|12 Months Ended|
Dec. 31, 2021
NOTE 4 — BUSINESS COMBINATIONS
Genius Group Ltd.’s Acquisition of Entrepreneur Resorts
On July 17, 2020, Genius Group Ltd acquired 97.8% of the voting equity interest of Entrepreneur Resorts, an entity under common control with Genius Group Ltd, and its wholly-owned subsidiaries, for $30,997,810 of purchase consideration, made up of $30,997,810 of Genius Group Ltd ordinary shares. Entrepreneur Resorts operates entrepreneur resorts and cafes.
Below is a summary of the allocation of the purchase consideration to the fair value of the assets and liabilities associated with Entrepreneur Resorts at acquisition.
The difference between the purchase consideration and the total of net assets acquired amounts to $25,190,856 and is recorded under Reserves.
The operating results of Entrepreneur Resorts were consolidated with Genius Group for the years ended December 31, 2020 on the basis that the entities were under common control. As such, the revenue and profit or loss of Entrepreneur Resorts for both years have been included in the consolidated statements of operations and comprehensive loss in full.
The entire disclosure for business combinations.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef