Exhibit 99.1
VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC.
INTERIM CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN U.S. DOLLARS)
| September 30, | March 31, | |||||||
| 2022 | 2022 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash | $ | 222,073 | $ | 741,868 | ||||
| Short-term investments | 51,072 | 56,021 | ||||||
| Accounts receivable, net | 23,419 | 1,653 | ||||||
| Prepaid and other receivable | 312,550 | 179,647 | ||||||
| Due from related parties | 301,160 | 432,676 | ||||||
| Loan receivable - current | – | 131,036 | ||||||
| Total current assets | 910,274 | 1,542,901 | ||||||
| Restricted cash – non-current | 638,624 | 67,821 | ||||||
| Property, plant and equipment, net | 89,299,162 | 23,240,470 | ||||||
| Right of use assets | 778,231 | 958,477 | ||||||
| Intangible assets, net | 986,470 | 1,082,061 | ||||||
| Acquisition deposits | 410,000 | 7,364,241 | ||||||
| Goodwill | 939,372 | 1,030,399 | ||||||
| Deferred offering cost | – | 940,214 | ||||||
| TOTAL ASSETS | $ | 93,962,133 | $ | 36,226,584 | ||||
| LIABILITIES AND EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 327,250 | $ | 278,544 | ||||
| Accrued liabilities | 2,599,661 | 1,465,318 | ||||||
| Other tax payable | 507,867 | 1,435,045 | ||||||
| Due to related parties | 10,573,269 | 7,219,022 | ||||||
| Deferred revenue | 496,937 | 532,520 | ||||||
| Lease liability - current | 194,516 | 211,600 | ||||||
| Bank loans - current | 629,512 | 542,264 | ||||||
| Convertible notes | 1,140,063 | – | ||||||
| Derivative liability - current | 443,208 | – | ||||||
| Income tax payable | 1,594,912 | 1,598,153 | ||||||
| Total current liabilities | 18,507,195 | 13,282,466 | ||||||
| Deferred tax liabilities | 222,227 | 243,762 | ||||||
| Lease liability, non-current | 583,715 | 746,877 | ||||||
| Bank loans, non-current | 59,886,557 | 18,278,316 | ||||||
| Derivative liability, non-current | 1,314,333 | – | ||||||
| TOTAL LIABILITIES | 80,514,027 | 32,551,421 | ||||||
| Commitments | ||||||||
| EQUITY | ||||||||
| Common shares, no par value, unlimited shares authorized, 39,250,000 and 35,000,000 issued and outstanding as of September 30, 2022 and March 31, 2022, respectively* | – | – | ||||||
| Additional paid-in capital | 14,427,877 | 665,985 | ||||||
| (Deficits) retained earnings | (133,266 | ) | 2,587,747 | |||||
| Accumulated other comprehensive (loss) income | (940,114 | ) | 185,179 | |||||
| Total shareholders’ equity attributable to the Company | 13,354,497 | 3,438,911 | ||||||
| Noncontrolling interest | 93,609 | 236,252 | ||||||
| Total shareholders’ equity | 13,448,106 | 3,675,163 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 93,962,133 | $ | 36,226,584 | ||||
| * | Retroactively restated for effect of recapitalization |
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VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC.
INTERIM CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
AND COMPREHENSIVE INCOME
(IN U.S. DOLLARS)
| For the Six Months Ended September 30, | ||||||||
| 2022 | 2021 | |||||||
| Revenue – rent | $ | 1,339,546 | $ | 1,169,842 | ||||
| Revenue – tuition | 524,944 | 360,124 | ||||||
| Revenue – construction | – | 6,378 | ||||||
| Revenue – sales of land | – | 1,702,280 | ||||||
| Total Revenues | 1,864,490 | 3,238,624 | ||||||
| Cost of revenue – rent | 675,438 | 564,596 | ||||||
| Cost of revenue – tuition | 155,729 | 181,592 | ||||||
| Cost of revenue – sales of land | – | 739,376 | ||||||
| Total cost of revenues | 831,167 | 1,485,564 | ||||||
| Gross Profit | 1,033,323 | 1,753,060 | ||||||
| Operating expenses: | ||||||||
| General and administrative expenses | 661,418 | 141,698 | ||||||
| Professional fees | 310,603 | 265,749 | ||||||
| Salaries | 807,334 | 470,589 | ||||||
| Total operating expenses | 1,779,355 | 878,036 | ||||||
| (Loss) income from operations | (746,032 | ) | 875,024 | |||||
| Other (expense) income | ||||||||
| Interest expense | (506,036 | ) | (416,003 | ) | ||||
| Government subsidies | 84,258 | 440,984 | ||||||
| Loss on derivative liabilities valuation | (1,536,419 | ) | – | |||||
| Other income | 28,155 | – | ||||||
| Total other (expense) income, net | (1,930,042 | ) | 24,981 | |||||
| (Loss) income before income taxes | (2,676,074 | ) | 900,005 | |||||
| Provision for income taxes - current | (99,169 | ) | (261,657 | ) | ||||
| Net (loss) income | (2,775,243 | ) | 638,348 | |||||
| Less: net loss (income) attributable to noncontrolling interest | 54,230 | (46,457 | ) | |||||
| Net (loss) income attributable to Visionary Education Technology Holdings Group | (2,721,013 | ) | 591,891 | |||||
| Other comprehensive (loss) income: | ||||||||
| Foreign currency translation loss | (1,145,693 | ) | (61,280 | ) | ||||
| Comprehensive (loss) income | (3,920,936 | ) | 577,068 | |||||
| Less: comprehensive loss (income) attributable to noncontrolling interest | 74,630 | (43,446 | ) | |||||
| Comprehensive (loss) income attributable to Visionary Education Technology Holdings Group | $ | (3,846,306 | ) | $ | 533,622 | |||
| (Loss)Earnings Per share | ||||||||
| Basic and diluted | $ | (0.07 | ) | $ | 0.02 | |||
| Weighted Average Shares Outstanding* | ||||||||
| Basic and diluted | 38,112,022 | 35,000,000 | ||||||
| * | Retroactively restated for effect of recapitalization |
| 2 |
