MIDDLETOWN, Ohio, July 14,
2023 /PRNewswire/ -- EpicQuest Education Group
International Limited (NASDAQ: EEIQ), ("EpicQuest Education",
"EEIQ" or the "Company"), a provider of comprehensive education
solutions for domestic and international students seeking college
and university degrees in the US, Canada and the UK, today announced its first
half financial results for the six months ended March 31, 2023 and an operations update.
"Our operations provide a diversified revenue stream from our
two owned and operated colleges as well from our recruiting
relationships. We believe that EEIQ's educational niche provides
practical educational programming that meaningfully connects to
students who see our programs as an effective way to reach their
career goals. However, the effects of the global Covid-19 pandemic
severely hampered our recruiting activities in the year-ago period
which, coupled with a heightened wave of the pandemic in
China from November 2022 to February
2023, caused substantially lower foreign student in-person
attendance at our US campuses, and resulted in an operating loss in
the current period."
However, our costs decreased for the first six months of fiscal
2023 as compared to the year-ago period due to operational
synergies, which resulted in an increase in our gross margin. With
the worst of the pandemic expected to be behind us, we believe that
our strong recruiting efforts and a normalized learning environment
will result in improved top line results going forward, while cost
synergies across our operations could continue to enhance our gross
margin," continued CEO Jianbo
Zhang.
"Our two acquired colleges, EduGlobal College and
Davis College, have developed
cross-border educational collaborations and created global academic
programming designed to better serve our students' needs and have
diversified our student base, which steps taken together are
expected to improve our operating metrics over time. We believe
that an enriched international academic experience will help our
students reach their full potential and better prepare them for
fulfilling careers. Further, our recently executed five-year
agreement with Miami University to
recruit for the MU Regional Campuses' English Language Center will
continue to serve as a key cornerstone for our business. Our
financial condition remains strong, and we plan to execute our
international growth strategy through additional collaborations and
by acquiring colleges that meet our growth criteria," CEO
Jianbo Zhang concluded.
First Half 2023 Financial Results Ended March 31, 2023
Revenues were $3.42 million
for the first half of fiscal 2023 compared to $4.06 million for the same period of 2022,
representing a decrease of $0.64
million, or 15.6%. The decrease in revenue was mainly
due to the effects of the global Covid-19 pandemic having severely
hampered our recruiting activities in the year-ago period, which
coupled with a heightened wave of the pandemic in China from December
2022 to February 2023, caused
lower foreign student in-person attendance at our US campuses.
Gross profit was $2.65
million for the first half of fiscal 2023 compared to
$2.73 million for the same period of
2022, representing a decrease of $0.08
million, or 2.8%. The decrease was primarily due to the
decrease in revenue offset by a 42.0% decrease in the cost of
services attributable to operating efficiencies implemented across
our operations. As a result, our gross margin increased to 77.5%
for the first half ended March 31,
2023 from 67.3% for the same period of 2022.
Operating Expenses were $5.84 million for the first
half of fiscal 2023 compared to $6.06
million for the same period of 2022, representing a decrease
of $0.22 million, or 3.6%. The
decrease was due to a 37.4% decrease in selling expenses to
$0.47 million from $0.76 million in the same period of 2022 which
was offset by a 1.3% increase in general and administrative
expenses to $5.37 million from
$5.30 million. General and
administrative expenses were somewhat higher in both periods due to
non-cash expenses attributable to share-based compensation granted
to directors, officers and employees for retention purposes
following the Company's IPO in March of 2021, as well as
professional fees that were primarily related to the Company's two
major acquisitions and expansion efforts.
Operating loss was $3.19
million for the first half of fiscal 2023 compared to an
operating loss of $3.33 million for
the same period of 2022. This was due to lower revenue in the
current period, which was offset by the year-over-year decrease in
direct and indirect expenses.
Income tax recovery was $0.16
million for the first half of fiscal 2023 as compared to
income tax expense of $0.01 million
for the same period of 2022.
Net loss was $3.00 million
for the first half of fiscal 2023 compared to a net loss of
$2.54 million for the same period of
2022, which was due to factors as discussed above.
Net Loss Per Basic and Diluted Share for the first
half of fiscal 2023 was $0.24
compared to a net loss of $0.23 per
basic and diluted share for the same period of 2022. The weighted
average number of shares used in the computation of basic and
diluted earnings per share for the first half of 2023 was
11,469,800 shares compared to 10,835,956 shares for basic and
diluted earnings per share in the prior year period.
Financial Condition
As of March 31, 2023, the Company
had $5.86 million in cash and cash
equivalents, a decrease of $5.58
million or 48.8% as compared to $11.44 million as of September 30, 2022. As of March 31, 2023, working capital was $4.39 million (current assets minus current
liabilities) and the current ratio (current assets divided by
current liabilities) was 2.0, as compared to working capital of
$8.01 million and a current ratio
of 2.3 as of September 30, 2022.
Stockholders' equity as of March 31,
2023 was $11.64 million, a
decrease of $3.46 million or 22.9% as
compared to $15.10 million as of
September 30, 2022.
Liquidity and Capital Resources
Net cash used in operating activities for the six months
ended March 31, 2023 was $4.34 million as compared
to $3.16 million for the six months ended March 31,
2022. This increase was primarily due to the changes in net income
and other working capital balances. Changes in these balances
are included in the changes in assets and liabilities presented in
the consolidated statement of cash flows.
Net cash provided by investing activities was $0.56 million
for the six months ended March 31, 2023 as compared
to net cash used in investing activities of $0.18 million for the six months
ended March 31, 2022. The net cash provided by investing
activities for the six months ended March 31, 2023 was
attributable to the purchase price allocation of acquiring 70% of
the holding company of Davis College on
December 1, 2022, when the change of
control on Davis College became
effective. For the six months ended March
31, 2022, we used $1.95
million in cash for business acquisitions, which was largely
offset from proceeds resulting from the sale of property and
equipment adjacent to the campuses of Miami
University Regionals.
Net cash used in financing activities
was $1.45 million for the six months
ended March 31, 2023 as compared to net cash used in financing
activities of $0.27 million for
the six months ended March 31, 2022. For the six months ended
March 31, 2023, we used $1.25 million in cash for a contractual share
buyback, and for the six months ended March
31, 2022, we borrowed cash from related parties.
Operations Update
In March 2020, The World Health
Organization declared the Covid-19 outbreak to be a global
pandemic. The pandemic resulted in and continues to cause travel
restrictions, related public health orders and economic
uncertainties that affect the normal operations of many businesses,
including our higher education company. The pandemic went through
multiple waves, with the most recent surge occurring in the period
from November 2022 to February 2023 in China – and which occurred during the
Company's first six months of its fiscal year ended March 31, 2023.
For the six months ended March 31, 2023, our indicators of recruitment and
enrollment for the English Language Program at the Miami University (MU) Regional Campuses were
adversely impacted as compared to those for the year-ago period as
the impact from the Covid-19 pandemic caused deferred consequences
in the educational service industry.
- As of March 31, 2023, 100
students attended in-person classes in the English Language Program
at the MU Regional Campuses, which was comprised of 79 students for
the Fall 2022 term and 21 students for the Spring 2023 term; this
compares to 142 students who attended the program online for the
same two terms in the previous year.
Davis College showed promising
results in its first year of the Company's control.
- As of March 31, 2023, for
Davis College, 111 students were
enrolled in the Winter Quarter (November
2023 - January 2023) and 99
students in the Spring Quarter (February
2023 - May 2023). The Company
gained control over Davis College on
December 1, 2022 via the conversion
of the acquired holding company's loan into shares of Davis College common stock.
We have made significant steps to execute upon our strategic
plan to become an international service provider of higher
learning by acquiring colleges around the globe and by developing
cross-border educational relationships.
- EEIQ operates and is a 70% owner of Davis
College, a two-year career-training college located in
Toledo, Ohio. Davis College offers career-training educational
courses in business management, data science, nursing, electrical
engineering, and other areas that most often lead to careers that
are in high demand. In June 2023, its
first Bachelor's degree program, a Bachelor of Science in Business,
was approved by the Higher Learning Commission (HLC). The HLC
accreditation extends our academic programming beyond our
two-associate degree programs and potentially opens the door for
our offering additional four-year Bachelor's degrees.
- In addition, Davis College is
internationalizing its academic programming internationally and
fostering a global experience for its students by entering into
MOUs (Memoranda of Understandings) for a variety of bilateral
academic activities. As previously announced, we entered into ten
MOUs that encompass institutions of higher learning in Malaysia, the
Philippines, Singapore,
Sri Lanka, China and the UK. We believe that several of
these MOUs will translate into agreements that will contribute to
the EEIQ's mission of internationalization and increase student
enrollment at Davis College.
To date, the Company's internationalization efforts have
resulted in a 26% increase in the enrollment of international
students for the first three of its four annual quarters of the
2022 – 2023 academic year (Fall, Winter and Spring) as compared the
same quarters in the 2021 – 2022 academic year, and the Company
expects a significantly higher increase in the enrollment of
international students for fiscal 2024. As an illustration, as
previously announced, Davis College
signed an agreement whereby students from Chongqing Technology and
Business Institute ("CTBI") will enroll in a joint Davis College and CTBI program. Per the agreement,
a cohort of 46 students will enter the joint program at
Davis College each year for three years
beginning in September 2023,
culminating in 96 CTBI students enrolling in the joint program at
Davis College in September of 2025.
- EEIQ operates and is the 100% owner of EduGlobal College,
located in Vancouver, Canada,
which provides English language programs for international students
to help them to achieve baccalaureate and graduate programs at
Canadian universities. EduGlobal College launched its pioneering
pathway program with Algoma University,
located in Sault Ste. Marie, Ontario,
Canada, that establishes a seamless pathway for our students
to earn transferable university credits and complete their
baccalaureate degrees and graduate certificates. In June 2023, EduGlobal College launched a pathway
program with Yorkville University,
based in Toronto, Canada. The
academic pathway with Yorkville
University enhances our students' choices as the pathway
facilitates admission to their Bachelor's degree program and the
opportunity for EduGlobal students to transfer applicable course
credits to Yorkville. EduGlobal
College's core mission is to attract a diverse student population
from around the world and provide students with a well-rounded
education that will enhance all areas of their personal and
professional lives.
- In May 2023, we entered into an
agreement with Miami University to
recruit international students residing outside of the US for
admission to the English Language Center at the Miami University Regional Campuses. Our
comprehensive 'One-Stop' services to international study abroad
students include pick-up services, private housing, dining
facilities, a gym, a student life center, safety guidance for
freshmen, academic consulting, advice for further education, legal
aid and medical escorting. The agreement is for five years as
compared to the previous three-year agreements during the past
decade, and it serves as a cornerstone for our business which we
believe will help to propel us forward to fully implement our
international plans.
As with other colleges and universities, we have adapted to the
challenges that the Covid-19 pandemic has had on higher education.
While we believe that in-person instruction and an on-campus social
experience is best for our students, we believe that the new hybrid
system of remote and in-person learning adopted by many colleges
and universities will continue to evolve. Our creative approach to
the currently modified education model is our development of
numerous collaborations which include courses that can be taken
both online and in-person from different countries and then applied
as credit to programs while attending our schools in-person.
We believe that our current operations provide a diversified
revenue stream that balances both our owned and operated colleges
and our extensive recruiting relationships. We also believe that
our educational niche provides practical educational programming
that meaningfully connects to students who may not ordinarily
pursue higher education but who see our programs as an effective
way to reach their career goals. We believe that this positive and
effective business model is a successful one for providing a solid
return on investment for both our students as well as our
shareholders.
Our strategic plan is to achieve sustainable growth through our
strategy of internationalization. This refers to Davis College and EduGlobal College, our owned and
operated colleges, as well as our recruiting relationship with
Miami University. To achieve our
strategic goals, we are focused on broadening our academic
programming and diversifying and growing our student base. We
believe that our strategy of internationalization, which also
includes working collaborations around the world, brings out the
very best in academia and student achievement.
About EpicQuest Education Group International
Limited
EpicQuest Education Group International Limited ("EpicQuest
Education" or the "Company") provides comprehensive education
solutions for domestic and international students seeking
university and college degrees in the US, Canada and the UK. The Company owns and
operates EduGlobal College, based in British Columbia, Canada, which focuses on
English proficiency educational programming for students pursuing
academic degrees. The Company operates and is a 70% owner of
Davis College, a career training
college located in Toledo, Ohio.
In addition, the Company has a recruiting relationship with the
Miami University Regional campuses,
where it maintains residential facilities, a full-service
cafeteria, recreational facilities, shuttle buses and an office for
the regional campuses that provides study abroad and post-study
services for its students; these facilities are not owned,
maintained, operated or are a part of Miami
University. The Company is also a recruiting agent for the
University of the West of Scotland
(through The Education Group (London) Ltd) and Coventry University, both of which are located
in the UK. For more information, please
visit www.epicquesteducation.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. All statements other than statements of historical fact
are statements that could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as "may," "will," "anticipate," "assume," "should,"
"indicate," "would," "believe," "contemplate," "expect,"
"estimate," "continue," "plan," "point to," "project," "could,"
"intend," "target" and other similar words and expressions of the
future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our most recent Form 20-F and otherwise
in our SEC reports and filings. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
Contacts:
EpicQuest Education Group International Limited
+1
513-649-8350
info@epicquesteducation.com
Investor Relations:
Precept Investor Relations
LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
FINANCIAL
TABLES
|
|
CONSOLIDATED BALANCE
SHEETS
|
AS OF MARCH 31, 2023
and SEPTEMBER 30, 2022
|
(US$, except share
data and per share data, or otherwise noted)
|
|
|
|
March 31,
2023
|
|
|
September 30,
2022
|
|
|
|
US$
|
|
|
US$
|
|
Assets
|
|
(Unaudited)
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
5,862,460
|
|
|
|
11,443,059
|
|
Restricted
cash
|
|
|
338,712
|
|
|
|
-
|
|
Receivables,
net
|
|
|
331,179
|
|
|
|
47,639
|
|
Prepaid
expenses
|
|
|
1,431,012
|
|
|
|
946,299
|
|
Inventory
|
|
|
36,365
|
|
|
|
-
|
|
Notes
receivable
|
|
|
-
|
|
|
|
485,000
|
|
Income tax
receivable
|
|
|
787,086
|
|
|
|
1,147,213
|
|
Total current
assets
|
|
|
8,786,814
|
|
|
|
14,069,210
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
2,210,933
|
|
|
|
2,205,084
|
|
Long term
investment
|
|
|
-
|
|
|
|
5,086,413
|
|
Deferred income tax
assets
|
|
|
578,919
|
|
|
|
411,934
|
|
Right-of-use
assets
|
|
|
1,308,503
|
|
|
|
976,404
|
|
Intangible
assets
|
|
|
2,226,609
|
|
|
|
398,794
|
|
Goodwill
|
|
|
4,522,586
|
|
|
|
854,887
|
|
Total
assets
|
|
|
19,634,364
|
|
|
|
24,002,726
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts payable and
other liabilities
|
|
|
2,108,462
|
|
|
|
2,120,660
|
|
Student
deposits
|
|
|
52,040
|
|
|
|
46,040
|
|
Due to related
party
|
|
|
140,000
|
|
|
|
140,000
|
|
Lease liabilities –
current
|
|
|
636,126
|
|
|
|
461,161
|
|
Deferred
revenue
|
|
|
1,459,886
|
|
|
|
3,286,350
|
|
Total current
liabilities
|
|
|
4,396,513
|
|
|
|
6,054,211
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Lease liabilities – non
current
|
|
|
760,799
|
|
|
|
561,897
|
|
Deferred income tax
liabilities
|
|
|
490,184
|
|
|
|
107,674
|
|
Total
liabilities
|
|
|
5,647,497
|
|
|
|
6,723,782
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common shares,
US$0.0015873 par value, 31,500,000 shares authorized,
11,708,173 and 11,350,704 shares issued and outstanding as of March
31,
2023 and September 30, 2022, respectively
|
|
|
18,585
|
|
|
|
18,017
|
|
Additional paid-in
capital
|
|
|
17,220,527
|
|
|
|
17,526,546
|
|
Deficit
|
|
|
(5,567,784)
|
|
|
|
(2,416,788)
|
|
Accumulated other
comprehensive loss
|
|
|
(33,093)
|
|
|
|
(28,939)
|
|
Total shareholders'
equity
|
|
|
11,638,235
|
|
|
|
15,098,836
|
|
Noncontrolling
interests
|
|
|
2,348,632
|
|
|
|
2,180,108
|
|
Total liabilities
and shareholders' equity
|
|
|
19,634,364
|
|
|
|
24,002,726
|
|
EPICQUEST EDUCATION GROUP
INTERNATIONAL LTD
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
FOR THE SIX MONTHS
ENDED MARCH 31, 2023 AND 2022
|
(US$, except share
data and per share data, or otherwise noted)
|
|
|
|
For The
Six Months
Ended
|
|
|
For The
Six Months
Ended
|
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
|
|
US$
|
|
|
US$
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues
|
|
|
3,420,669
|
|
|
|
4,055,213
|
|
Costs of
services
|
|
|
769,619
|
|
|
|
1,327,308
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
2,651,050
|
|
|
|
2,727,905
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
474,169
|
|
|
|
757,969
|
|
General and
administrative
|
|
|
5,367,085
|
|
|
|
5,299,119
|
|
Total operating
costs and expenses
|
|
|
5,841,254
|
|
|
|
6,057,088
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
(3,190,204)
|
|
|
|
(3,329,183)
|
|
|
|
|
|
|
|
|
|
|
Other (income)
expenses:
|
|
|
|
|
|
|
|
|
Other income
|
|
|
(1,655)
|
|
|
|
(797,411)
|
|
Interest
income
|
|
|
(20,833)
|
|
|
|
-
|
|
Foreign exchange
gain
|
|
|
(5)
|
|
|
|
(4,206)
|
|
Total other (income)
expenses
|
|
|
(22,493)
|
|
|
|
(801,617)
|
|
|
|
|
|
|
|
|
|
|
Loss before
provision for income taxes
|
|
|
(3,167,711)
|
|
|
|
(2,527,566)
|
|
|
|
|
|
|
|
|
|
|
Current income tax
expense
|
|
|
8,553
|
|
|
|
-
|
|
Deferred income tax
expense (recovery)
|
|
|
(172,975)
|
|
|
|
13,741
|
|
Income taxes expense
(recovery)
|
|
|
(164,422)
|
|
|
|
13,741
|
|
|
|
|
-
|
|
|
|
-
|
|
Net
loss
|
|
|
(3,003,289)
|
|
|
|
(2,541,307)
|
|
Net loss attributable
to noncontrolling interest
|
|
|
(305,928)
|
|
|
|
(57,782)
|
|
Net loss attributable
to common stockholders
|
|
|
(2,697,361)
|
|
|
|
(2,483,525)
|
|
Foreign currency
translation adjustment
|
|
|
(4,154)
|
|
|
|
(8,214)
|
|
Total Comprehensive
loss
|
|
|
(3,007,443)
|
|
|
|
(2,549,521)
|
|
|
|
|
|
|
|
|
|
|
Basic & diluted
net loss per share
|
|
$
|
(0.24)
|
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares-basic and diluted
|
|
|
11,469,800
|
|
|
|
10,835,956
|
|
EPICQUEST EDUCATION GROUP INTERNATIONAL
LTD
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
FOR THE SIX MONTHS
ENDED MARCH 31, 2023 AND 2022
|
(US$, except share
data and per share data, or otherwise noted)
|
|
|
|
For The
Six Months
Ended
March 31,
|
|
|
For The
Six Months
Ended
March 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
|
US$
|
|
|
US$
|
|
Cash Flows from
Operating Activities:
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net loss
|
|
|
(3,003,289)
|
|
|
|
(2,541,307)
|
|
Adjustments for items not affecting cash:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
163,863
|
|
|
|
111,597
|
|
Stock-based compensation expenses
|
|
|
900,877
|
|
|
|
2,629,603
|
|
Accretion of finance lease
|
|
|
3,546
|
|
|
|
-
|
|
Net
(gain)/loss from disposal of fixed assets
|
|
|
-
|
|
|
|
(813,064)
|
|
Deferred income tax expense
|
|
|
(172,975)
|
|
|
|
13,740
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
235,640
|
|
|
|
150,110
|
|
Operating leases
|
|
|
(51,592)
|
|
|
|
11,070
|
|
Inventory
|
|
|
(16,350)
|
|
|
|
-
|
|
Prepaid expenses
|
|
|
(176,420)
|
|
|
|
178,295
|
|
Accounts payable & accrued liabilities
|
|
|
(225,407)
|
|
|
|
(618,187)
|
|
Deferred revenue
|
|
|
(2,364,570)
|
|
|
|
(2,267,475)
|
|
Income tax receivable
|
|
|
360,126
|
|
|
|
(9,768)
|
|
Student deposits
|
|
|
6,000
|
|
|
|
-
|
|
Net
cash used in operating activities
|
|
|
(4,340,551)
|
|
|
|
(3,155,386)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(7,641)
|
|
|
|
(30,147)
|
|
Notes
receivable
|
|
|
-
|
|
|
|
180,000
|
|
Due from related
party
|
|
|
-
|
|
|
|
(296,199
|
|
Net cash acquired from
(used for) business acquisitions
|
|
|
562,791
|
|
|
|
(1,954,145)
|
|
Proceeds from sale of
property and equipment
|
|
|
-
|
|
|
|
1,920,861
|
|
Net cash provided by
(used in) investing activities
|
|
|
555,330
|
|
|
|
(179,630)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds borrowed from
related parties
|
|
|
-
|
|
|
|
(269,893)
|
|
Repayment of lease
liabilities
|
|
|
(15,001)
|
|
|
|
-
|
|
Share
buyback
|
|
|
(1,250,007)
|
|
|
|
-
|
|
Acquisition of
additional interest in subsidiary
|
|
|
(187,505)
|
|
|
|
-
|
|
Net cash used in
financing activities
|
|
|
(1,452,513)
|
|
|
|
(269,893)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
change on cash
|
|
|
(4,153)
|
|
|
|
-
|
|
Net decrease in cash,
cash equivalents and restricted cash
|
|
|
(5,241,887)
|
|
|
|
(3,604,909)
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
11,443,059
|
|
|
|
16,537,174
|
|
Cash, cash equivalents
and restricted cash, end of period
|
|
|
6,201,172
|
|
|
|
12,932,265
|
|
EPICQUEST EDUCATION GROUP INTERNATIONAL
LTD
|
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
|
SIX MONTHS ENDED
MARCH 31, 2023 AND 2022
|
(US$, except share
data and per share data, or otherwise noted)
|
|
|
|
Common
shares
|
|
|
Common
shares
amount
|
|
|
Additional
paid-in
capital
|
|
|
Subscription
receivable
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
NCI
|
|
|
Deficit
|
|
|
Total
equity
|
Balance as of
September
30, 2022
|
|
|
11,350,704
|
|
|
|
18,017
|
|
|
|
17,526,546
|
|
|
|
-
|
|
|
|
(28,939)
|
|
|
|
2,180,108
|
|
|
(2,416,788)
|
|
|
|
17,278,944
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
(305,928)
|
|
|
(2,697,361)
|
|
|
|
(3,003,289)
|
|
Share
buyback
|
|
|
(201,614)
|
|
|
|
(320)
|
|
|
|
(1,249,687)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
(1,250,007)
|
|
Share-based
compensation
|
|
|
559,083
|
|
|
|
888
|
|
|
|
1,028,592
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
1,029,480
|
|
Stock option
compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
123,397
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
123,397
|
|
Acquisition of
business
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
453,635
|
|
|
(453,635)
|
|
|
|
-
|
|
Acquisition of
additional
interest in
subsidiary
|
|
|
-
|
|
|
|
-
|
|
|
|
(208,321)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20,817
|
|
|
-
|
|
|
|
(187,504)
|
|
Translation
adjustment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,154)
|
|
|
|
-
|
|
|
-
|
|
|
|
(4,154)
|
|
Balance as of
March 31,
2023
(unaudited)
|
|
|
11,708,173
|
|
|
|
18,585
|
|
|
|
17,220,527
|
|
|
|
-
|
|
|
|
(33,093)
|
|
|
|
2,348,632
|
|
|
(5,567,784)
|
|
|
|
13,986,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
|
Common
shares
amount
|
|
|
Additional
paid-in
capital
|
|
|
Subscription
receivable
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
NCI
|
|
|
Retained
earnings
|
|
|
Total
equity
|
|
Balance as of
September
30, 2021
|
|
|
10,412,843
|
|
|
|
16,528
|
|
|
|
11,464,979
|
|
|
|
(200,000)
|
|
|
|
-
|
|
|
|
-
|
|
|
3,654,441
|
|
|
|
14,935,948
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
(57,782)
|
|
|
(2,483,525)
|
|
|
|
(2,541,307)
|
|
Share issued for
acquisition
|
|
|
201,614
|
|
|
|
320
|
|
|
|
1,249,687
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,344,995
|
|
|
-
|
|
|
|
3,595,002
|
|
Share-based
compensation
|
|
|
430,856
|
|
|
|
684
|
|
|
|
2,628,919
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
2,629,603
|
|
Translation
adjustment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(8,214)
|
|
|
|
-
|
|
|
-
|
|
|
|
(8,214)
|
|
Balance as of
March 31,
2022
(unaudited)
|
|
|
11,045,313
|
|
|
|
17,532
|
|
|
|
15,343,585
|
|
|
|
(200,000)
|
|
|
|
(8,214)
|
|
|
|
2,287,213
|
|
|
1,170,916
|
|
|
|
18,611,032
|
|
###
Source: EpicQuest Education Group International
Limited
View original content to download
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SOURCE EpicQuest Education Group International Limited