Revenue Performance - Total revenue for the year ended December 31, 2024 decreased by 259,072, or approximately 65.4%[158] - Revenue from the provision of complementary health therapies increased by 64,854 in revenue[159] Cost and Expenses - Cost of revenue for 2024 amounted to 69,083, or approximately 14.0% from 2023[161] - Gross profit for 2024 was 936,572 and 65.4% in 2023[163] - Selling expenses for 2024 significantly decreased by 162,712 compared to 768,858, or approximately 32.4%, totaling 2,486,044, an increase of 1,656,571, a decrease from 2,726,215, compared to 11,856, primarily for the reduction of finance lease liability[177] - Net cash provided by financing activities for the year ended December 31, 2023 was 5,501,520, cash used for shares repurchased of 9,594[177] Inventory and Credit Management - The company recognized an inventory write-down of 0 for 2023[181] - The allowance for expected credit loss increased to 542 in 2023[185] - Credit risk is primarily associated with accounts receivable, which the company mitigates through ongoing credit evaluations and short collection terms[214] - The company does not generally require collateral from customers, relying instead on credit evaluations[214] - The need for an allowance for doubtful accounts is evaluated based on specific customer credit risk, historical trends, and other relevant information[214] Accounting and Financial Reporting - The company adopted ASU 2014-09 for revenue recognition, which requires identifying performance obligations and recognizing revenue when control of goods and services transfers to customers[188] - The company derives revenues from sales contracts recognized when control of skin care, health, and wellness products is transferred to customers[191] - The company provides products and services for sustainability and energy savings, recognizing revenue based on the percentage of cost incurred[198] - The adoption of recent accounting standards has no material impact on the consolidated financial statements for the year ended December 31, 2024[211] Foreign Currency and Risk Management - The majority of the company's revenues are denominated in Malaysian Ringgit, while expenses are in Malaysian Ringgit, U.S. Dollar, and Hong Kong Dollar[212] - The company does not currently hedge exposures denominated in foreign currencies or use derivative financial instruments[212] - The value of the company's Common Stock may be affected by the foreign exchange rates between U.S. Dollar and Malaysian Ringgit, and U.S. Dollar and Hong Kong Dollar[213]
Agape ATP (ATPC) - 2024 Q4 - Annual Report