Professional fees 968,435 350,636 211,517
Salaries 1,136,676 792,546 193,247
----------- ---------- -----------
Total operating expenses 3,332,535 1,580,460 536,988
Income from operations 430,785 1,030,976 3,728,786
----------- ---------- -----------
Other (expense) income
Interest expense (2,955,008) (906,398) (141,690)
Accretion interest (320,497) -- --
Impairment loss -- (379,165) --
Government subsidies 109,723 490,171 84,657
Loss on warranties (1,565,570) -- --
Loss on convertible
debenture valuation (157,010) -- --
Other income 23,605 20,709 245,019
----------- ---------- -----------
Total other (expense)
income, net (4,864,757) (774,683) 187,986
----------- ---------- -----------
Income (loss) before
income taxes (4,433,972) 256,293 3,916,772
Provision for income
taxes - current 64,768 (312,767) (1,003,126)
Recovery for income
taxes - deferred 797,096 -- --
----------- ---------- -----------
Net (loss) income (3,572,108) (56,474) 2,913,646
Less: net loss (income)
attributable to
noncontrolling interest 97,596 66,223 (46,789)
----------- ---------- -----------
Net (loss) income
attributable to
Visionary Education
Technology Holdings
Group (3,474,512) 9,749 2,866,857
Other comprehensive
(loss) income:
Foreign currency
translation (loss) gain (750,768) 26,333 164,684
----------- ---------- -----------
Comprehensive (loss)
income (4,322,876) (30,141) 3,078,330
Less: comprehensive loss
(income) attributable to
noncontrolling interest 113,451 61,774 (23,626)
----------- ---------- -----------
Comprehensive (loss)
income attributable to
Visionary Education
Technology Holdings
Group $(4,209,425) $ 31,633 $ 3,054,704
=========== ========== ===========
Earnings (Loss) Per
share
Basic and diluted $ (0.09) $ (0.00) $ 0.08
=========== ========== ===========
Weighted Average Shares
Outstanding(*)
Basic and diluted 38,689,560 35,000,000 35,000,000
=========== ========== ===========
VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN U.S. DOLLARS)
For the Years Ended March 31,
------------------------------------------
2023 2022 2021
------------- ------------- ------------
Cash flows from
operating
activities:
Net (loss)
income $ (3,572,108) $ (56,474) $ 2,913,646
Adjustments to
reconcile net
income to net
cash provided
by operating
activities:
Depreciation and
amortization 1,361,211 494,729 53,763
Gain recognized
on government
subsidy -- 22,883 (45,450)
Amortization on
finance fee on
bank loan 173,180 -- --
Amortization of
intangible
assets 33,285 -- --
Loss on
warrants 1,565,570 -- --
Amortization on
convertible
notes
valuation 157,010 -- --
Deferred income
tax recovery (797,096) -- --
Accretion cost 320,497 -- --
Impairment loss
on intangible
assets and
goodwill -- 379,165 --
Changes in
operating
assets and
liabilities:
Accounts
receivable (89,812) 202,741 (174,982)
Accounts
receivable from
related party 113,504 167,550 (272,700)
Inventories -- 842,346 2,686,597
Prepayments and
other current
assets (368,129) (97,322) (77,657)
Due from related
party 99,334 2,114,745 (2,692,545)
Accounts
payables 787.029 227,370 37,367
Accrued
liabilities 50,206 854,071 114,453
Other tax
payable (401,894) 406,999 877,215
Deferred revenue 849,778 329,113 9,796
Taxes payable 54,354 473,607 1,010,214
------------ ------------ -----------
Net cash
provided by
operating
activities 335,919 6,361,523 4,439,717
------------ ------------ -----------
Cash flows from
investing
activities:
Acquisition of
business -- (471,550) (151,500)
Acquisition
deposit -- (17,016,884) (2,378,418)
Purchase of
property, plant
and equipment (62,701,573)
Purchase
additional
shares from
NCI (75,650) -- (31,808)
Loan advance to
related
parties -- 425,770 (377,785)
Refund of land
deposit -- 52,668 --
Short-term
investment -- (55,860) --
Loan advance
from (to)
unrelated
parties 123,864 (2,979) (121,200)
Acquisition
deposits (760,000) (7,215,396) --
------------ ------------ -----------
Net cash used in
investing
activities (63,413,359) (24,284,231) (3,060,711)
------------ ------------ -----------
Cash flows from
financing
activities:
Proceeds from
bank loan 22,506 85,909 136,350
Proceeds from
mortgage 45,390,000 12,768,000 6,060,000
Finance costs on
mortgage (445,665) (49,928) (30,300)
Proceed from
private
mortgage 6,808,500 -- --
Repayment of
other loan (231,820) -- --
Proceed from
issue of
convertible
notes 1,115,000 -- --
Proceeds from
initial public
offering, net
of share
issuance costs 14,380,467 (451,049) --
Repayment of
mortgage
principal (721,261) (469,921) (2,565,470)
Proceeds
(Repayment) of
shareholder
advance (2,446,085) 5,652,248 (3,995,358)
------------ ------------ -----------
Net cash
provided by
(used in)
financing
activities 63,871,642 17,535,259 (394,778)
------------ ------------ -----------
Effect of
exchange rate
changes on
cash (312,010) 6,522 96,528
------------ ------------ -----------
Net increase
(decrease) in
cash 482,192 (380,927) 1,080,756
Cash and
restricted
cash, beginning
of the year 809,689 1,190,616 109,860
------------ ------------ -----------
Cash and
restricted
cash, end of
the year $ 1,291,881 $ 809,689 $ 1,190,616
============ ============ ===========
SUPPLEMENTAL
DISCLOSURES OF
CASH FLOW
INFORMATION:
Cash paid for
income tax $ 28,753 $ -- $ --
============ ============ ===========
Cash paid for
interest $ 2,538,486 $ 906,398 $ 117,708
============ ============ ===========
View original content:https://www.prnewswire.com/news-releases/visionary-education-technology-holdings-group-inc-reports-fiscal-year-2023-financial-results-301901666.html
SOURCE Visionary Education Technology Holdings Group Inc.
(END) Dow Jones Newswires
August 15, 2023 18:00 ET (22:00 GMT)
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