Financial Performance - Revenue increased from $38 million in the previous year to $45 million, representing a growth of approximately 18%[10] - Profit attributable to equity holders rose from about $0.4 million to approximately $0.6 million, marking a 50% increase[16] - Revenue increased by approximately 20.0% from about $37.8 million for the year ended December 31, 2021, to about $45.3 million for the year ended December 31, 2022, primarily due to increased Kickstarter sales[20] - Revenue from Kickstarter increased from approximately $17.4 million to about $25.1 million, driven by five Kickstarter projects in 2022 compared to four in 2021[20] - Gross profit increased by approximately 27.1% from about $14.5 million to about $18.4 million, with gross margin rising from approximately 38.3% to about 40.6%[26] - Other income decreased from $169,313 to $138,628, primarily due to reduced government subsidies related to the COVID-19 pandemic[27] - The company had cash and cash equivalents of approximately $3.9 million and $3.1 million as of December 31, 2022, and 2021, respectively[33] - Total bank borrowings decreased from about $8.3 million to approximately $7.3 million, with short-term borrowings increasing from about $3.2 million to about $3.4 million[34] - The company generated approximately $25.1 million in revenue from Kickstarter projects for the year ended December 31, 2022, compared to $17.4 million in 2021[41] - The amount of successfully launched but not yet delivered Kickstarter projects was about $7.8 million for the year ended December 31, 2022, up from $6.9 million in 2021, with expected delivery in the first half of 2023[41] Business Expansion and Strategy - Five new games were successfully launched, raising a total of approximately $15.4 million through Kickstarter campaigns[16] - The company expanded its distribution business in Asia, establishing branches in Japan and Thailand[11] - Future plans include launching new games based on popular intellectual properties, such as "Song of Ice & Fire" and "God of War"[17] - The company aims to enhance its game design capabilities and introduce high-quality intellectual properties to drive growth[17] - The company plans to expand its game portfolio through acquisitions or licensing agreements to increase market share[45] Operational Challenges - The company faced challenges such as supply chain disruptions and material shortages but demonstrated resilience and adaptability[11] - The company has identified potential risks related to reliance on a limited number of outsourced manufacturers for game production[51] - The company is exploring other crowdfunding platforms and enhancing internal capabilities to mitigate risks associated with reliance on Kickstarter for game launches[53] Corporate Governance and Compliance - The company is committed to sustainable development and corporate governance standards[12] - The company is committed to complying with relevant laws and regulations in Singapore, China, the United States, and the Cayman Islands[82] - The company has established compliance procedures to ensure adherence to applicable laws and regulations that significantly impact its operations[82] - The company has implemented measures to reduce paper usage and energy consumption in its operations[80] - The company has a strong management team with extensive experience in finance and accounting, including the CFO who has over 15 years of experience[58] Employee and Management Information - Total employee costs for the year ended December 31, 2022, amounted to approximately $3.9 million, an increase from $3.2 million in 2021[43] - The total number of employees increased to 78 as of December 31, 2022, from 65 in the previous year[43] - The company maintains good working relationships with employees, with no labor disputes reported during the fiscal year[84] - The company encourages continuous professional development for directors, providing necessary training and updates on relevant regulations[155] Shareholder and Financial Policies - The board of directors did not recommend a final dividend for the year ending December 31, 2022, compared to zero in 2021[71] - The board has adopted a dividend policy to allow shareholders to benefit from profits while retaining liquidity for future opportunities[196] - The board will consider various factors, including actual and expected financial performance, capital and debt levels, and market conditions when declaring dividends[198] - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of business strategies[195] Risk Management and Internal Controls - The board is responsible for ensuring the establishment and maintenance of effective risk management and internal control systems, which are reviewed annually[185] - The company has engaged an independent third party to conduct an internal control review to ensure the effectiveness and adequacy of its internal control systems[188] - The audit committee regularly reviews the effectiveness of the company's risk management and internal control systems, finding them effective and adequate as of December 31, 2022[190] - The management team continuously monitors and reviews risk management measures to ensure significant risks are adequately addressed[190] Board Composition and Diversity - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, complying with listing rules regarding board composition[149] - The company has achieved its measurable goals for board diversity, with eight board members, including three independent non-executive directors[152] - The company plans to appoint at least one female director by the end of 2024 to enhance gender diversity on the board[153] - The company has adopted a board diversity policy since November 17, 2016, focusing on various aspects such as skills, knowledge, gender, age, race, culture, and educational background[175]
CMON(01792) - 2022 - 年度财报