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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Genius Group Limited | NYSE:GNS | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
From Jan 2022 to Jan 2025
Genius Group Limited (“Genius Group” or the “Company”) (NYSE American: GNS), a leading entrepreneur Edtech and education group, today announced its financial results for the first half of 2022.
Financial Highlights From the First Half of 2022
Roger Hamilton, CEO of Genius Group, commented: “Through the first half of the year, Genius Group has continued to see strong demand, resulting in pro forma margin expansion and significant growth in the number of students visiting our platform. Individuals are increasingly turning to online learning to complement their education and acquire the digital skills required in today’s economy, and this is reflected in our results.”
Operational Highlights
Other Recent Highlights
Financial Guidance
We are maintaining our 2022 pro forma adjusted EBITDA guidance at a lower pro forma revenue range.
Webcast and Conference Call
Genis Group will host a live webcast to discuss the results today at 8:00 a.m. ET / 8:00 p.m. SGT. The webcast and supplemental information can be accessed on the investor relations section of the Genius Group website at ir.geniusgroup.net. An archive will be available after the conclusion of the live event and will remain available via the same link for 6 months.
Time: Wednesday, October 19, 2022, at 8:00 a.m. ET / 8:00 p.m. SGT
Webcast: Go to the Investor Relations section of the Genius Group website to listen and view the slides.
Dial-in: 877-407-0712 (U.S. Toll Free); +1 201-493-6716 (International)
About Genius Group
Genius Group is a world 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 4.2 million in 200 countries, ranging from ages 0 to 100.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws, including (without limitation) statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.
Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the Company’s goals and strategies; the Company’s future business development; changes in demand for online learning; changes in technology; fluctuations in economic conditions; the growth of the online learning industry the United States and the other markets the Company serves or plans to serve; reputation and brand; the impact of competition and pricing; government regulations; and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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.
Non-IFRS Financial Measure
We have included Adjusted EBITDA 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.
We calculate Adjusted EBITDA as net profit / loss for the period plus income taxes and social contribution plus / minus finance revenue /expense result plus depreciation and amortization plus share-based compensation expenses plus bad debt provision.
GENIUS GROUP LIMITED AND SUBSIDIARIES CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (In US Dollars)
As of June 30,
As of December 31,
2022
2021
(Unaudited)
(Audited)
Assets
Current Assets
Cash and cash equivalents
$
7,576,587
$
1,784,938
Accounts receivable, net
2,137,771
1,018,003
Other receivables
4,226,476
66,000
Due from related parties
2,025,440
44,245
Inventories
96,181
92,530
Prepaid expenses and other current assets
2,866,462
3,490,446
Total Current Assets
18,928,917
6,496,162
Property and equipment, net
6,753,497
6,776,116
Operating lease right-of-use asset
808,376
1,077,241
Investments at fair value
109,583
29,069
Goodwill
17,156,708
1,320,100
Intangible assets, net
3,509,138
1,394,969
Other non-current assets
13,296,318
501,750
Total Assets
60,562,537
17,595,407
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable
1,608,171
1,078,381
Accrued expenses and other current liabilities
3,620,576
2,064,302
Deferred revenue
2,494,753
2,561,912
Operating lease liabilities – current portion
210,809
436,271
Income tax payable
377,190
-
Loans payable – current portion
28,923
65,415
Loans payable – related parties – current portion
532,265
425,551
Convertible debt obligations, current portion
900,974
507,765
Total Current Liabilities
9,773,661
7,139,597
Due to related parties
-
-
Operating lease liabilities – non-current portion
842,056
894,589
Loans payable – non-current portion
1,281,786
85,858
Convertible debt obligations, non-current portion
-
766,245
Deferred tax liability
1,070,157
723,122
Total Liabilities
12,967,660
9,609,411
Commitments and Contingencies Stockholders’ Equity:
Contributed capital
94,026,740
50,924,276
Subscriptions receivable
(1,954,415
)
(1,900,857
)
Reserves
(34,809,105
)
(31,888,638
)
Accumulated deficit
(16,523,809
)
(13,493,684
)
Capital and reserves attributable to owners of Genius Group Ltd
40,739,411
3,641,097
Non controlling interest
6,855,466
4,344,899
Total Stockholders’ Equity
47,594,877
7,985,996
Total Liabilities and Stockholders’ Equity
60,562,537
17,595,407
GENIUS GROUP LIMITED AND SUBSIDIARIES CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In US Dollars)
June 30,
June 30,
2022
2021
(Unaudited)
(Unaudited)
Revenue
$
7,443,230
$
6,351,751
Cost of revenue
(5,212,637
)
(4,708,872
)
Gross profit
2,230,593
1,642,859
Operating (Expenses) Income
General and administrative
(5,249,054
)
(3,055,332
)
Depreciation and amortization
(178,807
)
(81,993
)
Other operating income
166,001
67,230
Loss from foreign currency transactions
58,759
(66,187
)
Total operating expenses
(5,203,101
)
(3,136,282
)
Loss from Operations
(2,972,508
)
(1,493,423
)
(Expense) Income
Interest expense, net
(99,298
)
(182,783
)
Impairment loss
(480,372
)
—
Other income
30,713
—
Total Other Expense
(548,957
)
(182,783
)
Loss Before Income Tax
(3,521,465
)
(1,676,206
)
Income Tax Benefit (Expense)
24,238
47,039
Net Loss
(3,497,227
)
(1,629,167
)
Other comprehensive income:
Foreign currency translation
(69,375
)
70,711
Total Comprehensive Loss
(3,566,602
)
(1,558,456
)
Total Comprehensive Loss is attributable to:
Owners of Genius Group Ltd
(3,420,929
)
(1,530,682
)
Non controlling interest
(145,673
)
(27,774
)
Total Comprehensive Loss
(3,566,602
)
(1,558,456
)
Weighted-average number of shares outstanding, basic and diluted
17,794,634
16,155,812
Basic and diluted earnings (loss) per share from continuing operations
(0.20
)
(0.10
)
GENIUS GROUP LIMITED AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (In US Dollars)
For the Period Ended
June 30, 2022
December 31, 2021
(Unaudited)
(Audited)
Cash Flows From Operating Activities
Net loss
$
(3,497,227
)
$
(4,489,198
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
150,317
293,837
Depreciation and amortization
835,757
1,574,913
Deferred tax liability
—
105,650
Amortization of debt discount
—
140,837
Provision for doubtful debts
—
(39,108
)
Amortization of tax liability
(29,679
)
—
Impairment loss
480,372
—
Loss on foreign exchange transactions
(58,759
)
153,692
Interest expense on lease liabilities
58,026
131,291
Changes in operating assets and liabilities:
Accounts receivable
(480,438
)
(30,554
)
Other receivable
—
(66,000
)
Prepaid expenses and other current assets
(1,840,348
)
(1,927,176
)
Inventory
(3,651
)
20,013
Accounts payable
430,633
256,562
Accrued expenses and other current liabilities
(609,406
)
254,080
Deferred revenue
82,841
1,015,200
Deferred tax liability
—
(257,953
)
Other non-current liabilities
—
(217,291
)
Total adjustments
(984,335
)
1,407,993
Net Cash Used In Operating Activities
(4,481,562
)
(3,081,205
)
Cash Flows From Investing Activities
Purchase of intangible assets
(313,876
)
(804,314
)
Purchase of equipment
(79,455
)
(77,797
)
Acquisition of PIN, EA and ESQ
(2,116,456
)
—
Deposit on investment in UAV
(6,604,194
)
—
Investment at fair value
(80,514
)
Net Cash Used In Investing Activities
(9,194,496
)
(882,111
)
Cash Flows From Financing Activities
Amount due to/from related party
(338,280
)
(154,345
)
Proceeds from sale of future shares
—
953,087
Proceeds from equity issuances, net of issuance costs
2,605,215
3,127,442
Proceeds from IPO, net
18,060,447
—
Issuance from convertible debt
(147,582
)
—
Operating lease liability payments
(306,811
)
(758,522
)
Proceeds/ (Repayments) of loans payable
(192,465
)
(71,967
)
Net Cash Provided By Financing Activities
19,680,524
3,095,695
Effect of Exchange Rate Changes on Cash
(212,817
)
379,408
Net Increase (Decrease) In Cash
5,791,649
(488,213
)
Cash – Beginning of year
1,784,938
2,273,151
Cash – End of period
7,576,587
1,784,938
Pro Forma Financials
Pro forma financials for Genius Group (The full Group including the Group and the all Acquisitions YTD): Unaudited pro forma financials provided for the period ended June 30, 2022, for the full Group, including all acquired companies YTD as if they were operating as one during these periods. The acquisitions included in the table below are Property Investors Network (acquired April 30, 2020), Education Angels (acquired April 30, 2022), E-Square (acquired May 31, 2022), University of Antelope Valley (acquired July 07, 2022) and Revealed Films (acquired October 04, 2022).
Genius Group Pro forma Six Months Ended (USD 000’s)
Summary Income Statement
June 30, 2022
Sales
16,573
Cost of goods sold
(8,536
)
Gross profit (Loss)
8,037
Other Operating Income
225
Operating Expenses
(11,086
)
Operating profit (Loss)
(2,824
)
Other income
783
Other Expense
(588
)
Net Income (Loss) Before Tax
(2,630
)
Tax Expense
24
Net Income (Loss) After Tax
(2,605
)
Other Comprehensive Income
(70
)
Total Income (Loss)
(2,675
)
Net income per share, basic and diluted
(0.15
)
Weighted-average number of shares outstanding, basic and diluted
17,794,634
Genius Group Pro forma Six Months Ended (USD 000’s)
Adjusted EBITDA
June 30, 2022
Net Income (Loss)
(2,605)
Tax Expense
(24)
Interest Expense, net
108
Depreciation and Amortization
938
Goodwill Impairments
480
Stock Based Compensation
150
Adjusted EBITDA
(953)
Genius Group Pro forma Six Months Ended (USD 000’s)
June 30, 2022
Summary Balance Sheet Data:
Total current assets
21,751
Total non-current assets
56,781
Total Assets
78,532
Total current liabilities
12,033
Total non-current liabilities
11,904
Total Liabilities
23,937
Total Shareholders’ Equity
54,595
Total Liabilities and Shareholders’ Equity
78,532
View source version on businesswire.com: https://www.businesswire.com/news/home/20221019005474/en/
Investors: Flora Hewitt, Vice President of Investor Relations and Mergers and Acquisitions Email: investor@geniusgroup.net
Media: Ruth Shearman, Senior Account Manager, Adia PR Email: gns@adiapr.co.uk
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