Disaggregation
of revenue
For
the years ended March 31, 2025, 2024 and 2023, all of the Group’s revenues were generated in the PRC. Additionally, all of the
revenues for the periods were recognized from contracts with customers. Revenue consisted of the following categories:
Schedule of disaggregation of revenue
| | |
2025 | | |
2024 | | |
2023 | |
| | |
For the years ended March 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Revenue from continuing operations: | |
| | | |
| | | |
| | |
| Technical services revenue(2) | |
$ | 893,690 | | |
$ | — | | |
$ | 1,073,036 | |
| | |
| | | |
| | | |
| | |
| Revenue from discontinued operations: | |
| | | |
| | | |
| | |
| Online VIP membership revenue(1) | |
| 117,074 | | |
| 1,596,200 | | |
| 8,030,991 | |
| Online SVIP membership revenue(1) | |
| 4,286 | | |
| 379,655 | | |
| 2,157,514 | |
| Technical services revenue(2) | |
| 9,255 | | |
| 23,201 | | |
| 62,203 | |
| Total Revenue from discontinued operations | |
$ | 130,615 | | |
$ | 1,999,056 | | |
$ | 10,250,708 | |
| (1) | The
Group’s Online VIP membership revenue and Online SVIP membership revenue are principally
derived from the rendering of vocational education services, as principal, to the online
VIP and SVIP members(“members”) through an online education platform. The online
education services currently comprise of two aspects: online vocational training and virtual
simulation experimental training. Students that sign up for the online vocational training
can log into the platform and access pre-recorded courses in the areas of their professional
development. Virtual simulation technology training offers college students the opportunity
to conduct experiments in a virtual environment as part of their curricula. For VIP members
who have access to all platforms except virtual simulation experimental training, the Group
charges a flat annual fee per member. For SVIP members who have access to all platforms including
virtual simulation experimental training, the Group charges a flat fee per member as well.
The Company would then recognize the service revenue over the membership term for each customer
member. |
| | |
| (2) | The
Group also generates revenue as a principal from technology services including courseware
development as well as comprehensive cloud services for private companies, academic institutions
and government agencies in PRC, which is recognized proportionally over the service period. |
Contract
balances – Discontinued operations
The
following table provides information about the Group’s contract liabilities arising from contract with customers. The decrease
in contract liabilities primarily resulted from the Group’s business decrease and the depressed economic environment.
Schedule
of contract balances
| | |
2025 | | |
2024 | |
| | |
As of March 31, | |
| | |
2025 | | |
2024 | |
| Deferred revenue-current | |
$ | — | | |
$ | 111,630 | |
| Deferred revenue-non-current | |
| — | | |
| — | |
| Total | |
$ | — | | |
$ | 111,630 | |
| | |
2025 | | |
2024 | |
| | |
For the years ended March 31, | |
| | |
2025 | | |
2024 | |
| Revenue recognized from deferred revenue balance | |
$ | 111,005 | | |
$ | 1,357,236 | |
Deferred
revenue refers to the remaining unamortized amount of membership fee of online members paid in advance. Deferred revenue primarily consists
of membership fee received from customers for which the Group’s revenue recognition criteria have not been met. The deferred revenue
will be recognized as revenue once the criteria for revenue recognition have been met.
The
Group’s remaining performance obligations represent the amount of the transaction price for which service has not been performed.
As of March 31, 2025, the aggregate amount of the transaction price allocated for the remaining performance obligations amounted to $0.
No further revenue related to the remaining performance obligations is to be recognized.
SKILLFUL CRAFTSMAN EDUCATION
TECHNOLOGY LIMITED.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
|