v3.26.1
Accounts Receivable
12 Months Ended
Dec. 31, 2025
Accounts Receivable [Abstract]  
ACCOUNTS RECEIVABLE
14. ACCOUNTS RECEIVABLE

 

   2025   2024 
   US$   US$ 
         
Accounts receivable   18,864,241    13,644,371 
Allowance for expected credit losses   (118,669)   (106,475)
           
Net carrying amount   18,745,572    13,537,896 

 

As at January 1, 2024, accounts receivables from contracts with customers of the Group amounted to US$17,236,384.

 

The Group’s trading terms with its customers are mainly on credit. The credit period is generally one to three months. The Group seeks to maintain strict control over its outstanding receivables and overdue balances are reviewed regularly by management. The Group does not hold any collateral or other credit enhancements over its accounts receivable balances. Accounts receivable are non-interest-bearing.

The movements in the allowance for expected credit losses are as follows:

 

   2025   2024 
   US$   US$ 
         
At January 1   106,475    109,651 
Provision for expected credit losses   26,324    112,122 
Write off   (11,683)   (112,246)
Exchange realignment   (2,447)   (3,052)
           
At December 31   118,669    106,475 

 

An analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for customers with similar loss patterns by geographical region. The calculation reflects reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, accounts receivable are written off if past due for more than two years and are not subject to enforcement activity.

 

As at December 31, 2025, accounts receivables included an aggregate balance of US$170,563 (2024: US$109,959) for revenue earned from companies controlled by a shareholder with significant influence over the Company (see note 28).

 

Set out below is the information about the credit risk exposure on the Group’s accounts receivable using a provision matrix:

 

   Expected   Gross   Expected 
   credit   carrying   credit 
   loss rate   amount   loss 
   %   US$   US$ 
             
As at December 31, 2025            
Current to 6 months past due   0.05%   18,602,300    9,244 
6 months to 12 months past due   1.79%   54,828    980 
Over 12 months past due   52.36%   207,113    108,445 
                
    0.63%   18,864,241    118,669 
                
As at December 31, 2024               
Current to 6 months past due   0.22%   13,219,385    28,796 
6 months to 12 months past due   7.19%   333,152    23,964 
Over 12 months past due   58.49%   91,834    53,715 
                
    0.78%   13,644,371    106,475