| Note | 2023 | 2022 | ||||||||
| USD | USD | |||||||||
| ASSETS | ||||||||||
| Non-current assets | ||||||||||
| Property, plant and equipment, net | 4 | 3,562,021 | 8,570,748 | |||||||
| Right-of-use assets, net | 5 | 189,009 | 157,068 | |||||||
| Intangible assets, net | 6 | 20,516,939 | 19,305,457 | |||||||
| Prepayments | 8 | 300,000 | 1,110,595 | |||||||
| Total non-current assets | 24,567,969 | 29,143,868 | ||||||||
| Current assets | ||||||||||
| Inventories | 7 | 8,538,813 | 13,127,730 | |||||||
| Prepayments | 8 | 8,820,834 | 11,153,330 | |||||||
| Trade and other receivables, net | 9 | 7,283,719 | 8,552,732 | |||||||
| Prepaid income tax | 501,981 | 383,099 | ||||||||
| Restricted bank deposits | 10 | 628,156 | 603,341 | |||||||
| Cash and bank balances | 10 | 3,979,416 | 5,082,587 | |||||||
| Total current assets | 29,752,919 | 38,902,819 | ||||||||
| Total assets | 54,320,888 | 68,046,687 | ||||||||
| LIABILITIES AND EQUITY | ||||||||||
| Current liabilities | ||||||||||
| Trade and other payables | 11 | (4,338,192) | (7,732,211) | |||||||
| Contract liabilities | 12 | (775,183) | (815,455) | |||||||
| Bank borrowings | 13(a) | (12,285,470) | (12,000,062) | |||||||
| Other borrowings | 13(b)/24 | (664,479) | - | |||||||
| Amounts due to an ultimate beneficial shareholder | 14/ 24 | (5,021,638) | (4,531,760) | |||||||
| Lease liabilities | 15 | (64,296) | (107,945) | |||||||
| Convertible bonds | 16/ 24 | - | (12,210,327) | |||||||
| Income tax payable | (21,560) | (167,653) | ||||||||
| Total current liabilities | (23,170,818) | (37,565,413) | ||||||||
| Net current assets | 6,582,101 | 1,337,406 | ||||||||
| Non-current liabilities | ||||||||||
| Bank borrowings | 13(a) | (533,760) | (836,532) | |||||||
| Amounts due to an ultimate beneficial shareholder | 14/ 24 | (12,300,650) | (17,087,553) | |||||||
| Lease liabilities | 15 | (133,972) | (65,513) | |||||||
| Total non-current liabilities | (12,968,382) | (17,989,598) | ||||||||
| Total liabilities | (36,139,200) | (55,555,011) | ||||||||
| Capital and reserves | ||||||||||
| Share capital | 17 | (132,425) | (105,263) | |||||||
| Capital reserves | (30,052,790) | (12,891,887) | ||||||||
| Accumulated comprehensive losses | 12,003,527 | 505,474 | ||||||||
| Total equity | (18,181,688) | (12,491,676) | ||||||||
| Total liabilities and equity | (54,320,888) | (68,046,687) | ||||||||
| 2023 | 2022 | |||||||
| USD | USD | |||||||
| Raw materials | 549,541 | 4,427,134 | ||||||
| Work in progress | 372,190 | 1,742,927 | ||||||
| Finished goods | 7,307,695 | 6,566,406 | ||||||
| Spare parts for production | 309,387 | 391,263 | ||||||
| Total | 8,538,813 | 13,127,730 | ||||||
| 2023 | 2022 | |||||||
| USD | USD | |||||||
| Advance payments made for: | ||||||||
| Purchase of flooring and decking products (Note 1) | 4,420,000 | 2,801,710 | ||||||
| Purchase of logs (Note 2) | 625,272 | 2,478,043 | ||||||
| Harvesting work in concessions and wood processing services (Note 3) | 1,980,680 | 2,890,222 | ||||||
| Acquisition of cutting rights in timber concession (Note 4) | - | 1,104,242 | ||||||
| Harvesting cost (Note 5) | 1,568,630 | 600,185 | ||||||
| Prepayment for acquisition of property, plant and equipment (Note 6) | 300,000 | - | ||||||
| Others (Note 7) | 226,252 | 2,389,523 | ||||||
| Total | 9,120,834 | 12,263,925 | ||||||
| Less: Amounts to be utilized within 12 months shown under current assets | (8,820,834) | (11,153,330) | ||||||
| Amounts to be utilized after 12 months shown under non-current assets | 300,000 | 1,110,595 | ||||||
| 2023 | 2022 | |||||||
| USD | USD | |||||||
| Trade receivables – contracts with customers | 4,963,636 | 6,184,970 | ||||||
| Less: Allowance for credit losses | (483,153) | (229,694) | ||||||
| Trade receivables, net | 4,480,483 | 5,955,276 | ||||||
| Other receivables | 2,803,236 | 2,597,456 | ||||||
| Total | 7,283,719 | 8,552,732 | ||||||
| Movement in the above allowance for credit losses: | ||||||||
| Beginning balance | 229,694 | 156,157 | ||||||
| Charged for the year | 253,459 | 73,537 | ||||||
| Ending balance | 483,153 | 229,694 | ||||||
| 2023 | 2022 | 2021 | ||||||||||
| USD | USD | USD | ||||||||||
| Cost of revenue | 23,071,638 | 35,423,411 | 31,272,086 | |||||||||
| Depreciation expenses of: | ||||||||||||
| - Property, plant and equipment | 863,287 | 707,747 | 509,177 | |||||||||
| - Right-of-use assets | 99,360 | 105,479 | 86,769 | |||||||||
| Amortization of intangible assets | 950,624 | 904,315 | 834,575 | |||||||||
| Expected credit losses recognized on trade receivables | 253,459 | 73,537 | 96,891 | |||||||||
| Write-down of inventories, included in cost of revenue | 1,933,391 | - | - | |||||||||
| Impairment loss recognized on property, plant and equipment | 4,244,688 | - | - | |||||||||
| Auditor’s remuneration | 204,246 | 212,268 | 10,977 | |||||||||
| Employee benefits expenses (including directors’ remuneration): | ||||||||||||
| - Salaries and allowances | 3,375,361 | 3,877,068 | 3,104,038 | |||||||||
| - Pension scheme contribution | 264,116 | 396,232 | 412,822 | |||||||||
