Financial Risk Management Objectives and Policies (Tables)

12 Months Ended

Dec. 31, 2023

Financial Risk Management Objectives and Policies [Abstract]

Schedule of Gross Carrying Amounts for Financial Assets

The tables below show the credit quality and the maximum exposure to credit risk based on the Group’s credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as at December 31. The amounts presented are gross carrying amounts for financial assets.

	12-month ECLs		Lifetime ECLs
							Simplified
	Stage 1		Stage 2		Stage 3		approach		Total
	US$		US$		US$		US$		US$
December 31, 2023
Accounts receivable*		-		-		-		17,346,035		17,346,035
Contract assets*		-		-		-		16,024,969		16,024,969
Financial assets included in deposits and other receivables
-    Normal**		808,679		-		-		-		808,679
Pledged bank deposits
-     Not yet past due		188,745		-		-		-		188,745
Cash and cash equivalents
-    Not yet past due		68,641,016		-		-		-		68,641,016
		69,638,440		-		-		33,371,004		103,009,444
December 31, 2022
Accounts receivable*		-		-		-		9,807,667		9,807,667
Contract assets*		-		-		-		11,140,109		11,140,109
Financial assets included in deposits and other receivables
-     Normal**		764,611		-		-		-		764,611
Pledged bank deposits
-     Not yet past due		195,883		-		-		-		195,883
Cash and cash equivalents
-     Not yet past due		24,077,695		-		-		-		24,077,695
		25,038,189		-		-		20,947,776		45,985,965

* For accounts receivable and contract assets to which the Group applies the simplified approach for impairment, information is disclosed in notes 14 and 15 to the financial statements.

** The credit quality of financial assets included in deposits and other receivables is considered to be “normal” when it is not past due and there is no information indicating that the financials had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”.

Schedule of Financial Liabilities

The maturity profile of the Group’s financial liabilities as at the end of the reporting period, based on the contractual undiscounted payments, is as follows:

	Within 1 year or on demand		1 to 5 years		Total
	US$		US$		US$
2023
Lease liabilities		588,103		27,108		615,211
Accounts payable		23,839,894		-		23,839,894
Financial liabilities included in other payables and accruals		5,664,220		-		5,664,220
		30,092,217		27,108		30,119,325
2022
Lease liabilities		523,206		300,092		823,298
Accounts payable		16,653,695		-		16,653,695
Financial liabilities included in other payables and accruals		4,513,530		-		4,513,530
Loan notes		-		68,351,047		68,351,047
		21,690,431		68,651,139		90,341,570

Schedule of Exchange Rates

The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the SGD, TWD, MYR, PHP, THB and IDR exchange rates, with all other variables held constant, of the Group’s loss before tax. As HK$ is pegged to US$, the directors of the Company anticipate that there will be no significant movements in the US$/HK$ exchange rates and the exposure on US$ will not be material.

	2023						2022
	Increase/			Increase/			Increase/			Increase/
	(decrease) in			(decrease)			(decrease) in			(decrease)
	foreign			in loss			foreign			in loss
	exchange rate			after tax			exchange rate			after tax
	US$						US$
SGD		3	%		(1,477,961	)		3	%		(1,556,060	)
		(3	)%		1,477,961			(3	)%		1,556,060
TWD		3	%		(474,534	)		3	%		(473,641	)
		(3	)%		474,534			(3	)%		473,641
MYR		3	%		(402,719	)		3	%		(372,744	)
		(3	)%		402,719			(3	)%		372,744
PHP		3	%		(576,565	)		3	%		(489,293	)
		(3	)%		576,565			(3	)%		489,293
THB		3	%		(329,276	)		3	%		(327,939	)
		(3	)%		329,276			(3	)%		327,939
IDR		3	%		(184,116	)		3	%		(181,853	)
		(3	)%		184,116			(3	)%		181,853