v3.25.1
OTHER BORROWINGS
 12 Months Ended
Dec. 31, 2024
Other Borrowings  
OTHER BORROWINGS

NOTE 11 – OTHER BORROWINGS

 

Other borrowings consist of the following:

 

 

Facility agreement
entered date		  Provider  Facilities  Interest rate  Utilized as of December 31, 
            2024   2023 
March 8, 2022  JS Alternatives JV Fund (“JS”)  Loan  15% p.a.  $—   $448,250 
April 20, 2022  JS  Loan  15% p.a.   —    192,107 
April 28, 2024  CJI Holdings Limited  Loan  36% p.a.   321,936    — 
         Total:  $321,936   $640,357 

 

Classifying as:          
Current portion  $321,936   $432,241 
Non-current portion   —    208,116 
   $321,936   $640,357 

 

The borrowings were primarily obtained for general working capital.

 

 

VS MEDIA HOLDINGS LIMITED AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(Stated in US Dollars, except for number of shares)

  

On April 28, 2024, the Company obtained a short-term loan from a finance company in Hong Kong, which bears interest at a fixed rate of 36% per annum, is repayable in May 2025 and guaranteed by the director of the Company.

 

The borrowings from JS carried interest at a rate of 15% per annum and repayable by 4 equal consecutive instalments, commencing in September 2024 after the extension of loan period granted by the provider. The Company settled all the outstanding balances in December 2024.

 

Interest expenses on the borrowings totaled $269,729 and $140,505 during the years ended December 31, 2024 and 2023.