v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]      
Net income/(loss) $ (5,035,000) $ (3,529,000) $ 1,086,000
Adjustments:      
Depreciation and amortization 56,000 96,000 62,000
Unrealized loss on derivative contract at fair value 519,000 14,000 0
Unrealized gain on derivative contract at fair value (9,000) 0 0
Provision of allowance for credit loss 1,793,000 254,000 500,000
Impairment loss for damaged inventory 0 0 16,000
Interest expense on lease liability 0 [1] 0 [1] 2,000
Share based compensation 871,000 0 0
Interest expense 433,000 129,000 103,000
Interest expense on finance lease 9,000 4,000 2,000
Interest expense on operating lease liabilities 0 0 5,000
Interest income (384,000) (384,000) (88,000)
Changes in operating assets:      
Decrease in inventories 129,000 218,000 1,624,000
Decrease/(increase) in margin deposits (252,000) (41,000) 571,000
Decrease/(increase) of accounts and other receivables, and prepayment (2,315,000) 9,398,000 (10,808,000)
Increase in amount due from related parties 0 0 0
Increase in amount due from related parties (0) (0) (0)
Decrease in deferred offering costs 0 0 1,129,000
(Decrease)/increase in accounts and other payables, and accruals 3,222,000 (6,129,000) 8,253,000
Decrease in amount due to related parties (41,000) (92,000) 0
Decrease in operating lease liabilities (1,000) (37,000) (3,000)
Decrease in income tax payable (25,000) (678,000) (645,000)
Cash provided by/(used in) operating activities (1,030,000) (777,000) 1,809,000
Interest received 0 0 88,000
Purchase of property, plant and equipment (2,000) (5,000) (296,000)
Cash used in investing activities (2,000) (5,000) (208,000)
Advances from related parties 1,721,000 453,000 0
Loan to a related party 0 0 (5,907,000)
Issuance of share capital 0 0 0 [1]
Repayment of amount due to a related party (825,000) 0 0
Net proceeds from offering 0 0 3,151,000
Proceeds from bank borrowings 27,659,000 0 0
Proceeds from finance lease 0 0 144,000
Repayment of bank borrowings (26,400,000) (208,000) (155,000)
Interest paid (370,000) (82,000) (28,000)
Principal payment of finance lease (21,000) (29,000) (14,000)
Payment of interest on finance lease (9,000) (4,000) (2,000)
Cash (used in)/provided by financing activities 1,755,000 130,000 (2,811,000)
Net change in cash and cash equivalents 723,000 (652,000) (1,210,000)
Cash and cash equivalents as of beginning of the year 678,000 1,330,000 2,540,000
Cash and cash equivalents as of the end of the year 1,401,000 678,000 1,330,000
Supplementary disclosure of cash flows information      
Cash paid for taxes 22,000 856,000 791,000
Operating lease asset obtained in exchange for operating lease obligations $ 0 $ 0 $ 150,000
[1] Denotes amount less than US$1,000