| | |
Per Share
|
| |
Total
|
| ||||||
Initial public offering price
|
| | | $ | 6.00 | | | | | $ | 19,636,362 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 0.45 | | | | | $ | 1,472,727 | | |
Proceeds to us, before expenses
|
| | | $ | 5.55 | | | | | $ | 18,163,635 | | |
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 4 | | | |
| | | | 26 | | | |
| | | | 28 | | | |
| | | | 32 | | | |
| | | | 61 | | | |
| | | | 63 | | | |
| | | | 64 | | | |
CAPITALIZATION | | | | | 65 | | |
DILUTION | | | | | 67 | | |
| | | | 69 | | | |
| | | | 82 | | | |
| | | | 84 | | | |
| | | | 90 | | | |
BUSINESS | | | | | 130 | | |
MANAGEMENT | | | | | 204 | | |
| | | | 210 | | | |
| | | | 211 | | | |
| | | | 215 | | | |
| | | | 238 | | | |
| | | | 240 | | | |
UNDERWRITING | | | | | 248 | | |
| | | | 256 | | | |
| | | | 257 | | | |
EXPERTS | | | | | 257 | | |
| | | | 257 | | | |
| | | | 259 | | | |
| | | | F-1 | | |
Summary Income Data:
|
| |
Genius Group
Pro forma Six Months Ended (USD 000’s) |
| |
Pre-IPO Group
Reviewed Financials Six Months Ended (USD 000’s) |
| |
Genius Group
Pro forma Year Ended (USD 000’s) |
| |
Pre-IPO Group
Audited Financials Year Ended (USD 000’s) |
| ||||||||||||||||||||||||
|
June 30,
2021 |
| |
June 30,
2021 |
| |
June 30,
2020 |
| |
December 31,
2020 |
| |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||||||||||||||||
Sales
|
| | | | 13,918 | | | | | | 6,352 | | | | | | 4,538 | | | | | | 24,206 | | | | | | 7,634 | | | | | | 9,949 | | |
Cost of goods sold
|
| | | | (7,759) | | | | | | (4,710) | | | | | | (2,294) | | | | | | (8,722) | | | | | | (4,134) | | | | | | (5,024) | | |
Gross profit (Loss)
|
| | | | 6,159 | | | | | | 1,642 | | | | | | 2,244 | | | | | | 15,484 | | | | | | 3,500 | | | | | | 4,925 | | |
Other Operating Income
|
| | | | 82 | | | | | | 67 | | | | | | 85 | | | | | | 284 | | | | | | 11 | | | | | | 1,187 | | |
Operating Expenses
|
| | | | (7,925) | | | | | | (3,203) | | | | | | (3,096) | | | | | | (16,062) | | | | | | (6,192) | | | | | | (7,151) | | |
Operating profit (Loss)
|
| | | | (1,684) | | | | | | (1,494) | | | | | | (767) | | | | | | (294) | | | | | | (2,681) | | | | | | (1,039) | | |
Other income
|
| | | | 1,973 | | | | | | — | | | | | | — | | | | | | 1,218 | | | | | | 412 | | | | | | 784 | | |
Other Expense
|
| | | | (640) | | | | | | (183) | | | | | | (643) | | | | | | (1,889) | | | | | | (854) | | | | | | (864) | | |
Net Income (Loss) Before Tax
|
| | | | (351) | | | | | | (1,677) | | | | | | (1,410) | | | | | | (965) | | | | | | (3,123) | | | | | | (1,119) | | |
Tax Expense
|
| | | | (192) | | | | | | 47 | | | | | | 129 | | | | | | (197) | | | | | | (69) | | | | | | (111) | | |
Net Income (Loss) After Tax
|
| | | | (543) | | | | | | (1,630) | | | | | | (1,281) | | | | | | (1,162) | | | | | | (3,192) | | | | | | (1,230) | | |
Other Comprehensive Income
|
| | | | 71 | | | | | | 71 | | | | | | (525) | | | | | | 2,129 | | | | | | 2,129 | | | | | | (308) | | |
Total Income (Loss)
|
| | | | (472) | | | | | | (1,559) | | | | | | (1,806) | | | | | | 967 | | | | | | (1,063) | | | | | | (1,538) | | |
Net income per share, basic and diluted
|
| | | | (0.03) | | | | | | (0.10) | | | | | | (0.13) | | | | | | (0.07) | | | | | | (0.25) | | | | | | (0.14) | | |
Weighted-average number of shares outstanding, basic and diluted
|
| | | | 18,247,056 | | | | | | 16,155,180 | | | | | | 9,798,478 | | | | | | 14,666,851 | | | | | | 12,575,605 | | | | | | 8,492,924 | | |
| | |
Genius Group
Pro forma Six Months Ended, (USD 000’s) |
| |
Pre-IPO
Group Reviewed Financials Six Months Ended, (USD 000’s) |
| |
Pre-IPO Group
Audited Financials Year Ended, (USD 000’s) |
| |||||||||||||||
| | |
June 30, 2021
|
| |
June 30, 2021
|
| |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||
Summary Balance Sheet Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets
|
| | | | 28,399 | | | | | | 6,312 | | | | | | 4,937 | | | | | | 5,806 | | |
Total non-current assets
|
| | | | 50,426 | | | | | | 11,852 | | | | | | 12,021 | | | | | | 11,754 | | |
Total Assets
|
| | | | 78,825 | | | | | | 18,164 | | | | | | 16,958 | | | | | | 17,560 | | |
Total current liabilities
|
| | | | 18,252 | | | | | | 5,803 | | | | | | 5,379 | | | | | | 6,202 | | |
Total non-current liabilities
|
| | | | 22,967 | | | | | | 3,336 | | | | | | 3,873 | | | | | | 6,027 | | |
Total Liabilities
|
| | | | 41,219 | | | | | | 9,139 | | | | | | 9,252 | | | | | | 12,229 | | |
Total Shareholders’ Equity
|
| | | | 37,606 | | | | | | 9,025 | | | | | | 7,706 | | | | | | 5,331 | | |
Total Liabilities and
Shareholders’ Equity |
| | | | 78,825 | | | | | | 18,164 | | | | | | 16,958 | | | | | | 17,560 | | |
| | |
Genius Group
Pro forma Six Months Ended (USD 000’s) |
| |
Pre-IPO Group
Reviewed Financials Six Months Ended (USD 000’s) |
| |
Genius Group
Pro forma Year Ended (USD 000’s) |
| |
Pre-IPO Group
Audited Financials Year Ended (USD 000’s) |
| ||||||||||||||||||||||||
|
June 30,
2021 |
| |
June 30,
2021 |
| |
June 30,
2020 |
| |
December 31,
2020 |
| |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||||||||||||||||
Net Income (Loss)
|
| | | | (543) | | | | | | (1,630) | | | | | | (1,281) | | | | | | (1,162) | | | | | | (3,192) | | | | | | (1,230) | | |
Tax Expense
|
| | | | 192 | | | | | | (47) | | | | | | (129) | | | | | | 197 | | | | | | 69 | | | | | | 111 | | |
Interest Expense, net
|
| | | | 640 | | | | | | 183 | | | | | | 643 | | | | | | 1,889 | | | | | | 854 | | | | | | 864 | | |
Depreciation and Amortization
|
| | | | 1,112 | | | | | | 793 | | | | | | 979 | | | | | | 2,323 | | | | | | 1,571 | | | | | | 1,262 | | |
Goodwill Impairments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock Based
Compensation |
| | | | 122 | | | | | | 121 | | | | | | 159 | | | | | | 398 | | | | | | 399 | | | | | | 172 | | |
Bad Debt Provision
|
| | | | (39) | | | | | | (39) | | | | | | — | | | | | | 924 | | | | | | 162 | | | | | | — | | |
Adjusted EBITDA
|
| | | | 1,484 | | | | | | (619) | | | | | | 371 | | | | | | 4,569 | | | | | | (137) | | | | | | 1,179 | | |
| | |
GeniusU
|
| |
University of
Antelope Valley |
| |
Property
Investors Network |
| |
Education
Angels |
| |
E-Square
|
| |
Total
|
| ||||||||||||||||||
Number of students
|
| | | | 1,903,726 | | | | | | 3,102 | | | | | | 146,614 | | | | | | 732 | | | | | | 677 | | | | | | 2,054,851 | | |
Number of Free Students
|
| | | | 1,868,171 | | | | | | — | | | | | | 120,246 | | | | | | — | | | | | | — | | | | | | 1,988,417 | | |
Number of Paying Students
|
| | | | 35,555 | | | | | | 3,102 | | | | | | 26,368 | | | | | | 732 | | | | | | 677 | | | | | | 66,434 | | |
Number of Partners
|
| | | | 9,866 | | | | | | 238 | | | | | | 628 | | | | | | 312 | | | | | | 43 | | | | | | 11,087 | | |
Number of countries of
operation |
| | | | 191 | | | | | | 1 | | | | | | 52 | | | | | | 1 | | | | | | 1 | | | | | | 191 | | |
Marketing Spend
|
| | | | 395,114 | | | | | | 110,036 | | | | | | 225,749 | | | | | | 6,074 | | | | | | 31,434 | | | | | | 768,407 | | |
Education Revenue
|
| | | | 5,074,942 | | | | | | 3,488,724 | | | | | | 3,184,343 | | | | | | 478,205 | | | | | | 415,267 | | | | | | 12,641,481 | | |
Revenue from New Paying
Students |
| | | | 1,268,373 | | | | | | 1,672,362 | | | | | | 1,563,898 | | | | | | 239,102 | | | | | | 207,634 | | | | | | 4,951,369 | | |
New Students
|
| | | | 103,206 | | | | | | 281 | | | | | | 15,503 | | | | | | 102 | | | | | | 131 | | | | | | 119,223 | | |
New Paying Students
|
| | | | 1,635 | | | | | | 281 | | | | | | 1,948 | | | | | | 102 | | | | | | 131 | | | | | | 4,097 | | |
Conversion rate
|
| | | | 1.58% | | | | | | N/A | | | | | | 12.57% | | | | | | N/A | | | | | | N/A | | | | | | 3.44% | | |
Average Acquisition Cost per New Paying Student
|
| | | | 181.24 | | | | | | 391.59 | | | | | | 115.89 | | | | | | 59.55 | | | | | | 239.95 | | | | | | 163.44 | | |
Average Annual Revenue per New Paying Student
|
| | | | 775.76 | | | | | | 5,951.47 | | | | | | 802.82 | | | | | | 2,344.14 | | | | | | 1,584.99 | | | | | | 1,208.54 | | |
Net Income (Loss) margin
|
| | | | (7.54%) | | | | | | 12.21% | | | | | | 37.75% | | | | | | (4.39%) | | | | | | 21.91% | | | | | | 10.41% | | |
Adjusted EBITDA margin
|
| | | | (3.20%) | | | | | | 15.10% | | | | | | 47.02% | | | | | | (2.75%) | | | | | | 21.91% | | | | | | 15.34% | | |
| | |
GeniusU
|
| |
University of
Antelope Valley |
| |
Property
Investors Network |
| |
Education
Angels |
| |
E-Square
|
| |
Total
|
| ||||||||||||||||||
Number of students
|
| | | | 1,800,520 | | | | | | 2,821 | | | | | | 131,111 | | | | | | 630 | | | | | | 546 | | | | | | 1,935,628 | | |
Number of Free Students
|
| | | | 1,766,600 | | | | | | — | | | | | | 106,691 | | | | | | — | | | | | | — | | | | | | 1,873,291 | | |
Number of Paying Students
|
| | | | 33,920 | | | | | | 2,821 | | | | | | 24,420 | | | | | | 630 | | | | | | 546 | | | | | | 62,337 | | |
Number of Partners
|
| | | | 9,399 | | | | | | 214 | | | | | | 570 | | | | | | 270 | | | | | | 43 | | | | | | 10,496 | | |
Number of countries of
operation |
| | | | 191 | | | | | | 1 | | | | | | 52 | | | | | | 1 | | | | | | 1 | | | | | | 191 | | |
Marketing Spend
|
| | | | 576,028 | | | | | | 175,141 | | | | | | 287,694 | | | | | | 34,708 | | | | | | 78,586 | | | | | | 1,152,157 | | |
Education Revenue
|
| | | | 5,618,210 | | | | | | 10,078,158 | | | | | | 4,598,750 | | | | | | 1,068,204 | | | | | | 827,675 | | | | | | 22,190,997 | | |
Revenue from New Paying Students
|
| | | | 1,809,457 | | | | | | 2,418,758 | | | | | | 1,603,998 | | | | | | 534,102 | | | | | | 287,890 | | | | | | 6,654,205 | | |
New Students
|
| | | | 247,388 | | | | | | 559 | | | | | | 27,353 | | | | | | 210 | | | | | | 270 | | | | | | 275,780 | | |
New Paying Students
|
| | | | 3,450 | | | | | | 559 | | | | | | 3,277 | | | | | | 210 | | | | | | 270 | | | | | | 7,766 | | |
Conversion rate
|
| | | | 1.39% | | | | | | N/A | | | | | | 11.98% | | | | | | N/A | | | | | | N/A | | | | | | 2.81% | | |
Average Acquisition Cost per New Paying Student
|
| | | | 121.91 | | | | | | 313.31 | | | | | | 148.82 | | | | | | 165.28 | | | | | | 291.06 | | | | | | 154.10 | | |
Average Annual Revenue per New Paying Student
|
| | | | 524.48 | | | | | | 4327 | | | | | | 489.47 | | | | | | 2,543 | | | | | | 1066 | | | | | | 857 | | |
Net Income (Loss) margin
|
| | | | 1.90% | | | | | | 17.91% | | | | | | 22.89% | | | | | | 19.17% | | | | | | 23.16% | | | | | | 15.14% | | |
Adjusted EBITDA margin
|
| | | | 24.38% | | | | | | 21.29% | | | | | | 45.17% | | | | | | 23.36% | | | | | | 28.35% | | | | | | 27.38% | | |
| | |
Cafe
|
| |
Central
|
| |
Resort
|
| |
Total
|
| ||||||||||||
Revenue
|
| | | | 94,451 | | | | | | 648,492 | | | | | | 533,846 | | | | | | 1,276,789 | | |
No of Location
|
| | | | 2 | | | | | | 1 | | | | | | 3 | | | | | | 6 | | |
No of Seats / Room
|
| | | | 141 | | | | | | 177 | | | | | | 49 | | | | | | 367 | | |
Utilization
|
| | | | 13% | | | | | | 39% | | | | | | 14% | | | | | | 22% | | |
Total Orders
|
| | | | 11,211 | | | | | | 40,556 | | | | | | 2,196 | | | | | | 53,963 | | |
Revenue Per Order
|
| | | $ | 8.42 | | | | | $ | 15.99 | | | | | $ | 243.10 | | | | | $ | 23.66 | | |
| | |
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 | | | | | $ | 137.35 | | | | | $ | 24.61 | | |
| | |
Genius Group
Pro forma Six Months Ended (USD 000’s) |
| |
Pre-IPO Group
Reviewed Financials Six Months Ended (USD 000’s) |
| |
Genius Group
Pro forma Year Ended (USD 000’s) |
| |
Pre-IPO Group
Audited Financials Year Ended (USD 000’s) |
| ||||||||||||||||||||||||
|
June 30,
2021 |
| |
June 30,
2021 |
| |
June 30,
2020 |
| |
December 31,
2020 |
| |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||||||||||||||||
Digital Education Revenue
|
| | | | 12,163 | | | | | | 5,075 | | | | | | 3,068 | | | | | | 20,803 | | | | | | 5,298 | | | | | | 4,771 | | |
In-Person Education
Revenue |
| | | | 478 | | | | | | — | | | | | | 330 | | | | | | 1,388 | | | | | | 320 | | | | | | 746 | | |
Total Education Revenue
|
| | | | 12,641 | | | | | | 5,070 | | | | | | 3,398 | | | | | | 22,191 | | | | | | 5,618 | | | | | | 5,517 | | |
Campus Revenue
|
| | | | 1,277 | | | | | | 1,277 | | | | | | 1,138 | | | | | | 2,016 | | | | | | 2,016 | | | | | | 4,432 | | |
Total Revenue
|
| | | | 13,918 | | | | | | 6,352 | | | | | | 4,538 | | | | | | 24,207 | | | | | | 7,634 | | | | | | 9,949 | | |
| | |
June 30, 2021 (USD)
|
| |||||||||||||||
| | |
Actual
|
| |
Pro forma
|
| |
Pro forma
As Adjusted |
| |||||||||
Cash and cash equivalents
|
| | | | 2,143,358 | | | | | | 2,880,704 | | | | | | 12,191,483 | | |
Capitalization: | | | | | | | | | | | | | | | | | | | |
Long-term debt:
|
| | | | 1,452,547 | | | | | | 2,527,666 | | | | | | 14,027,666 | | |
Shareholders’ equity:
|
| | | | 51,734,435 | | | | | | 52,444,469 | | | | | | 80,316,235 | | |
16,155,810 ordinary shares issued and outstanding on an actual
basis, 18,247,056 ordinary shares issued and outstanding on a pro forma basis to reflect the IPO Acquisitions; 21,519,783 shares issued and outstanding on a pro forma as adjusted basis to reflect the IPO Acquisitions and 3,272,727 ordinary shares to be issued in this offering |
| | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive income (loss)
|
| | | | — | | | | | | — | | | | | | | | |
Reserve
|
| | | | (31,946,451) | | | | | | (31,946,451) | | | | | | (31,946,451) | | |
Accumulated deficit
|
| | | | (10,763,118) | | | | | | (10,763,118) | | | | | | (10,763,118) | | |
Total shareholders’ equity
|
| | | | 9,024,866 | | | | | | 9,734,900 | | | | | | 37,606,666 | | |
Total capitalization
|
| | | | 10,477,413 | | | | | | 12,262,566 | | | | | | 51,634,332 | | |
| | | | | | | | | | | | | | | | | | | |
| | |
Per
Ordinary Share |
| |||
| | |
($)
|
| |||
Initial public offering price per ordinary share
|
| | | $ | 6.00 | | |
Net tangible book value of the Pre-IPO Group
|
| | | $ | 0.32 | | |
Pro forma as adjusted increase (decrease) in net tangible book value per share
|
| | | $ | (0.50) | | |
Pro forma as adjusted net tangible book value per share after giving effect to this offering
|
| | | $ | (0.18) | | |
Pro forma as adjusted dilution per share to investors participating in this offering
|
| | | $ | 6.18 | | |
| | | | | | | |
| | | | | | | | | | |||||
|
Total assets
|
| | | | | | | | | $ | 78,825,045 | | |
| Less: | | | | | | | | | | | | | |
|
Intangible assets, net
|
| | | $ | 9,534,257 | | | | | | | | |
|
Operating lease right-of-use asset
|
| | | $ | 7,517,231 | | | | | | | | |
|
Goodwill
|
| | | $ | 24,516,527 | | | | | | | | |
|
Total intangible assets
|
| | | | | | | | | $ | 41,568,015 | | |
|
Total tangible assets
|
| | | | | | | | | $ | 37,257,030 | | |
|
Less: Total liabilities
|
| | | | | | | | | $ | 41,218,384 | | |
|
Pro forma as adjusted net tangible book value
|
| | | | | | | | | $ | (3,961,354) | | |
| | |
Ordinary Shares
Purchased |
| |
Total Consideration
|
| |
Average
Price Per Ordinary Share |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Existing shareholders (Issued)
|
| | | | 16,155,810 | | | | | | 75.07% | | | | | | 46,421,800 | | | | | | 59.35% | | | | | $ | 2.87 | | |
Existing shareholders (IPO Acquisitions)
|
| | | | 2,091,246 | | | | | | 9.72% | | | | | | 12,153,614 | | | | | | 15.54% | | | | | $ | 5.81 | | |
New investors
|
| | | | 3,272,727 | | | | | | 15.21% | | | | | | 19,636,362 | | | | | | 25.11% | | | | | $ | 6.00 | | |
Total | | | | | 21,519,783 | | | | | | 100.00% | | | | | | 78,211,776 | | | | | | 100.00% | | | | | $ | 3.63 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Share Price
|
| | | $ | 5.81 | | | | | $ | 5.50 | | | | | $ | 5.00 | | | | | $ | 6.00 | | |
|
Share Consideration
|
| | | $ | 6,000,000 | | | | | $ | 6,000,000 | | | | | $ | 6,000,000 | | | | | $ | 6,000,000 | | |
|
Number of Shares
|
| | | | 1,032,702 | | | | | | 1,090,909 | | | | | | 1,200,000 | | | | | | 1,000,000 | |