XML 212 R40.htm IDEA: XBRL DOCUMENT

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

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:

	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