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Restricted Net Assets and Parent Company Only Condensed Financial Information | 12 Months Ended
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Jun. 30, 2024
Restricted Net Assets and Parent Company Only Condensed Financial Information [Abstract] |
Restricted net assets and parent company only condensed financial information |
| 24. | Restricted net assets and parent company only condensed financial information
The Group’s ability to pay dividends is primarily dependent on the Group receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s subsidiaries and the consolidated VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s subsidiaries. In accordance with the PRC laws and regulations, statutory reserve funds shall be made and can only be used for specific purposes and are not distributable as cash dividends. As a result of these PRC laws and regulations that require annual appropriations of 10% of net after-tax profits to be set aside prior to payment of dividends as general reserve fund or statutory surplus fund, the Group’s PRC subsidiaries and the consolidated VIE are restricted in their ability to transfer a portion of their net assets to the Company. The restricted portion was RMB109,419 as of June 30, 2024. The Company performed a test on the restricted net assets of its subsidiaries and the consolidated VIEs (the “restricted net assets”) in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the condensed financial information for the parent company for the years ended June 30, 2022,2023 and 2024. For the purpose of presenting parent only financial information, the Company records its investments in its subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as “Investment in subsidiaries” and the (loss)/ income of the subsidiaries is presented as “share of (loss)/income of subsidiaries”. The Company’s net financial interests in the consolidated VIEs are presented on the separate condensed balance sheets of the Company as “Net liabilities of the VIEs, and the income/(loss) of the VIEs is presented as “Income/(Loss) from the VIEs”. The condensed statement of operations and comprehensive (loss)/income also include share-based compensation expenses pushed down to the Company from the Predecessors for the year ended June 30, 2022. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company. The Company did not have significant capital and other commitments or guarantees as of June 30, 2024. Condensed balance sheets
|  | As of June 30, |
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | US$ |
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 23,469 |  |  |  | 64,689 |  |  |  | 8,902 |
Short-term investments |  |  | 116,090 |  |  |  | - |  |  |  | - |
Amounts due from intra-Group companies |  |  | 121,685 |  |  |  | 62,153 |  |  |  | 8,553 |
Prepayments and other current assets |  |  | 4,798 |  |  |  | 75,760 |  |  |  | 10,424 |
Total current assets |  |  | 266,042 |  |  |  | 202,602 |  |  |  | 27,879 |
Investment in subsidiaries |  |  | 183,216 |  |  |  | 453,384 |  |  |  | 62,388 |
Total non-current assets |  |  | 183,216 |  |  |  | 453,384 |  |  |  | 62,388 |
TOTAL ASSETS |  |  | 449,258 |  |  |  | 655,986 |  |  |  | 90,267 |
Accrued expenses and other current liabilities |  |  | 250 |  |  |  | 300 |  |  |  | 41 |
Amounts due to intra-Group companies |  |  | - |  |  |  | 3,478 |  |  |  | 479 |
Total current liabilities |  |  | 250 |  |  |  | 3,778 |  |  |  | 520 |
Net liabilities of the VIEs |  |  | 225,310 |  |  |  | 135,724 |  |  |  | 18,676 |
Total non-current liabilities |  |  | 225,310 |  |  |  | 135,724 |  |  |  | 18,676 |
TOTAL LIABILITIES |  |  | 225,560 |  |  |  | 139,502 |  |  |  | 19,196 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Class A ordinary shares |  |  | 78 |  |  |  | 81 |  |  |  | 11 |
Class B ordinary shares |  |  | 34 |  |  |  | 34 |  |  |  | 5 |
Treasury stock |  |  | - |  |  |  | (109,257 | ) |  |  | (15,034 | )
Additional paid-in capital |  |  | 1,171,092 |  |  |  | 1,192,474 |  |  |  | 164,090 |
Accumulated other comprehensive income |  |  | 22,182 |  |  |  | 17,313 |  |  |  | 2,382 |
Accumulative deficit |  |  | (969,688 | ) |  |  | (584,161 | ) |  |  | (80,383 | )
TOTAL SHAREHOLDERS’ EQUITY |  |  | 223,698 |  |  |  | 516,484 |  |  |  | 71,071 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  | 449,258 |  |  |  | 655,986 |  |  |  | 90,267 |
Condensed statements of operations and comprehensive (loss)/income
|  | For the years ended June 30, |
|  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Revenues |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Cost of revenues |  |  | (27,583 | ) |  |  | (26,486 | ) |  |  | (13,651 | ) |  |  | (1,878 | )
Gross Profit |  |  | (27,583 | ) |  |  | (26,486 | ) |  |  | (13,651 | ) |  |  | (1,878 | )
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing expenses |  |  | (86,682 | ) |  |  | (52,182 | ) |  |  | 2,653 |  |  |  | 365 |
Research and development expenses |  |  | (120,558 | ) |  |  | (49,047 | ) |  |  | (1,887 | ) |  |  | (260 | )
General and administrative expenses |  |  | (57,287 | ) |  |  | (72,164 | ) |  |  | (28,706 | ) |  |  | (3,950 | )
Total operating expenses |  |  | (264,527 | ) |  |  | (173,393 | ) |  |  | (27,940 | ) |  |  | (3,845 | )
Loss from operations |  |  | (292,110 | ) |  |  | (199,879 | ) |  |  | (41,591 | ) |  |  | (5,723 | )
Other (loss)/income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | - |  |  |  | 74 |  |  |  | 2,020 |  |  |  | 278 |
Others, net |  |  | - |  |  |  | 680 |  |  |  | 6,841 |  |  |  | 941 |
Share of (loss)/income from subsidiaries |  |  | (4,028 | ) |  |  | 105,565 |  |  |  | 348,484 |  |  |  | 47,953 |
Income/(loss) from the VIEs |  |  | 62,712 |  |  |  | (14,977 | ) |  |  | 69,773 |  |  |  | 9,601 |
(Loss)/Income before income tax |  |  | (233,426 | ) |  |  | (108,537 | ) |  |  | 385,527 |  |  |  | 53,050 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net (loss)/income |  |  | (233,426 | ) |  |  | (108,537 | ) |  |  | 385,527 |  |  |  | 53,050 |
Allocation of accretion of Predecessors’ preferred shares |  |  | (22,655 | ) |  |  | - |  |  |  | - |  |  |  | - |
Accretion of the Company’s preferred shares |  |  | (2,987 | ) |  |  | (22,379 | ) |  |  | - |  |  |  | - |
Net (loss)/income attributable to ordinary shareholders of QuantaSing Group Limited |  |  | (259,068 | ) |  |  | (130,916 | ) |  |  | 385,527 |  |  |  | 53,050 |
Net (loss)/income |  |  | (233,426 | ) |  |  | (108,537 | ) |  |  | 385,527 |  |  |  | 53,050 |
Other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments, net of nil tax |  |  | 1,839 |  |  |  | 20,343 |  |  |  | (4,869 | ) |  |  | (670 | )
Total other comprehensive income/(loss) |  |  | 1,839 |  |  |  | 20,343 |  |  |  | (4,869 | ) |  |  | (670 | )
Total comprehensive (loss)/income |  |  | (231,587 | ) |  |  | (88,194 | ) |  |  | 380,658 |  |  |  | 52,380 |
Condensed statements of cash flows
|  | For the years ended June 30, |
|  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Net cash used in operating activities |  |  | (49 | ) |  |  | (13,082 | ) |  |  | (8,427 | ) |  |  | (1,160 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan provided to subsidiaries |  |  | (127,165 | ) |  |  | (215,277 | ) |  |  | (117,217 | ) |  |  | (16,130 | )
Loan repaid by subsidiaries |  |  | 80,049 |  |  |  | 100,937 |  |  |  | 235,424 |  |  |  | 32,395 |
Purchase of short-term investments |  |  | - |  |  |  | (145,652 | ) |  |  | - |  |  |  | - |
Proceeds from short-term investments |  |  | - |  |  |  | 36,300 |  |  |  | 59,520 |  |  |  | 8,190 |
Net cash (used in)/provided by investing activities |  |  | (47,116 | ) |  |  | (223,692 | ) |  |  | 177,727 |  |  |  | 24,455 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contribution from Predecessors |  |  | 76,178 |  |  |  | - |  |  |  | - |  |  |  | - |
Proceeds from loans from Predecessors |  |  | 50,986 |  |  |  | - |  |  |  | - |  |  |  | - |
Repayment of loans to Predecessors |  |  | (79,981 | ) |  |  | - |  |  |  | - |  |  |  | - |
Proceeds from exercise of share options |  |  | - |  |  |  | - |  |  |  | 2,467 |  |  |  | 339 |
Repurchase of ADSs |  |  | - |  |  |  | - |  |  |  | (130,409 | ) |  |  | (17,945 | )
Proceeds from issuance of Class A ordinary shares upon the completion of IPO (net of issuance costs paid) |  |  | - |  |  |  | 256,764 |  |  |  | - |  |  |  | - |
Net cash provided by/(used in) financing activities |  |  | 47,183 |  |  |  | 256,764 |  |  |  | (127,942 | ) |  |  | (17,606 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | - |  |  |  | 3,461 |  |  |  | (138 | ) |  |  | (16 | )
Net increase in cash and cash equivalents |  |  | 18 |  |  |  | 23,451 |  |  |  | 41,220 |  |  |  | 5,673 |
Cash and cash equivalents at beginning of the year |  |  | - |  |  |  | 18 |  |  |  | 23,469 |  |  |  | 3,229 |
Cash and cash equivalents at end of the year |  |  | 18 |  |  |  | 23,469 |  |  |  | 64,689 |  |  |  | 8,902 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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