| DEPOSITS, PREPAYMENT AND OTHER RECEIVABLES, NET |
NOTE 5 — DEPOSITS, PREPAYMENT AND OTHER RECEIVABLES,
NET
Deposits, prepayment and other receivables cost,
net consist of the following:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Current | |
| | |
| |
| Other receivables | |
$ | 33,442 | | |
$ | 121,533 | |
| Deposits | |
| 199,935 | | |
| 73,917 | |
| Prepayment | |
| 120,542 | | |
| 197,706 | |
| Loan receivable from a third party (a) | |
| 75,000 | | |
| - | |
| Advanced payment to supplier | |
| 74,674 | | |
| - | |
| Less: allowance for expected credit loss | |
| (5 | ) | |
| (4 | ) |
| | |
$ | 503,588 | | |
$ | 393,152 | |
| | |
| | | |
| | |
| Deposit with a digital asset broker | |
$ | 34,987 | | |
$ | 1,000,000 | |
| | |
| | | |
| | |
| Receivables from agents | |
$ | 794,116 | | |
$ | 1,191,795 | |
| | |
| | | |
| | |
| Deposit for land acquisition (b) | |
$ | 4,614,749 | | |
$ | - | |
| | |
| | | |
| | |
| Non-current | |
| | | |
| | |
| Prepayment | |
$ | - | | |
$ | 33,333 | |
| (a) | The loan is unsecured, interest free and is repayable on demand. |
| (b) | No definitive agreement has been concluded to date regarding this deposit paid for the acquisition of land in Ras Al Khaimah, UAE. |
The movement of allowances for expected credit
loss is as follow:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Balance at beginning of the year | |
$ | (4 | ) | |
$ | (14 | ) |
| Provision during the year | |
| (1 | ) | |
| - | |
| Reversal of provision (Provision) | |
| - | | |
| 10 | |
| Ending balance | |
$ | (5 | ) | |
$ | (4 | ) |
|