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

SUMMARY OF MATERIAL ACCOUNTING POLICIES (Tables)

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SUMMARY OF MATERIAL ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [abstract]  
SCHEDULE OF USEFUL LIVES OF ITEMS OF PROPERTY AND EQUIPMENT

The useful lives of items of property and equipment have been assessed as follows:

 

Category   Depreciation Method   Useful Life
Buildings   Straight line   20 years
Plant and Machinery   Straight line   5 years
Leasehold Properties   Straight line   As per below
Furniture and fixtures   Straight line   5 years
Motor vehicles   Straight line   5 years
Office equipment   Straight line   5 years
IT equipment   Straight line   3 – 5 years
Computer equipment   Straight line   2 – 8 years
Spa equipment, curtains, crockery, glassware, and linen   Straight line   5 years
SCHEDULE OF USEFUL LIFE OF INTANGIBLE ASSETS

The useful life of intangible assets has been assessed as follows:

 

Category   Useful Life
Customer relationships   5 years
Customer list   5 years
Film Library   8.5 years
Trade names, trademarks, domain names, and licenses   Indefinite
SCHEDULE OF RESTATEMENT FINANCIAL

 

    Audited     Restatements     Restated  

 

   As of December 31, 2022  
    Audited     Restatements     Restated  
Reserves   $ (32,933,714)     $ (841,387 )   $ (33,775,101)  
Accumulated deficit     (68,539,210 )     841,387       (67,697,823 )

 

 

Consolidated Statements of Operations and Comprehensive (Loss) / Income

 

    Audited     Restatements     Restated  
    For the year ended December 31, 2022  
    Audited     Restatements     Restated  
(Loss) gains from foreign currency transactions   $ 135,625     $ (754,892 )   $ (619,267 )
Total operating expenses     (50,222,196 )     (754,892 )     (50,977,088 )
Loss from Operations     (41,582,907 )     (754,892 )     (42,337,799 )
Loss Before Income tax     (56,315,143 )     (754,892 )     (57,070,035 )
Net Loss     (55,251,547 )     (754,892 )     (56,006,439 )
Other comprehensive income:                        
Foreign currency translation     (1,045,076 )     754,892       (290,184 )
Total comprehensive loss     (56,296,623 )     -       (56,296,623 )

 

Consolidated Statements of Changes in Stockholders’ Equity

 

    Audited     Restatements     Restated  
    As of December 31, 2022  
    Audited     Restatements     Restated  
Net loss   $ (55,251,547 )   $ (754,892 )   $ (56,006,439 )
Foreign currency translation adjustment     (1,045,076 )     754,892       (290,184 )
Foreign currency   $ 983,653     $ (841,387 )   $ 142,266  
Accumulated deficit     (68,539,210 )     841,387       (67,697,823 )

 

Consolidated Statements of Cash Flows

 

    Audited     Restatements     Restated  
    For the year ended December 31, 2022  
    Audited     Restatements     Restated  
Net loss   $ (55,251,547 )   $ (754,892 )   $ (56,006,439 )
(Gain) loss on foreign exchange transactions     (135,625 )     754,892       619,267  

 

For the year ended December 31, 2021

 

Consolidated Statements of Changes in Stockholders’ Equity

 

    Audited     Restatements     Restated  
    As of December 31, 2021  
    Audited     Restatements     Restated  
Foreign currency   $ 2,028,729     $ (1,596,279 )   $ 432,450  
Accumulated deficit     (13,493,684 )     1,596,279       (11,897,405 )
SCHEDULE OF OTHER INVESTMENTS AND INVESTMENTS IN JOINT VENTURE

The impact of the restatements on the Consolidated Balance sheets as of December 31, 2022 is presented below.

 SCHEDULE OF OTHER INVESTMENTS AND INVESTMENTS IN JOINT VENTURE

    Audited     Restatements     Restated  
    As of December 31, 2022  
    Audited     Restatements     Restated  
Other investments (previously termed as Investments at fair value)   $ 29,071     $ (373 )   $ 28,698  
Investments in joint venture     -       373       373  
The impact of the restatement on the Consolidated Balance sheets as of December 31, 2022 is presented below.

The impact of the restatement on the Consolidated Balance sheets as of December 31, 2022 is presented below.

 SCHEDULE OF ACCURED EXPENSES

    Audited     Restatements     Restated  
    As of December 31, 2022  
    Audited     Restatements     Restated  
Accrued expenses and other current liabilities   $ 3,809,540     $ 571,543     $ 4,381,083  
Contract liability (previously termed as Deferred revenue)     6,391,993       (571,543 )     5,820,450