| SEGMENT REPORTING |
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:
SUMMARY OF DETAILED SEGMENT INFORMATION
| |
|
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:
SUMMARY OF REVENUE AND NON-CURRENT ASSETS BY GEOGRAPHIC LOCATION
| |
|
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 |
|
|