XML 57 R36.htm IDEA: XBRL DOCUMENT

Loss of Control of Bophelo Bio Science and Wellness (Pty) Ltd. (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Loss of Control of Bophelo Bio Science and Wellness (Pty) Ltd. [Abstract]

Schedule of Financial Performance and Cash Fow Information

Set out below is the financial performance and cash flow information for the years ended December 31, 2022 related to the discontinued operation:

Years ended December 31,		2022
Revenue		$	31,123
Operating expenses			(1,244,691	)
Other expenses			(123,033	)
			(1,336,601	)
Loss on loss of control of subsidiary			(2,085,624	)
Loss on discontinued operations		$	(3,422,225	)

Exchange differences on translation of discontinued operations		$	(450,040	)
Other comprehensive income from discontinued operations		$	(450,040	)

Years ended December 31,		2022
Cash flows provided by operating activities		$	1,060,350
Cash flows used in investing activities			(1,003,529	)
Cash flows provided by (used in) financing activities			(95,696	)
Effects of exchange rate changes on cash and cash equivalents			18,909
Net change in cash provided by (used in) the subsidiary		$	(19,966	)

Carrying amount of net assets immediately prior to loss of control of subsidiary		$	2,375,840
Reclassification of foreign currency translation reserve			(290,216	)
Loss on loss of control of subsidiary		$	2,085,624

Set out below is the financial performance and cash flow information for the years ended December 31, 2022 and 2021 related to the discontinued operation:

Years ended December 31,		2022				2021
Revenue		$	31,123			$	—
Operating expenses			(1,244,691	)			(3,550,441	)
Other expenses			(123,033	)			(2,107,053	)
			(1,336,601	)			(5,657,494	)
Loss on loss of control of subsidiary			(2,085,624	)			—
Loss on discontinued operations		$	(3,422,225	)		$	(5,657,494	)

Exchange differences on translation of discontinued operations		$	(450,040	)		$	636,135
Other comprehensive income from discontinued operations		$	(450,040	)		$	636,135

Cash flows provided by operating activities		$	1,060,350			$	7,414,607
Cash flows used in investing activities			(1,003,529	)			(570,864	)
Cash flows provided by (used in) financing activities			(95,696	)			6,832,634
Effects of exchange rate changes on cash and cash equivalents			18,909				(1,263	)
Net change in cash provided by (used in) the subsidiary		$	(19,966	)		$	9,846

Carrying amount of net assets immediately prior to loss of control of subsidiary		$	2,375,840			$	—
Reclassification of foreign currency translation reserve			(290,216	)			—
Loss on loss of control of subsidiary		$	2,085,624			$	—

Schedule of Carrying Amounts of Assets and Liabilities

As at December 31, 2022, the carrying amounts of assets and liabilities of Bophelo Bio Science and Wellness (Pty) Ltd were as follows:

Cash		$	739,947
Accounts receivable			21,854
Prepayments			578,070
Property, plant and equipment			1,887,435
Right-of-use assets			1,745,205
Intangible assets			210,402
Total assets		$	5,182,913

Trade and other payables			115,120
Lease liability			2,375,590
Long-term debt			316,363
Total liabilities		$	2,807,073
Net assets		$	2,375,840

As at December 31, 2022, the carrying amounts of assets and liabilities of Bophelo Bio Science and Wellness (Pty) Ltd were as follows:

Cash		$	739,947
Accounts receivable			21,854
Prepayments			578,070
Property, plant and equipment			1,887,435
Right-of-use assets			1,745,205
Intangible assets			210,402
Total assets		$	5,182,913
Trade and other payables			115,120
Lease liability			2,375,590
Long-term debt			316,363
Total liabilities		$	2,807,073
Net assets		$	2,375,840