v3.25.4
Equipment Deposit
6 Months Ended
Jun. 30, 2025
Equipment Deposit [Abstract]  
EQUIPMENT DEPOSIT
9.EQUIPMENT DEPOSIT

 

   Group 
   June 30
2025
   December 31
2024
 
   US$   US$ 
Carrying value as at beginning of period   29,260,847    29,260,847 
Addition during the period   
-
    
-
 
Carrying value as at end of period   29,260,847    29,260,847 

 

The equipment deposit is for the lamination equipment for the manufacturing of smartglass. In 2023, the Company paid a further deposit of $15 million to SWIS Co., Limited for the purchase of 3 additional lines for its planned operation. In September 2025, a convertible promissory note was exchanged for reduction of equipment deposits (see Note 12). The amounts paid for equipment deposits were paid to a company in which a former officer of the Company is an executive officer.