Provisions (Tables)

12 Months Ended

Dec. 31, 2023

Provisions [Abstract]

Schedule of Provisions

	2023			2022
	US$			US$
Provision for reinstatement costs		71,872			100,483
Provision for defined benefit obligations		194,260			101,913
As at December 31		266,132			202,396
Provision for reinstatement costs
As at January 1		100,483			68,733
Additional provision		-			26,327
Remeasurement of lease modifications		-			2,231
Settled during the year		(31,782	)		-
Increase in discounted amounts arising from the passage of time		4,009			4,184
Exchange realignment		(838	)		(992	)
As at December 31		71,872			100,483
Portion classified as current liabilities		(71,872	)		(66,118	)
Non-current portion		-			34,365

Schedule of Principal Actuarial Assumptions

The principal actuarial assumptions used as at the end of the reporting period are as follows:

	2023		2022
Discount rate (%)		6.15 - 6.19		7.39 - 7.41
Expected rate of salary increases (%)		6.00		6.00

Schedule of Quantitative Sensitivity Analysis for Significant Assumptions

A quantitative sensitivity analysis for significant assumptions as at the end of the reporting period is shown below:

			Increase/					Increase/
			(decrease)					(decrease)
			in defined					in defined
	Increase		benefit			Decrease		benefit
	in rate		obligations			in rate		obligations
	%		US$			%		US$
2023
Discount rate		1		(34,297	)		1		43,440
Future annual salary increases		1		43,349			1		(34,637	)
2022
Discount rate		1		(17,571	)		1		22,380
Future annual salary increases		1		22,477			1		(17,927	)

Schedule of Total Expenses Recognized in the Consolidated Statements of Loss and Other Comprehensive (Loss)/Income

The total expenses recognized in the consolidated statements of loss and other comprehensive (loss)/income in respect of the plan are as follows:

	2023		2022		2021
	US$		US$		US$
Current service cost		49,109		69,689		152,091
Interest cost		7,563		5,687		4,188
Net benefit expenses recognized in general, administrative and other operating expenses		56,672		75,376		156,279

Schedule of Defined Benefit Obligations Classified as Non-Current Liabilities

The movements in the defined benefit obligations classified as non-current liabilities are as follows:

	2023			2022
	US$			US$
At January 1		101,913			115,532
Current service cost		49,109			69,689
Interest cost		7,563			5,687
Benefits paid		-			(14,402	)
Remeasurement losses/(gains) credited to other comprehensive (loss)/income arising from:
Changes in financial assumptions		41,325			(37,030	)
Experience adjustments		(6,440	)		(28,221	)
Exchange realignment		790			(9,342	)
At December 31		194,260			101,913