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

SEGMENT REPORTING

v3.25.1
SEGMENT REPORTING
12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
SEGMENT REPORTING

NOTE 37 — SEGMENT REPORTING

 

Each of the Company’s business segments offer different, but synergistic products and services, and are managed separately. Discrete financial information is available for each segment, and segment performance is evaluated based on operating results. Adjustments to reconcile segment results to consolidated results are included under the caption “Intercompany” which eliminates the effect of transactions between the segments.

 

The Company’s business consists of two reportable business segments:

 

  Education — entrepreneur education, management consultancy and business development tools.
     
  Campus — resorts, retreats, and co-working cafes for entrepreneurs.

 

The detailed segment information of the Company is as follows:

 

    Education     Campus     Total     Education     Campus     Total     Education     Campus     Total  
    For the Years ended December 31  
    2024     2023     2022  
    Education     Campus     Total     Education     Campus     Total     Education     Campus     Total  
Revenues   $ 7,912,718     $     $ 7,912,718     $ 18,611,370     $ 4,451,384     $ 23,062,754       13,555,495     $ 4,638,121     $ 18,193,616  
Depreciation and amortization(1)(2)   $ 2,058,527     $     $ 2,058,527     $ 2,938,552     $ 332,498     $ 3,271,051       1,245,215     $ 1,105,425     $ 2,350,640  
Loss from operations   $ (30,108,322 )   $     $ (30,108,322 )   $ (36,217,860 )   $ 150,525     $ (36,067,335 )     (32,591,762 )   $ (9,746,037 )   $ (42,337,799 )
Net Profit/(Loss)   $ (24,939,822 )   $     $ (24,939,822 )   $ (5,899,772 )   $ 188,550     $ (5,711,222 )     (46,113,518 )   $ (9,892,921 )   $ (56,006,439 )
Interest Expense, net   $ 1,146,440     $     $ 1,146,440     $ 3,578,911     $ 115,602     $ 3,694,513 )     (943,916 )   $ (368,560 )   $ (1,312,476 )
Capital Expenditures   $     $     $     $     $     $           $     $  
Property and equipment, net   $ 301,531     $     $ 301,531     $ 456,751     $     $ 456,751       563,131     $     $ 563,131  
Total Assets   $ 101,055,351     $     $ 101,055,351     $ 43,213,773     $     $ 43,213,773       88,120,390     $ 3,139,237     $ 91,259,627  
Total Liabilities   $ 21,644,921     $     $ 21,644,921     $ 23,498,780     $     $ 23,498,780       71,656,141     $ 5,648,650     $ 77,304,791  

 

(1) Consists of $589,415 (2023: $575,309) of Education segment depreciation and amortization which is included in cost of revenue and $1,469,112 (2023: $2,363,243) which is included in operating expenses in the accompanying statements of operations
   
(2) Consists of $0 (2023: $0) of Campus segment depreciation and amortization which is included in cost of revenue and $0 (2023: $332,498) which is included in operating expenses in the accompanying statements of operations

 

 

A summary of non-current assets (other than financial instruments) by geographic location appears below:

 

    Education     Campus     Total     Education     Campus     Total  
    For the Years Ended December 31,  
    2024     2023  
    Education     Campus     Total     Education     Campus     Total  
Europe / Middle East / Africa   $ 13,871,549           $ 13,871,549     $ 20,318,361           $ 20,318,361  
Asia / Pacific     39,977,597             39,977,597       3,971,427             3,971,427  
North America / South America     4,787,378             4,787,378       9,290,120             9,290,120  
Non-current assets   $ 58,636,524     $     $ 58,636,524     $ 33,579,908     $     $ 33,579,908  

 

A summary of revenue by geographic location appears below:

 

    Education     Campus     Total     Education     Campus     Total  
    For the Years Ended December 31,  
    2024     2023  
    Education     Campus     Total     Education     Campus     Total  
Europe / Middle East / Africa   $ 3,578,181     $     $ 3,578,181     $ 4,134,861     $ 2,524,821     $ 6,659,682  
Asia / Pacific     2,215,686             2,215,686       3,374,298       1,926,563       5,300,861  
North America / South America     2,118,851             2,118,851       11,102,211             11,102,211  
Revenue   $ 7,912,718     $     $ 7,912,718     $ 18,611,370     $ 4,451,384     $ 23,062,754