Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 81

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 81
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 partly offset by decreased commission expense of $ 0.4 million. For the years ended December 31, 2023 and 2022, we had selling and distribution expenses $ 0.2 million and $ 0.9 million from our discontinued operations.

Administrative expenses.Administrative expenses were $ 12.6 million for the year ended December 31, 2023, compared to $ 3.4 million for the year ended December 31, 2022, representing an increase of $ 9.2 million, or 271.9%. The increase in administrative expenses was primarily due to an increase in (i) stock compensation expense of $ 4.3 million, (ii) an $ 0.8 million increase in payroll expenses, (ii) an $ 0.2 million increase in legal fee, (iv) an $ 2.0 million increase in professional fee, (vi) an $ 1.5 million increase in business entertainment and promotion expense resulting from our new subsidiaries and increased sales, (v) an $ 0.1 million increase in rent expense, (x) an $ 0.1 million increase in standstill fee on note, (and (xi) an $ 0.2 million increase in other G&A expenses due to the increased expense resulting from our new subsidiaries. For the years ended December 31, 2023 and 2022, we had administrative expenses of$ 0.2 million and $ 7.6 million from discontinued operations.

Bad debt expense (reversal).Bad debt reversal was $ nil for the year ended December 31, 2023, compared to $ 0.4 million for the year ended December 31, 2022. We recognize a loss allowance for expected credit loss on our financial assets, primarily on trade receivables, which are subject to impairment under IFRS 9, Financial Instruments, first effective for year 2018. We believe that we have undertaken appropriate measures to resolve the bad debt expense. For the year ended December 31, 2023 and 2022, we have bad debt reversal of $ 0.1 million and bad debt expense of $ 5.0 million from discontinued operations.

Finance costs.Finance costs were $ 0.1 million for the year ended December 31, 2023, compared to $ 4,000 for the year ended December 31, 2022. The increase was mainly due to the