Fitell Corp Files 20-F Annual Report

TL;DR

Fitell Corp dropped its 20-F, check financials for FY ending 6/30/24.

AI Summary

Fitell Corp filed its annual 20-F report for the fiscal year ending June 30, 2024. The filing details the company's financial performance and business operations. Key financial data points and disclosures relevant to investors are included in this comprehensive report.

Why It Matters

This 20-F filing provides investors with a detailed overview of Fitell Corp's financial health and operational status for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a foreign private issuer, Fitell Corp's 20-F filing contains information that may differ from domestic SEC filings, requiring careful review by investors.

Key Numbers

• FY 2024-06-30 — Fiscal Year End (Indicates the period covered by the financial statements.)
• 2024-11-15 — Filing Date (Date the 20-F report was submitted to the SEC.)

Key Players & Entities

• Fitell Corp (company) — Filer of the 20-F report
• 2024-06-30 (date) — Fiscal year end date
• 20241115 (date) — Filing date
• 0001493152-24-046303 (accession_number) — SEC Accession Number for the filing

FAQ

Key Financial Figures

• $0.0001 — registered Ordinary Shares, par value $0.0001 per share FTEL The Nasdaq Stock Mar
• $ — ares of our operating subsidiary GD; "$," "U.S. dollars," or "dollars" are to t

Filing Documents

• form20-f.htm (20-F) — 1742KB
• ex11-2.htm (EX-11.2) — 218KB
• ex12-1.htm (EX-12.1) — 17KB
• ex12-2.htm (EX-12.2) — 17KB
• ex13-1.htm (EX-13.1) — 6KB
• ex13-2.htm (EX-13.2) — 6KB
• ex97-1.htm (EX-97.1) — 38KB
• form20-f_001.jpg (GRAPHIC) — 11KB
• form20-f_002.jpg (GRAPHIC) — 24KB
• form20-f_003.jpg (GRAPHIC) — 6KB
• form20-f_004.jpg (GRAPHIC) — 34KB
• form20-f_005.jpg (GRAPHIC) — 54KB
• form20-f_006.jpg (GRAPHIC) — 15KB
• form20-f_007.jpg (GRAPHIC) — 30KB
• form20-f_008.jpg (GRAPHIC) — 39KB
• aud_001.jpg (GRAPHIC) — 5KB
• aud_002.jpg (GRAPHIC) — 3KB
• aud_003.jpg (GRAPHIC) — 5KB
• aud_004.jpg (GRAPHIC) — 3KB
• 0001493152-24-046303.txt ( ) — 6205KB
• ftel-20240630.xsd (EX-101.SCH) — 37KB
• ftel-20240630_cal.xml (EX-101.CAL) — 52KB
• ftel-20240630_def.xml (EX-101.DEF) — 153KB
• ftel-20240630_lab.xml (EX-101.LAB) — 311KB
• ftel-20240630_pre.xml (EX-101.PRE) — 223KB
• form20-f_htm.xml (XML) — 503KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 62 ITEM 12

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 63 PART II 63 ITEM 13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 63 ITEM 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 63 ITEM 15

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 64 ITEM 16 [RESERVED] 65 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 65 ITEM 16B. CODE OF ETHICS 65 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 65 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 65 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 65 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 66 ITEM 16G. CORPORATE GOVERNANCE 66 ITEM16H. MINE SAFETY DISCLOSURE 66 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 67 ITEM 16J. INSIDER TRADING POLICIES 67 ITEM 16K. CYBERSECURITY 67 PART III 68 ITEM 17

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS. 68 ITEM 18

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 68 ITEM 19 EXHIBITS 68

SIGNATURES

SIGNATURES 70 i Use of Certain Defined Terms Unless otherwise indicated or the context requires otherwise, references in this annual report to: "AUD" are to Australian Dollars, the legal currency of Australia; "Companies Act" are to the Companies Act (Revised), as consolidated and revised, of the Cayman Islands; "Exchange Act" are to the Securities Exchange Act of 1934, as amended; "FINRA" are to the Financial Industry Regulatory Authority; "Fitell," " the Company," "we," "us," or "our" refer to Fitell Corporation, a Cayman Islands exempted company incorporated under the laws of Cayman Islands on April 11, 2022, and its consolidated subsidiaries, through which it conducts its business ; "FY2022" are to the financial year ended June 30, 2022; "FY2023" are to the financial year ended June 30, 2023; "FY2024" are to the financial year ended June 30, 2024; "GD" are to GD Wellness Ptd Ltd, a wholly-owned operating subsidiary of KMAS, incorporated under the laws of Australia on July 22, 2005; "IPO" are to the Company's initial public offering which was consummated on August 10, 2023; "KMAS" are to KMAS Capital and Investment Pty Ltd, a company incorporated under the laws of Australia on July 26, 2016, a wholly-owned subsidiary of Fitell which holds all of the issued and outstanding shares of our operating subsidiary GD; "$," "U.S. dollars," or "dollars" are to the legal currency of the United States; "SEC" are to the Securities and Exchange Commission; "Securities Act" are to the Securities Act of 1933, as amended; "Shares", "shares," or "Ordinary Shares" are to the Ordinary Shares of Fitell Corporation, par value $0.0001 per share; and "SKMA", are to a company owned by Ms. Jieting Zhao, incorporated under the laws of the British Virgin Islands. Our business is and has been conducted in Australia through our Australian subsidiary GD Wellness Pty Ltd since our inception, using Australian dollars, the currency of Australia. Our fin

forward-looking statements are subject to a number of risks and uncertainties, including

forward-looking statements are subject to a number of risks and uncertainties, including: our dependence on macroeconomic conditions and consumer discretionary spending; the intense competition in the gym and fitness equipment industry; the impacts of the COVID-19 pandemic on our business and results of operations; fluctuations in product costs and availability; international risks and costs associated with our supply chain; changes in consumer demand; risks associated with operating our own online platform, including confidential consumer data; reputational harms which could adversely impact our ability to attract and retain customers; the potentially negative impact of our strategic plans and initiatives on our financial results; unauthorized disclosure of sensitive or confidential customer, vendor, or our information; the inability to attract, train, engage, and retain key personnel; the loss of one or more of our key executives; the effect of design and manufacturing defects on our products and services; the adverse effects from accidents, safety incidents, or workforce disruptions; the inability to sustain pricing levels for our products and services; the risk of warranty claims and product returns; changes in marketing of our products and services which could affect our marketing expenses and subscription levels; the need for additional capital to support business growth and objectives; payment processing risk; 2 foreign currency exchange rate fluctuations; our dependence on suppliers and manufactures to provide us with sufficient quantities of quality products in a timely fashion; our limited control over our suppliers, manufacturers, and logistics partners; the costs and risks associated with our complex regulatory, compliance, and legal environment; our inability or failure to protect our intellectual property rights; changes in tax laws and regulations; failure to comply with the U.S. Foreign Corrupt Pr

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information A. [Reserved] B. Capitalization and indebtedness. Not applicable. C. Reasons for the offer and use of proceeds. Not applicable . D.

Risk Factors

Risk Factors You should carefully consider each of the following risks and all the other information contained in this annual report and in our other filings with the SEC in evaluating us and our common stock. Although the risks are organized by headings, and each risk is discussed separately, many are interrelated. Our business, financial condition, results of operations and cash flows could be materially and adversely affected by these risks, and, as a result, the trading price of our common stock could decline. We have in the past been adversely affected by certain of, and may in the future be affected by, these risks. You should not interpret the disclosure of any risk factor to imply that the risk has not already materialized. Risks Related to Our Industry and Macroeconomic Conditions Our business is dependent on macroeconomic conditions and consumer discretionary spending, and reductions in such spending might adversely affect the Company's business, operations, liquidity, and financial results. We are an online retailer of gym and fitness equipment both under our proprietary brands and other brand names. Fitell's mission is to build an ecosystem with a whole fitness and wellness experience powered by technology to our customers. Our business depends on consumer discretionary spending, and our results are highly dependent on Australian and Asian consumer confidence and the health of the Australian and Asian economies. Consumer spending may be affected by many factors outside of the Company's control, including general economic conditions; consumer disposable income; consumer confidence and perception of economic conditions; the threat or outbreak of war, terrorism or public unrest (including, without limitation, the conflict in Ukraine) which may cause supply chain disruptions, increased fuel costs and the cost of materials, and create general economic instability; wage and unemployment levels; consumer debt and inflationary pressures; the costs of bas

View Full Filing

View this 20-F filing on SEC EDGAR