Financial Instruments, Financial Risks and Capital Risks Management (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Financial Instruments, Financial Risks and Capital Risks Management [Abstract] |
|
| Schedule of Financial Instruments at the End of the Reporting Period |
The following table sets out the financial
instruments as at the end of the reporting period:
| | |
December 31,
2024 | | |
December 31,
2025 | |
| | |
US$ | | |
US$ | |
| Financial assets | |
| | |
| |
| Cash and bank balances | |
| 8,100,899 | | |
| 940,963 | |
| Trade and other receivables (excluding prepayments) | |
| 19,378,050 | | |
| 24,074,442 | |
| Inventories | |
| - | | |
| 257,485 | |
| Loan receivables | |
| 16,845,821 | | |
| - | |
| Finance assets, at fair value through other comprehensive income | |
| 28,547,482 | | |
| 17,513,555 | |
| Amount due from related parties | |
| - | | |
| 62,833,133 | |
| | |
| | | |
| | |
| Financial liabilities | |
| | | |
| | |
| Trade and other payables | |
| 4,415,133 | | |
| 13,237,049 | |
| Bank and other borrowings | |
| 182,391 | | |
| - | |
| Amount due to related parties | |
| 487,111 | | |
| 456,084 | |
| Convertible notes liabilities | |
| - | | |
| 2,930,281 | |
| Warrant liabilities | |
| 33,305 | | |
| 2,625,440 | |
|
| Schedule of Currency Exposure of Financial Assets and Financial Liabilities |
The currency exposure of financial
assets and financial liabilities denominated in currencies other than the Company’s functional currency is as follows:
| |
|
Assets |
|
|
Liabilities |
|
| |
|
December 31,
2024 |
|
|
December 31,
2025 |
|
|
December 31,
2024 |
|
|
December 31,
2025 |
|
| |
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Singapore Dollar |
|
|
- |
|
|
|
90,615 |
|
|
|
- |
|
|
|
- |
|
| Malaysia ringgit |
|
|
17,762,178 |
|
|
|
24,079,176 |
|
|
|
4,220,536 |
|
|
|
4,501,621 |
|
The sensitivity analysis
includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% (2024:
5%) change in foreign currency rates.
| |
|
December 31,
2024 |
|
|
December 31,
2025 |
|
| |
|
US$ |
|
|
US$ |
|
| |
|
|
|
|
|
|
| Singapore Dollar |
|
|
- |
|
|
|
4,531 |
|
| Malaysia ringgit |
|
|
677,082 |
|
|
|
978,878 |
|
|
| Schedule of Current Credit Risk Grading Framework |
The Company’s current credit
risk grading framework comprises the following categories:
| Category | | Description | | Basis for recognising ECL | | Performing | | The counterparty has a low risk of default and does not have any past-due amounts | | 12-month ECL | | Doubtful | | There has been a significant increase in credit risk since initial recognition | | Lifetime ECL-
not credit-impaired | | In default | | There is evidence indicating the asset is credit impaired | | Lifetime ECL - credit impaired | | Write-off | | There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery | | Amount is written off |
|
| Schedule of Non-derivative Financial Liabilities |
The adjustment column represents the possible future cash flows attributable to the instrument included in the carrying
amount of the financial liabilities on the statement of financial position.
| | |
Weighted | | |
On | | |
| | |
| |
| | |
average | | |
demand | | |
| | |
| |
| | |
effective | | |
or within | | |
Within | | |
| |
| | |
interest rate | | |
1 year | | |
2 to 5 years | | |
Total | |
| | |
% | | |
US$ | | |
US$ | | |
US$ | |
| | |
| | |
| | |
| | |
| |
| 2025 | |
| | |
| | |
| | |
| |
| Non-interest bearing | |
| - | | |
| 13,929,371 | | |
| 456,084 | | |
| 14,385,455 | |
| Fixed interest rate | |
| 3.5-5% | | |
| 399,858 | | |
| 346,754 | | |
| 746,612 | |
| Variable interest rate | |
| BLR+2.6% | | |
| - | | |
| - | | |
| - | |
| Total | |
| | | |
| 14,329,229 | | |
| 802,838 | | |
| 15,132,067 | |
| | |
| | | |
| | | |
| | | |
| | |
| 2024 | |
| | | |
| | | |
| | | |
| | |
| Non-interest bearing | |
| - | | |
| 4,902,244 | | |
| - | | |
| 4,902,244 | |
| Fixed interest rate | |
| 3.5-5% | | |
| 82,431 | | |
| 37,553 | | |
| 119,984 | |
| Variable interest rate | |
| BLR+2.6% | | |
| 160,455 | | |
| 21,936 | | |
| 182,391 | |
| Total | |
| | | |
| 5,145,130 | | |
| 59,489 | | |
| 5,204,619 | |
| | |
| | | |
| | | |
| | | |
| | |
| 2023 | |
| | | |
| | | |
| | | |
| | |
| Non-interest bearing | |
| - | | |
| 4,507,068 | | |
| - | | |
| 4,507,068 | |
| Fixed interest rate | |
| 3.5-5% | | |
| 148,371 | | |
| 191,363 | | |
| 339,734 | |
| Variable interest rate | |
| BLR+2.6% | | |
| 9,520 | | |
| 17,711 | | |
| 27,231 | |
| Total | |
| | | |
| 4,664,959 | | |
| 209,074 | | |
| 4,874,033 | |
|
| Schedule of Debt-to-Equity Ratio |
Management monitors capital based on debt-to-equity
ratio. The debt-to-equity ratio is calculated as total debt divided by total equity. Total debt is calculated as borrowings plus trade
and other payables
| | |
December 31,
2024 | | |
December 31,
2025 | |
| | |
US$ | | |
US$ | |
| Total debts | |
| 5,204,619 | | |
| 20,693,170 | |
| Total equity | |
| 86,321,816 | | |
| 96,211,092 | |
| | |
| | | |
| | |
| Debt-to-equity % | |
| 6.02 | % | |
| 21.51 | % |
|
| Schedule of Single Customers |
The following table sets forth a summary
of single customers who represent 10% or more of the Company’s total revenue:
| | |
December 31, 2023 | | |
December 31, 2024 | | |
December 31, 2025 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Amount of the Company’s revenue: | |
| | | |
| | | |
| | |
| Customer A | |
| 4,961,176 | | |
| NA | | |
| NA | |
| Customer B | |
| 6,873,864 | | |
| NA | | |
| NA | |
| Customer C | |
| 1,693,885 | | |
| NA | | |
| NA | |
The following table sets forth a summary
of single customers who represent 10% or more of the Company’s total trade receivable:
| | |
| December 31,
2024 | | |
| December 31,
2025 | |
| | |
| US$ | | |
| US$ | |
| Amount of the Company’s trade receivable: | |
| | | |
| | |
| Customer A | |
| 520,344 | | |
| NA | |
|