SEDAR Interim Financial Statements

[
  {
    "metadata": {
      "companyName": "Global Education Communities Corp.",
      "reportingPeriodEnd": "2025-11-30",
      "reportStatus": "Unaudited",
      "auditorName": null,
      "auditorKeyMatters": []
    },
    "balanceSheet": {
      "cashAndCashEquivalents": 1715,
      "restrictedCash": 717,
      "tradeAndOtherReceivables": 11638,
      "securedLoanReceivable": 7866,
      "currentDevelopmentAssets": 3300,
      "incomeTaxesReceivable": 72,
      "prepayments": 740,
      "inventory": 4,
      "totalCurrentAssets": 26052,
      "investmentProperties": 307275,
      "propertyAndEquipment": 209,
      "rightOfUseAssets": 2837,
      "noteReceivable": 7750,
      "developmentAssets": 869,
      "investmentInJointVenture": 28069,
      "intangibleAssetsAndGoodwill": 20,
      "deferredIncomeTaxAssets": 3516,
      "otherAssets": 1069,
      "totalNonCurrentAssets": 351614,
      "totalAssets": 377666,
      "tradeAndOtherPayables": 14422,
      "incomeTaxesPayable": 197,
      "deferredRevenue": 2194,
      "currentPortionOfBorrowings": 36495,
      "currentLeaseLiabilities": 4839,
      "totalCurrentLiabilities": 58147,
      "borrowings": 147523,
      "leaseLiabilities": 16462,
      "deferredIncomeTaxLiabilities": 8998,
      "totalNonCurrentLiabilities": 172983,
      "totalLiabilities": 231130,
      "shareCapital": 45371,
      "reserves": 7534,
      "deficit": -5324,
      "accumulatedOtherComprehensiveIncome": 246,
      "shareholdersEquity": 47827,
      "nonControllingInterests": 98709,
      "totalEquity": 146536,
      "cashPerShare": 0.0250,
      "workingCapitalPerShare": -0.4683
    },
    "incomeStatement": {
      "revenues": {
        "educational": 1774,
        "rental": 5138,
        "developmentFees": 386,
        "designAndAdvertising": 24,
        "commissionsAndReferralFees": 294,
        "totalRevenues": 7616
      },
      "directCosts": {
        "educational": 1290,
        "rental": 1233,
        "designAndAdvertising": 6,
        "commissionsAndReferralFees": 271,
        "totalDirectCosts": 2800
      },
      "otherOperatingCosts": {
        "generalAndAdministrative": 2383,
        "provisionForRecoveryOfExpectedCreditLossOnTradeReceivables": -55,
        "depreciationAndAmortization": 147,
        "shareBasedPayment": 38,
        "totalOtherOperatingCosts": 2513
      },
      "operatingIncome": 2303,
      "financeCosts": -2746,
      "netLossOnFairValueChangesInInvestmentProperties": -1052,
      "shareOfNetLossRelatedToInvestmentInJointVenture": -35,
      "otherIncomeExpenseNet": 2079,
      "incomeBeforeIncomeTaxes": 549,
      "incomeTaxRecovery": 196,
      "netIncomeFromContinuingOperations": 745,
      "netIncomeFromDiscontinuedOperations": 0,
      "netIncome": 745,
      "otherComprehensiveLoss": -32,
      "totalComprehensiveIncome": 713,
      "weightedAverageSharesOutstanding": 68539606
    },
    "cashFlowStatement": {
      "operatingActivities": {
        "netIncome": 745,
        "adjustments": {
          "depreciationAndAmortization": 147,
          "shareBasedCompensation": 38,
          "netLossOnFairValueChangesInInvestmentProperties": 1052,
          "provisionForRecoveryOfExpectedCreditLossesOnTradeReceivables": -55,
          "financeCost": 2746,
          "currentIncomeTaxExpense": 13,
          "deferredIncomeTaxRecoveryExpense": -209,
          "netLossRelatedToInvestmentInJointVenture": 35,
          "other": 222
        },
        "changesInNonCashWorkingCapital": -2205,
        "cashGeneratedFromOperations": 2529,
        "interestPaid": -1822,
        "netCashProvidedByOperatingActivitiesFromContinuingOperations": 707,
        "netCashProvidedByOperatingActivitiesFromDiscontinuedOperations": 0,
        "netCashProvidedByOperatingActivities": 707
      },
      "investingActivities": {
        "purchasesOfPropertyAndEquipment": -21,
        "returnOfCapitalFromEquityInvestment": 0,
        "acquisitionAndDevelopmentOfInvestmentProperties": -720,
        "capitalizedBorrowingCosts": -955,
        "other": 53,
        "netCashProvidedByInvestingActivitiesFromContinuingOperations": -1643,
        "netCashUsedInInvestingActivitiesFromDiscontinuedOperations": 0,
        "netCashProvidedByInvestingActivities": -1643
      },
      "financingActivities": {
        "repaymentsOfBorrowings": -23881,
        "advancesFromBorrowings": 24663,
        "paymentsOfLeaseLiabilities": -1612,
        "repurchaseOfCommonShares": -83,
        "distributionsToNonControllingInterest": -329,
        "contributionsFromNonControllingInterest": 1438,
        "paymentOfFinancingCosts": -842,
        "other": 31,
        "netCashUsedInFinancingActivitiesFromContinuingOperations": -615,
        "netCashProvidedByFinancingActivitiesFromDiscontinuedOperations": 0,
        "netCashUsedInFinancingActivities": -615
      },
      "effectsOfExchangeRateChangesOnCashAndCashEquivalents": -33,
      "increaseDecreaseInCashAndCashEquivalents": -1584,
      "cashAndCashEquivalentsBeginningOfPeriod": 3299,
      "cashAndCashEquivalentsEndOfPeriod": 1715
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Joint Venture",
        "description": "GEC Oakridge (LP11)",
        "ownershipPercentage": 65.5,
        "value": 13011,
        "notes": "The Company and PCAP jointly control LP11. The Company's share of net assets is 65.5%."
      },
      {
        "type": "Joint Venture",
        "description": "GEC EMC (Pure GECC LP)",
        "ownershipPercentage": 80.0,
        "value": 15058,
        "notes": "The Company and Pure Group jointly control Pure GECC LP. The Company's ownership interest is 80%."
      }
    ],
    "shareStructure": {
      "authorizedShares": null,
      "issuedShares": 68740040,
      "classesOfShares": ["Common Shares"],
      "warrants": [],
      "options": [
        {
          "number": 4050000,
          "exercisePrice": null,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": "Convertible debentures as described in Note 6(b)."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "2025-11-30": {
          "salaries": 208,
          "shareBased": 32,
          "total": 240
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Officers and directors of the Company",
          "description": "Amounts due are non-interest bearing and have no fixed terms of repayment.",
          "amount": 1800,
          "period": "2025-11-30"
        },
        {
          "counterparty": "President of IRIX",
          "description": "No fixed terms of repayment, bearing interest at a rate of 6% per annum.",
          "amount": 165,
          "period": "2025-11-30"
        }
      ]
    },
    "subsequentEvents": []
  }
]