EpicQuest Education Group International Ltd Files 20-F Annual Report

TL;DR

<b>EpicQuest Education Group International Ltd has filed its annual 20-F report for the fiscal year ending September 30, 2023, detailing its corporate structure and share information.</b>

AI Summary

EpicQuest Education Group International Ltd (EEIQ) filed a Foreign Annual Report (20-F) with the SEC on January 31, 2024. EpicQuest Education Group International Ltd filed its annual report on Form 20-F for the fiscal year ended September 30, 2023. The company had 11,998,173 shares outstanding as of September 30, 2023. Its common shares trade on The Nasdaq Stock Market LLC under the symbol EEIQ. The company was formerly known as Elite Education Group International Ltd, with a name change effective July 2, 2019. The principal executive offices are located at 1209 N. University Blvd., Middletown, OH 45042.

Why It Matters

For investors and stakeholders tracking EpicQuest Education Group International Ltd, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial and operational status for the past fiscal year, crucial for investors to assess performance and future prospects. As a foreign private issuer, this 20-F filing is a standard requirement for companies listed on U.S. exchanges, ensuring transparency and regulatory compliance.

Risk Assessment

Risk Level: low — EpicQuest Education Group International Ltd shows low risk based on this filing. The filing is a routine annual report and does not contain new material financial information or significant risk disclosures beyond standard annual reporting requirements.

Analyst Insight

Investors should review the full 20-F filing for detailed financial statements, risk factors, and management discussion to understand EpicQuest Education Group International Ltd's performance and outlook.

Key Numbers

• 11,998,173 — Shares Outstanding (As of September 30, 2023)
• 2023-09-30 — Fiscal Year End (Reported period)
• 2024-01-31 — Filing Date (Date of submission)

Key Players & Entities

• EpicQuest Education Group International Ltd (company) — Registrant
• Elite Education Group International Ltd (company) — Former company name
• The Nasdaq Stock Market LLC (company) — Exchange where common shares are registered
• EEIQ (company) — Trading symbol for common shares
• Jianbo Zhang (person) — CEO
• 0001213900-24-008467 (other) — Accession Number
• 001-40280 (other) — Commission file number
• 11,998,173 (dollar_amount) — Shares outstanding as of September 30, 2023

Forward-Looking Statements

• EpicQuest Education Group International Ltd will continue to file its annual reports on time. (EpicQuest Education Group International Ltd) — high confidence, target: September 30, 2024

FAQ

Industry Context

EpicQuest Education Group International Ltd operates within the educational services sector. As a foreign private issuer, it complies with U.S. SEC reporting requirements.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, filing annual reports on Form 20-F.

What Investors Should Do

1. Review the full 20-F filing for detailed financial statements and management discussion.
2. Analyze the number of outstanding shares and trading information on the Nasdaq.
3. Note the company's former name and the date of the name change.

Key Dates

• 2023-09-30: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-01-31: Filing Date — Date the 20-F report was submitted to the SEC.

Glossary

20-F

An annual report required for foreign private issuers with securities registered in the U.S. (Provides a comprehensive overview of the company's business, financial condition, and results of operations for the fiscal year.)

Year-Over-Year Comparison

This is the annual 20-F filing for the fiscal year ended September 30, 2023. Previous filings would provide comparative data.

Key Financial Figures

• $0.0016 — nge on which registered Common Shares, $0.0016 par value per share EEIQ The Nasdaq St
• $1.00 — e Statistical Release was RMB 7.2960 to $1.00. FORWARD-LOOKING STATEMENTS This Re
• $5,712,480 — orward. We have generated revenues of $5,712,480 and $6,330,428, and had net (loss) of $
• $6,330,428 — ve generated revenues of $5,712,480 and $6,330,428, and had net (loss) of $(7,173,125) and

Filing Documents

• f20f2023_epicquest.htm (20-F) — 1437KB
• f20f2023ex4-15_epicquest.htm (EX-4.15) — 20KB
• f20f2023ex8-1_epicquest.htm (EX-8.1) — 4KB
• f20f2023ex12-1_epicquest.htm (EX-12.1) — 9KB
• f20f2023ex12-2_epicquest.htm (EX-12.2) — 9KB
• f20f2023ex13-1_epicquest.htm (EX-13.1) — 4KB
• f20f2023ex15-1_epicquest.htm (EX-15.1) — 4KB
• image_001.jpg (GRAPHIC) — 67KB
• image_002.jpg (GRAPHIC) — 6KB
• image_003.jpg (GRAPHIC) — 6KB
• 0001213900-24-008467.txt (&nbsp;) — 7734KB
• eeiq-20230930.xsd (EX-101.SCH) — 83KB
• eeiq-20230930_cal.xml (EX-101.CAL) — 48KB
• eeiq-20230930_def.xml (EX-101.DEF) — 376KB
• eeiq-20230930_lab.xml (EX-101.LAB) — 702KB
• eeiq-20230930_pre.xml (EX-101.PRE) — 393KB
• f20f2023_epicquest_htm.xml (XML) — 840KB

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 57 PART II 58 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 58 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 58 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 59 ITEM 16. RESERVED 60 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 60 ITEM 16B. CODE OF ETHICS 60 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 60 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES. 60 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 60 ITEM 16F. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT 60 ITEM 16G. CORPORATE GOVERNANCE 61 ITEM 16H MINE SAFETY DISCLOSURE 61 ITEM 16I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 61 PART III 62 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 62 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 62 ITEM 19. EXHIBITS 62 i CERTAIN INFORMATION In this Annual Report on Form 20-F (the "Annual Report"), unless otherwise indicated, "we," "us," "our," "EpicQuest Education," "EpicQuest," and "Company" refers to EpicQuest Education Group International Limited, a British Virgin Islands ("BVI") company, and its subsidiaries, including Quest Holdings International LLC, an Ohio limited liability company ("QHI"); Quest International Education Center LLC, an Ohio limited liability company ("QIE"); Ameri-Can Education Group Corp., an Ohio corporation ("Ameri-Can"); Study Up Center LLC, an Ohio limited liability company ("SUPC"); Gilmore INV LLC, an Ohio limited liability company ("Gilmore"); SouthGilmore LLC, an Ohio limited liability company ("SouthGilmore"); Richmond Institute of Language Inc., a Canadian company, d.b.a. EduGlobal College ("RIL" or "EduGlobal College"); Highrim Holding International Limited, a Canadian company ("HHI"); and Skyward Holding International Limited, a Canadian company ("Skyward"). Unless the context indicates otherwise, all references to "China" or "PRC" refer to the People's Republic of China. All references to "provincial-level regions" or "regions" include provinces as well as autonomous regions and directly controlled municipalities in China, which have an administrative status equal to provinces, including Beijing. All references to "Renminbi," "RMB" or "yuan" are to the legal currency of the People's Republic of China, and all references to "U.S. dollars," "dollars," "

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Report contains "forward-looking historical fact are "forward-looking statements" including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management's beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as "may", "will", "should", "could", "would", "predicts", "potential", "continue", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar expressions, as well as statements in the future tense, identify forward-looking statements. These statements are necessarily or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based on the success of our business.

Forward-looking statements

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and management's belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, those factors discussed under the headings "Risk Factors", "Operating and Financial Review and Prospects," "Information on the Company" and elsewhere in this Annual Report. This Annual Report should be read in conjunction with our audited financial statements and the accompanying notes thereto, which are included in Item 18 of this Annual Report. ii PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not required. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not required. ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not required. C. Reasons for the Offer and Use of Proceeds Not required. D.

Risk factors

Risk factors You should carefully consider the following risk factors, together with all of the other information included in this Annual Report. Risks Related to Our Business Although historically we have generated net income, we cannot assure you that we will continue on the profitability path going forward. We have generated revenues of $5,712,480 and $6,330,428, and had net (loss) of $(7,173,125) and $(6,128,442) for the fiscal years ended September 30, 2023 and 2022, respectively. We expect that both our revenues and our operating expenses will increase as we expand our business. If we are not able to increase revenue and/or manage operating expenses in line with revenue forecasts, we may not be able to achieve profitability. Any significant failure to realize anticipated revenue growth from our new and existing lines of business and/or manage operating expenses in line with revenue forecasts, could result in continued operating losses. As such, we cannot assure you that we will maintain profitability. If we are not able to continue to attract students to retain our services, our business and prospects will be materially and adversely affected. The success of our business depends primarily on the number of student members enrolled. Therefore, our ability to continue to attract students is critical to the continued success and growth of our business. This in turn will depend on several factors, including our ability to develop new services and enhance existing ones to respond to changes in market trends and student demands, manage our growth while maintaining consistent and high education quality, broaden our relationships with strategic partners and market our services effectively to a broader base of prospective students. If we are unable to continue to attract students, our net revenues may decline, which may have a material adverse effect on our business, financial condition and results of operations. 1 Our results of operations may fluctuate si

View Full Filing

View this 20-F filing on SEC EDGAR