| PROPERTY AND EQUIPMENT |
NOTE 8 — PROPERTY AND EQUIPMENT
Property and equipment consist of the following as of December 31, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
|
|
|
|
Accumulated |
|
Carrying |
|
|
|
|
Accumulated |
|
Carrying |
|
|
Cost |
|
Depreciation |
|
Value |
|
Cost |
|
Depreciation |
|
Value |
Land |
|
$ |
1,486,718 |
|
$ |
— |
|
$ |
1,486,718 |
|
$ |
1,486,718 |
|
$ |
— |
|
$ |
1,486,718 |
Buildings |
|
|
4,401,241 |
|
|
(989,085) |
|
|
3,412,156 |
|
|
4,625,408 |
|
|
(674,781) |
|
|
3,950,627 |
Leasehold property |
|
|
4,261,623 |
|
|
(2,770,810) |
|
|
1,490,813 |
|
|
4,251,845 |
|
|
(2,596,718) |
|
|
1,655,127 |
Plant and machinery |
|
|
136,692 |
|
|
(87,050) |
|
|
49,642 |
|
|
164,137 |
|
|
(79,453) |
|
|
84,684 |
Furniture and fixtures |
|
|
537,964 |
|
|
(330,476) |
|
|
207,488 |
|
|
466,277 |
|
|
(276,904) |
|
|
189,373 |
Motor vehicles |
|
|
320,103 |
|
|
(281,587) |
|
|
38,516 |
|
|
341,906 |
|
|
(248,580) |
|
|
93,326 |
Office equipment |
|
|
26,287 |
|
|
(19,528) |
|
|
6,759 |
|
|
23,599 |
|
|
(13,164) |
|
|
10,435 |
IT equipment |
|
|
113,790 |
|
|
(88,274) |
|
|
25,516 |
|
|
113,790 |
|
|
(80,800) |
|
|
32,990 |
Computer Software |
|
|
4,456 |
|
|
(4,456) |
|
|
— |
|
|
4,456 |
|
|
(4,456) |
|
|
— |
Spa equipment, curtains, crockery, glassware and linen |
|
|
255,434 |
|
|
(196,926) |
|
|
58,508 |
|
|
255,434 |
|
|
(161,724) |
|
|
93,710 |
|
|
$ |
11,554,308 |
|
$ |
(4,768,192) |
|
$ |
6,776,116 |
|
$ |
11,733,570 |
|
$ |
(4,136,580) |
|
$ |
7,596,990 |
Reconciliation of property and equipment — 2021
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing |
|
|
Balance |
|
Additions |
|
Disposals |
|
Translation |
|
Reclass |
|
Depreciation |
|
Balance |
Land |
|
|
1,486,718 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
1,486,718 |
Buildings |
|
|
3,950,627 |
|
|
|
|
|
— |
|
|
(215,291) |
|
|
|
|
|
(323,180) |
|
|
3,412,156 |
Leasehold Property |
|
|
1,655,129 |
|
|
|
|
|
— |
|
|
9,777 |
|
|
— |
|
|
(174,093) |
|
|
1,490,813 |
Plant & Machinery |
|
|
84,685 |
|
|
9,981 |
|
|
— |
|
|
(37,427) |
|
|
|
|
|
(7,597) |
|
|
49,642 |
Furniture and Fixtures |
|
|
189,372 |
|
|
65,128 |
|
|
— |
|
|
6,558 |
|
|
|
|
|
(53,570) |
|
|
207,488 |
Motor Vehicles |
|
|
93,325 |
|
|
— |
|
|
— |
|
|
(21,803) |
|
|
|
|
|
(33,006) |
|
|
38,516 |
Office Equipment |
|
|
10,435 |
|
|
2,688 |
|
|
— |
|
|
— |
|
|
|
|
|
(6,364) |
|
|
6,759 |
IT Equipment |
|
|
32,989 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
(7,473) |
|
|
25,516 |
Spa Equipment, curtains, crockery, glassware and linen |
|
|
93,710 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
(35,202) |
|
|
58,508 |
|
|
$ |
7,596,990 |
|
$ |
77,797 |
|
$ |
— |
|
$ |
(258,186) |
|
$ |
— |
|
$ |
(640,485) |
|
$ |
6,776,116 |
Reconciliation of property and equipment — 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing |
|
|
Balance |
|
Additions |
|
Disposals |
|
Translation |
|
Reclass |
|
Depreciation |
|
Balance |
Land |
|
|
1,486,718 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
1,486,718 |
Buildings |
|
|
3,430,545 |
|
|
490,961 |
|
|
— |
|
|
359,867 |
|
|
|
|
|
(330,746) |
|
|
3,950,627 |
Leasehold Property |
|
|
1,018,894 |
|
|
54,250 |
|
|
— |
|
|
(1,579) |
|
|
825,307 |
|
|
(241,743) |
|
|
1,655,129 |
Plant & Machinery |
|
|
95,919 |
|
|
— |
|
|
— |
|
|
(3,291) |
|
|
|
|
|
(7,944) |
|
|
84,684 |
Furniture and Fixtures |
|
|
231,452 |
|
|
39,739 |
|
|
(24,033) |
|
|
|
|
|
|
|
|
(57,785) |
|
|
189,373 |
Motor Vehicles |
|
|
135,850 |
|
|
— |
|
|
— |
|
|
(13,734) |
|
|
|
|
|
(28,336) |
|
|
93,780 |
Office Equipment |
|
|
12,791 |
|
|
3,893 |
|
|
(1,203) |
|
|
(2,751) |
|
|
|
|
|
(2,295) |
|
|
10,435 |
IT Equipment |
|
|
42,440 |
|
|
— |
|
|
— |
|
|
(341) |
|
|
|
|
|
(9,564) |
|
|
32,535 |
Construction in progress |
|
|
825,307 |
|
|
— |
|
|
— |
|
|
|
|
|
(825,307) |
|
|
— |
|
|
— |
Spa Equipment, curtains, crockery, glassware and linen |
|
|
119,496 |
|
|
— |
|
|
— |
|
|
(1,661) |
|
|
|
|
|
(24,126) |
|
|
93,709 |
|
|
$ |
7,399,412 |
|
$ |
588,843 |
|
$ |
(25,236) |
|
$ |
336,510 |
|
$ |
— |
|
$ |
(702,539) |
|
$ |
7,596,990 |
|
NOTE 8 — PROPERTY AND EQUIPMENT
Property and equipment consist of the following as of December 31, 2020 and 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
|
|
|
As restated |
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
Accumulated |
|
Value |
|
|
|
|
Accumulated |
|
Carrying |
|
|
As restated |
|
Depreciation |
|
As restated |
|
Cost |
|
Depreciation |
|
Value |
Land |
|
$ |
1,486,718 |
|
$ |
— |
|
$ |
1,486,718 |
|
$ |
1,486,718 |
|
$ |
— |
|
$ |
1,486,718 |
Buildings, as restated |
|
|
4,625,408 |
|
|
(674,781) |
|
|
3,950,627 |
|
|
3,774,580 |
|
|
(344,035) |
|
|
3,430,545 |
Leasehold property |
|
|
4,251,845 |
|
|
(2,596,718) |
|
|
1,655,127 |
|
|
3,373,869 |
|
|
(2,354,975) |
|
|
1,018,894 |
Plant and machinery |
|
|
164,137 |
|
|
(79,453) |
|
|
84,684 |
|
|
167,428 |
|
|
(71,509) |
|
|
95,919 |
Furniture and fixtures |
|
|
466,277 |
|
|
(276,904) |
|
|
189,373 |
|
|
450,618 |
|
|
(219,166) |
|
|
231,452 |
Motor vehicles |
|
|
341,906 |
|
|
(248,580) |
|
|
93,326 |
|
|
356,094 |
|
|
(220,244) |
|
|
135,850 |
Office equipment |
|
|
23,599 |
|
|
(13,164) |
|
|
10,435 |
|
|
23,700 |
|
|
(10,909) |
|
|
12,791 |
IT equipment |
|
|
113,790 |
|
|
(80,800) |
|
|
32,990 |
|
|
113,630 |
|
|
(71,190) |
|
|
42,440 |
Computer Software |
|
|
4,456 |
|
|
(4,456) |
|
|
— |
|
|
4,456 |
|
|
(4,456) |
|
|
— |
Construction in progress |
|
|
— |
|
|
— |
|
|
— |
|
|
825,307 |
|
|
— |
|
|
825,307 |
Spa equipment, curtains, crockery, glassware and linen. |
|
|
255,434 |
|
|
(161,724) |
|
|
93,710 |
|
|
257,094 |
|
|
(137,598) |
|
|
119,496 |
|
|
$ |
11,733,570 |
|
$ |
(4,136,580) |
|
$ |
7,596,990 |
|
$ |
10,833,494 |
|
$ |
(3,434,082) |
|
$ |
7,399,412 |
Reconciliation of property and equipment — 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing |
|
|
Balance |
|
Additions |
|
Disposals |
|
Translation |
|
Reclass |
|
Depreciation |
|
Balance As restated |
Land |
|
|
1,486,718 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
1,486,718 |
Buildings, as restated |
|
|
3,430,545 |
|
|
490,961 |
|
|
— |
|
|
359,867 |
|
|
|
|
|
(330,746) |
|
|
3,950,627 |
Leasehold Property |
|
|
1,018,894 |
|
|
54,250 |
|
|
— |
|
|
(1,579) |
|
|
825,307 |
|
|
(241,743) |
|
|
1,655,129 |
Plant & Machinery |
|
|
95,919 |
|
|
— |
|
|
— |
|
|
(3,291) |
|
|
|
|
|
(7,944) |
|
|
84,684 |
Furniture and Fixtures |
|
|
231,452 |
|
|
39,739 |
|
|
(24,033) |
|
|
|
|
|
|
|
|
(57,785) |
|
|
189,373 |
Motor Vehicles |
|
|
135,850 |
|
|
— |
|
|
— |
|
|
(13,734) |
|
|
|
|
|
(28,336) |
|
|
93,780 |
Office Equipment |
|
|
12,791 |
|
|
3,893 |
|
|
(1,203) |
|
|
(2,751) |
|
|
|
|
|
(2,295) |
|
|
10,435 |
IT Equipment |
|
|
42,440 |
|
|
— |
|
|
— |
|
|
(341) |
|
|
|
|
|
(9,564) |
|
|
32,535 |
Construction in progress |
|
|
825,307 |
|
|
— |
|
|
— |
|
|
|
|
|
(825,307) |
|
|
— |
|
|
— |
Spa Equipment, curtains, crockery, glassware and linen |
|
|
119,496 |
|
|
— |
|
|
— |
|
|
(1,661) |
|
|
|
|
|
(24,126) |
|
|
93,709 |
|
|
$ |
7,399,412 |
|
$ |
588,843 |
|
$ |
(25,236) |
|
$ |
336,510 |
|
$ |
— |
|
$ |
(702,539) |
|
$ |
7,596,990 |
Reconciliation of property and equipment — 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing |
|
|
Balance |
|
Additions |
|
Disposals |
|
Translation |
|
Revaluation |
|
Depreciation |
|
Balance |
Land |
|
|
1,486,453 |
|
|
265 |
|
|
— |
|
|
|
|
|
— |
|
|
— |
|
|
1,486,718 |
Buildings |
|
|
3,448,091 |
|
|
147,815 |
|
|
— |
|
|
|
|
|
|
|
|
(165,361) |
|
|
3,430,545 |
Leasehold Property |
|
|
832,002 |
|
|
706,146 |
|
|
— |
|
|
|
|
|
|
|
|
(519,254) |
|
|
1,018,894 |
Plant & Machinery |
|
|
13,390 |
|
|
93,074 |
|
|
(3,309) |
|
|
|
|
|
|
|
|
(7,236) |
|
|
95,919 |
Furniture and Fixtures |
|
|
239,759 |
|
|
14,372 |
|
|
— |
|
|
|
|
|
|
|
|
(22,679) |
|
|
231,452 |
Motor Vehicles |
|
|
74,055 |
|
|
70,791 |
|
|
— |
|
|
|
|
|
|
|
|
(8,996) |
|
|
135,850 |
Office Equipment |
|
|
1,359 |
|
|
16,658 |
|
|
(214) |
|
|
|
|
|
|
|
|
(5,012) |
|
|
12,791 |
IT Equipment |
|
|
36,015 |
|
|
18,682 |
|
|
— |
|
|
|
|
|
|
|
|
(12,257) |
|
|
42,440 |
Construction in progress |
|
|
— |
|
|
825,307 |
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
825,307 |
Spa Equipment, curtains, crockery, glassware and linen |
|
|
130,301 |
|
|
8,928 |
|
|
(22) |
|
|
|
|
|
|
|
|
(19,711) |
|
|
119,496 |
|
|
$ |
6,261,425 |
|
$ |
1,902,038 |
|
$ |
(3,545) |
|
$ |
— |
|
$ |
— |
|
$ |
(760,506) |
|
$ |
7,399,412 |
|