v3.26.1
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT (Tables)
12 Months Ended
Dec. 31, 2025
Financial Instruments Financial Risks And Capital Risks Management  
SCHEDULE OF FINANCIAL INSTRUMENTS

The following table sets out the financial instruments as at the end of the reporting period:

 

   2025   2024 
   USD   USD 
Financial assets          
At amortized cost   5,476,025    7,722,459 
           
Financial liabilities          
At amortized cost   (9,548,383)   (28,128,661)
SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES DENOMINATED IN CURRENCIES

The currency exposure of financial assets and financial liabilities denominated in currencies other than the Group’s functional currencies are as follows:

 

   Assets   Liabilities 
   2025   2024   2025   2024 
   USD   USD   USD   USD 
HKD   933,919    638,471    3,959,501    5,408,928 
EUR   1,800,135    3,253,699    3,936,467    6,668,340 
CNY   199,339    149,711    471,019    108,961 
PEN   208,705    839,614    82,937    659,893 
MOP   552    511    -    96,141 
SCHEDULE OF SENSITIVITY CHANGE IN FOREIGN CURRENCIES RISK

 

   2025   2024   2023 
   USD   USD   USD 
HKD   (151,279)   (238,523)   (244,716)
EUR   (106,817)   (170,732)   (48,365)
CNY   (13,584)   2,038    (3,686)
PEN   6,288    8,986    (48,904)
MOP   28    (4,782)   (765)
SCHEDULE OF CREDIT RISK

The Group’s internal credit risk grading framework comprises the following categories:

  

Category   Description  

 

Trade receivables

  Other financial assets
Low risk   The counterparty has a low risk of default and does not have any past-due amounts   Lifetime ECL – not credit- impaired   12-month ECL
Watch list   Debtor frequently repays after due dates but usually settle in full   Lifetime ECL – not credit- impaired   12-month ECL
Doubtful   There have been significant increases in credit risk since initial recognition through information developed internally or external resources  

 

Lifetime ECL – not credit-impaired

  Lifetime ECL - not credit-impaired
Loss   There is evidence indicating the asset is credit impaired   Lifetime ECL – credit-impaired   Lifetime ECL - credit impaired
Write-off   There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery  

 

Amount is written off

  Amount is written off

 

The tables below detail the credit risk exposures of the Group’s financial assets, including trade receivables, other receivables, restricted bank deposits, and cash and bank balances, which are subject to ECL assessment:

 

                2025   2024 
   Note  

External

credit

rating

 

Internal credit

rating

 

12m or

lifetime ECL

  Gross carrying amount   Allowance for credit losses  

Gross carrying

amount

   Allowance for credit losses 
Financial assets at amortized costs  USD   USD   USD   USD 
Trade receivables – contract with customers   9   N/A  Low  Lifetime ECL   2,366    (47)   136,006    - 
           Watch list  Lifetime ECL   2,517,075    (397,813)   1,405,627    (70,281)
           Doubtful  Lifetime ECL   396,070    (396,070)   96,896    (96,896)
           Loss  Lifetime ECL   99,918    (99,918)   -    - 
                  3,015,429    (893,848)   1,638,529    (167,177)
                                   
Other receivables   9   N/A  Low  12-month ECL   2,134,449    -    2,695,154    - 
           Loss  Lifetime ECL   162,498    (162,498)   -    - 
                  2,296,947    (162,498)   2,695,154    - 
                                   
Restricted bank deposits       AA  N/A  12-month ECL   253,188    -    592,652    - 
                                   
Cash and bank balances       AA+  N/A  12-month ECL   966,807    -    2,963,301    - 
SCHEDULE OF CREDIT RISK

The tables below detail the credit risk exposures of the Group’s financial assets, including trade receivables, other receivables, restricted bank deposits, and cash and bank balances, which are subject to ECL assessment:

 

                2025   2024 
   Note  

External

credit

rating

 

Internal credit

rating

 

12m or

lifetime ECL

  Gross carrying amount   Allowance for credit losses  

Gross carrying

amount

   Allowance for credit losses 
Financial assets at amortized costs  USD   USD   USD   USD 
Trade receivables – contract with customers   9   N/A  Low  Lifetime ECL   2,366    (47)   136,006    - 
           Watch list  Lifetime ECL   2,517,075    (397,813)   1,405,627    (70,281)
           Doubtful  Lifetime ECL   396,070    (396,070)   96,896    (96,896)
           Loss  Lifetime ECL   99,918    (99,918)   -    - 
                  3,015,429    (893,848)   1,638,529    (167,177)
                                   
Other receivables   9   N/A  Low  12-month ECL   2,134,449    -    2,695,154    - 
           Loss  Lifetime ECL   162,498    (162,498)   -    - 
                  2,296,947    (162,498)   2,695,154    - 
                                   
Restricted bank deposits       AA  N/A  12-month ECL   253,188    -    592,652    - 
                                   
Cash and bank balances       AA+  N/A  12-month ECL   966,807    -    2,963,301    - 
SCHEDULE OF REMAINING CONTRACTUAL MATURITY FOR NON-DERIVATIVE FINANCIAL LIABILITIES

 SCHEDULE OF REMAINING CONTRACTUAL MATURITY FOR NON-DERIVATIVE FINANCIAL LIABILITIES

   On
demand or
within 1 year
   1 to 2
years
   2 to 5
years
   Total 
   USD   USD   USD   USD 
                 
2025                    
Trade payables   2,805,764    -    -    2,805,764 
Other payables   358,789    -    -    358,789 
Bank borrowings   5,622,926    -    -    5,622,926 
Other borrowings   356,431    -    -    356,431 
Amounts due to an ultimate beneficial shareholder   310,696    -    -    310,696 
Lease liabilities   42,358    30,742    24,492    97,592 
Total   9,496,964    30,742    24,492    9,552,198 
                     
2024                    
Trade payables   1,841,297    -    -    1,841,297 
Other payables   778,114    -    -    778,114 
Bank borrowings   10,313,887    39,103    -    10,352,990 
Other borrowings   1,130,141    -    -    1,130,141 
Amounts due to an ultimate beneficial shareholder   1,142,024    12,300,650    -    13,442,674 
Lease liabilities   163,912    160,407    374,008    698,327 
Total   15,369,375    12,500,160    374,008    28,243,543 
SCHEDULE OF DEBT TO EQUITY RATIO

 

   2025   2024 
   USD   USD 
         
Total debts   10,607,521    31,699,979 
Total equity   3,770,851    9,108,092 
           
Debt-to-equity %   281    348 
SCHEDULE OF CONCENTRATIONS

The following table sets forth a summary of single customers who represent 10% or more of the Group’s total revenue:

 

   2025   2024   2023 
   USD   %   USD   %   USD   % 
                         
Amount of the Group’s revenue:   14,584,171    100.0    16,340,575    100.0    17,673,473    100.0 
Customer A   5,498,478    37.7    -    -    -    - 
Customer B   2,166,542    14.9    2,311,102    14.1    -    - 
Customer C   -    -    3,738,420    22.9    352,182    2.0 
Customer D   540,511    3.7    2,965,123    18.1    569,270    3.2 
Customer E   -    -    -    -    7,188,782    40.7 
Customer F   -    -    -    -    2,445,840    13.8 

 

The following table sets forth a summary of single customers who represent 10% or more of the Group’s total accounts receivable:

 

   2025   2024   2023 
   USD   %   USD   %   USD   % 
                         
Amount of the Group’s accounts receivable:   3,015,429    100.0    1,638,529    100.0    4,963,636    100.0 
Customer A   1,939,732    64.3    1,104,043    67.4    -    - 
Customer B   449,169    14.9    -    -    -    - 
Customer C   88,353    2.9    169,616    10.4    13,962    0.3 
Customer D   -    -    -    -    2,738,407    55.2 
Customer E   -    -    -    -    1,105,487    22.3