Financial Performance - For the fiscal year ended November 30, 2023, the company reported total revenue of HKD 26,203,000, a decrease of 56.5% compared to HKD 60,244,000 in the previous year[6]. - The gross profit for the year was HKD 15,429,000, down 56.7% from HKD 35,636,000 in 2022[6]. - The company incurred an operating loss of HKD 11,466,000, compared to an operating profit of HKD 10,803,000 in the prior year[6]. - The net loss attributable to shareholders for the year was HKD 12,782,000, compared to a profit of HKD 9,110,000 in 2022[6]. - Basic and diluted loss per share for the year was HKD 2.69, compared to earnings of HKD 1.91 and HKD 1.52 per share in the previous year[6]. - The total loss before tax for 2023 was HKD 12,773,000, compared to a profit of HKD 9,110,000 in 2022[31]. - The group reported a net loss of HKD 12,782,000 for the year, a significant decline from the profit of HKD 9,110,000 in the previous year[31]. - The income tax expense for the current year was HKD 9,000, while there was no tax expense for the previous year[42]. - The basic loss per share attributable to the owners of the company was HKD (12,782,000) for 2023, compared to a profit of HKD 9,110,000 for 2022[43]. - The diluted loss per share for the year ended November 30, 2023, was HKD (12,783,000), with no dilutive effect from convertible preference shares[44]. Revenue Breakdown - Revenue from software licensing and related services was zero in 2023, down from HKD 37,097,000 in 2022[22]. - Maintenance service revenue decreased slightly to HKD 11,711,000 in 2023 from HKD 12,025,000 in 2022[22]. - The group recognized contract revenue of HKD 1,035,000 in 2023, compared to HKD 574,000 in 2022, indicating an increase of approximately 80.5%[22]. - Revenue from hardware sales increased to HKD 416,000 in 2023 from HKD 72,000 in 2022, showing a growth of approximately 478%[22]. - The group provided financial technology resources services, generating HKD 9,234,000 from secondment services in 2023, up from HKD 6,389,000 in 2022[22]. - Revenue sources included approximately HKD 3,576,000 (13.6%) from software licensing and related services, HKD 11,711,000 (44.7%) from maintenance services, and HKD 9,465,000 (36.1%) from fintech resource services[57]. - The financial solutions segment generated revenue of HKD 16,738,000, down 68.4% from HKD 52,891,000 in the previous year[31]. - The fintech resources segment reported revenue of HKD 9,465,000, an increase of 28.7% from HKD 7,353,000 in 2022[31]. - Revenue from fintech resource services increased by 28.7% to approximately HKD 9,465,000, up from HKD 7,353,000 in the previous year, due to successful contract renewals and new client agreements[65]. Assets and Liabilities - Total assets decreased to HKD 41,720,000 from HKD 65,023,000, representing a decline of 35.7%[7]. - Current assets also fell to HKD 40,097,000 from HKD 61,376,000, a decrease of 34.6%[7]. - Total liabilities decreased to HKD 33,545,000 from HKD 44,066,000, a reduction of 24%[7]. - The company's equity attributable to shareholders decreased to HKD 8,175,000 from HKD 20,957,000, a decline of 61%[7]. - The total assets decreased to HKD 41,720,000 in 2023 from HKD 65,023,000 in 2022, representing a decline of 35.8%[33]. - The total liabilities also decreased to HKD 33,545,000 in 2023 from HKD 44,066,000 in 2022, a reduction of 24%[33]. - Trade receivables decreased to HKD 38,845,000 in 2023 from HKD 44,959,000 in 2022, with an expected credit loss provision of HKD 11,793,000[46]. - The aging analysis of trade receivables showed that HKD 35,132,000 was overdue by more than 360 days in 2023, compared to HKD 11,470,000 in 2022[48]. Operational Focus and Future Outlook - The company plans to focus on software research and development, as well as operational expenditures, which totaled HKD 4,540,000 for the year[6]. - The company expects stable revenue from software licenses, maintenance services, and other professional services, which will continue to contribute significantly to total revenue[59]. - The company plans to enhance its regulatory technology solutions and related services, anticipating continued positive contributions in the upcoming year despite increasing competition[62]. - The company aims to focus on R&D capabilities and improve the quality of its sales and marketing team to drive revenue growth in 2024[70]. - The company is optimistic about the future of regulatory technology and information technology services, planning to explore new business opportunities and expand its client base[63][69]. Internal Controls and Governance - The company has not established an internal audit function since its listing in 2000, but believes its current organizational structure provides sufficient risk management and internal control[74]. - The Audit Committee held four meetings during the reporting year to review the company's reports and accounts, providing recommendations to the Board[76]. - The company has established an Internal Control Committee since 2007 to review the effectiveness of its internal control systems[74]. - The external independent consultant reviewed the effectiveness of the company's internal control systems, identifying areas for improvement[74]. - The Audit Committee serves as a key liaison between the company and its external auditors, ensuring proper oversight of the audit process[76]. - The company is committed to providing accurate and complete information to the Board, confirming that the disclosed information is free from misleading elements[81]. Debt and Financing - The company issued a new promissory note of HKD 2,000,000 on November 29, 2022, to support operational funding, maturing on June 1, 2024[54]. - The company extended the maturity of the 2021 promissory note from June 1, 2023, to June 1, 2024, with a total book value of HKD 10,097,000[54]. - The company issued a new promissory note of HKD 2,500,000 on August 28, 2023, to support operational funding, maturing on June 1, 2025[54]. - The fair value difference of the 2022 first promissory note at initial recognition was approximately HKD 365,000[54]. - The company recognized a gain of approximately HKD 945,000 from the modification of the 2022 second promissory note[54]. Dividends and Shareholder Information - The company has not declared any dividends for the year ended November 30, 2023, consistent with the previous year[45]. - The weighted average number of shares used for calculating basic and diluted loss per share remained at 475,813,216 for both years[43][44]. - The company did not repurchase any of its listed securities during the year, consistent with the previous year[78]. - The company has not engaged in any purchases or sales of its listed securities during the reporting period, maintaining a consistent approach[78].
辰罡科技(08131) - 2023 - 年度业绩