Visionary : Unaudited Consolidated Interim Financial Information for the Six Months Ended September 30, 2023 - Form 6-K

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

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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

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