2022 Q2 Form 20-F Financial Statement

#000121390022067175 Filed on October 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 2021 Q2
Revenue $12.13M $32.28M $25.53M
YoY Change -52.47% 26.46% 62.71%
Cost Of Revenue $10.00M $26.04M $18.30M
YoY Change -45.34% 42.25% 64.02%
Gross Profit $2.129M $6.246M $7.224M
YoY Change -70.53% -13.55% 59.5%
Gross Profit Margin 17.54% 19.35% 28.3%
Selling, General & Admin $1.791M $4.448M $1.392M
YoY Change 28.66% 219.53% 1.83%
% of Gross Profit 84.15% 71.22% 19.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $181.1K $310.3K $126.8K
YoY Change 42.83% 27.24% 9.17%
% of Gross Profit 8.51% 4.97% 1.76%
Operating Expenses $1.791M $4.829M $1.392M
YoY Change 28.66% 246.88% 1.83%
Operating Profit $337.4K $1.416M $5.832M
YoY Change -94.21% -75.71% 84.43%
Interest Expense -$40.71K $235.3K -$243.5K
YoY Change -83.28% -196.66% 93.9%
% of Operating Profit -12.06% 16.61% -4.17%
Other Income/Expense, Net $303.5K $378.0K $95.95K
YoY Change 216.31% 293.93% 107.5%
Pretax Income $600.2K $1.559M $5.684M
YoY Change -89.44% -72.57% 84.39%
Income Tax $359.0K $871.2K $1.417M
% Of Pretax Income 59.81% 55.88% 24.93%
Net Earnings $341.3K $687.9K $4.268M
YoY Change -92.0% -83.88% 75.2%
Net Earnings / Revenue 2.81% 2.13% 16.72%
Basic Earnings Per Share $0.04
Diluted Earnings Per Share $19.12K $0.03 $239.1K
COMMON SHARES
Basic Shares Outstanding 20.95M shares
Diluted Shares Outstanding 20.95M shares

Balance Sheet

Concept 2022 Q2 2022 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.40M $14.40M $1.320M
YoY Change 990.62% 990.62% -4.81%
Cash & Equivalents $14.40M $14.40M $1.320M
Short-Term Investments $0.00
Other Short-Term Assets $820.4K $9.388M $3.249M
YoY Change -74.75% 188.95% -10.19%
Inventory
Prepaid Expenses
Receivables $26.28M $27.06M $27.87M
Other Receivables -$14.93K -$14.93K -$27.88K
Total Short-Term Assets $50.83M $50.83M $32.41M
YoY Change 56.84% 56.84% 57.92%
LONG-TERM ASSETS
Property, Plant & Equipment $71.76K $533.2K $243.1K
YoY Change -70.48% 119.28% -30.44%
Goodwill
YoY Change
Intangibles $2.204M $1.635M
YoY Change 34.8%
Long-Term Investments
YoY Change
Other Assets $10.01M $10.80M $140.8K
YoY Change 7010.83% 7571.83% -58.01%
Total Long-Term Assets $13.54M $13.54M $2.019M
YoY Change 570.38% 570.38% -15.16%
TOTAL ASSETS
Total Short-Term Assets $50.83M $50.83M $32.41M
Total Long-Term Assets $13.54M $13.54M $2.019M
Total Assets $64.37M $64.37M $34.43M
YoY Change 86.96% 86.96% 50.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $966.8K $966.8K $1.901M
YoY Change -49.14% -49.14% -32.0%
Accrued Expenses $335.3K $335.3K $158.8K
YoY Change 111.16% 111.16% 14.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.792M $3.792M $5.141M
YoY Change -26.24% -26.24% 179.58%
Total Short-Term Liabilities $10.09M $10.09M $13.32M
YoY Change -24.26% -24.26% 48.23%
LONG-TERM LIABILITIES
Long-Term Debt $1.254M $1.254M $1.672M
YoY Change -25.01% -25.01%
Other Long-Term Liabilities $250.2K $250.2K $104.8K
YoY Change 138.81% 138.81% -44.86%
Total Long-Term Liabilities $1.254M $1.504M $1.777M
YoY Change -29.43% -15.35% 835.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.09M $10.09M $13.32M
Total Long-Term Liabilities $1.254M $1.504M $1.777M
Total Liabilities $11.60M $11.60M $15.10M
YoY Change -23.21% -23.16% 51.25%
SHAREHOLDERS EQUITY
Retained Earnings $11.03M $10.50M
YoY Change 5.05%
Common Stock $24.05K $17.85K
YoY Change 34.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.76M $52.76M $19.33M
YoY Change
Total Liabilities & Shareholders Equity $64.37M $64.37M $34.43M
YoY Change 86.96% 86.96% 50.32%

Cashflow Statement

Concept 2022 Q2 2022 2021 Q2
OPERATING ACTIVITIES
Net Income $341.3K $687.9K $4.268M
YoY Change -92.0% -83.88% 75.2%
Depreciation, Depletion And Amortization $181.1K $310.3K $126.8K
YoY Change 42.83% 27.24% 9.17%
Cash From Operating Activities -$13.88M -$19.37M -$4.114M
YoY Change 237.35% 379.65% 410.64%
INVESTING ACTIVITIES
Capital Expenditures -$728.3K $82.73K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$728.3K -$802.7K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $33.63M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 671.1K $33.06M 1.678M
YoY Change -60.0% 736.76% 87.87%
NET CHANGE
Cash From Operating Activities -13.88M -$19.37M -4.114M
Cash From Investing Activities -728.3K -$802.7K 0.000
Cash From Financing Activities 671.1K $33.06M 1.678M
Net Change In Cash -13.94M $13.08M -2.437M
YoY Change 471.99% -15215.08% -2739.02%
FREE CASH FLOW
Cash From Operating Activities -$13.88M -$19.37M -$4.114M
Capital Expenditures -$728.3K $82.73K $0.00
Free Cash Flow -$13.15M -$19.45M -$4.114M
YoY Change 219.65% 381.7% 410.64%

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CY2021 us-gaap Revenues Net Of Interest Expense
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2022 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><i>(b) Use of estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires 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 revenue and expenses during the reporting period and accompanying notes, including allowance for doubtful accounts, the useful lives of property and equipment and intangible asset, impairment of long-lived assets, deferred cost, and valuation for deferred tax assets. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p>
CY2020Q2 pcgcl Deferred Revenue Balance
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CY2021 us-gaap Deferred Revenue Revenue Recognized1
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CY2021Q2 us-gaap Cash
Cash
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CY2022Q2 us-gaap Cash
Cash
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CY2022 pcgcl Amortized Straight Line Method
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CY2021Q2 pcgcl Deferred Revenue Balance
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CY2020Q2 us-gaap Percentage Of Debt Hedged By Interest Rate Derivatives
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CY2021Q2 us-gaap Percentage Of Debt Hedged By Interest Rate Derivatives
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CY2022Q2 us-gaap Percentage Of Debt Hedged By Interest Rate Derivatives
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CY2022 us-gaap Revenue Recognition Allowances
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><i>(m) Revenue recognition</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">On July 1, 2017, the Company adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective approach. The adoption of ASC 606 did not have a material impact on the Company’s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">ASC 606 establishes principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the Company’s contracts to provide services to customers. The core principle of ASC 606 is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Step 1: Identify the contract with the customer;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Step 2: Identify the performance obligations in the contract;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Step 3: Determine the transaction price;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Step 4: Allocate the transaction price to the performance obligations in the contract; and</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Step 5: Recognize revenue when the company satisfies a performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">The Company mainly generates revenue from event hosting, event planning and execution, and brand promotion, and other services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><i>Event hosting - </i>The Company regularly hosts live concerts and hip-hop events, and operates hip-hop related online programs. The portfolio of hip-hop events includes a stage play, dance competitions, cultural and musical festivals, and promotional parties. The Company started to operate online hip-hop programs since 2020. The portfolio of online hip-hop programs includes street dance tutorial programs, collections of street dance performances videos, and collections of short music videos on trendy shoes and clothes related to hip-hop culture. The Company generates revenue from concerts, hip-hop events, and online hip-hop programs by providing sponsorship packages to advertisers in exchange for sponsorship fees or by selling tickets for those concerts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><i>Event planning and execution - </i>The Company provides customized event planning and execution services upon requests from its customers, which services generally entail design, logistics, layout of events, and coordination and supervision of the actual event set-up and implementation, and generates revenue through service fees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><i>Brand promotion - </i>The Company provides brand promotion services, including trademark and logo design, visual identity system design, brand positioning, brand personality design, and digital solutions for service fees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><i>Other services</i> - The Company sells digital collections to individual collectors, provides music recording services to a corporate client and Software-as-a-Service (“SaaS”) software services to hip-hop dance training institutions for service fees, and distributes advertisements for corporate customers for service fees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">The Company accounts for a contract of event hosting, event planning and execution, or brand promotion when it has legally enforceable rights and obligations and collectability of consideration is probable. Each contract typically contains one single performance obligation, which is to deliver a successful event, activity, qualified online program or video, or brand solution, and the contract price is fixed. Contract terms typically include a customary requirement for payment within 180 days after the Company successfully provides services, which is indicated by the customer’s signed acknowledgement of completion on such event, activity, online program, or brand solution by providing the Company with completion confirmation forms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">For event hosting, event planning and execution, and brand promotion, revenue is recognized at a point of time when services are successfully provided (e.g., upon successful carryout of an event), which is indicated by customer’s acknowledgement of completion on such event, activity, online program or video, or brand solution, as the customer neither simultaneously receives and consumes the benefits provided by the Company’s performance nor controls an increasingly enhanced asset or an asset with an alternative use to the customer as the Company performs. Event hosting, event planning and execution, and brand promotion projects are generally short term, which usually take less than three months.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">For digital collections, the PRC operating entities sell digital collections through its own digital collection sales platform. After the customer purchases the digital collection issued on the platform and the digital collection is delivered to the customer, the revenue is recognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">For music recording service, revenue is recognized at a point of time when services are successfully provided which is indicated by customer’s acknowledgement of completion on the recording.</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 0pt 17.85pt; text-align: justify">For SaaS software services, revenue is recognized after the completion of the service provision. The PRC operating entities reach an annual framework service contract with the customer and charges a one-time service fee. Revenue is recognized on a monthly average basis within the service period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">For distribution of advertisements, the Company satisfies its performance obligation over time by measuring the progress based on time elapsed, as the customer simultaneously receives and consumes the benefit of service provided, during the period of time when the advertisement is displayed. Payment is usually required within 180 days after the completion of distribution.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">The Company reports revenue on a gross basis for event hosting, event planning and execution, brand promotion, and other services (except for advertisement distribution), as the Company takes risk and control of the event, activities, online program, or brand solution before they are transferred to customers. While in terms of advertisement distribution, the Company reports revenue on a net basis since it only arranges the distribution of advertisements, instead of taking the risk and control of the distribution resources.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">The Company applies a practical expedient to make no adjustment for the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the Company transfers a promised service to a customer and when the customer pays for that service will be one year or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">The following table identifies the disaggregation of the Company’s revenue for the years ended June 30, 2022, 2021, and 2020, respectively:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the years ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Revenue from operations:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 9pt">Event hosting</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,711,787</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,978,643</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,630,377</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Brand promotion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,733,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">750,315</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,241,869</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Event planning and execution</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,420,328</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,196,773</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,493,851</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Other services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">415,664</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">600,826</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">321,983</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total revenue</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">32,281,543</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">25,526,557</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">15,688,080</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt"><i>Deferred revenue</i>  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><span>The Company presents the consideration that a customer pays before the Company transfers a service to the customer as a contract liability (deferred revenue) when the payment is made. Deferred revenue is the Company’s obligation to transfer services to a customer for which the Company has received consideration from the customer. As of June 30, 2021 and 2022, the balance of deferred revenue amounted to $1,648,847 and $47,710, respectively, and the movement of deferred revenue was as below. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">June 30, 2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,764,608</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,070,036</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Recognized as revenue within the year ended June 30, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,185,797</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td>June 30,2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648,847</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,710</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Recognized as revenue within the year ended June 30, 2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,648,847</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">June 30,2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">47,710</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year which need to be recognized as assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p>
CY2022 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
32281543 usd
CY2021 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
25526557 usd
CY2020 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
15688080 usd
CY2021Q2 us-gaap Deferred Revenue
DeferredRevenue
1648847 usd
CY2022Q2 us-gaap Deferred Revenue
DeferredRevenue
47710 usd
CY2022 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
47710 usd
CY2022 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1648847 usd
CY2022Q2 pcgcl Deferred Revenue Balance
DeferredRevenueBalance
47710 usd
CY2022 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><i>(n) Cost of revenue</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Cost of revenue consists primarily of event design costs, online program production costs, salary and benefits expenses, materials costs, and other related expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p>
CY2021Q2 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
1635321 usd
CY2018Q4 pcgcl Cash Consideration Amount
CashConsiderationAmount
2086819 usd
CY2020 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
110132 usd
CY2021 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
133387 usd
CY2022 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
380723 usd
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
100000 cny
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-14563 usd
CY2022 us-gaap Construction Contractor Contract Duration
ConstructionContractorContractDuration
P10Y
CY2022 us-gaap Temporary Equity Description
TemporaryEquityDescription
The consolidated balance sheet amounts, with the exception of equity, at June 30, 2022 and 2021 were translated at RMB6.6981 to $1.00 and at RMB6.4579 to $1.00, respectively. Equity accounts were stated at their historical rates. The average translation rates applied to consolidated statements of operations and cash flows for the years ended June 30, 2022, 2021, and 2020 were RMB6.4554 to $1.00, RMB6.6228 to $1.00, and RMB7.0319 to $1.00, respectively. 
CY2021Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2204928 usd
CY2022 pcgcl Less Accumulated Amortization
LessAccumulatedAmortization
790742 usd
CY2021 pcgcl Less Accumulated Amortization
LessAccumulatedAmortization
569607 usd
CY2022Q1 pcgcl Cash Consideration Amount
CashConsiderationAmount
1300000 usd
CY2022Q1 pcgcl Company Authorization
CompanyAuthorization
P10Y
CY2022Q1 pcgcl Amount Authorized
AmountAuthorized
720000 usd
CY2020 pcgcl Amortization Expense
AmortizationExpense
202494 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt"><i>(u) Concentration and credit risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions require submitting a payment application form together with suppliers’ invoices, shipping documents, and signed contracts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><span>The Company maintains certain bank accounts in the PRC, where under the Deposit Insurance System in China, Hong Kong, and Cayman Islands. In China, a company’s deposits at one bank are insured for a maximum of RMB500,000 in the event of bank failure. In Hong Kong and Cayman Islands, deposits are not insured by Federal Deposit Insurance Corporation (“FDIC”) insurance or other insurance. As of June 30, 2021 and 2022, $1,314,910 and $5,281,823 of the Company’s cash were on deposit at financial institutions in the PRC, respectively, and $5,067 and $9,113,548 of the Company’s cash were on deposit at financial institutions in Hong Kong, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><span>The Company’s sales are made to customers that are located primarily in China. The Company has a concentration of its revenue and accounts receivable with specific customers. For the fiscal year ended June 30, 2020, three major customers accounted for approximately 18%, 9%, and 9% of the Company’s total revenue, respectively. For the fiscal year ended June 30, 2021, three major customers accounted for approximately 23%, 12%, and 8% of the Company’s total revenue, respectively. For the fiscal year ended June 30, 2022, three major customers accounted for approximately 30%, 13%, and 7% of the Company’s total revenue, respectively. As of June 30, 2021, the top five customers accounted for 58% of net accounts receivable as of June 30, 2021, with each customer representing 16%, 15%, 10%, 9%, and 8% of the net accounts receivable balance, respectively. As of June 30, 2022, the top five customers accounted for 72% of net accounts receivable as of June 30, 2022, with each customer representing 35%, 14%, 9%, 7%, and 7% </span><span style="font-family: Times New Roman, Times, Serif"> </span><span>of the net accounts receivable balance, respectively. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: justify">For the fiscal year ended June 30, 2022, the Company purchased approximately 8.59%, 7.88%, and 5.63% of its services from three major suppliers, respectively. For the fiscal year ended June 30, 2021, the Company purchased approximately 14%, 13%, and 12% of its services from three major suppliers, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 pcgcl Company Deposits
CompanyDeposits
500000 cny
CY2021Q2 us-gaap Deposits
Deposits
1314910 usd
CY2022Q2 us-gaap Deposits
Deposits
5281823 usd
CY2021 us-gaap Payments For Deposits
PaymentsForDeposits
5067 usd
CY2022 us-gaap Payments For Deposits
PaymentsForDeposits
9113548 usd
CY2021Q2 pcgcl Percentage Of Accounts Receivable
PercentageOfAccountsReceivable
0.58 pure
CY2022Q2 pcgcl Percentage Of Accounts Receivable
PercentageOfAccountsReceivable
0.72 pure
CY2021Q1 pcgcl Noncontrolling Interests
noncontrollingInterests
0.0645 pure
CY2021Q1 pcgcl Wfoe Gained
WFOEGained
1 pure
CY2020Q3 pcgcl Noncontrolling Interests
noncontrollingInterests
0.49 pure
CY2022Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
28094299 usd
CY2021Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
26101025 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1815665 usd
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
563789 usd
CY2022Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
26278634 usd
CY2021Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
25537236 usd
CY2021 us-gaap Interest And Debt Expense
InterestAndDebtExpense
180408 usd
CY2022 us-gaap Interest And Debt Expense
InterestAndDebtExpense
1319925 usd
CY2022 pcgcl Production Copyright
ProductionCopyright
2845857 usd
CY2021 pcgcl Production Copyright
ProductionCopyright
2204928 usd
CY2022 pcgcl Saa S
SaaS
149296 usd
CY2022Q2 us-gaap Deferred Costs Current
DeferredCostsCurrent
783798 usd
CY2021Q2 us-gaap Deferred Costs Current
DeferredCostsCurrent
2331826 usd
CY2021Q2 us-gaap Rental Properties
RentalProperties
1197177 usd
CY2022Q2 us-gaap Other Receivables
OtherReceivables
36559 usd
CY2021Q2 us-gaap Other Receivables
OtherReceivables
51912 usd
CY2022Q2 us-gaap Other Assets Current
OtherAssetsCurrent
820357 usd
CY2021Q2 us-gaap Other Assets Current
OtherAssetsCurrent
3580915 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
14930 usd
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
27887 usd
CY2022Q2 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
805427 usd
CY2021Q2 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
3553028 usd
CY2021 pcgcl Interest And Debt Expenses
InterestAndDebtExpenses
27887 usd
CY2022 pcgcl Interest And Debt Expenses
InterestAndDebtExpenses
12407 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103333 usd
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
167289 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
31570 usd
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
118896 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
71763 usd
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
48393 usd
CY2022 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
30859 usd
CY2021 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
28902 usd
CY2020 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
60600 usd
CY2022Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2995153 usd
CY2021 pcgcl Amortization Expense
AmortizationExpense
215003 usd
CY2022 pcgcl Amortization Expense
AmortizationExpense
249743 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due Current
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260069 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
260069 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
260069 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
260069 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
260069 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
904066 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2204411 usd
CY2022 us-gaap Prepayment Fees On Advances Net
PrepaymentFeesOnAdvancesNet
4597232 usd
CY2022 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2800000 usd
CY2022 us-gaap Professional Fees
ProfessionalFees
925933 usd
CY2022Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
886367 usd
CY2022 pcgcl Prepayment Of Copyright Licenses
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580000 usd
CY2022Q2 us-gaap Prepaid Royalties
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95798 usd
CY2022Q2 us-gaap Security Deposit
SecurityDeposit
55425 usd
CY2022Q2 us-gaap Prepaid Expense Other Noncurrent
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68445 usd
CY2022Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
10009200 usd
us-gaap Dividends Cash
DividendsCash
4600000 usd
CY2021Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0558 pure
CY2022Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0486 pure
CY2020Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0721 pure
CY2021Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0626 pure
CY2022Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0487 pure
CY2022Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
126336 usd
CY2021Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
60347 usd
CY2022Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
102873 usd
CY2021Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
17220 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
229209 usd
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
77567 usd
CY2022Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
3946227 usd
CY2021Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
3632709 usd
CY2022Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
746975 usd
CY2021Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
585979 usd
CY2022Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
2224 usd
CY2021Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
13703 usd
CY2022Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
1841 usd
CY2022Q2 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
4697267 usd
CY2021Q2 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
4232391 usd
CY2022Q2 pcgcl Short Term Debt Subtotal
ShortTermDebtSubtotal
3433810 usd
CY2021Q2 pcgcl Short Term Debt Subtotal
ShortTermDebtSubtotal
4955172 usd
CY2022Q2 us-gaap Long Term Debt Current
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CY2022Q2 us-gaap Present Value Of Future Minimum Lease Payments Sale Leaseback Transactions
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CY2020Q1 us-gaap Shares Issued
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CY2020Q2 pcgcl Redesignation Description
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the Company approved the re-designation of 5,763,077 of the Company’s issued ordinary shares held by Joya Enterprises Limited into 5,763,077 Class B ordinary shares and an aggregate of 9,178,234 of the Company’s issued ordinary shares held by Joya Enterprises Limited and certain other shareholders into 9,178,234 Class A ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. In respect of matters requiring a shareholder vote, each holder of Class A ordinary shares will be entitled to one vote per one Class A ordinary share and each holder of Class B ordinary shares will be entitled to seven votes per one Class B ordinary share. The Class A ordinary shares are not convertible into shares of any other class. The Class B ordinary shares are convertible into Class A ordinary shares at any time after issuance at the option of the holder on a one-to-one basis.
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Repayments Of Long Term Debt
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2020 pcgcl Interest And Debt Expenses
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CY2021 us-gaap Professional Fees
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CY2021 pcgcl Prepayment Of Copyright Licenses
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CY2022Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2022 us-gaap Income Tax Holiday Income Tax Benefits Per Share
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CY2022Q2 pcgcl Restricted Net Assets
RestrictedNetAssets
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CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
00000
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001807389

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