| Summary of detailed segment information |
The detailed segment information of the Company is as follows:
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For the Periods Ended December. 31 |
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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 |
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$ |
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 |
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$ |
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.
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For the Years Ended December 31, |
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2020 |
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2019 |
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|
Education |
|
Campus |
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Total |
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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 |
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$ |
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 |
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$ |
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.
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For the Years Ended December 31, |
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|
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) |
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|
(298,000) |
|
|
(271,733) |
|
|
(569,733) |
|
|
(96,667) |
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|
— |
|
|
(96,667) |
Depreciation and Amortization, as restated |
|
|
616,195 |
|
$ |
954,398 |
|
$ |
1,570,593 |
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|
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) |
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|
298,000 |
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|
271,733 |
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|
569,733 |
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|
96,667 |
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— |
|
|
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) |
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|
(24,534) |
|
$ |
(1,310,553) |
Adjustments (Note 4) |
|
|
298,000 |
|
|
271,733 |
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|
569,733 |
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|
96,667 |
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— |
|
|
96,667 |
Adjustments (Note 4 - income tax) |
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|
(229,973) |
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|
(55,358) |
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|
(285,331) |
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|
(16,433) |
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— |
|
|
(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 |
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$ |
423,959 |
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$ |
636,165 |
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$ |
1,060,124 |
Total Property and Equipment, net, as previously reported |
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|
10,881 |
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$ |
7,239,965 |
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$ |
7,250,846 |
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$ |
11,519 |
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$ |
7,387,893 |
|
$ |
7,399,412 |
Adjustments (Note 4) |
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— |
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|
346,144 |
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|
346,144 |
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— |
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— |
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|
— |
Total Property and Equipment, net, as restated |
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|
10,881 |
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$ |
7,586,109 |
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$ |
7,596,990 |
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$ |
11,519 |
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$ |
7,387,893 |
|
$ |
7,399,412 |
Total Assets, as previously reported |
|
$ |
12,030,161 |
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$ |
41,755,288 |
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$ |
53,785,449 |
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$ |
12,422,243 |
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$ |
19,160,141 |
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$ |
31,582,385 |
Adjustments (Note 4 - Property and equipment) |
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— |
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|
346,144 |
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|
346,144 |
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— |
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|
— |
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|
— |
Adjustments (Note 4 - Goodwill) |
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|
(3,655,567) |
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(14,110,257) |
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(17,765,824) |
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(3,655,567) |
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(5,123,337) |
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|
(8,778,904) |
Adjustments (Note 4 - Intangible assets) |
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|
(4,945,333) |
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|
(14,697,982) |
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(19,643,315) |
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|
(5,243,333) |
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|
— |
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|
(5,243,333) |
Adjustments (Foreign currency translation) |
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— |
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|
235,259 |
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|
235,259 |
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|
— |
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|
— |
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|
— |
Total Assets, as restated |
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$ |
3,429,261 |
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$ |
13,528,452 |
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$ |
16,957,713 |
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$ |
3,523,343 |
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$ |
14,036,804 |
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$ |
17,560,147 |
Total Liabilities, as previously reported |
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$ |
5,673,010 |
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$ |
6,870,135 |
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$ |
12,543,145 |
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$ |
4,468,709 |
|
$ |
8,341,876 |
|
$ |
12,810,585 |
Adjustments (Note 4 - deferred tax liability) |
|
|
229,973 |
|
|
(3,521,494) |
|
|
(3,291,521) |
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— |
|
|
(581,134) |
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|
(581,134) |
Total Liabilities, as restated |
|
$ |
5,902,983 |
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$ |
3,348,641 |
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$ |
9,251,624 |
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$ |
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. |
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| Summary of revenue and non-current assets (other than financial instruments) by geographic location |
A summary of revenue by geographic location appears below:
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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 |
|
|
— |
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|
2,698,601 |
|
|
1,595,331 |
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|
— |
|
|
1,595,331 |
|
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$ |
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:
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For the Years Ended December 31, |
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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 |
|
A summary of revenue by geographic location appears below:
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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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|