v3.26.1
Intangible Assets
 12 Months Ended
Dec. 31, 2025
Intangible Assets [Abstract]  
Intangible Assets

Note 8 - Intangible Assets

 

Intangible assets, stated at cost less accumulated amortization, consisted of the following:

 

   2023   2024   2025   2025 
   SGD   SGD   SGD   USD 
At Cost:  -   -   -   - 
Customer relationships   1,944,044    1,944,044    1,944,044    1,511,816 
Software   271,693    473,356    567,986    441,703 
Research and development   885,675    1,024,638    1,024,638    796,825 
Less: accumulated impairment   
-
    (113,707)   (113,707)   (88,426)
                     
Less: accumulated amortization   (123,848)   (906,821)   (1,585,610)   (1,233,074)
Intangible Assets, net   2,977,564    2,421,510    1,837,351    1,428,844 

 

No impairment loss had been recognized for the years ended December 31, 2025.

 

During the year ended December 31, 2024, the Group performed its annual impairment assessment of intangible assets. As a result of the assessment, the Group recorded an impairment loss of S$113,707 related to customer relationship that was recognized in 2024. The impairment was recognized due to a decline in the expected future economic benefits from the related customer relationships. This loss is included in operating expenses in the consolidated statement of operations.

 

Amortization expense of intangible assets for the years ended December 31, 2023, 2024 and 2025 amounted to $123,848, S$629,207 and S$678,789 (U$527,871), respectively.

 

Estimated amortization expense for each of the next five years:

 

   $ 
2026   (695,422)
2027   (695,422)
2028   (373,914)
2029   (53,667)
2030   (18,926)
    (1,837,351)