Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.22.1
SEGMENT REPORTING
12 Months Ended
Dec. 31, 2021
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 Dec. 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