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Genius Group Announces 177% Net Asset Growth in First Half of 2024

Published

10 months ago

December 28, 2024

Genius Group will increase Web Asset Worth to $54.6 million, reduces web loss per share by 74% in First Half of 2024.

Offers steerage of $75 million web asset worth for Full Yr with progress in Bitcoin Treasury.

SINGAPORE, Dec. 27, 2024 (GLOBE NEWSWIRE) — Genius Group Restricted (NYSE American: GNS) (“Genius Group” or the “Firm”), a number one AI-powered, Bitcoin-first training group, as we speak introduced its monetary outcomes for the primary half of 2024.

“Following a rationalization of our operations within the first half of the yr, we’re extraordinarily happy to report a stronger stability sheet and a discount in operational bills for the primary six months of 2024. This development has continued within the second half, with the launch of our Bitcoin-first technique and progress of our Bitcoin Treasury.” stated Roger Hamilton, CEO of Genius Group.

Genius Group’s unaudited first half monetary outcomes are for the operations of the Firm excluding financials associated to the LZGI transaction signed in January 2024. As beforehand reported, the Firm has voted to rescind that transaction, and the matter is at the moment in arbitration. The monetary highlights for the primary half of 2024 is previous to the launch of the Firm’s Bitcoin Treasury technique within the second half of 2024.

Monetary Highlights for the First Half of 2024

	●	First half income of $4.9 million, in comparison with $11.8 million for first half of 2023, as a result of spin off of Entrepreneur Resorts Restricted and closure of College of Antelope Valley.
	●	First half working bills of $10.8 million, in comparison with $15.4 million for first half of 2023, as a result of discount in operational prices and rationalization of operations in anticipation on the time of the LZGI transaction.
	●	First half whole lack of ($8.8) million, in comparison with ($11.4) million for first half of 2023, a discount of twenty-two.8%.
	●	First half loss per share of ($0.84) per fundamental and diluted share in comparison with loss per share of ($3.20) per fundamental and diluted share in first half of 2023, a discount of 74%.
	●	$0.50 million money and equivalents as of June 30, 2024, in comparison with $0.6 million as of December 31, 2023.
	●	First half whole present property of $41.2 million, in comparison with $9.6 million as of December 31, 2023, a rise of 329%, because of receivables from the reversal of the LZGI transaction.
	●	First half whole property of $78.3 million, in comparison with $43.2 as of December 31, 2023, a rise of 81%.
	●	First half web property of $54.6 million, in comparison with $19.7 million as of December 31, 2023, a rise of 177%.

“Whereas the corporate has put important concentrate on varied company actions, rationalizing its operations and lowering prices in 2024, we’ve achieved so whereas rising our core Edtech enterprise.” stated Gaurav Dama, CFO of Genius Group. “We’re ending 2024 with a powerful stability sheet and stay up for shifting in direction of a sustainable money optimistic working mannequin anchored by our Bitcoin Treasury plan in 2025.”

Strategic and Operational Highlights for the First Half of 2023

	●	Closing $8.25 million public providing in January 2024
	●	Launched AI Avatar Tutor Group on GeniusU and increasing AI powered Genius College
	●	Launch of Genius Metropolis Singapore: Firm’s 1st Sovereign AI Training Ecosystem
	●	Completion of Warrants Train for $3.8 Million Gross Proceeds in Might 2024
	●	Launch of Abu Dhabi and Dubai Genius Cities, AI Hubs at Abu Dhabi College
	●	Rationalization of operations, together with closure of College of Antelope Valley
	●	Announcement and subsequent determination to rescind asset buy settlement with LZGI

Latest Strategic and Operational Highlights

	●	Completion of reverse inventory cut up in August 2024
	●	Closing $150 million ATM providing
	●	Restructuring of the Board with appointment of 4 new Board Members aligned with Firm’s Bitcoin-first technique.
	●	Launch of GeniusGroup.AI to Energy Progress of Genius Cities and AI Training
	●	Bitcoin Treasury Reserve Technique and invested $20M to accumulate 214 Bitcoin
	●	Launched Sponsorship of Bitcoin MENA, Abu Dhabi and Bitcoin 2025, Las Vegas
	●	Sponsorship of Consensus Hong Kong and Toronto, and Paris Blockchain Week
	●	Acquisition of Bitcoin Studying Platform, XD Academy
	●	Launch announcement of Bitcoin Academy and Blockchain Academy in Q1 2025

Following the problems referring to the LZGI transaction, the Firm beforehand withdrew steerage for the yr 2024. With the restructuring and realignment of the corporate to its Bitcoin-first technique within the second half of 2024, the Firm anticipates its Web Asset Worth to develop to $75 million for the total yr, with over $20 million in its Bitcoin Treasury. The Firm is dedicated to its present path in direction of worthwhile, money optimistic operations and an preliminary Bitcoin Treasury goal of 1,000 Bitcoin.

Different

The audit opinion of its audited consolidated monetary statements for the fiscal yr ended December 31, 2023, included within the Firm’s Annual Kind on 20F filed with the Securities and Alternate Fee on Might 15, 2024, ready as going concern. The Firm’s unaudited condensed consolidated monetary statements as of June 30, 2024 have been ready on a going concern foundation.

About Genius Group

Genius Group (NYSE: GNS) is a Bitcoin-first enterprise delivering AI powered, training and acceleration options for the way forward for work. Genius Group serves 5.4 million customers in over 100 international locations by means of its Genius Metropolis mannequin and on-line digital market of AI coaching, AI instruments and AI expertise. It gives personalised, entrepreneurial AI pathways combining human expertise with AI expertise and AI options on the particular person, enterprise and authorities degree. To be taught extra, please go to http://www.geniusgroup.net.

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Investor Discover

Investing in our securities entails a excessive diploma of threat. Earlier than investing determination, it is best to rigorously take into account the dangers, uncertainties and forward-looking statements described in our most up-to-date Annual Report on Kind 20-F, as amended for the fiscal yr ended December 31, 2023, filed with the SEC on Might 15, 2024. If any of those dangers have been to happen, our enterprise, monetary situation or outcomes of operations would doubtless endure. In that occasion, the worth of our securities might decline, and you could possibly lose half or your entire funding. The dangers and uncertainties we describe usually are not the one ones dealing with us. Further dangers not presently identified to us or that we at the moment deem immaterial might also impair our enterprise operations. As well as, our previous monetary efficiency will not be a dependable indicator of future efficiency, and historic traits shouldn’t be used to anticipate outcomes sooner or later. See “Ahead-Trying Statements” under.

Ahead-Trying Statements

Statements made on this press launch embrace forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934. Ahead-looking statements will be recognized by way of phrases corresponding to “could,” “will,” “plan,” “ought to,” “anticipate,” “anticipate,” “estimate,” “proceed,” or comparable terminology. Such forward-looking statements are inherently topic to sure dangers, traits and uncertainties, lots of which the Firm can’t predict with accuracy and a few of which the Firm may not even anticipate and contain elements which will trigger precise outcomes to vary materially from these projected or steered. Readers are cautioned to not place undue reliance on these forward-looking statements and are suggested to contemplate the elements listed above along with the extra elements beneath the heading “Threat Elements” within the Firm’s Annual Reviews on Kind 20-F, as could also be supplemented or amended by the Firm’s Reviews of a Overseas Personal Issuer on Kind 6-Okay. The Firm assumes no obligation to replace or complement forward-looking statements that turn into unfaithful due to subsequent occasions, new data or in any other case.

GENIUS GROUP LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In US {Dollars})

	As of June 30, 2024			As of December 31, 2023
	(Unaudited)			(Audited)
Belongings
Present Belongings
Money and money equivalents		500,329			614,753
Restricted money		711,026			711,026
Accounts receivable, web		1,834,827			1,868,931
Different receivables		36,875,097			50,465
Due from associated events		169,969			4,966,733
Inventories		574,464			755,284
Pay as you go bills and different present property		489,296			666,673
Complete Present Belongings		41,155,301			9,633,865
Property and tools, web		421,952			456,751
Different investments		4,454,338			28,698
Investments in three way partnership		369			379
Different receivables		766,076			770,994
Due from associated events		5,602,470			5,628,298
Goodwill		11,405,622			11,425,148
Intangible property, web		14,476,868			15,250,751
Different non-current property		18,889			18,889
Complete Belongings		78,301,886			43,213,773
Liabilities and Shareholders’ Fairness
Present Liabilities
Accounts payable		3,156,964			4,406,850
Accrued bills and different present liabilities		2,575,505			2,419,205
Contract Legal responsibility		1,916,179			2,750,137
Revenue tax payable		225,663			174,738
Loans payable – present portion		4,185,652			2,467,656
As a result of associated events		4,234,079			4,907,181
Convertible debt obligations, present portion		–			–
Quick time period debt		40,000			122,415
Complete Present Liabilities		16,334,042			17,248,182
As a result of associated events		1,807			1,820
Loans payable – non-current portion		1,343,664			254,455
Deferred tax legal responsibility		2,280,324			2,280,323
By-product liabilities		3,714,000			3,714,000
Complete Liabilities		23,673,838			23,498,780
Commitments and Contingencies Shareholders’ Fairness:
Contributed capital		125,355,215			81,617,864
Reserves		(8,031,640	)		(8,459,565	)
Amassed deficit		(68,362,461	)		(59,132,781	)
Capital and reserves attributable to house owners of Genius Group Ltd		48,961,114			14,025,518
Non controlling curiosity		5,666,934			5,689,475
Complete Shareholders’ Fairness		54,628,048			19,714,993
Complete Liabilities and Shareholders’ Fairness		78,301,886			43,213,773

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GENIUS GROUP LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In US {Dollars})

	June 30, 2024			June 30, 2023
	(Unaudited)			(Unaudited)
Income	$	4,880,309		$	11,795,714
Value of income		(3,149,970	)		(5,593,340	)
Gross revenue		1,730,339			6,202,374
Working (Bills) Revenue
Normal and administrative		(9,510,000	)		(13,672,668	)
Depreciation and amortization		(729,690	)		(919,568	)
Different working earnings		19,238			1,213
Authorized bills		(531,252	)		(776,867	)
Loss from overseas forex transactions		(54,916	)		2,425
Complete working bills		(10,806,620	)		(15,365,465	)
Loss from Operations		(9,076,281	)		(9,163,091	)
(Expense) Revenue
Curiosity expense, web		(223,614	)		(1,999,361	)
Different expense		–			(5,227	)
Different earnings		47,673			68,311
Complete Different Expense		(175,941	)		(1,936,277	)
Loss Earlier than Revenue Tax		(9,252,222	)		(11,099,368	)
Revenue Tax Profit		–			324,666
Web Loss		(9,252,222	)		(10,774,702	)
Different complete earnings:
Overseas forex translation		427,926			(599,818	)
Complete Complete Loss		(8,824,296	)		(11,374,520	)
Complete Complete Loss is attributable to:
Homeowners of Genius Group Ltd		(8,801,755	)		(10,746,977	)
Non controlling curiosity		(22,541	)		(627,543	)
Complete Complete Loss		(8,824,296	)		(11,374,520	)
Weighted-average variety of shares excellent, fundamental and diluted		11,009,270			3,366,848
Fundamental and diluted loss per share from persevering with operations		(0.84	)		(3.20	)

GENIUS GROUP LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In US {Dollars})

	For the Six months Ended
	June 30, 2024			June 30, 2023
	(Unaudited)			(Unaudited)
Money Flows from Working Actions
Web loss	$	(9,252,222	)	$	(10,774,702	)
Changes to reconcile web loss to web money utilized in working actions:
Inventory-based compensation		618,543			402,565
Depreciation and amortization		1,019,961			1,208,772
Provision for curiosity expense		223,614			1,277,162
Provision for uncertain accounts		(321,898	)		170,318
Acquire on overseas trade transactions		54,916			(2,425	)
Curiosity expense on lease liabilities		–			444,553
Modifications in working property and liabilities:
Accounts receivable		34,104			842,905
Different receivable		(5,904,240	)		(3,556	)
Pay as you go bills and different present property		(177,083	)		(147,408	)
Inventories		180,820			(169,751	)
Accounts payable		(1,249,885	)		551,988
Accrued bills and different present liabilities		156,300			(417,574	)
Contract Legal responsibility		(833,958	)		(1,341,138	)
Deferred tax legal responsibility		–			(90,613	)
Revenue tax payable		50,926			(485,980	)
Different non-current asset		–			178
Complete changes		(6,147,880	)		2,239,996
Web Money Utilized in Working Actions		(15,400,102	)		(8,534,706	)
Money Flows from Investing Actions
Internally developed software program		(239,156	)		(322,419	)
Buy of property and tools		(41,720	)		(111,151	)
Acquisitions		–			(2,299,231	)
Buy of funding		(426,182	)		(20,000	)
Web Money Utilized in Investing Actions		(707,058	)		(2,752,801	)
Money Flows from Financing Actions
Quantity because of/from associated social gathering, web		150,042			726,648
Curiosity paid		(223,614	)		–
Proceeds from convertible debt, web of issuance prices		–			8,923,994
Proceeds from fairness issuances		13,457,414			–
Lease liabilities		–			(639,096	)
Proceeds from mortgage		4,970,269			–
Compensation of mortgage		(2,245,479	)		(170,000	)
Web Money Supplied by Financing Actions		16,108,632			8,841,546
Impact of Alternate Charge Modifications on Money		(115,896	)		(650,176	)
Web (Lower) in Money		(114,424	)		(3,096,135	)
Money – Starting of yr		614,753			5,720,569
Money – Finish of interval		500,329			2,624,432

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Abstract Mixed Consolidated Monetary Information

	Unaudited Financials Six Months Ended (USD 000’s)						Audited Financials Yr Ended (USD 000’s)
Abstract Revenue Information:	June 30, 2024			June 30, 2023			December 31, 2023			December 31, 2022
Income		4,880			11,796			23,063			18,194
Value of income		(3,150	)		(5,593	)		(11,127	)		(9,555	)
Gross revenue		1,730			6,203			11,936			8,639
Different Working Revenue		19			4			344			144
Working Bills		(10,826	)		(15,369	)		(48,347	)		(51,121	)
Working Loss		(9,077	)		(9,162	)		(36,067	)		(42,338	)
Different earnings		48			68			32,981			418
Different Expense		(224	)		(2,005	)		(3,704	)		(15,151	)
Web Loss Earlier than Tax		(9,253	)		(11,099	)		(6,790	)		(57,070	)
Tax Expense		–			325			1,079			1,063
Web Loss After Tax		(9,253	)		(10,774	)		(5,711	)		(56,007	)
Different Complete Revenue		428			(600	)		(204	)		290
Complete Loss		(8,825	)		(11,374	)		(5,915	)		(56,297	)
Web earnings per share, fundamental and diluted		(0.84	)		(3.20	)		(1.00	)		(24.7	)
Weighted-average variety of shares excellent, fundamental and diluted		11,009,270			3,366,848			5,550,197			2,263,437

Unaudited Financials Six Months Ended, (USD 000’s)

Audited Financials Yr Ended (USD 000’s)

June 30, 2024

December 31, 2023

December 31, 2022

Abstract Steadiness Sheet Information:

Complete present property

41,155

9,634

24,251

Complete non-current property

37,147

33,580

67,009

Complete Belongings

78,302

43,214

91,260

Complete present liabilities

16,334

17,248

23,378

Complete non-current liabilities

7,340

6,251

53,927

Complete Liabilities

23,674

23,499

77,305

Complete Shareholders’ Fairness

54,628

19,715

13,955

Complete Liabilities and Shareholders’ Fairness

78,302

43,214

91,260

Non-IFRS Monetary Measure

We now have included Adjusted EBITDA as a result of it’s a key measure utilized by our administration and board of administrators to know and consider our core working efficiency and traits, to organize and approve our annual funds and to develop short- and long-term operational plans. Particularly, the exclusion of sure bills in calculating Adjusted EBITDA can present a helpful measure for period-to-period comparisons of our core enterprise.

We calculate Adjusted EBITDA as web revenue / loss for the interval plus earnings taxes and social contribution plus / minus finance income /expense outcome plus depreciation and amortization plus impairments plus revaluation adjustment of contingent liabilities plus share-based compensation bills plus unhealthy debt provision.

Derived from Monetary Statements

	Genius Group Unaudited Financials Six Months Ended (USD 000’s)						Group Audited Financials Yr Ended (USD 000’s)
	June 30, 2024			June 30, 2023			December 31, 2023			December 31, 2022
Web (Loss)		(9,253	)		(10,775	)		(5,711	)		(56,007	)
Tax Expense		–			(325	)		(1,079	)		1,064
Curiosity Expense, web		224			1,999			3,695			1,312
Depreciation and Amortization		1,020			1,209			3,271			2,351
Authorized expense (non recurring)		531			–			1,178			–
Impairments		–			–			15,372			28,246
Revaluation adjustment of Contingent Liabilities		–			–			(32,775	)		13,838
Inventory Based mostly Compensation		619			403			10			1,309
Unhealthy Debt Provision		210			170			2,822			1,509
Adjusted EBITDA		(6,650	)		(7,319	)		(13,217	)		(8,505	)