NOTES TO FINANCIAL STATEMENTS 31 December 2025 8 TRADE AND OTHER RECEIVABLES Group Company 2025 2024 2025 2024 US$ US$ US$ US$ Current assets: At amortised costs: Trade receivables from: - Third parties 19,874,811 24,092,170 - - Less: Allowance for ECL (c) - (894,995) - - 19,874,811 23,197,175 - - Other receivables comprise of: - Subsidiaries (Note 5) - - 76,567,937 35,701,196 - Third parties (a) (f) 30,239,265 11,496,397 5,008 54,317 Less: Allowance for ECL (c) (13,135) (110,827) - - 30,226,130 11,385,570 76,572,945 35,755,513 - Goods and Services Tax (“GST”) receivables 17,315 5,385 11,428 4,413 - Value added Tax (“VAT”) receivables 51,315,176 36,138,577 - - - Prepaid income tax (d) 19,850,551 42,195,045 - - - Interest receivables 26,683 99,652 26,683 24,418 Total 121,310,666 113,021,404 76,611,056 35,784,344 Non-current assets: At amortised costs: Tax recoverable (e) 18,845,182 9,271,778 - - Other receivables from a subsidiary - - 32,656,205 - At fair value through profit or loss (“FVTPL”): Trade and other receivables under Cooperation Agreement (b) 19,385,118 19,595,724 3,116,196 3,120,653 Less: Cumulative changes in fair value (14,625,936) (14,630,394) (3,116,196) (3,120,653) 4,759,182 4,965,330 - - Total 23,604,364 14,237,108 32,656,205 - As at 1 January 2024, trade receivables from contracts with customers amounted to US$15,142,445 (net of allowance for ECL of US$912,435). The credit period granted to customers is generally between 15 to 60 days (2024 : 15 to 60 days). Settlement of receivables from export sales averages 15 days while settlement of receivables from domestic sales may take up to 60 days. No interest is charged on the outstanding balances. Allowance for ECL for trade receivables has been measured at an amount equal to lifetime ECL. In determining the ECL, the Group and Company consider the past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtor, general economic conditions of the industry in which the debtor operates and an assessment of both the current as well as the forecast direction of conditions at the reporting date. In determining the ECL for credit-impaired receivables, management takes into account the probability-weighted amount that is determined by evaluating a range of possible future outcomes, the time value for money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. 86
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