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ACCRUALS AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of accrued expenses and other liabilities

Schedule of accrued expenses and other liabilities
		December 31,
		2023				2024
		US$’000				US$’000
Accrued operating expenses			669				1,145
Deposits			204				204
Advances from customers			1,870				323
Unrealized losses on commodity future contracts, at fair value			–				14
GST payables			6				5
Other payables – Third parties			5				–
Other payables – Related parties *			1,096				545
			3,850				2,236

*	The amounts due to related parties are unsecured, including:
1)	On January 1, 2023, an agreement was entered into with the spouse of the Chairwoman and executive director for a loan of US$1,500,000 to the Company. The loan bears interest at 10% per annum and has no fixed term of repayment. Partial repayments were made during the year ended December 31, 2023, and the outstanding balance as of December 31, 2023 and 2024, was US$1,095,630; On December 31, 2024, supplementary agreement was signed, under which repayment of the outstanding balance is to be made after 2025 or at a later date. As a result, the amount has been reclassified as a non-current liability under the amount due to a related party;
2)	The Company had received advances of US$452,865 from another related party, which were free of interest and fully repaid on January 8, 2025; and
3)	Payables to the Company’s overseas office, which is a related party, represented certain expenses paid by the overseas office on behalf of the Company in the normal course of its operation.

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- Definition

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

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