| For the Year Ended December 31, | ||||||||||||||||
| Percentage | ||||||||||||||||
| 2023 | 2022 | Change | Change | |||||||||||||
| (US$) | (US$) | (US$) | (%) | |||||||||||||
| Revenue | 6,164,173 | 4,992,034 | 1,172,139 | 23.5 | % | |||||||||||
| Other income | 169,819 | 396,373 | (226,554) | -57.2 | % | |||||||||||
| Cost of inventory | 977,619 | 1,093,194 | (115,575) | -10.6 | % | |||||||||||
| Logistics costs | 925,225 | 689,762 | 235,463 | 34.1 | % | |||||||||||
| Operating expenses | 3,466,606 | 2,460,951 | 1,005,655 | 40.9 | % | |||||||||||
| Finance expense | 388,717 | 246,359 | 142,358 | 57.8 | % | |||||||||||
| Depreciation and amortization | 2,354,839 | 2,300,252 | 54,587 | 2.4 | % | |||||||||||
| Listing expenses | 93,067,324 | 981,701 | 92,085,623 | >100 | % | |||||||||||
| Loss before income tax | (94,846,338) | (2,383,812) | (92,462,526) | >100 | % | |||||||||||
| Income tax expense | 133,000 | 8,000 | 125,000 | >100 | % | |||||||||||
| Net loss | (94,979,338) | (2,391,812) | (92,587,526) | >100 | % | |||||||||||
| 2023 | 2022 | |||||||||
| Note | US$ | US$ | ||||||||
| Revenue | 4 | 6,164,173 | 4,992,034 | |||||||
| Other income | 5 | 169,819 | 396,373 | |||||||
| Cost of inventory | (977,619) | (1,093,194) | ||||||||
| Logistics costs | (925,225) | (689,762) | ||||||||
| Depreciation of property, plant and equipment | (1,501,809) | (1,661,403) | ||||||||
| Amortization of intangible assets | (853,030) | (638,849) | ||||||||
| Employee benefits expense | 7 | (1,364,214) | (933,124) | |||||||
| Finance expense | 8 | (388,717) | (246,359) | |||||||
| Other operating expenses | 6 | (2,102,392) | (1,527,827) | |||||||
| Listing expenses | 25 | (93,067,324) | (981,701) | |||||||
| Loss before income tax | (94,846,338) | (2,383,812) | ||||||||
| Income tax expense | 9 | (133,000) | (8,000) | |||||||
| Net loss and comprehensive loss | (94,979,338) | (2,391,812) | ||||||||
| Items that will not be reclassified subsequently to profit or loss: | ||||||||||
| Net (loss)/surplus on revaluation of leasehold land and buildings | (186,684) | 8,016,869 | ||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||||
| Exchange difference on revaluation of leasehold land and buildings | 337,283 | 52,737 | ||||||||
| Total comprehensive (loss)/income | (94,828,739) | 5,677,794 | ||||||||
| Basic and diluted loss per share | (14.69) | (0.37) | ||||||||
| 2023 | 2022 | |||||||
| US$ | US$ | |||||||
| Foreign exchange loss | 189,426 | 22,287 | ||||||
| Foreign worker levy | 168,137 | 97,703 | ||||||
| Impairment loss on receivables | - | 44,271 | ||||||
| Insurance | 55,694 | 43,589 | ||||||
| Professional fees | 109,703 | 93,978 | ||||||
| Property tax | 108,412 | 105,771 | ||||||
| Rental and storage | 594,748 | 290,481 | ||||||
| Utilities | 189,982 | 157,974 | ||||||
| Upkeep, repair and maintenance | 230,037 | 317,267 | ||||||
| Chemical and incineration fees | 396,428 | 229,204 | ||||||
| Bank service charges | 50,427 | 8,203 | ||||||
| Others | 9,398 | 117,099 | ||||||
| Other operating expenses | 2,102,392 | 1,527,827 | ||||||
| 2023 | 2022 | |||||||
| US$ | US$ | |||||||
| Trade receivables | ||||||||
| - Non-related parties | 461,497 | 389,648 | ||||||
| Trade receivables | 461,497 | 389,648 | ||||||
| Non-trade receivables | ||||||||
| - Advance payment to suppliers | 329,597 | 337,488 | ||||||
| - Deposits | 46,035 | 59,857 | ||||||
| - Goods and services tax recoverable | 184 | 2,294 | ||||||
| - Prepayments | 195,209 | 25,841 | ||||||
| Non-trade receivables | 571,025 | 425,480 | ||||||
| Trade and other receivables | 1,032,522 | 815,128 | ||||||
| 2023 | 2022 | |||||||||
| Note | US$ | US$ | ||||||||
| Cash flows from operating activities | ||||||||||
| Loss before income tax | (94,846,338) | (2,383,812) | ||||||||
| Adjustments for: | ||||||||||
| - Impairment loss on receivable | - | 44,271 | ||||||||
| - Depreciation of property, plant and equipment | 10 | 1,501,809 | 1,661,403 | |||||||
| - Amortisation of intangible assets | 11 | 853,030 | 638,849 | |||||||
| - Interest income | (18,308) | (4) | ||||||||
| - Interest expense | 8 | 388,717 | 246,359 | |||||||
| - Loss/(gain) on disposal of property, plant and equipment | 5 | 12,852 | (26,586) | |||||||
| - Listing expense | 25 | 93,067,324 | - | |||||||
| - Foreign exchange adjustment | 256,558 | 3,331 | ||||||||
| Total Adjustments | 1,215,644 | 183,811 | ||||||||
| Changes in operating assets and liabilties : | ||||||||||
| - Trade and other receivables | (210,649) | (384,221) | ||||||||
| - Inventories | 156,967 | 378,606 | ||||||||
| - Trade and other payables | 1,368,648 | 1,791,714 | ||||||||
| - Prepaid forward purchase agreement | 969 | - | ||||||||
| - Deferred underwriting fees payable | 2,753,125 | - | ||||||||
| Net cash generated from operating activities | 5,282,766 | 1,969,910 | ||||||||
| Cash flows from investing activities | ||||||||||
| Purchase of property, plant and equipment | (651,044) | (502,677) | ||||||||
| Proceeds from disposal of property, plant and equipment | 2,130 | 29,592 | ||||||||
| Additions to intangible assets | (1,388,583) | (1,011,193) | ||||||||
| Interest received | 18,308 | 4 | ||||||||
| Net cash used in investing activities | (2,019,189) | (1,484,274) | ||||||||
| Cash flows from financing activities | ||||||||||
| Proceeds from bank borrowings | 3,596,071 | - | ||||||||
| Repayment of bank borrowings | (3,775,481) | (1,537,495) | ||||||||
| Shares issuance | 754,448 | 1,600,000 | ||||||||
| Settlement of Promissory Note | (3,150,000) | - | ||||||||
| Repayments of lease liabilities | (185,536) | (186,397) | ||||||||
| Interest paid | (388,717) | (246,359) | ||||||||
| Net cash used in financing activities | (3,149,215) | (370,251) | ||||||||
| Net increase in cash and bank balances | 114,362 | 115,385 | ||||||||
| Cash and cash equivalents | ||||||||||
| Beginning of the financial year | 252,399 | 137,014 | ||||||||
| End of the financial year | 366,761 | 252,399 | ||||||||
