Financial Performance - The company reported total revenue of HKD 15,105,000 for the fiscal year ending March 31, 2024, representing an increase from HKD 11,767,000 in the previous year, which is a growth of approximately 28.5%[6] - Gross profit for the year was HKD 5,983,000, up from HKD 4,012,000, indicating a year-over-year increase of about 49.2%[6] - The company incurred a total comprehensive loss of HKD 15,807,000 for the year, compared to a loss of HKD 12,218,000 in the previous year, reflecting an increase in losses of approximately 29.1%[6] - The basic and diluted loss per share was HKD 0.08, compared to HKD 0.07 in the previous year, indicating a slight increase in loss per share[6] - Operating expenses, including selling and administrative costs, totaled HKD 12,119,000, compared to HKD 11,430,000 in the previous year, which is an increase of about 6%[6] - The company reported a net loss from operating activities of HKD 15,981,000, compared to a loss of HKD 13,192,000 in the previous year, representing an increase in operational losses of approximately 21.4%[6] - Other income for the year was HKD 170,000, a significant recovery from a loss of HKD 2,937,000 in the previous year[6] - The group reported a net loss of HKD 13,209,000 for the year ended March 31, 2024, compared to a net loss of HKD 16,349,000 for the previous year[29] Assets and Liabilities - As of March 31, 2024, total assets amounted to HKD 14,836 million, a decrease from HKD 25,484 million in the previous year[7] - Current liabilities were reported at HKD 9,679 million, down from HKD 8,226 million year-over-year[8] - The net asset value as of March 31, 2024, is HKD 5,476 million, compared to HKD 17,694 million in the previous year[10] - The total equity decreased from HKD 17,694 million to HKD 5,476 million over the year[10] - Cash and cash equivalents were reported at HKD 9,938 million, down from HKD 12,995 million[7] - The company’s inventory decreased to HKD 586 million from HKD 615 million year-over-year[7] - Trade and other receivables decreased significantly from HKD 4,115 million to HKD 5,799 million[7] - The company’s total liabilities decreased from HKD 9,679 million to HKD 8,226 million[8] - Trade receivables amounted to HKD 3,840,000, down from HKD 5,488,000 in the previous year[33] - Trade payables increased to HKD 9,319,000 from HKD 7,916,000 in the previous year[35] Strategic Focus and Future Plans - The company is focusing on expanding its market presence and developing new products and technologies to drive future growth[6] - The financial results indicate a need for strategic adjustments to improve profitability and reduce operational losses moving forward[6] - The company remains committed to enhancing its service offerings and exploring potential mergers and acquisitions to strengthen its market position[6] - The company plans to adjust its service offerings and explore new business opportunities to better meet customer needs[40] - The group aims to explore new business opportunities and continue investing in product development to maintain competitiveness in the digital advertising industry[44] - The company plans to enhance brand awareness and sales support to revive sales, including increasing promotional spending and communication with advertisers[44] Compliance and Governance - The group has applied new and revised Hong Kong Financial Reporting Standards starting from April 1, 2023, with no significant impact on the financial position and performance for the current and prior years[15] - The application of the revised Hong Kong Accounting Standard No. 8 clarifies the definition of accounting estimates, which will not have a significant impact on the consolidated financial statements[17] - The group has also applied the revised Hong Kong Accounting Standard No. 1, which changes the terminology from "significant accounting policies" to "material accounting policy information," with no significant impact on the financial statements[19] - The group anticipates that the application of all other revised Hong Kong Financial Reporting Standards will not have a significant impact on foreseeable future consolidated financial statements[23] - The revised standards include clarifications on the distinction between changes in accounting estimates and changes in accounting policies, which may affect the financial reporting process[20] - The group has ensured compliance with the new standards to maintain the accuracy and reliability of its financial reporting[18] - The impact of the revised standards on the group's financial statements has been disclosed in Note 3 of the consolidated financial statements[20] - The group continues to monitor the implications of the new standards on its financial reporting practices[23] - The audit committee consists of three independent non-executive directors, ensuring compliance with relevant regulations and effective internal controls[66] - All directors have confirmed compliance with the GEM Listing Rules regarding securities trading standards as of March 31, 2024[63] Shareholder Information - The company did not recommend the payment of dividends for the year ended March 31, 2024[31] - The company completed a subscription agreement on April 30, 2024, issuing a total of 39,999,996 shares at a subscription price of HKD 0.1265 per share[64] - The total proceeds from the issuance of new shares amount to approximately HKD 5.06 million, with a net amount of approximately HKD 5.01 million after deducting other expenses[65] - Of the net proceeds, HKD 1.93 million is intended for settling payables, while HKD 3.08 million is allocated for general working capital[65] - 100% of the net proceeds intended for settling payables has been utilized, and 19% of the amount for general working capital has been used, with the remainder expected to be utilized by the end of 2024[67] - The company's annual general meeting is scheduled for September 12, 2024[68] - The company will suspend share registration procedures from September 9, 2024, to September 12, 2024[69] Employment and Workforce - The group employed 25 employees as of March 31, 2024, down from 33 employees in the previous year, with total employee costs of approximately HKD 11,475,000[55] - The total employee benefits expense decreased to HKD 11,475,000 in 2024 from HKD 12,737,000 in 2023[26]
源想集团(08401) - 2024 - 年度业绩