ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2024

Credit Loss [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE－4 ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

	As of December 31,
	2024			2023
	US$’000			US$’000
Accounts receivable – third parties		6,322			5,578
Accounts receivable – related parties		732			166
Total accounts receivable		7,054			5,744
Less: Allowance for expected credit loss		(873	)		(403	)
Accounts receivable, net		6,181			5,341
Allowance for expected credit loss movement:
Beginning of the financial year		403			284
Add: Provision for estimated credit losses		532			145
Less: Estimated credit losses no longer required		(58	)		-
(Less): Currency translation differences		(4	)		(26	)
End of the financial year		873			403

The Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable losses and an allowance for expected credit loss, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecasted economic and market conditions. Accounts receivables are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.