2023 Q3 Form 20-F Financial Statement

#000121390023061297 Filed on July 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q1 2023
Revenue $3.648M $5.240M $10.69M
YoY Change -33.1% -7.59% -6.81%
Cost Of Revenue $1.585M $2.341M $5.006M
YoY Change -40.52% -35.26% -16.76%
Gross Profit $2.063M $2.899M $5.687M
YoY Change -26.01% 41.1% 4.14%
Gross Profit Margin 56.55% 55.33% 53.19%
Selling, General & Admin $1.790M $2.004M $3.675M
YoY Change 7.13% 17.78% -16.85%
% of Gross Profit 86.78% 69.13% 64.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.16K $94.75K $176.2K
YoY Change -54.4% -14.66% -1.66%
% of Gross Profit 1.8% 3.27% 3.1%
Operating Expenses $1.790M $2.004M $3.675M
YoY Change 7.13% 17.78% -16.85%
Operating Profit $272.7K $894.9K $2.012M
YoY Change -75.59% 153.54% 93.32%
Interest Expense $98.24K -$9.290K $95.56K
YoY Change -6.3% -110.36% -21.79%
% of Operating Profit 36.02% -1.04% 4.75%
Other Income/Expense, Net -$190.9K -$6.150K -$4.560K
YoY Change -12033.13% 18.96% -78.8%
Pretax Income $180.1K $879.4K $2.103M
YoY Change -85.28% 101.03% 84.24%
Income Tax $55.49K $263.5K $430.5K
% Of Pretax Income 30.82% 29.96% 20.47%
Net Earnings $227.1K $43.03K $905.9K
YoY Change -73.68% -84.19% 21.9%
Net Earnings / Revenue 6.23% 0.82% 8.47%
Basic Earnings Per Share $0.20
Diluted Earnings Per Share $0.05 $0.01 $0.20
COMMON SHARES
Basic Shares Outstanding 4.411M shares 4.440M shares
Diluted Shares Outstanding 4.440M shares

Balance Sheet

Concept 2023 Q3 2023 Q1 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.42M $12.57M $12.57M
YoY Change 5.48% 6.83% 6.83%
Cash & Equivalents $12.57M
Short-Term Investments
Other Short-Term Assets $216.4K $69.10K $69.10K
YoY Change 65.78% -23.76% -23.76%
Inventory
Prepaid Expenses
Receivables $777.4K $793.2K $793.2K
Other Receivables $2.602M $2.566M $2.566M
Total Short-Term Assets $15.02M $16.00M $16.00M
YoY Change -6.9% -1.28% -1.28%
LONG-TERM ASSETS
Property, Plant & Equipment $948.5K $886.4K $886.4K
YoY Change -10.43% 1.96% 1.96%
Goodwill
YoY Change
Intangibles $54.38K
YoY Change -60.59%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $405.4K $430.7K $430.7K
YoY Change -43.36% -44.08% -44.08%
Total Long-Term Assets $1.463M $1.543M $1.543M
YoY Change -24.84% -14.38% -14.38%
TOTAL ASSETS
Total Short-Term Assets $15.02M $16.00M $16.00M
Total Long-Term Assets $1.463M $1.543M $1.543M
Total Assets $16.48M $17.54M $17.54M
YoY Change -8.83% -2.59% -2.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $91.64K $233.5K $233.5K
YoY Change 114.72%
Accrued Expenses $390.8K $389.7K $389.7K
YoY Change -40.05% -23.45% -23.45%
Deferred Revenue $2.111M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.831M $4.305M $4.305M
YoY Change -32.4% -28.1% -28.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $227.7K $203.2K $203.2K
YoY Change -20.44% 3252.64% 3252.64%
Total Long-Term Liabilities $227.7K $203.2K $203.2K
YoY Change -20.44% 3252.64% 3252.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.831M $4.305M $4.305M
Total Long-Term Liabilities $227.7K $203.2K $203.2K
Total Liabilities $5.287M $5.837M $5.837M
YoY Change -24.05% -13.94% -13.94%
SHAREHOLDERS EQUITY
Retained Earnings $6.418M
YoY Change 12.16%
Common Stock $44.40K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.19M $11.70M $11.70M
YoY Change
Total Liabilities & Shareholders Equity $16.48M $17.54M $17.54M
YoY Change -8.83% -2.59% -2.59%

Cashflow Statement

Concept 2023 Q3 2023 Q1 2023
OPERATING ACTIVITIES
Net Income $227.1K $43.03K $905.9K
YoY Change -73.68% -84.19% 21.9%
Depreciation, Depletion And Amortization $37.16K $94.75K $176.2K
YoY Change -54.4% -14.66% -1.66%
Cash From Operating Activities -$100.4K $1.315M $1.613M
YoY Change -133.72% -62.42% 49.97%
INVESTING ACTIVITIES
Capital Expenditures $33.03K $37.24K
YoY Change -5.41% -206.4%
Acquisitions
YoY Change
Other Investing Activities $0.00 $247.0K $74.11K
YoY Change -100.0% -1583.3% -104.51%
Cash From Investing Activities $0.00 $213.9K $36.88K
YoY Change -100.0% 1070.99% -102.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -42.17K 0.000
YoY Change -100.0% -44.45% -100.0%
NET CHANGE
Cash From Operating Activities -100.4K 1.315M 1.613M
Cash From Investing Activities 0.000 213.9K 36.88K
Cash From Financing Activities 0.000 -42.17K 0.000
Net Change In Cash -100.4K 1.487M 1.649M
YoY Change -161.65% -56.8% -365.76%
FREE CASH FLOW
Cash From Operating Activities -$100.4K $1.315M $1.613M
Capital Expenditures $33.03K $37.24K
Free Cash Flow $1.282M $1.575M
YoY Change -62.99% 41.89%

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CY2023 us-gaap Profit Loss
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CY2022 us-gaap Profit Loss
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CY2021 us-gaap Profit Loss
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CY2022 us-gaap Depreciation Depletion And Amortization
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Interest Income Expense Net
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Other Receivables
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CY2021 us-gaap Increase Decrease In Other Receivables
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CY2023 us-gaap Increase Decrease In Other Current Assets
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CY2022 us-gaap Increase Decrease In Other Current Assets
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CY2021 us-gaap Increase Decrease In Other Current Assets
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CY2022 us-gaap Increase Decrease In Deposit Other Assets
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CY2021 us-gaap Increase Decrease In Deposit Other Assets
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CY2023 us-gaap Increase Decrease In Deferred Revenue
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CY2022 us-gaap Increase Decrease In Deferred Revenue
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CY2021 us-gaap Increase Decrease In Deferred Revenue
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CY2023 us-gaap Increase Decrease In Accrued Taxes Payable
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CY2022 us-gaap Increase Decrease In Accrued Taxes Payable
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CY2021 us-gaap Increase Decrease In Accrued Taxes Payable
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CY2022 us-gaap Increase Decrease In Other Accounts Payable
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CY2021 us-gaap Increase Decrease In Other Accounts Payable
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CY2022 us-gaap Increase Decrease In Other Operating Liabilities
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CY2021 us-gaap Increase Decrease In Other Operating Liabilities
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CY2023 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023 us-gaap Repayment Of Notes Receivable From Related Parties
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CY2022 us-gaap Repayment Of Notes Receivable From Related Parties
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CY2023 us-gaap Payments To Fund Longterm Loans To Related Parties
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CY2021 us-gaap Payments To Fund Longterm Loans To Related Parties
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CY2022 wfel Payments Made For Loans To A Related Party
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CY2023 wfel Purchases Of Ownership Of A Subsadiary
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Repayments Of Related Party Debt
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CY2021 us-gaap Proceeds From Repayments Of Related Party Debt
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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525249 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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12054015 usd
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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11763445 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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12054015 usd
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
13719 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2023 wfel Payable For Capitalized Software Development Costs
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478269 usd
CY2022 wfel Payable For Capitalized Software Development Costs
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837146 usd
CY2021 wfel Payable For Capitalized Software Development Costs
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805546 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of estimates</i></b></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 consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include the allowances for doubtful accounts, valuation allowance for deferred tax assets, estimated useful lives and fair value in connection with the impairment of property and equipment, and lease assumptions. Actual results could differ from these estimates.</p>
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reclassifications</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain items in the financial statements of comparative period have been reclassified to conform to the financial statements for the current period. The reclassification has no impact on the total assets and total liabilities as of March 31, 2023 and 2022 or on the statements of operations for the years ended March 31, 2023, 2022 and 2021.</p>
CY2023Q1 us-gaap Restricted Cash
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500000 cny
CY2023Q1 us-gaap Restricted Cash
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72805 usd
CY2023 wfel Concentration Risk Threshold Percentage
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0.10 pure
CY2022 wfel Concentration Risk Threshold Percentage
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0.10 pure
CY2022Q1 us-gaap Accounts Receivable Gross Current
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q1 us-gaap Accounts Receivable Net
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CY2022Q1 us-gaap Accounts Receivable Net
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1712430 usd
CY2023Q1 wfel Cash Deposits
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CY2022Q1 wfel Cash Deposits
CashDeposits
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CY2019Q2 wfel Operating Lease Assets And Liability
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47000 usd
CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentrations and credit risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Credit risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of March 31, 2023 and 2022, $1,511,208 and $1,940,850 of the Company’s cash were on deposits at financial institutions in Hong Kong, are insured by Hong Kong Deposit Board and subject to a certain limitation of HKD 500,000 (about $63,695). As of March 31, 2023 and 2022, $11,056,255 and $9,821,654 of the Company’s cash were on deposits at financial institutions in the mainland China, where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify"><i>Customer and supplier concentration risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s revenues are derived from enrolled students or institutions that are located primarily in China. For the year ended March 31, 2023, 2022 and 2021, no customers accounted for over 10% of the Company’s total revenue.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2023 and 2022, no customer accounted for 10% of the total outstanding accounts receivable balance, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, one customer accounted for 10.4% of the total outstanding accounts receivable balance, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended March 31, 2023, 2022 and 2021, no suppliers accounted for more than 10% of total purchases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A loss of either of these customers or suppliers could adversely affect the operating results or cash flows of the Company.</p>
CY2023Q1 us-gaap Cash
Cash
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CY2022Q1 us-gaap Cash
Cash
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CY2023Q1 us-gaap Recorded Third Party Environmental Recoveries Net
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722934 usd
CY2023 wfel Revenue Percentage
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0.10 pure
CY2022 wfel Revenue Percentage
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0.10 pure
CY2021 wfel Revenue Percentage
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0.10 pure
CY2023 wfel Purchases Of Total Percentage
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0.10 pure
CY2022 wfel Purchases Of Total Percentage
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0.10 pure
CY2021 wfel Purchases Of Total Percentage
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0.10 pure
CY2023Q1 us-gaap Accounts Receivable Gross
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CY2022Q1 us-gaap Accounts Receivable Gross
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q1 us-gaap Accounts Receivable Net
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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719205 usd
CY2017Q4 us-gaap Securities Loaned
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600000 cny
CY2017Q4 us-gaap Securities Loaned
SecuritiesLoaned
88760 usd
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0.06 pure
CY2017Q3 us-gaap Securities Loaned
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3000000 cny
CY2017Q3 us-gaap Securities Loaned
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436834 usd
CY2017Q3 us-gaap Investment Interest Rate
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0.06 pure
CY2018Q3 us-gaap Securities Loaned
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600000 cny
CY2018Q3 us-gaap Securities Loaned
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87367 usd
CY2018Q3 us-gaap Investment Interest Rate
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0.06 pure
CY2023Q1 us-gaap Securities Loaned
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200000 cny
CY2023Q1 us-gaap Securities Loaned
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27729 usd
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1550716 usd
CY2022Q1 us-gaap Property Plant And Equipment Gross
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1657550 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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1001079 usd
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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946823 usd
CY2023Q1 us-gaap Property Plant And Equipment Owned Net
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549637 usd
CY2022Q1 us-gaap Property Plant And Equipment Owned Net
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710727 usd
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
176243 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
179207 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
195239 usd
CY2023Q1 wfel Due To Affiliate
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315512 usd
CY2022Q1 wfel Due To Affiliate
DueToAffiliate
315512 usd
CY2022Q1 us-gaap Investments
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CY2016Q2 wfel Ownership Transferred
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0.10 pure
CY2023Q1 us-gaap Loans And Leases Receivable Related Parties
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1761979 usd
CY2022Q1 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
1745479 usd
CY2023 us-gaap Debt Conversion Original Debt Interest Rate Of Debt
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0.01 pure
CY2023 us-gaap Debt Instrument Maturity Date
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2023-09-30
CY2023 wfel Corporate Income Tax Rate Description
CorporateIncomeTaxRateDescription
Hunan Huafu, Shanghai Xia Shu, Shanghai Xin Fu, Nanjing Suyun, Guizhou Huafu, Fuzhou Huafu, Laoning Huafu, Guangxi Huafu, Sichuan Huafu and Guangzhou Huafu were registered in the PRC and are subject to corporate income tax at a reduced rate of 10% starting from the inception dates when they were approved by local government as small-scaled minimal profit enterprises. Huaxia MOOC was subject to corporate income tax at a reduced rate of 10% from the inception date till the end of 2019.
CY2023 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.25 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2023 us-gaap Current Income Tax Expense Benefit
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160439 usd
CY2022 us-gaap Current Income Tax Expense Benefit
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275555 usd
CY2021 us-gaap Current Income Tax Expense Benefit
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513379 usd
CY2023 us-gaap Deferred Other Tax Expense Benefit
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CY2022 us-gaap Deferred Other Tax Expense Benefit
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CY2021 us-gaap Deferred Other Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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430529 usd
CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
180334 usd
CY2023Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Provision For Loan Losses
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CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Provision For Loan Losses
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200262 usd
CY2023Q1 us-gaap Deferred Tax Assets Deferred Income
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280531 usd
CY2022Q1 us-gaap Deferred Tax Assets Deferred Income
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517578 usd
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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2602 usd
CY2023Q1 us-gaap Deferred Tax Assets Gross
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375556 usd
CY2022Q1 us-gaap Deferred Tax Assets Gross
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720442 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
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875 usd
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
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22619 usd
CY2023Q1 us-gaap Deferred Tax Assets Net
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374681 usd
CY2022Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
697823 usd
CY2023 wfel Offset Operating Income
OffsetOperatingIncome
P5Y
CY2023Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
875 usd
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
31564 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.25 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2023 wfel Favorable Tax Rate Impacta
FavorableTaxRateImpacta
0.077 pure
CY2022 wfel Favorable Tax Rate Impacta
FavorableTaxRateImpacta
0.068 pure
CY2021 wfel Favorable Tax Rate Impacta
FavorableTaxRateImpacta
0.079 pure
CY2023 wfel Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
0.003 pure
CY2022 wfel Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
0.005 pure
CY2021 wfel Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
0.008 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.012 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.022 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.029 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.188 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.209 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.15 pure
CY2023 wfel Favorable Tax Rate Description
FavorableTaxRateDescription
(a)Distance Learning is subject to a favorable tax rate of 15%; Shanghai Xia Shu, Shanghai Xin Fu, Hunan Huafu, Nanjing Suyun, Guizhou Huafu, Fuzhou Huafu and Chonqqing Huafu are subject to a favorable tax rate of 10%.
CY2023 wfel Schedule Of Taxes Payable
ScheduleOfTaxesPayable
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of <br/> March 31, <br/> 2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of <br/> March 31,<br/> 2022</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: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Income tax payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,054,177</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">935,630</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Value added tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,604</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Other taxes payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,128</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,636</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,119,601</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">983,869</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q1 wfel Income Tax Payable
IncomeTaxPayable
1054177 usd
CY2022Q1 wfel Income Tax Payable
IncomeTaxPayable
935630 usd
CY2023Q1 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
54296 usd
CY2022Q1 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
40604 usd
CY2023Q1 wfel Other Taxes Payable
OtherTaxesPayable
11128 usd
CY2022Q1 wfel Other Taxes Payable
OtherTaxesPayable
7636 usd
CY2023Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
1119601 usd
CY2022Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
983869 usd
CY2023 us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
413445 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
26 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0475 pure
CY2023 wfel Schedule Of Maturities Of Lease Liabilities
ScheduleOfMaturitiesOfLeaseLiabilities
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Twelve months ending March 31,</b></td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">213,482</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,067</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,652</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Total Lease Payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">422,201</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-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less Imputed Interest</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">(8,756</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</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">413,445</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
213482 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
170067 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
38652 usd
CY2023Q1 wfel Total Lease Payments
TotalLeasePayments
422201 usd
CY2023Q1 wfel Less Imputed Interest
LessImputedInterest
-8756 usd
CY2023 us-gaap Lease Cost
LeaseCost
413445 usd
CY2021Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
29526 shares
CY2021Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
6.25
CY2021Q2 us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
59052 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4440085 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4440085 shares
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4440085 shares
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4440085 shares
CY2023 wfel Percentage Of Statutory Reserve Surplus After Tax
PercentageOfStatutoryReserveSurplusAfterTax
0.10 pure
CY2023 wfel Percentage Of Reserve Out Of Registered Capital
PercentageOfReserveOutOfRegisteredCapital
0.50 pure
CY2023Q1 wfel Statutory Reserve
StatutoryReserve
867530 usd
CY2022Q1 wfel Statutory Reserve
StatutoryReserve
657329 usd
CY2019Q2 wfel Warrants Issued For Services Description
WarrantsIssuedForServicesDescription
the company issued warrants to underwriter (Network 1 Financial Securities, Inc.) and its employees to purchased 59,052 ordinary shares at an exercise price of 125% of the IPO price, namely $6.25 dollars per share, at any time or from time to time from August 13, 2019 (the “Exercise Date”), and at or before 5:00 p.m., Eastern time, February 14, 2022 (the “Expiration Date”).
CY2021Q2 wfel Warrants Issued For Services Description
WarrantsIssuedForServicesDescription
On April 1, 2021 the underwriter elects to exercise the purchase warrants which the company offering to the underwriter for initial public offering services. The total exercise shares are 59,052 at a price of $6.25 per share used cashless method. The total exercise shares should be 29,526 at a price of $6.25 per share used cashless method. Due to a calculation mistake the company erroneously issued 59,052 shares to the underwriter.
CY2021Q2 wfel Total Exercise Shares
TotalExerciseShares
29526 shares
CY2021Q2 us-gaap Share Price
SharePrice
6.25
CY2021Q2 us-gaap Shares Issued
SharesIssued
59052 shares
CY2021Q2 us-gaap Stockholders Equity Note Changes In Capital Structure Subsequent Changes To Number Of Common Shares
StockholdersEquityNoteChangesInCapitalStructureSubsequentChangesToNumberOfCommonShares
29526 shares
CY2023 us-gaap Revenues
Revenues
10692613 usd
CY2023 wfel Cost Of Revenue And Related Tax
CostOfRevenueAndRelatedTax
5005710 usd
CY2023 us-gaap Gross Profit
GrossProfit
5686903 usd
CY2023 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
176243 usd
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
37237 usd
CY2022 us-gaap Revenues
Revenues
11474348 usd
CY2022 wfel Cost Of Revenue And Related Tax
CostOfRevenueAndRelatedTax
6013731 usd
CY2022 us-gaap Gross Profit
GrossProfit
5460617 usd
CY2022 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
179207 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
34996 usd
CY2021 us-gaap Revenues
Revenues
8515561 usd
CY2021 wfel Cost Of Revenue And Related Tax
CostOfRevenueAndRelatedTax
3997098 usd
CY2021 us-gaap Gross Profit
GrossProfit
4518463 usd
CY2021 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
195239 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
74236 usd
CY2023Q1 us-gaap Assets
Assets
17538192 usd
CY2022Q1 us-gaap Assets
Assets
18003906 usd
CY2021Q2 wfel Total Exercise Shares
TotalExerciseShares
29526 shares
CY2021Q2 us-gaap Share Price
SharePrice
6.25
CY2021Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
59052 shares
CY2021Q2 us-gaap Stockholders Equity Note Changes In Capital Structure Subsequent Changes To Number Of Common Shares
StockholdersEquityNoteChangesInCapitalStructureSubsequentChangesToNumberOfCommonShares
29526 shares
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022 us-gaap Gain Loss On Investments
GainLossOnInvestments
usd
CY2021 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
usd
CY2021 wfel Appropriation Of Statutory Reserves
AppropriationOfStatutoryReserves
usd
CY2022 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
usd
CY2022 wfel Appropriation Of Statutory Reserves
AppropriationOfStatutoryReserves
usd
CY2023 wfel Appropriation Of Statutory Reserves
AppropriationOfStatutoryReserves
usd
CY2021 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
usd
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
usd
CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
usd
CY2023 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
usd
CY2021 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
usd
CY2022 us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
usd
CY2023 wfel Payments Made For Loans To A Related Party
PaymentsMadeForLoansToARelatedParty
usd
CY2022 wfel Purchases Of Ownership Of A Subsadiary
PurchasesOfOwnershipOfASubsadiary
usd
CY2021 wfel Purchases Of Ownership Of A Subsadiary
PurchasesOfOwnershipOfASubsadiary
usd
CY2023 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
CY2023Q1 wfel Recorded Third Party Environmentals Recoveries Noncurrent Net
RecordedThirdPartyEnvironmentalsRecoveriesNoncurrentNet
usd
CY2022Q1 wfel Recorded Third Party Environmentals Recoveries Noncurrent Net
RecordedThirdPartyEnvironmentalsRecoveriesNoncurrentNet
usd
CY2023Q1 us-gaap Investments
Investments
usd
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
usd
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001716770

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