Registration statement for securities of certain foreign private issuers

SEGMENT REPORTING

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

 

    Education     Campus     Total     Education     Campus     Total  
    For the Six months Ended June 30  
    2023     2022  
    Education     Campus     Total     Education     Campus     Total  
Revenues   $ 8,961,780     $ 2,833,934     $ 11,795,714     $ 3,452,519     $ 1,890,728     $ 5,343,247  
Depreciation and amortization   $ 1,178,764     $ 30,008     $ 1,208,772     $ 252,530     $ 583,227     $ 835,757  
Income/Loss from operations   $ (9,417,704 )   $ 254,613     $ (9,163,091 )   $ (2,082,656 )   $ (889,852 )   $ (2,972,508 )
Net Income/Loss   $ (11,013,619 )   $ 238,917     $ (10,774,702 )   $ (2,075,692 )   $ (1,421,535 )   $ (3,497,227 )
Interest Expense, net   $ (1,944,787 )   $ (54,574 )   $ (1,999,361 )   $ (27,534 )   $ (71,764 )   $ (99,298 )

 

    Education     Campus     Total     Education     Campus     Total  
    For the period ended June 30, 2023     For the Year ended December 31, 2022  
    Education     Campus     Total     Education     Campus     Total  
Capital Expenditures   $ —     $ —     $ —     $ —     $ —     $ —  
Property and equipment, net   $ 203,934     $ —     $ 203,934     $ 563,131     $ —     $ 563,131  
Total Assets   $ 72,616,102     $ 2,785,765     $ 75,401,867     $ 88,120,390     $ 3,139,237     $ 91,259,627  
Total Liabilities   $ 64,050,409     $ 5,211,673     $ 69,262,082     $ 71,656,141     $ 5,648,650     $ 77,304,791  

 

 

 

    Education     Campus     Total     Education     Campus     Total  
   

For the Years Ended December 31,

  
    2022     2021  
    Education     Campus     Total     Education     Campus     Total  
Europe / Middle East / Africa   $ 12,792,087     $ 3,473,507     $ 16,265,594     $ 602     $ 8,476,791     $ 8,477,393  
Asia / Pacific     24,799,301       4,112,755       28,912,056       —       2,120,102       2,120,102  
North America / South America     21,831,530       —       21,831,530       501,750       —       501,750  
Non-current assets   $ 59,422,918     $ 7,586,262     $ 67,009,180     $ 502,352     $ 10,596,893     $ 11,099,245  

 

A summary of revenue by geographic location appears below:

 

    Education     Campus     Total     Education     Campus     Total  
   

For the Years Ended December 31,

  
    2022     2021  
    Education     Campus     Total     Education     Campus     Total  
Europe / Middle East / Africa   $ 3,857,193     $ 2,403,570     $ 6,260,763     $ 1,948,567     $ 1,554,828     $ 3,503,395  
Asia / Pacific     2,073,866       2,234,551       4,308,417       1,795,863       1,547,382       3,343,245  
North America / South America     7,624,436       -       7,624,436       1,448,164       —       1,448,164  
 Revenue   $ 13,555,495     $ 4,638,121     $ 18,193,616     $ 5,192,594     $ 3,102,210     $ 8,294,804  

 

 

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:

 

    Education     Campus     Total     Education     Campus     Total  
    For the Years Ended December 31  
    2022     2021  
    Education     Campus     Total     Education     Campus     Total  
Revenues   $ 13,555,495     $ 4,638,121     $ 18,193,616     $ 5,192,594     $ 3,102,210     $ 8,294,804  
Depreciation and amortization(1)(2)   $ 1,245,215     $ 1,105,425     $ 2,350,640     $ 426,740     $ 1,148,173     $ 1,574,913  
Loss from operations   $ (31,836,870 )   $ (9,746,037 )   $ (41,582,907 )   $ (2,153,975 )   $ (2,014,509 )   $ (4,168,484 )
Net Loss   $ (45,358,626 )   $ (9,892,921 )   $ (55,251,547 )   $ (2,252,795 )   $ (2,365,255 )   $ (4,618,050 )
Interest Expense, net   $ (943,916 )   $ (368,560 )   $ (1,312,476 )   $ (98,819 )   $ (350,747 )   $ (449,566 )
Capital Expenditures   $ —     $ —     $ —     $ —     $ —     $ —  
Property and equipment, net   $ 563,131     $ —     $ 563,131     $ 15,442     $ 6,760,674     $ 6,776,116  
Total Assets   $ 88,120,390     $ 3,139,237     $ 91,259,627     $ 5,122,967     $ 12,472,440     $ 17,595,407  
Total Liabilities   $ 71,656,141     $ 5,648,650     $ 77,304,791     $ 3,589,315     $ 6,020,096     $ 9,609,411  

 

(1) Consists of $577,998 (2021-$426,740) of Education segment depreciation and amortization which is included in cost of revenue and $667,217 (2021-$0) which is included in operating expenses in the accompanying statements of operations
   
(2) Consists of $590,228 (2021-$1,109,309) of Campus segment depreciation and amortization which is included in cost of revenue and $515,197 (2021-$38,864) which is included in operating expenses in the accompanying statements of operations

 

 

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

 

    Education     Campus     Total     Education     Campus     Total  
   

For the Years Ended December 31,

  
    2022     2021  
    Education     Campus     Total     Education     Campus     Total  
Europe / Middle East / Africa   $ 12,792,087     $ 3,473,507     $ 16,265,594     $ 602     $ 8,476,791     $ 8,477,393  
Asia / Pacific     24,799,301       4,112,755       28,912,056       —       2,120,102       2,120,102  
North America / South America     21,831,530       —       21,831,530       501,750       —       501,750  
Non-current assets   $ 59,422,918     $ 7,586,262     $ 67,009,180     $ 502,352     $ 10,596,893     $ 11,099,245  

 

A summary of revenue by geographic location appears below:

 

    Education     Campus     Total     Education     Campus     Total  
   

For the Years Ended December 31,

  
    2022     2021  
    Education     Campus     Total     Education     Campus     Total  
Europe / Middle East / Africa   $ 3,857,193     $ 2,403,570     $ 6,260,763     $ 1,948,567     $ 1,554,828     $ 3,503,395  
Asia / Pacific     2,073,866       2,234,551       4,308,417       1,795,863       1,547,382       3,343,245  
North America / South America     7,624,436       -       7,624,436       1,448,164       —       1,448,164  
 Revenue   $ 13,555,495     $ 4,638,121     $ 18,193,616     $ 5,192,594     $ 3,102,210     $ 8,294,804