Wah Fu Education Group Files 2024 Annual Report

TL;DR

Wah Fu Education Group filed its 2024 20-F, check it for biz updates.

AI Summary

Wah Fu Education Group Ltd filed its annual report on Form 20-F for the fiscal year ended March 31, 2024. The company, incorporated in D8, is based in Beijing, China, and operates in the educational services sector. The filing details its business operations and financial reporting for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Wah Fu Education Group's performance and financial standing for the fiscal year 2024.

Risk Assessment

Risk Level: medium — As a foreign private issuer filing a 20-F, the company operates under different regulatory and disclosure requirements than domestic US companies, which can introduce additional complexities and risks for investors.

Key Numbers

• 20240331 — Fiscal Year End (This is the end date for the reporting period covered by the 20-F.)
• 001-38619 — SEC File Number (This number identifies the company's filings with the SEC.)

Key Players & Entities

• Wah Fu Education Group Ltd (company) — Filer of the 20-F
• 0001013762-24-002645 (dollar_amount) — Accession Number for the filing
• 20240331 (dollar_amount) — Fiscal year end date
• 86 10 57925024 (dollar_amount) — Business phone number

FAQ

Key Financial Figures

• $0.01 — egistered Ordinary shares, par value US$0.01 per share WAFU NASDAQ Capital Market
• $1.00 — People's Bank of China was RMB7.1063 to $1.00. Investing in Wah Fu's securities is h
• $11.0 million — nd March 31, 2023, we had approximately $11.0 million and $12.6 million of cash in banks, res
• $12.6 million — we had approximately $11.0 million and $12.6 million of cash in banks, respectively, and had

Filing Documents

• ea0209747-20f_wahfu.htm (20-F) — 1890KB
• ea020974701ex11-1_wahfu.htm (EX-11.1) — 69KB
• ea020974701ex11-2_wahfu.htm (EX-11.2) — 99KB
• ea020974701ex12-1_wahfu.htm (EX-12.1) — 10KB
• ea020974701ex12-2_wahfu.htm (EX-12.2) — 10KB
• ea020974701ex13-1_wahfu.htm (EX-13.1) — 5KB
• ea020974701ex13-2_wahfu.htm (EX-13.2) — 5KB
• ea020974701ex97-1_wahfu.htm (EX-97.1) — 33KB
• image_001.jpg (GRAPHIC) — 193KB
• image_002.jpg (GRAPHIC) — 193KB
• image_003.jpg (GRAPHIC) — 7KB
• 0001013762-24-002645.txt ( ) — 8321KB
• wfel-20240331.xsd (EX-101.SCH) — 69KB
• wfel-20240331_cal.xml (EX-101.CAL) — 56KB
• wfel-20240331_def.xml (EX-101.DEF) — 272KB
• wfel-20240331_lab.xml (EX-101.LAB) — 478KB
• wfel-20240331_pre.xml (EX-101.PRE) — 267KB
• ea0209747-20f_wahfu_htm.xml (XML) — 708KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 119 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 119 PART II 120 Item 13. Defaults, Dividend Arrearages and Delinquencies 120 Item 14. Material Modifications to The Rights Of Security Holders and Use Of Proceeds 120 Item 15.

Controls And Procedures

Controls And Procedures 120 Item 16. [Reserved] 122 Item 16A. Audit Committee Financial Expert 122 Item 16B. Code Of Ethics 122 Item 16C. Principal Accountant Fees and Services 122 Item 16D. Exemptions From the Listing Standards for Audit Committees 122 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 122 Item 16F. Change in Registrant's Certifying Accountant 122 Item 16G. Corporate Governance 123 Item 16H. Mine Safety Disclosure 123 Item 16I Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 123 Item 16J Insider Trading Policies 123 Item 16K Cybersecurity 124 PART III 125 Item 17.

Financial Statements

Financial Statements 125 Item 18.

Financial Statements

Financial Statements 125 Item 19. Exhibits 125 i PART I CERTAIN INFORMATION In this annual report on Form 20-F, unless otherwise indicated, "Wah Fu" refers to Wah Fu Education Group Limited, a company organized in the British Virgin Islands ("BVI"); "we," "us," "our," "our company," the "Company" or similar terms refer to Wah Fu Education Group Limited and/or its consolidated subsidiaries, other than the variable interest entity, Beijing HuaXiaDadi Digital Information Technology Co., a PRC company, and Beijing Huaxia Dadi Digital Information Technology Co., Ltd. – Shandong Branch, the branch company of Beijing Huaxia Dadi Digital Information Technology Co., unless the context otherwise indicates; and "VIE" refers respectively to the variable interest entity and its subsidiaries, Beijing Huaxia Dadi Digital Information Technology Co., Ltd. and its subsidiaries, such as Huafu Wanrun (Guangzhou) Education Technology, Sichuan Huafu Gengyun Education Technology Co., Ltd., and Hunan Huafu Haihui Learning Technology Co., Ltd. Wah Fu conducts operations in China primarily through its wholly foreign owned enterprises ("WFOEs") and its subsidiaries, which also includes the VIE as a subsidiary of the WFOEs, in China. As a result, Wah Fu does not conduct any business on its own. The financial results of the VIE and its subsidiaries are consolidated into our financial statements for accounting purposes, but we do not hold any equity interest in the VIE or any of its subsidiaries. Investors are purchasing an interest in Wah Fu, the British Virgin Islands holding company. Unless the context indicates otherwise, all references to "China" and the "PRC" refer to the People's Republic of China, all references to "Renminbi" or "RMB" are to the legal currency of the People's Republic of China and all references to "U.S. dollars," "dollars" and "

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains "forward-looking beliefs, projections and predictions about future events. All statements other than statements of historical fact are "forward-looking objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management's beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in the future tense, identify forward-looking statements. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business.

Forward-looking statements should not

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and management's belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, those factors discussed under the headings "Risk Factors", "Operating and Financial Review and Prospects," and elsewhere in this report.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not Applicable.

OFFER STATISTICS AND EXPECTED

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable. 4

KEY INFORMATION

ITEM 3. KEY INFORMATION Contractual Arrangements and Corporate Structure Wah Fu Education Group Ltd. is a British Virgin Islands holding company and currently conducts substantially all of our business operations in the PRC through our wholly foreign owned entities ("WFOEs") incorporated in the PRC and certain business operations through the PRC consolidated variable interest entity ("VIE") as a subsidiary of our WFOE. Due to PRC legal restrictions on foreign ownership and investment in the value-added telecommunications market, we rely on a series of contractual arrangements among VIE and its shareholders to operate our online and mobile platforms in China. These contractual arrangements entered into with the VIE allow us to (i) exercise effective control over the VIE, (ii) receive substantially all of the economic benefits of the VIE, and (iii) have an exclusive option to purchase all or part of the equity interests in the VIE when and to the extent permitted by PRC law. These contractual arrangements include exclusive business cooperation agreement, exclusive option agreement, equity interest pledge agreement, power of attorney, as the case may be. As a result of these contractual arrangements, we exert effective control over, and are considered the primary beneficiary of, the VIE and consolidate its operating results in our financial statements under U.S. GAAP. As used in this annual report, unless otherwise indicated, "we," "us," "our," the "Company," "Wah Fu" or similar terms refer to Wah Fu Education Group Limited, a company organized in the British Virgin Islands and/or its consolidated subsidiaries, other than the variable interest entity, Beijing Huaxia Dadi Digital Information Technology Co. ("Beijing Digital Information"), a PRC company, and its subsidiaries, unless the context otherwise indicates; and "VIE" refers respectively to the variable interest entity and its subsidiaries, Huafu Wanrun (Guangzhou) Education Technology, Sichuan Huafu Gengyun Edu

View Full Filing

View this 20-F filing on SEC EDGAR