2023 Q2 Form 20-F Financial Statement

#000121390023086925 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023
Revenue $0.00
YoY Change -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $16.31M $15.02M
YoY Change 51.72% 8.34%
% of Gross Profit
Research & Development $0.00 $121.6K
YoY Change -100.0% -99.82%
% of Gross Profit
Depreciation & Amortization $3.130M $13.20K
YoY Change 16.36% -99.09%
% of Gross Profit
Operating Expenses $16.31M $15.14M
YoY Change -79.31% -81.57%
Operating Profit -$16.31M -$37.84M
YoY Change -79.0% -52.04%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 -$9.117K
YoY Change -100.0% -100.54%
Pretax Income -$25.67M -$37.85M
YoY Change -66.52% -50.97%
Income Tax $37.85M
% Of Pretax Income
Net Earnings -$25.67M -$37.80M
YoY Change -66.52% -51.04%
Net Earnings / Revenue
Basic Earnings Per Share -$4.13
Diluted Earnings Per Share -$1.41 -$4.13
COMMON SHARES
Basic Shares Outstanding 16.19M shares 9.167M shares
Diluted Shares Outstanding 9.167M shares

Balance Sheet

Concept 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.0K $200.0K
YoY Change -77.78% -77.78%
Cash & Equivalents $239.5K $200.0K
Short-Term Investments
Other Short-Term Assets $10.30M $10.30M
YoY Change -41.81% -41.81%
Inventory
Prepaid Expenses $10.31M
Receivables $0.00
Other Receivables $5.500M $5.500M
Total Short-Term Assets $16.05M $16.00M
YoY Change -42.41% -42.65%
LONG-TERM ASSETS
Property, Plant & Equipment $17.03K $0.00
YoY Change -43.67%
Goodwill
YoY Change
Intangibles $13.97M
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $14.00M $14.00M
YoY Change -45.33% -45.31%
TOTAL ASSETS
Total Short-Term Assets $16.05M $16.00M
Total Long-Term Assets $14.00M $14.00M
Total Assets $30.04M $30.00M
YoY Change -43.81% -43.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.271M $3.300M
YoY Change -13.26% -13.16%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.326M $5.300M
YoY Change 6.1% 6.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.326M $5.300M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $5.326M $5.300M
YoY Change 6.1% 6.0%
SHAREHOLDERS EQUITY
Retained Earnings -$185.2M
YoY Change 25.67%
Common Stock $213.1M
YoY Change 110459.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.72M $24.70M
YoY Change
Total Liabilities & Shareholders Equity $30.04M $30.00M
YoY Change -43.81% -43.93%

Cashflow Statement

Concept 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$25.67M -$37.80M
YoY Change -66.52% -51.04%
Depreciation, Depletion And Amortization $3.130M $13.20K
YoY Change 16.36% -99.09%
Cash From Operating Activities -$1.470M -$7.879M
YoY Change -93.43% -73.2%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.500M
YoY Change -96.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 410.0K $7.246M
YoY Change -98.35% -83.65%
NET CHANGE
Cash From Operating Activities -1.470M -$7.879M
Cash From Investing Activities 0.000
Cash From Financing Activities 410.0K $7.246M
Net Change In Cash -1.060M -$632.8K
YoY Change -84.84% -190.65%
FREE CASH FLOW
Cash From Operating Activities -$1.470M -$7.879M
Capital Expenditures $0.00
Free Cash Flow -$1.470M -$7.879M
YoY Change -95.52% -73.24%

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ProceedsFromRelatedPartyDebt
217116 usd
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
352173 usd
CY2023 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
5018985 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1500000 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
CY2023 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
509788 usd
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
31479 usd
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
5171591 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7245889 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
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-632840 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
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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
239473 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
CY2021 hht Other Receivables Offset With Payments For Equipment Purchase
OtherReceivablesOffsetWithPaymentsForEquipmentPurchase
-3818000 usd
CY2023 hht Prepayment Offset With Other Payables For Debt Settlement
PrepaymentOffsetWithOtherPayablesForDebtSettlement
-3600000 usd
CY2021 hht Prepayment Offset With Other Payables For Debt Settlement
PrepaymentOffsetWithOtherPayablesForDebtSettlement
-1550000 usd
CY2022 hht Transfer Of Prepayments To Intangible Assets
TransferOfPrepaymentsToIntangibleAssets
2565527 usd
CY2022 hht Accounts Receivable Offset With Accounts Payable Upon Execution Of Tri Party Agreements
AccountsReceivableOffsetWithAccountsPayableUponExecutionOfTriPartyAgreements
6819050 usd
CY2021Q2 hht Outstanding Equity Interest
OutstandingEquityInterest
0.80 pure
CY2021Q2 hht Consideration Received
ConsiderationReceived
100 usd
CY2023 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
2844 usd
CY2022Q3 hht Ownership Percentage
OwnershipPercentage
1 pure
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-185200000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-37800000 usd
CY2023 us-gaap Variable Interest Entity Type Of Entity
VariableInterestEntityTypeOfEntity
United Arab Emirates
CY2023 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
1 pure
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Use of estimates and assumptions</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and other receivables, allowance for doubtful accounts on 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.</span></p>
CY2022Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
6819050 usd
CY2022 us-gaap Revenues
Revenues
16519081 usd
CY2021 us-gaap Revenues
Revenues
6783957 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7500000 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9374 usd
CY2023 hht Intangible Assets Net
IntangibleAssetsNet
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Intangible assets, net</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023 hht Unlimited Useful Life
unlimitedUsefulLife
P5Y
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
9357062 usd
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
99943 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.50 pure
CY2023 us-gaap Other General Expense
OtherGeneralExpense
332 usd
CY2023Q2 us-gaap Trade Receivables Held For Sale Net Not Part Of Disposal Group
TradeReceivablesHeldForSaleNetNotPartOfDisposalGroup
13000000 usd
CY2023Q2 us-gaap Cash
Cash
2400000 usd
CY2023 hht Color World Platform Subscription Fees Due From App Payment Collections Agent
ColorWorldPlatformSubscriptionFeesDueFromAppPaymentCollectionsAgent
2350811 usd
CY2022 hht Color World Platform Subscription Fees Due From App Payment Collections Agent
ColorWorldPlatformSubscriptionFeesDueFromAppPaymentCollectionsAgent
2507981 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
2350811 usd
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2507981 usd
CY2023 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
2350811 usd
CY2022Q2 hht Receivables From Disposal Of Sunway Kids
ReceivablesFromDisposalOfSunwayKids
6819050 usd
CY2023Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
13000332 usd
CY2022Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
6819050 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7500000 usd
CY2023Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
5500332 usd
CY2023Q2 hht Prepayment For Online Concert Productions
PrepaymentForOnlineConcertProductions
10286550 usd
CY2022Q2 hht Prepayment For Online Concert Productions
PrepaymentForOnlineConcertProductions
8000000 usd
CY2022Q2 hht Prepayment For Live Concert Productions
PrepaymentForLiveConcertProductions
5000000 usd
CY2022Q2 hht Prepayment For Advertisement
PrepaymentForAdvertisement
4666664 usd
CY2023 hht Prepayment For Transportation Services
PrepaymentForTransportationServices
20676 usd
CY2023Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
10307226 usd
CY2022Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
17666664 usd
CY2023Q2 hht Prepayments Noncurrent
PrepaymentsNoncurrent
12061 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22574 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17028 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30228 usd
CY2023 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
13200 usd
CY2022 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1445573 usd
CY2021 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1536178 usd
CY2022 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
94984 usd
CY2023Q2 hht Copyrights Of Online Education Academy Courses
CopyrightsOfOnlineEducationAcademyCourses
16600000 usd
CY2022Q2 hht Copyrights Of Online Education Academy Courses
CopyrightsOfOnlineEducationAcademyCourses
32198770 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2633917 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6631812 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13966083 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25566958 usd
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5843813 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4450895 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2180917 usd
CY2023Q2 us-gaap Other Notes Payable
OtherNotesPayable
580000 usd
CY2022Q2 us-gaap Other Notes Payable
OtherNotesPayable
362884 usd
CY2021 hht Effective Tax Rate
EffectiveTaxRate
0 pure
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
442051 usd
CY2023Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
3270945 usd
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
3770945 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
46896 usd
CY2023Q2 hht Rental Fee
RentalFee
3300 usd
CY2022Q2 hht Rental Fee
RentalFee
2886 usd
CY2022Q2 hht Rental Fee
RentalFee
7829 usd
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
576046 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3915 usd
CY2023 us-gaap Lease Income
LeaseIncome
3915 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
77751 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
65580 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
71000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-37849665 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-77208118 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8238513 usd
CY2023 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 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
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.058 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
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.054 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
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.298 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.214 pure
CY2023 hht Effective Tax Rate
EffectiveTaxRate
0 pure
CY2022 hht Effective Tax Rate
EffectiveTaxRate
0 pure
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1891888 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
11274650 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2467934 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11716701 usd
CY2023 hht Future Taxable Income For Unlimited Years Percentage
FutureTaxableIncomeForUnlimitedYearsPercentage
0.80 pure
CY2023Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
576000 usd
CY2022Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
442000 usd
CY2023Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
21000000 usd
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0 usd
CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1900000 usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2023Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
2467934 usd
CY2022Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
11716701 usd
CY2023 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. 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.
us-gaap Dividends Common Stock
DividendsCommonStock
32000000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
800000000 usd
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.04
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
700000000 shares
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
CY2023 hht Securities Purchase Agreements Description
SecuritiesPurchaseAgreementsDescription
the Company entered into a securities purchase agreement (the “SPA 3”) with certain institutional investors for a registered direct offering of Class A ordinary shares and warrants. Each unit consists of one Class A ordinary share and one warrant to purchase one Class A ordinary share. The purchase price per unit is $3.20. The gross proceeds from the sale of the securities, before deducting placement agent fees and other estimated offering expenses payable by the Company, was approximately $5.6 million. The Company issued to the investors an aggregate of 1,750,000 Class A ordinary shares and warrants to purchase an aggregate of 1,750,000 Class A ordinary shares. The Investor Warrants are initially exercisable at $3.20 per Class A 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 43,125 Class A Ordinary Shares on substantially the same terms as the Investor Warrants sold in SPA 3, 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 net proceeds from this offering will be used for general corporate and working capital purposes. The Offering closed on September 19, 2022.
CY2023Q1 hht Aggregate Amount
AggregateAmount
50000 usd
CY2023Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
81800
CY2023Q2 hht Aggregate Amount
AggregateAmount
3000 usd
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
5490
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
300000 shares
CY2022Q4 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
240000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
0.8
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
197500 shares
CY2023Q2 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
308100 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
1.56
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2800000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4200000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4100000 usd
CY2022Q4 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
1500000 shares
CY2022Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1065000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
0.71
CY2023Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
1800000 shares
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
3312000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
1.84
CY2021 hht Conversion Of Stock Amount Issued
ConversionOfStockAmountIssued
341432 shares
CY2021 hht Warrant Down Round Feature Increase Decrease In Equity Amounts
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmounts
341432 shares
CY2021Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
15.2
CY2021 hht Gross Proceeds
GrossProceeds
5200000 usd
CY2022 hht Convertible Warrant
ConvertibleWarrant
3775 shares
CY2022 hht Gross Proceeds
GrossProceeds
31000 usd
CY2023 hht Convertible Warrant
ConvertibleWarrant
421312 shares
CY2023 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
421312 shares
CY2023Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
1.21
CY2023 hht Gross Proceeds
GrossProceeds
510000 usd
CY2023 us-gaap Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
the Company and certain institutional investors entered into a SPA 1, pursuant to which the Company agreed to sell such institutional investors units with each unit consisting of one Class A ordinary share and one warrant to purchase 0.7 Class A ordinary share, at a purchase price of $27.20 per unit, for net proceeds of approximately $19.2 million (the “Offering”). An aggregate of 790,624 Class A ordinary shares and warrants to purchase an aggregate of 553,437 Class A ordinary shares (the “Investor Warrants”) were agreed to be issued to the investors under the SPA 1. The Company issued a warrant to purchase 23,719 Class A ordinary shares to the placement agent (the “Placement Agent Warrants”). The Investor Warrants and Placement Agent Warrants are initially exercisable at $40.00 per Class A 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%.
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3224983 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1856945 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
641157 shares
CY2023Q2 us-gaap Due From Banks
DueFromBanks
0 usd
CY2022Q2 us-gaap Due From Banks
DueFromBanks
300000 usd
CY2023 hht Insurance Coverage Of Bank
InsuranceCoverageOfBank
250000 usd
CY2023 hht Insurance Coverage Of Bank
InsuranceCoverageOfBank
500000 hkd
CY2023 hht Accounts Payable Perentage
AccountsPayablePerentage
1 pure
CY2022 hht Accounts Payable Perentage
AccountsPayablePerentage
1 pure
CY2021 hht Concentration Risk Percentage
ConcentrationRiskPercentage
0.89 pure
CY2023 us-gaap Payments For Rent
PaymentsForRent
8600 usd
CY2023Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
usd
CY2022Q2 hht Prepayments Noncurrent
PrepaymentsNoncurrent
usd
CY2023Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2022Q2 us-gaap Commitments And Contingencies
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CY2023 dei Amendment Flag
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