| Other payables and accrued liabilities |
Note
9 – Other payables and accrued liabilities
Other
payables and accrued liabilities consist of the following:
Schedule of other payables and accrued liabilities
| | |
As
of June
30, 2026 | | |
As
of December
31, 2025 | |
| | |
US$ | | |
US$ | |
| Accrued
expenses | |
$ | 492,118 | | |
$ | 482,921 | |
| Accrued
payroll | |
| 272,768 | | |
| 374,303 | |
| Accrued
interest (1) | |
| 1,758,591 | | |
| 1,456,779 | |
| Accrued
taxes payable | |
| 19,729 | | |
| 55,357 | |
| Accrued
professional fees | |
| 419,371 | | |
| 388,085 | |
| Secured
borrowings – recourse factoring liabilities (2) | |
| 102,613 | | |
| 103,506 | |
| Payables
to third-party vendors or service providers for administrative activities | |
| 1,107,682 | | |
| 808,159 | |
| Reimbursement
payables to employees | |
| 2,911 | | |
| 6,412 | |
| Refundable
deposit | |
| 21,115 | | |
| 41,115 | |
| Total
other payables and accrued liabilities | |
$ | 4,196,898 | | |
$ | 3,716,637 | |
| |
(1) |
Accrued
interest primarily relates to short-term loans from third parties, for which interest expense has been recognized but remains unpaid
as of the balance sheet date. Refer to Note 8 – Credit facilities for detail. |
| |
|
|
| |
(2) |
During
the six months ended June 30, 2026, the Company has factored its accounts receivable with recourse and accounted for the transaction
as secured borrowings and recorded as recourse factoring liabilities. The factoring company advanced 80% of the verified invoice
amount to the Company and retained 20% of the invoice amount as collateral until its customer fully repays the invoice amount. As
of June 30, 2026 and December 31, 2025, the carrying amount of the Company’s pledged accounts receivable associated with these
liabilities amounted to US$25,653 and US$25,877, respectively. For the six months ended June 30, 2026 and 2025, the Company has incurred
US$14,963 and US$25,816, respectively, cost associated with the factoring arrangement and recorded as interest expenses in the accompanying
unaudited condensed consolidated statements of operations and comprehensive loss. |
|