Global Education Communities Corp.
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | Q4 2025Nov 30, 2025 | Q3 2025Aug 31, 2025 | Q2 2025May 31, 2025 | Q1 2025Feb 28, 2025 | Q4 2024Nov 30, 2024 |
|---|---|---|---|---|---|
| Total Revenue | 7.6M | -22.3M | 16.8M | 16.8M | 7.5M |
| Operating Revenue | 7.6M | -22.3M | 16.8M | 16.8M | 7.5M |
| Cost Of Revenue | 2.8M | -9.4M | 7.1M | 6.8M | 3.0M |
| Gross Profit | 4.8M | -12.9M | 9.7M | 10.0M | 4.5M |
| Selling General And Administration | 2.4M | -9.2M | 6.8M | 7.1M | 4.2M |
| General And Administrative Expense | 2.3M | -7.2M | 6.0M | 6.2M | 4.0M |
| Depreciation And Amortization In Income Statement | 147,000 | -1.7M | 773,000 | 784,000 | 168,000 |
| Operating Expense | 2.5M | -10.5M | 7.7M | 8.0M | 4.4M |
| Operating Income | 2.4M | -2.4M | 2.0M | 2.0M | 96,000 |
| EBIT | 3.3M | -30.3M | 5.0M | 2.0M | -2.6M |
| Interest Expense | 2.8M | -1.4M | 3.6M | 3.2M | 3.3M |
| Interest Expense Non Operating | 2.8M | -1.4M | 3.6M | 3.2M | 3.3M |
| Interest Income | 245,000 | 121,000 | 87,000 | 99,000 | 12,000 |
| Interest Income Non Operating | 245,000 | 121,000 | 87,000 | 99,000 | 12,000 |
| Net Interest Income | -2.6M | -2.1M | -3.6M | -3.8M | -3.4M |
| Other Income Expense | 779,000 | -24.4M | 3.0M | 595,000 | -2.8M |
| Other Non Operating Income Expenses | -- | -477,000 | -716,000 | 358,000 | -- |
| Special Income Charges | 1.7M | -38,000 | 188,000 | 267,000 | -82,000 |
| Gain On Sale Of Security | -1.1M | -14.0M | -814,000 | 286,000 | -2.7M |
| Earnings From Equity Interest | 177,000 | -9.9M | 4.3M | -316,000 | 0.00 |
| Pretax Income | 549,000 | -28.9M | 1.4M | -1.2M | -5.9M |
| Tax Provision | 196,000 | -1.6M | 108,000 | 66,000 | 774,000 |
| Tax Effect Of Unusual Items | 214,922 | -778,463 | -47,245 | 82,950 | -423,450 |
| Net Income From Continuing And Discontinued Operation | -54,000 | 23.9M | -155,000 | 512,000 | -2.2M |
| Net Income From Continuing Operation Net Minority Interest | -54,000 | -12.3M | -155,000 | 512,000 | -2.0M |
| Net Income Including Noncontrolling Interests | 745,000 | 8.9M | 1.3M | -1.3M | -4.9M |
| Minority Interests | -799,000 | 15.1M | -1.5M | 1.8M | 2.8M |
| Net Income Common Stockholders | -54,000 | 23.9M | -155,000 | 512,000 | -2.2M |
| Net Income | -54,000 | 23.9M | -155,000 | 512,000 | -2.2M |
| EBITDA | 3.5M | -32.0M | 5.8M | 2.8M | -2.4M |
| Normalized EBITDA | 2.9M | -17.9M | 6.4M | 2.2M | 416,000 |
| Reconciled Depreciation | 147,000 | -1.7M | 773,000 | 784,000 | 168,000 |
| Basic EPS | 0.00 | -- | 0.00 | 0.01 | -0.03 |
| Diluted EPS | 0.00 | -- | 0.00 | 0.01 | -0.03 |
| Basic Average Shares | 68.5M | -- | 67.4M | 67.4M | 67.4M |
| Diluted Average Shares | 68.5M | -- | 67.4M | 67.4M | 67.4M |
| Total Unusual Items | 602,000 | -14.1M | -626,000 | 553,000 | -2.8M |
| Total Unusual Items Excluding Goodwill | 602,000 | -14.1M | -626,000 | 553,000 | -2.8M |
| Tax Rate For Calcs | 0.36 | 0.06 | 0.08 | 0.15 | 0.15 |
| Normalized Income | -441,078 | 1.0M | 423,755 | 41,950 | 444,550 |
| Depreciation Amortization Depletion Income Statement | 147,000 | -1.7M | 773,000 | 784,000 | 168,000 |
| Diluted NI Availto Com Stockholders | -54,000 | 23.9M | -155,000 | 512,000 | -2.2M |
| Gain On Sale Of Ppe | -- | -38,000 | -9,000 | 47,000 | 0.00 |
| Net Income Continuous Operations | 353,000 | -27.3M | 1.3M | -1.3M | -6.7M |
| Net Income Discontinuous Operations | 0.00 | -- | -- | -- | -204,000 |
| Net Non Operating Interest Income Expense | -2.6M | -2.1M | -3.6M | -3.8M | -3.4M |
| Other Gand A | 1.2M | 432,000 | 1.8M | 1.8M | 2.5M |
| Other Special Charges | -1.7M | 0.00 | -197,000 | -220,000 | 82,000 |
| Provision For Doubtful Accounts | -55,000 | 385,000 | 126,000 | 149,000 | 78,000 |
| Reconciled Cost Of Revenue | 2.8M | -9.4M | 7.1M | 6.8M | 3.0M |
| Rent And Landing Fees | 169,000 | -1.2M | 540,000 | 660,000 | 294,000 |
| Rent Expense Supplemental | 1.4M | 28,000 | 1.8M | 2.0M | 1.5M |
| Salaries And Wages | 942,000 | -6.4M | 3.7M | 3.7M | 1.2M |
| Selling And Marketing Expense | 65,000 | -2.0M | 755,000 | 863,000 | 159,000 |
| Total Expenses | 5.3M | -19.9M | 14.8M | 14.8M | 7.4M |
| Total Operating Income As Reported | 2.3M | -2.2M | 1.9M | 1.9M | 71,000 |
| Total Other Finance Cost | 53,000 | 3.6M | 125,000 | 735,000 | 26,000 |
| Line Item | Q4 2025Nov 30, 2025 | Q3 2025Aug 31, 2025 | Q2 2025May 31, 2025 | Q1 2025Feb 28, 2025 | Q4 2024Nov 30, 2024 |
|---|---|---|---|---|---|
| Cash And Cash Equivalents | 1.7M | 3.3M | 1.1M | 1.1M | 2.5M |
| Cash Cash Equivalents And Short Term Investments | 1.7M | 3.3M | 1.1M | 1.1M | 2.5M |
| Accounts Receivable | 11.6M | 908,000 | 22.4M | 15.7M | 15.2M |
| Receivables | 19.6M | 20.8M | 22.5M | 16.0M | 15.4M |
| Inventory | 4,000 | 97,000 | 835,000 | 974,000 | 1.0M |
| Prepaid Assets | 740,000 | 1.1M | 1.8M | 1.8M | 1.5M |
| Other Current Assets | 3.3M | -- | 3.3M | 3.3M | 3.3M |
| Current Assets | 26.1M | 26.6M | 29.9M | 23.9M | 24.9M |
| Gross PPE | 3.0M | 5.7M | 12.8M | 13.4M | 13.9M |
| Accumulated Depreciation | -- | -2.5M | -- | -- | -- |
| Net PPE | 3.0M | 3.2M | 12.8M | 13.4M | 13.9M |
| Goodwill | -- | -- | -- | -- | -- |
| Goodwill And Other Intangible Assets | 20,000 | 24,000 | 11.5M | 11.5M | 11.5M |
| Other Intangible Assets | -- | -- | -- | -- | -- |
| Investments And Advances | 28.1M | 28.2M | 38.8M | 18.5M | 19.0M |
| Long Term Equity Investment | 28.1M | 28.2M | 38.8M | 18.5M | 19.0M |
| Other Non Current Assets | 1.1M | 1.0M | 1.2M | 1.2M | 1.2M |
| Total Non Current Assets | 351.6M | 350.7M | 388.8M | 420.2M | 418.1M |
| Total Assets | 377.7M | 377.4M | 418.7M | 444.1M | 443.0M |
| Current Debt | 36.5M | 52.6M | 73.8M | 148.6M | 142.7M |
| Current Debt And Capital Lease Obligation | 41.3M | 57.3M | 80.1M | 154.8M | 148.6M |
| Accounts Payable | 14.4M | 4.8M | 20.7M | 19.0M | 16.0M |
| Payables | 14.6M | 11.8M | 21.4M | 19.7M | 16.5M |
| Payables And Accrued Expenses | 14.6M | 13.8M | 21.4M | 19.7M | 16.5M |
| Current Accrued Expenses | -- | 2.0M | -- | -- | -- |
| Current Deferred Revenue | 2.2M | 4.3M | 20.9M | 21.3M | 21.6M |
| Other Current Liabilities | -- | -- | -- | 1,000 | -- |
| Current Liabilities | 58.1M | 75.3M | 122.4M | 195.8M | 186.8M |
| Long Term Debt | 147.5M | 130.6M | 124.5M | 76.4M | 81.5M |
| Long Term Debt And Capital Lease Obligation | 164.0M | 148.3M | 151.0M | 104.3M | 111.0M |
| Long Term Capital Lease Obligation | 16.5M | 17.7M | 26.5M | 27.9M | 29.5M |
| Other Non Current Liabilities | -- | -- | -- | -1,000 | -- |
| Total Non Current Liabilities Net Minority Interest | 173.0M | 157.3M | 160.5M | 113.6M | 119.9M |
| Total Liabilities Net Minority Interest | 231.1M | 232.6M | 282.9M | 309.4M | 306.6M |
| Common Stock | 45.4M | 45.4M | 45.0M | 45.0M | 45.0M |
| Capital Stock | 45.4M | 45.4M | 45.0M | 45.0M | 45.0M |
| Retained Earnings | -5.3M | -5.3M | -29.2M | -29.1M | -29.6M |
| Gains Losses Not Affecting Retained Earnings | 7.8M | 7.9M | 7.9M | 7.8M | 7.8M |
| Other Equity Adjustments | 7.8M | 7.9M | 7.9M | 7.8M | 7.8M |
| Common Stock Equity | 47.8M | 48.0M | 23.7M | 23.7M | 23.2M |
| Stockholders Equity | 47.8M | 48.0M | 23.7M | 23.7M | 23.2M |
| Total Equity Gross Minority Interest | 146.5M | 144.7M | 135.8M | 134.7M | 136.3M |
| Minority Interest | 98.7M | 96.8M | 112.1M | 110.9M | 113.1M |
| Total Capitalization | 195.3M | 178.6M | 148.1M | 100.2M | 104.7M |
| Net Tangible Assets | 47.8M | 47.9M | 12.2M | 12.2M | 11.7M |
| Tangible Book Value | 47.8M | 47.9M | 12.2M | 12.2M | 11.7M |
| Working Capital | -32.1M | -48.7M | -92.5M | -171.9M | -161.9M |
| Invested Capital | 231.8M | 231.2M | 221.9M | 248.8M | 247.4M |
| Total Debt | 205.3M | 205.6M | 231.1M | 259.2M | 259.6M |
| Net Debt | 182.3M | 179.9M | 197.2M | 223.9M | 221.7M |
| Share Issued | 68.7M | 68.7M | 67.4M | 67.4M | 67.4M |
| Ordinary Shares Number | 68.4M | 68.7M | 67.4M | 67.4M | 67.4M |
| Capital Lease Obligations | 21.3M | 22.4M | 32.8M | 34.1M | 35.4M |
| Current Capital Lease Obligation | 4.8M | 4.7M | 6.3M | 6.2M | 6.0M |
| Current Deferred Liabilities | 2.2M | 4.3M | 20.9M | 21.3M | 21.6M |
| Current Notes Payable | -- | 0.00 | 1.0M | 1.0M | 1.0M |
| Dueto Related Parties Current | -- | 1.9M | -- | -- | -- |
| Gross Accounts Receivable | -- | -- | -- | -- | -- |
| Income Tax Payable | 197,000 | 184,000 | 712,000 | 692,000 | 548,000 |
| Interest Payable | -- | 1.7M | -- | -- | -- |
| Investment Properties | 308.1M | 307.4M | 319.3M | 371.0M | 368.2M |
| Investmentsin Joint Venturesat Cost | 28.1M | 28.2M | 38.8M | 18.5M | 19.0M |
| Land And Improvements | -- | 0.00 | -- | -- | -- |
| Leases | -- | 3.6M | -- | -- | -- |
| Line Of Credit | -- | 0.00 | 3.4M | 4.0M | 3.3M |
| Loans Receivable | 7.9M | 11.7M | -- | -- | -- |
| Machinery Furniture Equipment | -- | 1.9M | -- | -- | -- |
| Non Current Deferred Assets | 3.5M | 3.2M | 5.1M | 4.7M | 4.2M |
| Non Current Deferred Liabilities | 9.0M | 8.9M | 9.5M | 9.2M | 8.9M |
| Non Current Deferred Taxes Assets | 3.5M | 3.2M | 5.1M | 4.7M | 4.2M |
| Non Current Deferred Taxes Liabilities | 9.0M | 8.9M | 9.5M | 9.2M | 8.9M |
| Non Current Note Receivables | 7.8M | 7.8M | -- | -- | -- |
| Other Current Borrowings | 36.5M | 52.6M | 69.3M | 143.6M | 138.4M |
| Other Payable | -- | 4.9M | -- | -- | -- |
| Other Properties | 3.0M | 121,000 | 12.8M | 13.4M | 13.9M |
| Other Receivables | -- | 8.1M | -- | -- | -- |
| Properties | -- | 0.00 | -- | -- | -- |
| Restricted Cash | 717,000 | 1.4M | 325,000 | 681,000 | 1.2M |
| Taxes Receivable | 72,000 | 72,000 | 68,000 | 251,000 | 251,000 |
| Total Tax Payable | 197,000 | 184,000 | 712,000 | 692,000 | 548,000 |
| Treasury Shares Number | 319,500 | -- | -- | -- | 0.00 |
| Line Item | Q4 2025Nov 30, 2025 | Q3 2025Aug 31, 2025 | Q2 2025May 31, 2025 | Q1 2025Feb 28, 2025 | Q4 2024Nov 30, 2024 |
|---|---|---|---|---|---|
| Operating Cash Flow | 707,000 | -6.5M | 3.3M | 2.1M | -216,000 |
| Cash Flow From Continuing Operating Activities | 707,000 | -9.3M | 3.3M | 2.1M | -1.7M |
| Depreciation And Amortization | 147,000 | -1.7M | 773,000 | 784,000 | 168,000 |
| Depreciation Amortization Depletion | 147,000 | -1.7M | 773,000 | 784,000 | 168,000 |
| Stock Based Compensation | 38,000 | 32,000 | 63,000 | 21,000 | 41,000 |
| Deferred Tax | -196,000 | -1.6M | 108,000 | 66,000 | -774,000 |
| Deferred Income Tax | -196,000 | -1.6M | 108,000 | 66,000 | -774,000 |
| Change In Working Capital | -2.2M | -4.2M | 2.5M | 855,000 | 486,000 |
| Changes In Account Receivables | -2.1M | 689,000 | 935,000 | -742,000 | -773,000 |
| Change In Receivables | -2.1M | 689,000 | 935,000 | -742,000 | -773,000 |
| Change In Inventory | 93,000 | -85,000 | 138,000 | 39,000 | 0.00 |
| Change In Payables And Accrued Expense | -267,000 | -3.1M | 1.6M | 1.6M | -108,000 |
| Change In Payable | -267,000 | -- | -- | -- | -108,000 |
| Change In Other Working Capital | -255,000 | 92,000 | -421,000 | -296,000 | -122,000 |
| Other Non Cash Items | 3.0M | 2.4M | 4.0M | 3.9M | 3.5M |
| Capital Expenditure | -976,000 | -- | -1.4M | -2.1M | -2.8M |
| Purchase Of PPE | -21,000 | 270,000 | -89,000 | -140,000 | -9,000 |
| Net PPE Purchase And Sale | -21,000 | 270,000 | -89,000 | -140,000 | -9,000 |
| Sale Of Business | 0.00 | -29,000 | 0.00 | 0.00 | 5.0M |
| Investing Cash Flow | -1.6M | 22.6M | -1.6M | -2.2M | 1.0M |
| Cash Flow From Continuing Investing Activities | -1.6M | -8.9M | -1.6M | -2.2M | 1.1M |
| Issuance Of Debt | 24.7M | -246,000 | 53.8M | 5.2M | 275,000 |
| Repayment Of Debt | -25.5M | -12.3M | -50.2M | -6.5M | -1.3M |
| Net Issuance Payments Of Debt | -830,000 | -12.6M | 3.6M | -1.3M | -1.0M |
| Repurchase Of Capital Stock | -83,000 | -43,000 | 0.00 | 0.00 | 0.00 |
| Net Common Stock Issuance | -83,000 | -43,000 | 0.00 | 0.00 | 0.00 |
| Common Stock Payments | -83,000 | -43,000 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -615,000 | -13.9M | -1.7M | -1.2M | -484,000 |
| Cash Flow From Continuing Financing Activities | -615,000 | -13.9M | -1.7M | -1.2M | -1.1M |
| Effect Of Exchange Rate Changes | -33,000 | 0.00 | 17,000 | -10,000 | -8,000 |
| Changes In Cash | -1.6M | 2.2M | -61,000 | -1.3M | 338,000 |
| Beginning Cash Position | 3.3M | 1.1M | 1.1M | 2.5M | 2.1M |
| End Cash Position | 1.7M | 3.3M | 1.1M | 1.1M | 2.5M |
| Free Cash Flow | -269,000 | -140,000 | 1.9M | 55,000 | -3.0M |
| Capital Expenditure Reported | -955,000 | -- | -1.3M | -1.9M | -2.8M |
| Cash Dividends Paid | -- | -- | 0.00 | 0.00 | -- |
| Cash From Discontinued Financing Activities | 0.00 | -- | -- | -- | 617,000 |
| Cash From Discontinued Investing Activities | 0.00 | -- | -- | -- | -62,000 |
| Cash From Discontinued Operating Activities | 0.00 | -- | -- | -- | 1.4M |
| Change In Account Payable | -267,000 | -- | -- | -- | -108,000 |
| Change In Prepaid Assets | 338,000 | -1.8M | 297,000 | 230,000 | 1.5M |
| Gain Loss On Investment Securities | 1.0M | 14.0M | 1.1M | -431,000 | 2.6M |
| Gain Loss On Sale Of Business | 35,000 | 10.5M | -4.3M | -- | 0.00 |
| Gain Loss On Sale Of PPE | -- | -8,000 | 8,000 | -47,000 | 0.00 |
| Interest Paid Cff | -- | -- | -5.5M | -475,000 | -- |
| Interest Paid Cfo | -1.8M | -2.1M | -2.3M | -1.9M | -2.3M |
| Long Term Debt Issuance | -- | -- | 53.8M | 5.2M | 1.3M |
| Long Term Debt Payments | -1.6M | 53.0M | -50.2M | -6.5M | -1.0M |
| Net Business Purchase And Sale | 0.00 | -29,000 | 0.00 | 0.00 | 5.0M |
| Net Income From Continuing Operations | 745,000 | -27.3M | 1.3M | -1.3M | -5.5M |
| Net Intangibles Purchase And Sale | -- | -- | 0.00 | 0.00 | -- |
| Net Investment Properties Purchase And Sale | -720,000 | -257,000 | -147,000 | -314,000 | -1.1M |
| Net Long Term Debt Issuance | -1.6M | -7.4M | 3.6M | -1.3M | -1.0M |
| Net Other Financing Charges | 298,000 | -7.3M | 106,000 | 512,000 | -55,000 |
| Net Other Investing Changes | 53,000 | -7.2M | -88,000 | 170,000 | -29,000 |
| Net Short Term Debt Issuance | 782,000 | -- | -- | -- | -23,000 |
| Operating Gains Losses | 1.1M | 24.5M | -3.3M | -478,000 | 2.6M |
| Provisionand Write Offof Assets | -55,000 | 385,000 | 126,000 | 149,000 | 78,000 |
| Purchase Of Intangibles | -- | -- | 0.00 | 0.00 | -- |
| Purchase Of Investment Properties | -720,000 | -257,000 | -147,000 | -314,000 | -1.1M |
| Sale Of PPE | -- | 0.00 | 0.00 | 0.00 | 0.00 |
| Short Term Debt Issuance | 24.7M | -- | -- | -- | 275,000 |
| Short Term Debt Payments | -23.9M | -- | -- | -- | -298,000 |
| Taxes Refund Paid | -- | 280,000 | -104,000 | 0.00 | 0.00 |