TRADE RECEIVABLES

12 Months Ended

Dec. 31, 2024

TRADE RECEIVABLES

TRADE RECEIVABLES

NOTE 3 – TRADE RECEIVABLES

The Company’s trade receivables represent amounts due from customers that are unrelated parties and related parties of $47,272 and $4,520 respectively for year 2024 and 2023. Trade receivables are initially recognized at the invoiced amount and subsequently measured at amortized cost, net of an allowance for expected credit losses. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Trade receivables are written off when they are determined to be uncollectible, and all reasonable collection efforts have been exhausted.

As of December 31, 2024, the Company performed an analysis of all outstanding trade receivables in accordance with the expected credit loss model under ASC 326. The Company considered historical collection trends, aging of balances, customer credit profiles, and current and forecasted economic conditions in estimating the allowance.

The Company’s standard credit terms range from 30 to 90 days. Certain receivables are interest-bearing. Specifically, Intralink Techno was charged with interest at 6% per annum from May 2021 to June 2023. From July 2023 onwards, the Company increased its interest rate to 8.4%.

	As of
	December 31,			December 31,
	2024			2023
Trade receivables		1,894,448			2,107,182
Allowances for expected credit losses		(508,542	)		(1,314,427	)
Foreign translation differences		(9,335	)		6,919
Total trade receivables, net	$	1,376,571		$	799,674

Movement for trade receivables allowance for impairment accounts:

	As of
	December 31,			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
Provision for expected credit losses		883,533			942,800
Recoveries for expected credit losses		(1,689,412	)		-
Foreign translation differences		16,258			(6,919	)
At December 31, 2024 and 2023	$	517,877		$	1,307,508