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

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Loss $ (5,711,222) [1] $ (56,006,439) [2] $ (4,489,198) [2]
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 532,466 1,308,784 [3] 293,837
Depreciation and amortization [4],[5] 3,271,051 2,350,640 [3] 1,574,913
Deferred income taxes (755,973) (1,284,166) [3] 105,650
(Gain) loss on foreign exchange transactions 375,407 619,267 [3] 166,174
Provision for doubtful accounts 2,821,611 (1,509,486) [3] (39,108)
Impairment loss 15,371,643 28,246,010 [3]
Gain on lease modification (308,763) [2] [2]
Revaluation adjustment on contingent liabilities (32,774,594) 13,838,197 [3]
Interest expense on convertible debt obligation 1,701,964 [3]
Interest expense on lease liabilities 787,341 491,336 [3] 131,291
Other interest paid – loans 1,250,312 847,520 [3] 103,357
Amortization of debt discount [3] 140,837
Interest income (45,104) (26,380) [3] 74,081
Changes in operating assets and liabilities      
Accounts receivable 2,570,324 1,161,349 [3] (30,554)
Pledge Deposit (711,026) [3]
Other receivable 21,027 (19,138) [3] (66,000)
Prepaid expenses and other current assets 62,111 1,489,459 [3] (1,927,176)
Inventories 120,977 (545,449) [3] 20,013
Accounts payable 2,706,803 (107,372) [3] 256,562
Accrued expenses and other current liabilities 55,343 751,442 [3] 254,080
Contract liability (2,824,190) 996,324 [3] 1,015,200
Current tax provision (776,080) 220,570 [3] (257,953)
Income tax payable (152,117) (237,759) [3]
Other non-current asset 1,448 [3] (217,291)
Total Adjustments (6,698,020) 48,591,148 [3] 1,597,913
Net cash used in operations (12,409,242) (7,415,291) [3] (2,891,285)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Interest received 45,104 26,380 [3] (74,081)
Internally developed software (438,228) (743,995) [3] (804,314)
Acquisitions (2,299,231) (8,843,458) [3]
Purchase of Property, plant and equipment (131,055) (222,680) [3] (77,797)
Purchase of investment in GU (20,000) [3]
Acquisition of intangible assets (279,356) [3]  
Net cash used in investing activities: (2,843,410) (10,063,109) [3] (956,192)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Other interest paid – loans (1,250,312) (847,520) [3] (103,357)
Amount due to/from related party, net 1,546,011 (221,842) [3] (154,345)
Proceeds from derivative liability, net (250,000) [3]
Advance received for share issuances     953,087
Proceeds from IPO, net 17,308,453 [3]
Proceeds from convertible debt, net of issuance costs 8,923,994 4,184,964 [3]
Proceeds from equity issuances 2,701,215 [3] 3,127,442
Issuance from convertible debt (509,311) [3]
Repayment of lease liabilities (775,728) (957,430) [3] (758,522)
Proceeds from Loan 2,000,000 972,593 [3]
Repayment of Loan (593,950) (1,285,181) [3] (71,967)
Net cash provided by financing activities 9,850,014 21,095,941 [3] 2,992,338
Increase (decrease) in cash and cash equivalents during the year (5,402,638) 3,617,541 [3] (855,139)
Foreign exchange impact on cash 296,822 318,090 [3] 366,926
Cash and cash equivalents, beginning of year 5,720,569 [6] 1,784,938 [3] 2,273,151
CASH AND CASH EQUIVALENTS, END OF THE YEAR $ 614,753 $ 5,720,569 [6] $ 1,784,938 [3]
[1] Restatement as per Note 2
[2] Restatement details in Note 2
[3] Restatement details in Note 2
[4] Consists of $0 (2022-$590,228) of Campus segment depreciation and amortization which is included in cost of revenue and $332,498 (2022-$515,197) which is included in operating expenses in the accompanying statements of operations
[5] Consists of $575,309 (2022-$577,998) of Education segment depreciation and amortization which is included in cost of revenue and $2,363,243 (2022-$667,217) which is included in operating expenses in the accompanying statements of operations
[6] Restatement details in Note 2