v3.25.2
RIGHT-OF-USE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
SCHEDULE OF CARRYING AMOUNT OF RIGHT-OF-USE ASSETS

The carrying amount of right-of-use assets by class of underlying asset are as follows:

 

   As of
Dec 31, 2023		   As of
Dec 31, 2024		 
    S$’000    S$’000 
           
At cost:          
Leasehold buildings   1,378    2,072 
Office equipment   10    20 
Right-of-use assets, gross   1,388    2,092 
Less: Accumulated depreciation   (1,380)   (893)
           
Right-of-use assets, net   8    1,199 
SCHEDULE OF LEASE-RELATED ASSETS AND LIABILITIES

The table below presents the lease-related assets and liabilities recorded on the balance sheet.

 

   As of
Dec 31, 2023		   As of
Dec 31, 2024		 
   S$’000   S$’000 
         
Assets          
Operating lease, right-of-use asset, net   8    1,199 
           
Total right-of-use asset   8    1,199 
           
Liabilities          
Current:          
Operating lease liabilities   2    1,209 
Operating lease liabilities current   2    1,209 
           
Non-current:          
Operating lease liabilities   5    12 
Operating lease liabilities non-current   5    12 
           
Total operating lease liabilities   7    1,221 
SCHEDULE OF LEASE EXPENSE

The Company excludes short-term leases (those with lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets. The following tables summarize the lease expense for the years.

 

   As of
Dec 31, 2023		   As of
Dec 31, 2024		 
   S$’000   S$’000 
         
Operating lease cost:          
Operating lease expense (per ASC 842)   422    951 
           
Short-term lease expense (other than ASC 842)   120    171 
           
Total lease expense   542    1,122 
SCHEDULE OF FUTURE CONTRACTUAL LEASE PAYMENTS

The below table summarizes our (i) minimum lease payments over the next five years, (ii) lease arrangement implied interest, and (iii) present value of future lease payments for the next three years ending December 31:

 

Year ending December 31,  Operating and finance
lease amount		 
   S$’000 
Right of Use Assets     
2025   1,238 
2026 – 2029   13 
2030 onwards   - 
Less: interest     
2025   (29)
2026 onwards   (1)
Present value of lease liabilities – Right of Use Assets   1,221 
      
Representing:     
Current liabilities – Right of Use Assets   1,209 
Non-current liabilities – Right of Use Assets   12 
Operating lease liabilities – Right of Use Assets   1,221 
      
Hire Purchase     
2025   6,736 
2026 – 2029   7,160 
2030 onwards   26 
Less: interest     
2025   (524)
2026 onwards   (333)
      
Present value of lease liabilities – Hire Purchase   13,065 
      
Representing:     
Current liabilities – Hire Purchase   6,212 
Non-current liabilities – Hire Purchase   6,853 
Finance lease liabilities – Hire Purchase   13,065 
      
Representing:     
Current liabilities   6,212 
Non-current liabilities   6,853 
      
Lease liabilities   13,065 
SCHEDULE OF OPERATING LEASE SUPPLEMENTAL CASH FLOWS INFORMATION
   2023   2024 
   Year ended December 31 
   2023   2024 
   S$’000   S$’000 
Supplemental Cash Flows information        
Cash paid for amounts included in the measurement of lease liability:          
Operating cash flows from operating lease   7,764    8,638 
Operating lease asset obtained in exchange for operating lease obligations          
Operating lease   9,439    8,360 
Remaining lease term          
Operating lease   3.5 years    2.5 years 
Discount rate          
Operating lease   5.76%   5.15%