Revision of Prior Period Financial Statements

12 Months Ended

Dec. 31, 2023

Revision of Prior Period Financial Statements [Abstract]

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

2 REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

In connection with the preparation of our unaudited interim condensed consolidated financial statements, we identified two immaterial errors with regard to cost of revenues for the annual periods ended December 31, 2022 and 2021 and the finance cost for the annual period ended December 31, 2022. These two errors were related to the recognition of cost of revenue and finance cost in incorrect period. We evaluated the errors and determined that the related impact was not material to our consolidated financial statements for any prior periods in accordance with Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, but that correction of the impact of the errors would be significant to our results of operations for the six months ended June 30, 2023. Accordingly, we have revised previously reported financial information for such immaterial errors, as previously disclosed in our Audited Consolidated Financial Statements for the years ended December 31, 2022 and 2021. A summary of revisions to our previously reported financial statements presented herein for comparative purposes is included below.

Revised Consolidated Statements of Financial Position

	As of December 31, 2022									As of December 31, 2021
	As reported			Adjustment			As revised			As reported			Adjustment			As revised
Deferred tax assets		71,065			7,480			78,545			105,712			7,954			113,666
Total Non-current assets		560,582			7,480			568,062			656,422			7,954			664,376
Total assets		5,760,302			7,480			5,767,782			5,114,677			7,954			5,122,631
Trade and other payables		1,969,741			44,002			2,013,743			1,723,030			46,784			1,769,814
Total Current Liabilities		3,470,821			44,002			3,514,823			4,218,480			46,784			4,265,264
Total Liabilities		4,782,131			44,002			4,826,133			5,142,506			46,784			5,189,290
Accumulated deficit		(270,015	)		(36,522	)		(306,537	)		(1,029,335	)		(38,830	)		(1,068,165	)
Equity (deficit) attributable to owners of the Company		978,847			(36,522	)		942,325			(27,829	)		(38,830	)		(66,659	)
Total equity (deficit)		978,171			(36,522	)		941,649			(27,829	)		(38,830	)		(66,659	)

Revised consolidated Statements of Profit or Loss and Other Comprehensive Income

	For the year ended December 31, 2022									For the year ended December 31, 2021
	As reported			Adjustment			As revised			As reported			Adjustment			As revised
Cost of revenue		(17,496,915	)		46,784			(17,450,131	)		(15,115,601	)		(46,784	)		(15,162,385	)
Gross profit		2,525,614			46,784			2,572,398			2,345,172			(46,784	)		2,298,388
Operating profit		1,186,076			46,784			1,232,860			564,544			(46,784	)		517,760
Finance cost		(285,368	)		(44,002	)		(329,370	)		(169,608	)		-			(169,608	)
Profit before tax		900,708			2,782			903,490			394,936			(46,784	)		348,152
Income tax (expenses)/benefit		(141,676	)		(474	)		(142,150	)		6,754			7,954			14,708
Profit for the year		759,032			2,308			761,340			401,690			(38,830	)		362,860
Total comprehensive income for the year		785,963			2,308			788,271			391,751			(38,830	)		352,921

Revised Consolidated Statement of Changes in Equity

	Accumulated deficit			Total			Total Equity (Deficit)
	USD			USD			USD
As Reported
Balance at January 1, 2021		(708,280	)		303,165			303,165
Profit for the year		401,690			401,690			401,690
Total comprehensive income for the year		401,690			391,751			391,751
Balance at December 31, 2021		(1,029,335	)		(27,829	)		(27,829	)
Profit for the year		759,320			759,320			759,032
Total comprehensive income for the year		759,320			786,639			785,963
Balance at December 31, 2022		(270,015	)		978,847			978,171
Adjustment
Balance at January 1, 2021		–			–			–
Loss for the year		(38,830	)		(38,830	)		(38,830	)
Total comprehensive loss for the year		(38,830	)		(38,830	)		(38,830	)
Balance at December 31, 2021		(38,830	)		(38,830	)		(38,830	)
Profit for the year		2,308			2,308			2,308
Total comprehensive income for the year		2,308			2,308			2,308
Balance at December 31, 2022		(36,522	)		(36,522	)		(36,522	)
As Revised
Balance at January 1, 2021		(708,280	)		303,165			303,165
Profit for the year		362,860			362,860			362,860
Total comprehensive income for the year		362,860			352,921			352,921
Balance at December 31, 2021		(1,068,165	)		(66,659	)		(66,659	)
Profit for the year		761,628			761,628			761,340
Total comprehensive income for the year		761,628			788,947			788,271
Balance at December 31, 2022		(306,537	)		942,325			941,649

Revised Consolidated Statements of Cash Flows

	For the year ended December 31, 2022									For the year ended December 31, 2021
	As reported			Adjustment			As revised			As reported			Adjustment			As revised
Profit for the year		759,032			2,308			761,340			401,690			(38,830	)		362,860
Finance Cost		285,368			44,002			329,370			169,608			-			169,608
Income tax expenses (benefit)		141,676			474			142,150			(6,754	)		(7,954	)		(14,708	)
Trade and other payables		(42,985	)		(46,784	)		(89,769	)		1,077,786			46,784			1,124,570
Net cash provided by operating activities		935,273			-			935,273			424,079			-			424,079