EpicQuest Education Group Files 2024 Annual Report

TL;DR

EpicQuest dropped its 2024 20-F, check financials for the education services firm.

AI Summary

EpicQuest Education Group International Ltd filed its annual report on Form 20-F for the fiscal year ended September 30, 2024. The company, formerly known as Elite Education Group International Ltd, is incorporated in D8 and operates in the educational services sector. Its principal executive offices are located at 1209 N. University Blvd., Middletown, OH 45042.

Why It Matters

This filing provides investors with a comprehensive overview of EpicQuest's financial performance and business operations for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded company filing an annual report, there are inherent risks associated with financial reporting and market performance, but no specific immediate red flags are apparent in this initial filing summary.

Key Numbers

• 20240930 — Fiscal Year End (The period covered by the annual report.)
• 001-40280 — Commission File Number (Unique identifier for the company's SEC filings.)

Key Players & Entities

• EpicQuest Education Group International Ltd (company) — Registrant
• Elite Education Group International Ltd (company) — Former company name
• 001-40280 (dollar_amount) — Commission file number
• 20240930 (dollar_amount) — Fiscal year end date
• 1209 N. University Blvd., Middletown, OH 45042 (dollar_amount) — Business address

FAQ

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 7.0176 to $1.00. FORWARD-LOOKING STATEMENTS This Re
• $14,958,678 — e Company had an accumulated deficit of $14,958,678 and a working capital deficit of $5,469
• $5,469,694 — 58,678 and a working capital deficit of $5,469,694. While we believe that our plans to ad
• $8,153,546 — orward. We have generated revenues of $8,153,546 and $5,712,480, and had net (loss) of $
• $5,712,480 — ve generated revenues of $8,153,546 and $5,712,480, and had net (loss) of $(6,571,184) and

Filing Documents

• ea0228108-20f_epicquest.htm (20-F) — 1539KB
• ea022810801ex8-1_epicquest.htm (EX-8.1) — 4KB
• ea022810801ex11-2_epicquest.htm (EX-11.2) — 57KB
• ea022810801ex12-1_epicquest.htm (EX-12.1) — 10KB
• ea022810801ex12-2_epicquest.htm (EX-12.2) — 10KB
• ea022810801ex13-1_epicquest.htm (EX-13.1) — 4KB
• ea022810801ex15-1_epicquest.htm (EX-15.1) — 4KB
• ea022810801ex97-1_epicquest.htm (EX-97.1) — 20KB
• image_001.jpg (GRAPHIC) — 83KB
• image_002.jpg (GRAPHIC) — 13KB
• image_003.jpg (GRAPHIC) — 8KB
• ex15-1_001.jpg (GRAPHIC) — 20KB
• 0001213900-25-008906.txt ( ) — 8716KB
• eeiq-20240930.xsd (EX-101.SCH) — 68KB
• eeiq-20240930_cal.xml (EX-101.CAL) — 70KB
• eeiq-20240930_def.xml (EX-101.DEF) — 381KB
• eeiq-20240930_lab.xml (EX-101.LAB) — 660KB
• eeiq-20240930_pre.xml (EX-101.PRE) — 395KB
• ea0228108-20f_epicquest_htm.xml (XML) — 984KB

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 59 PART II 60 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 60 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 60 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 61 ITEM 16. RESERVED 62 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 62 ITEM 16B. CODE OF ETHICS 62 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 62 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES. 62 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 62 ITEM 16F. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT 62 ITEM 16G. CORPORATE GOVERNANCE 63 ITEM 16H MINE SAFETY DISCLOSURE 63 ITEM 16I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 63 PART III 64 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 64 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 64 ITEM 19. EXHIBITS 64 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"); Davis College Inc. (d.b.a. Davis University), an Ohio limited liability company ("Davis University," "Davis," or "DU"); 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

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not required.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not required.

KEY INFORMATION

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 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 There is uncertainty regarding our ability to continue as a going concern. As of September 30, 2024, we have incurred recurring net losses and negative cash flows from operations, which raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements included in this Annual Report are issued. As of September 30, 2024, the Company had an accumulated deficit of $14,958,678 and a working capital deficit of $5,469,694. While we believe that our plans to address these concerns are feasible, there is no assurance that our actions will be successful in mitigating the substantial doubt about the our ability to continue as a going concern. If we are unable to obtain sufficient financing or generate adequate cash flows from operations, we may be required to curtail or cease operations, seek protection under applicable bankruptcy laws, or pursue other strategic alternatives. As a result of the foregoing, the report of our independent registered public accounting firm contains an explanatory paragraph relating to our ability to continue as a going concern. This uncertainty may materially and adversely affect the market price of our ordinary shares and our ability to raise new capital. 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 $8,153,546 and $5,712,480, and had net (loss) of $(6,571,184) and $(7,069,862) for the years ended September 30, 2024 and 2023, respectively. We expect that both our revenues and our operating expenses will incre

View Full Filing

View this 20-F filing on SEC EDGAR