Exhibit 99.1
VISIONARY HOLDINGS INC.
(“FORMERLY KNOWN AS “VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP, INC.”)
INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(IN U.S. DOLLARS)
| September 30, | March 31, | |||||||
| 2023 | 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash | $ | 429,493 | $ | 651,490 | ||||
| Restricted cash – Current | 500,000 | 500,000 | ||||||
| Short-term investments | 51,772 | 51,723 | ||||||
| Accounts receivable, net | 69,781 | 89,248 | ||||||
| Prepaid and other receivable | 839,541 | 525,429 | ||||||
| Due from related parties | 187,832 | 191,595 | ||||||
| Assets held for sale | 16,269,985 | 20,335,836 | ||||||
| Total current assets | 18,348,404 | 22,345,321 | ||||||
| Restricted cash – non-current | 143,397 | 140,391 | ||||||
| Property, plant and equipment, net | 68,050,707 | 69,568,551 | ||||||
| Right of use assets | 625,748 | 690,932 | ||||||
| Intangible assets, net | 951,177 | 966,533 | ||||||
| Acquisition deposits | 2,449,600 | 760,000 | ||||||
| Deferred tax assets | 76,030 | 778,552 | ||||||
| Goodwill | 952,247 | 951,346 | ||||||
| TOTAL ASSETS | $ | 91,597,310 | $ | 96,201,626 | ||||
| LIABILITIES AND EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 904,537 | $ | 1,025,892 | ||||
| Accrued liabilities | 2,138,070 | 1,820,872 | ||||||
| Other tax payable | 1,066,231 | 932,402 | ||||||
| Due to related parties | 7,577 | 4,165,912 | ||||||
| Deferred revenue | 972,870 | 1,321,673 | ||||||
| Lease liability - current | 197,183 | 196,996 | ||||||
| Liabilities related to assets held for sale | 14,078,194 | 19,709,383 | ||||||
| Bank loans - current | 47,768,142 | 47,694,700 | ||||||
| Other loan payable- current | 479,033 | 467,976 | ||||||
| Convertible notes | – | 1,214,375 | ||||||
| Derivative liability - current | – | 378,132 | ||||||
| Income tax payable | 1,989,981 | 1,528,630 | ||||||
| Total current liabilities | 69,601,818 | 80,456,943 | ||||||
| Deferred tax liabilities | 128,591 | 225,060 | ||||||
| Lease liability, non-current | 428,564 | 493,936 | ||||||
| Other loan payable, non-current | 500,169 | 741,469 | ||||||
| Derivative liability, non-current | 44,760 | 1,565,570 | ||||||
| TOTAL LIABILITIES | 70,703,902 | 83,482,978 | ||||||
| Commitments | ||||||||
| EQUITY | ||||||||
| Common shares, no par value, unlimited shares authorized, 51,568,883 and 39,250,000 issued and outstanding as of September 30, 2023 and March 31, 2023, respectively and additional paid-in capital | 18,359,755 | 14,106,238 | ||||||
| (Deficits) retained earnings | 3,153,027 | (886,765 | ) | |||||
| Accumulated other comprehensive (loss) income | (579,306 | ) | (549,736 | ) | ||||
| Total shareholders’ equity attributable to the Company | 20,933,476 | 12,669,737 | ||||||
| Noncontrolling interest | (40,068 | ) | 48,911 | |||||
| Total shareholders’ equity | 20,893,408 | 12,718,648 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 91,597,310 | $ | 96,201,626 | ||||
| 1 |
VISIONARY HOLDINGS INC.
(“PREVIOUSLY KNOWN AS “VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP, INC.”)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
AND COMPREHENSIVE INCOME
(IN U.S. DOLLARS)
| For the Six Months Ended September 30, | ||||||||
| 2023 | 2022 | |||||||
| Revenue – rent | $ | 4,473,767 | $ | 1,339,546 | ||||
| Revenue – tuition | 480,551 | 524,944 | ||||||
| Total Revenues | 4,954,318 | 1,864,490 | ||||||
| Cost of revenue – rent | 3,065,775 | 675,438 | ||||||
| Cost of revenue – tuition | 196,744 | 155,729 | ||||||
| Total cost of revenues | 3,262,519 | 831,167 | ||||||
| Gross Profit | 1,691,799 | 1,033,323 | ||||||
| Operating expenses: | ||||||||
| General and administrative expenses | 734,905 | 661,418 | ||||||
| Professional fees | 2,422,314 | 310,603 | ||||||
| Salaries | 445,289 | 807,334 | ||||||
| Total operating expenses | 3,602,508 | 1,779,355 | ||||||
| Loss from operations | (1,910,709 | ) | (746,032 | ) | ||||
| Other (expense) income | ||||||||
| Interest expense | (2,822,917 | ) | (506,036 | ) | ||||
| Accretion interest | (285,625 | ) | – | |||||
| Gain on disposal of properties | 8,741,559 | – | ||||||
| Gain (loss) on warrants | 880,810 | – | ||||||
| Loss on derivative liabilities valuation | 367,663 | (1,536,419 | ) | |||||
| Government subsidies | – | 84,258 | ||||||
| Other income | 71,831 | 28,155 | ||||||
| Total other (expense) income, net | 6,953,321 | (1,930,042 | ) | |||||
| (Loss) income before income taxes | 5,042,612 | (2,676,074 | ) | |||||
| Provision for income taxes | (1,092,507 | ) | (99,169 | ) | ||||
| Net (loss) income | 3,950,105 | (2,775,243 | ) | |||||
| Less: net loss (income) attributable to noncontrolling interest | (89,687 | ) | 54,230 | |||||
| Net (loss) income attributable to Visionary Education Technology Holdings Group | 4,039,792 | (2,721,013 | ) | |||||
| Other comprehensive income (loss) : | ||||||||
| Foreign currency translation loss | (28,862 | ) | (1,145,693 | ) | ||||
| Comprehensive income (loss) | 3,921,243 | (3,920,936 | ) | |||||
| Less: comprehensive loss attributable to noncontrolling interest | (88,979 | ) | (74,630 | ) | ||||
| Comprehensive income (loss) attributable to Visionary Education Technology Holdings Group | $ | 4,010,222 | $ | (3,846,306 | ) | |||
| Earnings (Loss) Per share | ||||||||
| Basic and diluted | $ | 0.09 | $ | (0.07 | ) | |||
| Weighted Average Shares Outstanding | ||||||||
| Basic and diluted | 45,316,834 | 38,112,022 | ||||||
| 2 |
