Content analysis
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Constraining | ||
Legalese | ||
Litigous | ||
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New words:
beverage, determine, expiration
Financial report summary
?Management Discussion
- During the first half of 2020, we experienced a suspension due to COVID-19 outbreak in China, while the impact has been relieved since the second half of 2020. We adjust our main operation model which brings the revenue increased.
- Operating loss decreased $3,514,508 for the year ended June 30, 2021 as compared to the year ended in June 30, 2020. The increase was mainly due to decrease of $2,719,643 in impairment loss, $264,682 in Litigation reserve and $95,806 decrease in amortization fee of consulting fee incurred in prior year.
- The decrease in impairment loss was mainly due to the rescission of the Acquisition Agreement with Palau Asia-Pacific International Aviation and Travel Agency which was signed on April 16, 2019. The macro economic situation drove strategic change during the year. The recoverable amount of total first payment amounted to $3,000,000 was $285,514 together with $733,200HK, which was received by the end of June 30, 2020.The rest of impairment amounted to $99,762 was due to the termination of software development.