MIDDLETOWN, Ohio, June 14,
2022 /PRNewswire/ -- Elite Education Group
International Limited (NASDAQ: EEIQ), (the "Company" or "Elite
Education Group International"), a provider of comprehensive
education solutions for domestic and international students
interested in college and university programs in the US,
Canada and the UK, today announced
its unaudited first half financial results for the six months ended
March 31, 2022 and an operational
update.
"We are pleased to report a 32% revenue increase for the first
half of fiscal 2022 compared to the first half of 2021 due to a
higher number of in-person attendance at the English Language
Program at the regional campuses of Miami
University as restrictions associated with the global
Covid-19 pandemic eased somewhat compared to the year-ago period.
Due to our ability to operate efficiently and keep costs down, the
more normalized learning environment resulted in a 50% increase in
gross profit as compared to the first half of 2021. While our
operating performance was strong, non-operating expenses resulted
in a net loss for the period," commented Jianbo Zhang, Chairman and Chief Executive
Officer.
CEO Jianbo Zhang continued, "We
completed two acquisitions during the first half of fiscal 2022 and
recently entered into several collaborations as we continue to
execute our mission to establish Elite Education Group
International as a truly international service provider of higher
learning. Our career training and English proficiency offer a
cost-effective, practical education for our students, and combined
with our pathway programs, enable advanced degrees and expanded
career options."
"We plan upon implementing our international strategy by
acquiring select colleges in different regions of the world,
developing cross-border educational partnerships, creating
international academic programming and diversifying our student
base. We believe that an enriched international academic experience
will help our students reach their full potential and better
prepare them for fulfilling careers," CEO Jianbo Zhang concluded.
First Half 2022 Financial Results Ended March 31, 2022
Revenues were $4.1 million
for the first half of fiscal 2022 compared to $3.1 million for the same period of 2022,
representing an increase of $1.0
million, or 32.3%. The increase was due to a rise in student
registration at the regional campuses of Miami
University ("the MU Regional Campuses") in the Fall 2021 and
Spring 2022 semesters as compared to the Fall 2020 and Spring 2021
semesters due to a lessened impact of the global Covid-19
pandemic.
Gross profit was $2.7
million for the first half of fiscal 2022 compared to
$1.8 million for the same period of
2021, representing an increase of $0.9
million, or 50.0%. The increase was primarily due to the
increase in revenue and the moderate 3.7% increase in cost of
services in the first half of 2022 attributable to operational
efficiencies as compared to the same period of 2021. Our gross
margin increased to 65.9% for the first half ended March 31, 2022 from 58.1% for the same period of
2021 as more students were able to physically attend the English
Language Program at the MU Regional Campuses as Covid-19 travel
restrictions eased.
Operating Expenses were $6.0 million for the first
half of fiscal 2022 compared to $2.2
million for the same period of 2021, representing an
increase of $3.8 million, or 172.7%.
The increase was due to $5.3 million
in general and administrative expenses which included costs
attributable to $2.6 million of
share-based compensation granted to employees and management, with
the remaining amount attributable to the Company's international
business expansion and the consolidation of its newly acquired
businesses for the first half of 2022.
Operating loss was $3.3
million for the first half of fiscal 2022 compared to an
operating loss of $0.4 million for
the same period of 2021 which was due to general and administrative
expenses that offset higher revenue and gross margin for the
six-months ended March 31, 2022.
Other income was $0.8
million for the first half of fiscal 2022 compared to nil
for the same period of 2021, attributable to the sale of
residential properties adjacent to the MU Regional Campuses at a
sales price of approximately 150% of its initial purchase
price.
Income tax expense was $0.01
million for the first half of fiscal 2022 compared to income
tax recovery of $0.06 million for the
same period of 2021. The increase was due to taxable income for
first half of 2022 which was slightly higher than the same period
of 2021.
Net loss was $2.5 million
for the first half of fiscal 2022 compared to a net loss of
$0.3 million for the same period of
2021, which was due to factors discussed above.
Net Loss Per Basic and Diluted Share for the first
half of fiscal 2022 was $0.23
compared to a net loss of $0.04 per
basic and diluted share for the same period of 2021. The average
number of shares used in the computation of basic and diluted
earnings per share for the first half of 2022 was 10,835,956 shares
compared to 7,946,678 shares for basic and diluted earnings per
share in the prior year period.
Financial Condition
As of March 31, 2022, the Company
had $12.9 million in cash and cash
equivalents, a decrease of $3.6
million or 21.8% as compared to $16.5
million as of September 30,
2021. As of March 31, 2022,
working capital was $9.3 million
(current assets minus current liabilities) and the current ratio
(current assets divided by current liabilities) was 2.5, as
compared to working capital of $11.0
million and a current ratio of 2.3 as of September 30, 2021. Stockholders' equity as of
March 31, 2022 was $16.3 million, an increase of $1.4 million or 9.4% as compared to $14.9 million as of September 30, 2021.
Liquidity and Capital Resources
Net cash used in operating activities for the six months
ended March 31, 2022 was $3.2 million as compared
to $2.9 million for the six months ended March 31,
2021. This increase was primarily due to the changes in net income
and other working capital balances; the 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 $0.2 million and net cash used in investing
activities was $0.1 million for the
six months ended March 31, 2022 and
2021, respectively. The net cash provided by investing activities
for the six months ended March 31,
2022 was attributable to proceeds from the sale of property
and equipment of $1.9 million and
$0.2 million from the collection of a
note receivable, which was offset by a payment of $1.9 million used for business acquisition and
a payment of $0.3 million due to
related party balances.
Net cash used in financing activities was $0.3 million for the six months ended
March 31, 2022 as compared to net
cash provided by financing activities of $4.9 million for the six months ended
March 31, 2021. For the six months
ended March 31, 2022, we used
$2.0 million in cash for business
acquisitions and $0.2 million was
advanced to related parties, and for the six months ended
March 31, 2021 we generated cash
inflow of $4.9 million from the
issuance of 893,718 common shares as a result of the completion of
our initial public offering.
Business Outlook and Operational 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.
For the six months ended March 31, 2022, our indicators of recruitment and
enrollment for the English Language Program at the MU Regional
Campuses improved as compared to those for the year-ago period as
the impact from the Covid-19 pandemic lessened.
- As of March 31, 2022, 142
students who had been admitted to the English Language Program at
the MU Regional Campuses in the Fall 2021 and Spring 2022 terms, as
compared to 121 students for the previous academic year. This
represents a 17.4% increase in the number of the students enrolled
in the program. In addition, 52 students were present for in-person
classes at the MU Regional Campuses in the Fall 2021 term, and an
additional 40 students were present beginning in January 2022 for the Spring 2022 term. It is
beneficial for the Company to have its students on-campus due to
the receipt of residential fees and other fees. The remainder of
the students who had been admitted to the English Language Program
at the MU Regional Campuses as of March 31,
2022 were taking online classes.
We have made significant steps to execute on our strategic
plan to become an international service provider of higher
learning by acquiring colleges around the globe and by developing
cross-border educational collaborations.
- In January 2022, we acquired 80%
of the equity of EduGlobal College, located in Vancouver, Canada. EduGlobal College provides
English language programs for international students to help them
to achieve baccalaureate and graduate programs at Canadian
universities. EduGlobal College recently 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 at Algoma University's Brampton and Sault
Ste. Marie campuses.
- In November 2021, we closed on
the acquisition of 70% of Ameri-Can Education Group Corp. which has
the right to the underlying equity 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. To internationalize its academic programming
and foster a global experience for its students, Davis College recently announced partnerships for a
variety of bilateral academic activities with Holy Cross of Davao College of the Philippines, Anhui Business College
located in Wuhu, Anhui Province,
China, and Chongqing Technology
and Business Institute, located in Chongqing, China.
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 a campus learning
and 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. We believe that
our current operations provide a diversified income stream that
balances both our owned and operated colleges and our extensive
recruiting activities. We also believe that our serving a niche
market that meaningfully connects to students who may not
ordinarily pursue higher education but that enables them to reach
their aspirational goals is a positive and effective business
model, and that we will be successful in providing solid returns to
all of our constituents.
About Elite Education Group International
Limited
Elite Education Group International Limited ("Elite Education"
or the "Company"), through its subsidiaries Quest Holding
International LLC and Highrim Holding International Limited,
provides comprehensive education solutions for domestic and
international students interested in university and college degree
programs in the US, Canada and the
UK. The Company recently acquired 80% of the equity of EduGlobal
College, based in British Columbia,
Canada, which focuses on English proficiency educational
programming for students pursuing academic degrees. The Company
also recently acquired the right to a controlling equity ownership
position in Davis College, a career
training college located in Toledo,
Ohio. In addition, the Company has a recruiting relationship
with the regional campuses of Miami University
of Ohio ("the MU 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 also acts as 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 United Kingdom.
For more information, please visit www.eei-global.net.
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 in this press release include, without
limitation, the Company's ability to implement its international
strategy as described. 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:
Elite Education Group International Limited
+1
513-649-8350
ir@eei-global.net
Investor Relations:
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
FINANCIAL TABLES FOLLOW
ELITE EDUCATION
INTERNATIONAL CO., LTD
CONSOLIDATED BALANCE
SHEETS
AS OF MARCH 31, 2022
and SEPTEMBER 30, 2021
(US$, except share
data and per share data, or otherwise noted)
|
|
|
|
|
|
|
|
|
|
March 31,
2022
|
|
|
September 30,
2021
|
|
|
|
US$
|
|
|
US$
|
|
Assets
|
|
|
|
|
|
|
Current
Assets
|
|
(Unaudited)
|
|
|
|
|
Cash and cash equivalents
|
|
|
12,932,265
|
|
|
|
16,537,174
|
|
Accounts receivables
|
|
|
16,137
|
|
|
|
154,537
|
|
Prepaid expenses
|
|
|
1,382,552
|
|
|
|
1,560,847
|
|
Notes receivable
|
|
|
-
|
|
|
|
180,000
|
|
Income tax receivable
|
|
|
1,159,274
|
|
|
|
1,149,506
|
|
Total current assets
|
|
|
15,490,228
|
|
|
|
19,582,064
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
2,291,220
|
|
|
|
3,479,922
|
|
Long term asset
|
|
|
2,120,000
|
|
|
|
-
|
|
Deferred income tax assets
|
|
|
307,317
|
|
|
|
321,057
|
|
Right-of-use assets
|
|
|
1,457,394
|
|
|
|
626,596
|
|
Intangible assets
|
|
|
1,314,798
|
|
|
|
-
|
|
Goodwill
|
|
|
3,202,663
|
|
|
|
-
|
|
Total
assets
|
|
|
26,183,620
|
|
|
|
24,009,639
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts payable and other liabilities
|
|
|
2,526,775
|
|
|
|
2,960,915
|
|
Student deposits
|
|
|
681,818
|
|
|
|
681,818
|
|
Due to related party
|
|
|
140,107
|
|
|
|
140,000
|
|
Lease liabilities – current
|
|
|
567,510
|
|
|
|
259,297
|
|
Deferred revenue
|
|
|
2,302,189
|
|
|
|
4,569,664
|
|
Total current liabilities
|
|
|
6,218,399
|
|
|
|
8,611,694
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Lease liabilities – non current
|
|
|
973,311
|
|
|
|
461,997
|
|
Deferred income tax liabilities
|
|
|
380,878
|
|
|
|
-
|
|
Total
liabilities
|
|
|
7,572,588
|
|
|
|
9,073,691
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common shares,
US$0.0015873 par value, 31,500,000 shares authorized,
11,045,313 and 10,412,843 shares issued and
outstanding as of March
31, 2022 and September 30, 2021,
respectively
|
|
|
17,532
|
|
|
|
16,528
|
|
Additional paid-in capital
|
|
|
15,343,585
|
|
|
|
11,464,979
|
|
Subscription receivable
|
|
|
(200,000)
|
|
|
|
(200,000)
|
|
Retained earnings
|
|
|
1,170,916
|
|
|
|
3,654,441
|
|
Accumulated other comprehensive income
(loss)
|
|
|
(8,214)
|
|
|
|
-
|
|
Total shareholders'
equity
|
|
|
16,323,819
|
|
|
|
14,935,948
|
|
Noncontrolling
interests
|
|
|
2,287,213
|
|
|
|
|
-
|
Total liabilities
and shareholders' equity
|
|
|
26,183,620
|
|
|
|
24,009,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELITE EDUCATION
INTERNATIONAL CO., LTD
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE SIX MONTHS
ENDED MARCH 31, 2022 AND 2021
(US$, except share
data and per share data, or otherwise noted)
|
|
|
|
|
|
|
|
|
|
For The Six
Months
Ended
|
|
|
For The Six
Months
Ended
|
|
|
|
March 31,
2022
|
|
|
March 31,
2021
|
|
|
|
US$
|
|
|
US$
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues
|
|
|
4,055,213
|
|
|
|
3,101,646
|
|
Costs of
services
|
|
|
1,327,308
|
|
|
|
1,280,083
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
2,727,905
|
|
|
|
1,821,563
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
757,969
|
|
|
|
626,017
|
|
General and
administrative
|
|
|
5,299,119
|
|
|
|
1,588,611
|
|
Total operating
costs and expenses
|
|
|
6,057,088
|
|
|
|
2,214,628
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
(3,329,183)
|
|
|
|
(393,065)
|
|
|
|
|
|
|
|
|
|
|
Other (income)
expenses:
|
|
|
|
|
|
|
|
|
Other income
|
|
|
(797,411)
|
|
|
|
-
|
|
Foreign exchange
gain
|
|
|
(4,206)
|
|
|
|
(38,152
|
|
Total other (income)
expenses
|
|
|
(801,617)
|
|
|
|
(38,152)
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
(2,527,566)
|
|
|
|
(354,913)
|
|
|
|
|
|
|
|
|
|
|
Current income tax
expense (recovery)
|
|
|
-
|
|
|
|
-
|
|
Deferred income tax
expense (recovery)
|
|
|
13,741
|
|
|
|
(63,025)
|
|
Income taxes expense
(recovery)
|
|
|
13,741
|
|
|
|
(63,025)
|
|
|
|
|
-
|
|
|
|
-
|
|
Net
income
|
|
|
(2,541,307)
|
|
|
|
(291,888)
|
|
Net income (loss)
attributable to noncontrolling interest
|
|
|
(57,782)
|
|
|
|
-
|
|
Net income (loss)
attributable to common stockholders
|
|
|
(2,483,525)
|
|
|
|
(291,888)
|
|
Unrealized foreign
currency translation adjustment
|
|
|
(8,214)
|
|
|
|
-
|
|
Total Comprehensive income (loss)
|
|
|
(2,549,521)
|
|
|
|
(291,888)
|
|
|
|
|
|
|
|
|
|
|
Basic & diluted
net income per share
|
|
$
|
(0.23)
|
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares-basic and diluted
|
|
|
10,835,956
|
|
|
|
7,946,678
|
|
ELITE EDUCATION
INTERNATIONAL CO., LTD
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS
ENDED MARCH 31, 2022 AND 2021
(US$, except share
data and per share data, or otherwise noted)
|
|
|
|
|
|
|
|
|
|
For The Six
Months
Ended
March 31,
|
|
|
For The Six
Months
Ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
|
US$
|
|
|
US$
|
|
Cash Flows from
Operating Activities:
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net income
|
|
|
(2,541,307)
|
|
|
|
(291,888)
|
|
Adjustments for items
not affecting cash:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
111,597
|
|
|
|
43,797
|
|
Stock-based
compensation expenses
|
|
|
2,629,603
|
|
|
|
-
|
|
Non-cash lease
expense
|
|
|
11,070
|
|
|
|
-
|
|
Net (gain)/loss from
disposal of fixed assets
|
|
|
(813,064)
|
|
|
|
-
|
|
Deferred income tax
expense
|
|
|
13,740
|
|
|
|
(63,025)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
150,110
|
|
|
|
18,042
|
|
Prepaid
expenses
|
|
|
178,295
|
|
|
|
275,403
|
|
Long-term prepaid
expenses
|
|
|
-
|
|
|
|
125,235
|
|
Accounts payable &
accrued liabilities
|
|
|
(618,187)
|
|
|
|
(405,060)
|
|
Deferred
revenue
|
|
|
(2,267,475)
|
|
|
|
(2,083,445)
|
|
Income tax
receivable
|
|
|
(9,768)
|
|
|
|
(278,982)
|
|
Student
deposits
|
|
|
-
|
|
|
|
(213,455)
|
|
Net cash provided from
(used in) operating activities
|
|
|
(3,155,386)
|
|
|
|
(2,873,378)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(30,147)
|
|
|
|
(218,000)
|
|
Notes
receivable
|
|
|
180,000
|
|
|
|
100,000
|
|
Due from related
party
|
|
|
(296,199)
|
|
|
|
-
|
|
Net cash used for
business acquisitions
|
|
|
(1,954,145)
|
|
|
|
|
|
Proceeds from sale of
property and equipment
|
|
|
1,920,861
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(179,630)
|
|
|
|
(118,000)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds borrowed from
related parties
|
|
|
(269,893)
|
|
|
|
-
|
|
Proceeds from initial
public offering, net of issuance costs
|
|
|
-
|
|
|
|
4,929,079
|
|
Net cash provided from
(used in) financing activities
|
|
|
(269,893)
|
|
|
|
4,929,079
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease)
in cash, cash equivalents and restricted cash
|
|
|
(3,604,909)
|
|
|
|
1,937,701
|
|
Cash and cash
equivalents, beginning of period
|
|
|
16,537,174
|
|
|
|
7,407,990
|
|
Cash and cash
equivalents, end of period
|
|
|
12,932,265
|
|
|
|
9,345,691
|
|
ELITE EDUCATION
INTERNATIONAL CO., LTD
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
SIX MONTHS ENDED
MARCH 31, 2022 AND 2021
(US$, except share
data and per share data, or otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
|
Common
shares
amount
|
|
|
Additional
paid-in capital
|
|
|
|
Subscription
receivable
|
|
Retained
earnings
|
|
|
Total
equity
|
|
Balance as of September
30, 2020
|
|
|
7,938,000
|
|
|
|
12,600
|
|
|
|
2,731,273
|
|
|
|
-
|
|
|
4,738,754
|
|
|
|
7,482,627
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(291,888)
|
|
|
|
(291,888)
|
|
Share issued, net of
transaction costs
|
|
|
893,718
|
|
|
|
1,419
|
|
|
|
4,905,646
|
|
|
|
(761,875)
|
|
|
-
|
|
|
|
4,145,190
|
|
Balance as of March 31,
2021 (unaudited)
|
|
|
8,831,718
|
|
|
|
14,019
|
|
|
|
7,636,919
|
|
|
|
(761,875)
|
|
|
4,446,866
|
|
|
|
11,335,929
|
|
|
|
Common
shares
|
|
|
Common
shares
amount
|
|
|
Additional
paid-in capital
|
|
|
|
Subscription
receivable
|
|
|
Accumulated
other
comprehensive
income
|
|
|
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: Elite Education Group International
Limited
View original content to download
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SOURCE Elite Education Group International Limited