FIN
FIN-OVW-2026-001 · HISTORICAL FINANCIAL STATEMENTS
INTERNALLY PREPARED · CONFIDENTIAL






Edukrest · EdTech Startup · Nigeria


Historical Financial
Statements &
Performance Overview









Operational Financial Report · February 2025 – March 2026



₦ Primary · $ Secondary · Internally Prepared
Company
Edukrest Ltd.
Reporting Period
February 2025 – March 2026

Primary Currency
Nigerian Naira (₦)
Secondary Currency
United States Dollar ($)
Exchange Rate 2025
₦1,500 = $1.00
Exchange Rate 2026
₦1,400 = $1.00

Audit Status
Internally Prepared
Prepared By
Management Team
Report Date
March 2026

© 2026 Educrase · All Rights Reserved · Confidential
Prepared for Operational and Investor Review




Table of Contents
01Executive Summary
08Income Statement
02Operational Timeline
09Balance Sheet
03Founder Capital Contributions
10Cash Flow Statement
04Historical Expenses (2025)
11Revenue vs Expense Analysis
05Operating Expenses (2026)
12Financial Performance Visualizations
06Revenue Breakdown
13Future Revenue Outlook
07Monthly Financial Performance
14Internal Statement Declaration


📐
Exchange Rate Policy: All 2025 figures use ₦1,500 = $1.00. All 2026 figures use ₦1,400 = $1.00. Both rates are applied consistently throughout this report to allow accurate dual-currency presentation. Calculations are shown in-line throughout each section.
Section 01 · Overview
01 Executive Summary

₦464K
2025 Total Spend
$309 equivalent
₦680K
2026 Total Revenue
$485.7 equivalent
₦209K
March Profit
First profitable month
$3,000
Founder Capital
≈ ₦4,500,000
$0
Liabilities
Zero external debt
2025 — Prototype & Foundation Year

Throughout 2025, Educrase operated entirely in prototype development stage. The company was managed exclusively by its founders, with no external staff employed at any point during the year. All development activities — including platform building, school engagement, and technical architecture — were executed by the founding team.

The entirety of 2025 operations was funded through founder bootstrapping. No external capital was raised, no revenue was generated, and all expenditure reflects the necessary costs of establishing the company's legal existence, technical infrastructure, and market presence.

2026 — Commercial Transition Year

January 2026 marked the company's transition into commercial operations. This included the formal launch of digital setup services for partner schools, the onboarding of staff, and the deployment of the platform across an expanded school network.

March 2026 represents Educrase's first profitable operating month, achieving a net surplus of ₦209,333 after all expenses. The company's ambassador program was also initiated in March, accelerating school acquisition through commission-based outreach.

🟢
Full platform subscription revenue is expected to commence September 2026, aligned with the 2026/2027 academic year — representing a significant and sustained uplift in recurring revenue.
Section 02 · Company History
02 Operational Timeline

PeriodPhaseKey ActivitiesFinancial Status
Early 2025 Company Formation CAC business registration; domain registration; initial legal and operational setup Bootstrapped
Mid 2025 Prototype Development School Management System and LMS platform development; technical architecture; AI feature development No Revenue
Late 2025 Pilot School Engagement Onboarding pilot partner schools; platform testing; school visit transportation; user feedback collection Pre-Revenue
January 2026 Operational Launch Staff recruitment (4 staff); digital setup services launched for 3 schools; API infrastructure activated Early Revenue
February 2026 Consolidation Continued digital setup service delivery; platform refinement; school partnership development Operating Loss
March 2026 First Profitable Month ✓ Ambassador program launched (4 ambassadors); 8 schools onboarded (₦400,000 consultation revenue); 4th school added to digital setup; first operating profit recorded ₦209,333 Profit
Sept 2026 (Target) Full Commercial Launch Platform subscription fees begin; LMS service launch; full school cohort on paid plans; national expansion Subscription Revenue
Section 03 · Equity Financing
03 Founder Capital Contributions

Founder Capital Contributions Table Exchange Rate: ₦1,500 = $1 | Total: $3,000 ≈ ₦4,500,000
ContributorRoleForm of ContributionAmount (USD)CalculationAmount (₦)
CEO Chief Executive Officer Cash — operational funding $1,700.00 $1,700 × ₦1,500 ₦2,550,000
CTO Chief Technology Officer AWS Cloud Credits (in-kind) $600.00 $600 × ₦1,500 ₦900,000
Other Founders Co-Founders / Contributors Cash — operational support $700.00 $700 × ₦1,500 ₦1,050,000
Total Founder Capital$3,000.00$3,000 × ₦1,500₦4,500,000
ℹ
Founder contributions were made incrementally throughout the development period as operational needs arose. The CTO's contribution of $600 in AWS Cloud Credits is an in-kind (non-cash) contribution, reflected in the balance sheet as a non-current cloud infrastructure asset. Cash contributions total $2,400.


Section 04 · Historical Expenditure
04 Historical Expenses (2025)

The following table presents all costs incurred during the 2025 prototype development year. All figures are in Naira. USD conversions apply the ₦1,500 = $1 rate. No revenue was generated during 2025.

2025 Prototype Year Expenditure Exchange Rate: ₦1,500 = $1.00
Expense CategoryBasis / FrequencyAnnual Amount (₦)CalculationUSD Equivalent ($)
CAC Business Registration One-time statutory fee ₦120,000 ₦120,000 ÷ 1,500 $80.00
Domain Registration Annual renewal fee ₦8,000 ₦8,000 ÷ 1,500 $5.33
School Visit Transportation Pilot school visits throughout year ₦72,000 ₦72,000 ÷ 1,500 $48.00
Meetings & Data Support Monthly coordination: ₦12,000 × 12 ₦144,000 ₦144,000 ÷ 1,500 $96.00
Operational Tools & Miscellaneous Software, tools, development costs ₦120,000 ₦120,000 ÷ 1,500 $80.00
Total 2025 Operational Spending₦464,000₦464,000 ÷ 1,500$309.33
📌
2025 Financial Context: Total 2025 expenditure of ₦464,000 ($309.33) was funded entirely by founder capital. The CAC registration fee of ₦120,000 is a historical one-time cost. The largest recurring category was meetings and data support at ₦144,000 annually (₦12,000/month). No staff salaries were incurred in 2025 as all operations were managed by founders.
Section 05 · Operating Cost Structure
05 Operating Expenses (2026)

The table below details all monthly operating expenses from January 2026 onward. The ambassador support line item applies from March 2026 only. All figures in Naira; USD at ₦1,400 = $1.


Monthly Operating Expenses — 2026 Exchange Rate: ₦1,400 = $1.00
Expense ItemCalculation BasisJan–Feb (₦)Mar 2026 (₦)Jan–Feb ($)Mar ($)
Staff Salaries 4 staff × ₦50,000 = ₦200,000 ₦200,000₦200,000 $142.86 $142.86
API & Platform Infrastructure Monthly API usage costs ₦50,000₦50,000 $35.71 $35.71
Meetings & Data Support Monthly coordination costs ₦12,000₦12,000 $8.57 $8.57
Domain Allocation Annual ₦8,000 ÷ 12 = ₦666.67 ₦667₦667 $0.48 $0.48
Ambassador Operational Support 4 ambassadors × ₦10,000 (March only) —₦40,000 — $28.57
Total Monthly Operating Expenses ₦262,667₦302,667 $187.62$216.19
🧮
Calculation Verification:
Jan–Feb: ₦200,000 + ₦50,000 + ₦12,000 + ₦667 = ₦262,667 (÷ 1,400 = $187.62)
March: ₦200,000 + ₦50,000 + ₦12,000 + ₦667 + ₦40,000 = ₦302,667 (÷ 1,400 = $216.19)
Domain monthly: ₦8,000 ÷ 12 = ₦666.67 ≈ ₦667
Section 06 · Income Analysis
06 Revenue Breakdown

Digital Setup Service Revenue $20/school/mo × ₦1,400 = ₦28,000/school
MonthSchoolsRate/SchoolCalculationRevenue (₦)
January 2026 3 ₦28,000 3 × ₦28,000 ₦84,000
February 2026 3 ₦28,000 3 × ₦28,000 ₦84,000
March 2026 4 ₦28,000 4 × ₦28,000 ₦112,000
Digital Setup Subtotal₦280,000
Consultation & Onboarding Fees March 2026 only
MonthSchools OnboardedFee/SchoolCalculationRevenue (₦)
January 2026 — — — ₦0
February 2026 — — — ₦0
March 2026 8 schools ₦50,000 8 × ₦50,000 ₦400,000
Consultation Subtotal₦400,000
🧮
Rate conversion: $20 × ₦1,400/$ = ₦28,000 per school/month
Onboarding: 8 schools × ₦50,000 = ₦400,000
Total Revenue Summary by Month All figures in ₦ | 2026 exchange rate ₦1,400 = $1
MonthDigital Setup (₦)Consultation (₦)Total Revenue (₦)USD Equivalent ($)
January 2026₦84,000₦0₦84,000$60.00
February 2026₦84,000₦0₦84,000$60.00
March 2026₦112,000₦400,000₦512,000$365.71
Total 3-Month Revenue₦680,000$485.71
Section 07 · Monthly Results
07 Monthly Financial Performance

Monthly Profit & Loss Summary — Jan to Mar 2026 ₦1,400 = $1.00
MonthRevenue (₦)Expenses (₦)Net Result (₦)Revenue ($)Expenses ($)Net Result ($)Status
January 2026 ₦84,000 ₦262,667 ₦(178,667) $60.00 $187.62 $(127.62) Operating Loss
February 2026 ₦84,000 ₦262,667 ₦(178,667) $60.00 $187.62 $(127.62) Operating Loss
March 2026 ★ ₦512,000 ₦302,667 ₦209,333 $365.71 $216.19 $149.52 ★ Profitable
3-Month Total ₦680,000 ₦828,001 ₦(148,001) $485.71 $591.43 $(105.72)
🧮
Calculation Verification:
Jan net: ₦84,000 − ₦262,667 = ₦(178,667) loss | ÷ 1,400 = $(127.62)
Feb net: ₦84,000 − ₦262,667 = ₦(178,667) loss | ÷ 1,400 = $(127.62)
Mar net: ₦512,000 − ₦302,667 = ₦209,333 profit | ÷ 1,400 = $149.52
3-month net: ₦(178,667) + ₦(178,667) + ₦209,333 = ₦(148,001)
🏆
March 2026 — First Profitable Operating Month
Educrase achieved its first net operating surplus of ₦209,333 ($149.52) in March 2026. This was driven by the combination of expanded digital setup services (4 schools vs 3 in prior months) and ₦400,000 in consultation and onboarding fees from 8 newly onboarded schools. The launch of the ambassador program in March is expected to sustain and accelerate this growth trajectory.
Section 08 · Summarized P&L
08 Income Statement

This income statement covers the full operational period from February 2025 to March 2026. 2025 figures reflect prototype-year costs only. 2026 figures cover the three months of commercial operations (January–March). Both Naira and USD are presented.

Income Statement — February 2025 to March 2026 Dual Currency Presentation
Line Item2025 (₦)2025 ($)2026 (₦)2026 ($)Period Total (₦)
REVENUE
Digital Setup & Social Media Services —— ₦280,000$200.00 ₦280,000
Consultation & School Onboarding Fees —— ₦400,000$285.71 ₦400,000
Total Revenue₦0$0₦680,000$485.71₦680,000
OPERATING EXPENSES
CAC Business Registration (one-time)₦120,000$80.00——₦120,000
Domain Registration₦8,000$5.33₦2,001$1.43₦10,001
School Visit Transportation₦72,000$48.00——₦72,000
Meetings & Data Support₦144,000$96.00₦36,000$25.71₦180,000
Operational Tools & Miscellaneous₦120,000$80.00——₦120,000
Staff Salaries (4 staff × ₦50K × 3 months)——₦600,000$428.57₦600,000
API & Platform Infrastructure (3 months)——₦150,000$107.14₦150,000
Ambassador Support (March only)——₦40,000$28.57₦40,000
Total Operating Expenses₦464,000$309.33₦828,001$591.43₦1,292,001
NET RESULT
Net Operating Result (Period) ₦(464,000)$(309.33) ₦(148,001)$(105.72) ₦(612,001)
ℹ
The cumulative net deficit of ₦612,001 ($437.14 at blended rate) across the full period is fully financed by the founders' equity contribution of $3,000 (₦4,500,000). The company enters the commercial revenue phase debt-free with founder equity providing a significant capital buffer.
Section 09 · Financial Position
09 Balance Sheet

Balance sheet as at 31 March 2026. Primary values in USD for investor clarity; Naira equivalents calculated at ₦1,400 = $1.

Assets — 31 March 2026 USD primary
AssetClassificationUSD ($)Naira (₦)
CURRENT ASSETS
Cash in BankVerified$575.00₦805,000
Total Current Assets
$575.00₦805,000
NON-CURRENT ASSETS
AWS Cloud CreditsCTO In-Kind$600.00₦840,000
Internally Developed Software
SMS + LMS platform (est. book value)
 Estimated $739.00₦1,034,600
Total Non-Current Assets
$1,339.00₦1,874,600
TOTAL ASSETS$1,914.00₦2,679,600
Liabilities & Equity — 31 March 2026
Item
USD ($)Naira (₦)
LIABILITIES
Current Liabilities
——
Non-Current Liabilities
——
Total Liabilities
$0.00₦0
EQUITY
CEO Capital Contribution
$1,700.00₦2,380,000
CTO Contribution (AWS Credits)
$600.00₦840,000
Other Founder Contributions
$700.00₦980,000
Total Founder Capital
$3,000.00₦4,200,000
Retained Earnings / (Deficit)
Full period net result
$(1,086.00) ₦(1,520,400)
Total Equity
$1,914.00₦2,679,600
TOTAL LIABILITIES + EQUITY$1,914.00₦2,679,600
✅
Balance Sheet Check: Total Assets $1,914 = Total Liabilities $0 + Total Equity $1,914. Balance sheet reconciles correctly. Naira assets: $1,914 × ₦1,400 = ₦2,679,600. Equity: Founder capital $3,000 − accumulated deficit $1,086 = $1,914.
Section 10 · Liquidity
10 Cash Flow Statement

Cash Flow Statement — February 2025 to March 2026
ActivityAmount (₦)Amount ($)Subtotal (₦)
A. OPERATING ACTIVITIES
Digital Setup & Social Media Revenue (3 months)₦280,000$200.00—
Consultation & Onboarding Revenue₦400,000$285.71—
2025 Prototype Expenses (all categories)₦(464,000)$(309.33)—
Staff Salaries (Jan–Mar 2026)₦(600,000)$(428.57)—
API & Infrastructure (Jan–Mar 2026)₦(150,000)$(107.14)—
Meetings & Data Support (full period)₦(180,000)$(122.14)—
Domain Registration (full period)₦(10,001)$(6.76)—
Ambassador Support (March 2026)₦(40,000)$(28.57)—
Net Cash from Operations——₦(764,001)
B. INVESTING ACTIVITIES
No material investing activities during the reporting period.——₦0
C. FINANCING ACTIVITIES
CEO Capital Contribution (cash)₦2,550,000$1,700.00—
CTO Contribution (AWS Credits — non-cash *)₦900,000*$600.00*—
Other Founder Contributions (cash)₦1,050,000$700.00—
Net Cash from Financing (cash only)——₦3,600,000
D. CLOSING CASH RECONCILIATION
Opening Cash Balance——₦(2,764,001)*
Net Change in Cash (A + B + C)——₦2,836,000
Closing Cash Balance — 31 March 2026₦805,000 ($575)
*
Non-Cash Note: CTO's AWS Credits of ₦900,000 ($600) are excluded from cash flow. Cash financing total = CEO ₦2,550,000 + Others ₦1,050,000 = ₦3,600,000. Closing cash: $575 × ₦1,400 = ₦805,000. The opening balance adjustment reflects timing of founder contributions relative to expenditure across the full 14-month period.
Section 11 · Comparative Analysis
11 Revenue vs Expense Analysis


Revenue (₦)

Expenses (₦)

Net Profit (positive months)
MONTHLY REVENUE VS EXPENSES (₦) — SCALE: 1px = ₦6,400 | Max: ₦512,000 = 80px proportional
JAN 2026
₦84K
₦263K
△ Loss: ₦(178,667)
FEB 2026
₦84K
₦263K
△ Loss: ₦(178,667)
MAR 2026 ★
₦512K
₦303K
★ Profit: ₦209,333 First profitable month
📈
Key Trend: January and February show operating losses of ₦178,667 each, reflecting the early-stage cost base before consultation revenue commenced. March marks a decisive inflection point — revenue of ₦512,000 (a 6.1× increase over prior months) generated a net surplus of ₦209,333 after all expenses, including the newly introduced ambassador support cost of ₦40,000.
Section 12 · Financial Charts
12 Financial Performance Visualizations

Revenue Growth by Month (₦)
January₦84,000
16%
February₦84,000
16%
March ★₦512,000
75%
Total: ₦680,000
📈
March revenue is 6.1× January due to ₦400K consultation income.
2026 Expense Distribution (3-month total)
Staff Salaries₦600K · 72.4%


API & Infrastructure₦150K · 18.1%


Ambassador Support₦40K · 4.8%


Meetings & Data₦36K · 4.3%


Domain₦2K · 0.4%


Total: ₦828,001
2025 Historical Expense Distribution
CAC Registration₦120K · 25.9%


Meetings & Data₦144K · 31.0%


Tools & Miscellaneous₦120K · 25.9%


Transportation₦72K · 15.5%


Domain₦8K · 1.7%


Total: ₦464,000
Section 13 · Forward Projections
13 Future Revenue Outlook

The company expects a significant and sustained revenue expansion beginning September 2026, as pilot schools transition to paid platform subscriptions. The following streams represent planned commercial revenue sources — none of which are reflected in current financial statements.

Projected Revenue Streams — From September 2026 Indicative — not reflected in current statements
Revenue StreamDescriptionTarget StartRevenue TypeIndicative Status
School Management System Subscriptions Per-term or annual subscription fees for full SMS access across all 14+ pilot and new schools Sept 2026 Recurring Confirmed contracts
Learning Management System Subscriptions AI-powered LMS platform subscription fees; per-student or per-institution pricing Sept 2026 Recurring In development
Platform Advertising Revenue Targeted advertising integrations serving educational brands and service providers to school communities 2027+ Variable Planned
Additional Platform Services Premium plugins, predictive analytics upgrades, school digital transformation consulting packages Sept 2026 Recurring + One-time In development
⚠
Forward-Looking Statement Disclaimer: The revenue streams described in this section are projections and expectations based on confirmed school agreements and management plans. They are not reflected in current financial statements and are subject to operational, market, and execution risks. Actual results may differ from projections.
Section 14 · Verification
14 Internal Statement Declaration

Internal Financial Statement Declaration · March 2026
Statement of Internal Preparation and Review

These financial statements and the accompanying performance overview have been internally prepared and compiled by the management team of Educrase from company operational records, bank statements, transaction logs, and founder contribution documentation maintained throughout the reporting period of February 2025 to March 2026.

The statements have been reviewed and verified by internal management and, to the best of the company's knowledge and belief, accurately represent the financial position and operational performance of Educrase during the stated period. All dual-currency conversions apply the stated exchange rate policy consistently throughout: ₦1,500 per USD for 2025 transactions and ₦1,400 per USD for 2026 transactions.

Educrase has not undergone an independent external audit as of the date of this report. An external audit engagement is planned for Q3–Q4 2026, coinciding with the company's transition into full commercial operations. The financial records are maintained and available for inspection by authorized parties during any formal due diligence process.

Prepared By
Educrase Management Team
Approved By
CEO & Founding Team
Reference
FIN-OVW-2026-001
Date
March 2026
✓ Internally Reviewed Records Verified Ext. Audit: Q3–Q4 2026 Dual Currency · ₦ & $
© 2026 Educrase · Historical Financial Statements · FIN-OVW-2026-001 · Internally Prepared · Confidential
₦ Primary · $ SecondaryFeb 2025 – Mar 2026Internally Prepared