Revenue Performance - Total revenue for fiscal year 2022 was $32.28 million, a 26% increase from $25.53 million in fiscal year 2021[1] - Revenue from brand promotion surged by 1,064% to $8.73 million, up from $0.75 million in fiscal year 2021[5] - Total revenue for 2022 was $32,281,543, representing a 26.8% increase from $25,526,557 in 2021[27] Profitability - Net income decreased to $0.69 million in fiscal year 2022, compared to $4.27 million in fiscal year 2021[2] - Gross profit fell by 14% to $6.25 million, with a gross margin of 19% compared to 28% in fiscal year 2021[11] - Gross profit decreased to $6,245,532 in 2022, down 13.5% from $7,224,063 in 2021[27] - Net income attributable to shareholders for 2022 was $787,958, a significant decline from $4,267,542 in 2021[27] - The company reported a comprehensive loss of $185,915 in 2022, contrasting with a comprehensive income of $5,603,299 in 2021[27] - Basic and diluted net income per share for 2022 was $0.04, down from $0.25 in 2021[27] - Net income for 2022 was $687,888, a significant decrease from $4,267,542 in 2021[30] Expenses - The cost of revenue increased by 42% to $26.04 million, up from $18.30 million in fiscal year 2021[8] - Operating expenses rose by 247% to $4.83 million, from $1.39 million in fiscal year 2021[13] - Operating expenses rose to $4,829,065 in 2022, up 3.5 times from $1,392,137 in 2021[27] - Total depreciation and amortization expenses increased to $310,343 in 2022 from $243,905 in 2021[30] - The company paid $398,370 in income tax for 2022, compared to $34,765 in 2021[30] - Interest expense paid was reported at $56,733, a decrease from $235,361 in the previous year[30] Cash and Assets - As of June 30, 2022, cash and cash equivalents were $14.40 million, significantly up from $1.32 million a year earlier[20] - Total current assets increased to $50,831,524 in 2022, up 56.9% from $32,410,117 in 2021[25] - Cash reserves surged to $14,396,032 in 2022, compared to $1,319,977 in 2021, marking a 1,087.5% increase[25] - The company reported a cash balance of $14,396,032 at the end of the year, up from $1,319,977 at the beginning of the year[30] Liabilities and Equity - Total liabilities decreased to $11,595,616 in 2022, down 23.3% from $15,101,230 in 2021[25] - Total shareholders' equity increased to $52,772,352 in 2022, up from $19,328,105 in 2021, reflecting a growth of 173.5%[25] Operational Highlights - The company served 21 clients in 56 events for event planning and execution during the fiscal year[2] - The company aims to enhance its SaaS platform, which had over 60,000 students using it as of June 30, 2022[3] - The company plans to invest in metaverse-related business to provide a comprehensive hip-hop experience to users[3] Cash Flow - Cash flows from operating activities showed a net cash outflow of $19,365,046 in 2022, compared to an outflow of $4,037,332 in 2021[30] - Cash used in investing activities totaled $802,733, with a significant purchase of intangible assets at $720,000[30] - The effect of exchange rate changes contributed an increase of $184,902 to cash flows[30] - Proceeds from the issuance of shares amounted to $33,630,162 in 2022, a notable increase compared to previous years[30] - The company incurred a loss from the disposal of property and equipment amounting to $1,237 in 2022[30]
Pop Culture (CPOP) - 2022 Q4 - Annual Report