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

CONTRACT LIABILITIES

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CONTRACT LIABILITIES
12 Months Ended
Dec. 31, 2025
Contract Liabilities  
CONTRACT LIABILITIES

NOTE 21 — CONTRACT LIABILITIES

 

As of December 31, 2025 and 2024, contract liability consists of:

 

    2025     2024  
    As of December 31,  
    2025     2024  
Educational revenue paid in advance   $ 3,479,968     $ 1,731,378  
Advance bookings for lodges     406,377       -  
Total   $ 3,886,345     $ 1,731,378  

 

A reconciliation of contract liability for the years ended December 31, 2025 and 2024 are as follows:

 

    2025     2024  
    As of December 31,  
    2025     2024  
Contract liabilities, beginning balance   $ 1,731,378     $ 2,750,137  
Addition     3,830,631       1,265,624  
Revenue earned     (1,675,664 )     (2,284,383 )
Contract liabilities, ending balance   $ 3,886,345     $ 1,731,378