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CAPITAL AND FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]  
Schedule of Fair Values of Financial Assets/Liabilities
 
 
        
Level 1
    
Level 2
    
Total
carrying
amount
    
Fair
Value
  
 
  
Note
    
US$’000
    
US$’000
    
US$’000
    
US$’000
  
December 31, 2023
                              
Loans and receivables at amortised cost
                              
Trade receivables
  
17
      
10,698
      
-
      
10,698
      
10,698
  
Cash and cash equivalents
  
18
      
3,691
      
-
      
3,691
      
3,691
  
Finance lease receivable
  
15, 17
      
155
      
-
      
155
      
155
  
 
                                      
 
          
14,544
      
-
      
14,544
      
14,544
  
                                       
Liabilities at amortised cost
                                      
Senior secured term loan
  
23
      
-
      
(40,109
)
    
(40,109
)
    
(40,109
)
Convertible note
  
23
      
-
      
(14,542
)
    
(14,542
)
    
(14,542
)
Exchangeable note
  
23
      
-
      
(210
)
    
(210
)
    
(210
)
Lease liabilities
  
24
      
(12,566
)
    
-
      
(12,566
)
    
(12,566
)
Trade and other payables (excluding deferred income)
  
21
      
(12,752
)
    
-
      
(12,752
)
    
(12,752
)
Provisions
  
22
      
(50
)
    
-
      
(50
)
    
(50
)
 
                                      
 
          
(25,368
)
    
(54,861
)
    
(80,229
)
    
(80,229
)
Fair value through profit and loss (FVPL)
                                      
Derivative liability - warrants
  
23
      
-
      
(526
)
    
(526
)
    
(526
)
Derivative asset – prepayment option
  
23
      
-
      
178
      
178
      
178
  
 
                                      
 
          
-
      
(348
)
    
(348
)
    
(348
)
 
                                      
 
          
(10,824
)
    
(55,209
)
    
(66,033
)
    
(66,033
)
 
        
Level 1
    
Level 2
    
Total
carrying
amount
    
Fair
Value
  
 
  
Note
    
US$’000
    
US$’000
    
US$’000
    
US$’000
  
December 31, 2022
                              
Loans and receivables at amortised cost
                              
Trade receivables
  
17
      
12,620
      
-
      
12,620
      
12,620
  
Cash and cash equivalents
  
18
      
6,578
      
-
      
6,578
      
6,578
  
Finance lease receivable
  
15, 17
      
170
      
-
      
170
      
170
  
 
          
19,368
      
-
      
19,368
      
19,368
  
Liabilities at amortised cost
                                      
Senior secured term loan
  
23
      
-
      
(44,301
)
    
(44,301
)
    
(44,301
)
Convertible note
  
23
      
-
      
(13,746
)
    
(13,746
)
    
(13,746
)
Exchangeable note¹
  
23
      
-
 
    
(210

)

    
(210
)
    
(210
)
Lease liabilities
  
24
      
(13,943
)
    
-
      
(13,943
)
    
(13,943
)
Trade and other payables (excluding deferred income)
  
21
      
(15,261
)
    
-
      
(15,261
)
    
(15,261
)
Provisions
  
22
      
(50
)
    
-
      
(50
)
    
(50
)
 
                                      
 
          
(29,254
)
    
(58,257
)
    
(87,511
)
    
(87,511
)
Fair value through profit and loss (FVPL)
                                      
Derivative liability - warrants
  
23
      
-
      
(1,569
)
    
(1,569
)
    
(1,569
)
Derivative asset – prepayment option
  
23
      
-
      
128
      
128
      
128
  
 
                                      
 
          
-
      
(1,441
)
    
(1,441
)
    
(1,441
)
 
                                      
 
          
(9,886
)
    
(59,698
)
    
(69,584
)
    
(69,584
)
Schedule of Interest Rate Risk Effective and Repricing Analysis
 
As at December 31, 2023
  
Note
    
Effective
interest
rate
    
Total
US$’000
    
6 mths or less
US$’000
    
6 –12 mths
US$’000
    
1-2 years
US$’000
    
2-5 years
US$’000
    
> 5 years
US$’000
  
Cash and cash equivalents
  
18
      
0.00
%
    
3,691
      
3,691
      
-
      
-
      
-
      
-
  
Lease receivable
  
15,17
      
4.0
%
    
155
      
62
      
39
      
49
      
5
      
-
  
Exchangeable note1
  
23
      
4.8
%
    
(210
)
    
-
      
-
      
-
      
-
      
(210
)
Senior secured term loan2
  
23
      
16.3
%
    
(40,109
)
    
-
      
-
      
-
      
(40,109
)
    
-
  
Convertible note3
  
23
      
1.5
%
    
(14,542
)
    
-
      
-
      
-
      
-
      
(14,542
)
Lease payable on Right of Use assets
  
24
      
5.0
%
    
(12,566
)
    
(812
)
    
(832
)
    
(1,745
)
    
(4,425
)
    
(4,752
)
 
                                                              
Total
                  
(63,581
)
    
2,941
      
(793
)
    
(1,696
)
    
(44,529
)
    
(19,504
)
 
As at December 31, 2022
  
Note
    
Effective
interest
rate
    
Total
US$’000
    
6 mths or less
US$’000
    
6 –12 mths
US$’000
    
1-2 years
US$’000
    
2-5 years
US$’000
    
> 5 years
US$’000
  
Cash and cash equivalents
  
18
      
0.00
%
    
6,578
      
6,578
      
-
      
-
      
-
      
-
  
Lease receivable
  
15,17
      
4.0
%
    
170
      
46
      
41
      
49
      
34
      
-
  
Exchangeable note1
  
23
      
4.8
%
    
(210
)
    
-
      
-
      
-
      
-
      
(210
)
Senior secured term loan2
   23      
15.4
%
    
(44,301
)
    
-
      
-
      
-
      
(44,301
)
        
Convertible note3
  
23
      
1.5
%
    
(13,746
)
    
-
      
-
      
-
      
-
      
(13,746
)
Lease payable on Right of Use assets
          
5.0
%
    
(13,898
)
    
(812
)
    
(819
)
    
(1,679
)
    
(4,522
)
    
(6,066
)
Lease payable on sale & leaseback 
transactions
  
24
      
5.0
%
    
(45
)
    
(35
)
    
(10
)
    
-
      
-
      
-
  
                                                               
Total
                  
(65,452
)
    
5,777
      
(788
)
    
(1,630
)
    
(48,789
)
    
(20,022
)
 
1 The maturity of the exchangeable notes is based on the contractual maturity date of April 1, 2045.
2 The senior secured term loan is a variable instrument. In January 2024, the amended term loan agreement reduced the annual rate of interest on the loan by 2.5% to 8.75% plus the greater of (a) Term Secured Overnight Financing Rate or (b) 4.0% per annum, and allows for a further 2.5% reduction in the base rate to 6.25% once the outstanding principal under the term loan falls below US$35 million. The loan matures in January 2026.
3 The 7-year convertible note was issued in May 2022 and is a fixed rate instrument which bears a fixed rate of interest of 1.5% per annum.
Schedule of Interest Rate Profile of Financial Assets/Liabilities
 
 
  
December 31, 2023
US$‘000
    
December 31, 2022
US$‘000
  
Variable rate instruments
            
Cash at bank and in hand
    
3,691
      
6,578
  
Variable rate financial liabilities (senior secured term loan)
    
(40,109
)
    
(44,301
)
 
                
 
    
(36,418
)
    
(37,723
)
Fixed rate instruments
                
Fixed rate financial liabilities (exchangeable note)
    
(210
)
    
(210
)
Fixed rate financial liabilities (convertible note)
    
(14,542
)
    
(13,746
)
Fixed rate financial liabilities (lease payables)
    
(12,566
)
    
(13,943
)
Financial assets (lease receivables)
    
155
      
170
  
 
                
 
    
(27,163
)
    
(27,729
)

 
Schedule of Liquidity Risk Estimated Interest Payments of Maturities
 
As at December 31, 2023
US$’000
  
Carrying
amount
US$’000
    
Contractual
cash flows
US$’000
    
6 mths or
less
US$’000
    
6 mths –
12 mths
US$’000
    
1-2 years
US$’000
    
2-5 years
US$’000
    
>5 years
US$’000
  
Financial liabilities
                                          
Trade and other payables (excluding deferred income)
    
12,752
      
12,752
      
12,752
      
-
      
-
      
-
      
-
  
Lease payable on Right of Use assets
    
12,566
      
15,306
      
1,107
      
1,114
      
2,243
      
5,442
      
5,400
  
Senior secured term loan¹
    
40,109
      
56,121
      
3,461
      
3,461
      
6,922
      
42,277
      
-
  
Convertible note
    
14,542
      
21,650
      
150
      
150
      
300
      
900
      
20,150
  
Exchangeable notes
    
210
      
389
      
4
      
4
      
8
      
24
      
349
  
 
                                                        
 
    
80,179
      
106,218
      
17,474
      
4,729
      
9,473
      
48,643
      
25,899
  
 
¹ The contractual cash flows of interest on the senior secured term loan is estimated based on the prevailing interest rate at December 31, 2023
 
As at December 31, 2022
US$’000
  
Carrying
amount
US$’000
    
Contractual
cash flows
US$’000
    
6 mths or
less
US$’000
    
6 mths –
12 mths
US$’000
    
1-2 years
US$’000
    
2-5 years
US$’000
    
>5 years
US$’000
  
Financial liabilities
                                          
Trade and other payables (excluding deferred income)
    
15,261
      
15,261
      
15,261
      
-
      
-
      
-
      
-
  
Lease payable on Right of Use assets
    
13,898
      
17,196
      
1,120
      
1,130
      
2,240
      
5,739
      
6,967
  
Lease payable on sale & leaseback transactions
    
45
      
46
      
36
      
10
      
-
      
-
      
-
  
Senior secured term loan¹
    
44,301
      
69,519
      
4,194
      
3,595
      
7,190
      
54,540
      
-
  
Convertible note
    
13,746
      
21,900
      
150
      
150
      
300
      
900
      
20,400
  
Exchangeable notes
    
210
      
397
      
4
      
4
      
8
      
24
      
357
  
                                                         
 
                                                        
 
    
87,461
      
124,319
      
20,765
      
4,889
      
9,738
      
61,203
      
27,724
  
 
¹ The contractual cash flows of interest on the senior secured term loan is estimated based on the prevailing interest rate at December 31, 2022.
Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities
   
EUR
    
GBP
    
SEK
    
CAD
    
BRL
    
Other
  
As at December 31, 2023
  
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
  
Cash
    
219
      
15
      
5
      
191
      
854
      
-
  
Trade and other receivable
    
856
      
100
      
-
      
533
      
1,533
      
-
  
Trade and other payables
    
(3,766
)
    
(100
)
    
(12
)
    
(220
)
    
(704
)
    
(1

)
Lease liabilities
    
(8,349
)
    
-
      
-
      
-
      
(241
)
    
-
  
 
                                                
Total exposure
    
(11,040
)
    
15
      
(7
)
    
504
      
1,442
      
(1

)
 
   
EUR
    
GBP
    
SEK
    
CAD
    
BRL
    
Other
  
As at December 31, 2022
  
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
  
Cash
    
700
      
199
      
5
      
2,061
      
756
      
-
  
Trade and other receivable
    
1,001
      
27
      
-
      
950
      
1,443
      
-
  
Trade and other payables
    
(3,481
)
    
(5
)
    
(6
)
    
(473
)
    
(662
)
    
-
  
Lease liabilities
    
(9,024
)
    
-
      
-
      
-
      
(277
)
    
-
  
 
                                                
Total exposure
    
(10,804
)
    
221
      
(1
)
    
2,538
      
1,260
      
-
  
Schedule of Sensitivity Analysis
A 10% strengthening of the US Dollar against the Euro at December 31, 2023 would have increased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.
 
 
  
Profit or Loss
US$’000
  
December 31, 2023
      
Euro
    
1,004
  
         
December 31, 2022
        
Euro
    
982
  
 
A 10% weakening of the US Dollar against the Euro at December 31, 2023 would have decreased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.
 
   
Profit or Loss
US$000
  
December 31, 2023
      
Euro
    
(1,227
)
         
December 31, 2022
        
Euro
    
(1,200
)
Schedule of Maximum Credit Exposure of Financial Assets
 
 
  
Carrying Value
December 31, 2023
US$’000
    
Carrying Value
December 31, 2022
US$’000
  
Third party trade receivables (Note 17)
    
10,698
      
12,620
  
Finance lease income receivable (Note 17)
    
155
      
170
  
Cash and cash equivalents (Note 18)
    
3,691
      
6,578
  
 
                
 
    
14,544
      
19,368
  
Schedule of Exposure of Trade Receivables by Geographic Location
 
 
  
Carrying Value
December 31, 2023
US$’000
    
Carrying Value
December 31, 2022
US$’000
  
United States
    
4,041
      
6,061
  
Euro-zone countries
    
851
      
1,183
  
United Kingdom
    
126
      
67
  
Other regions
    
5,835
      
5,479
  
 
                
 
    
10,853
      
12,790
  
Schedule of Exposure of Trade Receivables by Customer
 
 
  
Carrying Value
December 31, 2023
US$’000
    
Carrying Value
December 31, 2022
US$’000
  
End-user customers
    
5,029
      
7,365
  
Distributors
    
5,399
      
4,630
  
Non-governmental organisations
    
425
      
795
  
 
                
 
    
10,853
      
12,790
  
Schedule of Ageing of Trade Receivables
 
 
  
Gross
    
Impairment
    
Expected Credit Loss Rate
    
Gross
    
Impairment
    
Expected Credit Loss Rate
  
 
  
2023
    
2023
    
2023
    
2022
    
2022
    
2022
  
 
  
US$’000
    
US$’000
    
%
    
US$’000
    
US$’000
    
%
  
Not past due
    
8,031
      
-
      
-
      
8,341
      
-
      
-
  
Past due 0-30 days
    
1,534
      
-
      
-
      
1,622
      
-
      
-
  
Past due 31-120 days
    
856
      
22
      
2.6
%
    
1,564
      
23
      
1.5
%
Greater than 120 days
    
2,601
      
2,302
      
88.5
%
    
3,783
      
2,668
      
70.5
%
 
                                                
 
    
13,022
      
2,324
      
-
      
15,310
      
2,691
      
-
  
Schedule of Movement in Allowance for Impairment of Trade Receivables
 
 
  
2023
    
2022
  
 
  
US$’000
    
US$’000
  
Balance at January 1
    
2,691
      
2,986
  
Charged to costs and expenses
    
715
      
1,240
  
Amounts written off during the year
    
(977
)
    
(1,535
)
Eliminated on disposal of business
    
(105
)
    
-
  
 
                
Balance at December 31
    
2,324
      
2,691