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CONTRACT LIABILITIES
 12 Months Ended
Dec. 31, 2023
Contract Liabilities  
CONTRACT LIABILITIES

NOTE 18 — CONTRACT LIABILITIES

 

As of December 31, 2023 and 2022, contract liability consists of:

 

   2023   2022 
   As of December 31, 
   2023   2022 
       As restated 
Educational revenue paid in advance  $2,580,097   $5,594,979 
Other prepaid income   -    12,254 
Advance bookings for lodges   170,040    213,217 
Total  $2,750,137   $5,820,450 

 

A reconciliation of contract liability for the years ended December 31, 2023 and 2022 are as follows:

 

   2023   2022 
   As of December 31, 
   2023   2022 
       As restated 
Contract liabilities, beginning balance  $5,820,450   $2,561,912 
Addition   2,243,992    5,608,479 
Revenue earned   (5,314,305)   (2,349,941)
Contract liabilities, ending balance  $2,750,137   $5,820,450 

 

Other prepaid income amounting to $571,543 is restatement in 2022. The amount has been reclassified from deferred revenue to accrued expenses and other current liabilities.