CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS) CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS In accordance with National Instrument 51-102, the Company discloses that its external auditors have not reviewed the accompanying condensed consolidated interim financial statements, notes to the condensed consolidated interim financial statements and the related Management's Discussion and Analysis. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)November 30, 2016 | August 31, 2016 | |||
ASSETS | ||||
CURRENT | ||||
Cash and cash equivalents | $ | 7,074,212 | $ | 4,341,970 |
Restricted cash | 147,639 | 148,001 | ||
Accounts receivable | 9,047,077 | 6,795,474 | ||
Prepaid expenses | 727,589 | 695,716 | ||
Inventory | 453,283 | 363,293 | ||
TOTAL CURRENT ASSETS | 17,449,800 | 12,344,454 | ||
DUE FROM RELATED PARTIES | 2,075,870 | 2,329,947 | ||
DEPOSIT RESERVE | 1,762,674 | 897,613 | ||
PROPERTY AND EQUIPMENT | 2,953,375 | 2,103,147 | ||
INVESTMENT PROPERTIES | 88,423,176 | 49,900,000 | ||
DEFERRED COSTS | 1,545,024 | 1,522,116 | ||
REFUNDABLE DEPOSITS | 12,900,000 | 15,800,000 | ||
INVESTMENT IN ASSOCIATES | 1,344,422 | 1,453,445 | ||
INTANGIBLE ASSETS | 8,436,116 | 8,182,067 | ||
GOODWILL | 5,721,907 | 5,721,907 | ||
DEFERRED INCOME TAX ASSETS | 2,091,845 | 2,091,845 | ||
TOTAL ASSETS | $ | 144,704,209 | $ | 102,346,541 |
LIABILITIES | ||||
CURRENT | ||||
Accounts payable and accrued liabilities | $ | 5,016,309 | $ | 3,000,520 |
Income taxes payable | 114,582 | 114,836 | ||
Deferred educational revenue | 14,133,571 | 11,548,744 | ||
Current portion of finance lease obligations | 129,433 | 164,795 | ||
Current portion of borrowings | 13,638 | 493,638 | ||
Due to related parties and investment partners | 3,083,693 | 1,016,825 | ||
TOTAL CURRENT LIABILITIES | 22,491,226 | 16,339,358 | ||
FINANCE LEASE OBLIGATIONS | 406,393 | 324,009 | ||
BORROWINGS | 52,582,585 | 28,344,426 | ||
DEFERRED INCOME TAX LIABILITIES | 2,399,401 | 2,399,401 | ||
TOTAL LIABILITIES | 77,879,605 | 47,407,194 | ||
EQUITY | ||||
SHARE CAPITAL | 49,092,366 | 49,024,991 | ||
RESERVES | 5,314,405 | 5,669,832 | ||
DEFICIT | (25,658,283) | (30,868,897) | ||
ACCUMULATED OTHER COMPREHENSIVE INCOME | 287,318 | 237,890 | ||
EQUITY ATTRIBUTABLE TO CIBT EDUCATION GROUP INC. SHAREHOLDERS | 29,035,806 | 24,063,816 | ||
NON-CONTROLLING INTERESTS | 37,788,798 | 30,875,531 | ||
TOTAL EQUITY | 66,824,604 | 54,939,347 | ||
TOTAL LIABILITIES AND EQUITY | $ | 144,704,209 | $ | 102,346,541 |
Approved on behalf of the Board:
"Toby Chu" | "Troy Rice" |
Toby Chu, Chief Executive Officer & Director | Troy Rice, Director |
Three Months Ended | Three Months Ended | |||
November 30, 2016 | November 30, 2015 | |||
REVENUES | ||||
Educational | $ | 7,358,969 | $ | 7,059,127 |
Design and advertising | 215,882 | 224,823 | ||
Commissions and referral fees | 276,124 | 295,607 | ||
Development fees | 4,464,286 | 1,443,076 | ||
Rental | 1,664,615 | 341,787 | ||
13,979,876 | 9,364,420 | |||
DIRECT COSTS | ||||
Educational | 3,184,446 | 3,082,428 | ||
Design and advertising | 29,894 | 56,836 | ||
Commissions and referral fees | 156,097 | 239,585 | ||
Rental | 1,233,338 | 202,538 | ||
4,603,775 | 3,581,387 | |||
OTHER EXPENSES | ||||
General and administrative | 5,046,008 | 4,932,206 | ||
Amortization of property, equipment and intangible assets (excluding agency fees) | 215,542 | 244,799 | ||
Share-based payment expense | 6,252 | 250 | ||
5,267,802 | 5,177,255 | |||
OPERATING INCOME (LOSS) | 4,108,299 | 605,778 | ||
INTEREST AND OTHER INCOME | 260,284 | 810 | ||
FOREIGN EXCHANGE GAIN (LOSS) | (41,592) | 15,486 | ||
FINANCE COSTS | (321,835) | (48,506) | ||
FINANCE FEES | (146,399) | (174,477) | ||
INCOME (LOSS) FROM INVESTMENT IN ASSOCIATES | (301,901) | (2,328) | ||
GAIN (LOSS) ON FAIR VALUE CHANGES IN INVESTMENT PROPERTIES | 2,098,729 | - | ||
GAIN (LOSS) ON DISPOSAL OF ASSETS | 5,398 | (8,863) | ||
INCOME (LOSS) BEFORE INCOME TAXES | 5,660,983 | 387,900 | ||
INCOME TAXES | ||||
Current income tax expense (recovery) | - | - | ||
Deferred income tax expense (recovery) | - | - | ||
- | - | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 5,660,983 | 387,900 | ||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | - | - | ||
NET INCOME (LOSS) | $ | 5,660,983 | $ | 387,900 |
ATTRIBUTABLE TO: | ||||
CIBT Education Group Inc. shareholders | $ | 5,210,614 | $ | 512,390 |
Non-controlling interests | 450,369 | (124,490) | ||
NET INCOME (LOSS) | $ | 5,660,983 | $ | 387,900 |
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE - CONTINUING OPERATIONS | $ | 0.08 | $ | 0.01 |
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE - DISCONTINUED OPERATIONS | 0.00 | 0.00 | ||
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE - CONTINUING AND DISCONTINUED OPERATIONS | $ | 0.08 | $ | 0.01 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||||
Basic | 67,911,831 | 68,762,753 | ||
Diluted | 70,252,459 | 69,190,424 |
Three Months Ended | Three Months Ended | |||
November 30, 2016 | November 30, 2015 | |||
NET INCOME (LOSS) | $ | 5,660,983 | $ | 387,900 |
OTHER COMPREHENSIVE INCOME (LOSS): | ||||
Exchange differences on translating foreign operations | 49,326 | 29,834 | ||
$ | 5,710,309 | $ | 417,734 | |
ATTRIBUTABLE TO: | ||||
CIBT Education Group Inc. shareholders | $ | 5,260,042 | $ | 336,494 |
Non-controlling interests | 450,267 | 81,240 | ||
$ | 5,710,309 | $ | 417,734 |
CIBT Education Group Inc. published this content on 16 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 January 2017 02:30:04 UTC.
Original documenthttp://www.cibt.net/investors/regulatory_filings/f2017 q1 november 30 2016 - unaudited interim financial statements.pdf
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