Business
Visionary Education Technology Holdings Group Inc. Reports Fiscal Year 2023 Financial Results
TORONTO, Aug. 15, 2023 /PRNewswire/ -- Visionary Education Technology Holdings Group Inc. (the "Company") (NASDAQ:VEDU), a private education provider located
About this update from Visionary Holdings Inc.
[{"type":"text","content":"TORONTO, Aug. 15, 2023 /PRNewswire/ -- Visionary Education Technology Holdings Group Inc. (the \"Company\") (NASDAQ:VEDU), a private education provider located in Canada, with subsidiaries in Canada and market partners in China, today announced its financial results for the fiscal year ended March 31, 2023.\nFiscal Year 2023 Financial Highlights\nRevenues was approximately $8.4 million in fiscal year 2023, compared to $5.2 million in fiscal year 2022.Gross profit margin was 44.6% in fiscal year 2023, compared to 49.8% in fiscal year 2022.Income from operations was $430,785 in fiscal year 2023, compared to $1.0 million in fiscal year 2022.Net loss was $3,572,108 in fiscal year 2023, compared to net loss of $56,474 in fiscal year 2022.Fiscal Year 2023 Financial Results\nRevenues\nRevenues increased by $3.2 million, or 60.7%, to approximately $8.4 million in fiscal 2023 from approximately $5.2 million in fiscal 2022. The increase in revenue was principally due to increase of rent revenue of $4.8 million in fiscal 2023, offset by no sales of land in fiscal 2023. In fiscal 2022, the Company had $2.3 million from the sales of vacant land.\nRevenue from rent increased by $4.8 million, or 208.5%, from $2.3 million in fiscal 2022 to $7.1 million in fiscal 2023. The increase in rent revenue was mainly due to the revenue generated from the newly incorporated subsidiary with has office building for rent revenue. In fiscal 2023, it generated rent income of $4.9 million.\nRevenue from tuition income increased by $0.7 million, or 100.5%, from $0.7 million in fiscal 2022 to $1.3 million in fiscal 2023. The increase in revenue was mainly from newly acquired Max the Mutt College of Animation, a Private Career College offers diplomas in Classical & Computer Animation & Production, Illustration & Storytelling for Sequential Arts, and Concept Art for Animation & Video Games. Revenue from Lowell Academy, a private high school offers high school education, decreased by $39,000, and the revenue from our online learning platform, Toronto ESchool, decreased slightly.\nGross profit and Gross Margin\nOur gross profit increased by $1.2 million, or 44.1%, to $3.7 million in fiscal 2023 from $2.6 million in fiscal 2022.\nGross profit margin was 44.6% in fiscal 2023, as compared with 49.8% in fiscal 2022. The decrease of 6.5% in the gross profit margin was pri...