Exhibit 2.26
TRANSACTION CLOSING DOCUMENT
DATED APRIL 30, 2022
Genius Group Ltd (the “Purchaser” and “GG”), a public company duly organised and operating under the Laws of Singapore under registration number UEN 201541844 C, having its registered seat at 8 Amoy Street, #01-01 Singapore 049950, represented by Roger James Hamilton and
(A) | David Raymond HITCHINS (the “Seller”) holds 50 (fifty) common shares of the New Zealand Company Education Angels in Home Childcare Limited with registered seat in 23 Cornwall Street, Lower Hutt, Wellington, 5010, NZ |
(B) | Angela STEAD (the “Seller”) holds 50 (fifty) common shares of the New Zealand Company Education Angels in Home Childcare Limited with registered seat in 23 Cornwall Street, Lower Hutt, Wellington, 5010, NZ |
The Parties agreed as follows:
1. | The transaction is closed as of April 30, 2022; |
2. | The Sellers delivered the transaction documents of Education Angels in Home Childcare Limited in particular: |
(a) | Certified extract of the resolutions passed by the Board of EA approving the transfer of the Sale Shares from the Sellers to the Purchaser. |
(b) | Certified extract of the register of members and the share transfer register of the EA evidencing the entries relating to the transfer of the Sale Shares from the Sellers to the Purchaser - Genius Group Limited registration number UEN 201541844 C with registered seat at 8 Amoy Street, #01-01 Singapore 049950. |
(c) | New Share certificate with respect to the Sale Shares, reflecting the name of the Purchaser as the registered holder of the Sale Shares with respect to Education Angels in Home Childcare Limited. |
3. | The Sellers represent that the transaction documents stipulated in point 2 of this Closing Document has been filed to Registration Office of the Companies in New Zealand in purpose to reflect the change of the owner of sold Shares of Education Angels in Home Childcare Limited. |
4. | The price shall be paid and calculated by the Purchaser due to the provision of Section 2 point 2.1 of the Sale Purchased Agreement dated November 30, 2021 in the following way: |
i. | Consideration: NZ$ 3 million in 100% Shares Converted to US$1,939,281 considering the exchange rate of 30th April 2022 of 0.646427: |
The consideration is US$1,939,281 results in 333,687 shares to Seller at a share price of $34.87 multiplied by 6 for share split.
ii. | After the loan adjustment: |
Angela Stead receives 141,382 GG shares and
David Raymond HITCHINS receives 192,305 GG shares
iii. | Write off of Loan Payable: |
(a) | to founder Angela Stead and David Raymond HITCHINS the amount of NZ$719,103. |
(b) | Winara Trust No 1 - NZ$588,462 |
(c) | Magic Sparks - NZ$130,641 |
5. | The Parties acknowledge that the Purchased Price has been calculated on the basis of the following documents which constitutes the Annexure to this Transaction Closing Document: |
i. Balance Sheet - 30th April 2022
ii. Shares Proceed working and calculation
iii. Share Issue Confirmation
THIS TRANSACTION CLOSING DOCUMENT has been agreed by the Parties and entered into on the date stated at the beginning of this Document.
/s/ Angela STEAD | | /s/ Roger James Hamilton |
Angela STEAD | | Genius Group Limited |
| | |
| | represented by Roger James Hamilton |
/s/ David Raymond HITCHINS | |
David Raymond HITCHINS | |
Balance Sheet
Education Angels in Home Childcare Ltd
(Numbers are in NZD)
|
| 30 Apr 2022 |
| Adjustments |
| Final |
| 30 Jun 2020 |
| Adjustments |
| Final | |||||
Assets | | | | | | | | | | | | | | | | | |
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Bank | | | | | | | | | | | | | | | | | |
600-ASB Business A/c-00 | | 40,798 | | $ | — | | $ | 40,798.00 | | $ | 3,010.41 | | $ | — | | $ | 3,010.41 |
602-ASB Savings A/c-50 | | 6 | | $ | — | | $ | 6.00 | | $ | 2,001.77 | | $ | — | | $ | 2,001.77 |
603-ANZ-Current Account | | 931 | | $ | — | | $ | 931.00 | | $ | (96,434.18) | | $ | — | | $ | (96,434.18) |
Total Bank | | 41,735 | | | 0 | | | 41,735 | | | (91,422) | | | 0 | | | (91,422) |
| | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | |
610-Accounts Receivable | | 0 | | $ | — | | $ | — | | $ | 251,326.37 | | $ | 251,326.37 | | $ | — |
617-Other Debtors | | 0 | | $ | — | | $ | — | | $ | 112,713.76 | | $ | — | | $ | 112,713.76 |
615-Accured Income | | 16,495 | | $ | — | | $ | 16,495.00 | | $ | 50,093.61 | | $ | — | | $ | 50,093.61 |
Total Current Assets | | 16,495 | | | 0 | | | 16,495 | | | 414,134 | | | 251,326 | | | 162,807 |
| | | | | | | | | | | | | | | | | |
Fixed Assets | | | | | | | | | | | | | | | | | |
712-Furniture and Fittings | | 27,774 | | $ | — | | $ | 27,774.00 | | $ | 27,774.48 | | $ | — | | $ | 27,774.48 |
713-Less Accumulated Depreciation on Furniture an Fittings | | (24,255) | | $ | — | | $ | (24,255.00) | | $ | (22,545.04) | | $ | — | | $ | (22,545.04) |
720-Computer Equipment | | 10,341 | | $ | — | | $ | 10,341.00 | | $ | 9,550.41 | | $ | — | | $ | 9,550.41 |
721-Less Accumulated Depreciation on Computer Equipment | | (8,604) | | $ | — | | $ | (8,604.00) | | $ | (6,987.26) | | $ | — | | $ | (6,987.26) |
730-Motor Vehicle | | 230,133 | | $ | — | | $ | 230,133.00 | | $ | 141,563.68 | | $ | — | | $ | 141,563.68 |
731-Less Accumulated Depreciation on Motor Vehicle | | (127,553) | | $ | — | | $ | (127,553.00) | | $ | (89,249.70) | | $ | — | | $ | (89,249.70) |
Total Fixed Assets | | 107,836 | | | 0 | | | 107,836 | | | 60,107 | | | 0 | | | 60,107 |
| | | | | | | | | | | | | | | | | |
Non-Current Assets | | | | | | | | | | | | | | | | | |
780-Goodwill | | 774,532 | | $ | — | | $ | 774,532.00 | | $ | 769,031.52 | | $ | — | | $ | 769,031.52 |
Total Non-current Assets | | 774,532 | | | 0 | | | 774,532 | | | 769,032 | | | 0 | | | 769,032 |
| | | | | | | | | | | | | | | | | |
Total Assets | | 940,598 | | | 0 | | | 940,598 | | | 1,151,850 | | | 251,326 | | | 900,523 |
Liabilities |
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| | |
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Current Liabilities | | | | | | | | | | | | | | | | | |
605-Visa | | 377 | | $ | — | | $ | 377.00 | | $ | 27.52 | | $ | — | | $ | 27.52 |
800-Accounts Payable | | 6,968 | | $ | — | | $ | 6,968.00 | | $ | 34,421.53 | | $ | — | | $ | 34,421.53 |
801-Unpaid Expense Claims | | 0 | | $ | — | | $ | — | | $ | 0 | | $ | 0 | | $ | — |
805-Accrued Liabilities | | 23,133 | | $ | — | | $ | 23,133.00 | | $ | 3,509.88 | | $ | — | | $ | 3,509.88 |
820-GST | | 148,612 | | $ | 159,203.00 | | $ | (10,591.00) | | $ | 98,340.86 | | $ | — | | $ | 98,340.86 |
825-PAYE & Kiwisaver Payable | | 9,906 | | $ | — | | $ | 9,906.00 | | $ | 11,947.53 | | $ | — | | $ | 11,947.53 |
826-Holiday Pay Accrual | | 31,903 | | $ | — | | $ | 31,903.00 | | $ | 25,949.91 | | $ | — | | $ | 25,949.91 |
835-Revenue Received in Advance | | 174,617 | | $ | — | | $ | 174,617.00 | | $ | 0 | | $ | — | | $ | — |
Total Current Liabilities | | 395,516 | | | 159,203 | | | 236,313 | | | 174,197 | | | 0 | | | 174,197 |
| | | | | | | | | | | | | | | | | |
Non-Current Liabilities | | | | | | | | | | | | | | | | | |
810-Fees/Payments as Agent - Parent | | 16 | | $ | — | | $ | 16.00 | | $ | (7,584.45) | | $ | — | | $ | (7,584.45) |
811-Fees/Payments as Agent - WINZ | | 12,928 | | $ | — | | $ | 12,928.00 | | $ | 11,467.89 | | $ | — | | $ | 11,467.89 |
900-Loan – Magic Sparks/Clydestead | | 51,040 | | $ | 51,040.00 | | $ | — | | $ | 378,176.71 | | $ | 378,176.71 | | $ | — |
902-Loan – UDC Finance | | 0 | | $ | — | | $ | — | | $ | 6,770.12 | | $ | — | | $ | 6,770.12 |
904-Loan – Heartland Bank | | 3,401 | | $ | — | | $ | 3,401.00 | | $ | 11,049.75 | | $ | — | | $ | 11,049.75 |
940-Advanced Funding Loan | | 0 | | $ | — | | $ | — | | $ | 35,000.00 | | $ | — | | $ | 35,000.00 |
905-Loan – Nissan Financial Services | | 84,286 | | $ | — | | $ | 84,286.00 | | $ | 0 | | $ | 0 | | $ | — |
950-Loan from Winara Trust No 1 | | 508,860 | | $ | 508,860.00 | | $ | — | | $ | 836,638.07 | | $ | 836,638.07 | | $ | — |
958-IRD – Govt Loan for Business | | 31,600 | | $ | — | | $ | 31,600.0 | | $ | 31,600.00 | | $ | — | | $ | 31,600.00 |
Total Non-Current Liabilities | | 692,131 | | | 559,900 | | | 132,231 | | | 1,303,118 | | | 1,214,815 | | | 88,303 |
| | | | | | | | | | | | | | | | | |
Total Liabilities | | 1,087,647 | | | 719,103 | | | 368,544 | | | 1,477,315 | | | 1,214,815 | | | 262,501 |
| | | | | | | | | | | | | | | | | |
Net Assets | | (147,049) | | | (719,103) | | | 572,054 | | | (325,465) | | | (963,488) | | | 638,023 |
| | | | | | | | | | | | | | | | | |
Total Equity | | (147,049) | | | (719,103) | | | 572,054 | | | (325,465) | | | (963,488) | | | 638,023 |
Education Angels
Share Sale Proceeds Calculation and Division - revised 13 June 2022
| | | | | | | | | | Share of Proceeds | ||||
Education In Home Childcare Limited | | | | | | | | | | | ||||
| | | | | | | | | | | | | | |
Sale Price based on 2 X Annual Revenue in 2019 or 2020, Minimum $3.0m | 3,000,000 | |||||||||||||
GST | ||||||||||||||
Shareholder Debts |
| 31/03/2022 |
| Current |
| Arrears |
| Settlement |
| Angie |
| David |
| Total |
Winara Trust No.1 | 508,860 | 36,585 | 43,016 | 588,462 | 588,462 | 588,462 | ||||||||
Magic Sparks | 51,040 | 36,585 | 43,016 | 130,641 | 130,641 | 130,641 | ||||||||
559,900 | 73,170 | 86,033 | 719,103 | |||||||||||
Balance for Shares | 2,280,897 | 1,140,448 | 1,140,448 | 2,280,897 | ||||||||||
NZ$ | 1,271,090 | 1,728,910 | 3,000,000 | |||||||||||
0.646427 | US$ | 821,667 | 1,117,614 | 1,939,281 | ||||||||||
Issue Price | 34.87 | 34.87 | 34.87 | |||||||||||
X6 | 141,382 | 192,305 | 333,687 |
GENIUS GROUP LTD. | ||||||||
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WINARA TRUST (NO.1) | STATEMENT OF ACCOUNT | |||||||
4/44 QUEENS DRIVE, HUTT CENTRAL | ||||||||
LOWER HUTT 5010 | ACCOUNT NUMBER | 480 | ||||||
NEW ZEALAND | ||||||||
TICKER SYMBOL: | GNS | |||||||
CUSIP: | Y3005A109 |
Summary of Account Holdings as of 06/16/2022 | ||||||||
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CERTIFICATED | RESTRICTED | DRS BALANCE | FREE TRADING | TOTAL SHARES IN | ||||
BALANCE | BOOK BALANCE | BOOK BALANCE | ACCOUNT | |||||
0 |
| 192,305 |
| 0 |
| 0 |
| 192,305 |
Transaction Activity for the Period | 01/01/2010 - 06/16/2022 | |||||||
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CERTIFICATE NUMBER / | SHARES IN / | |||||||
DATE | TRANSACTION DESCRIPTION | SHARES OUT | SHARE BALANCE | |||||
06/15/22 | ISSUE SECURITIES | 192,305 | 192,305 |
*Certificate Balanced – Reflects the aggregate number of shares issued with physical certificate(s).
*Restricted Book Balance – Reflects the aggregate number of restricted shares that VStock Transfer maintains for you in an electronic account and a physical certificate was not issued.
*Free-Trading Book Balance – Reflects the aggregate number of free-trading shares that VStock Transfer maintains for you in an electronic account and a physical certificate was not issued.
*Total Shares – The sum of all certificated and all book shares.
If you have any questions or concerns, please do not hestitate to contact us at (212) 828-8436 or via email at info@vstocktransfer.com.
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| GENIUS GROUP LTD. | |||||
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ANGELA STEAD | STATEMENT OF ACCOUNT | |||||||
4 TENNYSON AVENUE AVALON | ||||||||
LOWER HUTT 5011 | ACCOUNT NUMBER | 481 | ||||||
NEW ZEALAND | ||||||||
TICKER SYMBOL: | GNS | |||||||
CUSIP: | Y3005A109 |
Summary of Account Holdings as of 06/16/2022 | ||||||||
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CERTIFICATED | RESTRICTED | DRS BALANCE | FREE TRADING | TOTAL SHARES IN | ||||
BALANCE | BOOK BALANCE | BOOK BALANCE | ACCOUNT | |||||
0 |
| 141,382 |
| 0 |
| 0 |
| 141,382 |
Transaction Activity for the Period | 01/01/2010 - 06/16/2022 | |||||||
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CERTIFICATE NUMBER / | SHARES IN / | |||||||
DATE | TRANSACTION DESCRIPTION | SHARES OUT | SHARE BALANCE | |||||
06/15/22 | ISSUE SECURITIES | 141,382 | 141,382 |
*Certificate Balanced – Reflects the aggregate number of shares issued with physical certificate(s).
*Restricted Book Balance – Reflects the aggregate number of restricted shares that VStock Transfer maintains for you in an electronic account and a physical certificate was not issued.
*Free-Trading Book Balance – Reflects the aggregate number of free-trading shares that VStock Transfer maintains for you in an electronic account and a physical certificate was not issued.
*Total Shares – The sum of all certificated and all book shares.
If you have any questions or concerns, please do not hestitate to contact us at (212) 828-8436 or via email at info@vstocktransfer.com.