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OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2024
Other Current Liabilities [Abstract]  
OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES
As of December 31,
20242023
US$’000US$’000
Contract liabilities2,109 3,690 
Dividend payable220 220 
Provisions18 — 
Onerous contracts provisions184 2,306 
Other current liabilities1,741 1,019 
Total4,272 7,235 
Other current liabilities include undue value added tax, unpaid withholding tax, and other miscellaneous liabilities.
23(a)    Onerous contracts provisions
For the year ended December 31,
20242023
US$’000 US$’000
At January 12,306 2,110 
Recognized147 2,196 
Reversed(2,205)(2,040)
Exchange differences(64)40 
At December 31184 2,306 
23. OTHER CURRENT LIABILITIES (continued)
23(b)    Contract Liabilities
As of December 31,
202420232022
US$’000US$’000US$’000
Current contract liabilities
Advance from customers2,017 3,585 1,222 
Custodial service65 76 47 
Transportation service27 29 56 
Total current contract liabilities2,109 3,690 1,325 
Our Company recognizes contract liabilities when it receives advance payments from customers before performance obligations have been performed.
23(b)    Contract Liabilities (continued)
Revenue recognized in relation to contract liabilities
For the year ended December 31,
20242023
US$’000US$’000
Revenue recognized that was included in the contract liabilities balance at the beginning of the year
Advance from customers3,585 1,222 
Custodial service9 44 
Transportation service12 46 
3,606 1,312