6,725) General and administrative expenses (note 1) (13,877,275) (10,155,688) Subsidies and other operating income 658,311 1,041,167 Total operating expenses (18,833,398) (18,250,675) (Loss) Income from operations (156,358) 3,442,336 Other income 558,546 149,323 Other expenses (100,336) (301,821) Income before income tax and share of income in equity investees 301,852 3,289,838 Provision for income taxes 2,181,071 1,164,910 (Loss) income before share of (loss) income in equity investees (1,879,219) 2,124,928 Share of (loss) in equity investees, net of tax (3,215) (37,994) Net (loss) income (1,882,434) 2,086,934 Less: Net (loss) income attributable to noncontrolling interests (75,398) 130,478 Net (loss) income attributable to CLPS Incorporation's shareholders $ (1,807,036) $ 1,956,456 Other comprehensive (loss) income Foreign currency translation (loss) income $ (2,328,918) $ 468,792 Less: Foreign currency translation (loss) income attributable to noncontrolling interest (63,519) 8,853 Other comprehensive (loss) income attributable to CLPS Incorporation's shareholders $ (2,265,399) $ 459,939 Comprehensive (loss) income attributable to CLPS Incorporation's shareholders $ (4,072,435) $ 2,416,395 Comprehensive (loss) income attributable to noncontrolling interests (138,917) 139,331 Comprehensive (loss) income $ (4,211,352) $ 2,555,726 Basic (loss) earnings per common share $ (0.08) $ 0.11 Weighted average number of share outstanding – basic 21,484,828 18,514,807 Diluted earnings per common share $ (0.08) $ 0.10 Weighted average number of share outstanding – diluted 21,484,828 19,097,170 Note: (1) Includes share-based compensation expenses as follows: Cost of revenues 13,983 4,221 Selling and marketing expenses 55,834 42,556 General and administrative expenses 4,646,944 3,586,593 CLPS INCORPORATION RECONCILIATION OF NON-GAAP AND GAAP RESULTS (Amounts in U.S. dollars ("$"), except for number of shares) For the six months ended June 30, 2022 2021 (Unaudited) (Unaudited) Cost of revenues $ (57,423,736) $ (46,050,474) Less: share-based compensation expenses (13,983) (4,221) Non-GAAP cost of revenues $ (57,409,753) $ (46,046,253) Selling and marketing expenses $ (1,818,662) $ (1,959,429) Less: share-based compensation expenses (55,834) (42,556) Non-GAAP selling and marketing expenses $ (1,762,828) $ (1,916,873) General and administrative expenses $ (13,877,275) $ (10,155,688) Less: share-based compensation expenses (4,646,944) (3,586,593) Non-GAAP general and administrative expenses $ (9,230,331) $ (6,569,095) Operating income (loss) $ (156,358) $ 3,442,336 Add: share-based compensation expenses 4,716,761 3,633,370 Non-GAAP operating income $ 4,560,403 $ 7,075,706 Operating margin (0.2 %) 5.1 % Add: share-based compensation expenses 6.2 % 5.3 % Non-GAAP operating margin 6.0 % 10.4 % Net income (loss) $ (1,882,434) $ 2,086,934 Add: share-based compensation expenses 4,716,761 3,633,370 Non-GAAP net income $ 2,834,327 $ 5,720,304 Net (loss) income attributable to CLPS Incorporation's shareholders $ (1,807,036) $ 1,956,456 Add: share-based compensation expenses 4,716,761 3,633,370 Non-GAAP net income attributable to CLPS Incorporation's shareholders 2,909,725 5,589,826 $ $ Weighted average number of share outstanding used in computing GAAP and non-GAAP basic earnings 21,484,828 18,514,807 GAAP basic (loss) earnings per common share $ (0.08) $ 0.11 Add: share-based compensation expenses 0.22 0.19 Non-GAAP basic earnings per common share $ 0.14 $ 0.30 Weighted average number of share outstanding used in computing GAAP diluted earnings 21,484,828 19,097,170 Weighted average number of share outstanding used in computing non-GAAP diluted earnings 21,522,447 19,097,170 GAAP diluted (loss) earnings per common share $ (0.08) $ 0.10 Add: share-based compensation expenses 0.22 0.19 Non-GAAP diluted earnings per common share $ 0.14 $ 0.29 CLPS INCORPORATION audited CONSOLIDATED BALANCE SHEETS (Amounts in U.S. dollars ("$"), except for number of shares) As of June 30, 2022 2021 ASSETS Current assets: Cash and cash equivalents $ 18,396,987 $ 24,739,382 Short-term investments - 4,158,535 Accounts receivable, net 53,769,887 44,138,997 Prepayments, deposits and other assets, net 4,215,414 2,530,458 Amounts due from related parties 377,642 546,128 Total Current Assets 76,759,930 76,113,500 Non-current assets: Property and equipment, net 20,601,098 600,791 Intangible assets, net 970,044 1,050,499 Goodwill 2,363,841 2,444,950 Long-term investments 610,386 1,014,784 Prepayments, deposits and other assets, net 248,456 896,145 Deferred tax assets, net 327,040 607,773 Total Assets $ 101,880,795 $ 82,728,442 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Bank loans $ 14,474,363 $ 7,536,839 Accounts payable 343,597 559,450 Accrued expenses and other current liabilities 352,402 245,408 Tax payables 2,355,066 1,715,009 Contract liabilities 587,140 326,912 Salaries and benefits payable 12,203,933 12,466,921 Amounts due to related party 66,884 183,148 Total Current Liabilities 30,383,385 23,033,687 Non-current liabilities Bank loans - 9,644 Deferred tax liabilities 150,547 155,033 Other non-current liabilities 3,546,263 1,799,383 TOTAL LIABILITIES 34,080,195 24,997,747 Commitments and Contingencies Shareholders' Equity Common stock, $0.0001 par value, 100,000,000 shares authorized; 22,444,822 shares issued and outstanding as of June 30, 2022; 20,293,552 shares issued and outstanding as of June 30, 2021 2,244 2,029 Additional paid-in capital 55,705,209 48,516,695 Statutory reserves 5,071,876 4,214,075 Retained earnings 6,323,792 2,726,165 Accumulated other comprehensive (loss) income (550,248) 1,230,083 Total CLPS Incorporation's Shareholders' Equity 66,552,873 56,689,047 Noncontrolling Interests 1,247,727 1,041,648 Total Shareholders' Equity 67,800,600 57,730,695 Total Liabilities and Shareholders' Equity $ 101,880,795 $ 82,728,442 CLPS INCORPORATION AUDITED CONSOLIDATED statements of INCOME AND COMPREHENSIVE INCOME (Amounts in U.S. dollars ("$"), except for number of shares) For the years ended June 30, 2022 2021 Revenues $ 152,022,381 $ 126,061,693 Less: Cost of revenues (note 1) (111,033,345) (85,890,757) Gross profit 40,989,036 40,170,936 Operating income (expenses): Selling and marketing expenses (note 1) (4,103,066) (3,753,236) Research and development expenses (7,971,145) (13,337,913) General and administrative expenses (note 1) (23,045,664) (16,784,688) Subsidies and other operating income 1,536,394 2,080,087 Total operating expenses (33,583,481) (31,795,750) Income from operations 7,405,555 8,375,186 Other income 854,250 296,319 Other expenses (575,605) (351,045) Income before income tax and share of income in equity investees 7,684,200 8,320,460 Provision for income taxes 3,045,992 1,257,124 Income before share of income in equity investees 4,638,208 7,063,336 Share of (loss) in equity investees, net of tax (50,297) (44,121) Net income 4,587,911 7,019,215 Less: Net income attributable to noncontrolling interests 132,483 202,643 Net income attributable to CLPS Incorporation's shareholders $ 4,455,428 $ 6,816,572 Other comprehensive income (loss) Foreign currency translation (loss) income $ (1,828,542) $ 2,695,223 Less: Foreign currency translation (loss) income attributable to noncontrolling interests (48,211) 102,475 Other comprehensive (loss) income attributable to CLPS Incorporation's shareholders $ (1,780,331) $ 2,592,748 Comprehensive income attributable to CLPS Incorporation's shareholders $ 2,675,097 $ 9,409,320 Comprehensive income attributable to noncontrolling interests 84,272 305,118 Comprehensive income $ 2,759,369 $ 9,714,438 Basic earnings per common share $ 0.21 $ 0.39 Weighted average number of share outstanding – basic 20,924,683 17,279,443 Diluted earnings per common share $ 0.21 $ 0.39 Weighted average number of share outstanding – diluted 21,057,063 17,569,440 Note: (1) Includes share-based compensation expenses as follows: Cost of revenues 36,906 8,403 Selling and marketing expenses 165,209 122,087 General and administrative expenses 6,982,747 4,998,206 CLPS INCORPORATION RECONCILIATION OF NON-GAAP AND GAAP RESULTS (Amounts in U.S. dollars ("$"), except for number of shares) For the years ended June 30, 2022 2021 （Audited) （Audited) Cost of revenues $ (111,033,345) $ (85,890,757) Less: share-based compensation expenses (36,906) (8,403) Non-GAAP cost of revenues $ (110,996,439) $ (85,882,354) Selling and marketing expenses $ (4,103,066) $ (3,753,236) Less: share-based compensation expenses (165,209) (122,087) Non-GAAP selling and marketing expenses $ (3,937,857) $ (3,631,149) General and administrative expenses $ (23,045,664) $ (16,784,688) Less: share-based compensation expenses (6,982,747) (4,998,206) Non-GAAP general and administrative expenses $ (16,062,917) $ (11,786,482) Operating income $ 7,405,555 $ 8,375,186 Add: share-based compensation expenses 7,184,862 5,128,696 Non-GAAP operating income $ 14,590,417 $ 13,503,882 Operating margin 4.9 % 6.6 % Add: share-based compensation expenses 4.7 % 4.1 % Non-GAAP operating margin 9.6 % 10.7 % Net income $ 4,587,911 $ 7,019,215 Add: share-based compensation expenses 7,184,862 5,128,696 Non-GAAP net income $ 11,772,773 $ 12,147,911 Net income attributable to CLPS Incorporation's shareholders $ 4,455,428 $ 6,816,572 Add: share-based compensation expenses 7,184,862 5,128,696 Non-GAAP net income attributable to CLPS Incorporation's shareholders $ 11,640,290 $ 11,945,268 Weighted average number of share outstanding used in computing GAAP and non-GAAP basic earnings 20,924,683 17,279,443 GAAP basic earnings per common share $ 0.21 $ 0.39 Add: share-based compensation expenses 0.35 0.30 Non-GAAP basic earnings per common share $ 0.56 $ 0.69 Weighted average number of share outstanding used in computing GAAP and non-GAAP diluted earnings 21,057,063 17,569,440 GAAP diluted earnings per common share $ 0.21 $ 0.39 Add: share-based compensation expenses 0.34 0.29 Non-GAAP diluted earnings per common share $ 0.55 $ 0.68 lg...
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