Financial Performance - The company reported a total revenue of HKD 124,541,000 for the year ending June 30, 2024, compared to HKD 69,962,000 for the previous year, representing an increase of 78.1%[2] - The gross loss for the year was HKD 12,370,000, a significant decline from the previous year's gross loss of HKD 2,306,000[2] - The company achieved a profit before tax of HKD 16,432,000, recovering from a loss of HKD 30,041,000 in the previous year[2] - The net profit attributable to shareholders was HKD 17,535,000, compared to a loss of HKD 29,991,000 in the previous year[2] - The total comprehensive income for the year was HKD 23,886,000, a recovery from a loss of HKD 42,255,000 in the previous year[3] - Basic and diluted earnings per share were HKD 3.06, compared to a loss per share of HKD 6.10 in the previous year[3] - The company reported a net loss of HKD 39,084 thousand in 2024, compared to a net loss of HKD 7,147 thousand in 2023[17] - The company reported a basic loss attributable to shareholders of HKD 17,535,000 for the year ending June 30, 2024, compared to a loss of HKD 29,991,000 for the previous year[22] - Other income, gains, and losses for the year ended June 30, 2024, amounted to a net income of approximately HKD 39.1 million, compared to a net loss of approximately HKD 7.2 million for the year ended June 30, 2023[36] Assets and Liabilities - The total assets decreased to HKD 59,395,000 from HKD 13,539,000 in the previous year, indicating a significant change in the asset structure[4] - The company reported total liabilities of HKD 37,829,000, down from HKD 141,064,000 in the previous year, reflecting improved financial health[4] - The company has a total equity of HKD 59,395,000, compared to HKD 13,497,000 in the previous year, indicating a strong recovery in shareholder equity[5] - The total trade receivables as of June 30, 2024, amounted to HKD 5,655,000, a decrease from HKD 35,359,000 in the previous year, with an estimated allowance for doubtful debts of HKD 2,091,000[24] - Trade payables as of June 30, 2024, were reported at HKD 6,577,000, a significant decrease from HKD 44,899,000 in the previous year[26] - The group's total debt to equity ratio was approximately 3.1% as of June 30, 2024, compared to 34.7% as of June 30, 2023[40] Cash Flow and Financing - The group has a net cash balance of approximately HKD 54,730,000 as of June 30, 2024[7] - The total bank balance and cash amount to approximately HKD 4,146,000[7] - The group has outstanding loans from shareholders and directors totaling approximately HKD 7,108,000[8] - The company plans to extend the repayment of certain loans until the financial situation allows[8] - The group is expected to generate sufficient cash flow to meet its future operational and financing needs[8] - The company has a cash balance of approximately HKD 4,146,000 as of June 30, 2024, alongside significant loans from shareholders and directors[30] Business Strategy and Operations - The company plans to expand its market presence and invest in new technologies to drive future growth[2] - The company is focusing on the development of a Web3 e-commerce SaaS system to become a leading service provider in the Web3 space[35] - The company is expanding its operations into the North American cloud computing platform and blockchain hardware wallet systems[35] - The company is leveraging AI to enhance the conversion rates of its internet advertising services[33] - The company has undergone a review of its operational cash flow forecasts for at least the next twelve months[8] Corporate Governance and Compliance - The company has confirmed compliance with GEM listing rules and corporate governance standards as of June 30, 2024[58] - The Audit Committee, consisting of independent non-executive directors, has reviewed the financial statements for the year ending June 30, 2024[59] - The company has established a set of conduct rules for directors regarding securities trading, ensuring compliance with GEM listing standards[56] - The company has maintained effective communication with shareholders during the annual general meeting held in 2023[58] - The company has adhered to the corporate governance code as outlined in the GEM listing rules, with some deviations explained[58] Share Capital and Issuance - The issued and fully paid share capital increased to 6,872,000,000 shares as of June 30, 2024, from 5,080,000,000 shares in the previous year, following a share subscription agreement[27] - The company issued 77,600,000 new shares at a subscription price of HKD 0.12 per share, raising approximately HKD 9,312,000 before expenses[28] - A subsequent issuance of 101,600,000 new shares at a subscription price of HKD 0.125 per share is expected to raise approximately HKD 12,700,000 before expenses[28] - The net proceeds from the share issuance are estimated to be around HKD 12.6 million, which will be used for future business development, debt repayment, and general working capital[44] Employee and Operational Efficiency - The total employee cost for the year ending June 30, 2024, was approximately HKD 2 million, a decrease from HKD 5 million for the previous year[49] - The company had 14 employees as of June 30, 2024, down from 22 employees the previous year[49] - Administrative expenses decreased by approximately 54.5% to about HKD 8.1 million for the year ended June 30, 2024, from HKD 17.8 million for the year ended June 30, 2023, mainly due to reduced depreciation and streamlined personnel costs[38] - Selling and distribution expenses for the year ended June 30, 2024, were approximately HKD 0.9 million, down from HKD 1.1 million for the year ended June 30, 2023, primarily due to reduced costs after the digital empowerment of the platform business[37] Risk Management - The company continues to evaluate major risks and uncertainties to implement appropriate risk management measures[46] Leadership Changes - The company has appointed Mr. Zeng Jin as the Executive Director and Chairman of the Board effective from June 4, 2024[53] - The company has appointed Ms. Liu Qin as the Executive Director effective from June 4, 2024[53] Name Change - The company changed its name from "Million Stars Holdings Limited" to "Web3 Meta Limited" effective September 12, 2024[51]
瓦普思瑞元宇宙(08093) - 2024 - 年度业绩