2022 Q2 Form 20-F Financial Statement

#000121390022072178 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 2021 Q2
Revenue $7.090M $16.52M $4.454M
YoY Change 59.18% 143.5%
Cost Of Revenue $5.920M $8.547M $2.203M
YoY Change 168.76% 106.48%
Gross Profit $1.170M $7.972M $2.251M
YoY Change -48.03% 201.44%
Gross Profit Margin 16.5% 48.26% 50.54%
Selling, General & Admin $10.75M $13.86M $6.442M
YoY Change 66.86% 21.78% -309.31%
% of Gross Profit 918.8% 173.88% 286.17%
Research & Development $68.08M $68.28M $369.3K
YoY Change 18335.38% 8248.83% 3410.36%
% of Gross Profit 5818.8% 856.42% 16.4%
Depreciation & Amortization $2.690M $1.446M $2.830M
YoY Change -4.95% -61.11%
% of Gross Profit 229.91% 18.13% 125.71%
Operating Expenses $78.83M $82.14M $6.812M
YoY Change 1057.27% 573.24% -786.88%
Operating Profit -$77.66M -$78.90M -$4.561M
YoY Change 1602.88% 725.67%
Interest Expense $0.00 $0.00 -$4.550K
YoY Change -100.0% -100.0% -100.43%
% of Operating Profit
Other Income/Expense, Net $1.000M $1.690M $0.00
YoY Change 5337.43% -100.0%
Pretax Income -$76.67M -$77.20M -$4.665M
YoY Change 1543.52% 700.95% -299.92%
Income Tax $77.21M $0.00
% Of Pretax Income
Net Earnings -$76.67M -$77.21M -$3.265M
YoY Change 2248.31% 837.16% -20.84%
Net Earnings / Revenue -1081.38% -467.39% -73.3%
Basic Earnings Per Share -$19.90
Diluted Earnings Per Share -$17.04 -$19.90 -$35.74K
COMMON SHARES
Basic Shares Outstanding 191.8M shares 3.881M shares
Diluted Shares Outstanding 3.881M shares

Balance Sheet

Concept 2022 Q2 2022 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $900.0K $900.0K $174.2K
YoY Change 416.68% 416.68% -82.38%
Cash & Equivalents $872.3K $900.0K $174.2K
Short-Term Investments
Other Short-Term Assets $17.70M $17.70M $4.268M
YoY Change 314.73% 314.73% 264.77%
Inventory
Prepaid Expenses $17.67M $4.268M
Receivables $2.500M $2.500M $3.192M
Other Receivables $6.800M $6.800M $8.900K
Total Short-Term Assets $27.87M $27.90M $7.643M
YoY Change 264.61% 265.06% 141.78%
LONG-TERM ASSETS
Property, Plant & Equipment $30.23K $0.00 $9.160M
YoY Change -99.67% -100.0% 131.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $52.00M
YoY Change -100.0% -100.0%
Total Long-Term Assets $25.60M $25.60M $73.43M
YoY Change -65.14% -65.14% 1755.14%
TOTAL ASSETS
Total Short-Term Assets $27.87M $27.90M $7.643M
Total Long-Term Assets $25.60M $25.60M $73.43M
Total Assets $53.46M $53.50M $81.08M
YoY Change -34.06% -34.01% 1038.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.771M $3.800M
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.019M $5.000M $4.125M
YoY Change 21.69% 21.22% 679.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.019M $5.000M $4.125M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.019M $5.000M $4.125M
YoY Change 21.69% 21.22% 679.96%
SHAREHOLDERS EQUITY
Retained Earnings -$147.4M -$70.16M
YoY Change 110.04%
Common Stock $192.8K $110.4K
YoY Change 74.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $48.44M $48.40M $76.95M
YoY Change
Total Liabilities & Shareholders Equity $53.46M $53.50M $81.08M
YoY Change -34.06% -34.01% 1038.8%

Cashflow Statement

Concept 2022 Q2 2022 2021 Q2
OPERATING ACTIVITIES
Net Income -$76.67M -$77.21M -$3.265M
YoY Change 2248.31% 837.16% -20.84%
Depreciation, Depletion And Amortization $2.690M $1.446M $2.830M
YoY Change -4.95% -61.11%
Cash From Operating Activities -$22.39M -$29.40M $1.871M
YoY Change -1296.85% 948.62% -171.55%
INVESTING ACTIVITIES
Capital Expenditures $10.43M $39.60K -$60.06M
YoY Change -117.37% -100.06% 2902.97%
Acquisitions
YoY Change
Other Investing Activities $1.000M $1.000M $1.400M
YoY Change -28.58% -28.58% 131.32%
Cash From Investing Activities -$9.430M -$14.22M -$58.66M
YoY Change -83.92% -78.3% 4105.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $43.94M $52.00M
YoY Change -29.52% 1054.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.83M $44.32M 56.58M
YoY Change -56.12% -34.35% 1079.86%
NET CHANGE
Cash From Operating Activities -22.39M -$29.40M 1.871M
Cash From Investing Activities -9.430M -$14.22M -58.66M
Cash From Financing Activities 24.83M $44.32M 56.58M
Net Change In Cash -6.990M $698.1K -207.1K
YoY Change 3274.69% -185.71% -126.34%
FREE CASH FLOW
Cash From Operating Activities -$22.39M -$29.40M $1.871M
Capital Expenditures $10.43M $39.60K -$60.06M
Free Cash Flow -$32.82M -$29.44M $61.93M
YoY Change -153.0% -145.92% -10176.83%

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CY2021 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2803980 usd
CY2020 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2738989 usd
CY2020 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
203854 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-29403078 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2803980 usd
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2535135 usd
CY2021 hht Prepayments For Intangible Assets
PrepaymentsForIntangibleAssets
52000000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
39602 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2020000 usd
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2000000 usd
CY2022 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
15180000 usd
CY2021 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
12903243 usd
CY2020 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
5272 usd
CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
999950 usd
CY2020 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
600000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-14219652 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-66923243 usd
CY2020 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1394728 usd
CY2021 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
1400100 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14219652 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-65523143 usd
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1394728 usd
CY2020 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
300000 usd
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
352173 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
43937202 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
62341025 usd
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4502901 usd
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
31479 usd
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
5171591 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
44320854 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
67512616 usd
CY2020 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
4802901 usd
CY2020 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
-7294 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
44320854 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
67512616 usd
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4795607 usd
CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
-1943 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
698124 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-814507 usd
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
863801 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
174189 usd
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
988696 usd
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
347486 usd
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
872313 usd
CY2021Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
174189 usd
CY2020Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1211287 usd
CY2020Q2 hht Less Cash And Cash Equivalents Disposed Through Discontinued Operations
LessCashAndCashEquivalentsDisposedThroughDiscontinuedOperations
-222591 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
872313 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
174189 usd
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
988696 usd
CY2020 hht Ordinary Share Issued To Repay Other Payables Related Parties And Service Providers
OrdinaryShareIssuedToRepayOtherPayablesRelatedPartiesAndServiceProviders
-5630249 usd
CY2020 hht Ordinary Shares Issued For Acquisition Of Subsidiary
OrdinarySharesIssuedForAcquisitionOfSubsidiary
-1889799 usd
CY2021 hht Ordinary Shares Issued For Acquisition Of Equipment
OrdinarySharesIssuedForAcquisitionOfEquipment
3818000 usd
CY2020 hht Ordinary Shares Issued For Acquisition Of Equipment
OrdinarySharesIssuedForAcquisitionOfEquipment
1963607 usd
CY2021 us-gaap Stock Issued1
StockIssued1
1550000 usd
CY2020 hht Other Receivables From Disposal Of Subsidiary
OtherReceivablesFromDisposalOfSubsidiary
-1000000 usd
CY2022 hht Transfer Of Prepayments To Intangible Assets
TransferOfPrepaymentsToIntangibleAssets
2565527 usd
CY2022 hht Unpaid Receivable From Disposal Of Equipment
UnpaidReceivableFromDisposalOfEquipment
6819050 usd
CY2020 hht Reconciliation Of Operating Lease Rightofuse Assets And Lease Liabilities
ReconciliationOfOperatingLeaseRightofuseAssetsAndLeaseLiabilities
-1375181 usd
CY2020 hht Accounts Receivable Offset With Accounts Payable Upon Execution Of Tri Party Agreements
AccountsReceivableOffsetWithAccountsPayableUponExecutionOfTriPartyAgreements
7029929 usd
CY2021 hht Other Receivables Offset With Payments For Equipment Purchase
OtherReceivablesOffsetWithPaymentsForEquipmentPurchase
1000000 usd
CY2021Q2 hht Consideration Received
ConsiderationReceived
100 usd
CY2021 hht Prepayment Offset With Other Payables For Debt Settlement
PrepaymentOffsetWithOtherPayablesForDebtSettlement
150000 usd
CY2021Q2 hht Outstanding Equity Interest
OutstandingEquityInterest
0.80 pure
CY2022Q2 hht Accumulated Deficit
AccumulatedDeficit
147400000 usd
CY2022 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
77200000 usd
CY2022Q3 hht Working Capital
WorkingCapital
5600000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of estimates and assumptions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The significant estimates and assumptions made in the preparation of the Company’s consolidated financial statements include the allowance for credit losses of accounts receivable, other receivables, prepayments and advances and deferred income taxes, stock-based compensation, and fair value and useful lives of property, plant and equipment and intangibles assets. Actual results could be materially different from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 hht Online Music Education Academy Subscription
OnlineMusicEducationAcademySubscription
16519081 usd
CY2021 hht Online Music Education Academy Subscription
OnlineMusicEducationAcademySubscription
4453957 usd
CY2021 hht Online Concert Subscription
OnlineConcertSubscription
2330000 usd
CY2022 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
16519081 usd
CY2021 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
6783957 usd
CY2022 hht Intangible Assets Net
IntangibleAssetsNet
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Intangible assets, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets. The Company has obtained copyrights to use the online education academy courses for 3 years to unlimited years. The Company amortizes the copyrights with limited useful life over their useful life using the straight-line method and amortizes the copyrights with unlimited useful life over 5 years, which the copyrights are expected to contribute to the revenue of the Company’s online education academy App.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 hht Unlimited Useful Life
unlimitedUsefulLife
P5Y
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
99943 usd
CY2022 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Deferred revenue</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred revenue represents the Color World Platform subscription fees collected from its members in advance of the revenue being recognized in accordance with the Company’s revenue recognition policy as discussed above.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.50 pure
CY2020Q1 hht Ordinary Shares Percentage
OrdinarySharesPercentage
0.05 pure
CY2020Q1 hht Exchange For Cash Consideration
ExchangeForCashConsideration
600000 usd
CY2022 hht Color World Platform Subscription Fees Due From App Payment Collections Agent
ColorWorldPlatformSubscriptionFeesDueFromAppPaymentCollectionsAgent
2507981 usd
CY2021 hht Color World Platform Subscription Fees Due From App Payment Collections Agent
ColorWorldPlatformSubscriptionFeesDueFromAppPaymentCollectionsAgent
3191711 usd
CY2021Q2 hht Rent Deposit
RentDeposit
8900 usd
CY2022Q2 hht Receivables From Disposal Of Sunway Kids
ReceivablesFromDisposalOfSunwayKids
6819050 usd
CY2022Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
6819050 usd
CY2021Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
8900 usd
CY2022Q2 hht Prepayment For Online Concert Productions
PrepaymentForOnlineConcertProductions
8000000 usd
CY2021Q2 hht Prepayment For Online Concert Productions
PrepaymentForOnlineConcertProductions
1648000 usd
CY2022Q2 hht Prepayment For Live Concert Productions
PrepaymentForLiveConcertProductions
5000000 usd
CY2022Q2 hht Prepayment For Advertisement
PrepaymentForAdvertisement
4666664 usd
CY2021Q2 hht Prepayment For Program License Fees
PrepaymentForProgramLicenseFees
2615527 usd
CY2021Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
4300 usd
CY2022Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
17666664 usd
CY2022Q2 hht Copyrights Of Online Education Academy Courses
CopyrightsOfOnlineEducationAcademyCourses
32198770 usd
CY2021Q2 hht Copyrights Of Online Education Academy Courses
CopyrightsOfOnlineEducationAcademyCourses
14453243 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6631812 usd
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2180917 usd
CY2021Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4267827 usd
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25566958 usd
CY2021Q2 hht Prepayment For Software Development Expenditure
PrepaymentForSoftwareDevelopmentExpenditure
52000000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
39602 usd
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10676403 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9374 usd
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1516189 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30228 usd
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9160214 usd
CY2022 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1445573 usd
CY2021 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1536178 usd
CY2020 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
0 usd
CY2022 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
94984 usd
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
12272326 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4450895 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2180917 usd
CY2022 us-gaap Related Party Costs
RelatedPartyCosts
362884 usd
CY2021 us-gaap Related Party Costs
RelatedPartyCosts
10711 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3770945 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3596821 usd
CY2021 hht Lease Agreement Description
LeaseAgreementDescription
The Company has a lease agreement for office space in New York from June 1, 2020 through May 31, 2021, with annual payments of $46,896 and converted to month to month lease in June 2021 and terminated the month to month lease on October 2021.
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
46896 usd
CY2022 hht Lease Agreement Description
LeaseAgreementDescription
The Company has a new lease agreement for office space in New York from July 1, 2021 through June 30, 2022, with a rental fee of $3,300 per month.
CY2022Q2 hht Rental Fee
RentalFee
3300 usd
CY2022Q2 hht Rental Fee
RentalFee
2886 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11716701 usd
CY2022Q2 hht Operating Leases Future Minimum Payment Due Current
OperatingLeasesFutureMinimumPaymentDueCurrent
34626 usd
CY2022Q2 hht Operating Leases Future Minimum Payment Due
OperatingLeasesFutureMinimumPaymentDue
34626 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
65580 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
71000 usd
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
30000 usd
CY2022 hht Loss Before Provision For Income Taxes
LossBeforeProvisionForIncomeTaxes
-77208118 usd
CY2021 hht Loss Before Provision For Income Taxes
LossBeforeProvisionForIncomeTaxes
-8238513 usd
CY2020 hht Loss Before Provision For Income Taxes
LossBeforeProvisionForIncomeTaxes
-5168642 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.056 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.056 pure
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.056 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.266 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.266 pure
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.266 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
442051 usd
CY2021Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
15.2
CY2021Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
278531 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
11274650 usd
CY2021Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
95253 usd
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
373784 usd
CY2022 hht Future Taxable Income For Unlimited Years Percentage
FutureTaxableIncomeForUnlimitedYearsPercentage
0.80 pure
CY2022Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
442000 usd
CY2021Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
279000 usd
CY2022Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
11716701 usd
CY2021Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
373784 usd
CY2020Q4 hht Increase In Authorized Shares Description
IncreaseInAuthorizedSharesDescription
On November 18, 2020, the Company’s shareholders approved to the authorized share capital of the Company be increased from US$75,000 divided into 75,000,000 ordinary shares of a par value of US$0.001 each to US$200,000 divided into 200,000,000 ordinary shares of a par value of US$0.001 each by the creation of an additional 125,000,000 ordinary shares of a par value of US$0.001 each to rank pari passu in all respects with the existing ordinary shares.
CY2022Q4 hht Increase In Authorized Shares Description
IncreaseInAuthorizedSharesDescription
On December 1, 2021, the Company’s shareholders approved to the authorized share capital of the Company be increased from US$200,000 divided into 200,000,000 ordinary shares of a par value of US$0.001 each to US$800,000 divided into 800,000,000 ordinary shares of a par value of US$0.001 each by the creation of an additional 600,000,000 ordinary shares of a par value of US$0.001 each to rank pari passu in all respects with the existing ordinary shares.
CY2022 hht Increase In Authorized Shares Description
IncreaseInAuthorizedSharesDescription
On March 10, 2022, the Board of Directors of the Company approved the 40-for-1 reverse share split of its ordinary shares in accordance with Cayman law and on April 11, 2022, the Company’s shareholders approved the proposal to implement a reverse share split of the Company’s ordinary shares, par value US$0.001 per share, including the Company’s ordinary shares reserved for issuance (the “Original Ordinary Shares”), at a ratio of forty (40)-for-one and at a time during the following six months to be determined by further action of our Board of Directors (or not at all in the determination of the Board of Directors during the same period), such that each 40 Original Ordinary Shares shall be consolidated into one ordinary share of the Company, par value US$0.04 (the “Adjusted Ordinary Shares”), and that the authorized share capital of the Company is consolidated from US$800,000 divided into 800,000,000 Original Ordinary Shares to US$800,000 divided into 20,000,000 Adjusted Ordinary Shares. The Company’s shareholders also approved the proposal to increase the authorized share capital of the Company at a time during the following six months to be determined by further action of the Company’s Board of Directors (or not at all in the determination of the Board of Directors during the same period) from US$800,000 divided into 20,000,000 Adjusted Ordinary Shares to US$32,000,000 divided into 800,000,000 Adjusted Ordinary Shares by the creation of an additional 780,000,000 Adjusted Ordinary Shares to rank pari passu in all respects with the Adjusted Ordinary Shares existing upon approval of the Reverse Split Proposal. The increase in authorized shares and shares reverse split became effective on September 26, 2022.
CY2022Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
400000 shares
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
40
CY2022Q1 hht Gross Proceeds
GrossProceeds
16000000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4200000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4100000 usd
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1300000 usd
CY2020Q1 hht Aggregate Amount
AggregateAmount
4300000 usd
CY2021 hht Conversion Of Stock Amount Issued
ConversionOfStockAmountIssued
341432 shares
CY2021 hht Warrant Down Round Feature Increase Decrease In Equity Amounts
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmounts
341432 shares
CY2022 hht Gross Proceeds
GrossProceeds
31000 usd
CY2021 hht Gross Proceeds
GrossProceeds
5200000 usd
CY2022 hht Convertible Warrant
ConvertibleWarrant
3775 shares
CY2021Q1 us-gaap Securities Purchased Under Agreements To Resell Setoff Rights Description
SecuritiesPurchasedUnderAgreementsToResellSetoffRightsDescription
On February 18, 2021, the Company entered into certain securities purchase agreement (the “SPA”) with certain non-U.S. Persons (the “Purchasers”) as defined in Regulation S of the Securities Act of 1933, as amended pursuant to which the Company agreed to sell an aggregate of 500,000 units. Each unit consists of one restrictive ordinary share of the Company and a warrant (“SPA Warrants”) to purchase one share with an initial exercise price of $53.60 per share. The SPA Warrants are exercisable immediately upon the date of issuance at an initial exercise price of $53.60 per Share, for cash (the “Warrant Shares”). The SPA Warrants may also be exercised cashlessly if at any time after the three-month anniversary of the issuance date, there is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares. The SPA Warrants shall expire three years from its date of issuance. The SPA Warrants are subject to customary anti-dilution provisions reflecting stock dividends and splits or other similar transactions. The SPA Warrants are exercisable immediately, at an exercise price of $53.60 per Ordinary Share and expire 3.0 years from the date of issuance. The fair value of the SPA Warrants was $15,898,047, which was considered a direct cost of the sale of SPA and included in additional paid-in capital. The fair value has been estimated using the Black-Scholes pricing model with the following assumptions: market value of underlying share of $42.40, risk free rate of 0.21%; expected term of 3.0 years; exercise price of the warrants of $53.60, volatility of 141%; and expected future dividends of 0%. 
CY2022Q3 hht Institutional Investor Description
InstitutionalInvestorDescription
The Company issued a warrant to purchase 23,719 ordinary shares to the placement agent (the “Placement Agent Warrants”). The Investor Warrants and Placement Agent Warrants are initially exercisable at $40.00 per Ordinary Share and expire 3.0 years from the date of issuance. The fair value of the Investor Warrants and Placement Agent Warrants were $9,123,701, which was considered a direct cost of the sale of SPA and included in additional paid-in capital. The fair value has been estimated using the Black-Scholes pricing model with the following assumptions: market value of underlying share of $22.40, risk free rate of 0.55%; expected term of 3.0 years; exercise price of the warrants of $40.00, volatility of 140%; and expected future dividends of 0%.
CY2022Q1 hht Institutional Investor Description
InstitutionalInvestorDescription
On February 21, 2022, the Company and certain institutional investors entered into a SPA 2, pursuant to which the Company agreed to sell such institutional investors units with each unit consisting of one ordinary share and one warrant to purchase one ordinary share, at a purchase price of $16.00 per unit, for net proceeds of approximately $8.7 million (the “Offering”) before deducting placement agent fees and other estimated offering expenses. An aggregate of 625,000 ordinary shares and warrants to purchase an aggregate of 625,000 ordinary shares (the “Investor Warrants”) were agreed to be issued to the investors under the SPA 2. The Investor Warrants are initially exercisable at $16.00 per Ordinary Share and expire 5.0 years from the date of issuance. Pursuant to a placement agent agreement entered into between the Company and FT Global Capital, Inc. (“FT Global”) dated September 24, 2021 (the “September 2021 PAA”), the Company issued to FT Global warrants (the “Tail Fee Warrants”) to purchase 13,632 Ordinary Shares on substantially the same terms as the Investor Warrants sold in SPA 2, except that the Tail Fee Warrants shall not be exercisable for a period of six months and shall expire 36 months after issuance, and shall have no anti-dilution protection other than adjustments based on stock splits, stock dividends, combinations of shares and similar recapitalization transactions. The fair value of the Investor Warrants were $5,008,524, which was considered a direct cost of the sale of SPA and included in additional paid-in capital. The fair value has been estimated using the Black-Scholes pricing model with the following assumptions: market value of underlying share of $9.20, risk free rate of 1.84%; expected term of 5.0 years; exercise price of the warrants of $16.00, volatility of 146%; and expected future dividends of 0%. The fair value of the Tail Fee Warrants were $92,251, which was considered a direct cost of the sale of SPA and included in additional paid-in capital. The fair value has been estimated using the Black-Scholes pricing model with the following assumptions: market value of underlying share of $9.20, risk free rate of 1.73%; expected term of 3.0 years; exercise price of the warrants of $16.00, volatility of 145%; and expected future dividends of 0%. 
CY2022Q2 us-gaap Due From Banks
DueFromBanks
300000 usd
CY2021Q2 us-gaap Due From Banks
DueFromBanks
0 usd
CY2022 hht Insurance Coverage Of Bank
InsuranceCoverageOfBank
250000 usd
CY2022 hht Insurance Coverage Of Bank
InsuranceCoverageOfBank
500000 hkd
CY2022 hht Accounts Payable Perentage
AccountsPayablePerentage
1 pure
CY2021 hht Concentration Risk Percentage
ConcentrationRiskPercentage
0.89 pure
CY2022Q3 hht Warrant Expire Years
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3880561 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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291001 shares
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CY2020 hht Online Music Education Academy Subscription
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CY2022Q2 hht Rent Deposit
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CY2021Q2 hht Prepayment For Live Concert Productions
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CY2022 dei Amendment Flag
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CY2022 dei Document Fiscal Period Focus
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CY2022 dei Entity Address Country
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US
CY2022 dei Entity Central Index Key
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