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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 21,936,422 $ 20,235,227
Restricted cash 27,642 100,764
Trade receivables, net 5,922,345 5,630,805
Other current assets 2,291,439 1,665,571
Withholding taxes receivable, net 393,960 607,221
Inventories 274,854 506,403
Amount due from related parties 2,172,638
Assets held for sale 201,963
Total current assets 30,846,662 31,120,592
Non-current assets:    
Restricted cash 1,432,738 1,608,762
Property, plant and equipment 3,183,856 4,043,725
Right-of-use assets 2,268,022 2,688,208
Intangible assets, net 2,300,951 2,836,250
Goodwill 411,862 411,862
Withholding taxes receivable, net 1,967,826 1,617,625
Deferred tax assets, net 1,281,531 1,085,477
Other non-current assets 998,971 402,447
Total non-current assets 13,845,757 14,694,356
Total assets 44,692,419 45,814,948
Current liabilities:    
Trade payables and other current liabilities [1] 4,549,364 6,188,493
Borrowings 44,232 337,241
Borrowing from a related party 3,104,149
Current portion of operating lease liabilities 1,574,537 1,239,066
Current portion of finance lease liabilities, net 96,372 108,597
Amount due to related parties 2,898,506
Liabilities directly associated with the assets held for sale 130,876
Total current liabilities 6,264,505 14,006,928
Non-current liabilities:    
Borrowings 44,410
Operating lease liabilities 768,174 1,455,857
Finance lease liabilities, net 121,746 218,996
Provision for employee benefits 5,548,726 4,935,982
Total non-current liabilities 6,438,646 6,655,245
Total liabilities 12,703,151 20,662,173
Equity    
Ordinary shares – par value $0.12* authorized 300,000,000 shares, issued and outstanding 17,808,947 shares at December 31, 2024; issued and outstanding 9,830,373 shares at December 31, 2023 [2] 2,137,108 1,179,680
Subscription receivable (50,000) (50,000)
Additional paid in capital 93,102,042 80,983,164
Legal reserve 223,500 223,500
Warrants reserve 251,036 251,036
Accumulated deficit (64,204,840) (58,340,675)
Accumulated other comprehensive income 590,981 985,120
Capital & reserves attributable to equity holders of the Company 32,049,827 25,231,825
Non-controlling interests (60,559) (79,050)
Total equity 31,989,268 25,152,775
Total liabilities and equity $ 44,692,419 $ 45,814,948
[1] Certain other current liability items on the financial statements were merged to enhance the clarity and relevance for the year ended December 31, 2024 and 2023, please refer to the detailed information under Note 12.
[2] Giving retroactive effect to the 2023 share consolidation on January 31, 2023.