| Schedule of Related Parties |
Amount due from related parties:
| | |
| |
December 31,
2025 | | |
December 31,
2024 | |
| | |
| |
USD | | |
USD | |
| Total Protection Solutions Pte Ltd | |
(a) | |
| | | |
| | |
| Current portion | |
| |
| 134,925 | | |
| 121,167 | |
| Non current portion | |
| |
| 316,410 | | |
| 432,017 | |
| | |
| |
| 451,335 | | |
| 553,184 | |
| Advance from supplier – Total Protection Solutions Pte Ltd (refer note 8) | |
| |
| - | | |
| 323,514 | |
| Swee Kheng Chua | |
(b) | |
| - | | |
| 4,616 | |
| | |
| |
| 451,335 | | |
| 881,314 | |
| Included in Trade Receivables: | |
| |
| | | |
| | |
| Concorde Global I Pte Ltd | |
(c) | |
| 11,068 | | |
| 10,448 | |
| iMatrix Global Pte Ltd | |
(c) | |
| 6,467 | | |
| 6,105 | |
| Total Protection Solutions Pte Ltd | |
| |
| - | | |
| 4,610 | |
| | |
| |
| 17,535 | | |
| 21,163 | |
| | (a) | On December 31, 2022, the Group formalized an agreement with Total Protection Solutions Pte Ltd loaned USD 651,702. The loan is unsecured, and it bears an interest rate of 5%. The loan was initially due on demand. In the financial year ended December 31, 2023, the Group extended an additional loan of USD 89,575, following the initial formalized agreement. This loan remains unsecured and carries an interest rate of 5%. On February 1, 2024, the Group entered into a repayment agreement with Total Protection Solutions Pte Ltd. Total Protection Solutions Pte Ltd will repay this loan on a monthly basis over a 5 year period commencing March 2024. |
| | (b) | The loan is unsecured, interest free and repayable on demand. |
| | (c) | The balance pertains to payment on behalf and interest charged on the payment on behalf for the prior years. In 2024, 100% expected credit loss has been provided due to uncertainty about the recoverability | Amount due to related parties:
| | |
| |
December 31,
2025 | | |
December 31,
2024 | |
| | |
| |
USD | | |
USD | |
| Swee Kheng Chua | |
(a) | |
| 207,551 | | |
| 216,940 | |
| | |
| |
| | | |
| | |
| Included in Trade Payable | |
| |
| | | |
| | |
| Total Protection Solutions Pte Ltd | |
(b) | |
| 690,741 | | |
| - | |
| | (a) | In the financial year ended December 31, 2023, Swee Kheng Chua voluntarily requested a pay cut resulting in payments made to him during the year as a balance owed to the Group. He also received a debt repayment from iMatrix Global Pte Ltd on behalf of the Group, and Ping Ping Lim’s due amount to the Group was reassigned to him. The resulting amount owed to the Group was then used to offset the outstanding debt. The amount due to Swee Kheng Chua represents a short-term non-interest-bearing loan. The loan is unsecured. | | | | | | | (b) | Trade payable arise from the subcontractor services provided to Concorde Security Pte Ltd which are trade in nature. The Group received credit notes from Total Protection Solution Pte Ltd amounting to SGD 1,244,122 during the year ended December 31, 2024. |
| | |
December 31,
2025 | | |
December 31,
2024 | | |
December 31,
2023 | |
| | |
USD | | |
USD | | |
USD | |
| Subcontracting costs | |
| | |
| | |
| |
| Total Protection Solution Pte Ltd | |
| 6,027,928 | | |
| 2,667,045 | | |
| 2,504,458 | |
| iMatrix Global Pte Ltd | |
| - | | |
| - | | |
| 16,403 | |
| | |
| | | |
| | | |
| | |
| Expenses paid on behalf – Swee Kheng Chua | |
| 34,755 | | |
| 4,695 | | |
| - | |
| Interest income – Total Protection Solution Pte Ltd | |
| 25,650 | | |
| 33,285 | | |
| 29,853 | |
| Loan repayment - Total Protection Solution Pte Ltd | |
| 126,318 | | |
| 185,407 | | |
| 71,449 | |
|
| Schedule of Key Management Personnel Compensation |
Key management
personnel compensation for the year ended is as follows:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| | |
USD | | |
USD | |
| Swee Kheng Chua | |
| 294,937 | | |
| 260,306 | |
| Sharifah Noriati Binte Said Omar* | |
| 52,226 | | |
| 62,810 | |
| Ping Ping Lim** | |
| 245,311 | | |
| 225,435 | |
| Terence Wing Khai Yap | |
| 298,599 | | |
| 264,454 | |
| Sze Yin Ong | |
| 97,727 | | |
| 81,921 | |
| Jia Wei Chua*** | |
| 101,387 | | |
| 83,746 | |
| Total compensation | |
| 1,090,187 | | |
| 978,672 | |
| * | Ms. Sharifah Noriati Binte Said Omar serves as a nominee director at Berjaya Academy Pte Ltd, our 70% owned subsidiary, as well as Concorde Security Pte Ltd (Singapore), our 96.81% owned subsidiary, and Concorde Asia Pte Ltd (Singapore), our 70% owned subsidiary. |
| ** | Ms. Ping Ping Lim is a senior manager in the Company. She is the spouse of Swee Kheng Chua and an authorizer for several banks, in Berjaya Academy Pte Ltd, our 70% owned subsidiary, as well as Concorde Security Pte Ltd (Singapore), our 96.81% owned subsidiary, and Concorde Asia Pte Ltd (Singapore), our 70% owned subsidiary. | | | | | *** | Mr. Jia Wei Chua, Swee Kheng Chua’s child is the keyman of Concorde Security Pte Ltd (Singapore), our 96.81% owned subsidiary. He is one of the key management in Concorde Security Pte Ltd. |
|