Meta Data Limited (NYSE: AIU) (“Meta Data” or the “Company”),
today reported its unaudited financial results for the six months
ended February 28, 2022.
First Half 2022 Highlights:
Net loss from
continuing operations was RMB372.0 million (US$58.8
million), down by 7% year-over-year.
Net loss from
discontinued operations was RMB742.9 million (US$116.2 million)
compared to nil in the first half 2021.
Net loss attributable
to common shareholders of Meta Data was RMB1,068.8 million
(US$167.8 million), increased by 222% compared to net loss of
RMB331.6 million (US$51.2 million) in the first half 2021.
After July 2021, the Chinese government issued a
series of rules and regulations prohibiting the provision of
after-school tutoring services. On July 24, 2021, the announcement
of “Opinions on Further Alleviating the Burden of Homework and
After-School Tutoring for Students in Compulsory Education”
(“Double Reduction Policy”) was made by the General Office of the
CPC Central Committee and the General Office of the State Council
(the “Opinion”).
The Opinion contains guiding principles about
requirements and restrictions related to after-school tutoring
services, including: (i) service providers in After-School Tutoring
(“AST”) services on academic subjects relating to compulsory
education or academic AST institutions need to register as a
non-profit entity; (ii) foreign ownership in academic AST
institutions are prohibited, including through contractual
arrangements; (iii) listed companies are prohibited from raising
capital to invest in businesses that teach academic subjects in
compulsory education; (iv) relevant tutoring services on academic
subjects in compulsory education are not allowed during public
holidays, weekends and school breaks; and (v) academic AST
institutions must follow the fee standards to be established by
relevant authorities. The Opinion also provides that institutions
providing after-school tutoring services on academic subjects in
high schools (which do not fall within China’s compulsory education
system) shall take into consideration the Opinion when conducting
activities.
In compliance with the opinion and applicable
rules, regulations and measures, the Company actively discussed
with regulatory authorities with regard to winding down of the
suspended business, including the termination of leased office
spaces and learning centers, and disposal of relevant leasehold
improvements and electronic equipment. Most subsidiaries have
closed their physical stores since October 2021, and the Company
ceased its K-12 after-school and young children education services
(“Legacy Business”). The compliance measures taken by the Company
have adversely affected the Company’s results of operations.
The Company has carried out product iterations
on its original business, shifting from education and training to
education and technology, using the original channels to carry out
quality education and technology output, including 5G technology,
smart campus system, and virtual training systems based on the
Metaverse. The Company’s new business is using the six core
technologies of Metaverse and artificial intelligence blockchain
network computing, interaction, game technology, and the Internet
of Things as the Company’s core technologies, building a new type
of blockchain smart student card and global smart employment
quality educational virtual world (a new type of artificial
intelligence employment training), a combination of virtual and
real prediction world (digital education, risk prediction,
computing power output), VR shopping world (new e-commerce) and
other products to provide global customers with a new digital world
experience.
The Company has recruited a global management
team and a technology research and development team to develop new
products and business directions that combine education and
technology. On December 16, 2021, Metaverse Information Technology
Limited was incorporated in BVI. On January 24, 2022, a
wholly-owned subsidiary was established in Hong Kong. On January
11, 2022, Metaverse Digital Technology Co., Ltd. was set up in
Wyoming, USA.
The new revenue streams included Smart Campus
Service System-smart student ID card, smart training system based
on smart training, and edge computing power output based on
meta-universe computing power.
Due to the aforementioned, on July 11, 2022, the
board of directors of the Company decided to divest the
subsidiaries of OneSmart Education Inc. and search for potential
purchasers of the Legacy Business.
Key Financial Results (In Thousand /RMB) |
|
First Half,2022 |
|
|
First Half,2021 |
|
|
Change InAmounts |
|
|
Change InPercentage |
|
Net revenues |
|
|
- |
|
|
|
1,616,435 |
|
|
|
(1,616,435 |
) |
|
|
N/A |
|
Gross profit |
|
|
- |
|
|
|
597,481 |
|
|
|
(597,481 |
) |
|
|
N/A |
|
Operating loss |
|
|
(360,910 |
) |
|
|
(273,885 |
) |
|
|
(87,025 |
) |
|
|
32 |
% |
Loss from continuing
operations |
|
|
(371,954 |
) |
|
|
(347,995 |
) |
|
|
(23,959 |
) |
|
|
7 |
% |
Loss from discontinued
operations |
|
|
(742,879 |
) |
|
|
- |
|
|
|
(742,879 |
) |
|
|
N/A |
|
Net loss attributable to Meta
Data |
|
|
(1,114,833 |
) |
|
|
(331,550 |
) |
|
|
(783,283 |
) |
|
|
236 |
% |
Net loss attributable to
non-controlling interests |
|
|
(45,987 |
) |
|
|
(16,445 |
) |
|
|
29,542 |
|
|
|
180 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results for the First Half
Year Ended February 28, 2022
Net Revenues
According to the “Double Reduction Policy” of
the Chinese government, the Company ceased its Legacy Business from
October 2021 and its business strategy was shifted to the Metaverse
industry. The Legacy Business generated approximately RMB144.8
million (US$22.9 million) in revenue in the first half of 2022.
Since the Metaverse business has just started, no related revenue
has been generated in the first half of 2022, but as of July 2022,
the revenue of the Metaverse business is RMB13.3 million (US$2.1
million) for the same period last year because of “Double Reduction
Policy” aforementioned required suspension of all subject-based
off-campus tutoring business targeting pre-school kids and K12
students.
Operating Costs and
Expenses
Operating costs and expenses for the first half
year of 2022 were RMB360.9 million (US$57.1 million), compared to
RMB871.4 million (US$134.6 million) during the same period last
year.
- Cost of
revenues were nil compared to RMB1,019.0 million
(US$157.4 million) for the same period of last year because the
Company ceased all the domestic education programs and learning
centers in China in October 2021 in order to comply with the policy
directives of the Opinion, accordingly, no revenues were generated
for the continuing business in the first half of 2022.
- Selling and marketing
expenses were nil compared to RMB459.7 million (US$71.0
million) for the same period of last year because the Company
ceased its after-school tutoring services in primary and secondary
schools according to government regulations, therefore, no selling
and marketing expenses were incurred for the continuing business in
the first half of 2022.
- General and administrative
expenses were RMB360.9 million (US$57.1 million),
mainly consisting of share-based compensation expenses, and has
decreased by 27% year-over-year.
Operating Loss
Operating loss for the first half year was
RMB360.9 million (US$57.1 million), compared to operating loss of
RMB273.9 million (US$42.3 million) in the same period of the prior
fiscal year.
Income from Continuing and Discontinuing
operations
For the first half year 2022, loss from
continuing operations was RMB372.0 million (US$58.8 million) and
loss from discontinued operations was RMB742.9 million (US$116.2
million) compared to RMB348.0 million (US$53.8 million) and nil,
respectively, for the same period of last year.
Net interest expense was RMB11.0 million (US$1.7
million), compared to net interest expense of RMB53.5 million
(US$8.3 million) during the same period last year.
Other income, which mainly represents government
subsidies and other gains, was nil compared to RMB30.4 million
(US$4.7 million) for the same period last year.
Net Loss Attributable to Meta
Data
Net loss attributable to Meta Data was
RMB1,114.8 million (US$175.1 million), compared to RMB331.6 million
(US$51.2 million) for the same period last year.
Financial Position
As of February 28, 2022, the Company had cash
and cash equivalents of RMB186.2 million (US$29.5 million) from
continuing operation, restricted cash of RMB159.8 million
(US$25.3 million) from discontinued operation. Short-term
investments of RMB6.8 million (US$1.1 million)
As of February 28, 2022, the Company
had short-term loan of RMB628.2 million (US$99.4 million)
for the continuing operation.
Cash Flow
Net cash used in operating activities in the
first half year of 2022 was RMB261.0 million (US$41.3 million) in
which continuing operations used RMB86.3 million (US$13.6 million),
discontinued operations used RMB174.8 million (US$27.6
million).
Net cash provided by investing activities in the
first half year of 2022 was RMB82.6 million (US$13.1 million) in
which continuing operations provided nil, discontinued operations
provided RMB20.7 million (US$3.3 million).
Net cash provided from financing activities in
the first half year of 2022 was RMB138.8 million (US$22.0 million)
in which continuing operations provided RMB194.7 million (US$30.8
million), discontinued operations used RMB55.9 million (US$8.8
million).
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars at a specified rate solely
for the reader’s convenience. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at the noon buying
rate on February 28, 2022, as set forth in the H.10 statistical
release of the Board of Governors of the Federal Reserve System,
which was RMB6.3222 to USD1.00.
About Meta Data Meta Data
Limited (formerly known as OneSmart International Education Group
Limited), a Cayman Islands exempt company, has built a
comprehensive premium K-12 education platform that encompasses
MetaData VIP business, smart ID, and MetaData Online. For more
information on Meta Data, please visit: www.aiumeta.com
Safe Harbor Statement This press release contains
forward-looking statements made under the “safe harbor” provisions
of Section 21E of the Securities Exchange Act of 1934, as amended,
and the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as “will,” “expects,” “anticipates,” “future,” “intends,”
“plans,” “believes,” “estimates,” “confident” and similar
statements. Meta Data may also make written or oral forward-looking
statements in its reports filed with or furnished to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Any statements that are not historical facts,
including statements about Meta Data’s beliefs and expectations,
are forward-looking statements that involve factors, risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such factors and
risks include, but not limited to the following: Meta Data’s goals
and strategies; its future business development, financial
condition and results of operations; Further information regarding
these and other risks, uncertainties or factors is included in the
Company’s filings with the U.S. Securities and Exchange Commission.
All information provided in this press release is current as of the
date of the press release, and Meta Data does not undertake any
obligation to update such information, except as required under
applicable law. For more information, please
contact:info@aiumeta.com ICA (Institutional Capital Advisory)
|
META DATA LIMITEDUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts in
thousands) |
|
|
|
As ofAugust
31,2021 |
|
|
As
ofFebruary 28,2022 |
|
|
As
ofFebruary 28,2022 |
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
|
|
(Audited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Asset |
|
|
|
|
|
|
|
|
|
Current
Asset |
|
|
|
|
|
|
|
|
|
Cash |
|
|
29,626 |
|
|
|
186,230 |
|
|
|
29,457 |
|
Short-term
investments |
|
|
81,575 |
|
|
|
6,763 |
|
|
|
1,070 |
|
Restricted
cash |
|
|
355,017 |
|
|
|
- |
|
|
|
- |
|
Current assets from
discontinued operations |
|
|
- |
|
|
|
159,804 |
|
|
|
25,277 |
|
Total current
assets |
|
|
466,218 |
|
|
|
352,797 |
|
|
|
55,804 |
|
Prepayment to acquire
a subsidiary |
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net |
|
|
36,955 |
|
|
|
- |
|
|
|
- |
|
Non-current assets
from discontinued operations |
|
|
- |
|
|
|
14,678 |
|
|
|
2,322 |
|
Total
assets |
|
|
503,173 |
|
|
|
367,475 |
|
|
|
58,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
loan |
|
|
498,574 |
|
|
|
628,174 |
|
|
|
99,360 |
|
Long-term loan,
current portion |
|
|
513,432 |
|
|
|
- |
|
|
|
- |
|
Prepayments from
customers |
|
|
2,787,686 |
|
|
|
- |
|
|
|
- |
|
Amounts due to related
parties |
|
|
1,205 |
|
|
|
- |
|
|
|
- |
|
Income tax
payable |
|
|
48,216 |
|
|
|
- |
|
|
|
- |
|
Accrued expenses and
other current liabilities |
|
|
868,464 |
|
|
|
17,284 |
|
|
|
2,734 |
|
Current liabilities
from discontinued operations |
|
|
|
|
|
|
4,828,109 |
|
|
|
763,676 |
|
Total current
liabilities |
|
|
4,717,577 |
|
|
|
5,473,567 |
|
|
|
865,770 |
|
Long-term bank
loan |
|
|
135,000 |
|
|
|
|
|
|
|
|
|
Convertible
loan |
|
|
226,114 |
|
|
|
|
|
|
|
|
|
Other non-current
liabilities |
|
|
45,727 |
|
|
|
|
|
|
|
|
|
Non-current
liabilities from discontinued operations |
|
|
|
|
|
|
154,798 |
|
|
|
24,485 |
|
Total
liabilities |
|
|
5,124,418 |
|
|
|
5,628,365 |
|
|
|
890,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares (US$0.000001 par value; 37,703,157,984 shares authorized;
4,321,229,545 issued and outstanding as of August 31, 2021 and
12,321,229,545 issued and outstanding as of February 28, 2022,
respectively) |
|
|
26 |
|
|
|
76 |
|
|
|
12 |
|
Class B ordinary
shares ($0.000001 par value, 2,290,430,016 shares issued
and outstanding as of August 31, 2021 and 2,290,430,016 issued and
outstanding as of February 28, 2022 respectively) |
|
|
16 |
|
|
|
16 |
|
|
|
3 |
|
Ordinary
shares |
|
|
42 |
|
|
|
92 |
|
|
|
15 |
|
Additional paid-in
capital |
|
|
5,337,962 |
|
|
|
5,799,290 |
|
|
|
917,290 |
|
Treasury
stock |
|
|
(344 |
) |
|
|
- |
|
|
|
- |
|
Statutory
reserve |
|
|
16,427 |
|
|
|
16,427 |
|
|
|
2,598 |
|
Retained
earnings-Accumulated Deficit |
|
|
(10,078,429 |
) |
|
|
(11,147,275 |
) |
|
|
(1,763,196 |
) |
Accumulated other
comprehensive income |
|
|
92,693 |
|
|
|
106,159 |
|
|
|
16,792 |
|
Total Meta Data
Limited’s Equity |
|
|
(4,631,649 |
) |
|
|
(5,225,307 |
) |
|
|
(826,501 |
) |
Noncontrolling
interests |
|
|
10,404 |
|
|
|
(35,583 |
) |
|
|
(5,628 |
) |
Total
equity |
|
|
(4,621,245 |
) |
|
|
(5,260,890 |
) |
|
|
(832,129 |
) |
Total liabilities and
equity |
|
|
503,173 |
|
|
|
367,475 |
|
|
|
58,126 |
|
META DATA LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS(Amounts in
thousands) |
|
|
|
For the six months ended February 28, |
|
|
|
2021 |
|
|
2022 |
|
|
2022 |
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net revenues |
|
|
1,616,435 |
|
|
|
- |
|
|
|
- |
|
Cost of
revenues |
|
|
(1,018,954 |
) |
|
|
- |
|
|
|
- |
|
Gross
profit |
|
|
597,481 |
|
|
|
- |
|
|
|
- |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing |
|
|
(459,742 |
) |
|
|
- |
|
|
|
- |
|
General and
administrative |
|
|
(411,624 |
) |
|
|
(360,910 |
) |
|
|
(57,086 |
) |
Total operating expenses |
|
|
(871,366 |
) |
|
|
(360,910 |
) |
|
|
(57,086 |
) |
Operating
loss |
|
|
(273,885 |
) |
|
|
(360,910 |
) |
|
|
(57,086 |
) |
Interest
income |
|
|
3,976 |
|
|
|
7 |
|
|
|
1 |
|
Interest
expense |
|
|
(53,543 |
) |
|
|
(11,032 |
) |
|
|
(1,745 |
) |
Other
income |
|
|
30,370 |
|
|
|
- |
|
|
|
- |
|
Other
expense |
|
|
(42,219 |
) |
|
|
- |
|
|
|
- |
|
Foreign exchange
gain/(loss) |
|
|
1,548 |
|
|
|
(19 |
) |
|
|
(3 |
) |
Loss before income tax
provision |
|
|
(333,753 |
) |
|
|
(371,954 |
) |
|
|
(58,833 |
) |
Income tax
benefit |
|
|
19,336 |
|
|
|
- |
|
|
|
- |
|
Loss before share of
net loss from equity investees |
|
|
(314,417 |
) |
|
|
(371,954 |
) |
|
|
(58,833 |
) |
Shared net loss from
operating interest |
|
|
(33,578 |
) |
|
|
- |
|
|
|
- |
|
Loss from Continuing
operations |
|
|
(347,995 |
) |
|
|
(371,954 |
) |
|
|
(58,833 |
) |
Discontinued
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations |
|
|
- |
|
|
|
(742,879 |
) |
|
|
(116,218 |
) |
NET LOSS |
|
|
(347,995 |
) |
|
|
(1,114,833 |
) |
|
|
(175,051 |
) |
Add: Net loss
attributable to non-controlling interests |
|
|
(16,445 |
) |
|
|
(45,987 |
) |
|
|
(7,273 |
) |
Net loss attributable
to common shareholders of Meta Data Limited |
|
|
(331,550 |
) |
|
|
(1,068,846 |
) |
|
|
(167,778 |
) |
META DATA LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME/(LOSS)(Amounts in thousands) |
|
|
|
For the six months ended February 28, |
|
|
|
2021 |
|
|
2022 |
|
|
2022 |
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net loss |
|
|
(347,995 |
) |
|
|
(371,954 |
) |
|
|
(58,833 |
) |
Other comprehensive
income, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment |
|
|
(10,119 |
) |
|
|
13,466 |
|
|
|
2,455 |
|
Unrealized gain on
available-for-sale investment, net of tax effect of nil, nil and
nil for years ended August 31, 2015 and 2016,
respectively |
|
|
6,236 |
|
|
|
- |
|
|
|
- |
|
Other comprehensive
(loss) / income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Comprehensive income |
|
|
(351,878 |
) |
|
|
(358,488 |
) |
|
|
(56,378 |
) |
Less: comprehensive
loss attributable to non-controlling interests |
|
|
16,445 |
|
|
|
45,987 |
|
|
|
7,273 |
|
Comprehensive income
attributable to Meta Data Limited |
|
|
(335,433 |
) |
|
|
(312,501 |
) |
|
|
(49,105 |
) |
Comprehensive loss
attributable to Ordinary Shareholders |
|
|
(335,433 |
) |
|
|
(312,501 |
) |
|
|
(49,105 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Meta Data (NYSE:AIU)
Gráfica de Acción Histórica
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