v3.25.1
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities    
Profit / (loss) before tax $ 4,470,236 $ (48,328,195)
Adjustments for:    
Depreciation of property, plant and equipment 12,665,993 12,656,056
Interest on borrowings 16,629,906 17,606,995
Interest on BIA litigation 5,285,479
Interest on lease liabilities 3,142,114 3,086,680
Provision for employees’ end of services benefits 131,274 245,882
Changes in fair value of derivative financial instruments 3,349,664 3,653,296
Asset retirement obligation – accretion expense 70,291 68,040
Interest income (172,836)
Litigation settlement 55,746,035
(Reversal) / provision of expected credit losses of trade accounts receivables (3,162,470) 18,202,132
Write-off of advances to contractor 15,006,262
SEC settlement charges 5,000,000
Change in estimated fair value of derivative warrant liability (314,188) (3,931,592)
Write-off of other receivables 272,257
Write-off of trade accounts receivables 927,519
Changes in operating assets and liabilities    
Changes in trade accounts receivables, other receivable and prepayments (1,594,944) (15,020,071)
Changes in inventories 55,736 (97,167)
Changes in trade and accounts payables 3,187,438 (2,302,002)
Changes in contract liabilities 1,668,733 (3,682,651)
Payment of employees’ end of services benefits (70,738) (267,949)
Net cash flows from operating activities 45,613,945 58,569,270
Cash Flows from Investing Activities    
Amount deposited in restricted bank account 297,307 (4,698,795)
Purchase of property, plant and equipment (5,535,296) (13,278,355)
Net cash flows used in investing activities (5,237,989) (17,977,150)
Cash Flows from Financing Activities    
Repayment of borrowings (14,396,134) (14,396,134)
Interest paid on borrowings (13,880,392) (15,102,898)
Payment of lease liabilities (6,370,879) (4,137,362)
Net cash flows used in financing activities (34,647,405) (33,636,394)
Net change in cash and cash equivalents 5,728,551 6,955,726
Cash and cash equivalents at January 1 7,718,655 762,929
Cash and cash equivalents at December 31 $ 13,447,206 $ 7,718,655