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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and bank balances $ 1,583,479 $ 2,623,965
Fixed deposits placed with financial institutions (including $1,490,461 and $1,411,626 of fixed deposits with original maturities more than 3 months as of December 31, 2024 and 2023) 2,793,948 3,305,371
Trade receivables, net of allowance for credit losses of $517,877 and $1,307,508 as of December 31, 2024 and 2023 respectively (including $47,272 and $4,520 of trade receivables from related parties as of December 31, 2024 and 2023 respectively) 1,376,571 799,674
Other receivables, deposits and prepayments 203,660 122,432
Tax Recoverable 84,167 57,588
Inventories (including goods in transit of $188,797 and $Nil as of December 31, 2024 and 2023 respectively) 1,388,624 1,137,770
Total current assets 7,430,449 8,046,800
NON-CURRENT ASSETS    
Operating lease right of use assets 215,243 141,544
Property, plant and equipment, net 1,522,990 1,511,618
Other investments 1,265,166 1,699,831
Total non-current assets 3,003,399 3,352,993
TOTAL ASSETS 10,433,848 11,399,793
CURRENT LIABILITIES    
Trade payables (including $Nil and $21,953 of trade payables from related parties for December 31, 2024 and 2023 respectively) 1,503,326 1,402,180
Other payables and accrued liabilities 284,108 180,912
Current portion of operating lease liabilities 50,816 34,632
Advance payment from customer 95,879 0
Amount owing to directors 17,174 13,199
Total current liabilities 1,951,303 1,630,923
NON-CURRENT LIABILITIES    
Non-current portion of operating lease liabilities 159,741 98,763
Deferred tax liabilities 0 12,255
Total non-current liabilities 159,741 111,018
TOTAL LIABILITIES 2,111,044 1,741,941
STOCKHOLDERS' EQUITY    
As at December 31, 2024, common stock, no par value; 300,000,000 shares authorized and 17,967,663 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding. As at December 31, 2023, common stock, no par value; 300,000,000 shares authorized and 17,667,663 shares outstanding, and preferred stock, no par value 30,000,000 shares authorized and no shares outstanding (on a post-reverse stock split basis)*. 17,332,315 17,191,315
Additional paid in capital (5,011,891) (5,011,891)
Accumulated deficit (3,442,620) (1,844,278)
Accumulated other comprehensive losses (555,000) (677,294)
TOTAL STOCKHOLDERS' EQUITY 8,322,804 9,657,852
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,433,848 $ 11,399,793