SEDAR Interim Financial Statements

[
  {
    "companyName": "GLOBAL EDUCATION COMMUNITIES CORP.",
    "reportingPeriodEnd": "2026-02-28",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 1384,
      "restrictedCash": 475,
      "tradeAndOtherReceivables": 10092,
      "securedLoanReceivable": 7780,
      "currentDevelopmentAssets": 3300,
      "prepayments": 756,
      "incomeTaxesReceivable": 55,
      "inventory": 0,
      "totalCurrentAssets": 23842,
      "investmentProperties": 309763,
      "propertyAndEquipment": 59,
      "rightOfUseAssets": 354,
      "noteReceivable": 7750,
      "developmentAssets": 869,
      "investmentInJointVenture": 27973,
      "longTermReceivable": 1157,
      "deferredIncomeTaxAssets": 3335,
      "other": 1051,
      "totalAssets": 376153,
      "tradeAndOtherPayables": 13516,
      "incomeTaxesPayable": 197,
      "deferredRevenue": 1435,
      "currentPortionOfBorrowings": 60020,
      "currentLeaseLiabilities": 4683,
      "totalCurrentLiabilities": 79851,
      "borrowings": 125545,
      "leaseLiabilities": 12868,
      "deferredIncomeTaxLiabilities": 9095,
      "totalLiabilities": 227359,
      "shareCapital": 45350,
      "reserves": 7656,
      "deficit": -3932,
      "accumulatedOtherComprehensiveIncome": 237,
      "shareholdersEquity": 49311,
      "nonControllingInterests": 99483,
      "totalEquity": 148794,
      "totalLiabilitiesAndEquity": 376153,
      "cashPerShare": 0.0202,
      "workingCapitalPerShare": -0.8183
    },
    "incomeStatement": {
      "revenues": {
        "rental": 9652,
        "educational": 896,
        "developmentFees": 386,
        "designAndAdvertising": 74,
        "commissionsAndReferralFees": 295,
        "total": 11303
      },
      "directCosts": {
        "rental": 2538,
        "educational": 529,
        "designAndAdvertising": 17,
        "commissionsAndReferralFees": 271,
        "total": 3355
      },
      "otherOperatingCosts": {
        "generalAndAdministrative": 4180,
        "provisionForExpectedCreditLossOnTradeReceivables": 104,
        "depreciationAndAmortization": 76,
        "shareBasedPayment": 59,
        "total": 4419
      },
      "operatingIncome": 3529,
      "financeCosts": -5238,
      "netGainLossOnFairValueChangesInInvestmentProperties": 326,
      "shareOfNetLossRelatedToInvestmentInJointVenture": -79,
      "otherIncomeNet": 2792,
      "incomeLossBeforeIncomeTaxes": 1330,
      "incomeTaxExpenseRecovery": -108,
      "netIncomeLossForThePeriodFromContinuingOperations": 1438,
      "netIncomeLossForThePeriodFromDiscontinuedOperations": 1979,
      "netIncomeLoss": 3417,
      "otherComprehensiveIncomeLoss": -41,
      "totalComprehensiveIncomeLoss": 3376,
      "weightedAverageSharesOutstandingBasic": 68507796,
      "weightedAverageSharesOutstandingDiluted": 69227796,
      "netIncomeLossPerShareBasic": 0.02,
      "netIncomeLossPerShareDiluted": 0.02
    },
    "cashFlowStatement": {
      "operatingActivities": {
        "netIncomeLossFromContinuingOperations": 1438,
        "itemsNotAffectingCash": {
          "netGainLossOnFairValueChangesInInvestmentProperties": -326,
          "provisionForExpectedCreditLossesOnTradeReceivables": 104,
          "financeCost": 5238,
          "incomeTaxRecoveryExpenseNet": -108,
          "other": 371
        },
        "netChangesInNonCashWorkingCapital": -713,
        "cashGeneratedFromOperations": 6004,
        "interestPaid": -3610,
        "incomeTaxesPaid": -11,
        "netCashProvidedByUsedInOperatingActivitiesFromContinuingOperations": 2383,
        "netCashProvidedByUsedInOperatingActivitiesFromDiscontinuedOperations": -958,
        "netCashProvidedByOperatingActivities": 1425
      },
      "investingActivities": {
        "returnOfCapitalFromEquityInvestment": 0,
        "developmentOfInvestmentProperties": -908,
        "capitalizedBorrowingCosts": -1679,
        "other": 839,
        "netCashProvidedByUsedInInvestingActivitiesFromContinuingOperations": -1748,
        "netCashUsedInInvestingActivitiesFromDiscontinuedOperations": -226,
        "netCashProvidedByUsedInInvestingActivities": -1974
      },
      "financingActivities": {
        "repaymentsOfBorrowings": -24218,
        "advancesFromBorrowings": 26663,
        "paymentsOfLeaseLiabilities": -2969,
        "repurchaseOfCommonShares": -100,
        "distributionsToNonControllingInterest": -729,
        "contributionsFromNonControllingInterest": 1438,
        "paymentOfFinancingCosts": -929,
        "other": -161,
        "netCashUsedInFinancingActivitiesFromContinuingOperations": -1005,
        "netCashProvidedByUsedInFinancingActivitiesFromDiscontinuedOperations": -316,
        "netCashUsedInFinancingActivities": -1321
      },
      "effectsOfExchangeRateChangesOnCashAndCashEquivalents": -45,
      "decreaseInCashAndCashEquivalents": -1915,
      "cashAndCashEquivalentsBeginningOfPeriod": 3299,
      "cashAndCashEquivalentsEndOfPeriod": 1384
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Joint Venture",
        "description": "GEC Oakridge (LP11) - student-housing rental property development",
        "ownershipPercentage": 65.5,
        "value": 12917,
        "notes": "Company is responsible for 50% of capital contributions for development. 100% of net losses allocated to Company per partnership agreement."
      },
      {
        "type": "Joint Venture",
        "description": "GEC Education Mega Center (Pure GECC LP)",
        "ownershipPercentage": 80,
        "value": 15056,
        "notes": "Secured loans guaranteed by the Company."
      },
      {
        "type": "Development Asset",
        "description": "GEC Project 9 - Receivable from developer and deferred costs",
        "ownershipPercentage": null,
        "value": 3300,
        "notes": "Subject to CCAA proceedings. $22,700 expected credit loss provision and $40,000 impairment recognized. Legal proceedings ongoing."
      },
      {
        "type": "Marketable Securities",
        "description": "Not explicitly detailed in provided text",
        "ownershipPercentage": null,
        "value": null,
        "notes": ""
      }
    ],
    "shareStructure": {
      "authorizedShares": null,
      "issuedShares": 68698317,
      "classesOfShares": ["Common Shares"],
      "warrants": [],
      "options": [
        {
          "number": 4050000,
          "exercisePrice": 0.25,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": "Convertible debentures (2019, 2020, 2024) with conversion features."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "sixMonthsEndedFeb282026": {
          "managementSalariesAndDirectorsFees": 345,
          "shareBasedPayments": 49,
          "total": 394
        },
        "sixMonthsEndedFeb282025": {
          "managementSalariesAndDirectorsFees": 513,
          "shareBasedPayments": 59,
          "total": 572
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Officers and Directors",
          "description": "Amounts due, partially interest bearing (12%)",
          "amount": 1614,
          "period": "As at February 28, 2026"
        },
        {
          "counterparty": "President of IRIX",
          "description": "Amounts due, interest bearing (6%)",
          "amount": 165,
          "period": "As at February 28, 2026"
        },
        {
          "counterparty": "Pure GECC LP (Joint Venture)",
          "description": "Secured loan receivable, prime-linked interest (15.5%), due March 2026 (extended month-to-month post-period)",
          "amount": 7780,
          "period": "As at February 28, 2026"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2026-04-01",
        "description": "Jointly controlled entity awarded settlement of RMB 10,000 in accounts receivable (fully provided for as bad debt). Company's share is RMB 6,000.",
        "impactValue": null
      }
    ]
  }
]