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Accounts Receivable | 12 Months Ended
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Dec. 31, 2024
Accounts Receivable [Abstract] |
ACCOUNTS RECEIVABLE |
14. | ACCOUNTS RECEIVABLE
|  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |
Accounts receivable |  |  | 13,644,371 |  |  |  | 17,346,035 |
Allowance for expected credit losses |  |  | (106,475 | ) |  |  | (109,651 | )
Net carrying amount |  |  | 13,537,896 |  |  |  | 17,236,384 |
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:
|  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |
At January 1 |  |  | 109,651 |  |  |  | 123,632 |
Provision for expected credit losses |  |  | 112,122 |  |  |  | 3,757 |
Reversals |  |  | - |  |  |  | (1,558 | )
Write off |  |  | (112,246 | ) |  |  | (16,716 | )
Exchange realignment |  |  | (3,052 | ) |  |  | 536 |
At December 31 |  |  | 106,475 |  |  |  | 109,651 |
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 customers 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, 2024, accounts receivables included an aggregate balance of US$109,959 (2023: US$224,304) for revenue earned from companies controlled by a shareholder with significant influence over the Company (see note 29). Set out below is the information about the credit risk exposure on the Group’s accounts receivable using a provision matrix:
|  | Expected |  |  | Gross |  |  | Expected |
|  | credit |  |  | carrying |  |  | credit |
|  | loss rate |  |  | amount |  |  | loss |
|  | % |  |  | US$ |  |  | US$ |
As at December 31, 2024 |  |  |  |  |  |  |  |  |
Current to 6 months past due |  |  | 0.22 | % |  |  | 13,219,385 |  |  |  | 28,796 |
6 months to 12 months past due |  |  | 7.19 | % |  |  | 333,152 |  |  |  | 23,964 |
Over 12 months past due |  |  | 58.49 | % |  |  | 91,834 |  |  |  | 53,715 |
|  |  | 0.78 | % |  |  | 13,644,371 |  |  |  | 106,475 |
As at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Current to 6 months past due |  |  | 0.02 | % |  |  | 16,889,341 |  |  |  | 3,606 |
6 months to 12 months past due |  |  | 2.33 | % |  |  | 281,919 |  |  |  | 6,567 |
Over 12 months past due |  |  | 56.92 | % |  |  | 174,775 |  |  |  | 99,478 |
|  |  | 0.63 | % |  |  | 17,346,035 |  |  |  | 109,651 |

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- Definition The disclosure of trade and other receivables. [Refer: Trade and other receivables] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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