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Revenue Information | 12 Months Ended
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Dec. 31, 2023
Revenue Information [Abstract] |
REVENUE INFORMATION | 16 - REVENUE INFORMATION For the years ended at December 31, 2023, 2022 and 2021 the Group’s gross profit on the based on operations comprised the following:
|  | January 1 - Dec 31, |  |  | January 1 - Dec 31, |  |  | January 1 - Dec 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Rental revenues |  |  | 20,852,642 |  |  |  | 26,769,058 |  |  |  | 18,004,117 |
Reservation revenue |  |  | 30,800 |  |  |  | 62,577 |  |  |  | 76,684 |
Other revenue |  |  | 122,864 |  |  |  | 103,033 |  |  |  | 21,528 |
Gross Sales |  |  | 21,006,306 |  |  |  | 26,934,668 |  |  |  | 18,102,329 |
Sales refunds |  |  | (32,746 | ) |  |  | (69,409 | ) |  |  | (104,868 | )
Sales discount |  |  | (944,008 | ) |  |  | (1,877,088 | ) |  |  | (998,024 | )
Net Sales |  |  | 20,029,552 |  |  |  | 24,988,171 |  |  |  | 16,999,437 |
The Group has determined that collectability is not probable for revenue amounting to US$664,504, US$436,156 and US$625,463 for the years ended December 31, 2023, 2022 and 2021 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.
|  | Dec 31, 2023 |  |  | Dec 31, 2022 |
Wallet |  |  | 1,339,954 |  |  |  | 1,127,105 |
Other |  |  | 210,254 |  |  |  | 201,300 |
Total |  |  | 1,550,208 |  |  |  | 1,328,405 |
The table below shows the deferred revenue movement for the years ended December 31, 2023, 2022 and 2021,
|  | January 1, 2023 |  |  | Additions |  |  | 2023 Revenue |  |  | FX rate Adj |  |  | December 31, 2023 |
Deferred revenue |  |  | 1,127,105 |  |  |  | 5,583,103 |  |  |  | (4,472,566 | ) |  |  | (897,688 | ) |  |  | 1,339,954 |
Total |  |  | 1,127,105 |  |  |  | 5,583,103 |  |  |  | (4,472,566 | ) |  |  | (897,688 | ) |  |  | 1,339,954 |
|  | January 1, 2022 |  |  | Additions |  |  | 2022 Revenue |  |  | FX rate Adj |  |  | December 31, 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 |  |  | Additions |  |  | 2021 Revenue |  |  | FX rate Adj |  |  | December 31, 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 |

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- Definition The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 430 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//430/tableOfContent + Details
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- References No definition available. + Details
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