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:
SCHEDULE
OF FINANCIAL INSTRUMENTS
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| Financial assets | |
| | | |
| | |
| At amortized cost | |
| 5,476,025 | | |
| 7,722,459 | |
| Financial
assets at amortized cost | |
| 5,476,025 | | |
| 7,722,459 | |
| | |
| | | |
| | |
| Financial liabilities | |
| | | |
| | |
| At amortized cost | |
| (9,548,383 | ) | |
| (28,128,661 | ) |
| 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:
SCHEDULE
OF FINANCIAL ASSETS AND LIABILITIES DENOMINATED IN CURRENCIES
| | |
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 |
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 | ) |
| Increase (decrease) in foreign currency sensitivity | |
| 28 | | |
| (4,782 | ) | |
| (765 | ) |
|
| SCHEDULE OF CREDIT RISK |
The
Group’s internal credit risk grading framework comprises the following categories:
SCHEDULE
OF INTERNAL CREDIT RISK GRADING
| 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:
SCHEDULE
OF CREDIT RISK
| | |
| | |
| |
| |
| |
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:
SCHEDULE
OF CREDIT RISK
| | |
| | |
| |
| |
| |
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 |
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:
SCHEDULE
OF CONCENTRATIONS
| | |
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 | |
|