Financial Risk Management (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Financial Risk Management [Abstract] |
|
| Schedule of Foreign Currency Translation |
The
following table sets forth the result of foreign currency translation into Korean won for financial assets and liabilities denominated
in foreign currency of the Group as of March 31, 2025 and December 31, 2024:
| | |
March 31, 2025 | |
| | |
USD | | |
EUR | | |
CHF | |
| Assets in foreign currency | |
$ | 1,272,464 | | |
$ | 305,601 | | |
$ | 591,247 | |
| Liabilities in foreign currency | |
| 11,334,006 | | |
| (172,887 | ) | |
| (208,705 | ) |
| | |
December 31, 2024 | |
| | |
USD | | |
EUR | | |
CHF | |
| Assets in foreign currency | |
$ | 37,902 | | |
$ | 278,766 | | |
$ | 582,222 | |
| Liabilities in foreign currency | |
| 1,929,368 | | |
| 139,672 | | |
| 160,875 | |
|
| Schedule of Impact of Strengthening (or Weakening) of the Korean Won |
The
following table sets forth the impact of strengthening (or weakening) of the Korean won by a hypothetical 10% against each foreign currency
on the Group’s after-tax profit (or loss), assuming all other variables remain constant.
| | |
March 31, 2025 | | |
December 31, 2024 | |
| | |
Rise | | |
Fall | | |
Rise | | |
Fall | |
| USD | |
$ | (1,006,154 | ) | |
$ | 1,006,154 | | |
$ | (189,147 | ) | |
$ | 189,147 | |
| EUR | |
| 47,849 | | |
| (47,849 | ) | |
| 13,909 | | |
| (13,909 | ) |
| CHF | |
| 79,995 | | |
| (79,995 | ) | |
| 42,135 | | |
| (42,135 | ) |
|
| Schedule of Group’s Liquidity Risk Analysis |
The
Group’s liquidity risk analysis details as of March 31, 2025 and December 31, 2024 are as follows:
| | |
March 31, 2025 | |
| | |
| | |
| | |
Remaining maturity | |
| |
Book Value | | |
Cashflow by
contract | | |
Within
a year | | |
1 year to
3 years | | |
More than
3 years | |
| Financial liabilities | |
$ | 4,710,699 | | |
$ | 4,846,694 | | |
$ | 4,558,520 | | |
$ | 288,173 | | |
$ | | |
| Other Payables | |
| 8,023,117 | | |
| 8,023,117 | | |
| 8,023,117 | | |
| - | | |
| - | |
| Lease liabilities | |
| 68,359 | | |
| 81,827 | | |
| 46,028 | | |
| 35,800 | | |
| - | |
| Total | |
$ | 12,802,176 | | |
$ | 12,951,639 | | |
$ | 12,627,666 | | |
$ | 323,973 | | |
$ | - | |
| | |
| |
| | |
December 31, 2024 | |
| | |
| | |
| | |
Remaining maturity | |
| |
Book Value | | |
Cashflow by
contract | | |
Within
a year | | |
1 year to
3 years | | |
More than
3 years | |
| Borrowings | |
$ | 2,297,411 | | |
$ | 2,423,008 | | |
$ | 1,840,406 | | |
$ | 35,048 | | |
$ | 547,555 | |
| Other Payables | |
| 1,538,643 | | |
| 1,538,643 | | |
| 1,538,643 | | |
| - | | |
| - | |
| Lease liabilities | |
| 80,848 | | |
| 93,537 | | |
| 48,980 | | |
| 44,558 | | |
| - | |
| Total | |
$ | 3,916,903 | | |
$ | 4,055,188 | | |
$ | 3,428,028 | | |
$ | 79,605 | | |
$ | 547,555 | |
|
| Schedule of Group’s Debt Ratio |
The
group’s debt ratio as of March 31, 2025 and December 31, 2024 are as follows:
| | |
March 31,
2025 | | |
December 31,
2024 | |
| Net borrowings (A) | |
| | |
| |
| Borrowings | |
$ | 4,710,699 | | |
$ | 2,297,411 | |
| Lease liabilities | |
| 68,359 | | |
| 78,113 | |
| Less: cash and cash equivalents | |
| (1,595,697 | ) | |
| (341,543 | ) |
| | |
| 3,183,361 | | |
| 2,033,981 | |
| Total equity (B) | |
| 132,282,477 | | |
| 143,208,215 | |
| Debt ratio (A / B) | |
| 2.4 | % | |
| 1.4 | % |
|