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Revenue Information

12 Months Ended

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

X

- 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

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- References

No definition available.

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