v3.24.1.1.u2
Finance Income and Finance Costs (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of finance income and finance costs [abstract]  
Summary of Details of Finance Income
Details of finance income for the years ended December 31, 2023, 2022 and 2021, are as follows:
 
                (Unit: USD)  
Classification
  
For the year

ended 2023
    
For the year

ended 2022
    
For the year

ended 2021
  
Interest Income
     13,643       39,966       202,432  
Gain from foreign currency transactions
     41,881       38,952       33,517  
Gain from disposal of
non-current
financial assets
     —        —        75,821  
Gain from foreign currency translation (*)
     78,600       74,596       110,252  
Gain from discharge of indebtedness (**)
     —        4,079,520       3,694,237  
 
 
 
    
 
 
    
 
 
  
Total
     134,124       4,233,034       4,116,259  
 
 
 
    
 
 
    
 
 
  
 
(*)
Gain from foreign currency translation represents the increase in the value of foreign-denominated assets or liabilities when translated into the reporting currency due to change in exchange rates.
(**)
Gain from discharge of indebtedness was recognized from conversion of convertible bonds to equity which occurred in 2021 and 2022.
Summary of Details of Finance Costs
Details of finance costs for the years ended December 31, 2023, 2022 and 2021, are as follows:
 
                (Unit: USD)  
Classification
  
For the year

ended 2023
    
For the year

ended 2022
    
For the year

ended 2021
  
Interest expense
     2,466,238       919,446       1,876,001  
Loss from foreign currency transactions
     24,667       68,204       41,865  
Loss from foreign currency translation (*)
     127,190       133,181       78,570  
Loss from valuation of CB
     103,342       —        —   
Change in fair value of derivative warrant liabilities
     504,587       —        —   
 
 
 
    
 
 
    
 
 
  
Total
     3,226,024       1,120,831       1,996,436  
 
 
 
    
 
 
    
 
 
  
 
(*)
Loss from foreign currency translation represents the decrease in the value of foreign-denominated assets or liabilities when translated into the reporting currency due to change in exchange rates.