TRADE RECEIVABLES

6 Months Ended

Jun. 30, 2024

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 June 30, 2024. 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
	June 30,			December 31,
	2024			2023
Trade receivables		1,794,719			2,107,182
Allowances for expected credit losses		(851,002	)		(1,314,427	)
Foreign translation differences		44,245			(6,919	)
	$	987,962		$	799,674

Movement for trade receivables allowance for impairment accounts:

	As of
	June 30,			December 31,
	2024			2023
At January 1, 2024 and January 1, 2023		1,307,508			-
Impacts arising from application of Topic 326		-			371,627
At January 1, 2024 and January 1, 2023, (restated)		1,307,508			371,627
Charge for the period/year
Allowances for expected credit losses		804,714			942,800
Recovered for expected credit losses		(1,268,139	)		-
Foreign translation differences		(37,326	)		(6,919	)
	$	806,757		$	1,307,508