Registration statement for securities of certain foreign private issuers

SEGMENT REPORTING

v3.22.2.2
SEGMENT REPORTING
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
SEGMENT REPORTING    
SEGMENT REPORTING

NOTE 31 — 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:

For the Periods Ended December. 31

2021

     

2020

     

Education

     

Campus

     

Total

     

Education

     

Campus

     

Total

Revenues

$

9,676,052

$

3,102,210

$

12,778,262

$

5,618,210

$

2,015,566

$

7,633,776

Depreciation and Amortization (1)(2)

$

426,740

$

1,148,173

$

1,574,913

$

616,195

$

954,398

$

1,570,593

(Loss) income from Operations

$

(2,153,975)

$

(2,014,508)

$

(4,168,484)

$

306,710

$

(2,987,559)

$

(2,680,849)

Net Profit or Loss

$

(2,252,794)

$

(2,365,255)

$

(4,618,050)

$

(53,722)

$

(3,069,347)

$

(3,123,069)

Interest Expense, net

$

98,819

$

350,747

$

449,566

$

107,833

$

746,150

$

853,983

Capital Expenditures

$

$

$

437,764

$

233,823

$

671,587

Total Property and Equipment, net

$

15,442

$

6,760,674

$

6,776,116

$

10,881

$

7,586,109

 

$

7,596,990

Total Assets

$

5,122,967

$

12,472,440

$

17,595,407

$

3,336,242

$

13,621,471

 

$

16,957,713

Total Liabilities

$

3,589,315

$

6,020,096

$

9,609,411

$

5,852,323

$

3,399,301

 

$

9,251,624

(1) Depreciation and amortization related to the Education segment is included in cost of revenue in the accompanying statements of operations.
(2) Depreciation and amortization related to the Campus segment Consists of $1,109,309 (2020-$937,773) which is included in cost of revenue and $38,864 (2020-$47,537) which is included in operating expenses in the accompanying statements of operations.

A summary of revenue by geographic location appears below:

2021

2020

    

Education

    

Campus

    

Total

    

Education

    

Campus

    

Total

Europe / Middle East / Africa

$

3,630,760

$

1,554,828

$

5,185,588

$

2,068,037

$

1,010,699

$

3,078,736

Asia / Pacific

 

3,346,691

 

1,547,382

 

4,894,073

 

1,954,842

 

1,004,867

 

2,959,709

North America / South America

 

2,698,601

 

 

2,698,601

 

1,595,331

 

 

1,595,331

$

9,676,052

$

3,102,210

$

12,778,262

$

5,618,210

$

2,015,566

$

7,633,776

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

    

For the Years Ended December 31,

2021

2020

    

Education

    

Campus

    

Total

    

Education

    

Campus

    

Total

Europe / Middle East / Africa

$

602

$

8,476,791

8,477,393

$

802

$

503,853

$

504,655

Asia / Pacific

 

 

2,120,102

 

2,120,102

 

499,772

 

10,500,388

 

11,000,159

North America / South America

 

501,750

 

 

501,750

 

516,296

 

 

516,296

$

502,352

$

10,596,893

11,099,245

$

1,016,870

$

11,004,240

$

12,021,110

NOTE 33 — 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:

The detailed segment information of the Company is as follows:

For the Years Ended December 31,

2020

     

2019

     

Education

     

Campus

     

Total

     

Education

     

Campus

     

Total

Revenues

$

5,618,210

$

2,015,566

$

7,633,776

$

5,517,061

$

4,431,996

$

9,949,057

Depreciation and Amortization, as restated (1)(2)

$

616,195

$

954,398

$

1,570,593

276,798

$

985,310

$

1,262,108

(Loss) income from Operations, as restated

$

306,710

$

(2,987,559)

$

(2,680,849)

$

(1,205,784)

$

166,911

(1,038,873)

Net (Loss) income as restated

$

(67,609)

$

(3,124,705)

$

(3,192,314)

$

(1,205,785)

$

(24,534)

$

(1,230,319)

Interest Expense, net

$

107,833

$

746,150

$

853,983

$

$

863,871

$

863,871

Capital Expenditures

$

437,764

$

233,823

$

671,587

$

423,959

$

636,165

$

1,060,124

Total Property and Equipment, net, as restated

$

10,881

$

7,586,109

$

7,596,990

$

11,519

$

7,387,893

 

$

7,399,412

Total Assets, as restated

$

3,336,242

$

13,621,471

$

16,957,713

$

3,523,344

$

14,036,804

 

$

17,560,148

Total Liabilities, as restated

$

5,852,323

$

3,399,301

$

9,251,624

$

4,468,709

$

7,760,742

 

$

12,229,451

(1) Depreciation and amortization related to the Education segment is included in cost of revenue in the accompanying statements of operations.
(2) Depreciation and amortization related to the Campus segment consists of $913,492 (2019-$937,773) which is included in cost of revenue and $40,906 (2019-$47,537) which is included in operating expenses in the accompanying statements of operations.

For the Years Ended December 31,

2020

2019

    

Education

    

Campus

    

Total

    

Education

    

Campus

    

Total

Revenues

    

$

5,618,210

    

$

2,015,566

    

$

7,633,776

    

$

5,517,061

    

$

4,431,996

    

$

9,949,057

Depreciation and Amortization, as previously reported

914,195

$

1,226,131

$

2,140,326

$

373,465

$

985,310

$

1,358,775

Adjustments (Note 4)(1)

(298,000)

(271,733)

(569,733)

(96,667)

(96,667)

Depreciation and Amortization, as restated

616,195

$

954,398

$

1,570,593

276,798

$

985,310

$

1,262,108

(Loss) income from Operations, as previously reported

8,710

$

(3,259,292)

$

(3,250,582)

$

(1,302,451)

$

166,911

$

(1,135,540)

Adjustments (Note 4)

298,000

271,733

569,733

96,667

96,667

(Loss) income from Operations, as restated

306,710

$

(2,987,559)

$

(2,680,849)

$

(1,205,784)

$

166,911

(1,038,873)

Net (Loss), as previously reported

$

(135,636)

$

(3,341,080)

$

(3,476,716)

$

(1,286,019)

(24,534)

$

(1,310,553)

Adjustments (Note 4)

298,000

271,733

569,733

96,667

96,667

Adjustments (Note 4 - income tax)

(229,973)

(55,358)

(285,331)

(16,433)

(16,433)

Net (Loss), as restated

(67,609)

$

(3,124,705)

$

(3,192,314)

$

(1,205,785)

$

(24,534)

$

(1,230,319)

Interest Expense, net

$

107,833

$

746,150

$

853,983

$

$

863,871

$

863,871

Capital Expenditures

$

437,764

$

233,823

$

671,587

$

423,959

$

636,165

$

1,060,124

Total Property and Equipment, net, as previously reported

10,881

$

7,239,965

$

7,250,846

$

11,519

$

7,387,893

$

7,399,412

Adjustments (Note 4)

346,144

346,144

Total Property and Equipment, net, as restated

10,881

$

7,586,109

$

7,596,990

$

11,519

$

7,387,893

$

7,399,412

Total Assets, as previously reported

$

12,030,161

$

41,755,288

$

53,785,449

$

12,422,243

$

19,160,141

$

31,582,385

Adjustments (Note 4 - Property and equipment)

346,144

346,144

Adjustments (Note 4 - Goodwill)

(3,655,567)

(14,110,257)

(17,765,824)

(3,655,567)

(5,123,337)

(8,778,904)

Adjustments (Note 4 - Intangible assets)

(4,945,333)

(14,697,982)

(19,643,315)

(5,243,333)

(5,243,333)

Adjustments (Foreign currency translation)

235,259

235,259

Total Assets, as restated

$

3,429,261

$

13,528,452

$

16,957,713

$

3,523,343

$

14,036,804

$

17,560,147

Total Liabilities, as previously reported

$

5,673,010

$

6,870,135

$

12,543,145

$

4,468,709

$

8,341,876

$

12,810,585

Adjustments (Note 4 - deferred tax liability)

229,973

 

(3,521,494)

(3,291,521)

(581,134)

(581,134)

Total Liabilities, as restated

$

5,902,983

$

3,348,641

$

9,251,624

$

4,468,709

$

7,760,742

$

12,229,451

(1) Depreciation and amortization adjustments are adjusted to cost of revenue in the accompanying statements of operations.

A summary of revenue by geographic location appears below:

2020

2019

    

Education

    

Campus

    

Total

    

Education

    

Campus

    

Total

Europe / Middle East / Africa

$

2,068,037

$

1,010,699

$

3,078,736

$

1,818,859

$

1,951,769

$

3,770,628

Asia / Pacific

 

1,954,842

 

1,004,867

 

2,959,709

 

2,108,503

 

2,480,027

 

4,588,530

North America / South America

 

1,595,331

 

 

1,595,331

 

1,589,899

 

 

1,589,899

$

5,618,210

$

2,015,566

$

7,633,776

$

5,517,261

$

4,431,796

$

9,949,057

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

    

For the Years Ended December 31,

2020

2019

As restated

As restated

    

Education

    

Campus

    

Total

    

Education

    

Campus

    

Total

Europe / Middle East / Africa

$

802

$

503,853

$

504,655

$

$

7,786,240

$

7,786,240

Asia / Pacific

 

499,772

 

10,500,387

 

11,000,159

 

962,424

 

3,005,679

 

3,968,103

North America / South America

 

516,296

 

 

516,296

 

 

 

$

1,016,870

$

11,004,240

$

12,021,110

$

962,424

$

10,791,919

$

11,754,343