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Taxation (Tables)
12 Months Ended
Dec. 31, 2023
Taxation  
Schedule of unrecognized tax-losses incurred

(in thousands)

    

Loss per year

2017

$

860

2018

 

2,749

2019

 

1,081

2020

 

2021

12,230

2022

269

2023

 

53,133

$

70,322

Schedule of the reconciliation of income tax expense at statutory tax rate and the income expenses as reported in the consolidated statement of loss and other comprehensive income

    

For the Year Ended December 31, 

(in thousands)

    

2023

    

2022

    

2021

Loss before income tax

$

(41,695)

$

(31,658)

$

(42,198)

Computed 25.8% tax on Loss (2022: 25.8% 2021: 25%)

(10,757)

(8,168)

(10,549)

Tax effect of:

Non-deductible costs

1,268

1,080

982

Difference in overseas tax rates

75

72

46

Change in unrecognized deferred tax asset

9,693

7,265

9,678

Total corporate tax

$

279

$

249

$

157

Effective tax rate

0.7%

0.8%

0.4%

    

For the Year Ended December 31, 

(in thousands)

    

2023

    

2022

    

2021

Current tax on result

$

279

$

249

$

139

Deferred tax prior years

18

Total corporate tax expense

$

279

$

249

$

157

Schedule of unrecognized deferred tax assets

    

For the Year Ended December 31, 

(in thousands)

    

2023

    

2022

    

2021

Deductible temporary differences

$

86,887

$

83,933

$

59,683

Tax losses

70,322

5,900

5,746

Total unrecognized deferred tax assets

$

157,209

$

89,833

$

65,429

Total tax effect 25.8% (2022: 25.8% 2021: 25%)

$

40,560

$

23,177

$

16,357

Schedule of recognized deferred tax assets and liabilities

    

For the Year Ended December 31, 

(in thousands)

    

2023

    

2022

    

2021

Deferred Tax Asset - Lease Liability

$

230

$

168

$

125

Deferred Tax Liability - Lease Right-of-use assets

(230)

(168)

(125)

Total net deferred tax asset

$

$

$