Revenue and Performance - During the three months ended June 30, 2022, Bingo Group Holdings Limited generated approximately HK$0.4 million in revenue and HK$0.2 million in gross profit from its cinema business[17]. - Revenue for the period significantly decreased compared to the three months ended June 30, 2021, due to the impact of COVID-19 on cinema operations[17]. - The Group recorded a total turnover of approximately HK$0.4 million for the period, a decrease from approximately HK$1.8 million in the corresponding period last year due to cinema closures in Hangzhou and Shanghai[33]. - The Group reported a revenue of HK$401,000 for the three months ended June 30, 2022, a decrease of approximately 78% compared to HK$1,830,000 in the same period of 2021[48]. - Gross profit for the period was HK$238,000, down from HK$1,035,000 in the previous year, indicating a significant decline in profitability[48]. - The total comprehensive loss for the period was HK$2,710,000, an improvement from HK$3,802,000 in the previous year[50]. - The total comprehensive loss for the period was HK$3,581,000 for the three months ended June 30, 2022[102]. - The company reported a loss for the period of [3,187] million, indicating a significant financial challenge[105]. Cinema Operations - The cinema business has become the primary revenue generator for the Group during the reporting period[16]. - The Group's cinemas in Shanghai were unable to operate throughout the reporting period due to COVID-19 restrictions, while the Hangzhou cinema suspended operations for one week in April 2022[17]. - The Group's cinema in Shanghai resumed operations in late July 2022[17]. - The ongoing development of the cinema business is a strategic priority for the Group[16]. - The Group's overall performance was adversely affected by the pandemic, highlighting the volatility in the cinema sector[17]. - The cinema in Shanghai was closed for nearly four months due to COVID-19 restrictions, impacting business operations significantly[35]. - Revenue from cinema business decreased to HK$401,000 in Q1 2022 from HK$1,830,000 in Q1 2021, representing a decline of approximately 78%[56]. Joint Ventures and New Projects - A joint venture was formed with Lechuang Holdings, with Bingo Movie holding 49% and Lechuang holding 51%, focusing on investment and development of VR and MR projects[21]. - A framework agreement was signed with Guangzhou Jiu De Cultural and Technology Company Limited to form a joint venture for developing augmented reality digital live action role-playing game projects[22]. - The joint venture with Jiu De was established in May 2022, but business operations have not yet commenced[28]. - The Group aims to leverage its movie production and licensing experience to capture opportunities in the growing LARP market and augmented reality applications[27]. - The Group is optimistic about the joint venture with Lechuang Holdings for VR and MR projects, despite the entertainment sector being severely impacted by COVID-19[40]. Financial Management and Expenses - Administrative expenses decreased from approximately HK$4.6 million in the three months ended 30 June 2021 to approximately HK$3.6 million during the period, reflecting tightened cost control measures[34]. - The Group's loss decreased from approximately HK$3.7 million for the three months ended 30 June 2021 to approximately HK$3.2 million for the period[34]. - Direct expenses of the cinema business for the three months ended June 30, 2022, were HK$163,000, a decrease from HK$795,000 in 2021[80]. - Staff costs, including directors' remuneration, totaled HK$1,408,000 for the three months ended June 30, 2022, down from HK$1,783,000 in 2021[80]. - The total imputed interest on convertible bonds and interest expenses on lease liabilities for the three months ended June 30, 2022, was HK$461,000, down from HK$603,000 in 2021[77]. Share Capital and Options - The total number of issued share capital of the company as of June 30, 2022, was 102,644,466 shares[110]. - The company has convertible bonds with a principal amount of HK$19,000,000, with a conversion price of HK$5.3[59]. - The company granted a total of 180,000,000 share options on September 17, 2018, with an exercise price of HK$0.042 and a fair value of HK$2,181,000[63]. - The share option scheme adopted on August 15, 2012, is set to expire on August 14, 2022, aimed at incentivizing directors and eligible employees[146]. - The awarded shares for Mr. Chow Sing Chi will vest on August 16, 2024, after a one-year delay from the grant date[122]. Taxation and Compliance - There was no provision for Hong Kong Profits Tax for the three months ended June 30, 2022, as there were no assessable profits[97]. - PRC subsidiaries of the company did not incur any taxable profit during the three months ended June 30, 2022, thus no PRC Enterprise Income Tax was provided[97]. - The audit committee has reviewed the unaudited results for the three months ended June 30, 2022, and confirmed compliance with applicable accounting standards and GEM Listing Rules[169]. - The Company has adopted a code of conduct for securities transactions by Directors, which complies with the GEM Listing Rules, and all Directors have adhered to this code during the reporting period[172].
比高集团(08220) - 2023 Q1 - 季度财报