RIGHT-OF-USE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Right-of-use Assets

SCHEDULE OF BALANCE SHEET CLASSIFICATION

The table below presents the lease-related assets and liabilities recorded on the balance sheet.

	As of December 31,
	2024		2023
	US$’000		US$’000
Assets
Finance lease, right-of-use asset, net (classified under property and equipment, net)		507		1,006
Operating lease, right-of-use asset, net		774		1,592
Total right-of-use asset		1,281		2,598
Liabilities
Current:
Finance lease liabilities		4,017		2,674
Operating lease liabilities		564		808
		4,581		3,482
Non-current:
Finance lease liabilities		4,460		3,470
Operating lease liabilities		226		795
Lease liabilities non-current		4,686		4,265
Total lease liabilities		9,267		7,747

SCHEDULE OF LEASE EXPENSE

The Company excludes short-term leases (those with lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets. The following tables summarize the lease expense for the financial years.

	Financial Years ended December 31,
	2024		2023		2022
	US$’000		US$’000		US$’000
Finance lease cost:
Interest on lease liabilities (per ASC 842)		36		97		66
Operating lease cost:
Operating lease expense (per ASC 842)		812		866		828
Short-term lease expense (other than ASC 842)		444		44		20
Total lease expense		1,256		910		848

SCHEDULE OF FUTURE OF LEASE LIABILITIES

The below table summarizes our (i) minimum lease payments over the next five years, (ii) lease arrangement implied interest, and (iii) present value of future lease payments for the next three years ending December 31:

Financial Years ending December 31,	Operating and finance lease amount
	US$’000
2025	4,904
2026		5,233
Less: interest		(870	)
Present value of lease liabilities		9,267
Representing:
Current liabilities		4,581
Non-current liabilities		4,686
		9,267