 229.6%[16]. - Revenue for the six months ended 30 November 2020 was HK$3,378,000, a decrease of 90.1% compared to HK$33,472,000 for the same period in 2019[21]. - The gross loss for the six months ended 30 November 2020 was HK$12,474,000, compared to a gross profit of HK$10,738,000 in the same period of 2019[21]. - Operating loss for the six months ended 30 November 2020 was HK$18,405,000, significantly higher than the operating loss of HK$5,583,000 for the same period in 2019[21]. - Loss for the period attributable to owners of the Company for the six months ended 30 November 2020 was HK$18,713,000, compared to HK$5,686,000 in 2019, representing a 228.5% increase in loss[23]. - The company reported a loss of HK$5,686,000 for the period ended 30 November 2019, compared to a loss of HK$18,713,000 for the same period in 2020, indicating a decrease in losses year-over-year[31]. - The Group's loss for the six months ended 30 November 2020 was approximately HK$18.7 million, compared to a loss of approximately HK$5.7 million for the same period in 2019, primarily due to a decrease in revenue[173]. Assets and Liabilities - Total assets as of 30 November 2020 were HK$121,407,252, down from HK$130,068,020 as of 31 May 2020[26]. - Current liabilities increased to HK$25,389,537 as of 30 November 2020, compared to HK$18,067,648 as of 31 May 2020[28]. - Total equity attributable to owners of the Company decreased to HK$86,881,209 as of 30 November 2020, down from HK$105,594,628 as of 31 May 2020[26]. - Cash and bank balances as of 30 November 2020 were HK$27,217,684, down from HK$31,245,317 as of 31 May 2020[26]. - The company’s retained earnings decreased to HK$21,080,000 as of 30 November 2020 from HK$58,364,000 as of 30 November 2019, a decline of approximately 64%[31]. - The Group's current ratio as of 30 November 2020 was approximately 1.1, compared to approximately 1.7 as of 31 May 2020, indicating a decline in liquidity[175]. - The Group's gearing ratio increased to approximately 14.9% as of 30 November 2020, up from approximately 6.8% as of 31 May 2020, mainly due to an increase in bank borrowings[175]. - Bank borrowings as of November 30, 2020, totaled HK$8,878,443, up from HK$3,592,488 as of May 31, 2020[112]. Revenue Breakdown - Revenue from visual display solution services for the six months ended 30 November 2020 was HK$3,362, a decrease of 150% compared to HK$33,322 in the same period of 2019[48]. - The total revenue from visual display solutions was HK$3.36 million, accounting for 99.5% of total revenue for the six months ended 30 November 2020[140]. - The Group's revenue from equipment rental was HK$16,000, representing 0.5% of total revenue for the six months ended 30 November 2020[140]. - Total revenue from pop concerts in Hong Kong for the six months ended 30 November 2020 was HK$750,000, with an average revenue per show of HK$29,000[164]. - The number of pop concert shows in Hong Kong decreased to 26, compared to 77 shows in the same period in 2019, representing a significant decline[164]. - Total revenue from other live events was HK$2,502,000, with an average revenue per show of HK$4,000 for 677 shows in the six months ended 30 November 2020[167]. Cost Management - Administrative expenses for the six months ended 30 November 2020 were HK$6,022,000, compared to HK$16,605,000 in the same period of 2019, indicating a reduction in costs[21]. - Total expenses for the six months ended 30 November 2020 were HK$21,874,000, down from HK$39,339,000 in 2019, marking a decrease of 44.2%[57]. - Total staff costs for the six months ended 30 November 2020 amounted to approximately HK$6.9 million, a decrease from HK$10.1 million for the same period in 2019, reflecting a reduction of about 31.7%[184]. - The company incurred legal and professional expenses of HK$1,043,000 for the three months ended 30 November 2019, which decreased to HK$256,000 in the same period of 2020, a reduction of 75.5%[57]. Operational Challenges - The increase in loss was primarily attributable to the cancellation, postponement, or rescheduling of shows and events due to venue closures and related epidemic prevention measures[16]. - The Group engaged in 29 pop concert shows during the six months ended 30 November 2020, a significant decrease from 172 shows in the same period in 2019[135]. - Approximately 25.6% of the Group's total revenue during the six months ended 30 November 2020 was derived from pop concerts, down from approximately 71.3% in the prior year[135]. - The Group's overall performance indicates a need for strategic adjustments in response to the ongoing challenges in the live event industry[135]. Shareholder Information - The Board does not recommend the payment of dividends for the six months ended 30 November 2020[16]. - The total number of ordinary shares issued and fully paid remained at 800,000,000 as of November 30, 2020[121]. - The Group's capital structure consisted of equity attributable to owners of the Company of approximately HK$86.9 million as of 30 November 2020, with no changes since the Listing Date[176]. Compliance and Governance - The Company has adopted a code of conduct for directors' securities transactions, ensuring compliance with GEM Listing Rules[196]. - The Group did not engage in any derivatives agreements or financial instruments to hedge its foreign exchange exposure during the six months ended 30 November 2020[177]. - The Group's directors are not aware of any competing business interests from directors or controlling shareholders during the six months ended 30 November 2020[186].

Financial Performance - The Group recorded an unaudited revenue of approximately HK$1.13 million for the three months ended 31 August 2020, representing a decrease of approximately 93.9% compared to HK$18.47 million for the same period in 2019[11]. - The Group's unaudited loss was approximately HK$8.9 million for the three months ended 31 August 2020, compared to a loss of approximately HK$2.4 million for the corresponding period in 2019, marking an increase of 271.9% in losses[11]. - The gross loss margin was approximately HK$6.61 million for the period, compared to a gross profit of HK$6.69 million in the previous year, indicating a significant decline in profitability[19]. - Operating loss for the period was approximately HK$8.88 million, compared to an operating loss of HK$2.23 million for the same period in 2019[19]. - The loss per share for the period attributable to the owners of the Company was HK$1.12, compared to HK$0.30 for the same period in 2019[19]. - The total comprehensive expense for the period was approximately HK$8.99 million, compared to HK$2.42 million for the same period in 2019[19]. - The decrease in revenue and increase in losses were attributed to the adverse impact of the COVID-19 pandemic on the Group's operations[11]. - The Group reported a loss for the period of HK$56,497,000 for the three months ended 31 August 2020, compared to a loss of HK$64,050,000 for the same period in 2019, representing a decrease of approximately 11.5%[32]. - Total comprehensive expenses for the period were HK$39,793,000, a reduction from HK$61,635,000 in the previous year, indicating a year-over-year decrease of about 35.4%[32]. Revenue Sources - Revenue from visual display solution services was recognized over the show or event period, with total revenue for the three months ended 31 August 2020 being HK$1,126,000[55]. - Equipment rental income for the three months ended 31 August 2020 was HK$18,360,000, compared to HK$18,470,000 in the same period of 2019[55]. - Approximately 2% of the Group's total revenue during the three months ended 31 August 2020 was derived from pop concerts, down from approximately 83.3% in the same period of 2019[71]. - Revenue from visual display solutions accounted for 100% of the Group's total revenue for the three months ended 31 August 2020, compared to approximately 99.9% for the same period in 2019[75]. - The Group's revenue from pop concerts in Hong Kong was HK$6.46 million, accounting for 42.2% of total revenue from pop concerts[100]. - Revenue from other live events in the PRC was HK$1.71 million, accounting for 64.4% of total revenue from other live events[119]. - The average revenue per show for other live events in Hong Kong was HK$1,106 for the three months ended 31 August 2020[119]. Operational Challenges - The loss was primarily due to the cancellation, postponement, or rescheduling of shows and events resulting from venue closures and related epidemic prevention measures[11]. - The Group's financial results reflect significant challenges faced during the reporting period, necessitating a reassessment of future strategies and operational adjustments[11]. - The number of pop concert shows decreased from 112 for the three months ended 31 August 2019 to 1 for the three months ended 31 August 2020[96]. - Average revenue per pop concert show dropped from approximately HK$137,000 for the three months ended 31 August 2019 to approximately HK$10,000 for the three months ended 31 August 2020[96]. - Revenue from other live events decreased in average revenue per show from approximately HK$22,000 for the three months ended 31 August 2019 to HK$3,000 for the three months ended 31 August 2020[98]. - The number of shows for other live events increased from 142 shows for the three months ended 31 August 2019 to 373 shows for the three months ended 31 August 2020, mainly due to long rental periods for location displays[98]. Financial Position - As of 31 August 2020, the Group's total assets amounted to HK$96,617,000, down from HK$129,905,000 as of 31 August 2019, reflecting a decline of approximately 25.6%[32]. - The Group's cash and cash equivalents stood at HK$30,815,000 as of 31 August 2020, compared to HK$64,050,000 a year earlier, marking a decrease of about 52.1%[32]. - The Group recorded net current assets of approximately HK$7.5 million as at 31 August 2020, down from HK$40.6 million as at 31 August 2019[133]. - The current ratio of the Group was approximately 1.3 as at 31 August 2020, compared to approximately 2.4 as at 31 August 2019[133]. - The gearing ratio increased to approximately 7.9% as at 31 August 2020, up from approximately 4.7% as at 31 August 2019, mainly due to new loans obtained[133]. - The maximum limit of banking facilities available to the Group amounted to HK$7.1 million as at 31 August 2020[133]. - The effective income tax rate of the Group was 0% for the three months ended 31 August 2020, compared to 4.7% for the same period in 2019[130]. - The Group's capital structure included equity attributable to owners of the Company of approximately HK$96.3 million as at 31 August 2020[133]. Corporate Governance and Compliance - The Board of Directors does not recommend the payment of a dividend for the three months ended 31 August 2020[11]. - No dividend was recommended for the three months ended 31 August 2020, consistent with the previous year[64]. - The Group has adopted new accounting standards effective from 1 June 2020, including amendments related to COVID-19 rent concessions, which may impact financial reporting[44]. - The unaudited condensed consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) applicable to interim periods[38]. - The Group's significant accounting policies remain consistent with those used in the preparation of the consolidated financial statements for the year ended 31 May 2020[40]. - The Audit Committee reviewed the unaudited condensed consolidated results of the Group for the three months ended 31 August 2020 and the effectiveness of the internal control system[138]. - The Directors confirmed no competing business interests were identified during the three months ended 31 August 2020[140]. - All Directors complied with the required standard of dealings regarding securities transactions during the three months ended 31 August 2020[141]. - The Company has complied with the corporate governance code provisions except for the deviation from code provision A.2.1, where the roles of chairman and CEO are held by the same individual, Mr. Yeung[159]. Future Outlook - The Group aims to expand the application of its visual display solutions beyond the live events industry to diversify income sources and enhance shareholder value[162]. - The Board believes that leveraging its diverse visual display equipment and innovative management will lead to significant improvements in business performance in the future[163].

Financial Performance - The Group recognized revenue of approximately HK$44.7 million for the year ended 31 May 2020, representing a decrease of approximately HK$49.6 million or 52.6% compared to the year ended 31 May 2019[14]. - The gross profit of the Group for the year ended 31 May 2020 decreased by approximately 94.1% to approximately HK$2.7 million from HK$46.1 million for the year ended 31 May 2019[14]. - The Group's net loss was approximately HK$24.3 million for the year ended 31 May 2020, representing a decrease of approximately HK$46.8 million compared to a net profit of approximately HK$22.5 million for the year ended 31 May 2019[14]. - For the year ended May 31, 2020, the Group recorded revenue of approximately HKD 44.7 million, a decrease of about HKD 49.6 million or 52.6% compared to the previous year[17]. - The Group's gross profit for the year ended May 31, 2020, decreased by approximately 94.1% to about HKD 2.7 million from HKD 46.1 million in the previous year[17]. - The net loss for the year ended May 31, 2020, was approximately HKD 24.3 million, a decrease of about HKD 46.8 million compared to a net profit of HKD 22.5 million in the previous year[17]. - The Group's revenue decreased from approximately HK$94.3 million for the year ended 31 May 2019 to approximately HK$44.7 million for the year ended 31 May 2020, representing a decrease of approximately 52.6%[39]. - The Group's gross profit for the year ended 31 May 2020 was approximately HK$2.7 million, a significant decrease from approximately HK$46.1 million in 2019, resulting in a gross profit margin of approximately 6.1% compared to 48.9% in 2019[92]. - The Group reported a loss of approximately HK$24.3 million for the year ended 31 May 2020, a decrease of approximately HK$46.8 million compared to a profit of approximately HK$22.5 million for the year ended 31 May 2019[95]. Business Operations - The Group was engaged in 269 pop concert shows during the year, a decrease from 420 shows in 2019[22]. - Approximately 66.7% of the Group's total revenue for the year ended May 31, 2020, was derived from pop concerts, down from 74.5% in 2019[23]. - The Group's revenue from other live events, including corporate events and exhibitions, contributes to its overall income alongside pop concerts[26]. - The number of pop concert shows decreased from 420 in 2019 to 269 in 2020 due to the impact of COVID-19[46]. - The number of other live events undertaken by the Group decreased from 961 for the year ended 31 May 2019 to 778 for the year ended 31 May 2020, primarily due to cancellations related to the COVID-19 pandemic[47]. - The Group has been able to conduct new business with shopping malls in Hong Kong by installing large advertising/signage boards in various ready-to-rent shops in the malls[15]. - The Group has successfully engaged in new business with shopping malls in Hong Kong by installing large advertising/signage boards[95]. - The Group is exploring the possibility to expand the application of its visual display solutions to industries other than the live events industry to broaden income sources[15]. - The Group is actively seeking new business opportunities to diversify its revenue sources, including applying visual display solutions in the film industry and installing large advertisements in shopping malls[18]. Financial Risks and Management - The Group's operations are exposed to various financial risks, including cash flow and fair value interest rate risk, foreign exchange risk, credit risk, and liquidity risk[24]. - The success of the Group's business relies on its ability to keep pace with the latest developments in visual display technology to provide cost-effective solutions[25]. - The Group aims to strengthen management governance and open up more business opportunities for diversification[21]. - Management believes that the business will return to normal and potentially experience explosive growth once the COVID-19 pandemic is over[97]. - The Group has maintained a healthy liquidity position throughout the year ended 31 May 2020 by adopting a prudent financial management approach[101]. Cost Structure - For the year ended 31 May 2020, total cost of services was HKD 42,001 million, a decrease from HKD 48,135 million in 2019[83]. - Depreciation expenses accounted for approximately 46.6% of total cost of services in 2020, up from 36.2% in 2019[84]. - Direct labour costs represented approximately 33.4% of total cost of services in 2020, compared to 31.6% in 2019[85]. - Subcontracting charges were approximately 7.8% of total cost of services in 2020, down from 12.0% in 2019[90]. - Freight and logistics expenses accounted for approximately 8.2% of total cost of services in 2020, a decrease from 10.4% in 2019[90]. - Cost of equipment and spare parts represented approximately 1.1% of total cost of services in 2020, down from 2.4% in 2019[90]. - Rental expenses related to lease of equipment were approximately 2.9% of total cost of services in 2020, compared to 7.4% in 2019[90]. - Administrative expenses increased by approximately 49.0% from approximately HK$19.6 million in 2019 to approximately HK$29.2 million in 2020, primarily due to non-recurring professional service fees of HK$7.2 million related to the proposed transfer of listing[92]. Corporate Governance - The Group's corporate governance practices are based on the Corporate Governance Code, ensuring high standards of governance[116]. - The Group has complied with all applicable code provisions of the Corporate Governance Code, except for the separation of roles of chairman and chief executive[117]. - The Board is responsible for formulating the Group's overall strategies and supervising management performance[118]. - The company has adhered to all applicable corporate governance code provisions except for the separation of the roles of Chairman and CEO, which is deemed appropriate for effective management and business development[120]. - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[128]. - The independent non-executive Directors bring diverse expertise and independent judgment to ensure shareholder interests are considered[129]. - The Board has established three committees: Audit, Remuneration, and Nomination, to oversee specific aspects of the company's affairs[134]. - The Audit Committee is responsible for overseeing the effectiveness of the financial reporting process, risk management, and internal control systems of the Group[153]. - The Remuneration Committee, comprising three independent non-executive Directors, is tasked with making recommendations regarding the remuneration policy for all Directors and senior management[154]. - The Nomination Committee is responsible for reviewing the Board's structure, size, and composition, and assessing the independence of non-executive Directors[165]. Taxation and Financial Position - The Group's PRC subsidiaries were subject to a 25.0% Enterprise Income Tax rate during the years ended 31 May 2020 and 2019[92]. - The Hong Kong subsidiary was subject to a profit tax rate of 16.5% on estimated assessable profits for the years ended 31 May 2020 and 2019, with the first HK$2 million of assessable profits taxed at a reduced rate of 8.25%[92]. - The effective income tax rate of the Group decreased to 8.7% for the year ended 31 May 2020, down from 15.1% in 2019[95]. - As of 31 May 2020, the Group's net current assets were approximately HK$13.2 million, a decrease from approximately HK$46.8 million in 2019[98]. - The Group's current ratio was approximately 1.7 as of 31 May 2020, down from approximately 3.0 in 2019[98]. - The maximum limit of banking facilities available to the Group was HK$4.4 million as of 31 May 2020, compared to HK$7.5 million in 2019[98]. - The Group's gearing ratio was approximately 6.8% as of 31 May 2020, compared to approximately 5.2% in 2019[98]. Future Outlook and Investments - The Group completed the procurement of additional LED panels and video control units for business expansion in Shanghai[109]. - A total of 12 staff were recruited for business expansions in Macau as of May 31, 2020[109]. - The Group did not have any significant investments, material acquisitions, or disposals of subsidiaries during the year ended May 31, 2020[104]. - The Group's pledged short-term bank deposits amounted to approximately HK$3.0 million as of May 31, 2020, unchanged from 2019[104]. Shareholder Communication - The Company maintains an open and effective investor communication policy to update investors on relevant business information in a timely manner[197]. - The forthcoming annual general meeting is scheduled for November 3, 2020[198].

Financial Performance - The Group recorded unaudited revenue of approximately HK$45.6 million for the nine months ended 29 February 2020, representing a decrease of approximately 38.5% compared to HK$74.2 million for the corresponding period in 2019[6]. - The Group's unaudited loss for the nine months ended 29 February 2020 was approximately HK$9.4 million, compared to a profit of approximately HK$18.3 million for the same period in 2019, marking a decline of 151.1%[6]. - Gross profit for the nine months ended 29 February 2020 was approximately HK$12.1 million, down 67.6% from HK$37.2 million in the same period of 2019[6]. - The Group's operating loss for the nine months ended 29 February 2020 was approximately HK$9.2 million, compared to an operating profit of HK$22.0 million in the corresponding period of 2019[11]. - Other income for the nine months ended 29 February 2020 was approximately HK$0.26 million, a decrease from HK$9 million in the same period of 2019[11]. - The Group's finance costs for the nine months ended 29 February 2020 were approximately HK$0.4 million, compared to finance income of HK$0.43 million in the same period of 2019[11]. - For the three months ended February 29, 2020, the company reported a loss before income tax of HK$3,678,000 compared to a profit of HK$4,773,000 for the same period in 2019, representing a decline of 177%[12]. - The loss attributable to owners of the company for the period was HK$3,630,000, a significant decrease from the profit of HK$3,928,000 in the previous year, indicating a year-over-year decline of 192%[12]. - The basic and diluted loss per share attributable to owners of the company was HK$0.45 for the three months ended February 29, 2020, compared to earnings of HK$0.49 per share in the same period last year[12]. - Total comprehensive income for the period was a loss of HK$3,677,000, contrasting with a profit of HK$3,953,000 for the same period in 2019, reflecting a year-over-year decline of 193%[12]. - The company's retained earnings decreased to HK$54,734,000 as of February 29, 2020, down from HK$60,164,000 as of February 28, 2019, indicating a reduction of approximately 9%[15]. - The total equity of the company as of February 29, 2020, was HK$120,302,000, a decrease from HK$125,470,000 as of February 28, 2019, representing a decline of about 4%[15]. Revenue Sources - Approximately 65.5% of the Group's total revenue during the nine months ended 29 February 2020 was derived from pop concerts, down from approximately 80.0% in the same period in 2019[102]. - Revenue from visual display solutions accounted for 99.3% of total revenue during the nine months ended 29 February 2020, with HK$45.3 million generated from this segment[109]. - The Group's equipment rental revenue was HK$312,000, representing 0.7% of total revenue for the nine months ended 29 February 2020[109]. - Revenue from pop concerts decreased from HK$59,356,000 for the nine months ended 28 February 2019 to HK$29,859,000 for the nine months ended 29 February 2020, a decline of approximately 49.8%[123]. - Revenue from other live events increased from HK$14,594,000 to HK$15,448,000, an increase of approximately 5.9%[120]. Operational Challenges - The decline in revenue was primarily due to the postponement and rescheduling of concerts and events in the Asia region and Hong Kong, attributed to public health measures and social unrest[6]. - The outbreak of COVID-19 since January 2020 has severely impacted the operating environment for concerts and events, leading to postponements and rescheduling[185]. - The management is actively monitoring market conditions and adjusting operational strategies in response to the ongoing challenges posed by COVID-19[187]. Corporate Governance - The company is committed to high corporate governance standards, with a noted deviation from the CG Code regarding the roles of chairman and CEO being held by the same individual, Mr. Yeung[180]. - The company has confirmed that all directors adhered to the required trading standards during the reporting period[166]. - The company maintains high standards of corporate governance and has adhered to the GEM Listing Rules since its listing date until February 29, 2020[182]. Dividend Policy - The Board does not recommend the payment of any dividend for the nine months ended 29 February 2020[6]. - No dividend was recommended for the nine months ended 29 February 2020, consistent with the previous year where no dividend was paid[57]. Taxation - All PRC subsidiaries of the Company are subject to a PRC Enterprise Income Tax at the rate of 25.0% for the nine months ended 29 February 2020[4]. - The Macau subsidiary was subject to a complementary tax at the rate of 12.0% on estimated assessable income exceeding MOP600,000 for the nine months ended 29 February 2020[4]. - The Group's estimated assessable profits for the nine months ended 29 February 2020 were subject to Hong Kong profits tax rates of 8.25% for the first HK$2 million and 16.5% for the remaining profits[4]. - The effective income tax rate of the Group was approximately -0.17% for the nine months ended 29 February 2020, compared to approximately 16.9% for the same period in 2019[133]. Employee Information - Total staff costs for the nine months ended 29 February 2020 amounted to approximately HK$15.1 million, a decrease from approximately HK$15.9 million for the same period in 2019[155]. - The Group engaged a total of 96 employees as of 29 February 2020, down from 98 employees as of 28 February 2019[155]. Listing and Compliance - The Group is in the process of transferring its listing from GEM to the Main Board of the Stock Exchange, incurring non-recurring professional expenses related to this transition[6]. - The Audit Committee reviewed the unaudited condensed consolidated results of the Group for the nine months ended 29 February 2020[161]. Future Outlook - The company believes it will achieve a breakthrough in business performance by leveraging its advantages, particularly its wide variety of visual display equipment and innovative management[189].