INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAX

The provision for income taxes consisted of the following:

	Financial Years ended December 31,
	2024			2023			2022
	US$’000			US$’000			US$’000
Income tax current year		-			10			529
Over provision for previous years		(310	)		(50	)		-
Deferred tax		-			(13	)		-
Income tax (benefit)/expense		(310	)		(53	)		529

SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE

The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the financial years ended December 31, 2024, 2023 and 2022 are as follows:

	Financial Years ended December 31,
	2024			2023			2022
	US$’000			US$’000			US$’000
(Loss)/Income before income taxes		(3,164	)		1,686			1,557
Statutory income tax rate		17	%		17	%		17	%
Income tax expense at statutory rate		(538	)		287			265
Tax effect of non-taxable income		(164	)		(443	)		(62	)
Tax effect of non-deductible items		236			156			339
Effect of lower tax rate in foreign jurisdictions		324			-			-
Tax refund		-			(49	)		-
Tax holiday		-			3			(13	)
Unrecognized deferred tax assets		142			-			-
Overprovision in prior years		(310	)		-			-
Other		-			(7	)		-
Income tax (benefit)/expense		(310	)		(53	)		529

SCHEDULE OF DEFERRED INCOME TAX ASSETS

The following table sets forth the significant components of the deferred tax assets and liabilities of the Company as of December 31, 2024 and 2023:

	Financial Years ended December 31,
	2024			2023		2022
	US$’000			US$’000		US$’000
Deferred tax asset:
Accelerated depreciation		11			11		8
Net operating loss carryforward		142			-		-
Total deferred tax assets		153			11		8
Less: Valuation allowance(1)		(142	)		-		-
Net deferred tax assets		11			11		8

(1) As of December 31, 2024, the Company determined that it is more likely than not that these deferred tax assets will not be realized. Accordingly, valuation allowance on net operating loss carryforward was provided.