$EEIQ

EpicQuest Education Group International Ltd

CIK:0001781397|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 8,939,989	$ 8,153,546	$ 5,712,480
Costs of services	3,014,119	2,840,112	1,502,255
Gross profit	5,925,870	5,313,434	4,210,225
Operating costs and expenses:
Selling expenses	1,366,760	1,537,006	1,018,894
General and administrative	8,739,049	11,201,445	10,210,960
Total operating costs and expenses	10,105,809	12,738,451	11,229,854
Loss from operations	(4,179,939)	(7,425,017)	(7,019,629)
Other (income) expenses:
Other income	(1,619,373)	(495,276)	(186,137)
Interest income	(37,337)	(22,731)	(53,089)
Foreign exchange gain			(5)
Total other (income) expenses	(1,656,710)	(518,007)	(239,231)
Loss before provision for income taxes	(2,523,229)	(6,907,010)	(6,780,398)
Current income tax expense	910	18,186	11,590
Deferred income tax expense (recovery)	2,474	(354,012)	277,874
Income taxes expense (recovery)	3,384	(335,826)	289,464
Net loss	(2,526,613)	(6,571,184)	(7,069,862)
Net loss attributable to non-controlling interest	(97,492)	(581,061)	(410,421)
Net loss attributable to common stockholders	(2,429,121)	(5,990,123)	(6,659,441)
Unrealized foreign currency translation adjustment	(13,742)	481	(7,345)
Comprehensive loss	$ (2,540,355)	$ (6,570,703)	$ (7,077,207)
Basic net loss per share (in Dollars per share)	$ (0.16)	$ (0.47)	$ (0.57)
Diluted net loss per share (in Dollars per share)	$ (0.16)	$ (0.47)	$ (0.57)
Weighted average number of ordinary shares-basic (in Shares)	15,486,467	12,637,968	11,655,642
Weighted average number of ordinary shares-diluted (in Shares)	15,486,467	12,637,968	11,655,642

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net loss	$ (2,526,613)	$ (6,571,184)	$ (7,069,862)
Adjustments for items not affecting cash:
Depreciation and amortization	409,899	425,763	407,013
Share-based compensation	972,879	1,977,187	2,061,810
Provision for accounts receivable	67,519
Net gain from disposal of fixed assets	(480,235)	(477,115)
Impairment of goodwill			14,038
Gain from settlement of student deposit refunds with Renda	(1,200,000)
Deferred income tax expense	2,474	(354,012)	277,874
Changes in operating assets and liabilities
Accounts receivable and other receivable	(2,030,324)	(414,866)	217,407
Prepaid expenses	612,548	1,020,250	(1,323,593)
Long-term prepaids		(7,500,023)
Operating lease – lease liabilities and right of use assets	154,768	25,064	(45,022)
Inventory	2,089	(7,285)	(21,170)
Accounts payable & accrued liabilities	(81,310)	1,112,423	(212,817)
Deferred revenue	710,445	1,274,677	233,493
Income tax receivable	439,546	7,399	254,342
Student deposits			(46,040)
Net cash used in operating activities	(2,946,315)	(9,481,722)	(5,252,527)
Cash Flows from Investing Activities:
Purchase of property and equipment	(292,842)	(40,343)	(14,231)
Share buyback			(1,250,007)
Acquisition of additional interest in subsidiary			(187,505)
Net cash acquired from business acquisitions			574,108
Proceeds from sale of fixed assets	1,748,128	757,115
Net cash provided from (used in) investing activities	1,455,286	716,772	(877,635)
Cash Flows from Financing Activities:
Long term investment received for Gilmore		3,737,727
Share issuances, net of issuance costs	5,109,251	800,000
Proceeds borrowed from third party		409,956
Net cash provided from financing activities	5,109,251	4,947,683
Effect of exchange rate changes on cash and cash equivalents	(13,742)	470	(7,346)
Net increase/(decrease) in cash, cash equivalents	3,604,480	(3,816,797)	(6,137,508)
Cash and cash equivalents and restricted cash, beginning of year	1,488,754	5,305,551	11,443,059
Cash and cash equivalents and restricted cash, end of year	5,093,234	1,488,754	5,305,551
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Interest paid
Income taxes paid	1,130	10,787	10,575
Non-cash investing activities – acquisition of operating lease right-of-used assets	120,773	2,267,597	561,247
Non-cash investing activities – assumption of operating lease obligation	$ 120,759	$ 2,238,099	$ 572,564

Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Sep. 30, 2024
Current Assets
Cash and cash equivalents	$ 4,754,522	$ 1,150,042
Restricted cash	338,712	338,712
Accounts receivable, net of credit loss allowance of $nil and $nil	492,897	85,279
Other receivable	2,131,402	576,215
Prepaid expenses	590,443	1,202,991
Other prepaid for events	7,500,023
Inventory	46,381	48,470
Income tax receivable	450,000	889,766
Total current assets	16,304,380	4,291,475
Non-current assets
Property and equipment, net	433,677	1,597,823
Long-term prepaids		7,500,023
Intangible assets	4,243,423	4,464,226
Right-of-use assets	2,141,754	2,785,008
Goodwill	2,652,772	2,652,772
Total assets	25,776,006	23,291,327
Current liabilities
Accounts payable and other liabilities	1,952,161	3,233,471
Loan payable		409,956
Income tax payable	4,074	4,294
Lease liabilities – current	752,429	641,254
Deferred revenue	6,042,639	5,332,194
Total current liabilities	8,891,303	9,761,169
Non-current liabilities
Loan payable	409,956
Lease liabilities – non current	1,582,108	2,181,769
Deferred income tax liabilities	472,942	470,468
Total liabilities	11,356,309	12,413,406
Commitments and contingencies
Shareholders’ equity
Common shares, US$0.0015873 par value, 970,000,000 ordinary shares and 10,000,000 preferred shares authorized, 23,396,667 and 13,113,173 ordinary shares issued and outstanding as of September 30, 2025 and 2024, respectively	37,137	20,814
Additional paid-in capital	26,207,879	20,142,071
Deficit	(17,387,799)	(14,958,678)
Accumulated other comprehensive loss	(49,545)	(35,803)
Total shareholders’ equity	8,807,672	5,168,404
Non-controlling interests	5,612,025	5,709,517
Total liabilities and shareholders’ equity	25,776,006	23,291,327
Related Party
Current liabilities
Due to related party	$ 140,000	$ 140,000