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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (1,250,023) $ (2,937,506)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of right of use asset 35,507 15,620
Allowances for expected credit losses 122,843 1,372,573
Recovered for expected credit losses (842,401) 0
Bad debts 0 4,175
Depreciation of property, plant and equipment 74,611 63,147
Dividend income (59,653) (48,892)
Fair value gain on other investments (63,650) (223,284)
Loss arising from settlement of supplier contract dispute 29,140 0
Gain on disposal of other investments (35,098) 0
Gain on lease termination (578) 0
Interest 6,974 6,794
Property, plant and equipment written off 0 18
Share-base compensation 141,000 601,741
Stock written off 0 392
Operating loss before working capital changes (1,841,328) (1,145,222)
Changes in operating assets and liabilities:    
Inventories (251,306) (130,502)
Trade and other receivables 150,638 505,667
Trade and other payables (257,832) (364,617)
Advance payment from customer 22,834 (14,905)
Operating lease liabilities (24,342) 81,989
Tax recoverable 36,847 27,904
Net cash used in operating activities (2,164,489) (1,039,686)
Cash flows from investing activities:    
Acquisition of other investment (486,170) (296,109)
Dividend income 59,653 48,892
Purchase of plant and equipment (222,967) (148,461)
Proceeds from disposal of other investments 494,741 26,854
Proceeds from settlement of supplier contract dispute 78,787 0
Net cash used in investing activities (75,956) (368,824)
Cash flows from financing activities:    
Interest (6,974) (6,794)
Advances from Directors 5,362 0
Shares subscriptions 0 5,750,000
Net cash (used in)/generated from financing activities (1,612) 5,743,206
Foreign currency translation adjustment 449,940 (306,677)
NET CHANGE IN CASH AND CASH EQUIVALENTS (1,792,117) 4,028,019
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL PERIOD 5,929,336 2,118,864
CASH AND CASH EQUIVALENTS, END OF FINANCIAL PERIOD 4,137,219 6,146,883
CASH AND CASH EQUIVALENTS INFORMATION:    
Fixed deposits placed with financial institutions 2,075,503 1,442,098
Cash at bank 2,061,716 4,704,785
Cash and cash equivalents, end of financial period 4,137,219 6,146,883
Supplementary cash flow information:    
Interest paid (15,334) (9,746)
Income tax refunded 0 315
Income tax paid $ (39,842) $ (47,808)