Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

13. LEASES

The Group as a lessee

The Group has lease contracts for offices premises and office equipment used in its operations. Leases of offices generally have lease periods of two to three years, while the office equipment has a lease term of five years. Generally, the Group is restricted from assigning and subleasing the leased assets outside the Group.

(a) Right-of-use assets

The carrying amount of the Group’s right-of-use assets and the movements during the year is as follows:

	Office			Office
	premises			equipment			Total
	US$			US$			US$
At January 1, 2022		449,044			7,626			456,670
Additions		1,320,921			-			1,320,921
Remeasurement on lease modifications		(128,756	)		-			(128,756	)
Depreciation charge		(866,094	)		(5,063	)		(871,157	)
Exchange realignment		761			(25	)		736
At December 31, 2022 and January 1, 2023		775,876			2,538			778,414
Additions		412,276			7,118			419,394
Remeasurement on lease modifications		134,429			-			134,429
Depreciation charge		(740,950	)		(3,006	)		(743,956	)
Exchange realignment		1,447			(7	)		1,440
At December 31, 2023		583,078			6,643			589,721

(b) Lease liabilities

The carrying amount of lease liabilities and the movements during the year are as follows:

	2023			2022
	US$			US$
Carrying amount at January 1		785,687			486,678
New leases		416,451			1,237,069
Remeasurement on lease modifications		133,171			(64,390	)
Accretion of interest recognized during the year		48,363			42,130
Payments		(779,271	)		(915,438	)
Exchange realignment		1,660			(362	)
Carrying amount at December 31		606,061			785,687
Analyzed into:
Current portion		574,630			492,735
Non-current portion		31,431			292,952

(c) The amounts recognized in profit or loss in relation to leases are as follows:

	2023		2022		2021
	US$		US$		US$
Interest on lease liabilities		48,363		42,130		48,171
Depreciation charge of right-of-use assets		743,956		871,157		784,029
Expense relating to short-term leases		42,931		157,264		330,400
Loss on lease modifications		-		65,406		-
Total amount recognized in profit or loss		835,250		1,135,957		1,162,600

(d) The Group’s total cash outflows for leases are disclosed in Note 29(b) to the financial statements. The Group also had non-cash additions/lease modifications to right-of-use assets and lease liabilities of US$553,823 (2022: US$1,192,165; 2021: US$209,521) and US$549,622 (2022: US$1,172,679; 2021: US$206,250), respectively.