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SHORT-TERM AND LONG-TERM BANK LOANS (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
SCHEDULE OF SHORT TERM DEBT

Short-term and long-term bank loans consist of the following:

 

Credit agreement

entered date

  Provider 

Facilities

 

Interest

rate

   

Limits

    

Utilized as of

December 31,

 
                

2022

  

2021

 

August 23, 2021
  The Bank of East Asia, Limited (“BEA”)  General banking facilities      641,262  

-

    - 
      (i) Invoice financing loan  Higher of HIBOR +2.5% or Prime rate -1%      

-

    

241,884

 
      (ii) Bank overdraft  Higher of HIBOR +3% or Prime rate      

-

    - 
                         
September 27, 2021  BEA  Non-revolving term loan under SME Financing Guarantee Scheme  Prime Rate -2.50%   769,514    -    - 
      - Short-term loan portion           99,640    16,655 
      - Long-term loan portion           653,185    752,859 
                         
August 1, 2022  BEA  General banking facilities      641,109    -    - 
      (i) Invoice financing loan  Higher of HIBOR +2.5% or Prime rate -1%        99,020    - 
      (ii) Revolving loan  Higher of HIBOR +3% or Prime rate -0.5%        256,443    - 
      (iii) Bank overdraft  Higher of HIBOR +3% or Prime rate        -    -