Trade and Other Receivables

6 Months Ended

Jun. 30, 2026

Trade and Other Receivables [Abstract]

10	TRADE AND OTHER RECEIVABLES

	June 30, 2026			December 31, 2025
	US$			US$
Trade receivables
- Third parties		11,177,028			9,494,364
- Related parties		-			-
		11,177,028			9,494,364
Less: Provision for allowance for expected credit losses - trade receivables		(5,428,330	)		(4,548,696	)
		5,748,698			4,945,668

Other receivables		20,278,581			21,420,605
Less: Provision for allowance for expected credit losses - other receivables		(2,311,190	)		(2,573,502	)
		17,967,391			18,847,103

Deposits		3,198,324			281,671
Prepayments		9,682,884			5,438,233
		30,848,599			24,567,007
Total trade and other receivables		36,597,297			29,512,675

Movement in provision for allowance for expected credit losses on trade receivables is as follows:

At beginning of the year		4,548,696			469,101
Additions		1,840,510			5,155,117
Write off / Reversal		(960,876	)		(60,807	)
Disposal of subsidiaries		-			(637,425	)
Currency realignment		-			(377,290	)
At end of the year		5,428,330			4,548,696

Movement in provision for allowance for expected credit losses on other receivables is as follows:

At beginning of the year		2,573,502			366,408
Additions		202,345			2,866,997
Write off / Reversal		(464,657	)		(265,921	)
Disposal of subsidiaries		-			(317,633	)
Currency realignment		-			(76,349	)
At end of the year		2,311,190			2,573,502

The average credit period for services rendered is 30 days (2025: 30 days). No interest is charged on the outstanding balances.

	June 30, 2026			December 31, 2025
	US$			US$
Not past due		2,011,021			1,161,427
Past due ⁽ⁱ⁾		9,166,007			8,332,937
Less: Provision for allowance for expected credit losses		(5,428,330	)		(4,548,696	)
		5,748,698			4,945,668

A majority of the Company’s trade receivables that are neither past due nor impaired are with creditworthy counterparties with good track record of credit history.

(i) Aging of receivables that are past due the average credit period:

	June 30, 2026		December 31, 2025
	US$		US$
< 30 days		11,020		21,842
31 days to 60 days		661,020		23,193
61 days to 210 days		45,307		234,297
211 days to 240 days		490		879
241 days to < 1 year		8,448,170		8,052,726
Total ⁽ⁱⁱ⁾		9,166,007		8,332,937

(ii) These amounts are stated before any deduction for provision for allowance for ECL and are not secured by any collateral or credit enhancements.

In determining the recoverability of trade and other receivables, the Company considers any changes in the credit quality of the trade receivables from the date credit was initially granted up to the reporting date. There was no significant change in credit quality for the Company’s trade and other receivables balances which are past due and partially impaired.

The allowance for ECL has been determined by taking into consideration recovery prospects and past doubtful experience.

As part of the Company’s credit risk management, the Company assesses the impairment for its customers based on different group of customers which share common risk characteristics that are representative of the customers’ abilities to pay all amounts due in accordance with the contractual terms.

Allowance for ECL on trade and other receivables has been measured at an amount equal to lifetime ECL. The ECL on trade and loan receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate.

As of June 30, 2026, the provision matrix applies the following ECL rates to trade receivables, based on the age of the receivables ranged from 21.37% to 44.00% (2025: 5.35% to 6.78%). For other receivables, the Company applies the ECL rate ranging from 0.25% to 7.50% (2025: 3.00% to 15.00%).

In addition to the general provision matrix, the Company assesses certain specific trade and other receivables individually. This individual assessment is based on direct contact with the debtor, historical payment behavior, and other relevant factors to determine whether there are specific recoverability issues.

The Company assesses ECL on an annual basis to ensure that the ECL allowance remains appropriate and reflective of current credit risk conditions. There have been no changes in estimation techniques or significant assumptions used in calculating ECL during the current reporting period. A receivable is written off when there is objective evidence that the debtor is experiencing significant financial hardship and there is no reasonable expectation of recovery. Indicators of such conditions include the debtor entering liquidation or significant deterioration in creditworthiness with no expected future cash flows.

The following table details the provision for ECL based on the Company’s provision matrix, based on past due status is not further distinguished between the Company’s different customer base:

	Trade receivables – days past due
	Not past due		1 to 30 days		31-60 days		61-210 days		211 - 240 days		Over 241 days		Total
	US$		US$		US$		US$		US$		US$		US$
Lifetime ECL – June 30, 2026		-		2,355		141,735		10,076		109		5,274,055		5,428,330
Lifetime ECL – December 31, 2025		-		1,169		1,210		14,163		58		4,532,096		4,548,696

As of June 30, 2026, prepayment mainly consists of:

The Company made an advance payment of US$7.0 million to a third-party vendor for IT and AI-related consultancy services. As of December 31, 2025, consultancy services amounting to US$4.53 million were utilized and recognized accordingly. As of June 30, 2026, consultancy services amounting to US$ 500 thousand were utilized and recognized accordingly. The remaining balance of US$1.97 million represents prepaid consultancy services to be utilized in future periods.

The development of Vendor and Customer relationship management system (“VCRM”) by a third-party company. This VCRM will streamline vendor onboarding, customer engagement, relationship tracking, performance reporting, and communication while ensuring high usability, data accuracy, and system scalability. The system is estimated to be completed within 2 years. The total contract value sum is US$ 900 thousand (December 31, 2025: US$ 1.2million), which is settle via issuance of the Company’s ordinary shares.

	3.	The development of Cloud Management Platform Development (“CMP”) was outsourced to a third-party company at a total cost of US$1.1 million (December 31, 2025: US$ 1.3 million), which is settle via issuance of the Company’s ordinary shares. The CMP will enable centralized monitoring, providing, billing and management of multi-cloud environments with robust user control, automation, and analytics capabilities. The system is estimated to be completed within 2 years.

	4.	Legal service from a third-party US legal entity for total cost of US$ 938 thousand (December 31, 2025: US$ 938 thousand)

	5.	As of December 31, 2025, pursuant to a Securities Purchase Agreement entered into with S2MA Capital Limited, the Company issued 880,000 ordinary shares with a fair value of US$880 thousand as a deposit toward the acquisition of 250 million OOBT digital assets for an aggregate purchase consideration of US$50.0 million. The US$880 thousand fair value of the shares issued was recognized as a prepayment toward the total purchase consideration pending completion of the acquisition and delivery of the digital assets.

	6.	On February 20, 2026, the Company entered into a Call Option Agreement with two investors to acquire 615,000 Class A ordinary shares of Reveillon Group Limited (“Reveillon”) from each investor. As of June 30, 2026, the Company paid an option fee of US$1,230,000 to each investor through the issuance of the Company's ordinary shares at an agreed price of US$0.20 per share. The option fee constitutes the full consideration for the acquisition of the underlying shares, with no further consideration payable upon exercise of the option. The option had not been exercised, and the underlying shares had not been transferred to the Company. The amount has been presented under prepayments and other receivables in the interim unaudited condensed consolidated statement of financial position, subject to the assessment of its appropriate accounting classification under IFRS.

	7.	On February 15, 2026, the Company issued 6,000,000 ordinary shares to Teo Jia He, with an aggregate value of US$1,200,000, as advance consideration for future referral services. As of June 30, 2026, the referral services had not yet been rendered, and the prepaid amount remained fully unutilized. Accordingly, the amount of US$1,200,000 was recorded under prepayments and other receivables in the interim unaudited condensed consolidated statement of financial position.

Included in the deposits is a share pledge issued to sundry payables in relation to the advance provided to the Company, as disclosed in Note 18 of share capital.