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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2021
Disclosure of commitments and contingent liabilities [text block] [Abstract] |
COMMITMENTS AND CONTINGENCIES |
22. | COMMITMENTS AND CONTINGENCIES
Executives/directors agreements The Company has several employment agreements with executives and directors with the latest expiring in 2024. All agreements provide for automatic renewal options with varying terms of one year or three years unless terminated by either party. Future payments for employment agreements as of December 31, are as follows:
|  | Amount |
Years ending December 31: |  |  |
2022 |  | $ | 1,235,937 |
2023 |  |  | 479,584 |
2024 |  |  | 112,903 |
Total minimum payment required |  | $ | 1,828,424 |
Contracted expenditure commitments The Company’s contracted expenditures commitments as of December 31, 2021 but not provided in the consolidated financial statements are as follows:
|  |  |  | Payments Due by Period |
|  |  |  |  |  |  | Less than |  |  |  |  |  |  |  |  | More than |
Contractual Obligations |  | Nature |  | Total |  |  | 1 year |  |  | 1-3 years |  |  | 4-5 years |  |  | 5 years |
Service fee commitments |  | (a) |  | $ | 599,107 |  |  | $ | 359,464 |  |  | $ | 239,643 |  |  | $ | - |  |  | $ | - |
Operating lease commitments |  | (b) |  |  | 1,399,168 |  |  |  | 936,783 |  |  |  | 414,607 |  |  |  | 37,596 |  |  |  | 10,182 |
|  |  |  | $ | 1,998,275 |  |  | $ | 1,296,247 |  |  | $ | 654,250 |  |  | $ | 37,596 |  |  | $ | 10,182 |
| (a) | The Company has engaged Stander Information Company Limited (“Stander”) to provide technical services relating to the cash management systems for the Company’s secure logistics business. The service agreement with Stander comprised of a monthly fixed service fee and certain other fees as specified in the agreement. In 2022, the Company plans to acquire their own cash management system to replace Stander’s services, the acquisition cost of the system is approximately $1.1 million (THB36.7 million).
| (b) | From time to time, the Company has leased various low value items with various lease terms that the Company is committed to pay in the future.
Bank guarantees As of December 31, 2021, the Company had commitments with banks for bank guarantees in favor of government agencies and others of approximately $5,700,000. Litigation As of the date of filing, the Company is a defendant in various labor related lawsuits totaling approximately $773,858. Management believes these cases are without merit and is confident that the Appeals Court will make the decision according to the consideration of the Court of First Instance and order the dismissal of such lawsuits. Therefore, no provision has been made for these liabilities in the financial statements.

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- Definition The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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