| SEGMENT INFORMATION |
The CODM reviews financial information
of operating segments based on internal management report when making decisions about allocating resources and assessing the performance
of the Group. As a result of the assessment made by CODM, the Group has two reportable segments for operations, includinghigh school
and vocational education. . All other operating segments are considered immature and immaterial for separate disclosure purposes and
are aggregated within “All Other”, and reconciled to the consolidated financial totals. The Group’s CODM evaluates
performance based on the operating segment’s revenue and their operating results. The revenue and operating results by segments
were as follows:
| | |
For the year ended December 31,
2023 | |
| | |
High school | | |
Vocational
education | | |
All Other | | |
Consolidated | |
| | |
| | |
| | |
| | |
| |
| Revenues | |
| 16,334,106 | | |
| 29,877,168 | | |
| 4,604,142 | | |
| 50,815,416 | |
| Cost of revenues | |
| (21,591,312 | ) | |
| (23,685,307 | ) | |
| (1,573,695 | ) | |
| (46,850,314 | ) |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| (2,778,289 | ) | |
| (7,309,405 | ) | |
| (15,357,707 | ) | |
| (25,445,401 | ) |
| Selling and marketing expenses | |
| - | | |
| (16,800 | ) | |
| (1,500 | ) | |
| (18,300 | ) |
| Impairment loss on goodwill | |
| - | | |
| - | | |
| (22,677,921 | ) | |
| (22,677,921 | ) |
| Expected credit loss for receivables and other assets | |
| - | | |
| - | | |
| (65,138,293 | ) | |
| (65,138,293 | ) |
| Total operating expenses | |
| (2,778,289 | ) | |
| (7,326,205 | ) | |
| (103,175,421 | ) | |
| (113,279,915 | ) |
| Total other income/(expenses), net | |
| 7,076,175 | | |
| 4,615,303 | | |
| (2,852,294 | ) | |
| 8,839,184 | |
| Segment loss before tax | |
| (959,320 | ) | |
| 3,480,959 | | |
| (102,997,268 | ) | |
| (100,475,629 | ) |
| | |
For the year ended December 31,
2024 | |
| | |
High school | | |
Vocational education | | |
All Other | | |
Consolidated | |
| | |
| | |
| | |
| | |
| |
| Revenues | |
| 3,383,866 | | |
| 25,067,284 | | |
| 4,349,510 | | |
| 32,800,660 | |
| Cost of revenues | |
| (2,899,012 | ) | |
| (22,594,526 | ) | |
| (10,357,567 | ) | |
| (35,851,105 | ) |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| (387,098 | ) | |
| (9,278,628 | ) | |
| (13,133,439 | ) | |
| (22,799,165 | ) |
| Selling and marketing expenses | |
| - | | |
| - | | |
| (111,780 | ) | |
| (111,780 | ) |
| Total operating expenses | |
| (387,098 | ) | |
| (9,278,628 | ) | |
| (13,245,219 | ) | |
| (22,910,945 | ) |
| Total other income/(expenses), net | |
| 71,549 | | |
| 3,443,074 | | |
| (2,255,266 | ) | |
| 1,259,357 | |
| Segment income/(loss) before tax | |
| 169,305 | | |
| (3,362,796 | ) | |
| (21,508,542 | ) | |
| (24,702,033 | ) |
| | |
For the year ended December 31,
2025 | |
| | |
High school | | |
Vocational
education | | |
All Other | | |
Consolidated | |
| | |
| | |
| | |
| | |
| |
| Revenues | |
| 3,925,775 | | |
| 22,247,737 | | |
| 4,659,478 | | |
| 30,832,990 | |
| Cost of revenues | |
| (4,049,479 | ) | |
| (28,305,702 | ) | |
| (10,407,899 | ) | |
| (42,763,080 | ) |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| (246,788 | ) | |
| (9,224,089 | ) | |
| (13,997,493 | ) | |
| (23,468,370 | ) |
| Selling and marketing expenses | |
| - | | |
| - | | |
| (985,278 | ) | |
| (985,278 | ) |
| Total operating expenses | |
| (246,788 | ) | |
| (9,224,089 | ) | |
| (14,982,771 | ) | |
| (24,453,648 | ) |
| Total other (expenses)/income, net | |
| (26,548 | ) | |
| 2,415,089 | | |
| (87,267,544 | ) | |
| (84,879,003 | ) |
| Segment loss before tax | |
| (397,040 | ) | |
| (12,866,965 | ) | |
| (107,998,736 | ) | |
| (121,262,741 | ) |
|