Financial Performance - For the fiscal year ending December 31, 2024, CMON Limited reported total revenue of $37,353,249, a decrease of 17.1% from $45,051,708 in the previous year[4] - The cost of sales for the year was $19,355,755, resulting in a gross profit of $17,997,494, down 23.7% from $23,615,284 in 2023[4] - The company incurred an operating loss of $2,559,878 compared to an operating profit of $1,831,106 in the prior year, indicating a significant decline in operational performance[4] - Net loss for the year was $3,049,380, compared to a profit of $755,948 in 2023, reflecting a substantial downturn in profitability[5] - Basic and diluted loss per share was $(0.0015), compared to earnings of $0.0004 per share in the previous year[5] - The company reported a total comprehensive loss of $3,046,767 for the year, compared to a comprehensive income of $745,392 in the previous year[4] - The company reported a net loss of $3,047,341 for 2024, compared to a profit of $755,948 in 2023, indicating a shift in financial performance[23] - Revenue for the fiscal year decreased to approximately $37.4 million from about $45.1 million in the previous fiscal year, with a comprehensive loss of approximately $3.0 million compared to a profit of about $0.8 million in 2023[39] Assets and Liabilities - Total assets decreased to $21,486,975 from $25,298,248, a decline of approximately 15% year-over-year[7] - Non-current assets decreased to $25,842,055 from $28,776,392, primarily due to reductions in property, plant, and equipment[6] - Total non-current assets decreased from $19,926,924 in 2023 to $18,485,283 in 2024, a decline of approximately 7.2%[17] - The company’s total liabilities for lease liabilities interest increased from $25,554 in 2023 to $71,254 in 2024, an increase of approximately 178%[19] - Trade receivables decreased from $375,608 in 2023 to $0 in 2024, indicating a significant reduction in outstanding customer payments[25] - Prepayments and deposits decreased from $2,288,692 in 2023 to $762,899 in 2024, a decline of approximately 66.7%[29] - The group's bank and cash balance as of December 31, 2024, is $88,857, a decrease from $168,082 in 2023[30] - Bank borrowings decreased to $4,006,147 in 2024 from $5,806,654 in 2023, with $2,956,437 due within one year[32] - As of December 31, 2024, the group had total bank borrowings of approximately $3.0 million (short-term) and $1.0 million (long-term), compared to $4.3 million and $1.5 million respectively in 2023[65] - The group's debt-to-asset ratio as of December 31, 2024, was approximately 47.6%, slightly down from 48.1% in 2023[65] Revenue Breakdown - Revenue from North and South America was $15,699,195, down 31.1% from $22,828,405 in 2023, indicating a significant market contraction[13] - Revenue decreased by approximately 17.1% from about $45.1 million for the year ended December 31, 2023, to about $37.4 million for the year ended December 31, 2024, primarily due to a decline in confirmed crowdfunding game sales[42] - Revenue from wholesale sales decreased by approximately 9.7% from about $18.6 million to about $16.8 million for the same periods[42] - Crowdfunding revenue decreased from approximately $26.4 million to about $20.0 million, attributed to lower sales from five crowdfunding projects in 2024 compared to six in 2023[42] - Board games accounted for approximately 81.1% of total revenue in 2024, generating about $30.3 million, down from 85.8% and about $38.6 million in 2023[43] Expenses and Costs - The cost of goods sold decreased from $14,745,602 in 2023 to $13,093,441 in 2024, a reduction of approximately 11.2%[21] - The company’s marketing expenses decreased from $1,086,526 in 2023 to $920,943 in 2024, a reduction of approximately 15.3%[21] - The company’s total financing costs decreased from $468,624 in 2023 to $435,633 in 2024, a decline of approximately 7%[19] - Total operating expenses decreased from about $21.8 million in 2023 to about $20.7 million in 2024, with selling and distribution expenses dropping from about $9.6 million to about $7.2 million[50] - Total employee costs for the year ending December 31, 2024, were approximately $4.0 million, consistent with the previous year[62] Share Capital and Dividends - The company did not recommend any dividends for the year ending December 31, 2024, consistent with 2023[22] - The company's issued share capital has decreased from 2,167,200,000 shares to 1,806,000,000 shares following the cancellation of subscription shares[76] - After the cancellation, Huang Cheng'an's shareholding increased from 20.79% to 24.95%, while Jianbang's shareholding rose from 12.76% to 15.31%[77] Future Plans and Strategies - The company plans to focus on the development and operation of already launched games to reduce development costs amid trade war uncertainties[41] - The company aims to expand its wholesale market in Europe and initiate small game production in Europe to lower operational logistics costs[41] - The group plans to expand its game portfolio through acquisitions or licensing to increase market share, primarily funded by internally generated funds and external borrowings[64] Risks and Governance - The group has identified key risks including reliance on a limited number of outsourced manufacturers and the potential loss of key personnel[69] - The company is hiring an internal control review expert to assess its internal control policies regarding the issuance of subscription shares and the delayed publication of financial results for the year ending December 31, 2024[78] - The audit committee has reviewed the accounting policies and practices adopted by the group and discussed internal controls and financial reporting matters[82] Miscellaneous - The company has not recognized the net proceeds from the subscription shares, which were canceled following legal advice and agreements with the subscribers[36] - The group had no major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures for the year ending December 31, 2024[61] - The group has no significant contingent liabilities as of December 31, 2024, remaining unchanged from the previous year[67] - The company has not engaged in any business that directly or indirectly competes with its group business during the year ending December 31, 2024[81] - No purchases, sales, or redemptions of the company's listed securities occurred during the year ending December 31, 2024[79] - The annual report for the year ending December 31, 2024, is expected to be sent to shareholders and published on the company's website by May 30, 2025[85] - Trading of the company's shares was suspended on April 1, 2025, pending the announcement of audited financial results[86] - The audit firm has confirmed that the financial figures in the annual performance announcement align with the audited consolidated financial statements for the year ending December 31, 2024[84]
CMON(01792) - 2024 - 年度业绩