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Condensed Interim Consolidated Statement of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Loss for the period $ (27,654,612) $ (12,147,008)
Adjustments for:    
Depreciation of property and equipment 248,865 241,107
Depreciation of right-of-use assets 60,540 73,416
Amortization of intangible assets 2,358,634 1,653,584
Gain from the termination of contract (196,396)
Finance costs 66,111 84,042
Finance income (188,881) (5,234)
Provision for employees’ end of service benefits 441,484 267,281
Change in fair value of warrant liabilities (221,413) 208,383
Reversal for share-based payments (142,967) (148,495)
Allowance for estimated credit loss 196,953 345,157
Share of loss of a joint venture 265,096 126,844
Taxes 295,018
Government grants revenue (871,385) (1,431,490)
Write-off of intangible assets 16,874
Liquidation of investment in a joint venture 354,594
Impairment of goodwill 600,000
Total adjustments to reconcile profit (loss) (24,470,107) (10,633,791)
Working capital changes:    
Trade and other receivables (4,264,873) 1,038,251
Amount due from related parties (1,010,108) (26,751)
Contract assets (6,611,700) 321,078
Trade and other payables (615,959) 7,619,751
Contract liabilities 2,581,530 (564,980)
Amount due to shareholders and related parties 11,745,349 1,365,388
Cash flow from used in operations (22,645,868) (881,054)
Income tax paid (156,191) (722,005)
End of service benefits paid (17,231) (61,122)
Net cash flows used in operating activities (22,819,290) (1,664,181)
INVESTING ACTIVITIES    
Purchase of property and equipment (11,775) (4,112)
Additions of intangible assets (237,539) (1,106,175)
Net cash flows used in investing activities (249,314) (1,110,287)
FINANCING ACTIVITIES    
Payments of lease liabilities (78,620) (114,083)
Proceeds from acquisition of assets 41,499,983
Receipt of government grants 1,122,324 1,097,404
Proceeds from issuance of private warrants 1,025,749
Finance costs paid (40,775) (62,995)
Finance income received 188,881 5,234
Net cash flows from financing activities 43,717,542 925,560
INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS 20,648,938 (1,848,908)
Cash and cash equivalents at January 1 6,231,685 3,113,331
CASH AND CASH EQUIVALENTS AT PERIOD END 26,880,623 1,264,423
Supplementary cash flow information on non-cash investing and financing activities    
Addition of long-term lease 186,599
Termination of outstanding payable in relation to written-off intangible assets 5,250,000
Intangible assets recognized upon acquisition of assets $ 95,000,000