TRADE RECEIVABLES

9 Months Ended

Sep. 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 September 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 through June 2023. From July 2023 onwards, Chemrex had increased the interest to 8.4%. Chemrex imposed 6% per annum interest on Mawintech Sdn Bhd from May 2021 through the current date. The normal trade credit terms are generally 30 days to 90 days.

	As of
	September 30,			December 31,
	2024			2023
Trade receivables		2,072,588			2,107,182
Allowances for expected credit losses		(596,332	)		(1,314,427	)
Foreign translation differences		(50,913	)		(6,919	)
	$	1,425,343		$	799,674

Movement for trade receivables allowance for impairment accounts:

	As of
	September 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		853,686			942,800
Recovered for expected credit losses		(1,571,782	)		-
Foreign translation differences		57,832			(6,919	)
	$	647,244		$	1,307,508