Company: JXG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043744
Chunk: 238

Company: JX Luxventure Group Inc.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 238
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7,000,000was fully settled by means of acquisition of a wholly owned subsidiary and the intangible assets
(software). The acquisition of the subsidiary is considered as the acquisition of assets because there was no operation in the acquired
subsidiary. The acquired of a group of assets does not constitute a business and those do not meets the definition of business combination
under IFRS 3. The purchase consideration of $7,000,000was allocated to the identifiable assets acquired based on their relative fair
values at the acquisition date, in accordance with IFRS 3 paragraph 2(b).

The fair value of trade and other receivables
have not been disclosed as, due to their short duration, management considers the carrying amounts recognized in the consolidated statements
of financial position to be reasonable approximation of their fair values.

Prepayments include advances to suppliers
for merchandised goods, prepaid expenses and prepaid income tax. As of December 31, 2024, the prepayments includes advances to suppliers
for merchandised goods of $10,066,738.

The aging analysis of trade receivables
is as follows:

                          As at December 31,                                  
                                        2024               2023               
 ──────────────────────────────────────────────────────────────────────────────
  Less than 4 months                              102                402,820  
                                                  102                402,820  

The provision for doubtful debts is
recorded using a provision account unless the Group is satisfied that recovery is remote, in which case the unrecovered loss is written
off against trade receivables and the provision for doubtful debts directly. The Group does not hold any collateral over these balances.

The movement in the provision for doubtful
debts during the year is as follows:

                                               2024      2023      
 ───────────────────────────────────────────────────────────────────
  As at January 1                                        37,487    
  Reverse due to disposal of subsidiaries                ( 37,487  
  As at December 31                                      -         

F-33

  23.      CASH AND CASH EQUIVALENTS  

                            As at December 31,                                        
                                          2024                     2023               
 ──────────────────────────────────────────────────────────────────────────────────────
  Bank deposits                                     1,052,823                407,311  
  Other monetary funds                                131,633                -        
                                                    1,184,456                407,