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Financial Risk Management Objectives and Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Risk Management Objectives and Policies [Abstract] |
Schedule of Gross Carrying Amounts for Financial Assets |
|  | 12-month ECLs |  |  | Lifetime ECLs |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Simplified |  |  |  |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | approach |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable* |  | - |  |  | - |  |  | - |  |  | 13,644,371 |  |  | 13,644,371 |
Contract assets* |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,825,444 |  |  |  | 11,825,444 |
Financial assets included in deposits and other receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Normal** |  |  | 639,444 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 639,444 |
Pledged bank deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Not yet past due |  |  | 185,336 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 185,336 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Not yet past due |  |  | 42,521,520 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 42,521,520 |
|  |  | 43,346,300 |  |  |  | - |  |  |  | - |  |  |  | 25,469,815 |  |  |  | 68,816,115 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable* |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17,346,035 |  |  |  | 17,346,035 |
Contract assets* |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16,024,969 |  |  |  | 16,024,969 |
Financial assets included in deposits and other receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Normal** |  |  | 808,679 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 808,679 |
Pledged bank deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Not yet past due |  |  | 188,745 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 188,745 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Not yet past due |  |  | 68,641,016 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 68,641,016 |
|  |  | 69,638,440 |  |  |  | - |  |  |  | - |  |  |  | 33,371,004 |  |  |  | 103,009,444 |
* | For accounts receivable and contract assets to which the Group applies the simplified approach for impairment, information is disclosed in notes 14 and 15 to the financial statements.
** | The credit quality of financial assets included in deposits and other receivables is considered to be “normal” when it is not past due and there is no information indicating that the financials had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”.
Schedule of Financial Liabilities | The maturity profile of the Group’s financial liabilities as at the end of the reporting period, based on the contractual undiscounted payments, is as follows:
|  | Within 1 year or on demand |  |  | 1 to 5 years |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |
2024 |  |  |  |  |  |  |  |  |
Lease liabilities |  |  | 469,930 |  |  |  | 304,338 |  |  |  | 774,268 |
Financial liabilities included in accounts and other payable |  |  | 27,403,211 |  |  |  | - |  |  |  | 27,403,211 |
|  |  | 27,873,141 |  |  |  | 304,338 |  |  |  | 28,177,479 |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Lease liabilities |  |  | 591,361 |  |  |  | 33,081 |  |  |  | 624,442 |
Financial liabilities included in accounts and other payable |  |  | 29,504,114 |  |  |  | - |  |  |  | 29,504,114 |
|  |  | 30,095,475 |  |  |  | 33,081 |  |  |  | 30,128,556 |
Schedule of Exchange Rates | The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the SGD, TWD, MYR, PHP, THB and IDR exchange rates, with all other variables held constant, of the Group’s loss before tax. As HK$ is pegged to US$, the directors of the Company anticipate that there will be no significant movements in the US$/HK$ exchange rates and the exposure on US$ will not be material.
|  | 2024 |  |  | 2023 |
|  | Increase/ |  |  | Increase/ |  |  | Increase/ |  |  | Increase/ |
|  | (decrease) in |  |  | (decrease) |  |  | (decrease) in |  |  | (decrease) |
|  | foreign |  |  | in loss |  |  | foreign |  |  | in loss |
|  | exchange rate |  |  | after tax |  |  | exchange rate |  |  | after tax |
|  | US$ |  |  | US$ |
SGD |  |  | 3 | % |  |  | (1,527,154 | ) |  |  | 3 | % |  |  | (1,477,961 | )
|  |  | (3 | )% |  |  | 1,527,154 |  |  |  | (3 | )% |  |  | 1,477,961 |
TWD |  |  | 3 | % |  |  | (500,404 | ) |  |  | 3 | % |  |  | (474,534 | )
|  |  | (3 | )% |  |  | 500,404 |  |  |  | (3 | )% |  |  | 474,534 |
MYR |  |  | 3 | % |  |  | (196,365 | ) |  |  | 3 | % |  |  | (402,719 | )
|  |  | (3 | )% |  |  | 196,365 |  |  |  | (3 | )% |  |  | 402,719 |
PHP |  |  | 3 | % |  |  | (635,994 | ) |  |  | 3 | % |  |  | (576,565 | )
|  |  | (3 | )% |  |  | 635,994 |  |  |  | (3 | )% |  |  | 576,565 |
THB |  |  | 3 | % |  |  | (328,388 | ) |  |  | 3 | % |  |  | (329,276 | )
|  |  | (3 | )% |  |  | 328,388 |  |  |  | (3 | )% |  |  | 329,276 |
IDR |  |  | 3 | % |  |  | (183,444 | ) |  |  | 3 | % |  |  | (184,116 | )
|  |  | (3 | )% |  |  | 183,444 |  |  |  | (3 | )% |  |  | 184,116 |

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