|
Singapore
|
| |
8200
|
| |
Not Applicable
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification number) |
|
|
Barry Grossman, Esq.
Benjamin S. Reichel, Esq. Ellenoff Grossman & Schole LLP 1345 Avenue of the Americas, 11th Floor New York, NY 10105 Tel: (212) 370-1300 Fax: (212) 370-7889 |
| |
Rob Condon, Esq.
Dentons US LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212) 768-6700 Fax: (212) 768-6800 |
|
| | | |
Emerging growth company
☒
|
|
Title of Each Class of Securities to be Registered
|
| |
Proposed Maximum
Aggregate Offering Price(2) |
| |
Amount of
Registration Fee |
| ||||||
Ordinary shares, no par value per share(1)(3)
|
| | | $ | 46,000,000 | | | | | $ | 5,019 | | |
Warrants to be issued to the representative of the underwriters(4)
|
| | | | — | | | | | | — | | |
Ordinary shares underlying warrants to be issued to the representative of the underwriters(5)
|
| | | $ | 2,875,000 | | | | | $ | 314 | | |
Total
|
| | | $ | 48,875,000 | | | | | $ | 5,333 | | |
|
PRELIMINARY PROSPECTUS
|
| |
SUBJECT TO COMPLETION
|
| |
DATED AUGUST 30, 2021
|
|
| | |
Per Share
|
| |
Total
|
| ||||||
Initial public offering price
|
| | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1)
|
| | | $ | | | | | $ | | | ||
Proceeds to us, before expenses
|
| | | $ | | | | | $ | | | |
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 4 | | | |
| | | | 22 | | | |
| | | | 24 | | | |
| | | | 26 | | | |
| | | | 46 | | | |
| | | | 48 | | | |
| | | | 49 | | | |
CAPITALIZATION | | | | | 50 | | |
DILUTION | | | | | 52 | | |
| | | | 54 | | | |
| | | | 62 | | | |
| | | | 64 | | | |
| | | | 66 | | | |
BUSINESS | | | | | 82 | | |
MANAGEMENT | | | | | 120 | | |
| | | | 126 | | | |
| | | | 127 | | | |
| | | | 130 | | | |
| | | | 153 | | | |
| | | | 155 | | | |
UNDERWRITING | | | | | 162 | | |
| | | | 167 | | | |
| | | | 168 | | | |
EXPERTS | | | | | 168 | | |
| | | | 168 | | | |
| | | | 170 | | | |
| | | | F-1 | | |
| | |
Genius Group
Pro forma Year Ended December 31, (USD 000’s) |
| |
Pre-IPO Group
Audited Financials Year Ended December 31, (USD 000’s) |
| ||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
Summary Income Data: | | | | | | | | | | | | | | | | | | | |
Sales
|
| | | $ | 24,191 | | | | | $ | 7,634 | | | | | $ | 9,949 | | |
Cost of goods sold
|
| | | | (9,326) | | | | | | (4,704) | | | | | | (5,121) | | |
Gross profit (Loss)
|
| | | | 14,865 | | | | | | 2,930 | | | | | | 4,828 | | |
Other Operating Income
|
| | | | 274 | | | | | | 11 | | | | | | 1,187 | | |
Operating Expenses
|
| | | | (16,859) | | | | | | (6,192) | | | | | | (7,151) | | |
Operating profit (Loss)
|
| | | | (1,720) | | | | | | (3,251) | | | | | | (1,136) | | |
Other income
|
| | | | 1,218 | | | | | | 412 | | | | | | 784 | | |
Other Expense
|
| | | | (975) | | | | | | (854) | | | | | | (864) | | |
Net Income (Loss) Before Tax
|
| | | | (1,477) | | | | | | (3,693) | | | | | | (1,216) | | |
Tax Expense
|
| | | | (122) | | | | | | 216 | | | | | | (95) | | |
Net Income (Loss) After Tax
|
| | | | (1,599) | | | | | | (3,477) | | | | | | (1,311) | | |
Other Comprehensive Income
|
| | | | 2,129 | | | | | | 2,129 | | | | | | (308) | | |
Total Comprehensive Income (Loss)
|
| | | $ | 530 | | | | | $ | (1,348) | | | | | $ | (1,619) | | |
Net income per share, basic and diluted
|
| | | | (0.13) | | | | | | (0.28) | | | | | | (0.15) | | |
Weighted-average number of shares outstanding, basic and diluted
|
| | | | 12,575,605 | | | | | | 12,575,605 | | | | | | 8,492,924 | | |
| | |
Genius Group
Pro forma Year Ended December 31, (USD 000’s) |
| |
Pre-IPO Group
Audited Financials Year Ended December 31, (USD 000’s) |
| ||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
Summary Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Total current assets
|
| | | $ | 27,346 | | | | | $ | 4,937 | | | | | $ | 5,806 | | |
Total non-current assets
|
| | | | 83,600 | | | | | | 48,848 | | | | | | 25,776 | | |
Total Assets
|
| | | | 110,946 | | | | | | 53,785 | | | | | | 31,582 | | |
Total current liabilities
|
| | | | 11,545 | | | | | | 5,379 | | | | | | 6,202 | | |
Total non-current liabilities
|
| | | | 10,764 | | | | | | 7,164 | | | | | | 6,608 | | |
Total Liabilities
|
| | | | 22,309 | | | | | | 12,543 | | | | | | 12,810 | | |
Total Shareholders’ Equity
|
| | | | 88,637 | | | | | | 41,242 | | | | | | 18,772 | | |
Total Liabilities and Shareholders’ Equity
|
| | | | 110,946 | | | | | | 53,785 | | | | | | 31,582 | | |
| | |
Genius Group
Pro forma Year Ended December 31, (USD 000’s) |
| |
Pre-IPO Group
Audited Financials Year Ended December 31, (USD 000’s) |
| ||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
Net Income (Loss)
|
| | | $ | (1,599) | | | | | $ | (3,477) | | | | | $ | (1,311) | | |
Tax Expense
|
| | | $ | 123 | | | | | $ | (216) | | | | | $ | 95 | | |
Interest Expense, net
|
| | | $ | 975 | | | | | $ | 854 | | | | | $ | 864 | | |
Depreciation and Amortization
|
| | | $ | 2,975 | | | | | $ | 2,140 | | | | | $ | 1,359 | | |
Goodwill Impairments
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Stock Based Compensation
|
| | | $ | 395 | | | | | $ | 395 | | | | | $ | 172 | | |
Bad Debt Provision
|
| | | $ | 1,701 | | | | | $ | 162 | | | | | $ | — | | |
Adjusted EBITDA
|
| | | $ | 4,570 | | | | | $ | (142) | | | | | $ | 1,179 | | |
| | |
Pre-IPO Group
Year Ended December 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Number of students
|
| | | | 1,800,520 | | | | | | 1,553,132 | | |
Number of Free Students
|
| | | | 1,766,600 | | | | | | 1,522,652 | | |
Number of Paying Students
|
| | | | 33,920 | | | | | | 30,470 | | |
Number of Partners
|
| | | | 9,399 | | | | | | 7,611 | | |
Number of countries of operation
|
| | | | 191 | | | | | | 190 | | |
Marketing Spend
|
| | | $ | 467,508 | | | | | $ | 542,087 | | |
Average Acquisition Cost per Student
|
| | | $ | 0.76 | | | | | $ | 0.74 | | |
Average Annual Revenue per New Paying Student
|
| | | $ | 121.96 | | | | | $ | 86.37 | | |
Average Annual Revenue per New Paying Student
|
| | | $ | 405.46 | | | | | $ | 478.02 | | |
Average Acquisition Cost per Partner
|
| | | $ | 26.15 | | | | | $ | 40.07 | | |
Average Annual Revenue per Partner
|
| | | $ | 618.47 | | | | | $ | 805.79 | | |
Average LTV (Lifetime Value) per Partner
|
| | | $ | 1,885.40 | | | | | $ | 2,417.40 | | |
Net Income (Loss) margin
|
| | | | (45.55)% | | | | | | (13.18)% | | |
Adjusted EBITDA margin
|
| | | | (1.86)% | | | | | | 11.85% | | |
| | |
GeniusU
|
| |
Entrepreneur
Resorts |
| |
University
of Antelope Valley |
| |
Property
Investors Network |
| |
Education
Angels |
| |
E-Square
|
| |
Total
|
| |||||||||||||||||||||
Number of students
|
| | | | 1,800,520 | | | | | | 4,093 | | | | | | 2,821 | | | | | | 131,111 | | | | | | 630 | | | | | | 546 | | | | | | 1,939,721 | | |
Number of Free Students
|
| | | | 1,766,600 | | | | | | — | | | | | | — | | | | | | 106,691 | | | | | | — | | | | | | — | | | | | | 1,877,680 | | |
Number of Paying
Students |
| | | | 33,920 | | | | | | 4,093 | | | | | | 2,821 | | | | | | 24,420 | | | | | | 630 | | | | | | 546 | | | | | | 66,043 | | |
Number of Partners
|
| | | | 9,399 | | | | | | 15 | | | | | | 214 | | | | | | 570 | | | | | | 270 | | | | | | — | | | | | | 10,453 | | |
Number of countries of operation
|
| | | | 191 | | | | | | 3 | | | | | | 1 | | | | | | 52 | | | | | | 1 | | | | | | 1 | | | | | | 191 | | |
Marketing Spend
|
| | | $ | 467,508 | | | | | $ | 108,520 | | | | | $ | 175,141 | | | | | | 287,694 | | | | | | 34,708 | | | | | | 78,586 | | | | | | 1,152,157 | | |
Education Revenue
|
| | | | 5,618,211 | | | | | | 96,874 | | | | | | 10,078,158 | | | | | | 4,582,850 | | | | | | 1,068,204 | | | | | | 959,634 | | | | | | 22,403,931 | | |
Revenue from New Paying Students
|
| | | | 1,741,645 | | | | | | 67,812 | | | | | | 2,418,758 | | | | | | 1,603,998 | | | | | | 534,102 | | | | | | 287,890 | | | | | | 6,654,205 | | |
New Paying Students
|
| | | | 3,450 | | | | | | 819 | | | | | | 559 | | | | | | 3,277 | | | | | | 210 | | | | | | 270 | | | | | | 8,585 | | |
Total Paying Students
|
| | | | 33,920 | | | | | | 4,093 | | | | | | 2,821 | | | | | | 24,420 | | | | | | 630 | | | | | | 546 | | | | | | 66,430 | | |
Average Acquisition Cost per New Paying
Student |
| | | $ | 121.96 | | | | | $ | 132.55 | | | | | $ | 313.31 | | | | | $ | 148.82 | | | | | $ | 165.28 | | | | | $ | 291.06 | | | | | $ | 134.20 | | |
Average Annual Revenue per New Paying
Student |
| | | $ | 405.46 | | | | | $ | 82.80 | | | | | $ | 4,327 | | | | | $ | 489.47 | | | | | $ | 2,034.67 | | | | | $ | 1,066 | | | | | $ | 775.09 | | |
| | |
Cafe
|
| |
Central
|
| |
Resort
|
| |
Total
|
| ||||||||||||
Revenue
|
| | | | 342,238 | | | | | | 500,629 | | | | | | 1,172,699 | | | | | | 2,015,566 | | |
No of Location
|
| | | | 2 | | | | | | 1 | | | | | | 3 | | | | | | 6 | | |
No of Seats / Room
|
| | | | 141 | | | | | | 177 | | | | | | 49 | | | | | | 367 | | |
Utilization
|
| | | | 20% | | | | | | 24% | | | | | | 26% | | | | | | 24% | | |
Total Orders
|
| | | | 37,185 | | | | | | 36,182 | | | | | | 8,538 | | | | | | 81,905 | | |
Revenue Per Order
|
| | | $ | 9.20 | | | | | $ | 13.84 | | | | | $ | 127.35 | | | | | $ | 24.61 | | |
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
Digital Education Revenue
|
| | | $ | 20,787 | | | | | $ | 5,298 | | | | | $ | 4,771 | | |
In-Person Education Revenue
|
| | | $ | 1,388 | | | | | $ | 320 | | | | | $ | 746 | | |
Total Education Revenue
|
| | | $ | 22,175 | | | | | $ | 5,618 | | | | | $ | 5,517 | | |
Campus Revenue
|
| | | $ | 2,016 | | | | | $ | 2,016 | | | | | $ | 4,432 | | |
Total Revenue
|
| | | $ | 24,191 | | | | | $ | 7,634 | | | | | $ | 9,949 | | |
| | |
Year Ended
December 31, 2020 (USD) |
| ||||||||||||
| | |
Actual
|
| |
Pro forma
|
| |
Pro forma
As Adjusted |
| ||||||
Cash and cash equivalents
|
| | | | 2,273,151 | | | | | | 4,067,400 | | | | | |
Capitalization: | | | | | | | | | | | | | | | | |
Long-term debt:
|
| | | | 1,689,268 | | | | | | 3,505,891 | | | | | |
Shareholders’ equity:
|
| | | | 48,980,867 | | | | | | 61,134,486 | | | | | |
16,155,810 ordinary shares issued and outstanding on an actual
basis, 16,155,810 ordinary shares issued and outstanding on an adjusted basis to reflect the surrender of an aggregate of 23,293,950 ordinary shares by the existing shareholders on [•], 2020 and [•] ordinary shares to be issued in this offering |
| | | | | | | | | | | | | | | |
Accumulated other comprehensive income (loss)
|
| | | | — | | | | | | — | | | | | |
Reserve
|
| | | | 1,788,051 | | | | | | 1,788,051 | | | | | |
Accumulated deficit
|
| | | | (9,526,614) | | | | | | (9,935,370) | | | | | |
Total shareholders’ equity
|
| | | | 41,242,304 | | | | | | 52,987,167 | | | | | |
Total capitalization
|
| | | | 42,931,572 | | | | | | 56,493,059 | | | | | |
| | | | | | | | | | | | | | | | |
| | |
Per
Ordinary Share |
| |||
| | |
($)
|
| |||
Assumed initial public offering price per ordinary share . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | | | |
Historic net tangible book value per ordinary share as of December 31, 2020
|
| | | $ | 0.01 | | |
Pro forma increase in net tangible book value (deficit) per share as of December 31, 2020 before
giving effect to this offering |
| | | $ | 0.88 | | |
Pro forma net tangible book value per share as of December 31, 2020
|
| | | $ | 0.89 | | |
Pro forma as adjusted net tangible book value per share after giving effect to this offering
|
| | | | | | |
Pro forma as adjusted dilution per share to investors participating in this offering
|
| | | | | | |
| | | | | | | |
| | |
Ordinary Shares
Purchased |
| |
Total Consideration
|
| |
Average
Price Per Ordinary |
| |||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Share
|
| |||||||||
Existing shareholders (Issued)
|
| | | | 16,155,810 | | | | | | | | | 46,421,800 | | | | | | | | $ | 2.87 | | |
New investors
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Genius
Group |
| |
University
of Antelope Valley |
| |
Property
Investors Network |
| |
Education
Angels |
| |
E-Square
|
| |
Adjustments
|
| |
Footnotes
|
| |
Combined
Total |
| ||||||||||||||||||||||||
Summary Income Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales
|
| | | | 7,634 | | | | | | 10,078 | | | | | | 4,583 | | | | | | 1,068 | | | | | | 828 | | | | | | — | | | | | | | | | | | | 24,191 | | |
Cost of goods sold
|
| | | | (4,704) | | | | | | (2,881) | | | | | | (1,279) | | | | | | (462) | | | | | | — | | | | | | — | | | | | | | | | | | | (9,326) | | |
Gross profit (Loss)
|
| | | | 2,930 | | | | | | 7,197 | | | | | | 3,304 | | | | | | 606 | | | | | | 828 | | | | | | — | | | | | | | | | | | | 14,865 | | |
Operating Income
|
| | | | 12 | | | | | | 6 | | | | | | 16 | | | | | | 240 | | | | | | — | | | | | | — | | | | | | | | | | | | 274 | | |
Operating Expenses
|
| | | | (6,192) | | | | | | (6,164) | | | | | | (2,779) | | | | | | (614) | | | | | | (592) | | | | | | (518) | | | | | | 2 | | | | | | (16,859) | | |
Operating profit (Loss)
|
| | | | (3,250) | | | | | | 1,039 | | | | | | 541 | | | | | | 232 | | | | | | 236 | | | | | | (518) | | | | | | | | | | | | (1,720) | | |
Other income
|
| | | | 412 | | | | | | 807 | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 1,218 | | |
Other Expense
|
| | | | (854) | | | | | | (14) | | | | | | (80) | | | | | | (27) | | | | | | — | | | | | | — | | | | | | | | | | | | (975) | | |
Net Income (Loss) Before Tax
|
| | | | (3,692) | | | | | | 1,832 | | | | | | 460 | | | | | | 205 | | | | | | 236 | | | | | | (518) | | | | | | | | | | | | (1,477) | | |
Income Tax
|
| | | | 215 | | | | | | (27) | | | | | | (375) | | | | | | — | | | | | | (44) | | | | | | 109 | | | | | | 3 | | | | | | (122) | | |
Net Income (Loss) After Tax
|
| | | | (3,477) | | | | | | 1,805 | | | | | | 85 | | | | | | 205 | | | | | | 192 | | | | | | (409) | | | | | | | | | | | | (1,599 | | |
Other Comprehensive Income
|
| | | | 2,129 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 2,129 | | |
Total Income (Loss)
|
| | | | (1,348) | | | | | | 1,805 | | | | | | 85 | | | | | | 205 | | | | | | 192 | | | | | | (409) | | | | | | | | | | | | 530 | | |
Net income per share, basic and diluted
|
| | | | (0.28) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | (0.13) | | |
Weighted-average number of shares outstanding, basic and diluted
|
| | | | 12,575,605 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 12,575,605 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Genius
Group |
| |
University
of Antelope Valley |
| |
Property
Investors Network |
| |
Education
Angels |
| |
E-Square
|
| |
Adjustments
|
| |
Footnotes
|
| |
Combined
Total |
| ||||||||||||||||||||||||
Balance Sheet Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 2,273 | | | | | | 1,679 | | | | | | 78 | | | | | | 36 | | | | | | 1 | | | | | | 11,033 | | | | | | 4 | | | | | | 15,100 | | |
Accounts receivable, net of
allowance |
| | | | 948 | | | | | | 5,352 | | | | | | 507 | | | | | | 5 | | | | | | 370 | | | | | | — | | | | | | | | | | | | 7,182 | | |
Other receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Inventory
|
| | | | 113 | | | | | | 62 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 175 | | |
Prepaid expenses and other assets
|
| | | | 1,549 | | | | | | 40 | | | | | | 27 | | | | | | 79 | | | | | | — | | | | | | (500) | | | | | | 4 | | | | | | 1,195 | | |
Loans receivable
|
| | | | — | | | | | | — | | | | | | 635 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 635 | | |
Loans receivable – related parties
|
| | | | 54 | | | | | | — | | | | | | 3,005 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 3,059 | | |
Total Current Assets
|
| | | | 4,937 | | | | | | 7,133 | | | | | | 4,252 | | | | | | 120 | | | | | | 371 | | | | | | 10,533 | | | | | | | | | | | | 27,346 | | |
Non Current Assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment, net
|
| | | | 7,251 | | | | | | 1,219 | | | | | | 36 | | | | | | 38 | | | | | | 3 | | | | | | — | | | | | | | | | | | | 8,547 | | |
Intangible assets, net
|
| | | | 20,741 | | | | | | 24 | | | | | | — | | | | | | 598 | | | | | | 210 | | | | | | 8,517 | | | | | | 5 | | | | | | 30,090 | | |
Operating lease right-of-use asset
|
| | | | 1,664 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | | | | 1,664 | | |
Investments at fair value
|
| | | | 29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 29 | | |
Goodwill
|
| | | | 18,647 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,862 | | | | | | 5 | | | | | | 42,509 | | |
Other non-current assets
|
| | | | 516 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 516 | | |
Loans receivable – related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 245 | | | | | | — | | | | | | | | | | | | 245 | | |
Total Non-Current Assets
|
| | | | 48,848 | | | | | | 1,243 | | | | | | 36 | | | | | | 636 | | | | | | 458 | | | | | | 32,379 | | | | | | | | | | | | 83,600 | | |
Total Assets
|
| | | | 53,785 | | | | | | 8,376 | | | | | | 4,288 | | | | | | 756 | | | | | | 829 | | | | | | 42,912 | | | | | | | | | | | | 110,946 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 822 | | | | | | 253 | | | | | | 95 | | | | | | 4 | | | | | | 486 | | | | | | — | | | | | | | | | | | | 1,660 | | |
Accrued expenses and other current liabilities
|
| | | | 1,810 | | | | | | 726 | | | | | | 1,342 | | | | | | 132 | | | | | | — | | | | | | — | | | | | | | | | | | | 4,010 | | |
Deferred revenue
|
| | | | 1,547 | | | | | | 2,009 | | | | | | — | | | | | | 126 | | | | | | — | | | | | | — | | | | | | | | | | | | 3,682 | | |
Operating lease liabilities
|
| | | | 545 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | | | | 545 | | |
Loans payable
|
| | | | 65 | | | | | | 531 | | | | | | 33 | | | | | | 11 | | | | | | 9 | | | | | | — | | | | | | | | | | | | 648 | | |
Loans payable – related parties
|
| | | | 590 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 590 | | |
Income tax payable
|
| | | | — | | | | | | 34 | | | | | | 376 | | | | | | — | <