Visionary Holdings Inc. Files 20-F for FY2024

Ticker: GV · Form: 20-F · Filed: Aug 15, 2024 · CIK: 1892274

Visionary Holdings Inc. 20-F Filing Summary
FieldDetail
CompanyVisionary Holdings Inc. (GV)
Form Type20-F
Filed DateAug 15, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$13.3 million, $2.1 billion, $500 million, $8,019,186, $7,090,140
Sentimentneutral

Sentiment: neutral

Topics: 20-F, annual-report, education-services

TL;DR

Visionary Holdings Inc. dropped its 20-F for FY24, check it for the latest financials.

AI Summary

Visionary Holdings Inc. filed its annual 20-F report for the fiscal year ending March 31, 2024. The company, previously known as Visionary Education Technology Holdings Group Inc., is incorporated in A6 and headquartered in Toronto, Canada. The filing covers financial data and business operations for the period.

Why It Matters

This filing provides investors with a comprehensive overview of Visionary Holdings Inc.'s financial performance and business activities for the past fiscal year, crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: medium — As a foreign private issuer filing a 20-F, the company operates under different regulatory frameworks which can introduce complexities and risks compared to domestic filings.

Key Numbers

  • 20240331 — Fiscal Year End (The period covered by the 20-F filing)
  • 20240815 — Filing Date (Date the 20-F was submitted to the SEC)

Key Players & Entities

  • Visionary Holdings Inc. (company) — Filer of the 20-F report
  • Visionary Education Technology Holdings Group Inc. (company) — Former name of the filer
  • 0001892274 (company) — Central Index Key for Visionary Holdings Inc.
  • Toronto (location) — City of business and mailing address

FAQ

What was the previous name of Visionary Holdings Inc. and when did the name change occur?

The company was formerly known as Visionary Education Technology Holdings Group Inc. and its name was changed on February 8, 2024.

What is the primary business address of Visionary Holdings Inc.?

The business address is 105 Moatfield Drive, Unit 1003, Toronto, A6, M3B 0A4.

What is the SIC code for Visionary Holdings Inc.?

The Standard Industrial Classification code is 8200, categorized under SERVICES-EDUCATIONAL SERVICES.

What is the SEC file number for Visionary Holdings Inc.?

The SEC file number is 001-41385.

What fiscal year does this 20-F filing pertain to?

This 20-F filing pertains to the fiscal year ending March 31, 2024.

Filing Stats: 4,543 words · 18 min read · ~15 pages · Grade level 14.4 · Accepted 2024-08-15 11:59:23

Key Financial Figures

  • $13.3 million — da (the "41 Metropolitan Building") for $13.3 million (C$ 18 million). 3 We do not expect
  • $2.1 billion — ue by over 700%, generating more than US$2.1 billion in revenue and US$500 million in profit
  • $500 million — re than US$2.1 billion in revenue and US$500 million in profit over the next five years. How
  • $8,019,186 — ptember 23, 2022. Revenue from rent was $8,019,186 in the fiscal year ended March 31, 2024
  • $7,090,140 — e fiscal year ended March 31, 2024, and $7,090,140 in the fiscal year ended March 31, 2023

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b 2 of the Exchange Act): Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether Registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Not applicable. TABLE OF CONTENTS Page PART I

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 1

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 15

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 46

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 47

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 63

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 72

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 74

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 74

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 75

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 86

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 87 PART II

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 88

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 88

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 88

[RESERVED]

ITEM 16. [RESERVED] 91

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 91

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 91

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 91

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 92

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 92

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT. 92

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE. 93

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE. 94

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 94

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 94

CYBERSECURITY

ITEM 16K. CYBERSECURITY 94 94 PART III

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 95

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 95

EXHIBITS

ITEM 19. EXHIBITS 95 i

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This annual report contains statements that constitute "forward-looking statements". Any statements that are not statements of historical facts may be deemed to be forward-looking such as "anticipates", "estimates", "projects", "expects", "contemplates", "intends", "believes", "plans", "may", "will", or their negatives or other comparable words, although not all forward-looking statements contain these identifying words. Forward-looking statements in this annual report may include, but are not limited to, statements and/or information related to: strategy, future operations, projected production capacity, projected sales or rentals, projected costs, expectations regarding demand and acceptance of our products, availability of material components, trends in the market in which we operate, plans and objectives of management. We believe that we have based our forward-looking conditions and expected developments, as well as other factors that we believe to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although management believes that the assumption and expectations reflected in such forward-looking statements are reasonable, we may have made misjudgments in preparing such forward-looking statements. Assumptions have been made regarding, among other things: our expected production capacity; labor costs and material costs, no material variations in the current regulatory environment and our ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. The f

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

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

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D.

Risk Factors

Risk Factors An investment in our common shares carries a significant degree of risk. You should carefully consider the following risks, as well as the other information contained in this annual report, including our historical financial statements and related notes included elsewhere in this annual report, before you decide to purchase the common shares. Any one of these risks and uncertainties has the potential to cause material adverse effects on our business, prospects, financial condition and operating results which could cause actual results to differ materially from any forward-looking statements expressed by us and a significant decrease in the value of our ordinary shares. Refer to "Special Note Regarding Forward-Looking We may not be successful in preventing the material adverse effects that any of the following risks and uncertainties may cause. These potential risks and uncertainties may not be a complete list of the risks and uncertainties facing us. There may be additional risks and uncertainties that we are presently unaware of, or presently consider immaterial, that may become material in the future and have a material adverse effect on us. You could lose all or a significant portion of your investment due to any of these risks and uncertainties. Risks Related to Our Business and Industry Our business, results of operations and financial condition have been adversely impacted by the COVID-19 pandemic. Although the COVID-19 pandemic has been declared over worldwide, the adverse impacts that it has developed upon the private education business are still severe and greatly affecting our growth in terms of the number of overseas students and revenue. The economic situation in the countries that are the major sources for our overseas student recruiting is largely damaged during and after the COVID-19 pandemic. Consequentially, families who had planned to send their children overseas for education are no longer capable of doing so du

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