Genius Group Limited (NYSE American: GNS) (“Genius Group” or the
“Company”), a leading entrepreneur edtech and education group,
today announced its financial results for the full year 2022.
Full Year 2022 Financial
Highlights
- Revenue growth of 119% to $18.2
million in 2022 from 2021 revenues of $ 8.3 million
- Revenues on pro-forma basis of
$28.1 million in 2022
- Gross margin of 47% in 2022,
compared to a gross margin of 33% in 2021
- Pro forma gross margin of 53% in
2022
- Net loss of ($55.3 million) in 2022
compared to net loss of ($4.5 million) in 2021 and pro forma net
loss of ($54.9 million) in 2022, partially due to the Company’s
annual valuation testing of its goodwill and intangible asset fair
market values,
- Adjusted EBITDA net loss of ($7.8
million) in 2022 compared to an adjusted EBITDA net loss of ($2.3
million) in 2021 and pro forma adjusted EBITDA net loss of ($7.3
million) in 2022
- Cash and equivalent as of December
31, 2022, of $5.7 million compared to $1.8 million as of December
31, 2021
- Total assets of $91.3 million as of
December 31, 2022 compared to $17.6 million as of December 31,
2021
- Intangible assets of $16.1 million
as of December 31, 2022 compared to $1.4 million as of December 31,
2021 as a result of the acquisitions completed this year
- Goodwill of $31.7 million as of
December 31, 2022 compared to $1.3 million as of December 31, 2021
as a result of the acquisitions completed this year
- $36.5 million in derivative
liabilities as of December 31, 2022 due to $12.5 million in
contingent consideration and $24.0 million in options
2022 Student and Partner
Growth Highlights
The Company exceeded its growth targets for
students and partners:
- Students and users growth of 58%,
from 2.8 million students at the end of 2021 to 4.5 million
students and users at the end of 2022, representing an average
daily growth of 4,452 new students and users per day
- Paying students and users growth of
137%, from 72,422 students and users at the end of 2021 to 171,919
paying students and users at the end of 2022, representing an
average daily growth of 272 new paying students and users per
day
- Partner growth of 29% from 11,414
at the end of 2021 to 14,760 at the end of 2022
Roger Hamilton, CEO of Genius Group, commented:
“Genius Group has had a transformative year since its IPO in April
2022. We completed the acquisitions of 5 companies, grew at a
significantly faster rate than the Edtech industry1, signed
strategic partnerships and established an experienced leadership
team to drive the growth of Genius Group and its subsidiaries. We
plan to continue on this growth trajectory in 2023 as we attract
new free and paying students, sign new partnerships, further
integrate our past acquisitions and pursue our acquisition
strategy.”
2022 Strategic and Operational Highlights
- IPO of Genius Group on the NYSE
American in April 2022
- Appointment of experienced
leadership team and Board members including Erez Simha, Rav Karwal,
Tim Murphy and Richard Berman
- Entered into a Securities Purchase
Agreement for the sale of $18.1 million principal amount of Senior
Secured Convertible Notes in a private placement with an
institutional investor for a purchase price of $17 million
- Completed the acquisitions of
Education Angels, Property Investors Network Ltd, E-Square
Education Enterprises (Pty) Ltd, the University of Antelope Valley
Inc and Revealed Films Inc
- Continued growth of GeniusU edtech
platform with students in 200 countries
- Expanded entrepreneur education
offering from entrepreneurs and investors to a lifelong learning
pathway from early age to 100 years old
- Launched Entrepreneur Campus and
Investor Campus, with Global Summits featuring New York Times
Bestselling Authors and Social Media Thought Leaders.
Recent Strategic and Operational Highlights
- Share repurchase and share
consolidation resolutions approved during the Extraordinary General
Meeting held in February 2023
- Issued a $10 per share digital
discount coupon to Genius Group shareholders in partnership with
Upstream Exchange
- Genius Group dual listing on
Upstream in April 2023
- Board and shareholder approval,
pending NYSE approval for a $37 million spin-off of Entrepreneur
Resorts Ltd (based on its current share price), scheduled for Q3
2023
- Launch of 2023 Prospectus featuring
personalized, lifelong learning pathway in entrepreneur
education
- Launch of California Business
School at UAV and partnership with Swiss School of Business and
Management, delivering MBA and DBA courses with access to Genius
Group’s Global Entrepreneur Program, featuring New York Times
Bestselling Authors in leadership, marketing, technology and
entrepreneurship
- Continued student and partner
growth on GeniusU platform, with launch of AI-based Partner Portal
and Genie AI, powered by GPT4
- Increased management focus on
larger strategic acquisitions as a key growth strategy
Financial Guidance
Genius Group maintains its 2023 financial
guidance as we will accelerate the integration of our acquired
companies and expect growing operating leverage driven by top line
synergies from our EdTech platform and the digitization of our
portfolio of products. We believe this will allow Genius Group to
accelerate organic growth and provide a clear path to positive
EBITDA in 2023.
Webcast and Conference Call
Genius Group will host a live webcast to discuss
the results Tuesday June 6 at 5:00 p.m. ET / 5:00 a.m. SGT. The
webcast and supplemental information can be accessed on the
investor relations section of the Genius Group website. An archive
will be available after the conclusion of the live event and will
remain available via the same link for 6 months.
Time: Tuesday, June 6, 2023, at 5:00 p.m. ET /
5:00 a.m. SGT
Webcast: Click on this link or go to the
Investor Relations section of the Genius Group website to listen
and view the slides.
Dial-in: 877-407-0712 / +1 201-493-6716
About Genius Group
Genius Group is a leading entrepreneur Edtech
and education group, with a mission to disrupt the current
education model with a student-centered, life-long learning
curriculum that prepares students with the leadership,
entrepreneurial and life skills to succeed in today’s market. The
group has a group user base of 4.5 million students and users in
200 countries, ranging from early age to 100.
For more information, please visit
https://www.geniusgroup.net/.
Investor Notice
Investing in our securities involves a high
degree of risk. Before making an investment decision, you should
carefully consider the risks, uncertainties and forward-looking
statements described in our most recent Annual Report on Form 20-F
for the fiscal year ended December 31, 2022, filed with the
SEC on June 6, 2023. If any of these risks were to occur, our
business, financial condition or results of operations would likely
suffer. In that event, the value of our securities could
decline, and you could lose part or all of your investment.
The risks and uncertainties we describe are not the only ones
facing us. Additional risks not presently known to us or that we
currently deem immaterial may also impair our business operations.
In addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. See "Forward-Looking
Statements" below.
Forward-Looking Statements
Statements made in this press release include
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements can be
identified by the use of words such as “may,” “will,” “plan,”
“should,” “expect,” “anticipate,” “estimate,” “continue,” or
comparable terminology. Such forward-looking statements are
inherently subject to certain risks, trends and uncertainties, many
of which the Company cannot predict with accuracy and some of which
the Company might not even anticipate and involve factors that may
cause actual results to differ materially from those projected or
suggested. Readers are cautioned not to place undue reliance on
these forward-looking statements and are advised to consider the
factors listed above together with the additional factors under the
heading “Risk Factors” in the Company's Annual Reports on Form
20-F, as may be supplemented or amended by the Company's Reports of
a Foreign Private Issuer on Form 6-K. The Company assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events, new information or
otherwise.
GENIUS GROUP LIMITED AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
(Expressed in US Dollars)
|
|
|
|
For the year ended December 31, |
|
|
|
Note |
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
$ |
5,720,569 |
|
|
$ |
1,784,938 |
|
Restricted cash |
|
2 |
|
|
11,108,816 |
|
|
|
— |
|
Accounts receivable, net |
|
2 |
|
|
4,856,637 |
|
|
|
1,018,003 |
|
Other Receivables |
|
5 |
|
|
120,304 |
|
|
|
66,000 |
|
Due from related parties |
|
6 |
|
|
351,357 |
|
|
|
44,245 |
|
Inventories |
|
7 |
|
|
1,001,977 |
|
|
|
92,530 |
|
Prepaid expenses and other current assets |
|
8 |
|
|
1,090,787 |
|
|
|
3,490,446 |
|
Total Current
Assets |
|
|
|
|
24,250,447 |
|
|
|
6,496,162 |
|
Property and equipment, net |
|
9 |
|
|
563,131 |
|
|
|
6,776,116 |
|
Operating lease right-of-use asset |
|
10 |
|
|
12,573,710 |
|
|
|
1,077,241 |
|
Investments at fair value |
|
11 |
|
|
29,071 |
|
|
|
29,069 |
|
Goodwill |
|
12 |
|
|
31,688,887 |
|
|
|
1,320,100 |
|
Intangible assets, net |
|
13 |
|
|
16,107,293 |
|
|
|
1,394,969 |
|
Other receivables |
|
5 |
|
|
732,716 |
|
|
|
— |
|
Due from related parties |
|
6 |
|
|
5,288,264 |
|
|
|
— |
|
Other non-current assets |
|
15 |
|
|
26,108 |
|
|
|
501,750 |
|
Total
Assets |
|
|
|
$ |
91,259,627 |
|
|
$ |
17,595,407 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
$ |
1,672,306 |
|
|
$ |
1,078,381 |
|
Accrued expenses and other current liabilities |
|
16 |
|
|
3,809,540 |
|
|
|
2,064,302 |
|
Deferred revenue |
|
17 |
|
|
6,391,993 |
|
|
|
2,561,912 |
|
Income tax payable |
|
2 |
|
|
355,023 |
|
|
|
— |
|
Due to related parties |
|
19 |
|
|
2,932,090 |
|
|
|
425,551 |
|
Operating lease liabilities - current portion |
|
10 |
|
|
1,590,538 |
|
|
|
436,271 |
|
Loans payable - current portion |
|
18 |
|
|
334,391 |
|
|
|
65,415 |
|
Convertible debt obligations - current portion |
|
20 |
|
|
5,752,328 |
|
|
|
507,765 |
|
Short term debt |
|
20 |
|
|
539,245 |
|
|
|
— |
|
Total Current
Liabilities |
|
|
|
|
23,377,454 |
|
|
|
7,139,597 |
|
Due to related parties |
|
19 |
|
|
1,729 |
|
|
|
— |
|
Operating lease liabilities – non-current portion |
|
10 |
|
|
11,394,337 |
|
|
|
894,589 |
|
Loans payable – non-current portion |
|
18 |
|
|
428,025 |
|
|
|
85,858 |
|
Convertible debt obligations - non-current portion |
|
20 |
|
|
2,223,523 |
|
|
|
766,245 |
|
Deferred tax liability |
|
14 |
|
|
3,391,129 |
|
|
|
723,122 |
|
Derivative liabilities |
|
21 |
|
|
36,488,594 |
|
|
|
— |
|
Total
Liabilities |
|
|
|
|
77,304,791 |
|
|
$ |
9,609,411 |
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
Contributed capital |
|
22 |
|
|
110,534,000 |
|
|
|
50,924,276 |
|
Subscriptions receivable |
|
22 |
|
|
(1,900,857 |
) |
|
|
(1,900,857 |
) |
Reserves |
|
|
|
|
(32,933,714 |
) |
|
|
(31,888,638 |
) |
Accumulated deficit |
|
|
|
|
(68,539,210 |
) |
|
|
(13,493,684 |
) |
Capital and reserves
attributable to owners of Genius Group Ltd |
|
|
|
|
7,160,219 |
|
|
|
3,641,097 |
|
Non-controlling interest |
|
|
|
|
6,794,617 |
|
|
|
4,344,899 |
|
Total Stockholders’
Equity |
|
|
|
|
13,954,836 |
|
|
|
7,985,996 |
|
Total Liabilities and
Stockholders’ Equity |
|
|
|
$ |
91,259,627 |
|
|
$ |
17,595,407 |
|
The accompanying notes are an integral part of these
consolidated financial statements and are disclosed in the 20F
filing.
GENIUS GROUP LIMITED AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(Expressed in US Dollars)
|
|
|
|
For the year ended December 31, |
|
|
|
Note |
|
2022 |
|
|
2021As restated (1) |
|
Revenue |
|
23 |
|
$ |
18,193,616 |
|
|
$ |
8,294,804 |
|
Cost of revenue |
|
2 |
|
|
(9,554,327 |
) |
|
|
(5,537,346 |
) |
Gross profit |
|
|
|
|
8,639,289 |
|
|
|
2,757,458 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Expenses)
Income |
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
25 |
|
|
(21,073,794 |
) |
|
|
(7,211,204 |
) |
Depreciation and amortization |
|
9 |
|
|
(1,182,413 |
) |
|
|
(38,864 |
) |
Other operating income |
|
24 |
|
|
144,396 |
|
|
|
490,300 |
|
Impairment loss |
|
9,12,13 |
|
|
(28,246,010 |
) |
|
|
— |
|
(Loss) gains from foreign currency transactions |
|
2 |
|
|
135,625 |
|
|
|
(166,174 |
) |
Total operating expenses |
|
|
|
|
(50,222,196 |
) |
|
|
(6,925,942 |
) |
Loss from
Operations |
|
|
|
|
(41,582,907 |
) |
|
|
(4,168,484 |
) |
Other
Expense |
|
|
|
|
|
|
|
|
|
|
Other Income |
|
24 |
|
|
418,437 |
|
|
|
— |
|
Revaluation adjustment of contingent liabilities |
|
21 |
|
|
(13,838,197 |
) |
|
|
— |
|
Interest expense, net |
|
26 |
|
|
(1,312,476 |
) |
|
|
(449,566 |
) |
Total Other Expense |
|
|
|
|
(14,732,236 |
) |
|
|
(449,566 |
) |
Loss Before Income
Tax |
|
|
|
|
(56,315,143 |
) |
|
|
(4,618,050 |
) |
Income Tax
Benefit |
|
27 |
|
|
1,063,596 |
|
|
|
128,852 |
|
Net Loss |
|
|
|
|
(55,251,547 |
) |
|
|
(4,489,198 |
) |
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
2 |
|
|
(1,045,076 |
) |
|
|
230,081 |
|
Total Comprehensive Loss |
|
|
|
$ |
(56,296,623 |
) |
|
$ |
(4,259,117 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net Loss is attributed
to: |
|
28 |
|
|
|
|
|
|
|
|
Owners of Genius Group Ltd |
|
|
|
|
(55,045,526 |
) |
|
|
(4,315,239 |
) |
Non-controlling interest |
|
|
|
|
(206,021 |
) |
|
|
(173,959 |
) |
Net Loss |
|
|
|
|
(55,251,547 |
) |
|
|
(4,489,198 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Loss is
attributable to: |
|
|
|
|
|
|
|
|
|
|
Owners of Genius Group Ltd |
|
|
|
|
(56,090,602 |
) |
|
|
(4,085,158 |
) |
Non-controlling interest |
|
|
|
|
(206,021 |
) |
|
|
(173,959 |
) |
Total Comprehensive Loss |
|
|
|
$ |
(56,296,623 |
) |
|
$ |
(4,259,117 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributed
to common stockholders, basic and diluted |
|
|
|
$ |
(2.44 |
) |
|
$ |
(0.28 |
) |
Weighted-average number of
shares outstanding, basic, and diluted |
|
|
|
|
22,634,366 |
|
|
|
16,155,812 |
|
Number of shares outstanding,
basic, and diluted |
|
|
|
|
27,705,227 |
|
|
|
16,155,812 |
|
1) Restatement details in 20F filing.
The accompanying notes are an integral part of these
consolidated financial statements and are disclosed in the 20F
filing.
GENIUS GROUP LIMITED AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS
(Expressed in US Dollars)
|
|
For the year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(55,251,547 |
) |
|
$ |
(4,489,198 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
1,308,784 |
|
|
|
293,837 |
|
Depreciation and amortization |
|
|
2,350,640 |
|
|
|
1,574,913 |
|
Amortization of tax liability |
|
|
(1,284,166 |
) |
|
|
105,650 |
|
(Gain) loss on foreign exchange transactions |
|
|
(135,625 |
) |
|
|
166,174 |
|
Provision for doubtful accounts |
|
|
(1,509,486 |
) |
|
|
(39,108 |
) |
Impairment loss |
|
|
28,246,010 |
|
|
|
— |
|
Revaluation adjustment on contingent liabilities |
|
|
13,838,197 |
|
|
|
— |
|
Amortization of debt discount |
|
|
— |
|
|
|
140,837 |
|
Interest expense on lease liabilities |
|
|
491,336 |
|
|
|
131,291 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,161,349 |
|
|
|
(30,554 |
) |
Other receivable |
|
|
(19,138 |
) |
|
|
(66,000 |
) |
Prepaid expenses and other current assets |
|
|
1,489,459 |
|
|
|
(1,927,176 |
) |
Inventory |
|
|
(545,449 |
) |
|
|
20,013 |
|
Accounts payable |
|
|
(107,372 |
) |
|
|
256,562 |
|
Accrued expenses and other current liabilities |
|
|
751,442 |
|
|
|
254,080 |
|
Deferred revenue |
|
|
996,324 |
|
|
|
1,015,200 |
|
Deferred tax liability |
|
|
220,570 |
|
|
|
(257,953 |
) |
Income tax payable |
|
|
(237,759 |
) |
|
|
— |
|
Other non-current liabilities |
|
|
— |
|
|
|
(217,291 |
) |
Total Adjustments |
|
|
47,015,116 |
|
|
|
1,420,475 |
|
Net cash used in operations |
|
|
(8,236,431 |
) |
|
|
(3,068,723 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Internally developed software |
|
|
(743,995 |
) |
|
|
(804,314 |
) |
Acquisitions |
|
|
(8,843,458 |
) |
|
|
— |
|
Purchase of equipment |
|
|
(222,680 |
) |
|
|
(77,797 |
) |
Acquisition of intangible |
|
|
(279,356 |
) |
|
|
— |
|
Net cash used in investing activities: |
|
|
(10,089,489 |
) |
|
|
(882,111 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Amount due to/from related party, net |
|
|
(221,842 |
) |
|
|
(154,345 |
) |
Proceeds from derivative liability, net |
|
|
(250,000 |
) |
|
|
— |
|
Advance received for share issuances |
|
|
|
|
|
|
953,087 |
|
Proceeds from IPO, net |
|
|
17,308,453 |
|
|
|
— |
|
Proceeds from convertible debt, net of issuance costs |
|
|
4,184,964 |
|
|
|
— |
|
Proceeds from equity issuances |
|
|
2,701,215 |
|
|
|
3,127,442 |
|
Issuance from convertible debt |
|
|
(509,311 |
) |
|
|
— |
|
Lease liabilities |
|
|
(957,430 |
) |
|
|
(758,522 |
) |
Proceeds from Loan |
|
|
972,593 |
|
|
|
— |
|
Repayment of Loan |
|
|
(1,285,181 |
) |
|
|
(71,967 |
) |
Net cash provided by financing activities |
|
|
21,943,461 |
|
|
|
3,095,695 |
|
Increase (decrease) in cash
and cash equivalents during the year |
|
|
3,617,541 |
|
|
|
(855,139 |
) |
Foreign exchange impact on
cash |
|
|
318,090 |
|
|
|
366,926 |
|
Cash and cash equivalents,
beginning of year |
|
|
1,784,938 |
|
|
|
2,273,151 |
|
CASH AND CASH
EQUIVALENTS, END OF THE YEAR |
|
$ |
5,720,569 |
|
|
$ |
1,784,938 |
|
Supplemental Disclosures of Cash Flow
Information: |
|
|
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
847,520 |
|
|
$ |
202,176 |
|
Non-Cash Investing and Financing Activities |
|
|
|
|
|
|
|
|
Fair value of shares issued in satisfaction of a liability |
|
$ |
350,000 |
|
|
$ |
— |
|
Fair value of shares issued for the acquisition of entities |
|
$ |
35,098,001 |
|
|
$ |
— |
|
Fair value of shares issued for conversion of convertible
notes |
|
$ |
7,829,607 |
|
|
$ |
293,837 |
|
The accompanying notes are an integral part of these
consolidated financial statements and are disclosed in the 20F
filing.
Pro Forma Financials
The following tables set forth summary combined
pro forma financial data and audited summary consolidated financial
data for the periods and as of the dates indicated. The summary
combined unaudited pro forma financial data below includes the
consolidated financials of all companies in the Genius Group,
including the Pre-IPO Group and the Acquisitions as if they were
operating as one group in the periods indicated. The pro forma
financials for 2022 include the audited financial data of the
Pre-IPO Group and Acquisitions from the audited financials and the
unaudited financial data of the Acquisitions.
The summary income data for the years ended
December 31, 2022 and 2021 and the summary balance sheet data
as of December 31, 2022 and 2021 for the Group are derived
from the audited consolidated financial statements included in this
Annual Report. Our audited consolidated financial statements have
been prepared in U.S. dollars and in accordance with IFRS, as
issued by the IASB.
Genius Group is made up of nine companies
(taking into account the Acquisitions) that have varying financial
performance. For this reason, you should read the summary combined
pro forma financial data in conjunction with our audited
consolidated financial statements and related notes beginning on
page F-1 of this Annual Report, and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations”
included elsewhere in this Annual Report. Our historical results do
not necessarily indicate our expected results for any future
periods.
|
|
Genius Group |
|
|
Group |
|
|
|
Pro forma |
|
|
Audited Financials |
|
|
|
Year Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
|
(USD 000’s) |
|
|
(USD 000’s) |
|
|
(USD 000’s) |
|
Sales |
|
|
28,129 |
|
|
|
18,194 |
|
|
|
8,295 |
|
Cost of goods sold |
|
|
(13,328 |
) |
|
|
(9,555 |
) |
|
|
(5,537 |
) |
Gross
profit |
|
|
14,801 |
|
|
|
8,639 |
|
|
|
2,757 |
|
Other Operating Income |
|
|
280 |
|
|
|
280 |
|
|
|
324 |
|
Operating Expenses |
|
|
(57,013 |
) |
|
|
(50,502 |
) |
|
|
(7,250 |
) |
Operating
Loss |
|
|
(41,932 |
) |
|
|
(41,583 |
) |
|
|
(4,168 |
) |
Other income |
|
|
1,172 |
|
|
|
419 |
|
|
|
0 |
|
Other Expense |
|
|
(15,207 |
) |
|
|
(15,151 |
) |
|
|
(450 |
) |
Net Loss Before
Tax |
|
|
(55,967 |
) |
|
|
(56,315 |
) |
|
|
(4,618 |
) |
Tax Benefits |
|
|
1,064 |
|
|
|
1,064 |
|
|
|
129 |
|
Net Loss After
Tax |
|
|
(54,903 |
) |
|
|
(55,252 |
) |
|
|
(4,489 |
) |
Other Comprehensive Loss |
|
|
(1,045 |
) |
|
|
(1,045 |
) |
|
|
230 |
|
Total
Loss |
|
|
(55,948 |
) |
|
|
(56,297 |
) |
|
|
(4,259 |
) |
Net income per share, basic
and diluted |
|
|
(2.43 |
) |
|
|
(2.44 |
) |
|
|
(0.28 |
) |
Weighted-average number of
shares outstanding, basic and diluted |
|
|
22,634,366 |
|
|
|
22,634,366 |
|
|
|
16,155,812 |
|
|
|
Genius Group |
|
|
Group |
|
|
|
Pro forma |
|
|
Audited Financials |
|
|
|
Year Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
|
(USD 000’s) |
|
|
(USD 000’s) |
|
|
(USD 000’s) |
|
Summary Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
24,251 |
|
|
|
24,251 |
|
|
|
6,496 |
|
Total non-current assets |
|
|
67,009 |
|
|
|
67,009 |
|
|
|
11,099 |
|
Total
Assets |
|
|
91,260 |
|
|
|
91,260 |
|
|
|
17,595 |
|
Total current liabilities |
|
|
23,378 |
|
|
|
23,378 |
|
|
|
7,140 |
|
Total non-current
liabilities |
|
|
53,927 |
|
|
|
53,927 |
|
|
|
2,469 |
|
Total
Liabilities |
|
|
77,305 |
|
|
|
77,305 |
|
|
|
9,609 |
|
Total Stockholders’
Equity |
|
|
13,955 |
|
|
|
13,955 |
|
|
|
7,986 |
|
Total Liabilities and
Shareholders’ Equity |
|
|
91,260 |
|
|
|
91,260 |
|
|
|
17,595 |
|
Non-IFRS Financial Measure
We have included Adjusted EBITDA in this Annual
Report because it is a key measure used by our management and board
of directors to understand and evaluate our core operating
performance and trends, to prepare and approve our annual budget
and to develop short- and long-term operational plans. In
particular, the exclusion of certain expenses in calculating
Adjusted EBITDA can provide a useful measure for period-to-period
comparisons of our core business. Non-IFRS financial measures are
not a substitute for IFRS financial measures.
We calculate Adjusted EBITDA as Net loss for the
period plus income taxes plus/ minus net finance result plus
depreciation and amortization plus/minus share-based compensation
expenses plus bad debt provision. Share-based compensation expenses
and bad debt provision are included in General and administrative
expenses in the Consolidated Statements of Operations.
|
|
Genius Group |
|
|
Group |
|
|
|
Pro forma |
|
|
Audited Financials |
|
|
|
Year Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
|
(USD 000’s) |
|
|
(USD 000’s) |
|
|
(USD 000’s) |
|
Net Loss |
|
|
(54,903 |
) |
|
|
(55,252 |
) |
|
|
(4,489 |
) |
Tax Benefits |
|
|
(1,064 |
) |
|
|
(1,064 |
) |
|
|
(129 |
) |
Interest Expense, net |
|
|
1,325 |
|
|
|
1,312 |
|
|
|
450 |
|
Depreciation and
Amortization |
|
|
2,453 |
|
|
|
2,351 |
|
|
|
1,575 |
|
Impairment |
|
|
28,246 |
|
|
|
28,246 |
|
|
|
— |
|
Revaluation Adjustment of
Contingent Liabilities |
|
|
13,838 |
|
|
|
13,838 |
|
|
|
— |
|
Stock Based Compensation |
|
|
1,309 |
|
|
|
1,309 |
|
|
|
294 |
|
Bad Debt Provision |
|
|
1,529 |
|
|
|
1,509 |
|
|
|
(39 |
) |
Adjusted
EBITDA |
|
|
(7,267 |
) |
|
|
(7,750 |
) |
|
|
(2,338 |
) |
Key Business Metrics
We monitor the key business metrics and Non-IFRS
financial measures to help us evaluate our business and growth
trends, set growth targets and budgets, and measure the
effectiveness of our sales and marketing efforts. These key
business metrics and Non-IFRS financial measures are presented for
supplemental informational purposes only, are not a substitute for
IFRS financial measures, and may differ from similarly titled
metrics or measures presented by other companies. See “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations — Key Business Metrics and Non-IFRS Financial Measures”
for detailed descriptions of the measures and metrics.
Education segment – Genius Group (including Acquisitions)
|
|
Key Business Metrics – Education
SegmentPro Forma Year
Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
Number of students and
users |
|
|
4,450,852 |
|
|
|
2,825,628 |
|
Number of Free Students and
users |
|
|
4,278,933 |
|
|
|
2,768,530 |
|
Number of Paying Students and
users |
|
|
171,919 |
|
|
|
72,422 |
|
Number of Partners |
|
|
14,760 |
|
|
|
11,414 |
|
Number of countries of
operation |
|
|
191 |
|
|
|
191 |
|
Marketing Spend |
|
|
1,994,331 |
|
|
|
1,139,928 |
|
Education Revenue |
|
|
23,469,609 |
|
|
|
25,468,253 |
|
Revenue from New Paying
Students |
|
|
10,164,848 |
|
|
|
7,377,236 |
|
New Students |
|
|
1,640,698 |
|
|
|
890,328 |
|
New Paying Students |
|
|
19,681 |
|
|
|
10,425 |
|
Conversion rate |
|
|
1.20 |
% |
|
|
1.17 |
% |
Average Acquisition Cost per
New Paying Student |
|
|
101 |
|
|
|
109 |
|
Average Annual Revenue per New
Paying Student |
|
|
516 |
|
|
|
707 |
|
Net Income (Loss) margin |
|
|
(172.07 |
)% |
|
|
(4.56 |
)% |
Adjusted EBITDA margin |
|
|
(11.76 |
)% |
|
|
4.10 |
% |
Campus segment – Entrepreneur Resorts
|
|
Key Business Metrics –Campus
SegmentPro Forma Year Ended December
31, |
|
|
|
2022 |
|
|
2021 |
|
Revenue |
|
|
4,638,122 |
|
|
|
3,100,750 |
|
No of Locations |
|
|
6 |
|
|
|
6 |
|
No of Seats/Rooms |
|
|
367 |
|
|
|
367 |
|
Utilization |
|
|
33 |
% |
|
|
28 |
% |
Total Orders |
|
|
136,204 |
|
|
|
96,390 |
|
Revenue Per Order |
|
|
34 |
|
|
|
32 |
|
Contacts
Investors:Flora Hewitt, Vice President of Investor Relations and
Mergers and AcquisitionsEmail: investor@geniusgroup.net
Media Contacts: Adia PREmail: gns@adiapr.co.uk
US Investors: Dave GentryRedChip Companies
Inc1-800-RED-CHIPGNS@redchip.com
1 Holon IQ Edtech growth estimated of 16.3% CAGR from 2019 to
2025
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