XML 216 R20.htm IDEA: XBRL DOCUMENT

Contract Assets

12 Months Ended

Dec. 31, 2023

Contract Assets [Abstract]

CONTRACT ASSETS

15.

CONTRACT ASSETS

		December 31,				December 31,				January 1,
		2023				2022				2022
		US$				US$				US$
Contract assets arising from:
Internet leads generation and marketing service income			15,997,795				11,082,660				8,181,444
Marketing and events income			27,174				57,449				424,628
			16,024,969				11,140,109				8,606,072

Contract assets are mainly recognized for revenue earned from internet leads generation and marketing service income as the receipt of consideration is based on the billing process. Included in contract assets for internet leads generation and marketing service income are unbilled amounts of revenue. Upon completion of the billing of the revenue from contract customers, the amounts recognized as contract assets are reclassified to trade receivables. The increase in contract assets in 2023 and 2022 were mainly due to the increase in internet leads generation and marketing service income near the end of both years.

The expected timing of recovery or settlement for contract assets as at December 31 is within one year.

An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates for the measurement of the expected credit losses of the contract assets are based on those of the accounts receivable as the contract assets and the trade receivables are from the same customer bases. As at December 31, 2023 and 2022, the loss allowance was assessed by management to be minimal.