2023 Q3 Form 20-F Financial Statement

#000121390024008467 Filed on January 31, 2024

View on sec.gov

Income Statement

Concept 2023 Q3 2023 2022 Q3
Revenue $2.292M $5.712M $2.275M
YoY Change 0.73% -9.76% 1.56%
Cost Of Revenue $732.6K $1.502M $693.8K
YoY Change 5.61% -25.67% 6.05%
Gross Profit $1.559M $4.210M $1.581M
YoY Change -1.41% -2.3% -0.29%
Gross Profit Margin 68.03% 73.7% 69.51%
Selling, General & Admin $5.492M $8.761M $5.417M
YoY Change 1.38% -23.65% 103.17%
% of Gross Profit 352.23% 208.09% 342.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $247.0K $407.0K $140.5K
YoY Change 75.81% 61.45% 70.45%
% of Gross Profit 15.84% 9.67% 8.88%
Operating Expenses $5.492M $8.761M $5.417M
YoY Change 1.38% -23.65% 103.17%
Operating Profit -$3.933M -$7.123M -$3.836M
YoY Change 2.52% -0.59% 255.06%
Interest Expense $32.26K $53.09K $22.26K
YoY Change 44.92% 100.64% -179.84%
% of Operating Profit
Other Income/Expense, Net $184.5K $186.1K $21.72K
YoY Change 749.36% -77.28% -69.68%
Pretax Income -$3.716M -$6.884M -$3.792M
YoY Change -2.0% 8.93% 265.81%
Income Tax $453.9K $289.5K -$97.10K
% Of Pretax Income
Net Earnings -$4.170M -$6.763M -$3.695M
YoY Change 12.86% 11.39% 366.26%
Net Earnings / Revenue -181.95% -118.38% -162.39%
Basic Earnings Per Share -$0.58
Diluted Earnings Per Share -$0.35 -$0.58 -$0.33
COMMON SHARES
Basic Shares Outstanding 12.00M shares 11.66M shares
Diluted Shares Outstanding 11.66M shares

Balance Sheet

Concept 2023 Q3 2023 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.967M $4.967M $11.44M
YoY Change -56.6% -56.6% -30.8%
Cash & Equivalents $4.967M $4.967M $11.44M
Short-Term Investments
Other Short-Term Assets $19.21M $2.665M $946.3K
YoY Change 1929.92% 181.61% -39.37%
Inventory $41.19K $41.19K
Prepaid Expenses $2.326M $946.3K
Receivables $36.50K $143.7K $47.64K
Other Receivables $107.2K $894.7K $1.632M
Total Short-Term Assets $8.711M $8.711M $14.07M
YoY Change -38.08% -38.08% -28.15%
LONG-TERM ASSETS
Property, Plant & Equipment $2.041M $3.159M $2.205M
YoY Change -7.43% -0.71% -46.3%
Goodwill $2.653M $854.9K
YoY Change 210.31%
Intangibles $4.686M $398.8K
YoY Change 1075.1%
Long-Term Investments $5.086M
YoY Change
Other Assets $0.00 $0.00 $411.9K
YoY Change -100.0% -100.0% 28.3%
Total Long-Term Assets $10.50M $10.50M $9.934M
YoY Change 5.68% 5.68% 124.36%
TOTAL ASSETS
Total Short-Term Assets $8.711M $8.711M $14.07M
Total Long-Term Assets $10.50M $10.50M $9.934M
Total Assets $19.21M $19.21M $24.00M
YoY Change -19.97% -19.97% -0.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $210.1K $210.1K $2.121M
YoY Change -90.09% 130.68% -28.38%
Accrued Expenses $559.4K $829.0K $461.2K
YoY Change 21.3% 33.47% 77.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.880M $6.880M $6.054M
YoY Change 13.64% 13.64% -29.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $571.1K $571.1K $561.9K
YoY Change 1.64% 1.64% 21.62%
Total Long-Term Liabilities $571.1K $571.1K $561.9K
YoY Change 1.64% 1.64% 21.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.880M $6.880M $6.054M
Total Long-Term Liabilities $571.1K $571.1K $561.9K
Total Liabilities $8.275M $10.07M $6.724M
YoY Change 23.08% 13.05% -25.9%
SHAREHOLDERS EQUITY
Retained Earnings -$9.072M -$2.417M
YoY Change 275.37% -166.13%
Common Stock $18.25M $18.02K
YoY Change 101200.48% 9.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.143M $9.143M $15.10M
YoY Change
Total Liabilities & Shareholders Equity $19.21M $19.21M $24.00M
YoY Change -19.97% -19.97% -0.03%

Cashflow Statement

Concept 2023 Q3 2023 2022 Q3
OPERATING ACTIVITIES
Net Income -$4.170M -$6.763M -$3.695M
YoY Change 12.86% 11.39% 366.26%
Depreciation, Depletion And Amortization $247.0K $407.0K $140.5K
YoY Change 75.81% 61.45% 70.45%
Cash From Operating Activities -$912.5K -$5.253M -$1.458M
YoY Change -37.43% 13.85% -145.64%
INVESTING ACTIVITIES
Capital Expenditures $4.230K $14.23K $21.26K
YoY Change -80.1% -72.32% -105.31%
Acquisitions -$574.1K
YoY Change -129.5%
Other Investing Activities -$1.423M -$863.4K -$450.6K
YoY Change 215.9% 43.88% -11364.75%
Cash From Investing Activities -$1.438M -$877.6K -$471.8K
YoY Change 204.68% 34.71% 18.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.450M 469.9K
YoY Change 208.58% -89.3%
NET CHANGE
Cash From Operating Activities -912.5K -$5.253M -1.458M
Cash From Investing Activities -1.438M -$877.6K -471.8K
Cash From Financing Activities 1.450M 469.9K
Net Change In Cash -900.2K -$6.138M -1.460M
YoY Change -38.36% 20.48% -120.31%
FREE CASH FLOW
Cash From Operating Activities -$912.5K -$5.253M -$1.458M
Capital Expenditures $4.230K $14.23K $21.26K
Free Cash Flow -$916.8K -$5.267M -$1.480M
YoY Change -38.04% 12.9% -141.14%

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ShareBasedCompensation
2165073 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
4813049 usd
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
14038 usd
CY2022 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
25643 usd
CY2021 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-94698 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
277874 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-207488 usd
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-321057 usd
CY2022 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
813064 usd
CY2021 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
4000 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-217407 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-118608 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5176 usd
CY2023 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1323593 usd
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-614548 usd
CY2021 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-71800 usd
CY2022Q3 eeiq Yearended Spot Rate
YearendedSpotRate
US$1=C$ 1.3752
CY2023 eeiq Average Rate
AverageRate
US$1=C$ 1.3486
CY2023 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
45022 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
21170 usd
CY2021 eeiq Increase Decrease Longterm Prepaid Expenses
IncreaseDecreaseLongtermPrepaidExpenses
-159382 usd
CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-212817 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1320563 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1117184 usd
CY2023 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
233493 usd
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1283314 usd
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
961426 usd
CY2023 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-254342 usd
CY2022 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-2293 usd
CY2021 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
480866 usd
CY2023 eeiq Increase Decrease In Student Deposits
IncreaseDecreaseInStudentDeposits
-46040 usd
CY2022 eeiq Increase Decrease In Student Deposits
IncreaseDecreaseInStudentDeposits
-635778 usd
CY2021 eeiq Increase Decrease In Student Deposits
IncreaseDecreaseInStudentDeposits
-313122 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5252527 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4613697 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
322190 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14231 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
51410 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
618529 usd
CY2022 eeiq Payments For Proceeds From Notes Receivable
PaymentsForProceedsFromNotesReceivable
305000 usd
CY2021 eeiq Payments For Proceeds From Notes Receivable
PaymentsForProceedsFromNotesReceivable
-100000 usd
CY2022 eeiq Repayment To Related Parties
RepaymentToRelatedParties
270000 usd
CY2023 eeiq Share Buyback
ShareBuyback
1250007 usd
CY2023 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
187505 usd
CY2023 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-574108 usd
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1945931 usd
CY2022 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
1920861 usd
CY2021 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
4000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-877635 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-651480 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-514529 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
200000 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9321523 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
200000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9321523 usd
CY2023 eeiq Effect Of Exchange Rate Changes On Cash And Cash Equivalents
EffectOfExchangeRateChangesOnCashAndCashEquivalents
-7346 usd
CY2022 eeiq Effect Of Exchange Rate Changes On Cash And Cash Equivalents
EffectOfExchangeRateChangesOnCashAndCashEquivalents
-28938 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6137508 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5094115 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9129184 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11443059 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16537174 usd
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7407990 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5305551 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11443059 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16537174 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
10575 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
14166 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
490250 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
561247 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
574483 usd
CY2023 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
572564 usd
CY2022 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
574483 usd
CY2022 eeiq Average Rate
AverageRate
US$1=C$ 1.2842*
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates and differences could be material. Changes in estimates are recorded in the period they are identified.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Significant items subject to estimates include, purchase price allocation associated with business combinations, the recoverable amounts of goodwill and indefinite-lived intangible assets, the useful lives of long-lived assets and finite-lived intangible assets and deferred income taxes.</p>
CY2023Q3 eeiq Yearended Spot Rate
YearendedSpotRate
US$1=C$ 1.3535
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Certain risks and concentration</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable and notes receivable. As of September 30, 2023 and 2022, substantially all of the Company’s cash and cash equivalents were held in major financial institutions located in the US and Canada.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company does not have significant trades receivable related to students as they are required to prepay service fees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Therefore, there was no significant concentration risk for the Company as at September 30, 2023 and 2022.</p>
CY2023Q3 eeiq Restricted Cash Percentage
RestrictedCashPercentage
0.25 pure
CY2023 us-gaap Goodwill Impairment Loss Net Of Tax
GoodwillImpairmentLossNetOfTax
14308 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.50 pure
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Restatement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended September 30, 2023, the Company identified two adjustments related to its previously September 30, 2022 consolidated financial statements filed on January 19, 2023. These two adjustments are: i) a balance sheet reclassification error. The error was due to the 201,613 common shares issued for the acquisition of Ameri-Can (refer to Note 3 below) were redeemable at the option of the seller. The Company incorrectly classified these redeemable shares as equity instead of as financial liability; ii) an error related to an overstatement of its deferred income tax liabilities due to the Company did not offset its net-operating loss (“NOL”) with the deferred income tax liabilities for the same legal entity before providing full valuation allowance for the NOL. The Company has corrected the two errors in the year ended September 30, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relevant notes, Notes 11, 12,13 and 16, to the consolidated financial statements have been restated to reflect the adjustments disclosed in the restatement. The following table summarizes the effect of the restatement on each financial statement line item as of the date, and for the period, indicated:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Consolidated Balance Sheets</b></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended September 30,<br/> 2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended September 30,<br/> 2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As<br/> previously<br/> reported<br/> (US$)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Adjustment 1 (US$)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Adjustment 2 (US$)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As restated<br/> (US$)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">Deferred income tax liabilities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">107,674</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-116">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(107,674</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Common shares subject to redemption</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Common shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,017</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(320</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,697</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Additional paid-in-capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,526,546</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,249,680</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,276,866</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 0.125in">Deficit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,416,788</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">107,674</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,309,114</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left">Total shareholder’ equity</td><td style="padding-bottom: 4pt; font-weight: bold"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,098,836</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 4pt; font-weight: bold"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(1,250,000</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 4pt; font-weight: bold"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">107,674</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 4pt; font-weight: bold"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">13,956,510</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Consolidated Statements of Operations and Comprehensive Loss</b></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended September 30,<br/> 2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended September 30,<br/> 2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As<br/> previously<br/> reported<br/> (US$)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Adjustment 2<br/> (US$)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As restated<br/> (US$)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 64%; text-align: left">Deferred income tax recovery</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(99,814</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(107,674</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(207,488</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Total income tax recovery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(83,355</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(107,674</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(191,029</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Net loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,236,116</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">107,674</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,128,442</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Net loss attributable to common stockholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,071,229</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">107,674</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,963,555</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Total comprehensive loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,265,055</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">107,674</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,157,381</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left"><div style="-sec-ix-hidden: hidden-fact-122; -sec-ix-hidden: hidden-fact-121; -sec-ix-hidden: hidden-fact-120">Loss per share (basic and diluted)</div></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.55</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">0.01</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(0.54</td><td style="font-weight: bold; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Consolidated Statements of Cash flows</b></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><b> </b></td><td style="font-weight: bold; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><b>Year Ended September 30,<br/> 2022</b></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><b> </b></td><td style="text-align: center; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="text-align: center"><b> </b></td><td style="text-align: center; padding-bottom: 1.5pt"><b> </b></td><td style="text-align: center; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="text-align: center"><b>Year Ended September 30,<br/> 2022</b></td><td style="text-align: center; padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">As<br/> previously</p> <p style="margin-top: 0; margin-bottom: 0">reported<br/> (US$)</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Adjustment 2<br/> (US$)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As restated</b></p> <p style="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><b>(US$)</b></p> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; width: 64%; text-align: left">Net loss</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(6,236,116</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">107,674</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(6,128,442</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; text-align: left">Adjustments for items not affecting cash:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; text-align: left">Deferred income tax recovery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(99,814</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(107,674</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(207,488</td><td style="text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Adjustment 1 does not have impacts to the consolidated statements of operations and comprehensive loss, loss per share and the consolidated statements of cash flows for the years ended September 30, 2023 and 2022.</p>
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CY2023 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
150000 shares
CY2023 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
244500 usd
CY2023 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
201614 shares
CY2023 eeiq Cash Paid
CashPaid
1250000 usd
CY2023 eeiq Aggregate Shares
AggregateShares
90000 shares
CY2022 eeiq Aggregate Shares
AggregateShares
365000 shares
CY2023 eeiq Total Stock Options Percentage
TotalStockOptionsPercentage
0.25 pure
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
2.21
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
4.1
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
2.21
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
4.1
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0399 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.012 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.742 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
2.279 pure
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.11
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.06
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
365000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.1
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
365000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.1
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
90000 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.21
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
455000 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.73
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
365000 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.06
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
273750 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
4.06
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
91250 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
4.06
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
90000 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.11
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
158750 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
3.3
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
22500 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.11
CY2023 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
47411 usd
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P0Y3M
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
875000 shares
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
4.1
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Other Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOtherDescription
These share-based awards have a vesting period of ranging from 1 year to 2 years from the grant date in ranging from 3 equal instalments to 5 equal instalments in the vesting periods. During the year ended September 30, 2022, an aggregate of 640,000 shares were issued to these directors, officers and employees under the November 1, 2021 Grant.
CY2022 us-gaap Restricted Stock Award Forfeitures Dividends
RestrictedStockAwardForfeituresDividends
30000 usd
CY2021Q4 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
27000 usd
CY2022Q2 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
22500 usd
CY2022Q4 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
22500 usd
CY2021Q4 eeiq Annual Bonus Shares
AnnualBonusShares
80000 shares
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
4.1
CY2022 eeiq Annual Bonus Shares
AnnualBonusShares
80000 shares
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3455680 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
90000 shares
CY2023Q3 us-gaap Shares Issued
SharesIssued
185000 shares
CY2023 us-gaap Stock Dividends Shares
StockDividendsShares
71519 shares
CY2023 us-gaap Restricted Stock Expense
RestrictedStockExpense
34421 usd
CY2023 eeiq Share Based Awards Granted Fair Value
ShareBasedAwardsGrantedFairValue
300000 shares
CY2023 eeiq Fair Value Price
FairValuePrice
1.63
CY2023 eeiq Percentage Of Consulting Services
PercentageOfConsultingServices
0.50 pure
CY2023 eeiq Consulting Shares Issued
ConsultingSharesIssued
150000 shares
CY2023Q1 eeiq Sharebased Awards Granted Value
SharebasedAwardsGrantedValue
3846 usd
CY2023Q1 eeiq Sharebased Awards Granted Value
SharebasedAwardsGrantedValue
27000 cny
CY2023 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
2564 shares
CY2023 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1899442 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
2165073 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
4813049 usd
CY2023 us-gaap Net Income Loss
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-6762704 usd
CY2022 us-gaap Net Income Loss
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-5963555 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-1084313 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11655642 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11010240 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9160447 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.58
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
642604 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
373941 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
247537 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1264082 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
133576 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1130506 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
559375 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
571131 usd
CY2022Q3 us-gaap Loss Contingency Settlement Agreement Counterpartys Name
LossContingencySettlementAgreementCounterpartysName
$40,000
CY2022 us-gaap Lease Cost
LeaseCost
40000 usd
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 pure
CY2023 us-gaap Revenues
Revenues
5712480 usd
CY2023 us-gaap Cost Of Revenue
CostOfRevenue
1502255 usd
CY2023 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8761031 usd
CY2023 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
4550806 usd
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
407013 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
2165073 usd
CY2023 us-gaap Other Income
OtherIncome
186137 usd
CY2023 us-gaap Interest Income Other
InterestIncomeOther
53089 usd
CY2023 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
5 usd
CY2023 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
6883661 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
289464 usd
CY2023 us-gaap Profit Loss
ProfitLoss
-7173125 usd
CY2023Q3 us-gaap Other Assets Current
OtherAssetsCurrent
19209136 usd
CY2023Q3 us-gaap Goodwill
Goodwill
2652766 usd
CY2023 dei Document Accounting Standard
DocumentAccountingStandard
U.S. GAAP
CY2022Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
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CY2022Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2022Q3 us-gaap Inventory Net
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CY2023Q3 us-gaap Accounts And Other Receivables Net Current
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CY2023Q3 us-gaap Long Term Investments
LongTermInvestments
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CY2023Q3 us-gaap Deferred Income Tax Assets Net
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CY2023Q3 us-gaap Deposits
Deposits
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CY2022Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2022Q3 us-gaap Deferred Income Tax Liabilities Net
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CY2023Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2023Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2021 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.58
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11010240 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11655642 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9160447 shares
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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CY2023 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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CY2023 us-gaap Gain Loss On Disposition Of Assets1
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CY2022 us-gaap Increase Decrease In Other Operating Assets
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CY2021 us-gaap Increase Decrease In Other Operating Assets
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CY2022 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Increase Decrease In Inventories
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CY2023 eeiq Increase Decrease Longterm Prepaid Expenses
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CY2022 eeiq Increase Decrease Longterm Prepaid Expenses
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CY2023 eeiq Payments For Proceeds From Notes Receivable
PaymentsForProceedsFromNotesReceivable
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CY2023 eeiq Repayment To Related Parties
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CY2021 eeiq Repayment To Related Parties
RepaymentToRelatedParties
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CY2022 eeiq Share Buyback
ShareBuyback
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CY2021 eeiq Share Buyback
ShareBuyback
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CY2022 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
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CY2021 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
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CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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CY2023 us-gaap Proceeds From Sale Of Other Productive Assets
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2021 eeiq Effect Of Exchange Rate Changes On Cash And Cash Equivalents
EffectOfExchangeRateChangesOnCashAndCashEquivalents
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CY2023 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2021 us-gaap Interest Paid Net
InterestPaidNet
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2021 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
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CY2022Q3 eeiq Prepaid Tuition Fees To Miami University
PrepaidTuitionFeesToMiamiUniversity
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CY2022Q3 eeiq Prepaid Fees To Dongbei University Of Finance And Economics
PrepaidFeesToDongbeiUniversityOfFinanceAndEconomics
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CY2022Q3 us-gaap Security Deposit
SecurityDeposit
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CY2021Q3 us-gaap Long Term Investments
LongTermInvestments
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CY2023Q3 us-gaap Long Term Investments
LongTermInvestments
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
pure
CY2023 eeiq Income Tax Calculated At Statutory Rate
IncomeTaxCalculatedAtStatutoryRate
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CY2022 eeiq Income Tax Calculated At Statutory Rate
IncomeTaxCalculatedAtStatutoryRate
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CY2021 eeiq Income Tax Calculated At Statutory Rate
IncomeTaxCalculatedAtStatutoryRate
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2021 eeiq Aggregate Shares
AggregateShares
shares
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11010240 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11655642 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9160447 shares
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.58
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001781397

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eeiq-20230930.xsd Edgar Link pending
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