Visionary Holdings Inc. Reports Fiscal Year 2024 Financial Results
Visionary Holdings Inc. (NASDAQ:GV) reported its fiscal year 2024 financial results, showing revenue growth of 11.2% to $9.4 million. The company achieved a net income of $967,249, compared to a net loss of $3,572,108 in fiscal 2023. This improvement was primarily due to an $8.6 million gain on disposal of rental properties and a $1.9 million gain on fair value assessment of warrants and convertible notes. However, the gross margin decreased to 27.1% from 44.6% in the previous year. The company is undergoing a strategic transformation, shifting focus from traditional education to high technology, life sciences, and AI education. Visionary has made significant progress in AI robotics, biochips, and AI health sectors, with plans for product launches and expansion in these areas.
Visionary Holdings Inc. (NASDAQ:GV) ha riportato i risultati finanziari per l'anno fiscale 2024, mostrando una crescita dei ricavi dell'11,2% a $9,4 milioni. L'azienda ha registrato un reddito netto di $967.249, rispetto a una perdita netta di $3.572.108 nell'anno fiscale 2023. Questo miglioramento è stato principalmente dovuto a un guadagno di $8,6 milioni dalla cessione di proprietà in affitto e a un guadagno di $1,9 milioni sulla valutazione equa di warrant e note convertibili. Tuttavia, il margine lordo è diminuito al 27,1% rispetto al 44,6% dell'anno precedente. L'azienda sta attuando una trasformazione strategica, spostando l'attenzione dalla formazione tradizionale all'alta tecnologia, alle scienze della vita e all'istruzione in intelligenza artificiale. Visionary ha fatto progressi significativi nei settori della robotica AI, dei biochip e della salute AI, con piani per lanci di prodotti ed espansione in queste aree.
Visionary Holdings Inc. (NASDAQ:GV) reportó sus resultados financieros para el año fiscal 2024, mostrando un crecimiento de ingresos del 11.2% hasta $9.4 millones. La empresa logró un ingreso neto de $967,249, en comparación con una pérdida neta de $3,572,108 en el año fiscal 2023. Esta mejora se debió principalmente a una ganancia de $8.6 millones por la venta de propiedades en alquiler y una ganancia de $1.9 millones en la evaluación justa de warrants y notas convertibles. Sin embargo, el margen bruto disminuyó al 27.1% desde el 44.6% del año anterior. La empresa está llevando a cabo una transformación estratégica, cambiando el enfoque de la educación tradicional a la alta tecnología, las ciencias de la vida y la educación en inteligencia artificial. Visionary ha logrado avances significativos en robótica AI, biochips y sectores de salud AI, con planes para lanzamientos de productos y expansión en estas áreas.
비전너리 홀딩스 주식회사 (NASDAQ:GV)는 2024 회계년도 재무 결과를 발표했으며, 매출 성장은 11.2%로 $9.4 백만 달러에 이릅니다. 이 회사는 2023 회계년도에 비해 순이익 $967,249를 달성했으며, 지난 해에는 $3,572,108의 순손실을 기록했습니다. 이러한 개선은 주로 임대 자산 처분에 대한 $8.6 백만 달러의 이익과 보장서 및 전환사채의 공정 가치 평가에 대한 $1.9 백만 달러의 이익 덕분입니다. 그러나 총 이익률은 지난 해 44.6%에서 27.1%로 감소했습니다. 이 회사는 전략적 변환을 진행 중이며, 전통 교육에서 첨단 기술, 생명 과학 및 AI 교육으로 초점을 이동하고 있습니다. 비전너리는 AI 로봇 공학, 바이오 칩 및 AI 헬스 분야에서 상당한 진전을 이루었으며, 이들 분야에서 제품 출시 및 확장 계획을 가지고 있습니다.
Visionary Holdings Inc. (NASDAQ:GV) a publié ses résultats financiers pour l'exercice 2024, montrant une croissance des revenus de 11,2% à 9,4 millions de dollars. L'entreprise a réalisé un bénéfice net de 967 249 $, comparé à une perte nette de 3 572 108 $ pour l'exercice 2023. Cette amélioration est principalement due à un gain de 8,6 millions de dollars sur la cession de biens locatifs et à un gain de 1,9 million de dollars sur l'évaluation à la juste valeur des bons de souscription et des obligations convertibles. Toutefois, le marge brute a diminué à 27,1% contre 44,6% l'année précédente. L'entreprise est en train de mener une transformation stratégique, déplaçant son focus de l'éducation traditionnelle vers les hautes technologies, les sciences de la vie et l'éducation en intelligence artificielle. Visionary a réalisé des progrès significatifs dans les secteurs de la robotique IA, des bio-puces et de la santé IA, avec des projets de lancement de produits et d'expansion dans ces domaines.
Visionary Holdings Inc. (NASDAQ:GV) hat die Finanzresultate für das Geschäftsjahr 2024 veröffentlicht, die ein Umsatzwachstum von 11,2% auf $9,4 Millionen zeigen. Das Unternehmen erzielte ein Nettoeinkommen von $967.249, verglichen mit einem Nettoverlust von $3.572.108 im Geschäftsjahr 2023. Diese Verbesserung war hauptsächlich auf einen Gewinn von $8,6 Millionen aus dem Verkauf von Mietobjekten und einen Gewinn von $1,9 Millionen aus der fairen Wertermittlung von Optionen und wandelbaren Anleihen zurückzuführen. Der Bruttogewinnsatz fiel jedoch auf 27,1%, im Vergleich zu 44,6% im Vorjahr. Das Unternehmen durchläuft eine strategische Transformation und verlagert den Fokus von traditioneller Bildung auf Hochtechnologie, Lebenswissenschaften und Bildung im Bereich KI. Visionary hat bedeutende Fortschritte in den Bereichen KI-Robotik, Biochips und KI-Gesundheit erzielt und plant Produkteinführungen und Expansion in diesen Bereichen.
- Revenue increased by 11.2% to $9.4 million in fiscal 2024
- Net income of $967,249 in fiscal 2024, compared to a net loss of $3,572,108 in fiscal 2023
- Gain of $8.6 million on disposal of four rental properties
- Strategic transformation into high technology, life sciences, and AI education sectors
- Advancements in AI robotics with over 100 core technology patents
- Progress in biochip development with plans for large-scale production by 2025
- Gross margin decreased to 27.1% in fiscal 2024 from 44.6% in fiscal 2023
- Professional fees increased by 200.2% to $2,907,676 in fiscal 2024
- Interest expense increased by $2.8 million to $5.8 million in fiscal 2024
- Net cash used in operating activities increased to $4.1 million in fiscal 2024
- Deferred revenue decreased by approximately $0.4 million in fiscal 2024
Insights
Visionary Holdings Inc.'s fiscal 2024 results show a mixed performance. While revenues increased by
Key concerns include:
- Declining gross margins despite revenue growth
- Substantial increase in professional fees (
200.2% ) - Rising interest expenses (
$5.8 million , up from$3 million ) - Negative cash flow from operations (
-$4.1 million )
Visionary's strategic pivot towards high-tech and AI is noteworthy, but details on concrete achievements are The claim of over 100 core technology patents in AI-integrated robotics is impressive, yet financial impact remains unclear. The company's focus on AI education, robotics and cultural tourism applications shows potential, but lacks specific revenue or growth metrics.
The biochip development with the University of British Columbia and Bio-Ran Biotechnology Group sounds promising, but the 2025 product launch timeline suggests a long runway before potential returns. The vague mentions of "breakthroughs" in AI health without tangible metrics or partnerships raise questions about the real progress in this sector.
Investors should seek more concrete data on the tech initiatives' financial contributions and development milestones to assess the viability of this strategic shift.
The transition from traditional education to a high-tech focus marks a significant shift for Visionary. While the company maintains its education segment, the emphasis on AI education and industry-education integration projects signals a modernization effort. However, the financial results show challenges:
- Tuition income only increased by
1.4% to$1.4 million - Decreased enrollment led to a
$0.4 million drop in deferred revenue - Salaries and compensations decreased by
28.5% , potentially affecting educational quality
The company's focus on vocational education in AI, film and animation aligns with industry trends, but concrete partnerships and enrollment figures are needed to assess the strategy's effectiveness. The education sector's transformation will require significant investment and time to yield results, posing near-term challenges for this business segment.
Fiscal Year 2024 Financial Highlights
- Revenues increased by
$0.9 million 11.2% , to approximately$9.4 million $8.4 million - Gross margin was
27.1% in fiscal 2024, as compared with44.6% in fiscal 2023. - Net income of
$967,249 $3,572,108
Fiscal Year 2024 Financial Results
Revenues
Revenues increased by
Revenue from rent increased by
Revenue from tuition income increased by
Gross profit and Gross Margin
Our gross profit decreased by
General and administrative expenses
General and administrative expenses decreased by
Professional fees
Professional fees increased by
Salaries and compensations
Salaries and compensations decreased by
Interest expense, net
Interest expense increased by
Government subsidies
We received $nil,
Impairment expenses
In fiscal 2024, we recorded impairment loss of
Warrants expense
We recorded
Loss on convertible debenture valuation
In fiscal 2023, we recorded loss of
Other income
We had other income of
Loss before income taxes
We had income before income taxes of approximately
Recovery for current and deferred income taxes
We had no provision of current income tax in fiscal 2024 due to losses carried forward from prior years, as compared to an income tax recovery of
Net income (loss)
We had net income of
Balance Sheet
As of March 31, 2024, the Company had cash balance of
Cash Flow
Net cash used in operating activities was approximately
- Prepayments and other receivable increased by approximately
$0.7 million $0.4 million China in fiscal 2022. - Deferred revenue decreased by approximately
$0.4 million $0.9 million - Plus:
We had net loss of$3.7 million $0.7 million
Net cash provided by investing activities was approximately
Net cash used in financing activities was approximately
Recent Development
On August 9, 2024, the board of directors held a special meeting of shareholders, seeking and having received the approval of shareholders for the following proposals: 1. to authorize an amendment of the articles of incorporation of the Company (The "Articles") to create the voting Class A and Class B Common Stock and the non-voting Class C Capital Stock, 2. to authorize an amendment of the Articles to authorize the board of the directors of the Company to issue in series and establish the rights, preferences and limitations of the Preference Shares of the Company, as detailed in the accompanying proxy statement and Appendix B thereto, 3. to authorize the increase of the number of directors from five (5) to nine (9), within the range specified in the Articles of a minimum of one (1) and a maximum of ten (10) directors, 4. to authorize the board of the directors of the Company to convert all of the shares held by Shareholder 3888 Investment Group Limited into Class B Common Stock, 5. to authorize the board of directors to approve the issuance of Class A Common Stock and Class C Capital Stock, aimed at developing the Company's business and to create greater value for Shareholders, 6. To transact such other business as may properly be brought before the Special Meeting or any adjournment thereof.
On July 18, 2024, as reported on the Form 6-K filed with the SEC on July 19, 2024, the board of directors of the Company confirmed its decision, initially made on June 6, 2024, to appoint Zhong Chen, the Company's chief executive officer and chief financial officer, as a director of the Company.
On July 18, 2024, Mr. Marc Kealey, a director of the Company, was appointed as successor member of Audit Committee, Nominating Committee, Compensation Committee, succeeding the previous member, Mr. Michael Viotto. Mr. Kealey is an independent director under the applicable rules and regulations of the Securities and Exchange Commission and rules of Nasdaq. He does not have a family relationship with any director or executive officer of the Company and has not been involved in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of Regulation S-K. There are no arrangements or understandings with major shareholders, customers, suppliers or others pursuant to which Mr. Kealey was selected as a director.
On July 10, 2024, as reported on the Form 6-K filed with the SEC on July 19, 2024, Mr. Michael Viotto resigned as a director and a member of the Audit Committee, the Compensation Committee and the Nominating Committee of the Company. Mr. Viotto's decision to resign did not arise or result from any disagreement with the Company.
On May 29, 2024 the Company effected a share consolidation of its ordinary shares at a ratio of one (1) post-split ordinary share for every fifteen (15) pre-split ordinary shares (the "Share Consolidation") so that every fifteen (15) shares issued and outstanding will be combined into one (1) share. Any fractional share of a shareholder resulting from the Share Consolidation will be rounded up to the nearest whole number of shares. The Share Consolidation reduced the issued and outstanding number of ordinary shares of the Company from 55,368,883 shares to approximately 3,691,259 shares.
On May 6, 2024, as reported on the Form 6-K filed with the SEC on May 15, 2024, the board of the Company appointed Mr. Zhong Chen, the Company's chief executive officer, as its new chief financial officer, effective immediately. Mr. Chen's employment agreement with the Company, dated April 23, 2024, remains the same.
On April 22, 2024, as reported on the Form 6-K filed with the SEC on April 24, 2024, the Board appointed Mr. Zhong Chen as its new chief executive officer, effective immediately. On April 23, 2024, the Company entered into the Agreement of Employment with Mr. Chen, which became effective on the same day. Pursuant to the Agreement, Mr. Chen will receive an annual salary of
On April 10, 2024, as reported on the Form 6-K filed with the SEC on April 24, 2024, Mr. Ransom Wu notified the Company of his resignation as its chief executive officer, effective immediately. Mr. Wu's resignation did not result from any disagreement or disputes with the Company.
On March 11, 2024, Visionary Biotechnology Group Inc., the joint venture company, was incorporated in
On March 4, 2024, the Company appointed YCM CPA Inc. as successor auditor of the Company and for the fiscal year ending March 31, 2024.
On March 4, 2024, MNP LLP resigned as the Company's independent certified public accounting firm effective as of March 4, 2024.
On February 28, 2024, the Company entered into a joint venture agreement with a group of unrelated parties to form a new company, in which, the Company hold a
On February 9, 2024, as reported on the Form 6-K filed with the SEC on May 15, 2024, Katy Liu notified the Company of her resignation as its chief financial officer, effective May 6, 2024. Ms. Liu's resignation did not result from any disagreement or disputes with the Company.
Visionary initiated a strategic transformation in September 2023. Transitioning from traditional education to high technology, life sciences, and AI education, after over six months of efforts, we have successfully executed this strategic transformation objectives.
These objectives are outlined below:
In September 2023, the Company transitioned from traditional education to focus on three major business sectors: high technology, life sciences, and education. We plan to deeply cultivate these three sectors in the future, adhering to the principle of refined management, and rapidly advancing the development of these sectors through global mergers and acquisitions. Visionary has achieved significant success in the field of artificial intelligence, with a focus on AI education and robotics. It is a leading high-tech company specializing in AI software-integrated robotics, with its business covering AI education, AI science popularization, cultural tourism, and consumer robots. The company holds over 100 core technology patents, and its products are sold in more than 30 countries.
In the life sciences sector, Visionary has made major breakthroughs in the fields of biochips and AI health. In the biochip domain, it has achieved significant results through collaboration with renowned biologists, expert professors from the University of
In the AI health sector, Visionary has also made breakthroughs and is actively advancing specific projects in both
In the traditional education sector, Visionary places great emphasis on innovation, particularly promoting AI education and developing industry-education integration projects. The company values the development of vocational education, especially in the areas of AI in film, animation, industry cooperation, and vocational education. Visionary actively collaborates with leading institutions in the U.S. and
About Visionary Holdings Inc.
Visionary Holdings Inc. headquartered in
Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "believes," "expects," "anticipates," "estimates," "intends," "would," "continue," "should," "may," or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC.
For more information, please contact:
Visionary Education Technology Holdings Group Inc.
Investor Relations Department
Email: ir@farvision.ca
VISIONARY HOLDINGS INC.
("FORMERLY KNOWN AS "VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP, INC.")
CONSOLIDATED BALANCE SHEETS
(IN
March 31, | ||||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 620,910 | $ | 651,490 | ||||
Restricted cash – Current | – | 500,000 | ||||||
Short-term investments | – | 51,723 | ||||||
Accounts receivable, net | 20,472 | 89,248 | ||||||
Prepaid and other receivable | 1,375,957 | 525,429 | ||||||
Due from related parties | 76,888 | 191,595 | ||||||
Assets held for sale | – | 20,335,836 | ||||||
Total current assets | 2,094,227 | 22,345,321 | ||||||
Restricted cash – non-current | 152,434 | 140,391 | ||||||
Property, plant and equipment, net | 83,581,322 | 69,568,551 | ||||||
Right of use assets | 41,783 | 690,932 | ||||||
Intangible assets, net | 933,642 | 966,533 | ||||||
Acquisition deposits | – | 760,000 | ||||||
Deferred tax assets | 105,334 | 778,552 | ||||||
Goodwill | 950,959 | 951,346 | ||||||
TOTAL ASSETS | $ | 87,859,701 | $ | 96,201,626 | ||||
LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 1,187,480 | $ | 1,025,892 | ||||
Accrued liabilities | 2,253,851 | 1,820,872 | ||||||
Other tax payable | 616,358 | 932,402 | ||||||
Due to related parties | 326,640 | 4,165,912 | ||||||
Deferred revenue | 968,676 | 1,321,673 | ||||||
Lease liability - current | 15,931 | 196,996 | ||||||
Liabilities related to assets held for sale | – | 19,709,383 | ||||||
Bank loans - current | 62,423,441 | 47,694,700 | ||||||
Other loan payable- current | 488,692 | 467,976 | ||||||
Convertible notes | – | 1,214,375 | ||||||
Derivative liability - current | – | 378,132 | ||||||
Income tax payable | 1,399,244 | 1,528,630 | ||||||
Total current liabilities | 69,680,313 | 80,456,943 | ||||||
Deferred tax liabilities | 126,051 | 225,060 | ||||||
Lease liability, non-current | 25,852 | 493,936 | ||||||
Other loan payable, non-current | 252,476 | 741,469 | ||||||
Derivative liability, non-current | 29,075 | 1,565,570 | ||||||
TOTAL LIABILITIES | 70,113,767 | 83,482,978 | ||||||
Commitments | – | – | ||||||
EQUITY | ||||||||
Common shares, no par value, unlimited shares authorized, 3,437,926 and 2,616,666 issued and outstanding* as of March 31, 2024 and 2023, respectively | – | – | ||||||
Additional paid-in capital | 17,719,755 | 14,106,238 | ||||||
Accumulated deficit | 136,191 | (886,765) | ||||||
Accumulated other comprehensive loss | (93,967) | (549,736) | ||||||
Total shareholders' equity attributable to the Company | 17,761,979 | 12,669,737 | ||||||
Noncontrolling interest | (16,045) | 48,911 | ||||||
Total shareholders' equity | 17,745,934 | 12,718,648 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 87,859,701 | $ | 96,201,626 | ||||
* Retroactively restated for effect of recapitalization and share consolidation on May 29, 2024 | ||||||||
VISIONARY HOLDINGS INC.
("FORMERLY KNOWN AS "VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP, INC.")
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS)
(IN
For the Years Ended March 31, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Revenue – rent | $ | 8,019,186 | $ | 7,090,140 | $ | 2,298,198 | ||||||
Revenue – tuition | 1,361,799 | 1,342,371 | 669,442 | |||||||||
Revenue – construction | – | – | 8,117 | |||||||||
Revenue – sales of land | – | – | 2,272,704 | |||||||||
Total Revenues | 9,380,985 | 8,432,511 | 5,248,461 | |||||||||
Cost of revenue – rent | 6,325,094 | 3,899,012 | 1,322,188 | |||||||||
Cost of revenue – tuition | 516,042 | 770,179 | 319,913 | |||||||||
Cost of revenue – construction | – | – | 4,663 | |||||||||
Cost of revenue – sales of land | – | – | 990,261 | |||||||||
Total cost of revenues | 6,841,136 | 4,669,191 | 2,637,025 | |||||||||
Gross Profit | 2,539,849 | 3,763,320 | 2,611,436 | |||||||||
Operating expenses: | ||||||||||||
General and administrative expenses | 1,148,172 | 1,227,424 | 437,278 | |||||||||
Professional fees | 2,907,676 | 968,435 | 350,636 | |||||||||
Salaries | 812,388 | 1,136,676 | 792,546 | |||||||||
Total operating expenses | 4,868,236 | 3,332,535 | 1,580,460 | |||||||||
(Loss) Income from operations | (2,328,387) | 430,785 | 1,030,976 | |||||||||
Other (expense) income | ||||||||||||
Interest expense | (5,835,449) | (2,955,008) | (906,398) | |||||||||
Accretion interest | (285,625) | (320,497) | – | |||||||||
Impairment loss | (49,784) | – | (379,165) | |||||||||
Gain on disposal of properties | 8,614,079 | – | – | |||||||||
Government subsidies | – | 109,723 | 490,171 | |||||||||
Change in fair value of derivative liability | 1,536,494 | (1,565,570) | – | |||||||||
Change in fair value of convertible debenture | 367,663 | (157,010) | – | |||||||||
Loss on disposal of subsidiaries | (163,405) | – | – | |||||||||
Loss on investment deposit | (336,892) | – | – | |||||||||
Other income | 22,764 | 23,605 | 20,709 | |||||||||
Total other (expense) income, net | 3,869,845 | (4,864,757) | (774,683) | |||||||||
Income (loss) before income taxes | 1,541,458 | (4,433,972) | 256,293 | |||||||||
Provision for income taxes - current | – | 64,768 | (312,767) | |||||||||
Recovery for income taxes - deferred | (574,209) | 797,096 | – | |||||||||
Net income (loss) | 967,249 | (3,572,108) | (56,474) | |||||||||
Less: net (loss) attributable to noncontrolling interest | (55,707) | (97,596) | (66,223) | |||||||||
Net income (loss) attributable to Visionary Holdings Inc. | 1,022,956 | (3,474,512) | 9,749 | |||||||||
Other comprehensive income (loss): | ||||||||||||
Foreign currency translation gain (loss) | 457,057 | (750,768) | 26,333 | |||||||||
Comprehensive income (loss) | 1,424,306 | (4,322,876) | (30,141) | |||||||||
Less: comprehensive (loss) attributable to noncontrolling interest | (54,419) | (113,451) | (61,774) | |||||||||
Comprehensive income (loss) attributable to Visionary Holdings Inc. | $ | 1,478,725 | $ | (4,209,425) | $ | 31,633 | ||||||
Earnings (Loss) Per Share - Basic | $ | 0.32 | $ | (1.34) | $ | (0.00) | ||||||
Weighted Average Shares Outstanding - Basic* | 3,229,524 | 2,579,304 | 2,333,333 | |||||||||
Earnings (Loss) Per Share - Diluted | $ | 0.32 | $ | (1.34) | $ | (0.00) | ||||||
Weighted Average Shares Outstanding - Diluted* | 3,241,900 | 2,579,304 | 2,333,333 | |||||||||
* Retroactively restated for effect of recapitalization and share consolidation on May 29, 2024 | ||||||||||||
VISIONARY HOLDINGS INC.
("FORMERLY KNOWN AS "VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP, INC.")
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN
For the Years Ended March 31, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | 967,249 | $ | (3,572,108) | $ | (56,474) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 2,409,762 | 1,361,211 | 494,729 | |||||||||
Gain recognized on government subsidy | – | – | 22,883 | |||||||||
Gain on disposal of tangible assets | (8,614,079) | – | – | |||||||||
Amortization on finance fee on bank loan | 332,333 | 173,180 | – | |||||||||
Amortization of intangible assets | 32,630 | 33,285 | – | |||||||||
Change in fair value of warrant liability | (1,536,494) | 1,565,570 | – | |||||||||
Loss on disposal of subsidiaries | 163,405 | – | – | |||||||||
Change in fair value of convertible debenture | (367,663) | 157,010 | – | |||||||||
Stock based compensation | 1,954,880 | – | – | |||||||||
Deferred income tax recovery | 574,209 | (797,096) | – | |||||||||
Accretion cost | 285,625 | 320,497 | – | |||||||||
Impairment loss on tangible assets | 49,784 | – | – | |||||||||
Impairment loss on intangible assets and goodwill | – | – | 379,165 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | 69,019 | (89,812) | 202,741 | |||||||||
Accounts receivable from related party | – | 113,504 | 167,550 | |||||||||
Inventories | – | – | 842,346 | |||||||||
Prepayments and other current assets | (854,197) | (368,129) | (97,322) | |||||||||
Due from related party | 115,095 | 99,334 | 2,114,745 | |||||||||
Accounts payables | 162,663 | 787,029 | 227,370 | |||||||||
Accrued liabilities | 951,340 | 50,206 | 854,071 | |||||||||
Other tax payable | (316,940) | (401,894) | 406,999 | |||||||||
Deferred revenue | (353,892) | 849,778 | 329,113 | |||||||||
Taxes payable | (128,405) | 54,354 | 473,607 | |||||||||
Net cash (used in) provided by operating activities | (4,103,676) | 335,919 | 6,361,523 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of business | – | – | (471,550) | |||||||||
Acquisition deposit | – | – | (17,016,884) | |||||||||
Purchase of property, plant and equipment | (1,310,842) | (62,701,573) | – | |||||||||
Proceeds from disposal of property, plant and equipment | 13,925,765 | – | – | |||||||||
Purchase additional shares from NCI | – | (75,650) | – | |||||||||
Loan advance to related parties | – | – | 425,770 | |||||||||
Refund of land deposit | – | – | 52,668 | |||||||||
Short-term investment | 51,912 | – | (55,860) | |||||||||
Loan advance from (to) unrelated parties | – | 123,864 | (2,979) | |||||||||
Refund from (payment to) acquisition deposits | 411,479 | (760,000) | (7,215,396) | |||||||||
Net cash provided by (used in) investing activities | 13,078,314 | (63,413,359) | (24,284,231) | |||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from bank loan | – | 22,506 | 85,909 | |||||||||
Proceeds from mortgage | 815,760 | 45,390,000 | 12,768,000 | |||||||||
Finance costs on mortgage | (74,160) | (445,665) | (49,928) | |||||||||
Proceed from private mortgage | – | 6,808,500 | – | |||||||||
Repayment of other loan | (469,687) | (231,820) | – | |||||||||
Proceed (repayment) from issue of convertible notes | (1,500,000) | 1,115,000 | – | |||||||||
Proceeds from initial public offering, net of share issuance costs | – | 14,380,467 | – | |||||||||
Proceeds from share issuance for convertible note | 1,658,637 | – | – | |||||||||
Deferred offering costs | – | – | (451,049) | |||||||||
Proceeds from an employee loan | 324,079 | – | – | |||||||||
Repayment of mortgage principal | (6,057,252) | (721,261) | (469,921) | |||||||||
Proceeds (repayment) of shareholder advance | (4,175,967) | (2,446,085) | 5,652,248 | |||||||||
Net cash (used in) provided by financing activities | (9,478,590) | 63,871,642 | 17,535,259 | |||||||||
Effect of exchange rate changes on cash | (14,585) | (312,010) | 6,522 | |||||||||
Net (decrease) increase in cash | (518,537) | 482,192 | (380,927) | |||||||||
Cash and restricted cash, beginning of the year | 1,291,881 | 809,689 | 1,190,616 | |||||||||
Cash and restricted cash, end of the year | $ | 773,344 | $ | 1,291,881 | $ | 809,689 | ||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid for income tax | $ | 128,405 | $ | 28,753 | $ | – | ||||||
Cash paid for interest | $ | 5,835,450 | $ | 2,538,486 | $ | 906,398 | ||||||
NON-CASH ITEMS | ||||||||||||
Disposal of subsidiaries | $ | 74,160 | $ | – | $ | – | ||||||
View original content:https://www.prnewswire.com/news-releases/visionary-holdings-inc-reports-fiscal-year-2024-financial-results-302223910.html
SOURCE Visionary Holdings Inc.
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