NOTE 4 – CONTRACT ASSETS, NET
Contract assets, net consist of the following:
SCHEDULE OF CONTRACT ASSETS
| | |
2024 | | |
2023 | |
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Contract assets | |
| | | |
| | |
| Balance at the beginning of the year | |
$ | 1,650,750 | | |
$ | 1,037,458 | |
| Additions | |
| 1,513,001 | | |
| 2,184,620 | |
| Changes due to billings | |
| (3,100,436 | ) | |
| (1,507,860 | ) |
| Less: contra-allowance / (allowance) for expected credit loss | |
| 43,919 | | |
| (67,861 | ) |
| Exchange adjustment | |
| 2,021 | | |
| 4,393 | |
| Balance at the end of the year | |
$ | 109,255 | | |
$ | 1,650,750 | |
The
movement of allowances for expected credit loss is as follows:
SCHEDULE OF CONTRACT ASSETS ALLOWANCES FOR EXPECTED CREDIT LOSS
| | |
2024 | | |
2023 | |
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
| | |
| |
| Balance at the beginning of the year | |
$ | (76,121 | ) | |
$ | (8,054 | ) |
| Reversal / (provision) for the year | |
| 43,919 | | |
| (67,861 | ) |
| Exchange adjustment | |
| (227 | ) | |
| (206 | ) |
| Balance at the end of the year | |
$ | (32,429 | ) | |
$ | (76,121 | ) |
|