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Skillful Craftsman Education Technology Limited filed its Form 20-F reporting a March 31, 2025 fiscal year end. On March 17, 2025 the company terminated its VIE agreements with Wuxi Kingway Technology Co., Ltd., and the VIE was deconsolidated; the filing states the VIE contributed 91%, 100% and 13% of consolidated revenue for fiscal years 2023, 2024 and 2025, respectively, and 0% of consolidated assets and liabilities as of March 31, 2025.
The consolidated results show continued losses: a net loss of $7,581,452 for FY2025 (compared with losses of $4,722,146 in FY2024 and $20,906,985 in FY2023). Total revenue for FY2025 was $1,024,305. Cash and cash equivalents totaled $1,217,968 as of March 31, 2025. The company states it prepares financial statements in U.S. GAAP, has a U.S.-based auditor (HTL International, LLC), and discloses material regulatory and data security risks related to PRC operations.
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