Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

CONTRACT LIABILITY

v3.25.1
CONTRACT LIABILITY
 12 Months Ended
Dec. 31, 2024
Summary Of Contract Liability  
CONTRACT LIABILITY

NOTE 19 — CONTRACT LIABILITY

 

As of December 31, 2024 and 2023, contract liability consists of:

 

    2024     2023  
    As of December 31,  
    2024     2023  
Educational revenue paid in advance   $ 1,731,378     $ 2,580,097  
Advance bookings for lodges     -       170,040  
Total   $ 1,731,378     $ 2,750,137  

 

A reconciliation of contract liability for the years ended December 31, 2024 and 2023 are as follows:

 

    2024     2023  
    As of December 31,  
    2024     2023  
Contract liability, beginning balance   $ 2,750,137     $ 6,391,993  
Addition     1,265,624       2,243,992  
Revenue earned     (2,284,383 )     (5,885,848 )
Contract liability, ending balance   $ 1,731,378     $ 2,750,137