0001213900-22-050540.txt : 20220823 0001213900-22-050540.hdr.sgml : 20220823 20220823163047 ACCESSION NUMBER: 0001213900-22-050540 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20220228 FILED AS OF DATE: 20220823 DATE AS OF CHANGE: 20220823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Meta Data Ltd CENTRAL INDEX KEY: 0001722380 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 000000000 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38430 FILM NUMBER: 221187895 BUSINESS ADDRESS: STREET 1: 165 WEST GUANGFU ROAD STREET 2: PUTUO DISTRICT CITY: SHANGHAI STATE: F4 ZIP: 200063 BUSINESS PHONE: 0085255990116 MAIL ADDRESS: STREET 1: 165 WEST GUANGFU ROAD STREET 2: PUTUO DISTRICT CITY: SHANGHAI STATE: F4 ZIP: 200063 FORMER COMPANY: FORMER CONFORMED NAME: OneSmart International Education Group Ltd DATE OF NAME CHANGE: 20171211 FORMER COMPANY: FORMER CONFORMED NAME: OneSmart Education Group Ltd DATE OF NAME CHANGE: 20171113 6-K 1 ea164668-6k_metadata.htm REPORT OF FOREIGN PRIVATE ISSUER

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2022

 

Commission File Number: 001-38430

 

Meta Data Limited

(Translation of registrant’s name into English)

 

2161 North Zhongshan Road

Putuo District, Shanghai 200333

People’s Republic of China

Telephone: +86-21- 2250-5999

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒    Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

 

 

 

 

 

Financial Statements and Exhibits.

 

Exhibits.

 

Exhibit No.   Description
99.1   Unaudited Interim Consolidated Financial Statements as of February 28, 2022 and for the Six Months Ended February 28, 2022 and 2021, and Operating and Financial Review and Prospects in Connection with the Unaudited Interim Consolidated Financial Statements for the Six Months Ended February 28, 2022 and 2021
101.INS*   XBRL Instance Document
101.SCH*   XBRL Taxonomy Extension Schema Document
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*   XBRL Taxonomy Extension Label Linkbase Document
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document
104*   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: August 23, 2022

 

  Meta Data Limited
     
  By: /s/ Xiaoming Li
  Name:  Xiaoming Li
  Title: Chief Executive Officer

 

 

2

 

 

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EX-99.1 2 ea164668ex99-1_metadata.htm UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF FEBRUARY 28, 2022 AND FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 AND 2021, AND OPERATING AND FINANCIAL REVIEW AND PROSPECTS IN CONNECTION WITH THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENT

Exhibit 99.1

 

Operating and Financial Review and Prospects in Connection with the Unaudited Interim Consolidated Financial Statements for the Six Months Ended February 28, 2022 and 2021

 

Net loss from continuing operations was RMB372.0 million (US$58.8 million), down by 7% year-over-year.

 

Net loss from discontinued operations was RMB742.9 million (US$116.2 million) compared to nil in the first half 2021.

 

Net loss attributable to common shareholders of Meta Data was RMB1,068.8 million (US$167.8 million), increased by 222% compared to net loss of RMB331.6 million (US$51.2 million) in the first half 2021.

 

After July 2021, the Chinese government issued a series of rules and regulations prohibiting the provision of after-school tutoring services. On July 24, 2021, the announcement of “Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education” (“Double Reduction Policy”) was made by the General Office of the CPC Central Committee and the General Office of the State Council (the “Opinion”).

 

The Opinion contains guiding principles about requirements and restrictions related to after-school tutoring services, including: (i) service providers in After-School Tutoring (“AST”) services on academic subjects relating to compulsory education or academic AST institutions need to register as a non-profit entity; (ii) foreign ownership in academic AST institutions are prohibited, including through contractual arrangements; (iii) listed companies are prohibited from raising capital to invest in businesses that teach academic subjects in compulsory education; (iv) relevant tutoring services on academic subjects in compulsory education are not allowed during public holidays, weekends and school breaks; and (v) academic AST institutions must follow the fee standards to be established by relevant authorities. The Opinion also provides that institutions providing after-school tutoring services on academic subjects in high schools (which do not fall within China’s compulsory education system) shall take into consideration the Opinion when conducting activities.

 

In compliance with the opinion and applicable rules, regulations and measures, the Company actively discussed with regulatory authorities with regard to winding down of the suspended business, including the termination of leased office spaces and learning centers, and disposal of relevant leasehold improvements and electronic equipment. Most subsidiaries have closed their physical stores since October 2021, and the Company ceased its K-12 after-school and young children education services (“Legacy Business”). The compliance measures taken by the Company have adversely affected the Company’s results of operations.

 

The Company has carried out product iterations on its original business, shifting from education and training to education and technology, using the original channels to carry out quality education and technology output, including 5G technology, smart campus system, and virtual training systems based on the Metaverse. The Company’s new business is using the six core technologies of Metaverse and artificial intelligence blockchain network computing, interaction, game technology, and the Internet of Things as the Company’s core technologies, building a new type of blockchain smart student card and global smart employment quality educational virtual world (a new type of artificial intelligence employment training), a combination of virtual and real prediction world (digital education, risk prediction, computing power output), VR shopping world (new e-commerce) and other products to provide global customers with a new digital world experience.

 

Page 1 of 7

 

 

The Company has recruited a global management team and a technology research and development team to develop new products and business directions that combine education and technology. On December 16, 2021, Metaverse Information Technology Limited was incorporated in BVI. On January 24, 2022, a wholly-owned subsidiary was established in Hong Kong. On January 11, 2022, Metaverse Digital Technology Co., Ltd. was set up in Wyoming, USA.

 

The new revenue streams included Smart Campus Service System-smart student ID card, smart training system based on smart training, and edge computing power output based on meta-universe computing power.

 

Due to the aforementioned, on July 11, 2022, the board of directors of the Company decided to divest the subsidiaries of OneSmart Education Inc. and search for potential purchasers of the Legacy Business.

 

Key Financial Results (In Thousand /RMB)  First Half,
2022
   First Half,
2021
   Change In
Amounts
   Change In
Percentage
 
Net revenues   -    1,616,435    (1,616,435)    N/A 
Gross profit   -    597,481    (597,481)   N/A 
Operating loss   (360,910)   (273,885)   (87,025)   32%
Loss from continuing operations   (371,954)   (347,995)   (23,959)   7%
Loss from discontinued operations   (742,879)   -    (742,879)   N/A 
Net loss attributable to Meta Data   (1,114,833)   (331,550)   (783,283)   236%
Net loss attributable to non-controlling interests   (45,987)   (16,445)   29,542    180%

 

Financial Results for the First Half Year Ended February 28, 2022

 

Net Revenues

 

According to the “Double Reduction Policy” of the Chinese government, the Company ceased its Legacy Business from October 2021 and its business strategy was shifted to the Metaverse industry. The Legacy Business generated approximately RMB144.8 million (US$22.9 million) in revenue in the first half of 2022. Since the Metaverse business has just started, no related revenue has been generated in the first half of 2022, but as of July 2022, the revenue of the Metaverse business is RMB13.3 million (US$2.1 million) for the same period last year because of “Double Reduction Policy” aforementioned required suspension of all subject-based off-campus tutoring business targeting pre-school kids and K12 students.

 

Page 2 of 7

 

 

Operating Costs and Expenses

 

Operating costs and expenses for the first half year of 2022 were RMB360.9 million (US$57.1 million), compared to RMB871.4 million (US$134.6 million) during the same period last year.

 

Cost of revenues were nil compared to RMB1,019.0 million (US$157.4 million) for the same period of last year because the Company ceased all the domestic education programs and learning centers in China in October 2021 in order to comply with the policy directives of the Opinion, accordingly, no revenues were generated for the continuing business in the first half of 2022.

 

Selling and marketing expenses were nil compared to RMB459.7 million (US$71.0 million) for the same period of last year because the Company ceased its after-school tutoring services in primary and secondary schools according to government regulations, therefore, no selling and marketing expenses were incurred for the continuing business in the first half of 2022.

 

General and administrative expenses were RMB360.9 million (US$57.1 million), mainly consisting of share-based compensation expenses, and has decreased by 27% year-over-year.

 

Operating Loss

 

Operating loss for the first half year was RMB360.9 million (US$57.1 million), compared to operating loss of RMB273.9 million (US$42.3 million) in the same period of the prior fiscal year.

 

Income from Continuing and Discontinuing operations

 

For the first half year 2022, loss from continuing operations was RMB372.0 million (US$58.8 million) and loss from discontinued operations was RMB742.9 million (US$116.2 million) compared to RMB348.0 million (US$53.8 million) and nil, respectively, for the same period of last year.

 

Net interest expense was RMB11.0 million (US$1.7 million), compared to net interest expense of RMB53.5 million (US$8.3 million) during the same period last year.

 

Other income, which mainly represents government subsidies and other gains, was nil compared to RMB30.4 million (US$4.7 million) for the same period last year.

 

Net Loss Attributable to Meta Data

 

Net loss attributable to Meta Data was RMB1,114.8 million (US$175.1 million), compared to RMB331.6 million (US$51.2 million) for the same period last year.

 

Page 3 of 7

 

 

Financial Position

 

As of February 28, 2022, the Company had cash and cash equivalents of RMB186.2 million (US$29.5 million) from continuing operation, restricted cash of RMB159.8 million (US$25.3 million) from discontinued operation. Short-term investments of RMB6.8 million (US$1.1 million)

 

As of February 28, 2022, the Company had short-term loan of RMB628.2 million (US$99.4 million) for the continuing operation.

 

Cash Flow

 

Net cash used in operating activities in the first half year of 2022 was RMB261.0 million (US$41.3 million) in which continuing operations used RMB86.3 million (US$13.6 million), discontinued operations used RMB174.8 million (US$27.6 million).

 

Net cash provided by investing activities in the first half year of 2022 was RMB82.6 million (US$13.1 million) in which continuing operations provided nil, discontinued operations provided RMB20.7 million (US$3.3 million).

 

Net cash provided from financing activities in the first half year of 2022 was RMB138.8 million (US$22.0 million) in which continuing operations provided RMB194.7 million (US$30.8 million), discontinued operations used RMB55.9 million (US$8.8 million).

 

Exchange Rate Information

 

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader’s convenience. Unless otherwise noted, all translations from RMB to U.S. dollars are made at the noon buying rate on February 28, 2022, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB6.3222 to USD1.00.

 

Page 4 of 7

 

 

META DATA LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

  

   As of
August 31,
2021
   As of
February 28,
2022
   As of
February 28,
2022
 
   RMB   RMB   USD 
   (Audited)   (Unaudited)   (Unaudited) 
Asset            
Current Asset            
Cash   29,626    186,230    29,457 
Short-term investments   81,575    6,763    1,070 
Restricted cash   355,017    
-
    
-
 
Current assets from discontinued operations   
-
    159,804    25,277 
Total current assets   466,218    352,797    55,804 
Prepayment to acquire a subsidiary               
Property, plant and equipment, net   36,955    
-
    
-
 
Non-current assets from discontinued operations   
-
    14,678    2,322 
Total assets   503,173    367,475    58,126 
                
Liabilities and Equity               
Short-term loan   498,574    628,174    99,360 
Long-term loan, current portion   513,432    
-
    
-
 
Prepayments from customers   2,787,686    
-
    
-
 
Amounts due to related parties   1,205    
-
    
-
 
Income tax payable   48,216    
-
    
-
 
Accrued expenses and other current liabilities   868,464    17,284    2,734 
Current liabilities from discontinued operations        4,828,109    763,676 
Total current liabilities   4,717,577    5,473,567    865,770 
Long-term bank loan   135,000           
Convertible loan    226,114           
Other non-current liabilities   45,727           
Non-current liabilities from discontinued operations        154,798    24,485 
Total liabilities   5,124,418    5,628,365    890,255 
                
Commitments and contingencies   
 
           
                
Equity               
Class A ordinary shares (US$0.000001 par value; 37,703,157,984 shares authorized; 4,321,229,545 issued and outstanding as of August 31, 2021 and 12,321,229,545 issued and outstanding as of February 28, 2022, respectively)   26    76    12 
Class B ordinary shares ($0.000001 par value, 2,290,430,016 shares issued and outstanding as of August 31, 2021 and 2,290,430,016 issued and outstanding as of February 28, 2022 respectively)   16    16    3 
Ordinary shares   42    92    15 
Additional paid-in capital   5,337,962    5,799,290    917,290 
Treasury stock   (344)   
-
    
-
 
Statutory reserve   16,427    16,427    2,598 
Retained earnings-Accumulated Deficit   (10,078,429)   (11,147,275)   (1,763,196)
Accumulated other comprehensive income   92,693    106,159    16,792 
Total Meta Data Limited’s Equity   (4,631,649)   (5,225,307)   (826,501)
Noncontrolling interests   10,404    (35,583)   (5,628)
Total equity   (4,621,245)   (5,260,890)   (832,129)
Total liabilities and equity   503,173    367,475    58,126 

 

Page 5 of 7

 

 

META DATA LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Amounts in thousands)

  

   For the six months ended February 28, 
   2021   2022   2022 
   RMB   RMB   USD 
   (Unaudited)   (Unaudited)   (Unaudited) 
Net revenues   1,616,435    
-
    
-
 
Cost of revenues   (1,018,954)   
-
    
-
 
Gross profit   597,481    
-
    
-
 
Operating expenses               
Selling and marketing   (459,742)   
-
    
-
 
General and administrative   (411,624)   (360,910)   (57,086)
Total operating expenses   (871,366)   (360,910)   (57,086)
Operating loss   (273,885)   (360,910)   (57,086)
Interest income   3,976    7    1 
Interest expense   (53,543)   (11,032)   (1,745)
Other income   30,370    
-
    
-
 
Other expense   (42,219)   
-
    
-
 
Foreign exchange gain/(loss)   1,548    (19)   (3)
Loss before income tax provision   (333,753)   (371,954)   (58,833)
Income tax benefit   19,336    
-
    
-
 
Loss before share of net loss from equity investees   (314,417)   (371,954)   (58,833)
Shared net loss from operating interest   (33,578)   
-
    
-
 
Loss from Continuing operations   (347,995)   (371,954)   (58,833)
Discontinued Operations               
Loss from discontinued operations   
-
    (742,879)   (116,218)
NET LOSS   (347,995)   (1,114,833)   (175,051)
Add: Net loss attributable to non-controlling interests   (16,445)   (45,987)   (7,273)
Net loss attributable to common shareholders of Meta Data Limited   (331,550)   (1,068,846)   (167,778)

 

Page 6 of 7

 

 

META DATA LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS)

(Amounts in thousands)

  

   For the six months ended February 28, 
   2021   2022   2022 
   RMB   RMB   USD 
   (Unaudited)   (Unaudited)   (Unaudited) 
Net loss   (347,995)   (371,954)   (58,833)
Other comprehensive income, net of tax               
Foreign currency translation adjustment   (10,119)   13,466    2,455 
Unrealized gain on available-for-sale investment, net of tax effect of nil, nil and nil for years ended August 31, 2015 and 2016, respectively   6,236    
-
    
-
 
Other comprehensive (loss) / income   
-
    
-
    
-
 
Comprehensive income   (351,878)   (358,488)   (56,378)
Less: comprehensive loss attributable to non-controlling interests   16,445    45,987    7,273 
Comprehensive income attributable to Meta Data Limited   (335,433)   (312,501)   (49,105)
Comprehensive loss attributable to Ordinary Shareholders   (335,433)   (312,501)   (49,105)

 

 

Page 7 of 7

 

 

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6 Months Ended
Feb. 28, 2022
Document Information Line Items  
Entity Registrant Name Meta Data Limited
Document Type 6-K
Current Fiscal Year End Date --08-31
Amendment Flag false
Entity Central Index Key 0001722380
Document Period End Date Feb. 28, 2022
Document Fiscal Year Focus 2022
Document Fiscal Period Focus Q2
Entity File Number 001-38430
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Unaudited Condensed Consolidated Balance Sheets
¥ in Thousands, $ in Thousands
Feb. 28, 2022
CNY (¥)
Feb. 28, 2022
USD ($)
Aug. 31, 2021
CNY (¥)
Current Asset      
Cash ¥ 186,230 $ 29,457 ¥ 29,626
Short-term investments 6,763 1,070 81,575
Restricted cash 355,017
Current assets from discontinued operations 159,804 25,277
Total current assets 352,797 55,804 466,218
Prepayment to acquire a subsidiary      
Property, plant and equipment, net 36,955
Non-current assets from discontinued operations 14,678 2,322
Total assets 367,475 58,126 503,173
Liabilities and Equity      
Short-term loan 628,174 99,360 498,574
Long-term loan, current portion 513,432
Prepayments from customers 2,787,686
Amounts due to related parties 1,205
Income tax payable 48,216
Accrued expenses and other current liabilities 17,284 2,734 868,464
Current liabilities from discontinued operations 4,828,109 763,676  
Total current liabilities 5,473,567 865,770 4,717,577
Long-term bank loan     135,000
Convertible loan     226,114
Other non-current liabilities     45,727
Non-current liabilities from discontinued operations 154,798 24,485  
Total liabilities 5,628,365 890,255 5,124,418
Commitments and contingencies    
Equity      
Ordinary shares 92 15 42
Additional paid-in capital 5,799,290 917,290 5,337,962
Treasury stock (344)
Statutory reserve 16,427 2,598 16,427
Retained earnings-Accumulated Deficit (11,147,275) (1,763,196) (10,078,429)
Accumulated other comprehensive income 106,159 16,792 92,693
Total Meta Data Limited’s Equity (5,225,307) (826,501) (4,631,649)
Noncontrolling interests (35,583) (5,628) 10,404
Total equity (5,260,890) (832,129) (4,621,245)
Total liabilities and equity 367,475 58,126 503,173
Class A Ordinary Shares      
Equity      
Ordinary shares 76 12 26
Class B Ordinary Shares      
Equity      
Ordinary shares ¥ 16 $ 3 ¥ 16
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Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Feb. 28, 2022
Aug. 31, 2021
Class A Ordinary Shares    
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share) $ 0.000001  
Ordinary shares, shares authorized 37,703,157,984 37,703,157,984
Ordinary shares, shares issued 4,321,229,545 4,321,229,545
Ordinary shares, shares outstanding 4,321,229,545 4,321,229,545
Class B Ordinary Shares    
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share) $ 0.000001  
Ordinary shares, shares issued 2,290,430,016 2,290,430,016
Ordinary shares, shares outstanding 2,290,430,016 2,290,430,016
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¥ in Thousands, $ in Thousands
6 Months Ended
Feb. 28, 2022
CNY (¥)
Feb. 28, 2022
USD ($)
Feb. 28, 2021
CNY (¥)
Income Statement [Abstract]      
Net revenues ¥ 1,616,435
Cost of revenues (1,018,954)
Gross profit 597,481
Operating expenses      
Selling and marketing (459,742)
General and administrative (360,910) (57,086) (411,624)
Total operating expenses (360,910) (57,086) (871,366)
Operating loss (360,910) (57,086) (273,885)
Interest income 7 1 3,976
Interest expense (11,032) (1,745) (53,543)
Other income 30,370
Other expense (42,219)
Foreign exchange gain/(loss) (19) (3) 1,548
Loss before income tax provision (371,954) (58,833) (333,753)
Income tax benefit 19,336
Loss before share of net loss from equity investees (371,954) (58,833) (314,417)
Shared net loss from operating interest (33,578)
Loss from Continuing operations (371,954) (58,833) (347,995)
Discontinued Operations      
Loss from discontinued operations (742,879) (116,218)
NET LOSS (1,114,833) (175,051) (347,995)
Add: Net loss attributable to non-controlling interests (45,987) (7,273) (16,445)
Net loss attributable to common shareholders of Meta Data Limited ¥ (1,068,846) $ (167,778) ¥ (331,550)
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¥ in Thousands, $ in Thousands
6 Months Ended
Feb. 28, 2022
CNY (¥)
Feb. 28, 2022
USD ($)
Feb. 28, 2021
CNY (¥)
Statement of Comprehensive Income [Abstract]      
Net loss ¥ (371,954) $ (58,833) ¥ (347,995)
Other comprehensive income, net of tax      
Foreign currency translation adjustment 13,466 2,455 (10,119)
Unrealized gain on available-for-sale investment, net of tax effect of nil, nil and nil for years ended August 31, 2015 and 2016, respectively 6,236
Other comprehensive (loss) / income
Comprehensive income (358,488) (56,378) (351,878)
Less: comprehensive loss attributable to non-controlling interests 45,987 7,273 16,445
Comprehensive income attributable to Meta Data Limited (312,501) (49,105) (335,433)
Comprehensive loss attributable to Ordinary Shareholders ¥ (312,501) $ (49,105) ¥ (335,433)
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