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Accounts Receivable

12 Months Ended

Dec. 31, 2024

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