Skillful Craftsman Education Technology Files Annual Report on Form 20-F and Reports Audited Fiscal Year 2020 Results
- 16% year-over-year revenue growth
- 35% year-over-year total fee-paying members growth
Fiscal Year 2020 Financial and Operational Highlights
All financial figures are in US Dollars unless otherwise noted.
- Revenue was
$28.6 million , compared with$24.7 million in the same period of last year, representing a 16% increase.
- Net Income was
$9.98 million , compared with$8.68 million in the same period of last year.
- Total fee-paying members1 reached 3.09 million, compared with 2.28 million during the same period of last year, representing a 35% increase.
Fiscal Year 2020 Financial Results
All figures refer to fiscal year 2020 (ending
Revenue increased by 16% to
Cost of revenue increased by 25% to
Gross profit increased by 10% to
General and administrative expenses increased by 7% to
Sales and marketing expenses decreased by 17% to
Pre-Tax Income increased by 15% to
Net Income increased by 15% to
Cash and equivalents. At
About Skillful Craftsman
Skillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experiment training courses. The Company was founded in
Safe Harbor Statement
This report contains “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements,” including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management’s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements.
Forward-looking statements are based on information available at the time those statements are made and management’s belief as of that time with respect to future events. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Such risks, uncertainties, and other factors include, but are not limited to, [our ability to improve the content of our existing courses, develop new courses or services, leverage new technologies, or anticipate market demand in a timely or cost-effective manner, and those factors discussed under the headings “Risk Factors”, “Operating and Financial Review and Prospects,” and elsewhere in this report. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business.. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
For more information, please contact:
In
Skillful Craftsman
Investor Relations Director
Email: iredtk@kingwayedu.cn
Ms.
Phone: +86 138-1081-7475
Email: susie@blueshirtgroup.com
In
Ms.
Phone: +1 973-619-3227
Email: Julia@blueshirtgroup.com
____________
1 Number of fee-paying members is defined as the total number of members that are paying fees for accessing our platforms as of the end of the applicable period.
CONSOLIDATED BALANCE SHEETS
As of |
|||||||
2020 | 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 11,931,714 | $ | 10,362,283 | |||
Accounts receivable, net | 78,785 | 451,132 | |||||
Prepayments and other current assets | 1,963,102 | 902,811 | |||||
Total current assets | 13,973,601 | 11,716,226 | |||||
Non-current assets | |||||||
Property and equipment, net | 12,324,125 | 14,022,240 | |||||
Intangible assets, net | 19,294,740 | 17,799,207 | |||||
Long-term prepayments and other non-current assets | 97,035 | - | |||||
Total non-current assets | 31,715,900 | 31,821,447 | |||||
TOTAL ASSETS | $ | 45,689,501 | $ | 43,537,673 | |||
LIABILITIES | |||||||
Current liabilities | |||||||
Accounts payable | $ | 249,086 | $ | 10,025 | |||
Taxes payable | 543,600 | 375,337 | |||||
Other payables | 227,525 | 151,545 | |||||
Deferred revenue-current | 16,736,365 | 15,308,898 | |||||
Total current liabilities | 17,756,576 | 15,845,805 | |||||
Non-current liabilities | |||||||
Deferred revenue-noncurrent | 50,877 | 8,672,836 | |||||
Total non-current liabilities | 50,877 | 8,672,836 | |||||
TOTAL LIABILITIES | $ | 17,807,453 | $ | 24,518,641 | |||
COMMITMENTS AND CONTINGENCIES | |||||||
SHAREHOLDERS’ EQUITY: | |||||||
Ordinary shares, par value |
1,800 | 1,800 | |||||
Additional paid-in capital | 1,619,774 | 1,619,774 | |||||
Statutory reserve | 745,590 | 745,590 | |||||
Accumulated profits | 26,921,172 | 16,945,947 | |||||
Accumulated other comprehensive (loss): | (1,406,288 | ) | (294,079 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 27,882,048 | 19,019,032 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 45,689,501 | $ | 43,537,673 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the years ended | |||||||||
2020 | 2019 | 2018 | |||||||
Revenue | $ | 28,601,071 | $ | 24,668,840 | $ | 14,910,543 | |||
Cost of revenue | (11,797,870 | ) | (9,458,559 | ) | (4,715,419 | ) | |||
Gross profit | 16,803,201 | 15,210,281 | 10,195,124 | ||||||
Operating expenses: | |||||||||
Selling and marketing expenses | (1,520,801 | ) | (1,832,006 | ) | (1,148,375 | ) | |||
General and administrative expenses | (2,038,568 | ) | (1,899,110 | ) | (1,108,280 | ) | |||
Total operating expenses | (3,559,369 | ) | (3,731,116 | ) | (2,256,655 | ) | |||
Income from operations | 13,243,832 | 11,479,165 | 7,938,469 | ||||||
Interest income | 73,737 | 88,588 | 76,324 | ||||||
Others, net | (3,458 | ) | (195 | ) | (114 | ) | |||
Income before income taxes | 13,314,111 | 11,567,558 | 8,014,679 | ||||||
Income tax expense | (3,338,886 | ) | (2,892,500 | ) | (2,004,711 | ) | |||
Net profit | $ | 9,975,225 | $ | 8,675,058 | $ | 6,009,968 | |||
Other comprehensive (loss): | |||||||||
Foreign currency translation adjustment | (1,112,209 | ) | 735,192 | 722,635 | |||||
Total comprehensive income | 8,863,016 | 7,939,866 | 6,732,603 | ||||||
Net earnings per ordinary share, basic and diluted | $ | 1.11 | $ | 0.96 | $ | 0.67 | |||
Weighted average number of ordinary shares, basic and diluted | 9,000,000 | 9,000,000 | 9,000,000 |
Source: Skillful Craftsman Education Technology Limited