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Pop Culture (CPOP) - 2022 Q4 - Annual Report
CPOPPop Culture (CPOP)2022-10-27 16:00

Revenue Performance - Total revenue for fiscal year 2022 was 32.28million,a2632.28 million, a 26% increase from 25.53 million in fiscal year 2021[1] - Revenue from brand promotion surged by 1,064% to 8.73million,upfrom8.73 million, up from 0.75 million in fiscal year 2021[5] - Total revenue for 2022 was 32,281,543,representinga26.832,281,543, representing a 26.8% increase from 25,526,557 in 2021[27] Profitability - Net income decreased to 0.69millioninfiscalyear2022,comparedto0.69 million in fiscal year 2022, compared to 4.27 million in fiscal year 2021[2] - Gross profit fell by 14% to 6.25million,withagrossmarginof196.25 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 7,224,063in2021[27]−Netincomeattributabletoshareholdersfor2022was7,224,063 in 2021[27] - Net income attributable to shareholders for 2022 was 787,958, a significant decline from 4,267,542in2021[27]−Thecompanyreportedacomprehensivelossof4,267,542 in 2021[27] - The company reported a comprehensive loss of 185,915 in 2022, contrasting with a comprehensive income of 5,603,299in2021[27]−Basicanddilutednetincomepersharefor2022was5,603,299 in 2021[27] - Basic and diluted net income per share for 2022 was 0.04, down from 0.25in2021[27]−Netincomefor2022was0.25 in 2021[27] - Net income for 2022 was 687,888, a significant decrease from 4,267,542in2021[30]Expenses−Thecostofrevenueincreasedby424,267,542 in 2021[30] Expenses - The cost of revenue increased by 42% to 26.04 million, up from 18.30millioninfiscalyear2021[8]−Operatingexpensesroseby24718.30 million in fiscal year 2021[8] - Operating expenses rose by 247% to 4.83 million, from 1.39millioninfiscalyear2021[13]−Operatingexpensesroseto1.39 million in fiscal year 2021[13] - Operating expenses rose to 4,829,065 in 2022, up 3.5 times from 1,392,137in2021[27]−Totaldepreciationandamortizationexpensesincreasedto1,392,137 in 2021[27] - Total depreciation and amortization expenses increased to 310,343 in 2022 from 243,905in2021[30]−Thecompanypaid243,905 in 2021[30] - The company paid 398,370 in income tax for 2022, compared to 34,765in2021[30]−Interestexpensepaidwasreportedat34,765 in 2021[30] - Interest expense paid was reported at 56,733, a decrease from 235,361inthepreviousyear[30]CashandAssets−AsofJune30,2022,cashandcashequivalentswere235,361 in the previous year[30] Cash and Assets - As of June 30, 2022, cash and cash equivalents were 14.40 million, significantly up from 1.32millionayearearlier[20]−Totalcurrentassetsincreasedto1.32 million a year earlier[20] - Total current assets increased to 50,831,524 in 2022, up 56.9% from 32,410,117in2021[25]−Cashreservessurgedto32,410,117 in 2021[25] - Cash reserves surged to 14,396,032 in 2022, compared to 1,319,977in2021,markinga1,087.51,319,977 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 1,319,977atthebeginningoftheyear[30]LiabilitiesandEquity−Totalliabilitiesdecreasedto1,319,977 at the beginning of the year[30] Liabilities and Equity - Total liabilities decreased to 11,595,616 in 2022, down 23.3% from 15,101,230in2021[25]−Totalshareholders′equityincreasedto15,101,230 in 2021[25] - Total shareholders' equity increased to 52,772,352 in 2022, up from 19,328,105in2021,reflectingagrowthof173.519,328,105 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 4,037,332in2021[30]−Cashusedininvestingactivitiestotaled4,037,332 in 2021[30] - Cash used in investing activities totaled 802,733, with a significant purchase of intangible assets at 720,000[30]−Theeffectofexchangeratechangescontributedanincreaseof720,000[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 33,630,162in2022,anotableincreasecomparedtopreviousyears[30]−Thecompanyincurredalossfromthedisposalofpropertyandequipmentamountingto33,630,162 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]