MIGHT Financial Report 2020

37

MIGHT Directors’ Report And Audited Financial Statements 2020

14. DEFERRED INCOME (continued)

As of 31 December 2020, the Group had received grant amounting to RM30 million (2019: RM55 million) in respect of Nurturing and Investing in Biotechnology Companies. The grant was approved under Ministry of Economic Aairs (formerly known as Economic Planning Unit). The scope of activities for the grant disbursement includes funding, nurturing and creating bio-based, emerging and green industries.

Government grants are recognised as revenue when performance obligations are satisfied.

Movement of government grants as at the end of each reporting period are as follows:

BALANCE AS AT 1.1.2020 RM

GRANT RECEIVED RM

GRANT UTILISED RM

BALANCE AS AT 31.12.2020 RM

GROUP

Types of grants Nurturing and investment grant Operating expenditure grant

66,337,882 14,821,300 81,159,182

11,122,584

25,943,573

(51,516,893) (14,821,300) (66,338,193)

-

-

11,122,584

25,943,573

COMPANY

Types of grants Operating expenditure grant

14,821,300

(14,821,300)

-

-

GRANT RECEIVED RM

GRANT UTILISED RM

BALANCE AS AT 31.12.2019 RM

BALANCE AS AT 1.1.2019 RM

GROUP

Types of grants Nurturing and investment grant Operating expenditure grant

13,373,844

28,275,000 17,016,000 45,291,000

(30,526,260) (17,016,000) (47,542,260)

11,122,584

-

-

13,373,844

11,122,584

COMPANY

Types of grants Operating expenditure grant

-

-

17,016,000

(17,016,000)

15. LEASE LIABILITIES

BALANCE AS AT 31.12.2020

BALANCE AS AT 01.01.2020

PAYMENTS OF LEASE LIABILITIES RM

PAYMENTS OF LEASE INTEREST

INTEREST EXPENSE

ADDITIONS

GROUP

RM

RM

RM

RM

RM

Carrying amount Motor vehicles Buildings

263,038 1,697,765 1,960,803

60,420 58,252 118,672

(70,803) (398,864) (469,667)

(12,117) (72,325) (84,442)

12,117 72,325 84,442

252,655 135,7153 1,609,808

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