Green Technology Annual Report

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 8. RIGHT-OF-USE ASSETS <----------------- 1.1.2019 --------------> Depreciation Charges RM At 31.12.2019 RM As Previously Reported RM Initial Application of MFRS 16 RM As Restated RM The Group/ The Company Leasehold land – 2,937,837 2,937,837 (33,769) 2,904,068 Office equipment – 72,831 72,831 (18,647) 54,184 – 3,010,668 3,010,668 (52,416) 2,958,252 Analysed by:- RM Cost 3,415,887 Accumulated depreciation (457,635) 2,958,252 The comparative information is not presented as the Group has applied MFRS 16 using the modified retrospective approach. (a) The Group has entered into non-cancellable operating lease agreements for the use of land. The leases are for a period of 99 years with no renewal or purchase option included in the agreements. (b) The Group has leased a number of photocopier machines for 3 - 5 years, with an option to renew the lease after that date. 9. TRADE RECEIVABLES The Group’s normal trade credit term is 30 days (2018 - 30 days) from the date of invoice. Other credit terms are assessed and approved on a case-by-case basis. 10. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS The Group/The Company 2019 RM 2018 RM Other receivables 69,916 69,916 Deposits 555,499 555,499 Prepayments 79,589 79,747 GST receivables 140,282 140,282 845,286 845,444 11. AMOUNT OWING BY SUBSIDIARIES The amount owing by subsidiaries represents non-trade balances, unsecured, interest free and payments made on behalf. The amount owing is receivable on demand and is to be settled in cash. 12. FIXED DEPOSITS WITH LICENSED BANKS (a) The fixed deposits with licensed banks of the Group and the Company at the end of the reporting period bore effective interest rates ranging from 2.70% to 3.50% (2018 - 2.95% to 3.65%) per annum. The fixed deposits have maturity periods ranging from 1 to 12 (2018 - 1 to 12) months for the Group and the Company respectively. (b) Included in the fixed deposits with licensed banks of the Group at the end of the reporting period was an amount of RM1,025,483 (2018 - RM38,033) which has been pledged to a licensed bank as security for banking facilities granted to the Company. 122 MALAYSIAN GREEN TECHNOLOGY & CLIMATE CHANGE CENTRE ANNUAL REPORT 2019