| LEASES |
The Group as a lessee
The Group has lease contracts for offices
premises and office equipment used in its operations. Leases of offices premises generally have lease periods of two to three years, while
the office equipment generally have a lease term of five years. Generally, the Group is restricted from assigning and subleasing the leased
assets outside the Group.
The carrying amount of the Group’s
right-of-use assets and the movements during the year are as follows:
| | |
Office | | |
Office | | |
| |
| | |
premises | | |
equipment | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | |
| | |
| | |
| | |
| |
| At January 1, 2024 | |
| 583,078 | | |
| 6,643 | | |
| 589,721 | |
| Remeasurement on lease modifications | |
| 884,288 | | |
| - | | |
| 884,288 | |
| Depreciation charge | |
| (710,579 | ) | |
| (1,424 | ) | |
| (712,003 | ) |
| Exchange realignment | |
| (18,231 | ) | |
| 32 | | |
| (18,199 | ) |
| | |
| | | |
| | | |
| | |
| At December 31, 2024 and January 1, 2025 | |
| 738,556 | | |
| 5,251 | | |
| 743,807 | |
| New lease for the year | |
| 431,238 | | |
| 2,826 | | |
| 434,064 | |
| Remeasurement on lease modifications | |
| 475,118 | | |
| - | | |
| 475,118 | |
| Depreciation charge | |
| (740,856 | ) | |
| (2,290 | ) | |
| (743,146 | ) |
| Exchange realignment | |
| 24,602 | | |
| (11 | ) | |
| 24,591 | |
| | |
| | | |
| | | |
| | |
| At December 31, 2025 | |
| 928,658 | | |
| 5,776 | | |
| 934,434 | |
The
carrying amount of lease liabilities and the movements during the year are as follows:
| | |
2025 | | |
2024 | |
| | |
US$ | | |
US$ | |
| | |
| | |
| |
| Carrying amount at January 1 | |
| 735,550 | | |
| 606,061 | |
| New leases | |
| 433,713 | | |
| - | |
| Remeasurement on lease modifications | |
| 472,236 | | |
| 866,795 | |
| Accretion of interest recognized during the year | |
| 53,629 | | |
| 23,700 | |
| Payments | |
| (778,261 | ) | |
| (745,592 | ) |
| Exchange realignment | |
| 25,097 | | |
| (15,414 | ) |
| | |
| | | |
| | |
| Carrying amount at December 31 | |
| 941,964 | | |
| 735,550 | |
| | |
| | | |
| | |
| Analyzed into: | |
| | | |
| | |
| Current portion | |
| 702,287 | | |
| 441,878 | |
| Non-current portion | |
| 239,677 | | |
| 293,672 | |
The maturity analysis of lease liabilities is disclosed
in note 30 to the financial statements. | | (c) | The amounts recognized in profit or loss in relation to leases are as follows: |
| | |
2025 | | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| | |
| | |
| | |
| |
| Interest on lease liabilities | |
| 53,629 | | |
| 23,700 | | |
| 48,363 | |
| Depreciation charge of right-of-use assets | |
| 743,146 | | |
| 712,003 | | |
| 743,956 | |
| Expense relating to short-term leases | |
| 11,002 | | |
| 11,126 | | |
| 42,931 | |
| | |
| | | |
| | | |
| | |
| Total amount recognized in profit or loss | |
| 807,777 | | |
| 746,829 | | |
| 835,250 | |
| |
(d) |
The Group also had non-cash additions/lease modifications as follow: |
| | |
2025 | | |
2024 | | |
2023 | |
| | |
| US$ | | |
| US$ | | |
| US$ | |
| | |
| | | |
| | | |
| | |
| Right-of-use assets | |
| 909,182 | | |
| 884,288 | | |
| 553,823 | |
| Lease liabilities | |
| 905,949 | | |
| 866,795 | | |
| 549,622 | |
| | (e) | The total cash outflow for leases: |
| | |
2025 | | |
2024 | | |
2023 | |
| | |
| US$ | | |
| US$ | | |
| US$ | |
| | |
| | | |
| | | |
| | |
| Total cash outflow for leases | |
| 789,264 | | |
| 756,718 | | |
| 822,202 | |
|