Registration statement for securities of certain foreign private issuers

GOODWILL

v3.23.3
GOODWILL
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Notes and other explanatory information [abstract]    
GOODWILL

NOTE 10 — GOODWILL

 

Goodwill is allocated to the Company’s cash-generating units. The recoverable amounts of these cash generating units have been determined based on value in use calculations. The Company’s Cash Generating Units were not tested for impairment because there were no impairment indicators at that level as of June 30, 2023.

 

NOTE 12 — GOODWILL

 

Changes in goodwill are as follows during the years ended December 31, 2022 and 2021:

 

Balance as of December 31, 2020   $ 1,209,953  
Additions - Foreign currency translation     110,147  
Balance as of December 31, 2021     1,320,100  
Less: Foreign currency translation     (113,150 )
Additions - Goodwill on new acquisitions     50,399,733  
Less: Impairment     (20,053,893 )

Less: Goodwill tax adjustment

    

136,097
    $ 31,688,887  

 

Goodwill is allocated to the Company’s cash-generating units. The recoverable amounts of these cash- generating units have been determined based on value in use calculations. Other assumptions included in value in use calculations are closely linked to entity-specific key performance indicators. Based on the discounted cash flows of the cash generating units, the Company wrote off $20.1 million as of December 31, 2022. The cash generating units impaired were Property Investors Network of $5.8 million, University of Antelope Valley of $10.4 million, E-Squared Education of $2.3 million and Entrepreneurs Resort Ltd of $1.6 million due to a decrease in the fair value of the subsidiary based on a discounted cash flow model. See Note 4 — Business Combinations for additional details related to goodwill.