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Financial instruments-Fair values and risk management (Tables)

12 Months Ended

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

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	)

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)