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REVENUE INFORMATION

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

REVENUE INFORMATION

REVENUE INFORMATION

6 — REVENUE INFORMATION

For the periods ended at June 30, 2023 and 2022, the Group’s gross revenue information comprises the following:

​

​	​	​	​	​
​	​	January 1 –	​	January 1 –
​		June 30, 2023		June 30, 2022
Rental revenues		9,847,650		10,579,286
Reservation revenue		15,439		29,528
Other revenue		43,016		8,190
Gross Sales		9,906,105		10,617,004
​	​	​	​	​
Sales refunds		(21,524)		(48,630)
Sales discount		(399,820)		(837,116)
Net Sales		9,484,761		9,731,258

​

The Group has determined that collectability is not probable for revenue amounting to US$ 165,176 and US$ 251,692 for the periods ended June 30, 2023 and 2022, respectively. These amounts will not be deemed probable until cash is received, at which point revenue would be recognized.

Deferred revenue

Deferred revenue consists of prepaid coupons and wallet balances which will be recorded as revenue when the relevant ride is taken, as that represents the satisfaction of the Group’s performance obligation.

The table below shows the deferred revenue movement for the periods ended June 30, 2023 and 2022;

​

​	​	​	​	​	​	​	​	​	​	​
​			​		​	January 1 –  June 30,	​		​
​		January 1, 2023		Additions		2023 Revenue		FX rate Adj		June 30, 2023
Deferred revenue		1,127,105		3,258,646		(2,655,833)		(596,426)		1,133,492
Total		1,127,105		3,258,646		(2,655,833)		(596,426)		1,133,492

​

​	​	​	​	​	​	​	​	​	​	​
​	​		​		​	January 1 –  June 30,	​		​
​		January 1, 2022		Additions		2022 Revenue		FX rate Adj		June 30, 2022
Deferred revenue		675,014		2,548,809		(2,049,264)		(402,885)		771,674
Total		675,014		2,548,809		(2,049,264)		(402,885)		771,674

​

​

14 — REVENUE INFORMATION

For the years ended at December 31, 2022, 2021 and 2020 the Group’s gross profit on the based on operations comprised the following:

​

​	​	​	​	​	​	​
​		January 1 –		January 1 –		January 1 –
​	​	December 31,	​	December 31,	​	December 31,
​	​	2022	​	2021	​	2020
Rental revenues	​	26,769,058	​	18,004,117	​	10,985,126
Reservation revenue		62,577		76,684		100,040
Other revenue		103,033		21,528		58,240
Gross Sales		26,934,668		18,102,329		11,143,406

​

​

14 — REVENUE INFORMATION (Continued)

​

​	​	​	​	​	​	​
​		January 1 –		January 1 –		January 1 –
​	​	December 31,	​	December 31,	​	December 31,
​	​	2022	​	2021	​	2020
Sales refunds		(69,409)		(104,868)		(34,916)
Sales discount		(1,877,088)		(998,024)		(1,345,294)
Net Sales		24,988,171		16,999,437		9,763,196

​

The Group has determined that collectability is not probable for revenue amounting to US$ 436,156, US$ 625,463 and US$ 24,287 for the years ended December 31, 2022, 2021 and 2020 respectively. These amounts will not be deemed probable until cash is received, at which point revenue would be recognized.

Deferred revenue

Deferred revenue consists of prepaid coupons and wallet balances which will be recorded as revenue when the relevant ride is taken, as that represents the satisfaction of the Group’s performance obligation.

​

​	​	​	​	​	​	​
​		December 31,		December 31,		December 31,
​	​	2022	​	2021	​	2020
Wallet		1,127,105		675,014		41,765
Other		201,300		37,688		—
Total		1,328,405		712,702		41,765

​

The table below shows the deferred revenue movement for the years ended December 31, 2022, 2021 and 2020,

​

​	​	​	​	​	​	​	​	​	​	​
​		January 1,		​		2022		​		December 31,
​	​	2022	​	Additions	​	Revenue	​	FX rate Adj	​	2022
Deferred revenue	​	675,014	​	6,631,916	​	(5,502,880)	​	(676,945)	​	1,127,105
Total		675,014		6,631,916		(5,502,880)		(676,945)		1,127,105

​

​	​	​	​	​	​	​	​	​	​	​
​		January 1,		​		2021		​		December 31,
​	​	2021	​	Additions	​	Revenue	​	FX rate Adj	​	2021
Deferred revenue	​	41,765	​	5,582,640	​	(4,571,465)	​	(377,926)	​	675,014
Total		41,765		5,582,640		(4,571,465)		(377,926)		675,014

​

​	​	​	​	​	​	​	​	​	​	​
​		January 1,		​		2020		​		December 31,
​	​	2020	​	Additions	​	Revenue	​	FX rate Adj	​	2020
Deferred revenue	​	—	​	101,608	​	(57,362)	​	(2,481)	​	41,765
Total		—		101,608		(57,362)		(2,481)		41,765

​

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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-Topic 606
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