TRADE RECEIVABLES

12 Months Ended

Dec. 31, 2023

TRADE RECEIVABLES

TRADE RECEIVABLES

NOTE 3 – TRADE RECEIVABLES

The Company has performed an analysis on all its trade receivables. As such, trade receivables are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful debts and expected credit losses is made when collection of the full amount is no longer probable. Bad debts are written off as identified for the quarter ended December 31, 2023. The Company’s trade receivables consist of receivable from customers which are unrelated to the Company. The account receivables are interest bearing at a rate of 6% per annum on Interlink Techno started in May 2021 till June 2023. From July 2023 onwards, Chemrex had increased the interest to 8.4%. Chemrex imposed 6% per annum interest on Mawintech Sdn Bhd since May 2021 till to date. The normal trade credit term is generally on 30 days to 90 days term.

	As of
	December 31,			December 31,
	2023			2022
Trade receivables		2,107,182			2,868,364
Allowances for expected credit losses		(1,314,427	)		-
Foreign translation differences		(6,919	)
	$	799,674		$	2,868,364

 Movement for trade receivables allowance for impairment accounts:

	2023			2022
At January 1		-			-
Impacts arising from application of Topic 326		371,627			-
At January 1, (restated)		371,627			-
Charge for the year		942,800			-
Foreign translation differences		(6,919	)		-
At December 31	$	1,307,508		$	-