v3.26.1
Consolidated Statement of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Loss before income tax $ (6,364,785) $ (1,011,327) $ (753,081)
Adjustments for:      
Provision (reversal of) for allowance for expected credit losses on financial assets 985,619 (182,659) 179,849
Impairment on prepayment 2,017,624
Write-down of non-current asset held for sale 394,785
Write-down of inventories 241,503 112,712
Depreciation of property, plant and equipment 130,586 38,520 59,271
Depreciation of right-of-use asset 41,325 39,693 67,984
Gain on lease modification (703)
(Gain) loss on disposal of property, plant and equipment (62,693) (93) 18,873
Interest expenses 427,744 603,984 1,263,110
Interest income (3,254) (13,361) (23,239)
Operating cash flows before movements in working capital (2,191,546) (412,532) 812,064
Decrease (increase) in inventories 638,508 1,006,456 (476,154)
(Increase) decrease in prepayments, trade and other receivables (5,490,387) 2,291,280 512,825
Increase (decrease) in trade and other payables 2,155,609 (875,877) (320,385)
Increase (decrease) in contract liabilities 90,587 2,108,527 (134,269)
Cash (used in) generated from operations (4,797,229) 4,117,854 394,080
Income tax (paid) refunded (24,705) 48,621 (181,123)
Net cash (used in) generated from continuing operation (4,821,934) 4,166,475 212,957
Net cash generated from (used in) discontinued operation 3,915,067 (1,847,214) (452,185)
Net cash (used in) generated from operating activities (906,867) 2,319,261 (239,228)
Investing activities      
Interest received 3,254 13,361 23,239
Purchases of property, plant, and equipment (52,541) (1,393) (1,589)
Proceeds from disposal of property, plant and equipment 8,862 93
Decrease (increase) in restricted bank deposits 339,464 35,504 (24,815)
Net cash generated from (used in) continuing operation 299,039 47,565 (3,165)
Net cash used in discontinued operation (241,020) (752,366) (1,150,104)
Net cash generated from (used in) investing activities 58,019 (704,801) (1,153,269)
Financing activities      
Advances from an ultimate beneficial shareholder 845,804 1,430,102 2,556,416
Repayments to an ultimate beneficial shareholder (1,058,866) (942,902) (6,302,442)
Proceeds from bank borrowings 17,720,505 25,974,854 19,445,302
Repayments of bank borrowings (21,399,521) (27,144,846) (20,925,687)
Proceeds from other borrowings 3,331,307 963,547 663,211
Repayments of other borrowings (287,302) (498,220)
Repayments of lease liabilities (42,173) (38,504) (74,247)
Proceeds from issue of shares, net of expenses 5,092,321
Interest paid (427,744) (603,984) (1,263,110)
Net cash used in continuing operation (1,317,990) (859,953) (808,236)
Net cash (used in) generated from discontinued operation (927,075) (1,185,033) 521,411
Net cash used in financing activities (2,245,065) (2,044,986) (286,825)
Net decrease in cash and cash equivalents (3,093,913) (430,526) (1,679,322)
Cash and bank balances at beginning of year 2,963,301 3,979,416 5,082,587
Effect of foreign exchange rate changes 1,097,419 (585,589) 576,151
Cash and bank balances at end of year $ 966,807 $ 2,963,301 $ 3,979,416