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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
SEGMENT REPORTING

NOTE 37 — 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:

 

   Education   Campus   Total   Education   Campus   Total   Education   Campus   Total 
   For the Years ended December 31 
   2024   2023   2022 
   Education   Campus   Total   Education   Campus   Total   Education   Campus   Total 
Revenues  $7,912,718   $—   $7,912,718   $18,611,370   $4,451,384   $23,062,754    13,555,495   $4,638,121   $18,193,616 
Depreciation and amortization(1)(2)  $2,058,527   $—   $2,058,527   $2,938,552   $332,498   $3,271,051    1,245,215   $1,105,425   $2,350,640 
Loss from operations  $(30,108,322)  $—   $(30,108,322)  $(36,217,860)  $150,525   $(36,067,335)   (32,591,762)  $(9,746,037)  $(42,337,799)
Net Profit/(Loss)  $(24,939,822)  $—   $(24,939,822)  $(5,899,772)  $188,550   $(5,711,222)   (46,113,518)  $(9,892,921)  $(56,006,439)
Interest Expense, net  $1,146,440   $—   $1,146,440   $3,578,911   $115,602   $3,694,513)   (943,916)  $(368,560)  $(1,312,476)
Capital Expenditures  $—   $—   $—   $—   $—   $—    —   $—   $— 
Property and equipment, net  $301,531   $—   $301,531   $456,751   $—   $456,751    563,131   $—   $563,131 
Total Assets  $101,055,351   $—   $101,055,351   $43,213,773   $—   $43,213,773    88,120,390   $3,139,237   $91,259,627 
Total Liabilities  $21,644,921   $—   $21,644,921   $23,498,780   $—   $23,498,780    71,656,141   $5,648,650   $77,304,791 

 

(1) Consists of $589,415 (2023: $575,309) of Education segment depreciation and amortization which is included in cost of revenue and $1,469,112 (2023: $2,363,243) which is included in operating expenses in the accompanying statements of operations
   
(2) Consists of $0 (2023: $0) of Campus segment depreciation and amortization which is included in cost of revenue and $0 (2023: $332,498) 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, 
   2024   2023 
   Education   Campus   Total   Education   Campus   Total 
Europe / Middle East / Africa  $13,871,549    —   $13,871,549   $20,318,361    —   $20,318,361 
Asia / Pacific   39,977,597    —    39,977,597    3,971,427    —    3,971,427 
North America / South America   4,787,378    —    4,787,378    9,290,120    —    9,290,120 
Non-current assets  $58,636,524   $—   $58,636,524   $33,579,908   $—   $33,579,908 

 

A summary of revenue by geographic location appears below:

 

   Education   Campus   Total   Education   Campus   Total 
   For the Years Ended December 31, 
   2024   2023 
   Education   Campus   Total   Education   Campus   Total 
Europe / Middle East / Africa  $3,578,181   $—   $3,578,181   $4,134,861   $2,524,821   $6,659,682 
Asia / Pacific   2,215,686    —    2,215,686    3,374,298    1,926,563    5,300,861 
North America / South America   2,118,851    —    2,118,851    11,102,211    —    11,102,211 
Revenue  $7,912,718   $—   $7,912,718   $18,611,370   $4,451,384   $23,062,754