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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES |
| 13. | LEASES
The Group as a lessee The Group has lease contracts for offices premises and office equipment used in its operations. Leases of offices generally have lease periods of two to three years, while the office equipment has a lease term of five years. Generally, the Group is restricted from assigning and subleasing the leased assets outside the Group.
| (a) | Right-of-use assets
The carrying amount of the Group’s right-of-use assets and the movements during the year is as follows:
|  | Office |  |  | Office |  |  |  |
|  | premises |  |  | equipment |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |
At January 1, 2022 |  |  | 449,044 |  |  |  | 7,626 |  |  |  | 456,670 |
Additions |  |  | 1,320,921 |  |  |  | - |  |  |  | 1,320,921 |
Remeasurement on lease modifications |  |  | (128,756 | ) |  |  | - |  |  |  | (128,756 | )
Depreciation charge |  |  | (866,094 | ) |  |  | (5,063 | ) |  |  | (871,157 | )
Exchange realignment |  |  | 761 |  |  |  | (25 | ) |  |  | 736 |
At December 31, 2022 and January 1, 2023 |  |  | 775,876 |  |  |  | 2,538 |  |  |  | 778,414 |
Additions |  |  | 412,276 |  |  |  | 7,118 |  |  |  | 419,394 |
Remeasurement on lease modifications |  |  | 134,429 |  |  |  | - |  |  |  | 134,429 |
Depreciation charge |  |  | (740,950 | ) |  |  | (3,006 | ) |  |  | (743,956 | )
Exchange realignment |  |  | 1,447 |  |  |  | (7 | ) |  |  | 1,440 |
At December 31, 2023 |  |  | 583,078 |  |  |  | 6,643 |  |  |  | 589,721 |
| (b) | Lease liabilities
The carrying amount of lease liabilities and the movements during the year are as follows:
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
Carrying amount at January 1 |  |  | 785,687 |  |  |  | 486,678 |
New leases |  |  | 416,451 |  |  |  | 1,237,069 |
Remeasurement on lease modifications |  |  | 133,171 |  |  |  | (64,390 | )
Accretion of interest recognized during the year |  |  | 48,363 |  |  |  | 42,130 |
Payments |  |  | (779,271 | ) |  |  | (915,438 | )
Exchange realignment |  |  | 1,660 |  |  |  | (362 | )
Carrying amount at December 31 |  |  | 606,061 |  |  |  | 785,687 |
Analyzed into: |  |  |  |  |  |  |  |
Current portion |  |  | 574,630 |  |  |  | 492,735 |
Non-current portion |  |  | 31,431 |  |  |  | 292,952 |
| (c) | The amounts recognized in profit or loss in relation to leases are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | US$ |  |  | US$ |  |  | US$ |
Interest on lease liabilities |  |  | 48,363 |  |  |  | 42,130 |  |  |  | 48,171 |
Depreciation charge of right-of-use assets |  |  | 743,956 |  |  |  | 871,157 |  |  |  | 784,029 |
Expense relating to short-term leases |  |  | 42,931 |  |  |  | 157,264 |  |  |  | 330,400 |
Loss on lease modifications |  |  | - |  |  |  | 65,406 |  |  |  | - |
Total amount recognized in profit or loss |  |  | 835,250 |  |  |  | 1,135,957 |  |  |  | 1,162,600 |
| (d) | The Group’s total cash outflows for leases are disclosed in Note 29(b) to the financial statements. The Group also had non-cash additions/lease modifications to right-of-use assets and lease liabilities of US$553,823 (2022: US$1,192,165; 2021: US$209,521) and US$549,622 (2022: US$1,172,679; 2021: US$206,250), respectively.

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