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Loss Before Tax | 12 Months Ended
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Dec. 31, 2024
Loss Before Tax [Abstract] |
LOSS BEFORE TAX |
6. | LOSS BEFORE TAX
The Group’s loss before tax is arrived at after charging/(crediting):
|  | Notes |  | 2024 |  |  | 2023 |  |  | 2022 |
|  |  |  | US$ |  |  | US$ |  |  | US$ |
Amortization of intangible assets (other than development costs) |  |  |  |  | - |  |  |  | - |  |  |  | 187,198 |
Amortization of development costs (included in technology costs) |  | 11 |  |  | 3,021,933 |  |  |  | 6,202,250 |  |  |  | 3,401,957 |
Depreciation of property and equipment (included in general, administrative and other operating expenses) |  | 12 |  |  | 309,033 |  |  |  | 218,471 |  |  |  | 328,438 |
Depreciation of right-of-use assets (included in general, administrative and other operating expenses) |  | 13(a) |  |  | 712,003 |  |  |  | 743,956 |  |  |  | 871,157 |
Employee benefit expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, allowances and other benefits |  |  |  |  | 20,310,898 |  |  |  | 18,392,916 |  |  |  | 26,805,750 |
Equity-settled share-based payment expense |  |  |  |  | 3,179,214 |  |  |  | 6,629,044 |  |  |  | 14,430,835 |
Other long-term employee benefits expense/(credit) |  |  |  |  | - |  |  |  | 109,702 |  |  |  | (4,951,482 | )
Pension scheme contributions (defined contribution scheme) |  |  |  |  | 1,322,973 |  |  |  | 1,179,399 |  |  |  | 1,419,470 |
Retirement benefits expense |  |  |  |  | 79,131 |  |  |  | 56,672 |  |  |  | 75,376 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount capitalized |  |  |  |  | (677,370 | ) |  |  | (1,357,537 | ) |  |  | (2,756,415 | )
Government grant recognized* |  |  |  |  | (64,232 | ) |  |  | (78,703 | ) |  |  | (733,655 | )
|  |  |  |  | 24,150,614 |  |  |  | 24,931,493 |  |  |  | 34,289,879 |
Lease payments not included in measurement of lease liabilities (included in general, administrative and other operating expenses) |  | 13(c) |  |  | 11,126 |  |  |  | 42,931 |  |  |  | 157,264 |
Provision for expected credit losses |  | 14 |  |  | 112,122 |  |  |  | 3,757 |  |  |  | - |
Impairment of goodwill (included in general, administrative and other operating expenses)# |  |  |  |  | - |  |  |  | - |  |  |  | 4,382,926 |
Impairment of intangible assets (included in general, administrative and other operating expenses) |  | 11 |  |  | 4,541,074 |  |  |  | 3,105,507 |  |  |  | 1,450,781 |
Changes in fair value of other derivative financial instruments (included in other income/expenses) |  | 19, 20 |  |  | - |  |  |  | 9,536,904 |  |  |  | 1,139,938 |
Changes in fair value of warrant liabilities |  | 21 |  |  | (446,811 | ) |  |  | 47,796,528 |  |  |  | (38,454 | )
Other equity-settled transactions (included in general, administrative and other operating expenses) |  | 25 |  |  | - |  |  |  | 500,000 |  |  |  | 882,115 |
Gain on disposal of items of property and equipment, net (included in other income/expenses) |  |  |  |  | (7,068 | ) |  |  | (3,690 | ) |  |  | (4,539 | )
Gain on derecognition of convertible loans and bridge loan (included in other income/expenses) |  |  |  |  | - |  |  |  | - |  |  |  | (135,031 | )
Gain on disposal of assets in Malaysian operations (included in other income/expenses) |  |  |  |  | (600,000 | ) |  |  | - |  |  |  | - |
Reversal of provision for expected credit losses |  | 14 |  |  | - |  |  |  | (1,558 | ) |  |  | (14,242 | )
Foreign exchange differences, net |  |  |  |  | 4,783,117 |  |  |  | (656,605 | ) |  |  | 4,051,710 |
* | Various government grants have been received for employment support schemes in related to covid-19 and other job support schemes.
# | During the year ended December 31, 2022, the Group recognized impairment losses of US$4,382,926 related to goodwill and US$1,450,781 related to intangible assets of the Seedly CGU, which arose mainly due to negative operating factors affecting the Seedly CGU. During the year ended December 31, 2022, the goodwill has been fully impaired.

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