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Accounts Receivable
 12 Months Ended
Dec. 31, 2023
Accounts Receivable [Abstract]  
ACCOUNTS RECEIVABLE
14.ACCOUNTS RECEIVABLE

 

   2023   2022 
   US$   US$ 
Accounts receivable   17,346,035    9,807,667 
Allowance for expected credit losses   (109,651)   (123,632)
           
Net carrying amount   17,236,384    9,684,035 

 

The Group’s trading terms with its customers are mainly on credit. The credit period is generally one to three months. The Group seeks to maintain strict control over its outstanding receivables and overdue balances are reviewed regularly by management. The Group does not hold any collateral or other credit enhancements over its accounts receivable balances. Accounts receivable are non-interest-bearing.

 

The movements in the allowance for expected credit losses are as follows:

 

   2023   2022 
   US$   US$ 
At January 1   123,632    147,800 
Provision for expected credit losses   3,757    
-
 
Reversals   (1,558)   (14,242)
Write off   (16,716)   
-
 
Exchange realignment   536    (9,926)
           
At December 31   109,651    123,632 

 

An analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns by geographical region. The calculation reflects reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, accounts receivable are written off if past due for more than two years and are not subject to enforcement activity.

 

As at December 31, 2023, accounts receivables included an aggregate balance of US$224,304 (2022: US$64,323) for revenue earned from companies controlled by a shareholder with significant influence over the Company (see note 30).

 

Set out below is the information about the credit risk exposure on the Group’s accounts receivable using a provision matrix:

 

   Expected   Gross   Expected 
   credit   carrying   credit 
   loss rate   amount   loss 
   %   US$   US$ 
As at December 31, 2023            
Current to 6 months past due   

0.02

%    16,889,341    

3,606

 
Over 6 months past due   

23.22

%   456,694    

106,045

 
                
    0.63%   17,346,035    109,651 
                
As at December 31, 2022               
Current to 6 months past due   0.01%   9,563,470    617 
Over 6 months past due   50.38%   244,197    123,015 
                
    1.26%   9,807,667    123,632