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Unaudited Interim Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 24,738,377 $ 6,930,639
Restricted cash 17,059
Trade receivables 5,127,998 5,400,186
Other receivables 817,564
Other current assets 2,380,718 1,743,008
Withholding tax receivable, net 536,974 757,024
Inventories 1,636,245 5,105,770
Amounts due from related parties 7,716,503 14,508,873
Total current assets 42,153,874 35,263,064
Non-current assets:    
Restricted cash 1,274,956 1,300,005
Property, plant and equipment 6,018,408 8,066,761
Right-of-use assets 3,323,870 4,171,409
Intangible assets, net 6,954,467 5,793,143
Goodwill 1,416,405 2,679,445
Withholding tax receivable, net 1,921,073 1,934,072
Deferred tax assets, net 634,619 1,511,753
Other non-current assets 397,030 447,322
Total non-current assets 21,940,828 25,903,910
Total assets 64,094,702 61,166,974
Current liabilities:    
Trade and other payables 3,065,838 2,633,995
Borrowings 3,509,709 3,181,616
Borrowing from a related party 1,666,846 3,148,500
Current portion of operating lease liabilities 1,645,233 1,774,192
Current portion of finance lease liabilities, net 200,383 398,136
Other current liabilities 2,837,287 2,477,369
Amounts due to related parties 3,703,038 3,868,691
Convertible note payables 606,786 1,730,267
Total current liabilities 17,235,120 19,212,766
Non-current liabilities:    
Borrowings 13,727,574 13,899,818
Operating lease liabilities 1,686,803 2,340,075
Borrowings from related parties 1,437,303 1,455,649
Finance lease liabilities 229,747 233,550
Other non-current liabilities 43,200
Provision for employee benefits 4,775,062 4,849,614
Total non-current liabilities 21,856,489 22,821,906
Total liabilities 39,091,609 42,034,672
Equity    
Ordinary shares – par value $0.12 authorized 300,000,000 shares, issued and outstanding 6,883,223 shares at June 30, 2023; par value $0.12 authorized 7,500,000 shares, issued and outstanding 1,618,977 shares at December 31, 2022 826,022 194,313
Subscription receivable (50,000) (50,000)
Additional paid in capital 65,150,407 46,231,302
Legal reserve 223,500 223,500
Warrants reserve 251,036 251,036
Accumulated deficit (42,588,233) (28,769,014)
Accumulated other comprehensive income 1,281,904 1,112,494
Capital & reserves attributable to equity holders of the Company 25,094,636 19,193,631
Non-controlling interests (91,543) (61,329)
Total equity 25,003,093 19,132,302
Total liabilities and equity $ 64,094,702 $ 61,166,974