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Financial instruments-Fair values and risk management (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial risk management and fair values of financial instruments |
Schedule of carrying amounts and fair values of financial assets and financial liabilities | The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
|  | Note |  |  | 2022 |  |  | 2021 |
|  |  |  |  | $ |  |  | $ |
Financial asset measured at fair value |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at FVPL |  |  | 1 8 |  |  |  | 17,537,608 |  |  |  | 9,906,000 |
Financial assets at amortized cost |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  |  | 1 7 |  |  |  | 41,691,913 |  |  |  | 47,041,538 |
Deposits and other receivables |  |  | 15, 1 7 |  |  |  | 8,181,576 |  |  |  | 8,511,304 |
Amounts due from related companies |  |  |  |  |  |  | — |  |  |  | 9,060 |
Cash and cash equivalents |  |  | 19(b) |  |  |  | 146,660,195 |  |  |  | 35,288,952 |
|  |  |  |  |  |  | 196,533,684 |  |  |  | 90,850,854 |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |
Preference shares liabilities |  |  | 2 5 |  |  |  | — |  |  |  | 486,404,770 |
Warrant liabilities |  |  | 2 6 |  |  |  | 3,574,885 |  |  |  | — |
|  |  |  |  |  |  | 3,574,885 |  |  |  | 486,404,770 |
Financial liabilities at amortized cost |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  |  |  |  |  | 7,291,133 |  |  |  | 9,979,726 |
Accrued expenses and other liabilities |  |  | 20 |  |  |  | 15,668,734 |  |  |  | 36,280,298 |
Liabilities for puttable financial instrument |  |  | 27 |  |  |  | 17,138,905 |  |  |  | — |
|  |  |  |  |  |  | 40,098,772 |  |  |  | 46,260,024 |
Schedule of movement in the loss allowance account in respect of trade receivable | Movement in the loss allowance account in respect of trade receivable during the years ended December 31, 2022 and 2021 is as follows:
|  | 2022 |  |  | 2021 |
|  | $ |  |  | $ |
At January 1 |  |  | 518,968 |  |  |  | 411,059 |
Net remeasurement of loss allowance |  |  | (136,493 | ) |  |  | 110,114 |
Amounts written off |  |  | (33,808 | ) |  |  | — |
Exchange differences |  |  | (20,118 | ) |  |  | (2,205 | )
At December 31 |  |  | 328,549 |  |  |  | 518,968 |
Schedule of remaining contractual maturities at the end of the reporting period of the non-derivative financial liabilities and derivative financial liabilities, which are based on contractual undiscounted cash flows | The following table shows the remaining contractual maturities at the end of the reporting period of the Group’s non-derivative financial liabilities and derivative financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of the reporting period) and the earliest date the Group can be required to pay:
|  |  |  |  | Contractual undiscounted cash flows |
|  | Carrying amount |  |  | Total |  |  | Within 1 year or on demand |  |  | 1 - 2 years |  |  | More than 2 years |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
At December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  | 7,291,133 |  |  |  | 7,291,133 |  |  |  | 7,291,133 |  |  |  | — |  |  |  | — |
Accrued expenses and other liabilities |  |  | 15,668,734 |  |  |  | 15,668,734 |  |  |  | 15,611,421 |  |  |  | 57,313 |  |  |  | — |
Lease liabilities |  |  | 6,646,163 |  |  |  | 7,308,540 |  |  |  | 3,022,367 |  |  |  | 1,678,615 |  |  |  | 2,607,558 |
Warrant liabilities |  |  | 3,574,885 |  |  |  | 3,574,885 |  |  |  | 3,574,885 |  |  |  | — |  |  |  | — |
Liabilities for puttable financial instrument |  |  | 17,138,905 |  |  |  | 17,138,905 |  |  |  | 17,138,905 |  |  |  | — |  |  |  | — |
|  |  | 50,319,820 |  |  |  | 50,982,197 |  |  |  | 46,638,711 |  |  |  | 1,735,928 |  |  |  | 2,607,558 |
|  |  |  |  | Contractual undiscounted cash flows |
|  | Carrying amount |  |  | Total |  |  | Within 1 year or on demand |  |  | 1 - 2 years |  |  | More than 2 years |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
At December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  | 9,979,726 |  |  |  | 9,979,726 |  |  |  | 9,979,726 |  |  |  | — |  |  |  | — |
Accrued expenses and other liabilities |  |  | 36,280,298 |  |  |  | 36,280,298 |  |  |  | 36,280,298 |  |  |  | — |  |  |  | — |
Lease liabilities |  |  | 5,267,210 |  |  |  | 5,981,170 |  |  |  | 1,921,466 |  |  |  | 1,743,456 |  |  |  | 2,316,248 |
Preference share liabilities - redemption amount |  |  | 61,373,153 |  |  |  | 123,556,616 |  |  |  | — |  |  |  | — |  |  |  | 123,556,616 |
|  |  | 112,900,387 |  |  |  | 175,797,810 |  |  |  | 48,181,490 |  |  |  | 1,743,456 |  |  |  | 125,872,864 |
Schedule of amounts for the exposure to currency risk |
|  | December 31, 2022 |
|  | USD |  |  | RMB |
|  | $ |  |  | $ |
Trade receivables |  |  | 79,220 |  |  |  | — |
Deposits and prepayments |  |  | 2,972,471 |  |  |  | 872,455 |
Cash and cash equivalents |  |  | 12,225,385 |  |  |  | 14 |
Trade payables |  |  | (3,984,494 | ) |  |  | (2,029,309 | )
Accrued expenses and other liabilities |  |  | (3,741,359 | ) |  |  | — |
Net exposure to currency risk |  |  | 7,551,223 |  |  |  | (1,156,840 | )
|  | December 31, 2021 |
|  | USD |  |  | RMB |
|  | $ |  |  | $ |
Trade receivables |  |  | 373,889 |  |  |  | — |
Deposits and prepayments |  |  | 3,899,656 |  |  |  | 4,500,406 |
Cash and cash equivalents |  |  | 1,231,648 |  |  |  | 14 |
Trade payables |  |  | (2,112,494 | ) |  |  | (6,113,239 | )
Accrued expenses and other liabilities |  |  | (11,420,246 | ) |  |  | (107 | )
Net exposure to currency risk |  |  | (8,027,547 | ) |  |  | (1,612,926 | )
Schedule of sensitivity analysis |
|  | 2022 |  |  | 2021 |
|  | Increase/ (decrease) in foreign exchange rates |  |  | Effect on loss after tax and accumulated losses |  |  | Increase/ (decrease) in foreign exchange rates |  |  | Effect on loss after tax and accumulated losses |
|  | % |  |  | $ |  |  | % |  |  | $ |
USD |  |  | 1 |  |  |  | (63,061 | ) |  |  | 1 |  |  |  | 67,269 |
|  |  | (1 | ) |  |  | 63,061 |  |  |  | (1 | ) |  |  | (67,269 | )
RMB |  |  | 5 |  |  |  | 48,298 |  |  |  | 1 |  |  |  | 13,468 |
|  |  | (5 | ) |  |  | (48,298 | ) |  |  | (1 | ) |  |  | (13,468 | )
Schedule of fair value measurements |
|  |  |  |  | Fair value measurements at December 31, 2022 categorized into |
|  | Fair value at December 31, 2022 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at FVPL: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Unlisted securities |  |  | 17,537,608 |  |  |  | — |  |  |  | — |  |  |  | 17,537,608 |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  |  | 3,574,885 |  |  |  | 3,574,885 |  |  |  | — |  |  |  | — |
|  |  |  |  | Fair value measurements at December 31, 2021 categorized into |
|  | Fair value at December 31, 2021 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |
Asset: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at FVPL - Unlisted securities |  |  | 9,906,000 |  |  |  | — |  |  |  | — |  |  |  | 9,906,000 |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preference shares liabilities - conversion feature |  |  | 425,031,617 |  |  |  | — |  |  |  | — |  |  |  | 425,031,617 |
Schedule of information about Level 3 fair value measurements |
Type |  | Valuation technique |  | Significant unobservable inputs |  | Inter-relationship between significant unobservable inputs and fair value measurement
Financial assets at fair value through profit or loss |  | Adjusted net asset value |  | Underlying assets’ value |  | The estimated fair value would increase if the underlying assets’ value is higher
Preference shares liabilities - conversion feature |  | Discounted cash flow and equity allocation method: the conversion feature is measured by deducting the present value of the expected redemption amount from the fair value of the preferred shares. The fair value of the preference shares is determined by applying the equity allocation method to the total equity value of the Group estimated based on the net present value of future cash flows. |  | Risk-adjusted discount rate adopted in the discounted cashflow method for the valuation of equity interest: 15.90% Discount for lack of marketability: 12% Expected volatility adopted in the equity allocation method: 41.03% |  | The estimated fair value would increase (decrease) if: •  the risk-adjusted discount rate was lower (higher); •  the discount for lack of marketability was lower (higher); or •  the expected volatility was higher (lower)
Schedule of changes in the Group's loss if there is an change in the significant unobservable inputs used |
|  | December 31, 2021 |
Significant unobservable inputs |  | Increase/(decrease) in significant unobservable inputs % |  |  | Increase/(decrease) on the Group’s loss $ |
Risk-adjusted discount rate |  |  | 5 |  |  |  | (48,370,219 | )
|  |  | (5 | ) |  |  | 55,767,113 |
Discount for lack of marketability |  |  | 5 |  |  |  | (1,795,038 | )
|  |  | (5 | ) |  |  | 1,795,061 |
Expected volatility |  |  | 5 |  |  |  | 84,785 |
|  |  | (5 | ) |  |  | (89,520 | )

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