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Exceed World Inc (EXDW0.00%). has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's operations, which focus on providing educational services through an internet platform called 'Force Club'. The company offers a range of e-learning programs sourced from third-party developers.
Exceed World reported revenues of $24,383,053 for the year, a decrease from $25,922,721 in the previous year. This decline is attributed to reduced promotional activities.
The company achieved a net income of $1,171,377, compared to a net loss of $551,747 in the prior year, primarily due to a decrease in operating expenses.
Cash inflows from operations were $2,724,235, contrasting with negative cash flows from operations of $6,160,633 in the previous year. This improvement is mainly due to increased net income and reduced expenses.
As of September 30, 2024, Exceed World had working capital of $13,800,283, down from $14,738,700 the previous year.
The company settled seven legal cases related to contract cancellations, totaling approximately $783,000, and has four pending cases with an estimated settlement amount of $36,000.
Exceed World does not anticipate paying dividends in the near future and has not repurchased any equity securities.
The company's management identified material weaknesses in internal controls over financial reporting, citing a lack of resources with SEC financial reporting experience.
Exceed World plans to focus on expanding its sales network and enhancing promotional activities over the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Exceed World Inc annual 10-K report dated January 14, 2025. To report an error, please email earnings@qz.com.