| 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 |
) |
|