UMeWorld Limited (OTC:UMEWF), a leading K-12 online learning and assessment platform in China, today announced its unaudited interim financial results for the six months ended March 31, 2018. All figures are expressed in U.S. dollars, unless otherwise stated.
Financial and Operational Highlights
- Revenues increased by 4,757.88% from $952 to $46,247.
- Cost of Revenues increased by 1,552.35% from $2,953 to $48,794.
- Operating costs decreased by 36.99% from $421,213 to $265,403.
- Operating loss decreased by 36.69% from $423,214 to $267,950.
- Net cash used in operating activities was $308,642.
|Six Months Ended
|2018||2017||% of change|
|Net Loss Attributable to UMeWorld||529,838||591,850||-10.48|
|Net Loss Per Share Attributable to UMeWorld||(0.01)||(0.01)||-0.17|
Michael Lee, UMeWorld’s CEO, commented, “We are very excited that we have begun generating revenue from the Product Co-operation Agreement with China Mobile executed in October 2017 for the commercialization of UMFun, our online learning and assessment platform across China. These results show the continued progress we are making with China Mobile, as we deliver on our strategy to drive growth and efficiency. As we gradually convert free UMFun users to paying subscribers within China Mobile’s AND Education portal province by province, we expect to continue to generate revenues for the remainder of fiscal 2018.”
Lawrence Liang, UMeWorld’s COO, added, “Our objective is to have 1,000,000 paying subscribers by the end of December, 2018. We have seen paying subscriber numbers grow in the double digits since January 2018 and we exceeded 164,000 paid subscribers by the end of March 31, 2018. Prospective clients were invited to sign up for a three-month free membership, after which they would be offered a $1.50 monthly subscription that would be deducted from their phone bills. We have a scalable sales strategy in place with China Mobile ground agents and are confident that we will achieve our target of 1,000,000 paying subscribers by the end of 2018.”
About UMeWorld Limited
We are an educational technology company and a visionary player in the online educational landscape in China. UMFun, our K-12 flagship product, is a cloud-based assessment and learning analytics platform that can intelligently analyze and adapt to a student’s performance and personalizes the delivery of proprietary educational items in accordance with their individual learning needs. Working with China Mobile, we are levelling level the playing field for education. The kindergarten-to-grade-12 (K-12) educational system in China is the largest in the world, comprising approximately 210 million students. UMeWorld is on track to becoming a leading educational service provider in China.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the outlook for fiscal year ending September 30, 2018, quotations from management in this announcement, as well as UMeWorld’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other writ-ten materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our limited operations and need to expand in the near future; the potential lack of market acceptance of our products; our inability to raise additional capital to fund our operations and business plan; our ability to continue as a going concern; our ability to continue to attract UMFun paid subscribers; our ability to maintain and enhance the UMFun brand; and our ability to compete effectively against our competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and UMeWorld Limited undertakes no duty to update such information or any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and UMeWorld Limited undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.