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Other Current Liabilities
12 Months Ended
Dec. 31, 2019
Other Current Liabilities [Abstract]  
Other Current Liabilities

 


22.

OTHER CURRENT LIABILITIES

 

As of December 31,

 

 

2019

 

2018

 

 

US$’000

 

US$’000

 

Contract liabilities

 

216

 

 

756

 

Dividend payable

 

674

 

 

565

 

Deferred government grant

 

 

 

318

 

Onerous contracts provisions

 

238

 

 

42

 

Other current liabilities

 

1,228

 

 

1,591

 

Total

 

2,356

 

 

3,272

 

 

The Company was subject to two expropriations by the PRC government in 2018. The government grant related to the completed appropriation, amounted to $106, is recognized as other income for the year ended December 31, 2018. The government grant for the expropriation in progress, amounted to $318, is recognized as other current liabilities as of December 31, 2018, and as other income for the year ended December 31, 2019.

Other current liabilities include undue value added tax, unpaid withholding tax, and other miscellaneous liabilities.

 

22(a)Onerous contracts provisions

 

2019

 

2018

 

 

US$’000

 

US$’000

 

At January 1

 

42

 

 

555

 

Recognized

 

218

 

 

37

 

Reversed

 

(25

)

 

(544

)

Exchange differences

 

3

 

 

(6

)

At December 31

 

238

 

 

42

 

 

22(b)Contract Liabilities

 

As of December 31,

 

 

2019

 

2018

 

 

US$’000

 

US$’000

 

Current contract liabilities

 

 

 

 

 

 

Advance from customers

 

93

 

 

668

 

Custodial service

 

63

 

 

71

 

Transportation service

 

60

 

 

17

 

Total current contract liabilities

 

216

 

 

756

 

 

The Company applied IFRS 15 from January 1, 2018 and recognized contract liabilities when considerations from customers had been received or due before the Company satisfied the performance obligations.

 


22.

OTHER CURRENT LIABILITIES (continued)

 

22(b)Contract Liabilities (continued)

Revenue recognized in relation to contract liabilities

 

 

For the year ended December 31,

 

 

2019

 

2018

 

 

US$’000

 

US$’000

 

Revenue recognized that was included in the contract liabilities balance at the beginning of the year

 

 

 

 

 

 

Advance from customers

 

668

 

 

 

Custodial service

 

59

 

 

85

 

Transportation service

 

17

 

 

28

 

 

 

744

 

 

113