Golden Sun Education Group Limited (GSUN) Balance Sheet
GSUN balance sheet, FY2025
September 30, 2025 · U.S. dollars$24.0M assets = $15.1M liabilities + $8.8M equity
Both columns are drawn to the same scale: what GSUN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GSUN financial health
Descriptive bands, not a rating. Fiscal FY2025.
GSUN balance sheet trends, FY2019–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $14.1MFY2019 | $24.0MFY2025 | +9.2%/yr | |
| Total liabilities | $21.2MFY2019 | $15.1MFY2025 | −5.5%/yr | |
| Shareholders’ equity | −$6.8MFY2019 | $9.3MFY2025 | — | |
| Cash & short-term investments | $3.1MFY2019 | $775,334FY2025 | −20.7%/yr | |
| Total debt | $6.7MFY2019 | $4.3MFY2025 | −7.3%/yr | |
| Net cash (debt) | −$3.6MFY2019 | −$3.5MFY2025 | +$129,130 | |
| Working capital | −$11.3MFY2019 | $2.1MFY2025 | +$13.4M | |
| Book value per share | −$3.29FY2019 | $3.26FY2025 | — | |
| Current ratio | 0.27FY2019 | 1.20FY2025 | +0.93 | |
| Debt / equity | 0.38FY2022 | 0.46FY2025 | +0.08 | |
| Shares outstanding | 2.1MFY2019 | 2.8MFY2025 | +5.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GSUN assets
GSUN liabilities and equity
GSUN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GSUN balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $775,334 | $839,622 | $6.6M | $20.3M | $1.2M | $3.2M | $3.1M |
| Cash & equivalents | $775,334 | $839,622 | $6.6M | $20.3M | $1.2M | $3.2M | $3.1M |
| Receivables | $2.3M | $614,348 | $477,940 | $745,878 | $1.4M | $161,537 | $425,179 |
| Inventory | $73,861 | $375,881 | $153,851 | $1 | $0 | $1 | $0 |
| Other current assets | $9.6M | $8.5M | $4.9M | $1.0M | $3.0M | $1.8M | $542,683 |
| Total current assets | $12.7M | $10.4M | $12.1M | $22.1M | $5.5M | $5.1M | $4.1M |
| Property, plant & equipment (net) | $1.9M | $914,125 | $1.7M | $344,028 | $374,618 | $5.4M | $2.8M |
| Goodwill & intangible assets | $4.7M | $18,999 | $0 | $0 | $0 | $6.4M | $7.2M |
| Long-term investments | $4.6M | $4.6M | $5.2M | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $1.2M | $473,387 | $978,870 | $732,659 | $537,982 | $66,288 |
| Total assets | $24.0M | $17.1M | $19.4M | $23.4M | $6.6M | $17.4M | $14.1M |
| Liabilities | |||||||
| Accounts payable | $3.0M | $1.4M | $974,314 | $665,397 | $210,782 | $48,800 | $836,770 |
| Short-term debt | $865,641 | $2.3M | $600,165 | $1.2M | $1.4M | $2.6M | $1.9M |
| Deferred revenue | $4.5M | $4.1M | $4.0M | $4.4M | $6.3M | $10.0M | $8.8M |
| Total current liabilities | $10.6M | $13.6M | $10.8M | $12.6M | $12.6M | $19.0M | $15.3M |
| Long-term debt | $3.0M | $1.8M | $3.3M | $2.1M | $1.7M | $5.8M | $5.9M |
| Lease obligations | $257,787 | $656,512 | $1.4M | $0 | — | — | — |
| Other long-term liabilities | $1.5M | $1.3M | $946,306 | $0 | $0 | $0 | $0 |
| Total liabilities | $15.1M | $16.7M | $15.1M | $14.7M | $14.3M | $24.8M | $21.2M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $43,644 | $9,905 | $9,543 | $9,178 | $6,500 | $6,500 | $7,500 |
| Retained earnings (deficit) | −$23.6M | −$18.5M | −$14.8M | −$9.0M | −$6.8M | −$8.5M | −$8.2M |
| Accumulated other comprehensive income | $465,441 | −$201,359 | −$213,994 | $146,415 | −$819,281 | −$248,948 | −$259,196 |
| Minority interest | −$450,820 | −$306,165 | −$51,725 | −$59,255 | — | — | — |
| Total shareholders' equity | $9.3M | $717,536 | $4.4M | $8.8M | −$7.6M | −$7.1M | −$6.8M |
| Key figures | |||||||
| Total debt | $4.3M | $4.5M | $4.8M | $3.4M | $2.4M | $7.3M | $6.7M |
| Net cash (debt) | −$3.5M | −$3.7M | $1.8M | $17.0M | −$1.2M | −$4.1M | −$3.6M |
| Working capital | $2.1M | −$3.2M | $1.2M | $9.5M | −$7.0M | −$13.9M | −$11.3M |
| Tangible book value | $4.5M | $698,537 | $4.4M | $8.8M | −$7.6M | −$13.5M | −$14.0M |
| Book value per share | $3.26 | $0.36 | — | — | — | — | −$3.29 |
| Shares outstanding | 2.8M | 2.0M | — | — | — | — | 2.1M |
| Current ratio | 1.20 | 0.76 | 1.11 | 1.76 | 0.44 | 0.27 | 0.27 |
| Quick ratio | 0.29 | 0.11 | 0.65 | 1.68 | 0.20 | 0.18 | 0.23 |
| Debt / equity | 0.46 | 6.28 | 1.08 | 0.38 | — | — | — |
| Equity / assets | 38.7% | 4.2% | 22.8% | 37.5% | −113.8% | −40.8% | −48.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $455,030 | $455,030 | $775,334 | $775,334 | $137,076 | $137,076 | $839,622 | $737,020 | $2.1M | $2.1M | $6.6M | $12.7M |
| Cash & equivalents | $455,030 | $455,030 | $775,334 | $775,334 | $137,076 | $137,076 | $839,622 | $737,020 | $2.1M | $2.1M | $6.6M | $12.7M |
| Receivables | $745,792 | $617,071 | $2.3M | $2.2M | $145,593 | $145,593 | $614,348 | $50,765 | $682,845 | $234,658 | $477,940 | $826,872 |
| Inventory | $37,345 | $37,345 | $73,861 | $73,861 | $59,330 | $59,330 | $375,881 | $78,535 | $434,211 | $434,211 | $153,851 | $153,851 |
| Other current assets | $4.4M | $4.6M | $9.6M | $9.7M | $18.2M | $18.2M | $8.5M | $9.5M | $6.2M | $6.7M | $4.9M | $925,821 |
| Total current assets | $5.7M | $5.7M | $12.7M | $12.7M | $18.5M | $18.5M | $10.4M | $10.4M | $9.4M | $9.4M | $12.1M | $14.6M |
| Property, plant & equipment (net) | $1.9M | $1.9M | $1.9M | $1.9M | $476,497 | $476,497 | $914,125 | $525,062 | $1.1M | $1.1M | $1.7M | $1.9M |
| Goodwill & intangible assets | $4.8M | $4.8M | $4.7M | $4.7M | $0 | $0 | $0 | $18,999 | $23,083 | $0 | $0 | $0 |
| Long-term investments | $0 | $4.6M | $0 | $4.6M | $0 | $4.6M | $0 | $4.6M | $0 | $5.3M | $0 | $5.2M |
| Other non-current assets | $4.6M | $0 | $4.6M | $0 | $5.8M | $1.3M | $5.8M | $1.6M | $5.8M | $595,676 | $5.7M | $0 |
| Total assets | $17.0M | $17.0M | $24.0M | $24.0M | $24.9M | $24.9M | $17.1M | $17.1M | $16.4M | $16.4M | $19.4M | $21.6M |
| Liabilities | ||||||||||||
| Accounts payable | $674,977 | $674,977 | $3.0M | $3.0M | $1.6M | $1.6M | $1.4M | $284,105 | $1.2M | $1.2M | $974,314 | $1.0M |
| Short-term debt | $918,367 | — | $865,641 | — | $8.2M | — | $2.3M | — | $852,787 | — | $600,165 | $803,007 |
| Deferred revenue | — | — | $4.5M | — | $4.2M | — | $4.1M | — | $2.8M | — | $4.0M | $3.3M |
| Total current liabilities | $5.5M | $5.5M | $10.6M | $10.6M | $21.7M | $21.7M | $13.6M | $13.6M | $10.2M | $10.2M | $10.8M | $10.4M |
| Long-term debt | $0 | $3.0M | $0 | $3.0M | $0 | $964,626 | $0 | $1.8M | $0 | $2.9M | $0 | $3.3M |
| Lease obligations | — | $242,910 | — | $257,787 | — | $333,186 | — | $375,729 | — | $1.1M | — | $1.4M |
| Other long-term liabilities | $4.1M | $1.1M | $4.5M | $1.5M | $7.4M | $6.5M | $3.1M | $1.3M | $3.7M | $800,033 | $4.3M | $1.3M |
| Total liabilities | $9.7M | $9.7M | $15.1M | $15.1M | $29.1M | $29.1M | $16.7M | $16.7M | $13.9M | $13.9M | $15.1M | $15.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $50,144 | — | $43,644 | — | $9,905 | — | $9,905 | — | $9,905 | — | $9,543 | $9,543 |
| Retained earnings (deficit) | −$27.3M | −$27.3M | −$23.6M | −$23.6M | −$23.3M | −$23.3M | −$18.5M | −$18.5M | −$15.6M | −$16.7M | −$14.8M | −$12.8M |
| Accumulated other comprehensive income | $327,654 | — | $465,441 | — | −$35,419 | — | −$201,359 | — | −$140,634 | — | −$213,994 | −$88,341 |
| Minority interest | — | $0 | — | −$450,820 | — | −$354,576 | — | — | — | — | — | — |
| Total shareholders' equity | $7.3M | $7.3M | $9.3M | $9.3M | −$3.9M | −$3.9M | $717,536 | $717,536 | $2.6M | $2.6M | $4.4M | $6.6M |
| Key figures | ||||||||||||
| Total debt | $4.1M | $3.0M | $4.3M | $3.0M | $9.3M | $964,626 | $4.5M | $1.8M | $4.5M | $2.9M | $4.8M | $5.4M |
| Net cash (debt) | −$3.7M | −$2.6M | −$3.5M | −$2.2M | −$9.2M | −$827,550 | −$3.7M | −$1.0M | −$2.4M | −$828,819 | $1.8M | $7.3M |
| Working capital | $130,046 | $130,046 | $2.1M | $2.1M | −$3.2M | −$3.2M | −$3.2M | −$3.2M | −$722,821 | −$722,821 | $1.2M | $4.2M |
| Tangible book value | $2.5M | $2.5M | $4.5M | $4.5M | −$3.9M | −$3.9M | $717,536 | $698,537 | $2.6M | $2.6M | $4.4M | $6.6M |
| Book value per share | $0.79 | $0.73 | $1.06 | $1.06 | −$1.97 | −$1.97 | $0.36 | $0.36 | $1.33 | $1.33 | — | — |
| Shares outstanding | 9.3M | 10.0M | 8.7M | 8.7M | 2.0M | 2.0M | 2.0M | 2.0M | 2.0M | 2.0M | — | — |
| Current ratio | 1.02 | 1.02 | 1.20 | 1.20 | 0.85 | 0.85 | 0.76 | 0.76 | 0.93 | 0.93 | 1.11 | 1.41 |
| Quick ratio | 0.22 | 0.19 | 0.29 | 0.28 | 0.01 | 0.01 | 0.11 | 0.06 | 0.27 | 0.23 | 0.65 | 1.30 |
| Debt / equity | 0.56 | 0.42 | 0.46 | 0.33 | — | — | 6.28 | 2.46 | 1.69 | 1.10 | 1.08 | 0.82 |
| Equity / assets | 43.0% | 43.0% | 38.7% | 38.7% | −15.7% | −15.7% | 4.2% | 4.2% | 16.1% | 16.1% | 22.8% | 30.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
GSUN financial position
At the end of fiscal 2025 (September 30, 2025), Golden Sun Education had total assets of $24.0 million (up 40.2% from a year earlier), total liabilities of $15.1 million and shareholders' equity of $9.3 million. It held $0.8 million in cash and short-term investments against $4.3 million of debt, net debt of $3.5 million. Its current ratio was 1.20. In the latest quarter (ended June 30, 2026) total assets were $17.0 million and equity $7.3 million.
Related: GSUN income statement, GSUN cash flow statement, GSUN key metrics. See the GSUN stock overview for the latest quote and news.
GSUN balance sheet FAQ
What are Golden Sun Education's total assets?
Golden Sun Education reported total assets of $24.0 million at the end of fiscal 2025 (September 30, 2025), compared with $17.1 million a year earlier.
How much debt does Golden Sun Education have?
Golden Sun Education had $4.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.46.
How much cash does Golden Sun Education have?
Golden Sun Education held $0.8 million in cash and short-term investments at the end of fiscal 2025; with $4.3 million of debt that is net debt of $3.5 million.
What is Golden Sun Education's book value?
Golden Sun Education's shareholders' equity (book value) was $9.3 million at the end of fiscal 2025, or $3.26 per share.
What is Golden Sun Education's current ratio?
Golden Sun Education had current assets of $12.7 million and current liabilities of $10.6 million, a current ratio of 1.20 (it can cover its short-term obligations).
How much goodwill does Golden Sun Education have?
Golden Sun Education carried $4.7 million of goodwill and intangible assets, 19.8% of total assets, at the end of fiscal 2025.