Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

CONTRACT LIABILITIES

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CONTRACT LIABILITIES
 12 Months Ended
Dec. 31, 2023
Contract Liabilities  
CONTRACT LIABILITIES

NOTE 18 — CONTRACT LIABILITIES

 

As of December 31, 2023 and 2022, contract liability consists of:

 

    2023     2022  
    As of December 31,  
    2023     2022  
          As restated  
Educational revenue paid in advance   $ 2,580,097     $ 5,594,979  
Other prepaid income     -       12,254  
Advance bookings for lodges     170,040       213,217  
Total   $ 2,750,137     $ 5,820,450  

 

A reconciliation of contract liability for the years ended December 31, 2023 and 2022 are as follows:

 

    2023     2022  
    As of December 31,  
    2023     2022  
          As restated  
Contract liabilities, beginning balance   $ 5,820,450     $ 2,561,912  
Addition     2,243,992       5,608,479  
Revenue earned     (5,314,305 )     (2,349,941 )
Contract liabilities, ending balance   $ 2,750,137     $ 5,820,450  

 

Other prepaid income amounting to $571,543 is restatement in 2022. The amount has been reclassified from deferred revenue to accrued expenses and other current liabilities.