Quarterly report pursuant to Section 13 or 15(d)

Trade and Other Receivables, Prepayments and Contract Assets

v3.23.1
Trade and Other Receivables, Prepayments and Contract Assets
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Trade and Other Receivables, Prepayments and Contract Assets
9.    Trade and Other Receivables, Prepayments and Contract Assets
The components of Trade receivables, net, Other receivables and Prepayments and contract assets reflected in the Unaudited Condensed Consolidated Balance Sheets are disaggregated, as applicable, in the table below:
As of March 31, 2023
As of December 31, 2022
(in thousands) $ $
Trade receivables, gross 15,519  17,635 
Allowance for doubtful accounts (115) (2,111)
Trade receivables, net (Note 5)
 15,404  15,524 
Other receivables
 4,523  7,205 
Security deposit 8,510  8,481 
VAT receivable
 1,864  1,816 
Other receivables 14,897  17,502 
Prepayments
 9,871  12,237 
Contract assets
 8,533  6,112 
Prepayments and contract assets 18,404  18,349 
The Group has assessed its current expected credit loss estimate, in line with the requirements of ASC 326 by taking into consideration historical credit loss experience and financial factors specific to the debtors and general economic conditions. As part of this assessment, the Group has performed a recoverability assessment of its outstanding trade and other receivables at the reporting date and concluded that the expected credit loss as of March 31, 2023 and December 31, 2022 is immaterial.
The table below shows significant changes in contract assets for the periods presented:
As of March 31, 2023
As of December 31, 2022
(in thousands) $ $
Balance at January 1
 6,112  4,484 
Revenues recognized but not billed
 7,376  4,478 
Amounts reclassified to trade receivable
 (5,068) (1,914)
Amounts transferred to assets held for sale (21) (936)
Effect of movement in foreign exchange 134  — 
Contract assets
 8,533  6,112