NOTES TO FINANCIAL STATEMENTS 31 December 2025 19 OTHER CURRENT AND NON-CURRENT ASSETS Other current asset of US$6.4 million relates to the sale of an office space that was completed on 2 March 2026. Other non-current assets include deferred expenditure of US$571,702 relating to refurbishment work at a coal crushing facility and US$153,698 in transferable club membership stated at cost. No impairment loss was recognised during the year and the financial year ended 31 December 2024 in relation to the transferable club membership. 20 TRADE AND OTHER PAYABLES Group Company 2025 2024 2025 2024 US$ US$ US$ US$ Current liabilities: Trade payables due to: - Third parties(d) 104,461,184 68,142,377 - - Other payables comprise of: - Third parties 3,274,754 2,922,377 326,282 163,749 - Subsidiaries (Note 5) - - 18,925,079 9,314,134 - VAT/GST payables 197,028 210,739 - 3,019 - Withholding tax payables 723,462 2,068,237 - - - Deferred gain (a) 1,178,586 1,419,412 - - - Deposits received 227,407 307,480 81,691 139,910 - Advance payments from customers (b) 25,286,174 27,593,953 - 39,047 - Accruals (c) (d) 65,021,352 30,656,038 4,651,029 9,247,607 - Other tax payable (e) 5,726,271 - - - Total 206,096,218 133,320,613 23,984,081 18,907,466 Non-current liabilities: Other payables comprise of: - Deferred gain (a) 719,831 1,833,675 - - - Others - 107,661 - - Total 719,831 1,941,336 - - The credit period on purchases is up to 60 days (2024 : 60 days). No interest is charged on the outstanding balances. (a) In 2024, the Group entered into an equity investment agreement with a third party (the “Equity Investor”), with warrants (Note 28) granted and treasury shares (Note 27) issued to the Equity Investor for cash proceeds of US$10 million in 2024. In connection with the equity investment agreement, both the Equity Investor and certain shareholders of the Company had undertaken limitations on their ability to dispose of shares in the Company until 31 December 2026 (“Moratorium”). In conjunction with the equity investment agreement, the Group entered into a coal offtake agreement with a third party (“LOM Agreement”). Management assessed that the conditions tied to the Moratorium includes fulfilling condition subsequents in the LOM Agreement by (a) obtaining the license for construction of the MBJ hauling road by 31 December 2024 and (b) MBJ having sufficient evidence as of 31 December 2024 of possessing the requisite resources to complete the construction of the road have been fulfilled. The deferred gain representing the fair value gain from the linked transactions will be amortised over three years by virtue of the (i) Moratorium placed on the Equity Investor and certain shareholders of the Company and (ii) the volume limit increase on the LOM Agreement which is tied to the Moratorium. During the year, amortisation of US$1,037,368 (2024 : US$1,037,368) was credited to the Group’s profit or loss (Note 32). In November 2018, the Group assigned a coal sales contract to a third party who also subscribed to the Company’s shares (Note 26) and warrants (Note 28). The deferred gain representing the fair value gain arising from the assignment of the coal sales contract is amortised over the expected life of TBR mine on a unit-of-production basis. During the year, amortisation of US$317,302 (2024 : US$185,767) was credited to the Group’s profit or loss (Note 32). (b) These represent payments received in advance for coal which is expected to be delivered within 12 months (2024 : 12 months). (c) Accruals principally comprise of amounts outstanding for on-going costs. (d) Included in the trade payables due to third parties and accruals is US$90,338,420 under the deferred payment scheme related to the ongoing development of the MBJ hauling road and jetty. (e) Other tax payable of US$5.7 million mainly relate to an underpayment assessment issued by the ITO on 30 December 2025 for a subsidiary of the Group for corporate income tax for the financial year ended 2021. The subsidiary has paid the amount in January 2026. As underpayment assessment was received in 2025 with the payment being made in January 2026, the amount is recorded both as a tax recoverable [Note 8(e)] and an other tax payable as at 31 December 2025. The subsidiary is in the process to object the tax correction. 99 GEO ENERGY | ANNUAL REPORT 2025
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