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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2023
Notes and other explanatory information [abstract] |
SEGMENT REPORTING | NOTE 35 — 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 (1) |  |  | Campus |  |  | Total |  |  | Education |  |  | Campus |  |  | Total |
|  | For the Years ended December 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | As Restated (1) |
|  | Education |  |  | Campus |  |  | Total |  |  | Education |  |  | Campus |  |  | Total |  |  | Education |  |  | Campus |  |  | Total |
Revenues |  | $ | 18,611,370 |  |  | $ | 4,451,384 |  |  | $ | 23,062,754 |  |  | $ | 13,555,495 |  |  | $ | 4,638,121 |  |  | $ | 18,193,616 |  |  |  | 5,192,594 |  |  |  | 3,102,210 |  |  |  | 8,294,804 |
Depreciation and amortization(1)(2) |  | $ | 2,938,552 |  |  | $ | 332,498 |  |  | $ | 3,271,051 |  |  | $ | 1,245,215 |  |  | $ | 1,105,425 |  |  | $ | 2,350,640 |  |  |  | 426,740 |  |  |  | 1,148,173 |  |  |  | 1,574,913 |
Loss from operations |  | $ | (36,217,860 | ) |  | $ | 150,525 |  |  | $ | (36,067,335 | ) |  | $ | (32,591,762 | ) |  | $ | (9,746,037 | ) |  | $ | (42,337,799 | ) |  |  | (2,153,975 | ) |  |  | (2,014,509 | ) |  |  | (4,168,484 | )
Net Profit/(Loss) |  | $ | (5,899,772 | ) |  | $ | 188,550 |  |  | $ | (5,711,222 | ) |  | $ | (46,113,518 | ) |  | $ | (9,892,921 | ) |  | $ | (56,006,439 | ) |  |  | (2,252,795 | ) |  |  | (2,365,255 | ) |  |  | (4,618,050 | )
Interest Expense, net |  | $ | 3,578,911 |  |  | $ | 115,602 |  |  | $ | 3,694,513 |  |  | $ | (943,916 | ) |  | $ | (368,560 | ) |  | $ | (1,312,476 | ) |  |  | (98,819 | ) |  |  | (350,747 | ) |  |  | (449,566 | )
Capital Expenditures |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | - |  |  |  | - |  |  |  | - |
Property and equipment, net |  | $ | 456,751 |  |  | $ | — |  |  | $ | 456,751 |  |  | $ | 563,131 |  |  | $ | — |  |  | $ | 563,131 |  |  |  | 15,442 |  |  |  | 6,760,674 |  |  |  | 6,776,116 |
Total Assets |  | $ | 43,213,773 |  |  | $ | — |  |  | $ | 43,213,773 |  |  | $ | 88,120,390 |  |  | $ | 3,139,237 |  |  | $ | 91,259,627 |  |  |  | 5,122,967 |  |  |  | 12,472,440 |  |  |  | 17,595,407 |
Total Liabilities |  | $ | 23,498,780 |  |  | $ | — |  |  | $ | 23,498,780 |  |  | $ | 71,656,141 |  |  | $ | 5,648,650 |  |  | $ | 77,304,791 |  |  |  | 3,589,315 |  |  |  | 6,020,096 |  |  |  | 9,609,411 |
(1) | 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
(2) | 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
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, |
|  | 2023 |  |  | 2022 |
|  | Education |  |  | Campus |  |  | Total |  |  | Education |  |  | Campus |  |  | Total |
Europe / Middle East / Africa |  | $ | 20,318,361 |  |  |  | — |  |  | $ | 20,318,361 |  |  | $ | 12,792,087 |  |  | $ | 3,473,507 |  |  | $ | 16,265,594 |
Asia / Pacific |  |  | 3,971,427 |  |  |  | — |  |  |  | 3,971,427 |  |  |  | 24,799,301 |  |  |  | 4,112,755 |  |  |  | 28,912,056 |
North America / South America |  |  | 9,290,120 |  |  |  | — |  |  |  | 9,290,120 |  |  |  | 21,831,530 |  |  |  | — |  |  |  | 21,831,530 |
Non-current assets |  | $ | 33,579,908 |  |  | $ | — |  |  | $ | 33,579,908 |  |  | $ | 59,422,918 |  |  | $ | 7,586,262 |  |  | $ | 67,009,180 |
A summary of revenue by geographic location appears below:
|  | Education |  |  | Campus |  |  | Total |  |  | Education |  |  | Campus |  |  | Total |
|  | For the Years Ended December 31, |
|  | 2023 |  |  | 2022 |
|  | Education |  |  | Campus |  |  | Total |  |  | Education |  |  | Campus |  |  | Total |
Europe / Middle East / Africa |  | $ | 4,134,861 |  |  | $ | 2,524,821 |  |  | $ | 6,659,682 |  |  | $ | 3,857,193 |  |  | $ | 2,403,570 |  |  | $ | 6,260,763 |
Asia / Pacific |  |  | 3,374,298 |  |  |  | 1,926,563 |  |  |  | 5,300,861 |  |  |  | 2,073,866 |  |  |  | 2,234,551 |  |  |  | 4,308,417 |
North America / South America |  |  | 11,102,211 |  |  |  | - |  |  |  | 11,102,211 |  |  |  | 7,624,436 |  |  |  | - |  |  |  | 7,624,436 |
Revenue |  | $ | 18,611,370 |  |  | $ | 4,451,384 |  |  | $ | 23,062,754 |  |  | $ | 13,555,495 |  |  | $ | 4,638,121 |  |  | $ | 18,193,616 |

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