Company Listing and Financial Position - The company successfully listed on the Hong Kong GEM on December 9, 2019, marking a significant milestone for the fiscal year 2019/20[10] - The company successfully listed on the GEM of the Stock Exchange on December 9, 2019, raising funds for future development[17] - The company aims to enhance its financial position using resources obtained from the IPO to implement business strategies outlined in the prospectus dated November 25, 2019[11] - The net proceeds from the share issuance amounted to approximately 28.0 million HKD, with planned allocations including 4.6 million HKD (16.4%) for cloud data content management solutions[69] - As of June 30, 2020, the company had unutilized net proceeds of approximately 2.262 million HKD from the share issuance[71] - The company did not recommend any dividends for the year ending June 30, 2020, consistent with the previous year[61] - As of June 30, 2020, the group's distributable reserves were approximately MYR 37.9 million, an increase from MYR 19.2 million in 2019[118] Impact of COVID-19 - The company reported challenges due to the COVID-19 pandemic, which impacted business operations and project negotiations[10] - The COVID-19 pandemic has negatively impacted business operations and overall economic conditions, affecting negotiations with existing clients and the acquisition of new clients[17] - The company anticipates short-term challenges as clients adopt a "wait-and-see" approach due to economic uncertainties[11] - The COVID-19 pandemic has impacted business operations, with the company closely monitoring its financial condition and operational performance[65][68] Revenue and Financial Performance - The group's revenue decreased from approximately RM 41.4 million for the year ended June 30, 2019, to approximately RM 37.1 million for the year ended June 30, 2020, a decline of RM 4.3 million or 10.4%[36] - Revenue from network support services decreased by approximately 26.0%, while revenue from network connectivity services increased by approximately 5.3%[36] - Revenue from on-site hardware installation dropped by approximately RM 3.6 million or 70.6%, from RM 5.1 million to RM 1.5 million[37] - Other income increased by 100% from approximately RM 0.4 million to RM 0.8 million, primarily due to increased interest income from bank deposits[41] - The total comprehensive loss for the year ended June 30, 2020, was approximately RM 0.6 million, compared to a profit of RM 8.5 million for the year ended June 30, 2019[48] Risk Management - The company faces significant risks related to reliance on major clients, with potential losses if any of these clients are lost[27] - The company is attempting to increase revenue to compensate for the expiration of tax exemption qualifications, which may impact future financial performance[31] - The board regularly reviews major risk areas and appropriate risk mitigation strategies, considering leasing equipment if it is more advantageous than purchasing[33] - The company believes that its risk management and internal control systems are effective and sufficient[33] - The financial risks, including tax status and potential depreciation expenses, may adversely affect future financial performance[31] Business Strategy and Development - The company aims to accelerate development to respond to market demands and diversify its ICT services to adapt to current conditions[18] - The company has introduced new revenue sources, including secure cloud services and data content management centers, to mitigate risks associated with traditional network support services[23] - The company is expanding its product and service offerings to attract new contracts and enhance market visibility[25] - The company is optimistic about new ICT services complementing existing business operations[11] - The company is committed to a prudent approach in developing existing businesses and seeking better opportunities to mitigate current market volatility[11] Corporate Governance - The board of directors emphasizes the importance of good corporate governance standards to protect shareholder interests and enhance company value[173] - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced governance structure[178] - The independent non-executive directors confirm their independence according to GEM Listing Rules, ensuring compliance with governance standards[182] - The company has adopted the GEM Listing Rules as the basis for its corporate governance practices, with a commitment to transparency and accountability[173] - The company has implemented appropriate checks and balances through the board and independent non-executive directors to maintain effective decision-making[180] Employee and Operational Insights - As of June 30, 2020, the total number of employees was 50, with employee costs amounting to approximately 5.2 million MYR, an increase from 4.5 million MYR as of June 30, 2019[57] - The company acknowledges the contributions of all employees and stakeholders in its ongoing success[169] - All directors participated in ongoing professional development, with training records submitted for the year ending June 30, 2020[193] Auditor and Compliance - Deloitte served as the company's auditor until June 5, 2020, when they resigned due to a disagreement over audit fees[163] - The new auditor, Zhongzheng Zhonghuan (Hong Kong) CPA Limited, was appointed to fill the vacancy until the next annual general meeting[163] - The company ensures compliance with GEM listing rules and provides updates on regulatory requirements to all directors[193] Shareholder Information - The company has a share option plan that allows for the issuance of up to 10% of the total shares in circulation as of the listing date, which amounts to 60,000,000 shares[146] - As of June 30, 2020, there were no share options granted, exercised, cancelled, or lapsed under the share option plan[146] - The company maintained sufficient public float, with 25% of the issued shares held by the public as of June 30, 2020[162]
比特元宇宙(08645) - 2020 - 年度财报