XML 37 R6.htm IDEA: XBRL DOCUMENT v3.26.1
Audited Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]      
Net income (loss) $ (15,213,180) $ (4,819,132) $ 4,612,191
Depreciation of property, plant and equipment 52,079 57,517 164,419
Depreciation of right-of-use assets 110,858 97,789 105,340
Unrealized gains of marketable equity securities (2,300)
Loss on Private Placement 6,060,367
Issuance costs related to Private Placement 1,023,625
Change in fair value of warrant liabilities 6,729,709
Provisions for (Reversal of) compensation and penalty (1,458,856) 1,245,625
Share-based compensation expenses 771,856 5,585,610
Provision for (Reversal of) expected credit losses, net (5,187) (85,152) 56,557
Decrease (Increase) in:      
Accounts receivable 3,365,755 7,418,372 (9,097,664)
Accounts receivable – related parties (766,688) (100,303) 8,101
Contract assets 593,673 (73,506) (26,833)
Amounts due from related parties (939,370) 118,275 766,111
Other current assets (198,553) 23,795 106,898
Tax recoverable 2,033,861
(Decrease) Increase in:      
Accounts payable (1,014,963) (6,864,354) 6,799,732
Accounts payable – related parties (188,300) (253,063) (54,879)
Amounts due to related parties (40,733) (362,247) (87,989)
Tax payables (17,465) (719,731) 737,196
Provision for compensation (115,384)
Other payables and accrued liabilities 57,086 (1,763,120) 85,069
Contract liabilities (1,500) (2,490) (2,529)
Lease liabilities (111,179) (102,269) (114,636)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (1,308,650) (1,844,009) 7,336,570
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property, plant and equipment (4,245,378) (1,549)
Decrease in restricted cash with maturity of more than three months when acquired 718,828 2,230,607
Purchase of marketable equity securities (4,977,798)
Loan granted (2,000,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITES (11,223,176) 718,828 2,229,058
CASH FLOWS FROM FINANCING ACTIVITIES:      
Dividends paid (3,966,879)
Proceeds from Private Placement 9,597,989
Payments of issuance costs (1,023,625) (1,544,522)
Proceeds from exercise of stock options 3,500 16,940
Expiry of unpresented check for dividend paid to shareholders in prior years 26,667
Proceeds from bank borrowings 2,750,000
Proceeds from other borrowings 2,009,569
Payments of bank loan interest (22,045) (130,927)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITES 13,315,388 (1,500,915) (4,097,806)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 783,562 (2,626,096) 5,467,822
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 10,356,095 12,982,191 7,514,369
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR 11,139,657 10,356,095 12,982,191
Cash and cash equivalents at end of year 8,940,871 8,164,080 10,769,662
Restricted cash at end of year 2,198,786 2,192,015 2,931,357
Restricted cash with maturity of three months or more when acquired at end of year (718,828)
Total cash and cash equivalents and restricted cash shown in the audited consolidated statements of cash flows 11,139,657 10,356,095 12,982,191
Supplemental disclosure of cash flow information      
Interest received 50,582 66,101 79,207
Interest paid (26,365) (1,291)
Income tax refunded 66,574 1,389,328
Income tax paid (85,767) (361,047)
Non-cash investing and financing activities      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 75,297 168,678
Deemed distribution to AIB’s shareholders in reverse recapitalization 6,376,191
Issuance of ordinary shares of the Company for services provided $ 5,018,750