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Other Payables and Accruals
 12 Months Ended
Dec. 31, 2023
Other Payables and Accruals [Abstract]  
OTHER PAYABLES AND ACCRUALS
19.OTHER PAYABLES AND ACCRUALS

 

   2023   2022 
   US$   US$ 
Non-current        
Liabilities incurred for long-term employee benefits (note (a))   
-
    208,698 
           
Current          
Other payables (note (b))   5,089,409    2,107,490 
Accruals   2,979,578    4,143,841 
Contract liabilities (note (c))   1,312,735    301,986 
           
    9,381,722    6,553,317 

 

Note:

 

(a)The terms of all outstanding awards granted under the Group’s Value Creation Plan were modified in 2023 such that they will be settled by a fixed number of the Company’s ordinary shares and as a result, the outstanding awards have been reclassified to equity during the year.

 

(b)Other payables are non-interest-bearing and are normally settled on 30 to 120-day terms.

 

(c)Details of contract liabilities are as follows:

 

   December 31,   December 31,   January 1, 
   2023   2022   2022 
   US$   US$   US$ 
Contract liabilities arising from:            
Internet leads generation and marketing service income   1,256,307    225,632    425,897 
Marketing and events income   56,428    76,354    142,457 
                
    1,312,735    301,986    568,354 

 

Contract liabilities include short-term advances received under the contractual arrangements with customers. The decrease in contract liabilities in 2022 was mainly due to the decrease in prepayments received from customers in relation to the provision of internet leads generation and marketing services at the end of the year. The increase in contract liabilities in 2023 was mainly due to the increase in prepayments received from customers in relation to the provision of internet leads generation and marketing services at the end of the year.