26
MIGHT Directors’ Report And Audited Financial Statements 2020
6. INVESTMENT IN AN ASSOCIATE (continued)
Summarised financial information of the associate as at the end of each reporting period is as follows:
(c)
MYBiomass Sdn. Bhd. 2020 RM 2019 RM
Assets and liabilities
Non-current assets Current assets Current liabilities
506,301 162,547 (740,635)
13,457,189 746,535 (1,190,605)
Net (liabilities)/assets
(71,787)
13,013,119
Results
Revenue Loss for the financial year Total comprehensive loss
- (13,084,906) (13,084,906)
13,413 (14,848,848) (14,848,848)
Cash flows used in operating activities Cash flows from/(used in) investing activities
(933,565) 373,160
(483,489) (1,032,161)
Net decrease in cash and cash equivalents
(560,405)
(1,515,650)
(d)
2020 RM 2019 RM The reconciliation of net assets of the associate to the carrying amount of investment in an associate is as follows:
Share of net assets Impairment losses
- -
5,205,247 (5,205,247)
Carrying amount in the statements of financial position
-
-
Share of results of the associate
-
348,687
Share of profit of the associate Share of other comprehensive income of the associate
-
-
Share of total comprehensive loss of the associate
-
348,687
In the previous financial year, the Group recognised an impairment loss of RM5,931,683 in respect of investment in an associate due to declining economic benefits expected from the associate. (e)
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