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Trade and Other Receivables

12 Months Ended

Dec. 31, 2021

Disclosure of Trade and Other Receivables [Abstract]

15	TRADE AND OTHER RECEIVABLES

	2021			2020
	USD			USD

Trade receivables		4,488,090			3,711,752
Prepayments		221,099			169,963
Advances paid for content and service providers		566,501			1,155,978
Other receivables		752,629			450,964
Other financial assets ⁽¹⁾		433,660			161,525
Allowance for estimated credit losses		(235,164	)		-
		6,226,815			5,650,182
Allowance for foreign currency losses ⁽²⁾		(821,268	)		(825,993	)
		5,405,547			4,824,189

(1)	As at December 31, 2021, the Group reclassified its bank balances in Lebanese Pounds equivalent of USD 433,660 to other financial assets due to significant devaluation of Lebanese Pounds against US Dollar caused by the ongoing political and economic situation in Lebanon.

(2)	Allowances for foreign currency losses represent translated differences between official and Sayrafa rate on trade receivables and bank balances in Lebanese Pounds as discussed in note (1) above

Trade receivables are non-interest bearing and are generally on terms of 30 to 120 days.

An analysis of expected credit losses 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 groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. These credit analysis performed by the Group resulted in an increase in the ECL of USD 235,164 as at 31 December 2021.

At December 31, 2021 and 2020, the ageing analysis of unimpaired trade receivables is as follows:

			Neither past		Past due but not impaired
			due nor		30 – 60		60 – 90		90 – 120
	Total		impaired		days		days		days		>120 days
	USD		USD		USD		USD		USD		USD

2021		4,252,926		3,863,994		113,814		200,443		61,219		13,456

2020		3,711,752		2,576,209		321,097		331,115		230,823		252,508