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20-F false true 2025-12-31 --12-31 false false 001-41804 Davis Commodities Limited E9 10 Bukit Batok Crescent 10 Bukit Batok Crescent #10-01 #10-01 The Spire The Spire SG SG 658079 658079 Ai Imm Lim +65 6896 5333 imm@daviscl.com Class A Ordinary Shares DTCKF 10855694 16514981 No No Yes Yes Non-accelerated Filer true false false false U.S. GAAP false true Risk<span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90B_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_c20250101__20251231_z1LnXHWDbTXl">We have established cybersecurity risk management to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90A_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbF_c20250101__20251231_zVFQLwWdQL0l">identify, assess, and mitigate cybersecurity risks alongside other business risks. The process is in alignment with our strategic objectives and risk appetite. We may engage assessors, consultants, auditors, or <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_907_ecyd--CybersecurityRiskManagementThirdPartyEngagedFlag_dbT_c20250101__20251231_zmgyls3QsnV2">other third parties to enhance our cyber security risk management processes. Any cybersecurity incidents are closely monitored for their potential impact on our business strategy, operations, and financial condition. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90A_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_c20250101__20251231_zcJSGYxpfMA6">As of the date of this annual report, we have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_904_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_zex67Dd0yxTk">not experienced any cybersecurity incidents that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. We continuously adapt our business strategy to enhance resilience, strengthen defenses and ensure the sustainability of our operations. We have established cybersecurity risk management to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90A_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbF_c20250101__20251231_zVFQLwWdQL0l">identify, assess, and mitigate cybersecurity risks alongside other business risks. false true As of the date of this annual report, we have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_904_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_zex67Dd0yxTk">not experienced any cybersecurity incidents that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. false 7020 6732 AOGB CPA Limited Hong Kong Onestop Assurance PAC Singapore

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1. ORGANIZATION AND PRINCIPAL ACTIVITIES Davis Commodities Limited was incorporated on September 20, 2022 in the Cayman Islands, as an investment holding company. Davis Commodities Limited conducts its primary operations through its wholly owned subsidiaries that are incorporated and domiciled in Singapore, namely: 1) Maxwill Pte. Ltd.; 2) Maxwill (Asia) Pte. Ltd.; 3) LP Grace Pte. Ltd; 4) Maxwill Foodlink Pte. Ltd.; 5) Davis Commodities Pte. Ltd.; 6) Davis Commodities SEA Pte. Ltd.; 7) Davis Commodities Global Pte. Ltd.; and 8) Davis Commodities Asia Pte. Ltd. (collectively the “Company”). The subsidiaries specialize in trading of three main categories of agricultural commodities: sugar, rice and oil and fat products. The Company distributes agricultural commodities to various markets, including providing warehouse storage and logistic services. Reorganization A summary of the formation of the group structure is as follows: Maxwill Pte. Ltd. On July 1, 2022, Li Peng Leck’s (“LPL’s”) spouse transferred two (2) shares, the then entire issued share capital of Maxwill Pte. Ltd., to LPL, as part of a family restructuring exercise. On the same day, it was resolved and approved that 98 new shares in the capital of Maxwill Pte. Ltd. would be issued to LPL and members of her immediate family as part of a family restructuring exercise. On August 22, 2022, LPL and members of her immediate family transferred all 100 shares, the entire issued and share capital of Maxwill Pte. Ltd., to Davis & KT Holdings Pte. Ltd., as part of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion of shares in Davis & KT Holdings Pte. Ltd. Maxwill (Asia) Pte. Ltd. On August 22, 2022, LPL and members of her immediate family transferred all their 1,483,000 shares, the entire issued and share capital of Maxwill (Asia) Pte. Ltd., to Maxwill Pte. Ltd., as part of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion of shares in Davis & KT Holdings Pte. Ltd. LP Grace Pte. Ltd. On July 1, 2022, LPL’s mother transferred two (2) shares, the entire issued share capital of LP Grace Pte. Ltd. to LPL, as part of a family restructuring exercise. The Company further note that there is a trust deed entered into between LPL and her mother in relation to the two (2) shares, the then entire issued share capital of LP Grace Pte. Ltd., that sets out that the shares are held by LPL’s mother on trust for LPL. On the same day, it was resolved and approved that 98 new shares in the capital of LP Grace Pte. Ltd. would be issued to LPL and members of her immediate family as part of a family restructuring exercise. On August 23, 2022, LPL and members of her immediate family transferred all 100 shares, the entire issued and share capital of LP Grace Pte. Ltd., to Maxwill Pte. Ltd., as part of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion of shares in Davis & KT Holdings Pte. Ltd. Maxwill Foodlink Pte. Ltd. On August 23, 2022, LPL and members of her immediate family transferred all 60,002 shares, the entire issued and share capital of Maxwill Foodlink Pte. Ltd., to Maxwill Pte. Ltd., as part of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion of shares in Davis & KT Holdings Pte. Ltd. Davis Commodities Limited – Share Swap Agreement Davis Commodities Limited was incorporated in the Cayman Islands as an exempted company with limited liability on September 20, 2022, with an initial issued share capital of 3,524 shares of par value US$0.001 each. On September 20, 2022, Davis Commodities Limited entered into a share swap agreement with Davis & KT Holdings Pte. Ltd. (the “Share Swap Agreement”). Pursuant to the Share Swap Agreement, Davis & KT Holdings Pte. Ltd. transferred 100 shares, the total issued and paid up capital of Maxwill Pte. Ltd., to Davis Commodities Limited, while Davis Commodities Limited issued and allotted 6,476 shares of par value US$0.001 each to Davis & KT Holdings Pte. Ltd. (the “Share Swap”). Following the acquisition, Maxwill Pte. Ltd., together with all its subsidiaries, become wholly owned subsidiaries of Davis Commodities Limited. Davis Commodities Limited had an issued and paid up capital of 10,000 shares of par value US$0.001 each. On June 22, 2023, the shareholders of the Company approved, among others, a subdivision of each issued and unissued ordinary share of par value of US$0.001 each into 2,325 ordinary shares, par value US$0.000000430108 per share. Under applicable accounting principles, the Share Swap is considered as a merger of entities under common control. Und er the guidance in ASC 805, for transactions between entities under common control, the assets, liabilities and results of operations, are recognized at their carrying amounts on the date of the Share Swap, which requires retrospective combination of the Company, Maxwill Pte. Ltd., Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd. and Maxwill Foodlink Pte. Ltd. for all periods presented. After the reorganization, the Company wholly owns Maxwill Pte. Ltd., which is domiciled in Singapore; Maxwill Pte. Ltd. wholly owns Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd. and Maxwill Foodlink Pte. Ltd., which are all incorporated and domiciled in Singapore. The Company is headquartered in Singapore and conducts its operations domestically. Incorporation of Davis Commodities Pte. Ltd. On September 15, 2023, Davis Commodities Pte. Ltd. was incorporated and domiciled in Singapore as a private company limited by shares and a wholly owned subsidiary of Maxwill Pte. Ltd. Incorporation of Davis Commodities Global Pte. Ltd. On October 1, 2025, Davis Commodities Global Pte. Ltd. was incorporated and domiciled in Singapore as a private company limited by shares and a wholly owned subsidiary of Maxwill Pte. Ltd. Incorporation of Davis Commodities SEA Pte. Ltd. On October 2, 2025, Davis Commodities SEA Pte. Ltd. was incorporated and domiciled in Singapore as a private company limited by shares and a wholly owned subsidiary of Maxwill Pte. Ltd. Incorporation of Davis Commodities Asia Pte. Ltd. On October 15, 2025, Davis Commodities Asia Pte. Ltd. was incorporated and domiciled in Singapore as a private company limited by shares and a wholly owned subsidiary of Maxwill Pte. Ltd. Details of the subsidiaries of the Company are set out below: <table cellpadding="0" cellspacing="0" id="xdx_888_ecustom--ScheduleOfDetailOfSubsidaries_z66ZZYAw8Ywh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - ORGANIZATION AND PRINCIPAL ACTIVITIES (Details)"> <tr style="vertical-align: top; background-color: White"> <td colspan="5">Schedule of details of the subsidiaries</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="11" style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Percentage of effective ownership</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center; width: 20%">Name</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 15%">Date of Incorporation</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 8%">2024</td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 8%">2025</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 11%">Place of incorporation</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 33%">Principal Activities</td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Maxwill Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">November 1, 2004</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">100%</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_90E_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--MaxwillPteLtdMember_zD5QYK2lDat7" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Holding company. </td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Maxwill (Asia) Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">September 11, 1999</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_905_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20240101__20241231__srt--TitleOfIndividualAxis__custom--MaxwillAsiaPteLtdMember_zO7ajCBJi8Fi" title="Percentage of effective ownership">100%</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_90F_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--MaxwillAsiaPteLtdMember_zSJkODHMpu4g" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products, and providing warehouse storage and logistic services.</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>LP Grace Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">January 11, 2008</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_905_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--LpGracePteLtdMember_zdZQrCxN9Zwh" title="Percentage of effective ownership">100%</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_90D_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--LpGracePteLtdMember_zsUIhyLGHDU3" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products, and providing warehouse storage and logistic services.</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Maxwill Foodlink Pte. Ltd. </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">January 15, 2004 </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_90E_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--MaxwillFoodlinkPteLtdMember_z7r80G1K5Xyb" title="Percentage of effective ownership">100% </td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--MaxwillFoodlinkPteLtdMember_zsDdI05CuY3f" title="Percentage of effective ownership">100% </td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products and providing warehouse storage and logistic services. </td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Davis Commodities Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">September 15, 2023</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20240101__20241231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesPteLtdMember_zT01WLHb26Ih" title="Percentage of effective ownership">100% </td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesPteLtdMember_z5ZR6x1FZmG2" title="Percentage of effective ownership">100% </td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products and providing warehouse storage and logistic services. </td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Davis Commodities Global Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">October 1, 2025</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20240101__20241231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesGlobalPteLtdMember_ztTauDPQOGqc" title="Percentage of effective ownership">–</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_907_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20250101__20251231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesGlobalPteLtdMember_zYiUOKm6rcw6" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Dormant company.</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Davis Commodities SEA Pte. Ltd. </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">October 2, 2025</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_90E_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20240101__20241231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesSEAPteLtdMember_z5tdWRZinlEl" title="Percentage of effective ownership">–</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20250101__20251231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesSEAPteLtdMember_zGqS4YkBk873" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of fast-moving consumer goods (FMCG) products and the provision of integrated warehousing, storage and logistics services.</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Davis Commodities Asia Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">October 15, 2025</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20240101__20241231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesAsiaPteLtdMember_ztaa7lrOVWhi" title="Percentage of effective ownership">–</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20250101__20251231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesAsiaPteLtdMember_zCBc7auApQm2" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Dormant company.</td></tr> </table>

3524 0.001

0.001

2325

0.000000430108

<table cellpadding="0" cellspacing="0" id="xdx_888_ecustom--ScheduleOfDetailOfSubsidaries_z66ZZYAw8Ywh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - ORGANIZATION AND PRINCIPAL ACTIVITIES (Details)"> <tr style="vertical-align: top; background-color: White"> <td colspan="5">Schedule of details of the subsidiaries</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="11" style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Percentage of effective ownership</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center; width: 20%">Name</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 15%">Date of Incorporation</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 8%">2024</td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 8%">2025</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 11%">Place of incorporation</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 33%">Principal Activities</td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Maxwill Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">November 1, 2004</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">100%</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_90E_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--MaxwillPteLtdMember_zD5QYK2lDat7" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Holding company. </td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Maxwill (Asia) Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">September 11, 1999</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_905_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20240101__20241231__srt--TitleOfIndividualAxis__custom--MaxwillAsiaPteLtdMember_zO7ajCBJi8Fi" title="Percentage of effective ownership">100%</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_90F_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--MaxwillAsiaPteLtdMember_zSJkODHMpu4g" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products, and providing warehouse storage and logistic services.</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>LP Grace Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">January 11, 2008</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_905_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--LpGracePteLtdMember_zdZQrCxN9Zwh" title="Percentage of effective ownership">100%</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_90D_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--LpGracePteLtdMember_zsUIhyLGHDU3" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products, and providing warehouse storage and logistic services.</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Maxwill Foodlink Pte. Ltd. </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">January 15, 2004 </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_90E_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--MaxwillFoodlinkPteLtdMember_z7r80G1K5Xyb" title="Percentage of effective ownership">100% </td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--MaxwillFoodlinkPteLtdMember_zsDdI05CuY3f" title="Percentage of effective ownership">100% </td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products and providing warehouse storage and logistic services. </td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Davis Commodities Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">September 15, 2023</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20240101__20241231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesPteLtdMember_zT01WLHb26Ih" title="Percentage of effective ownership">100% </td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp_c20250101__20251231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesPteLtdMember_z5ZR6x1FZmG2" title="Percentage of effective ownership">100% </td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products and providing warehouse storage and logistic services. </td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Davis Commodities Global Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">October 1, 2025</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20240101__20241231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesGlobalPteLtdMember_ztTauDPQOGqc" title="Percentage of effective ownership">–</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_907_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20250101__20251231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesGlobalPteLtdMember_zYiUOKm6rcw6" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Dormant company.</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Davis Commodities SEA Pte. Ltd. </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">October 2, 2025</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_90E_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20240101__20241231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesSEAPteLtdMember_z5tdWRZinlEl" title="Percentage of effective ownership">–</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20250101__20251231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesSEAPteLtdMember_zGqS4YkBk873" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Trading of fast-moving consumer goods (FMCG) products and the provision of integrated warehousing, storage and logistics services.</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(238,238,238)"> <td>Davis Commodities Asia Pte. Ltd.</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">October 15, 2025</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20240101__20241231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesAsiaPteLtdMember_ztaa7lrOVWhi" title="Percentage of effective ownership">–</td> <td style="text-align: center"> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--VariableInterestEntityOwnershipPercentage_pip0_dp0_c20250101__20251231__srt--TitleOfIndividualAxis__custom--DavisCommoditiesAsiaPteLtdMember_zCBc7auApQm2" title="Percentage of effective ownership">100%</td> <td> </td> <td style="white-space: nowrap; text-align: center">Singapore</td> <td> </td> <td>Dormant company.</td></tr> </table> 2004-11-01

Singapore Holding company. 1999-09-11

Singapore Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products, and providing warehouse storage and logistic services. 2008-01-11

Singapore Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products, and providing warehouse storage and logistic services. 2004-01-15

Singapore Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products and providing warehouse storage and logistic services. 2023-09-15

Singapore Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products and providing warehouse storage and logistic services. 2025-10-01

Singapore Dormant company. 2025-10-02

Singapore Trading of fast-moving consumer goods (FMCG) products and the provision of integrated warehousing, storage and logistics services. 2025-10-15

Singapore Dormant company.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Going concern For the year ended December 31, 2025, the Company incurred net loss of approximately US$5,035,000 and net operating cash outflows of approximately US$1,030,000. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the date that these consolidated financial statements are issued. As of the report date of these consolidated financial statements, there still exists substantial doubt that the Company will continue as a going concern. The Company has funded its operations and capital needs primarily through bank loans and operational income. To meet the cash requirements for the next 12 months from the issuance date of this report, the Company plans to continue to focus on improving operational efficiency and cost reductions. Additionally, the Company has an at-the-market (“ATM”) offering program under which sales of its Class A Ordinary Shares could be conducted for financing its working capital requirements and capital expenditure. The Company plans to continue utilizing the ATM program to pursue further issuances of its Class A Ordinary Shares, as appropriate, to raise additional funding to support its operations subsequent to the date of these consolidated financial statements. The management plan cannot alleviate the substantial doubt of the Company’s ability to continue as a going concern. There can be no assurance that the Company will be successful in achieving its strategic plans, that the Company’s future capital raises will be sufficient to support its ongoing operations, or that any additional financing will be available in a timely manner or with acceptable terms, if at all. If the Company is unable to raise sufficient financing or events or circumstances occur such that the Company does not meet its strategic plans, or that the Company is unsuccessful in increasing its profit and reducing operating losses, it would have a material adverse effect on the Company’s financial position, results of operations, cash flows, and ability to achieve its intended business objectives. The accompanying audited consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These audited consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. (b) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). (c) Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions, if any, and balances due to, due from subsidiaries, and registered paid in capital have been eliminated upon consolidation. On consolidation the entities should be combined for all periods that the relationship of common control started and the transaction would be treated as a capital transaction with any gain or loss on acquisition adjusted through equity. The consolidated entity would not recognize any goodwill and/or gain/losses from the acquisition and results of operations would be presented for all periods under common control. The consolidated financial statements of the Company were prepared by applying the pooling of interest method. Under this method, the Company has been treated as the holding company of the subsidiaries for the financial years presented. Accordingly, the results of the Company include the results of the subsidiaries for three-year period ended December 31, 2023, 2024 and 2025. Such manner of presentation reflects the economic substance of the companies, which were under common control throughout the relevant periods, as a single economic enterprise, although the legal parent-subsidiary relationships may not have been established. (d) Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to allowance for credit loss for accounts receivable, other receivables and loan to a related party, inventory valuation, useful lives and impairment for property and plant and equipment and deferred tax asset and valuation allowance. Actual results could vary from the estimates and assumptions that were used. (e) Risks and uncertainties The main operations of the Company are located in Singapore. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results. The Company’s business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company’s operations. (f) Foreign currency translation and transaction and Convenience translation The accompanying consolidated financial statements are presented in U.S. dollar (“US$”), which is the reporting currency of the Company. The functional currency of the Company and its subsidiaries, Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd., Maxwill Pte. Ltd., Davis Commodities Pte. Ltd., Davis Commodities Global Pte. Ltd., Davis Commodities SEA Pte. Ltd., and Davis Commodities Asia Pte. Ltd. are the U.S. dollar. Maxwill Foodlink Pte. Ltd. uses the Singapore dollar (“S$”) as its functional currency. Assets and liabilities denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the balance sheet date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive loss as other comprehensive income or loss. Transactions in currencies other than the reporting currency are measured and recorded in the reporting currency at the exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated statements of operations and comprehensive income/(loss) as other income/(expenses). The value of foreign currency including, the S$, may fluctuate against the US$. Any significant variations of the aforementioned currency relative to the S$ may materially affect the Company’s financial condition in terms of reporting in US$. The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements: <table cellpadding="0" cellspacing="0" id="xdx_88E_ecustom--ScheduleOfForeignCurrencyExchangeRatesTableTextBlock_zEJnjwowuKAe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Schedule of exchange rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20241231_zKJxOpRtuug1" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20251231_z5l399i1aKI1" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pip0_hus-gaap--VariableRateAxis__custom--YearEndMember_zKTl04sONwdk" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: justify">US$ to S$ Year End</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">1.3435</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">1.2962</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pip0_hus-gaap--VariableRateAxis__custom--AverageRateMember_zpZUG6pQc8Y9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">US$ to S$ Average Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.3367</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.3114</td><td style="text-align: left"> </td></tr> </table> (g) Fair Value Measurement Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">·</td> <td style="text-align: justify">Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</td></tr> </table> Cash and cash equivalents, accounts receivable, other current assets, other receivables, amount due from related parties, loan to a related party, bank loans, operating lease liabilities, finance lease liabilities, amount due to related parties, accounts payables and other current liabilities are financial assets and liabilities. As of December 31, 2025, other than the unrealized losses on commodity future contracts measured at fair value (included in accruals and other current liabilities) and unrealized gains on commodity future contracts measured at fair value (included in prepaid expenses and other current assets), the carrying amount of these financial instruments are approximated to their respective fair values. The commodity futures contracts are measured at fair value on a recurring basis using the mark-to-market valuations reflected in month-end broker statements, which are based on observable market inputs. Accordingly, these instruments are classified within Level 2 of the fair value hierarchy. (h) Related parties We adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. (i) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, the Company’s demand deposit placed with financial institutions, which have original maturities of less than three months and unrestricted as to withdrawal and use. Periodically, the Company may carry cash balances at financial institutions more than the respective subsidiaries’ government insured limits in Singapore of S$100,000 per institution. The amount in excess of government insurance as of December 31, 2025 and 2024, was approximately US$999,974 (approximately S$1,296,142) and US$429,325 (approximately S$576,798), respectively. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. (j) Accounts Receivable, net Accounts receivable, net are stated at the original amount less an allowance for credit loss on such receivables. The allowance for credit loss is estimated based upon the Company’s assessment of various factors including historical experience, the age of the accounts receivable balances, current general economic conditions, future expectations and customer specific quantitative and qualitative factors that may affect the customers’ ability to pay. An allowance is also made when there is objective evidence for the Company to reasonably estimate the amount of probable loss. (k) Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. (l) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows: <table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--ScheduleOfPropertyAndEquipmentUsefulLivesTableTextBlock_zt3B0cJKx7Ia" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Estimated useful lives)"> <tr> <td style="vertical-align: bottom; width: 56%">Schedule of estimated useful lives</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="width: 43%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Category</td> <td> </td> <td style="border-bottom: black 1pt solid">Estimated useful lives</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Investment property</td> <td> </td> <td><span id="xdx_901_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--InvestmentPropertyMember_zgwvnf9gT9E4" title="Estimated useful lives">40 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Right-of-use asset</td> <td> </td> <td><span id="xdx_90E_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetMember_z0tzdxEGz093" title="Estimated useful lives">3 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Furniture and fittings, office equipment, renovation and computer and software</td> <td> </td> <td><span id="xdx_902_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureAndFittingsMember_z1eQDQOJEobl" title="Estimated useful lives">3 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Motor vehicle</td> <td> </td> <td><span id="xdx_906_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zs3zQRPIv3s4" title="Estimated useful lives">10 years</td></tr> </table> Expenditures for repair and maintenance costs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred, whereas the expenditures for major renewals and betterments that substantially extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of income. <p id="xdx_84A_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zko8wCWymaz1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">(m) Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. No impairment of long-lived assets was recognized as of December 31, 2024 and 2025. (n) Commitments and contingencies In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter. (o) Revenue recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Topic 606, “Revenue from Contracts with Customers”. This topic clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP. Simultaneously, this topic supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company currently generates its revenue from the following main sources: Revenue from goods sold Revenue from sales of goods and services in the ordinary course of business is recognized when the Company satisfies a performance obligation (‘‘PO’’) by transferring control of a promised good or service to the customer. The amount of revenue recognized is the amount of the transaction price allocated to the satisfied PO. The transaction price is allocated to each PO in the contract on the basis of the relative stand-alone selling prices of the promised goods or services. The individual stand-alone selling price of a good or service that has not previously been sold on a stand-alone basis, or has a highly variable selling price, is determined based on the residual portion of the transaction price after allocating the transaction price to goods and/or services with observable stand-alone selling price. A discount or variable consideration is allocated to one or more, but not all, of the performance obligations if it relates specifically to those performance obligations. Transaction price is the amount of consideration in the contract to which the Company expects to be entitled in exchange for transferring the promised goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved. Revenue may be recognized at a point in time or over time following the timing of satisfaction of the PO. If a PO is satisfied over time, revenue is recognized based on the percentage of completion, reflecting the progress towards complete satisfaction of that PO. Typically, POs for products and services where the process is as described below, the PO is satisfied at a point in time. For the sale of sugar, rice and fat and oil products, the Company typically receives purchase orders from its customers which will set forth the terms and conditions, including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at their location, at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a transport document such as a bill of lading or delivery order. The Company recognizes gross product revenue at a time when the control of products or services is transferred to customers. Typical payment terms set forth in the purchase order ranges from 30 to 90 days from the date of delivery. To distinguish a promise to provide products from a promise to facilitate the sale from a third party, the Company considers the guidance of control in ASC 606-10-55-37A and the indicators in 606-10-55-39. The Company considers this guidance in conjunction with the terms in the Company’s arrangements with both suppliers and customers. In general, the Company controls the products, as it has the obligation to (i) fulfill the products’ delivery and (ii) bears any inventory risk as its legal owner. In addition, when establishing the selling prices for delivery of the products, the Company has control to set its selling price to ensure it would generate profit for the products delivered. The Company believes that all these factors indicate that the Company is acting as a principal in this transaction. As a result, revenue from the sales of products is presented on a gross basis. Shipping, storage and handling and insurance costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenue. Rental income from investment property In accordance with ASC 842 Lease Topics, the Company accounts for the rental of investment property as direct finance leases where, lease income from the perspective of lessor is recognized on the Company’s statement of income on a straight-line basis over the term of the lease once management has determined that the lease payments are reasonably expected to be collected. The performance obligation under these leasing arrangements is to lease the investment property to the lessee, and to ensure that the investment property is available for use over the life of the lease contract. Rental income from investment property included in Other Income amounted to US$26,637, US$27,086 and US$29,295 for the fiscal years ended December 31, 2023, 2024 and 2025, respectively. (p) Cost of revenue Cost of revenue mainly consists of cost of finished goods, labor costs, repacking costs, shipping, storage and handling and insurance costs. (q) Selling and marketing expenses Selling expenses mainly consists of promotion and marketing expenses and transportation expenses. The Company does not carry any capitalized contract acquisition costs that would be amortized to its results of operations over time, and potential expenses related to customer and contract acquisitions costs if any are accounted for as periodic costs. <p id="xdx_844_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_z3cLJj5Hh4p3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">(r) General and administrative expenses General and administrative expenses mainly consist of staff cost, depreciation, office supplies and upkeep expenses, travelling and entertainment, legal and professional fees, property and related expenses, other miscellaneous administrative expenses. (s) Operating leases The Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current, in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs. (t) Finance leases The Company accounts for leases in accordance with ASC 842, Leases. At the commencement date of a lease, the Company recognizes a finance lease liability for leases with an initial term greater than 12 months. Lease liabilities are measured at the present value of lease payments over the lease term, discounted using the Company’s incremental borrowing rate, unless the implicit rate in the lease is readily determinable. Leases are classified as finance leases based on the criteria set forth in ASC 842. For finance leases, the Company recognizes interest expense on the lease liability and depreciation expense on the leased asset separately in the consolidated statements of and comprehensive income/(loss). Motor vehicles acquired under finance lease arrangements are recognized as motor vehicles within property, plant and equipment as assets, with a corresponding finance lease liability recognized on the consolidated balance sheets. The motor vehicles are depreciated over the estimated useful lives. (u) Employee benefits The Company participates in the Central Provident Fund (“CPF”) scheme in Singapore, under which it is required to make statutory contributions for eligible employees in accordance with the Central Provident Fund Act 1953. CPF contributions are calculated based on prescribed rates, which vary depending on factors such as employee residency status, age and wage level. The Company’s contributions are recognized as employee benefit expenses in the period in which they are incurred and included in “General and administrative expenses” in the consolidated statements of operations and comprehensive income/(loss). (v) Share-based compensation The Company follows ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards, including restricted stock units, based on estimated grant date fair values. Restricted stock units are valued using the market price of the Company’s common shares on the date of grant. The Company records compensation expense, net of estimated forfeitures, over the requisite service period. (w) Income taxes The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the years ended December 31, 2024 and 2025, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. (x) Earnings/(loss) per share Basic earnings/(loss) per share is computed by dividing net earnings/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using two-class method. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares. For the years ended December 31, 2023, 2024 and 2025, there were no dilutive shares and hence no dilutive earnings/(loss) per share. The following table sets forth the computation of basic and diluted earnings/(loss) per share for the years ended December 31, 2023, 2024 and 2025, which includes both Class A Ordinary Shares and Class B Ordinary Shares: <table cellpadding="0" cellspacing="0" id="xdx_88D_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zJMEYGaQglsb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - schedule of earnings per share)"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_490_20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpJEZ9aIWUi2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_498_20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zb13SYfYPFo1" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49E_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zbCBragwLuAf" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49C_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zI3lUspoMal6" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_493_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSEEcPgPnq2h" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" id="xdx_492_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zKV7CBxWj198" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="23" style="border-bottom: Black 1pt solid; text-align: center">For the years ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Class A Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class A Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class B Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Class A Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Class B Ordinary Shares</td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareAbstract_iB_zdRIDWQp10s6" style="vertical-align: bottom"> <td style="font-weight: bold">Earnings/(loss) per share, basic and diluted</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_zpJmkowxyUdk" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; width: 34%">Allocation of undistributed net earnings/(loss) (in US$’000)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">326</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">760</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(1,150</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(2,379</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(1,641</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(3,394</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Weighted average number of ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354,054</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,750</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings/(loss) per share, basic and diluted (in US$)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.88</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.88</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.11</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.11</td><td style="text-align: left">)</td></tr> </table> (y) Segment reporting In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM has been identified as the Company’s Chief Executive Officer, who uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s CODM for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the CODM, reviews operation results by the revenue of different services. See Note 12, Revenues and segment information for additional information. (z) Recent accounting pronouncements Recent Adopted Standards In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires specific disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, on a prospective basis. See Note 13, Income Tax Expenses for additional information. Recent Accounting Pronouncements not yet adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires the disaggregation of certain expenses in the financial statements notes, to provide enhanced transparency into the expense captions presented on the face of the consolidated statement of operations. ASU 2024-03 is effective for annual reporting periods beginning January 1, 2027 and interim periods beginning January 1, 2028 and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its related disclosures, and the transition method. In July 2025, the FASB issued ASU 2025-05, “Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”). The amendments provide a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not been issued or made available for issuance. The Company is assessing the effect of this update on its consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which addresses a wide range of topics in the FASB Accounting Standards Codification. The ASU contains numerous amendments, technical corrections, and clarifications to enhance the clarity and consistency of existing U.S. GAAP. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company is assessing the effect of this update on its consolidated financial statements and related disclosures. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

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(b) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”).

(c) Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions, if any, and balances due to, due from subsidiaries, and registered paid in capital have been eliminated upon consolidation. On consolidation the entities should be combined for all periods that the relationship of common control started and the transaction would be treated as a capital transaction with any gain or loss on acquisition adjusted through equity. The consolidated entity would not recognize any goodwill and/or gain/losses from the acquisition and results of operations would be presented for all periods under common control. The consolidated financial statements of the Company were prepared by applying the pooling of interest method. Under this method, the Company has been treated as the holding company of the subsidiaries for the financial years presented. Accordingly, the results of the Company include the results of the subsidiaries for three-year period ended December 31, 2023, 2024 and 2025. Such manner of presentation reflects the economic substance of the companies, which were under common control throughout the relevant periods, as a single economic enterprise, although the legal parent-subsidiary relationships may not have been established.

(d) Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to allowance for credit loss for accounts receivable, other receivables and loan to a related party, inventory valuation, useful lives and impairment for property and plant and equipment and deferred tax asset and valuation allowance. Actual results could vary from the estimates and assumptions that were used.

(e) Risks and uncertainties The main operations of the Company are located in Singapore. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results. The Company’s business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company’s operations. (f) Foreign currency translation and transaction and Convenience translation The accompanying consolidated financial statements are presented in U.S. dollar (“US$”), which is the reporting currency of the Company. The functional currency of the Company and its subsidiaries, Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd., Maxwill Pte. Ltd., Davis Commodities Pte. Ltd., Davis Commodities Global Pte. Ltd., Davis Commodities SEA Pte. Ltd., and Davis Commodities Asia Pte. Ltd. are the U.S. dollar. Maxwill Foodlink Pte. Ltd. uses the Singapore dollar (“S$”) as its functional currency. Assets and liabilities denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the balance sheet date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive loss as other comprehensive income or loss. Transactions in currencies other than the reporting currency are measured and recorded in the reporting currency at the exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated statements of operations and comprehensive income/(loss) as other income/(expenses). The value of foreign currency including, the S$, may fluctuate against the US$. Any significant variations of the aforementioned currency relative to the S$ may materially affect the Company’s financial condition in terms of reporting in US$. The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements: <table cellpadding="0" cellspacing="0" id="xdx_88E_ecustom--ScheduleOfForeignCurrencyExchangeRatesTableTextBlock_zEJnjwowuKAe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Schedule of exchange rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20241231_zKJxOpRtuug1" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20251231_z5l399i1aKI1" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pip0_hus-gaap--VariableRateAxis__custom--YearEndMember_zKTl04sONwdk" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: justify">US$ to S$ Year End</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">1.3435</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">1.2962</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pip0_hus-gaap--VariableRateAxis__custom--AverageRateMember_zpZUG6pQc8Y9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">US$ to S$ Average Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.3367</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.3114</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_88E_ecustom--ScheduleOfForeignCurrencyExchangeRatesTableTextBlock_zEJnjwowuKAe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Schedule of exchange rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20241231_zKJxOpRtuug1" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20251231_z5l399i1aKI1" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pip0_hus-gaap--VariableRateAxis__custom--YearEndMember_zKTl04sONwdk" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: justify">US$ to S$ Year End</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">1.3435</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">1.2962</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pip0_hus-gaap--VariableRateAxis__custom--AverageRateMember_zpZUG6pQc8Y9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">US$ to S$ Average Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.3367</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.3114</td><td style="text-align: left"> </td></tr> </table>

1.3435

1.2962

1.3367

1.3114

(g) Fair Value Measurement Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">·</td> <td style="text-align: justify">Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</td></tr> </table> Cash and cash equivalents, accounts receivable, other current assets, other receivables, amount due from related parties, loan to a related party, bank loans, operating lease liabilities, finance lease liabilities, amount due to related parties, accounts payables and other current liabilities are financial assets and liabilities. As of December 31, 2025, other than the unrealized losses on commodity future contracts measured at fair value (included in accruals and other current liabilities) and unrealized gains on commodity future contracts measured at fair value (included in prepaid expenses and other current assets), the carrying amount of these financial instruments are approximated to their respective fair values. The commodity futures contracts are measured at fair value on a recurring basis using the mark-to-market valuations reflected in month-end broker statements, which are based on observable market inputs. Accordingly, these instruments are classified within Level 2 of the fair value hierarchy.

(h) Related parties We adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

(i) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, the Company’s demand deposit placed with financial institutions, which have original maturities of less than three months and unrestricted as to withdrawal and use. Periodically, the Company may carry cash balances at financial institutions more than the respective subsidiaries’ government insured limits in Singapore of S$100,000 per institution. The amount in excess of government insurance as of December 31, 2025 and 2024, was approximately US$999,974 (approximately S$1,296,142) and US$429,325 (approximately S$576,798), respectively. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

999974

1296142

576798

(j) Accounts Receivable, net Accounts receivable, net are stated at the original amount less an allowance for credit loss on such receivables. The allowance for credit loss is estimated based upon the Company’s assessment of various factors including historical experience, the age of the accounts receivable balances, current general economic conditions, future expectations and customer specific quantitative and qualitative factors that may affect the customers’ ability to pay. An allowance is also made when there is objective evidence for the Company to reasonably estimate the amount of probable loss.

(k) Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.

(l) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows: <table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--ScheduleOfPropertyAndEquipmentUsefulLivesTableTextBlock_zt3B0cJKx7Ia" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Estimated useful lives)"> <tr> <td style="vertical-align: bottom; width: 56%">Schedule of estimated useful lives</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="width: 43%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Category</td> <td> </td> <td style="border-bottom: black 1pt solid">Estimated useful lives</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Investment property</td> <td> </td> <td><span id="xdx_901_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--InvestmentPropertyMember_zgwvnf9gT9E4" title="Estimated useful lives">40 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Right-of-use asset</td> <td> </td> <td><span id="xdx_90E_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetMember_z0tzdxEGz093" title="Estimated useful lives">3 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Furniture and fittings, office equipment, renovation and computer and software</td> <td> </td> <td><span id="xdx_902_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureAndFittingsMember_z1eQDQOJEobl" title="Estimated useful lives">3 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Motor vehicle</td> <td> </td> <td><span id="xdx_906_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zs3zQRPIv3s4" title="Estimated useful lives">10 years</td></tr> </table> Expenditures for repair and maintenance costs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred, whereas the expenditures for major renewals and betterments that substantially extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of income.

<table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--ScheduleOfPropertyAndEquipmentUsefulLivesTableTextBlock_zt3B0cJKx7Ia" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Estimated useful lives)"> <tr> <td style="vertical-align: bottom; width: 56%">Schedule of estimated useful lives</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="width: 43%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Category</td> <td> </td> <td style="border-bottom: black 1pt solid">Estimated useful lives</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Investment property</td> <td> </td> <td><span id="xdx_901_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--InvestmentPropertyMember_zgwvnf9gT9E4" title="Estimated useful lives">40 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Right-of-use asset</td> <td> </td> <td><span id="xdx_90E_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetMember_z0tzdxEGz093" title="Estimated useful lives">3 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Furniture and fittings, office equipment, renovation and computer and software</td> <td> </td> <td><span id="xdx_902_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureAndFittingsMember_z1eQDQOJEobl" title="Estimated useful lives">3 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Motor vehicle</td> <td> </td> <td><span id="xdx_906_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLives1_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zs3zQRPIv3s4" title="Estimated useful lives">10 years</td></tr> </table> 40 years 3 years 3 years 10 years

<p id="xdx_84A_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zko8wCWymaz1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">(m) Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. No impairment of long-lived assets was recognized as of December 31, 2024 and 2025.

(n) Commitments and contingencies In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

(o) Revenue recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Topic 606, “Revenue from Contracts with Customers”. This topic clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP. Simultaneously, this topic supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company currently generates its revenue from the following main sources: Revenue from goods sold Revenue from sales of goods and services in the ordinary course of business is recognized when the Company satisfies a performance obligation (‘‘PO’’) by transferring control of a promised good or service to the customer. The amount of revenue recognized is the amount of the transaction price allocated to the satisfied PO. The transaction price is allocated to each PO in the contract on the basis of the relative stand-alone selling prices of the promised goods or services. The individual stand-alone selling price of a good or service that has not previously been sold on a stand-alone basis, or has a highly variable selling price, is determined based on the residual portion of the transaction price after allocating the transaction price to goods and/or services with observable stand-alone selling price. A discount or variable consideration is allocated to one or more, but not all, of the performance obligations if it relates specifically to those performance obligations. Transaction price is the amount of consideration in the contract to which the Company expects to be entitled in exchange for transferring the promised goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved. Revenue may be recognized at a point in time or over time following the timing of satisfaction of the PO. If a PO is satisfied over time, revenue is recognized based on the percentage of completion, reflecting the progress towards complete satisfaction of that PO. Typically, POs for products and services where the process is as described below, the PO is satisfied at a point in time. For the sale of sugar, rice and fat and oil products, the Company typically receives purchase orders from its customers which will set forth the terms and conditions, including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at their location, at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a transport document such as a bill of lading or delivery order. The Company recognizes gross product revenue at a time when the control of products or services is transferred to customers. Typical payment terms set forth in the purchase order ranges from 30 to 90 days from the date of delivery. To distinguish a promise to provide products from a promise to facilitate the sale from a third party, the Company considers the guidance of control in ASC 606-10-55-37A and the indicators in 606-10-55-39. The Company considers this guidance in conjunction with the terms in the Company’s arrangements with both suppliers and customers. In general, the Company controls the products, as it has the obligation to (i) fulfill the products’ delivery and (ii) bears any inventory risk as its legal owner. In addition, when establishing the selling prices for delivery of the products, the Company has control to set its selling price to ensure it would generate profit for the products delivered. The Company believes that all these factors indicate that the Company is acting as a principal in this transaction. As a result, revenue from the sales of products is presented on a gross basis. Shipping, storage and handling and insurance costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenue. Rental income from investment property In accordance with ASC 842 Lease Topics, the Company accounts for the rental of investment property as direct finance leases where, lease income from the perspective of lessor is recognized on the Company’s statement of income on a straight-line basis over the term of the lease once management has determined that the lease payments are reasonably expected to be collected. The performance obligation under these leasing arrangements is to lease the investment property to the lessee, and to ensure that the investment property is available for use over the life of the lease contract. Rental income from investment property included in Other Income amounted to US$26,637, US$27,086 and US$29,295 for the fiscal years ended December 31, 2023, 2024 and 2025, respectively.

26637

27086

29295

(p) Cost of revenue Cost of revenue mainly consists of cost of finished goods, labor costs, repacking costs, shipping, storage and handling and insurance costs.

(q) Selling and marketing expenses Selling expenses mainly consists of promotion and marketing expenses and transportation expenses. The Company does not carry any capitalized contract acquisition costs that would be amortized to its results of operations over time, and potential expenses related to customer and contract acquisitions costs if any are accounted for as periodic costs.

<p id="xdx_844_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_z3cLJj5Hh4p3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">(r) General and administrative expenses General and administrative expenses mainly consist of staff cost, depreciation, office supplies and upkeep expenses, travelling and entertainment, legal and professional fees, property and related expenses, other miscellaneous administrative expenses.

(s) Operating leases The Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current, in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs. (t) Finance leases The Company accounts for leases in accordance with ASC 842, Leases. At the commencement date of a lease, the Company recognizes a finance lease liability for leases with an initial term greater than 12 months. Lease liabilities are measured at the present value of lease payments over the lease term, discounted using the Company’s incremental borrowing rate, unless the implicit rate in the lease is readily determinable. Leases are classified as finance leases based on the criteria set forth in ASC 842. For finance leases, the Company recognizes interest expense on the lease liability and depreciation expense on the leased asset separately in the consolidated statements of and comprehensive income/(loss). Motor vehicles acquired under finance lease arrangements are recognized as motor vehicles within property, plant and equipment as assets, with a corresponding finance lease liability recognized on the consolidated balance sheets. The motor vehicles are depreciated over the estimated useful lives. (u) Employee benefits The Company participates in the Central Provident Fund (“CPF”) scheme in Singapore, under which it is required to make statutory contributions for eligible employees in accordance with the Central Provident Fund Act 1953. CPF contributions are calculated based on prescribed rates, which vary depending on factors such as employee residency status, age and wage level. The Company’s contributions are recognized as employee benefit expenses in the period in which they are incurred and included in “General and administrative expenses” in the consolidated statements of operations and comprehensive income/(loss). (v) Share-based compensation The Company follows ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards, including restricted stock units, based on estimated grant date fair values. Restricted stock units are valued using the market price of the Company’s common shares on the date of grant. The Company records compensation expense, net of estimated forfeitures, over the requisite service period.

(w) Income taxes The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the years ended December 31, 2024 and 2025, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

(x) Earnings/(loss) per share Basic earnings/(loss) per share is computed by dividing net earnings/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using two-class method. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares. For the years ended December 31, 2023, 2024 and 2025, there were no dilutive shares and hence no dilutive earnings/(loss) per share. The following table sets forth the computation of basic and diluted earnings/(loss) per share for the years ended December 31, 2023, 2024 and 2025, which includes both Class A Ordinary Shares and Class B Ordinary Shares: <table cellpadding="0" cellspacing="0" id="xdx_88D_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zJMEYGaQglsb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - schedule of earnings per share)"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_490_20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpJEZ9aIWUi2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_498_20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zb13SYfYPFo1" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49E_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zbCBragwLuAf" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49C_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zI3lUspoMal6" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_493_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSEEcPgPnq2h" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" id="xdx_492_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zKV7CBxWj198" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="23" style="border-bottom: Black 1pt solid; text-align: center">For the years ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Class A Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class A Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class B Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Class A Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Class B Ordinary Shares</td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareAbstract_iB_zdRIDWQp10s6" style="vertical-align: bottom"> <td style="font-weight: bold">Earnings/(loss) per share, basic and diluted</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_zpJmkowxyUdk" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; width: 34%">Allocation of undistributed net earnings/(loss) (in US$’000)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">326</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">760</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(1,150</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(2,379</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(1,641</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(3,394</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Weighted average number of ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354,054</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,750</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings/(loss) per share, basic and diluted (in US$)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.88</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.88</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.11</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.11</td><td style="text-align: left">)</td></tr> </table> (y) Segment reporting In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM has been identified as the Company’s Chief Executive Officer, who uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s CODM for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the CODM, reviews operation results by the revenue of different services. See Note 12, Revenues and segment information for additional information.

<table cellpadding="0" cellspacing="0" id="xdx_88D_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zJMEYGaQglsb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - schedule of earnings per share)"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_490_20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpJEZ9aIWUi2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_498_20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zb13SYfYPFo1" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49E_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zbCBragwLuAf" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49C_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zI3lUspoMal6" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_493_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSEEcPgPnq2h" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" id="xdx_492_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zKV7CBxWj198" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="23" style="border-bottom: Black 1pt solid; text-align: center">For the years ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Class A Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class A Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Class B Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Class A Ordinary Shares</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Class B Ordinary Shares</td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareAbstract_iB_zdRIDWQp10s6" style="vertical-align: bottom"> <td style="font-weight: bold">Earnings/(loss) per share, basic and diluted</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_zpJmkowxyUdk" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; width: 34%">Allocation of undistributed net earnings/(loss) (in US$’000)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">326</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">760</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(1,150</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(2,379</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(1,641</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(3,394</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Weighted average number of ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354,054</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">399,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,750</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings/(loss) per share, basic and diluted (in US$)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.88</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.88</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.11</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.11</td><td style="text-align: left">)</td></tr> </table>

326

760

-1150

-2379

-1641

-3394

354054

825750

399283

825750

399283

825750

0.92

-2.88

-4.11

(z) Recent accounting pronouncements Recent Adopted Standards In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires specific disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, on a prospective basis. See Note 13, Income Tax Expenses for additional information. Recent Accounting Pronouncements not yet adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires the disaggregation of certain expenses in the financial statements notes, to provide enhanced transparency into the expense captions presented on the face of the consolidated statement of operations. ASU 2024-03 is effective for annual reporting periods beginning January 1, 2027 and interim periods beginning January 1, 2028 and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its related disclosures, and the transition method. In July 2025, the FASB issued ASU 2025-05, “Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”). The amendments provide a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not been issued or made available for issuance. The Company is assessing the effect of this update on its consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which addresses a wide range of topics in the FASB Accounting Standards Codification. The ASU contains numerous amendments, technical corrections, and clarifications to enhance the clarity and consistency of existing U.S. GAAP. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company is assessing the effect of this update on its consolidated financial statements and related disclosures. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

3. ACCOUNTS RECEIVABLE, NET Accounts receivable, net, consists of the following: <table cellpadding="0" cellspacing="0" id="xdx_887_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_pn3n3_zYMfiFgxMBi4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - ACCOUNTS RECEIVABLE, NET (Details - Accounts receivable)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20241231_zCb0MtY9R0O4" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20251231_z5PCifh0W7yc" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsReceivableGross_iI_pn3n3_maARNzTee_zq8SOJ0Ktg1h" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">7,842</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">11,051</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pn3n3_di0_msARNzTee_zV2jfrMMYFVf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(150</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(362</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableNet_iTI_pn3n3_mtARNzTee_zZRz34XXoBE1" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,692</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,689</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The movements in the allowance for credit losses for the years ended December 31, 2024 and 2025 were as follows: <table cellpadding="0" cellspacing="0" id="xdx_88F_ecustom--ScheduleOfAllowanceForExpectedCreditLossesTableTextBlock_pn3n3_zVf9sHWpTThb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - ACCOUNTS RECEIVABLE, NET (Details - Allowance for credit losses)"> <tr style="vertical-align: bottom"> <td>Schedule of allowance for expected credit losses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20240101__20241231_zkp0NQoUUpMd" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20250101__20251231_ztUdieqAcUWg" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_d0_zmYWDCTKu4Ml" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Balance at beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">500</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">150</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_d0_zzknqMkLLx5h" style="vertical-align: bottom; background-color: White"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AllowanceForDoubtfulAccountsReceivableReversalPeriodIncreaseDecrease_d0_zAWbz9J1VJjg" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">Reversal</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(482</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(68</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_d0_zwFxeb9GcKH6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Balance at end of the year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">150</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">362</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The addition and reversal for credit losses on accounts receivable for the year ended December 31, 2023 amounted to US$499,688 and US$nil, respectively. As of the end of each of the financial year, the ageing analysis of accounts receivable, net of allowance for credit loss, based on the invoice date is as follows: <table cellpadding="0" cellspacing="0" id="xdx_88E_ecustom--ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock_pn3n3_zLwa4NOn4QH9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - ACCOUNTS RECEIVABLE, NET (Details - Aging of doubtful accounts)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of allowance for doubtful accounts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Within 30 days</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231__us-gaap--FinancialInstrumentAxis__us-gaap--MaturityUpTo30DaysMember_zAYZCh3AEEA4" style="width: 13%; text-align: right" title="Allowance for doubtful accounts">4,693</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231__us-gaap--FinancialInstrumentAxis__us-gaap--MaturityUpTo30DaysMember_zoX8nTPmhv18" style="width: 13%; text-align: right" title="Allowance for doubtful accounts">3,673</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Between 31 and 60 days</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231__us-gaap--FinancialInstrumentAxis__custom--Maturity31To60DaysMember_znzQOxCBCGGe" style="text-align: right" title="Allowance for doubtful accounts">1,672</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231__us-gaap--FinancialInstrumentAxis__custom--Maturity31To60DaysMember_zZZq3tbg0yQ4" style="text-align: right" title="Allowance for doubtful accounts">3,481</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Between 61 and 90 days</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231__us-gaap--FinancialInstrumentAxis__custom--Maturity61To90DaysMember_zcCw0oDk3Gv7" style="text-align: right" title="Allowance for doubtful accounts">690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231__us-gaap--FinancialInstrumentAxis__custom--Maturity61To90DaysMember_zAO6c0cIKF7b" style="text-align: right" title="Allowance for doubtful accounts">1,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">More than 90 days</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231__us-gaap--FinancialInstrumentAxis__us-gaap--MaturityOver90DaysMember_zIn8fNpqe9T5" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for doubtful accounts">637</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231__us-gaap--FinancialInstrumentAxis__us-gaap--MaturityOver90DaysMember_z5oqWagQPDY3" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for doubtful accounts">2,268</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231_z2Vk5jTn6tSl" style="border-bottom: Black 2.5pt double; text-align: right" title="Allowance for doubtful accounts">7,692</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231_zMIpterMykm8" style="border-bottom: Black 2.5pt double; text-align: right" title="Allowance for doubtful accounts">10,689</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_887_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_pn3n3_zYMfiFgxMBi4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - ACCOUNTS RECEIVABLE, NET (Details - Accounts receivable)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20241231_zCb0MtY9R0O4" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20251231_z5PCifh0W7yc" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsReceivableGross_iI_pn3n3_maARNzTee_zq8SOJ0Ktg1h" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">7,842</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">11,051</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pn3n3_di0_msARNzTee_zV2jfrMMYFVf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(150</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(362</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableNet_iTI_pn3n3_mtARNzTee_zZRz34XXoBE1" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,692</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,689</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

7842000

11051000

150000

362000

7692000

10689000

<table cellpadding="0" cellspacing="0" id="xdx_88F_ecustom--ScheduleOfAllowanceForExpectedCreditLossesTableTextBlock_pn3n3_zVf9sHWpTThb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - ACCOUNTS RECEIVABLE, NET (Details - Allowance for credit losses)"> <tr style="vertical-align: bottom"> <td>Schedule of allowance for expected credit losses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20240101__20241231_zkp0NQoUUpMd" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20250101__20251231_ztUdieqAcUWg" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_d0_zmYWDCTKu4Ml" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Balance at beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">500</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">150</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_d0_zzknqMkLLx5h" style="vertical-align: bottom; background-color: White"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AllowanceForDoubtfulAccountsReceivableReversalPeriodIncreaseDecrease_d0_zAWbz9J1VJjg" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">Reversal</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(482</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(68</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_d0_zwFxeb9GcKH6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Balance at end of the year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">150</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">362</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

500000

150000

132000

280000

-482000 -68000

150000

362000

<table cellpadding="0" cellspacing="0" id="xdx_88E_ecustom--ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock_pn3n3_zLwa4NOn4QH9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - ACCOUNTS RECEIVABLE, NET (Details - Aging of doubtful accounts)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of allowance for doubtful accounts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Within 30 days</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231__us-gaap--FinancialInstrumentAxis__us-gaap--MaturityUpTo30DaysMember_zAYZCh3AEEA4" style="width: 13%; text-align: right" title="Allowance for doubtful accounts">4,693</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231__us-gaap--FinancialInstrumentAxis__us-gaap--MaturityUpTo30DaysMember_zoX8nTPmhv18" style="width: 13%; text-align: right" title="Allowance for doubtful accounts">3,673</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Between 31 and 60 days</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231__us-gaap--FinancialInstrumentAxis__custom--Maturity31To60DaysMember_znzQOxCBCGGe" style="text-align: right" title="Allowance for doubtful accounts">1,672</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231__us-gaap--FinancialInstrumentAxis__custom--Maturity31To60DaysMember_zZZq3tbg0yQ4" style="text-align: right" title="Allowance for doubtful accounts">3,481</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Between 61 and 90 days</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231__us-gaap--FinancialInstrumentAxis__custom--Maturity61To90DaysMember_zcCw0oDk3Gv7" style="text-align: right" title="Allowance for doubtful accounts">690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231__us-gaap--FinancialInstrumentAxis__custom--Maturity61To90DaysMember_zAO6c0cIKF7b" style="text-align: right" title="Allowance for doubtful accounts">1,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">More than 90 days</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231__us-gaap--FinancialInstrumentAxis__us-gaap--MaturityOver90DaysMember_zIn8fNpqe9T5" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for doubtful accounts">637</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231__us-gaap--FinancialInstrumentAxis__us-gaap--MaturityOver90DaysMember_z5oqWagQPDY3" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for doubtful accounts">2,268</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20241231_z2Vk5jTn6tSl" style="border-bottom: Black 2.5pt double; text-align: right" title="Allowance for doubtful accounts">7,692</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_pn3n3_c20251231_zMIpterMykm8" style="border-bottom: Black 2.5pt double; text-align: right" title="Allowance for doubtful accounts">10,689</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4693000

3673000

1672000

3481000

690000

1267000

637000

2268000

7692000

10689000

4. PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET <table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_pn3n3_zDOVkHG3ZH24" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of prepaid expenses and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Other receivables – Third parties** </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_d0_c20241231__us-gaap--NatureOfExpenseAxis__custom--OtherReceivablesThirdPartiesMember_fKio___z0yD8OCJ8lN6" style="text-align: right">337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--OtherReceivablesThirdPartiesMember_fKio___zpYao2kNcJ6d" style="text-align: right">1,519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,514</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Other receivables, net – Third parties** </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__us-gaap--DepositsMember_zTGOtqRLxcu8" style="width: 13%; text-align: right">6</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__us-gaap--DepositsMember_z5FEPSUCY45b" style="width: 13%; text-align: right">11</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">GST receivable</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--GSTReceivableMember_zszjpddwV6G3" style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--GSTReceivableMember_zEqxVQEPGu41" style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Margin deposits *</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--MarginDepositsMember_fKg_____zmrjRaoVxcPh" style="text-align: right">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--MarginDepositsMember_fKg_____zHVhJWLwOk9a" style="text-align: right">318</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unrealized gain on commodity future contract, at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_d0_c20241231__us-gaap--NatureOfExpenseAxis__custom--UnrealizedGainOnCommodityFutureContractAtFairValueMember_zat8Tv2dqhc7" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--UnrealizedGainOnCommodityFutureContractAtFairValueMember_zTp8NHzR6sP2" style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Prepayment to suppliers – Third parties***</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--PrepaymentToSuppliersThirdPartiesMember_fKioq_zLr1Qn9Tqfff" style="border-bottom: Black 1pt solid; text-align: right">3,075</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--PrepaymentToSuppliersThirdPartiesMember_fKioq_zDiZF2qU6uO8" style="border-bottom: Black 1pt solid; text-align: right">2,166</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231_zfXs9gNyK7L2" style="border-bottom: Black 2.5pt double; text-align: right" title="Prepaid expenses and other current assets">3,491</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231_zoNv2qLTmgE3" style="border-bottom: Black 2.5pt double; text-align: right" title="Prepaid expenses and other current assets">2,514</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> ___________________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 5%; text-align: justify">*</td> <td style="width: 95%; text-align: justify"> As of December 31, 2024, other receivables mainly represented amounts reclassified from prepayments to suppliers in the prior year following the cancellation of the related procurement agreements. Under the repayment schedule, approximately US$300,000 was expected to be repaid within one year and approximately US$1,177,000 thereafter. The Company assessed the receivables for expected credit losses and recognized a provision of allowance for credit loss of approximately US$285,000 during the year ended December 31, 2024. No provision of allowance for credit loss was recognized during the year ended December 31, 2023. As a result, among the other receivables, net of approximately US$1,192,000, approximately US$300,000 was classified as current assets and approximately US$892,000 was classified as non-current assets based on the repayment terms. As of December 31, 2025, gross other receivables of approximately US$1,177,000 were classified as current assets in accordance with the repayment terms. The Company subsequently assessed that the suppliers failed to comply with the agreed repayment terms. Together with other long-aged receivables of approximately US$37,000, the Company identified a significant increase in credit risk and recognized additional allowance for credit losses of approximately US$1,229,000 during the year ended December 31, 2025. Accordingly, the allowance for credit losses increased from approximately US$285,000 to approximately US$1,514,000. Provision of allowance for credit loss for the years ended December 31, 2024 and 2025 are included in “General and administrative expenses” in the consolidated statements of operations and comprehensive income/(loss). </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">**</td> <td style="text-align: justify">Margin deposits relate to deposits placed with Phillip Nova Pte. Ltd., Stonex Markets LLC and Olam Global Agri Pte. Ltd. for derivative instruments entered into for the purpose of managing the Company’s commodity price risk (Note 14).</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">***</td> <td style="text-align: justify">The amounts represent payments made to third parties for marketing and business development services to be amortized for a period of time based on contract periods specified in the service agreements. During the years ended December 31, 2023, 2024 and 2025, amortization of prepaid expenses of US$nil, US$1,393,000 and US$1,393,000, was recognized and included in “General and administrative expenses” in the consolidated statements of operations and comprehensive income/(loss), respectively.</td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_pn3n3_zDOVkHG3ZH24" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of prepaid expenses and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Other receivables – Third parties** </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_d0_c20241231__us-gaap--NatureOfExpenseAxis__custom--OtherReceivablesThirdPartiesMember_fKio___z0yD8OCJ8lN6" style="text-align: right">337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--OtherReceivablesThirdPartiesMember_fKio___zpYao2kNcJ6d" style="text-align: right">1,519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,514</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Other receivables, net – Third parties** </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__us-gaap--DepositsMember_zTGOtqRLxcu8" style="width: 13%; text-align: right">6</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__us-gaap--DepositsMember_z5FEPSUCY45b" style="width: 13%; text-align: right">11</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">GST receivable</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--GSTReceivableMember_zszjpddwV6G3" style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--GSTReceivableMember_zEqxVQEPGu41" style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Margin deposits *</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--MarginDepositsMember_fKg_____zmrjRaoVxcPh" style="text-align: right">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--MarginDepositsMember_fKg_____zHVhJWLwOk9a" style="text-align: right">318</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unrealized gain on commodity future contract, at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_d0_c20241231__us-gaap--NatureOfExpenseAxis__custom--UnrealizedGainOnCommodityFutureContractAtFairValueMember_zat8Tv2dqhc7" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--UnrealizedGainOnCommodityFutureContractAtFairValueMember_zTp8NHzR6sP2" style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Prepayment to suppliers – Third parties***</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--PrepaymentToSuppliersThirdPartiesMember_fKioq_zLr1Qn9Tqfff" style="border-bottom: Black 1pt solid; text-align: right">3,075</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--PrepaymentToSuppliersThirdPartiesMember_fKioq_zDiZF2qU6uO8" style="border-bottom: Black 1pt solid; text-align: right">2,166</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231_zfXs9gNyK7L2" style="border-bottom: Black 2.5pt double; text-align: right" title="Prepaid expenses and other current assets">3,491</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231_zoNv2qLTmgE3" style="border-bottom: Black 2.5pt double; text-align: right" title="Prepaid expenses and other current assets">2,514</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> ___________________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 5%; text-align: justify">*</td> <td style="width: 95%; text-align: justify"> As of December 31, 2024, other receivables mainly represented amounts reclassified from prepayments to suppliers in the prior year following the cancellation of the related procurement agreements. Under the repayment schedule, approximately US$300,000 was expected to be repaid within one year and approximately US$1,177,000 thereafter. The Company assessed the receivables for expected credit losses and recognized a provision of allowance for credit loss of approximately US$285,000 during the year ended December 31, 2024. No provision of allowance for credit loss was recognized during the year ended December 31, 2023. As a result, among the other receivables, net of approximately US$1,192,000, approximately US$300,000 was classified as current assets and approximately US$892,000 was classified as non-current assets based on the repayment terms. As of December 31, 2025, gross other receivables of approximately US$1,177,000 were classified as current assets in accordance with the repayment terms. The Company subsequently assessed that the suppliers failed to comply with the agreed repayment terms. Together with other long-aged receivables of approximately US$37,000, the Company identified a significant increase in credit risk and recognized additional allowance for credit losses of approximately US$1,229,000 during the year ended December 31, 2025. Accordingly, the allowance for credit losses increased from approximately US$285,000 to approximately US$1,514,000. Provision of allowance for credit loss for the years ended December 31, 2024 and 2025 are included in “General and administrative expenses” in the consolidated statements of operations and comprehensive income/(loss). </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">**</td> <td style="text-align: justify">Margin deposits relate to deposits placed with Phillip Nova Pte. Ltd., Stonex Markets LLC and Olam Global Agri Pte. Ltd. for derivative instruments entered into for the purpose of managing the Company’s commodity price risk (Note 14).</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">***</td> <td style="text-align: justify">The amounts represent payments made to third parties for marketing and business development services to be amortized for a period of time based on contract periods specified in the service agreements. During the years ended December 31, 2023, 2024 and 2025, amortization of prepaid expenses of US$nil, US$1,393,000 and US$1,393,000, was recognized and included in “General and administrative expenses” in the consolidated statements of operations and comprehensive income/(loss), respectively.</td></tr> </table>

337000

1519000

6000

11000

7000

5000

66000

318000

9000

3075000

2166000

3491000

2514000

5. INVENTORY <table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_pn3n3_zkgykBYooEp5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INVENTORY (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Finished goods</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--InventoryFinishedGoods_iI_pn3n3_c20241231_zVjswR2q584d" style="width: 13%; text-align: right" title="Finished goods">319</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--InventoryFinishedGoods_iI_pn3n3_c20251231_zAzbrC2u01Zi" style="width: 13%; text-align: right" title="Finished goods">189</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Impairment loss for damaged finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--InventoryImpairmentLoss_iI_pn3n3_d0_c20241231_zOH92pjwaOx6" style="border-bottom: Black 1pt solid; text-align: right" title="Impairment loss for damaged finished goods">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--InventoryImpairmentLoss_iI_pn3n3_d0_c20251231_zkGI94DApLqk" style="border-bottom: Black 1pt solid; text-align: right" title="Impairment loss for damaged finished goods">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--InventoryNet_iI_pn3n3_c20241231_zCWYntvBd5y6" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventory">319</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--InventoryNet_iI_pn3n3_c20251231_zDu2zFcaHPOk" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventory">189</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_pn3n3_zkgykBYooEp5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INVENTORY (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Finished goods</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--InventoryFinishedGoods_iI_pn3n3_c20241231_zVjswR2q584d" style="width: 13%; text-align: right" title="Finished goods">319</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--InventoryFinishedGoods_iI_pn3n3_c20251231_zAzbrC2u01Zi" style="width: 13%; text-align: right" title="Finished goods">189</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Impairment loss for damaged finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--InventoryImpairmentLoss_iI_pn3n3_d0_c20241231_zOH92pjwaOx6" style="border-bottom: Black 1pt solid; text-align: right" title="Impairment loss for damaged finished goods">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--InventoryImpairmentLoss_iI_pn3n3_d0_c20251231_zkGI94DApLqk" style="border-bottom: Black 1pt solid; text-align: right" title="Impairment loss for damaged finished goods">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--InventoryNet_iI_pn3n3_c20241231_zCWYntvBd5y6" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventory">319</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--InventoryNet_iI_pn3n3_c20251231_zDu2zFcaHPOk" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventory">189</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

319000

189000

0 0

319000

189000

6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net, consists of the following: <table cellpadding="0" cellspacing="0" id="xdx_88C_eus-gaap--PropertyPlantAndEquipmentTextBlock_pn3n3_zmmtmlW9eCLc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - PROPERTY, PLANT AND EQUIPMENT (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20241231_z22MbsiLLhV8" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20251231_zjf0z6f6nZpa" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--InvestmentPropertyMember_zZDqpW5TpFBh" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Investment property</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">442</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">442</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_ztQJgNVENi7k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">231</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingImprovementsMember_z0jBngO5kau" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Renovation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zWMMNy5dd5cd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zWzAMrRqIMGk" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Furniture and fittings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_d0_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zfEQaTw5jtGf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Motor vehicle</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">239</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">239</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_zNn58X5cpNw9" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,047</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_zRmD14N2gNQe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(469</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(525</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_iI_zkI2StFRt22j" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Property, plant and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">578</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">524</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depreciation expense was US$62,217, US$60,430 and US$56,315 for the years ended December 31, 2023, 2024 and 2025, respectively.

<table cellpadding="0" cellspacing="0" id="xdx_88C_eus-gaap--PropertyPlantAndEquipmentTextBlock_pn3n3_zmmtmlW9eCLc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - PROPERTY, PLANT AND EQUIPMENT (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20241231_z22MbsiLLhV8" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20251231_zjf0z6f6nZpa" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--InvestmentPropertyMember_zZDqpW5TpFBh" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Investment property</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">442</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">442</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_ztQJgNVENi7k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">231</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingImprovementsMember_z0jBngO5kau" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Renovation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zWMMNy5dd5cd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zWzAMrRqIMGk" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Furniture and fittings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_d0_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zfEQaTw5jtGf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Motor vehicle</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">239</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">239</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_zNn58X5cpNw9" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,047</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_zRmD14N2gNQe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(469</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(525</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_iI_zkI2StFRt22j" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Property, plant and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">578</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">524</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

442000

229000

231000

87000

16000

34000

239000

1047000

1049000

469000

525000

578000

524000

60430

56315

7. LOAN TO A RELATED PARTY, NET <table cellpadding="0" cellspacing="0" id="xdx_883_eus-gaap--ScheduleOfOtherAssetsNoncurrentTextBlock_pn3n3_zR9Ue27kfRO6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - NON-CURRENT ASSETS (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 66%">Schedule of non-current assets</td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$ ’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Loan to a related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--LoanToARelatedPartyGross_iI_pn3n3_d0_c20241231_zlRnxUoVUQdj" style="text-align: right" title="Loan to a related party, gross">6,291</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--LoanToARelatedPartyGross_iI_pn3n3_d0_c20251231_zNLzz3wdyAE7" style="text-align: right" title="Loan to a related party, gross">6,675</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--AllowanceForNotesAndLoansReceivableNoncurrent_iNI_pn3n3_di_c20241231_zqvyizafPBk7" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for expected credit losses">(319</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--AllowanceForNotesAndLoansReceivableNoncurrent_iNI_pn3n3_di0_c20251231_zHT0mTasNYCc" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for expected credit losses">(671</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Loan to a related party</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_ecustom--LoanToRelatedPartyNoncurrent_iI_pn3n3_c20241231_zkAB5zJhRni1" style="border-bottom: Black 2.5pt double; text-align: right" title="Loan to a related party">5,972</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_ecustom--LoanToARelatedPartyCurrent_iI_pn3n3_c20251231_zYV2520LHX2e" style="border-bottom: Black 2.5pt double; text-align: right" title="Loan to a related party">6,004</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Maxwill (Asia) Pte. Ltd. (the “Lender”) had granted a convertible loan to Carfax Commodities (Asia) Pte. Ltd. (the “Borrower”) pursuant to a convertible loan agreement dated on November 30, 2020 (the “2020 Convertible Loan Agreement”), pursuant to which the loan amount (capped at US$4,500,000) was granted by the Lender to the Borrower, with compounded interest to accrue at the rate prescribed by the Inland Revenue Authority of Singapore. The parties agreed to terminate the 2020 Convertible Loan Agreement with effect from November 30, 2023 and entered into a renewed loan agreement on November 30, 2023 (the “2023 Convertible Loan Agreement”). Pursuant to the terms of the 2023 Convertible Loan Agreement, a facility was granted by the Lender to the Borrower in the amount of up to US$<span id="xdx_902_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--ConvertibleLoan2023AgreementMember_zA7WhjKVRwZe" title="Line of credit maximum amount available">6,000,000 (comprising (a) US$<span id="xdx_90B_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--ConvertibleLoan2023AgreementMember__us-gaap--CreditFacilityAxis__custom--ConvertibleLoan2020AgreementMember_zZKAgACxXC6a" title="Line of credit maximum amount available">3,937,569, being the amount outstanding under the 2020 Convertible Loan Agreement as at November 30, 2023, and (b) US$<span id="xdx_90D_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--ConvertibleLoan2023AgreementMember__us-gaap--CreditFacilityAxis__custom--November2023AmountRemainingMember_z7P610WJqTF4" title="Line of credit maximum amount available">2,062,431, being the additional loan amount), with interest to accrue on the principal amount outstanding at a rate of 6.5% per annum (the “2023 Loan”). The 2023 Loan expires on the earlier of (i) November 30, 2026 (or such other date that the Borrower and the Lender may otherwise agree in writing); and (ii) the date on which all (and not part) of the amount outstanding under the 2023 Convertible Loan Agreement is converted into ordinary shares of the Borrower. The 2023 Loan is convertible at the option of the Lender with written notice to the Borrower. As at December 31, 2025 the outstanding principal and interest on the 2023 Loan was US$6,675,209.

<table cellpadding="0" cellspacing="0" id="xdx_883_eus-gaap--ScheduleOfOtherAssetsNoncurrentTextBlock_pn3n3_zR9Ue27kfRO6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - NON-CURRENT ASSETS (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 66%">Schedule of non-current assets</td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$ ’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Loan to a related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--LoanToARelatedPartyGross_iI_pn3n3_d0_c20241231_zlRnxUoVUQdj" style="text-align: right" title="Loan to a related party, gross">6,291</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--LoanToARelatedPartyGross_iI_pn3n3_d0_c20251231_zNLzz3wdyAE7" style="text-align: right" title="Loan to a related party, gross">6,675</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--AllowanceForNotesAndLoansReceivableNoncurrent_iNI_pn3n3_di_c20241231_zqvyizafPBk7" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for expected credit losses">(319</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--AllowanceForNotesAndLoansReceivableNoncurrent_iNI_pn3n3_di0_c20251231_zHT0mTasNYCc" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for expected credit losses">(671</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Loan to a related party</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_ecustom--LoanToRelatedPartyNoncurrent_iI_pn3n3_c20241231_zkAB5zJhRni1" style="border-bottom: Black 2.5pt double; text-align: right" title="Loan to a related party">5,972</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_ecustom--LoanToARelatedPartyCurrent_iI_pn3n3_c20251231_zYV2520LHX2e" style="border-bottom: Black 2.5pt double; text-align: right" title="Loan to a related party">6,004</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

6291000 6675000

319000

671000

5972000 6004000

6000000

3937569

2062431

6675209

8. LEASES Operating lease As of December 31, 2025, the Company had no operating lease, as its office lease expired on that date. The Company’s lease agreement does not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2025, the weighted average remaining lease term was nil (2024: 1 year) and the weighted average discount rate was 5.25% (2024: 5.25%). Cash paid for operating lease included in the operating cash flows was US$39,770, US$40,406 and US$41,176 for the years ended December 31, 2023, 2024 and 2025, respectively. Subsequent to December 31, 2025, the Company entered into a new lease agreement for office premises in Singapore with a lease term of three years. The following table presents the operating lease related assets and liabilities recorded on the Company’s consolidated balance sheet as of December 31, 2024 and 2025. <table cellpadding="0" cellspacing="0" id="xdx_892_ecustom--ScheduleOfOperatingLeaseAssetsAndLiabilitiesLesseeTableTextBlock_zPHPnD3bvmzc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - LEASES (Details - Operating lease asset and liability)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 66%">Schedule of operating lease related assets and liabilities</td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating lease - right-of-use asset, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_d0_c20241231_zUBwOCr307Pc" style="border-bottom: Black 2.5pt double; text-align: right">37</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_d0_c20251231_zczQvUV5klx9" style="border-bottom: Black 2.5pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left">Current portion</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_d0_c20241231_z4etfm7GdwWe" style="width: 13%; text-align: right" title="Operating lease liability, current">37</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_d0_c20251231_zZdTEsV82O19" style="width: 13%; text-align: right" title="Current portion">–</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Non-current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_d0_c20241231_zyfTzwk4Elhf" style="border-bottom: Black 1pt solid; text-align: right" title="Operating lease liability, noncurrent">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_d0_c20251231_zjiqqpfbwlP8" style="border-bottom: Black 1pt solid; text-align: right" title="Non-current portion">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingLeaseLiability_iI_pn3n3_d0_c20241231_zoK10VAf9Ty" style="border-bottom: Black 2.5pt double; text-align: right" title="Total operating lease liabilities">37</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeaseLiability_iI_pn3n3_d0_c20251231_zcFjOwgY9PVl" style="border-bottom: Black 2.5pt double; text-align: right" title="Total operating lease liabilities">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Finance lease On July 17, 2023, the Company acquired a vehicle through a finance lease agreement. The agreement entails 60 monthly installments, with an interest rate of 5.43% per annum, based on principal amount of US$144,356. As of December 31, 2024 and 2025, the weighted average remaining lease term was 3.5 years and 2.5 years. Cash paid for finance lease included in the financing cash flows was US$16,350, US$33,216 and US$29,736 for the years ended December 31, 2023, 2024 and 2025, respectively. The following table presents the finance lease related assets and liabilities recorded on the Company’s consolidated balance sheets. <table cellpadding="0" cellspacing="0" id="xdx_894_ecustom--ScheduleOfFinanceLeaseAssetsAndLiabilitiesLesseeTableTextBlock_ziHQImxrV6n6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - LEASES (Details - Finance lease info)"> <tr style="vertical-align: bottom"> <td style="display: none">Schedule of finance lease related assets and liabilities</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Motor vehicle</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization_iI_pn3n3_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zsqOU41mWHyi" style="width: 13%; text-align: right" title="Motor vehicle">239</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zHslByzTi9O2" style="width: 13%; text-align: right" title="Motor vehicle">239</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--FinanceLeaseRightOfUseAssetAccumulatedAmortization_iNI_pn3n3_di_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zPhuMPNTyS5b" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation">(48</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--FinanceLeaseRightOfUseAssetAccumulatedAmortization_iNI_pn3n3_di_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zXYdNltGCx9a" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation">(72</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Motor vehicle, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseRightOfUseAsset_iI_pn3n3_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zqrT0wovGFAf" style="border-bottom: Black 2.5pt double; text-align: right" title="Motor vehicle, net">191</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--FinanceLeaseRightOfUseAsset_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zyeSt3OY9oYl" style="border-bottom: Black 2.5pt double; text-align: right" title="Motor vehicle, net">167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--FinanceLeaseLiabilityAbstract_iB_zOfxBPWK37C2" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Finance lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left">Current portion</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseLiabilityCurrent_iI_pn3n3_c20241231_za2i5tanFyxd" style="width: 13%; text-align: right" title="Current portion">29</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityCurrent_iI_pn3n3_c20251231_z9WZkFHFv5t5" style="width: 13%; text-align: right" title="Current portion">31</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Non-current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_pn3n3_c20241231_z1HZYWB5rjNj" style="border-bottom: Black 1pt solid; text-align: right" title="Non-current portion">72</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_pn3n3_c20251231_zHLKQHH87nh1" style="border-bottom: Black 1pt solid; text-align: right" title="Non-current portion">49</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total finance lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20241231_zEZ5ZqsSJowl" style="border-bottom: Black 2.5pt double; text-align: right" title="Total finance lease liabilities">101</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20251231_zvU27veF4gh2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total finance lease liabilities">80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following table summarizes the maturity of finance lease liabilities as of December 31, 2025: <table cellpadding="0" cellspacing="0" id="xdx_88A_eus-gaap--FinanceLeaseLiabilityMaturityTableTextBlock_pn3n3_zTmRBTKyOSVb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - LEASES (Details - Finance lease maturity)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of maturity of finance lease liabilities</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20251231_zL9z9KOMQj8i" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_zDlw70D57vMc" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 83%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">34</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_zf4L173KEnT6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_zQRKe5xYw2a3" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">2028</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_pn3n3_z1BTOlOGfOCa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zj25bkhyD1k6" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--FinanceLeaseLiability_iI_pn3n3_zv3UGxFwqeX3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Present value of finance lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

P1Y

0.0525

40406

41176

<table cellpadding="0" cellspacing="0" id="xdx_892_ecustom--ScheduleOfOperatingLeaseAssetsAndLiabilitiesLesseeTableTextBlock_zPHPnD3bvmzc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - LEASES (Details - Operating lease asset and liability)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 66%">Schedule of operating lease related assets and liabilities</td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 13%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating lease - right-of-use asset, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_d0_c20241231_zUBwOCr307Pc" style="border-bottom: Black 2.5pt double; text-align: right">37</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_d0_c20251231_zczQvUV5klx9" style="border-bottom: Black 2.5pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left">Current portion</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_d0_c20241231_z4etfm7GdwWe" style="width: 13%; text-align: right" title="Operating lease liability, current">37</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_d0_c20251231_zZdTEsV82O19" style="width: 13%; text-align: right" title="Current portion">–</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Non-current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_d0_c20241231_zyfTzwk4Elhf" style="border-bottom: Black 1pt solid; text-align: right" title="Operating lease liability, noncurrent">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_d0_c20251231_zjiqqpfbwlP8" style="border-bottom: Black 1pt solid; text-align: right" title="Non-current portion">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingLeaseLiability_iI_pn3n3_d0_c20241231_zoK10VAf9Ty" style="border-bottom: Black 2.5pt double; text-align: right" title="Total operating lease liabilities">37</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeaseLiability_iI_pn3n3_d0_c20251231_zcFjOwgY9PVl" style="border-bottom: Black 2.5pt double; text-align: right" title="Total operating lease liabilities">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

37000

P60M 0.0543

144356

P3Y6M

P2Y6M

<table cellpadding="0" cellspacing="0" id="xdx_894_ecustom--ScheduleOfFinanceLeaseAssetsAndLiabilitiesLesseeTableTextBlock_ziHQImxrV6n6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - LEASES (Details - Finance lease info)"> <tr style="vertical-align: bottom"> <td style="display: none">Schedule of finance lease related assets and liabilities</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Motor vehicle</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization_iI_pn3n3_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zsqOU41mWHyi" style="width: 13%; text-align: right" title="Motor vehicle">239</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zHslByzTi9O2" style="width: 13%; text-align: right" title="Motor vehicle">239</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--FinanceLeaseRightOfUseAssetAccumulatedAmortization_iNI_pn3n3_di_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zPhuMPNTyS5b" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation">(48</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--FinanceLeaseRightOfUseAssetAccumulatedAmortization_iNI_pn3n3_di_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zXYdNltGCx9a" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation">(72</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Motor vehicle, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseRightOfUseAsset_iI_pn3n3_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zqrT0wovGFAf" style="border-bottom: Black 2.5pt double; text-align: right" title="Motor vehicle, net">191</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--FinanceLeaseRightOfUseAsset_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehicleMember_zyeSt3OY9oYl" style="border-bottom: Black 2.5pt double; text-align: right" title="Motor vehicle, net">167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--FinanceLeaseLiabilityAbstract_iB_zOfxBPWK37C2" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Finance lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left">Current portion</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseLiabilityCurrent_iI_pn3n3_c20241231_za2i5tanFyxd" style="width: 13%; text-align: right" title="Current portion">29</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityCurrent_iI_pn3n3_c20251231_z9WZkFHFv5t5" style="width: 13%; text-align: right" title="Current portion">31</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Non-current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_pn3n3_c20241231_z1HZYWB5rjNj" style="border-bottom: Black 1pt solid; text-align: right" title="Non-current portion">72</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_pn3n3_c20251231_zHLKQHH87nh1" style="border-bottom: Black 1pt solid; text-align: right" title="Non-current portion">49</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total finance lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20241231_zEZ5ZqsSJowl" style="border-bottom: Black 2.5pt double; text-align: right" title="Total finance lease liabilities">101</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20251231_zvU27veF4gh2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total finance lease liabilities">80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

239000

48000

72000

191000

167000

29000

31000

72000

49000

101000

80000

<table cellpadding="0" cellspacing="0" id="xdx_88A_eus-gaap--FinanceLeaseLiabilityMaturityTableTextBlock_pn3n3_zTmRBTKyOSVb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - LEASES (Details - Finance lease maturity)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Schedule of maturity of finance lease liabilities</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20251231_zL9z9KOMQj8i" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_zDlw70D57vMc" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 83%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">34</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_zf4L173KEnT6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_zQRKe5xYw2a3" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">2028</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_pn3n3_z1BTOlOGfOCa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zj25bkhyD1k6" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--FinanceLeaseLiability_iI_pn3n3_zv3UGxFwqeX3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Present value of finance lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

34000

17000

85000

5000

80000

9. BANK LOANS The bank loans as of December 31, 2024 and 2025 are set out below: <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfDebtTableTextBlock_zvSzj1spfa77" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - BANK LOANS (Details - Bank loans)"> <tr style="vertical-align: bottom"> <td>Schedule of bank loans</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bank loans</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Currency</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Period</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Effective Interest rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Secured fixed rate bank loan*</td><td> </td> <td style="text-align: center">SGD</td><td> </td> <td style="text-align: center">2026</td><td> </td> <td style="text-align: center"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_fKg_____zr8e1V9CER74" title="Effective interest rate">4.5%</td><td> </td> <td colspan="2" id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_fKg_____zb1jH7RTIdl1" style="text-align: right" title="Carrying amount">111</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 32%; text-align: left">Secured fixed rate bank loan*</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">SGD</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">2027</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center"><span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_fKg_____zOCRq8UJmai7" title="Effective interest rate">4.5%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_fKg_____z4va1lfje01f" style="width: 13%; text-align: right" title="Carrying amount">66</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan*</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">SGD</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_fKg_____ztLnO5VLEBEg" title="Effective interest rate">4.5%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_fKg_____zp6IQZFIX415" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">145</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231_zFSM8zYh9Huf" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">322</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured fixed rate bank loan*</td><td> </td> <td style="text-align: center">SGD</td><td> </td> <td style="text-align: center">2026</td><td> </td> <td style="text-align: center"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_fKg_____zzLO2PtRedCh" title="Effective interest rate">4.5%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_fKg_____zI7U2hWuszZ9" style="text-align: right" title="Carrying amount">59</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Secured fixed rate bank loan*</td><td> </td> <td style="text-align: center">SGD</td><td> </td> <td style="text-align: center">2027</td><td> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_fKg_____zklk9wmXrw78" title="Effective interest rate">4.5%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_fKg_____zosbF9bR5o2c" style="text-align: right" title="Carrying amount">36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured fixed rate bank loan*</td><td> </td> <td style="text-align: center">SGD</td><td> </td> <td style="text-align: center">2026</td><td> </td> <td style="text-align: center"><span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_fKg_____z709etT7DAWi" title="Effective interest rate">4.5%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_fKg_____zEcduHwm59sd" style="text-align: right" title="Carrying amount">12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Secured floating rate short term borrowings **</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">USD</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFloatingRateShortTermBorrowingsMember_fKio___znc3maXO5Md9" title="Effective interest rate">6.5%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFloatingRateShortTermBorrowingsMember_fKio___zJT1fYvyqLB" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">1,474</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231_zezFxyotMJLk" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">1,581</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td id="xdx_F09_zyfk6175SO33">*</td> <td id="xdx_F1A_z8VA7bplt2j8">Mr. Tan Choo Kiat, spouse of the Company’s director, Ms. Li Peng Leck, provided unlimited personal guarantee for the loans.</td></tr> <tr style="vertical-align: top"> <td style="width: 3%">**</td> <td style="width: 97%"> Trade financing facilities from banks were granted to the Company, which was disclosed in Note 15. As of December 31, 2025, US$1,474,325 of the trade financing facilities have been utilized. The trade facilities were paid to the suppliers by the bank directly at the Company’s instruction and the Company reports operating cash outflows and financing cash inflows on the consolidated statements of cash flows to depict the substance of these transactions. The facilities are secured by a corporate guarantee executed by the Company, a fixed charge over the Company’s Sales Collection Account, a first deed of debenture over all goods and receivables financed by the bank, and an assignment and charge over contracts and proceeds financed under the facility.</td></tr> </table> The following table summarizes the maturity of bank loans based on the repayment schedule as of December 31, 2024 and 2025: <table cellpadding="0" cellspacing="0" id="xdx_883_ecustom--ScheduleOfBankLoansAreGuaranteedByRelatedPartyTableTextBlock_zoQsK2xMsMs9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - BANK LOANS (Details - Related party guaranteed loans)"> <tr style="vertical-align: bottom"> <td>Schedule of bank loans guaranteed by related party</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bank loans</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Within 1 year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2027</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 32%; text-align: left">Secured fixed rate bank loan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_zGN9yBKvqdh" style="width: 13%; text-align: right" title="Carrying amount">111</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zt1buRkrLrTa" style="width: 13%; text-align: right" title="Carrying amount">54</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodTwoYearsMember_zOq6zsnXfSN6" style="width: 13%; text-align: right" title="Carrying amount">57</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_d0_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodFourYearsMember_z3U0hTJmujT4" style="width: 13%; text-align: right" title="Carrying amount">–</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured fixed rate bank loan</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_zENhzbQnYMMc" style="text-align: right" title="Carrying amount">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zLNlZS6K3rsf" style="text-align: right" title="Carrying amount">31</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodTwoYearsMember_zM7rsuwG5r15" style="text-align: right" title="Carrying amount">32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodFourYearsMember_zlsvhMzUQB23" style="text-align: right" title="Carrying amount">3</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_zDncN9sBnNef" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">145</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zbNDavDvJ4F6" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">134</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodTwoYearsMember_zWnEaz1Ig961" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">11</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_d0_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodFourYearsMember_zehbMgyoRD1e" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231_z9uaAEMrv92b" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">322</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zjeUULsnYqV9" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">219</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodTwoYearsMember_zCJMZwOP5kmd" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">100</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodFourYearsMember_z1230rwNeTSd" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Within 1 year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2027</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: left">Secured fixed rate bank loan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_znkLiM4Si8G5" style="width: 13%; text-align: right" title="Carrying amount">59</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zrNRHmy7FLF4" style="width: 13%; text-align: right" title="Carrying amount">59</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_d0_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodThreeYearsMember_zLc8cEv9hhue" style="width: 13%; text-align: right" title="Carrying amount">–</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured fixed rate bank loan</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_zuOgIxjKWFij" style="text-align: right" title="Carrying amount">36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zz5uMPnx4VD4" style="text-align: right" title="Carrying amount">33</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodThreeYearsMember_zsKwyJ5odY74" style="text-align: right" title="Carrying amount">3</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Secured fixed rate bank loan</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_z6Gcs5pspXs3" style="text-align: right" title="Carrying amount">12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zoZAABkiML3h" style="text-align: right" title="Carrying amount">12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_d0_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodThreeYearsMember_zFht0AhgfdQj" style="text-align: right" title="Carrying amount">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Secured floating rate short term borrowings</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFloatingRateShortTermBorrowingsMember_zMkWG7WKfK98" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">1,474</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFloatingRateShortTermBorrowingsMember__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_z2mt5sGK1IEf" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">1,474</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_d0_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateShortTermBorrowingsMember_zyWXtXO1Db5k" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231_z1JhBlftpwmh" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">1,581</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zBFJvm9n94Zk" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">1,578</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodThreeYearsMember_zZWGOXrrRRqd" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The interest expenses for bank loans were US$28,079, US$19,875 and US$323,242, for the years ended December 31, 2023, 2024 and 2025, respectively.

<table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfDebtTableTextBlock_zvSzj1spfa77" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - BANK LOANS (Details - Bank loans)"> <tr style="vertical-align: bottom"> <td>Schedule of bank loans</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bank loans</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Currency</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Period</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Effective Interest rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Secured fixed rate bank loan*</td><td> </td> <td style="text-align: center">SGD</td><td> </td> <td style="text-align: center">2026</td><td> </td> <td style="text-align: center"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_fKg_____zr8e1V9CER74" title="Effective interest rate">4.5%</td><td> </td> <td colspan="2" id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_fKg_____zb1jH7RTIdl1" style="text-align: right" title="Carrying amount">111</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 32%; text-align: left">Secured fixed rate bank loan*</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">SGD</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">2027</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center"><span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_fKg_____zOCRq8UJmai7" title="Effective interest rate">4.5%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_fKg_____z4va1lfje01f" style="width: 13%; text-align: right" title="Carrying amount">66</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan*</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">SGD</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_fKg_____ztLnO5VLEBEg" title="Effective interest rate">4.5%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_fKg_____zp6IQZFIX415" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">145</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231_zFSM8zYh9Huf" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">322</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured fixed rate bank loan*</td><td> </td> <td style="text-align: center">SGD</td><td> </td> <td style="text-align: center">2026</td><td> </td> <td style="text-align: center"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_fKg_____zzLO2PtRedCh" title="Effective interest rate">4.5%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_fKg_____zI7U2hWuszZ9" style="text-align: right" title="Carrying amount">59</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Secured fixed rate bank loan*</td><td> </td> <td style="text-align: center">SGD</td><td> </td> <td style="text-align: center">2027</td><td> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_fKg_____zklk9wmXrw78" title="Effective interest rate">4.5%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_fKg_____zosbF9bR5o2c" style="text-align: right" title="Carrying amount">36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured fixed rate bank loan*</td><td> </td> <td style="text-align: center">SGD</td><td> </td> <td style="text-align: center">2026</td><td> </td> <td style="text-align: center"><span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_fKg_____z709etT7DAWi" title="Effective interest rate">4.5%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_fKg_____zEcduHwm59sd" style="text-align: right" title="Carrying amount">12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Secured floating rate short term borrowings **</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">USD</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">2026</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pip0_dp_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFloatingRateShortTermBorrowingsMember_fKio___znc3maXO5Md9" title="Effective interest rate">6.5%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFloatingRateShortTermBorrowingsMember_fKio___zJT1fYvyqLB" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">1,474</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251231_zezFxyotMJLk" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">1,581</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td id="xdx_F09_zyfk6175SO33">*</td> <td id="xdx_F1A_z8VA7bplt2j8">Mr. Tan Choo Kiat, spouse of the Company’s director, Ms. Li Peng Leck, provided unlimited personal guarantee for the loans.</td></tr> <tr style="vertical-align: top"> <td style="width: 3%">**</td> <td style="width: 97%"> Trade financing facilities from banks were granted to the Company, which was disclosed in Note 15. As of December 31, 2025, US$1,474,325 of the trade financing facilities have been utilized. The trade facilities were paid to the suppliers by the bank directly at the Company’s instruction and the Company reports operating cash outflows and financing cash inflows on the consolidated statements of cash flows to depict the substance of these transactions. The facilities are secured by a corporate guarantee executed by the Company, a fixed charge over the Company’s Sales Collection Account, a first deed of debenture over all goods and receivables financed by the bank, and an assignment and charge over contracts and proceeds financed under the facility.</td></tr> </table>

SGD

2026

0.045

111000

SGD

2027

0.045

66000

SGD

2026

0.045

145000

322000

SGD

2026

0.045

59000

SGD

2027

0.045

36000

SGD

2026

0.045

12000

USD

2026

0.065

1474000

1581000

<table cellpadding="0" cellspacing="0" id="xdx_883_ecustom--ScheduleOfBankLoansAreGuaranteedByRelatedPartyTableTextBlock_zoQsK2xMsMs9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - BANK LOANS (Details - Related party guaranteed loans)"> <tr style="vertical-align: bottom"> <td>Schedule of bank loans guaranteed by related party</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Bank loans</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Within 1 year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2027</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 32%; text-align: left">Secured fixed rate bank loan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember_zGN9yBKvqdh" style="width: 13%; text-align: right" title="Carrying amount">111</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zt1buRkrLrTa" style="width: 13%; text-align: right" title="Carrying amount">54</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodTwoYearsMember_zOq6zsnXfSN6" style="width: 13%; text-align: right" title="Carrying amount">57</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_d0_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoanMember__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodFourYearsMember_z3U0hTJmujT4" style="width: 13%; text-align: right" title="Carrying amount">–</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured fixed rate bank loan</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member_zENhzbQnYMMc" style="text-align: right" title="Carrying amount">66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zLNlZS6K3rsf" style="text-align: right" title="Carrying amount">31</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodTwoYearsMember_zM7rsuwG5r15" style="text-align: right" title="Carrying amount">32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan1Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodFourYearsMember_zlsvhMzUQB23" style="text-align: right" title="Carrying amount">3</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member_zDncN9sBnNef" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">145</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zbNDavDvJ4F6" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">134</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodTwoYearsMember_zWnEaz1Ig961" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">11</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_d0_c20241231__us-gaap--LongtermDebtTypeAxis__custom--SecuredFixedRateBankLoan2Member__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodFourYearsMember_zehbMgyoRD1e" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying amount">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231_z9uaAEMrv92b" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">322</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodWithInOneYearMember_zjeUULsnYqV9" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">219</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodTwoYearsMember_zCJMZwOP5kmd" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">100</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--DebtInstrumentsPeriodFourYearsMember_z1230rwNeTSd" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying amount">3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

111000

54000

57000

66000

31000

32000

3000

145000

134000

11000

322000

219000

100000

3000

59000

36000

33000

3000

12000

1474000

1581000

1578000

3000

19875

323242

10. ACCRUALS AND OTHER CURRENT LIABILITIES Accrued expenses and other liabilities consist of the following: <table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zKIGsf5KnrCc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - ACCRUALS AND OTHER CURRENT LIABILITIES (Details)"> <tr style="vertical-align: bottom"> <td>Schedule of accrued expenses and other liabilities</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Accrued operating expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--AccruedOperatingExpensesMember_zmWElTeHse78" style="width: 13%; text-align: right">1,145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--AccruedOperatingExpensesMember_zTUL7RhAeK8b" style="width: 13%; text-align: right">830</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Deposits</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__us-gaap--DepositsMember_z9RTNwbBRS53" style="text-align: right">204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__us-gaap--DepositsMember_zgZ6wPBdekNe" style="text-align: right">243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Advances from customers</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--AdvancesFromCustomersMember_zFzcVMoOMubc" style="text-align: right">323</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--AdvancesFromCustomersMember_zrEtNeIzDf4k" style="text-align: right">1,299</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unrealized losses on commodity future contracts, at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_d0_c20241231__us-gaap--NatureOfExpenseAxis__custom--UnrealizedLossesOnCommodityFurtureContractsMember_zPIOwosd1Axg" style="text-align: right">14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--UnrealizedLossesOnCommodityFurtureContractsMember_zOtz8Z0FqFe6" style="text-align: right">519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-align: left">GST payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--GSTPayablesMember_z9JbCaioQFG9" style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--GSTPayablesMember_zRkXHjHRX7Bj" style="border-bottom: Black 1pt solid; text-align: right">16</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231_zZvgvpzmnI4d" style="border-bottom: Black 2.5pt double; text-align: right">1,691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231_zcbguWshthZ3" style="border-bottom: Black 2.5pt double; text-align: right" title="Accrued expenses and other liabilities">2,907</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zKIGsf5KnrCc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - ACCRUALS AND OTHER CURRENT LIABILITIES (Details)"> <tr style="vertical-align: bottom"> <td>Schedule of accrued expenses and other liabilities</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Accrued operating expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--AccruedOperatingExpensesMember_zmWElTeHse78" style="width: 13%; text-align: right">1,145</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--AccruedOperatingExpensesMember_zTUL7RhAeK8b" style="width: 13%; text-align: right">830</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Deposits</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__us-gaap--DepositsMember_z9RTNwbBRS53" style="text-align: right">204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__us-gaap--DepositsMember_zgZ6wPBdekNe" style="text-align: right">243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Advances from customers</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--AdvancesFromCustomersMember_zFzcVMoOMubc" style="text-align: right">323</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--AdvancesFromCustomersMember_zrEtNeIzDf4k" style="text-align: right">1,299</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unrealized losses on commodity future contracts, at fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_d0_c20241231__us-gaap--NatureOfExpenseAxis__custom--UnrealizedLossesOnCommodityFurtureContractsMember_zPIOwosd1Axg" style="text-align: right">14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--UnrealizedLossesOnCommodityFurtureContractsMember_zOtz8Z0FqFe6" style="text-align: right">519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-align: left">GST payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231__us-gaap--NatureOfExpenseAxis__custom--GSTPayablesMember_z9JbCaioQFG9" style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231__us-gaap--NatureOfExpenseAxis__custom--GSTPayablesMember_zRkXHjHRX7Bj" style="border-bottom: Black 1pt solid; text-align: right">16</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231_zZvgvpzmnI4d" style="border-bottom: Black 2.5pt double; text-align: right">1,691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20251231_zcbguWshthZ3" style="border-bottom: Black 2.5pt double; text-align: right" title="Accrued expenses and other liabilities">2,907</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1145000

830000

204000

243000

323000

1299000

14000

519000

5000

16000

1691000

2907000

11. EQUITY For the sake of undertaking a public offering of the Company’s ordinary shares, the Company has performed a series of reorganizing transactions resulting in 23,250,000 ordinary shares issued and outstanding that have been retroactively restated to the beginning of the first period presented. On September 21, 2023, the Company issued 1,250,625 ordinary shares pursuant to the initial public offering. As of the date of the initial public offering, the Company only had one single class of ordinary shares. The ordinary shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “DTCK” on September 19, 2023. At an Extraordinary General Meeting of the Company held on 23 June 2025 (the “EGM”), the Company’s shareholders approved the alteration of the Company’s authorized share capital and the adoption of a dual-class share structure. Pursuant to a special resolution passed by the shareholders at the EGM, the Company’s authorized share capital of US$100,000.11, previously divided into 232,500,000,000 ordinary shares with a par value of US$0.000000430108 each, was re-classified and re-designated into 232,480,000,000 class A ordinary shares of par value US$0.000000430108 each (the “Class A Ordinary Shares”) and 20,000,000 class B ordinary shares of par value US$0.000000430108 each (the “Class B Ordinary Shares”). On the same date, 7,985,644 issued and outstanding ordinary shares were re-classified and re-designated into Class A Ordinary Shares and 15,056,700 ordinary shares held by Davis & KT Holdings Pte. Ltd. and 1,458,281 ordinary shares held by Mr. Lek Pow Sheng, Pauson were re-classified and re-designated into Class B Ordinary Shares, respectively. Following completion of the re-designation, the Company adopted a dual-class share structure consisting of Class A Ordinary Shares, each carrying one vote per share, and Class B Ordinary Shares, each carrying thirty votes per share. The dual-class share structure provides for different voting rights between the two classes of shares but an identical par value. In September 2024, the Company filed a registration statement on Form S-8 to register 2,870,050 ordinary shares under the Davis Commodities Limited 2024 Equity Incentive Plan. Subsequently, on December 31, 2025, the Company approved the grant and issuance of an aggregate of 2,870,050 Class A ordinary shares under the Plan to an independent service provider. The award shares were fully vested as of the grant date on December 31, 2025. The shares were issued pursuant to the Company’s Equity Incentive Plan as part of share-based compensation arrangements intended to align the interests of the service provider with those of shareholders. On February 5, 2026, the Board approved a share consolidation of the Company’s Class A Ordinary Shares and Class B Ordinary Shares at a ratio of 20-for-1 (the “Reverse Split”). Pursuant to the Board resolutions, each 20 issued and unissued Class A Ordinary Shares will be consolidated into one Class A Ordinary Share, and each 20 issued and unissued Class B Ordinary Shares will be consolidated into one Class B Ordinary Share. Following the Reverse Split, (i) the par value of each Class A Ordinary Share and each Class B Ordinary Share will be changed from $0.000000430108 each to $0.00000860216 each; (ii) the authorized shares will be changed from 232,480,000,000 Class A Ordinary Shares and 20,000,000 Class B Ordinary Shares to 11,624,000,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares; and (iii) the issued and outstanding shares will be changed from 10,855,694 Class A Ordinary Shares and 16,514,981 Class B Ordinary Shares to 542,786 Class A Ordinary Shares and 825,750 Class B Ordinary Shares, respectively. All fractional shares resulting from the Reverse Split will not be issued to shareholders; instead, any fractional entitlements will be rounded up to the next whole number. The Company’s Class A Ordinary Shares started to trade on the Market on a split-adjusted basis on March 9, 2026. The Company believe it is appropriate to reflect the above transactions on a retroactive basis. According to the above transactions and the subsequent adjusted per-share consideration, the Company has retroactively adjusted the shares and per share data for all periods presented.

23250000

1250625

2870050

12. REVENUES AND SEGMENT INFORMATION An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment. In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM has been identified as the Company’s Chief Executive Officer, who uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s CODM for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the CODM, reviews operation results by the revenue of different products. Based on management’s assessment, the Company has determined that it has four operating segments as defined by ASC 280 as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1%"> </td> <td style="width: 5%">1.</td> <td style="width: 94%">Sale of sugar</td></tr> <tr style="vertical-align: top"> <td> </td> <td>2.</td> <td>Sale of rice</td></tr> <tr style="vertical-align: top"> <td> </td> <td>3.</td> <td>Sale of oil and fat products</td></tr> <tr style="vertical-align: top"> <td> </td> <td>4.</td> <td>Sale of others</td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_893_eus-gaap--ScheduleOfProductInformationTableTextBlock_z7ZCkU1EZB91" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - REVENUES BY PRODUCT (Details - Revenue by product)"> <tr style="vertical-align: bottom"> <td>Schedule revenues by product</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%">Sale of sugar</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_zbQrEdj5kShi" style="width: 13%; text-align: right" title="Revenue">116,443</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_zDWYFrgconR5" style="width: 13%; text-align: right" title="Revenue">86,599</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_z9tUXHraMaWa" style="width: 13%; text-align: right" title="Revenue">127,676</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sale of rice</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zVuuFbf9nTfe" style="text-align: right" title="Revenue">26,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zwU4fVaWegxe" style="text-align: right" title="Revenue">18,680</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zXEY5rgUYjwj" style="text-align: right" title="Revenue">34,080</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Sale of oils and fats products</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zhrFfYS1JU4d" style="text-align: right" title="Revenue">47,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zXw4ImbTosRg" style="text-align: right" title="Revenue">26,642</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zBEemk6HvQdf" style="text-align: right" title="Revenue">22,421</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Sale of others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_ztlIbm5eUqnk" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">218</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_z0FGRDqvL2M1" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">448</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zNuTvGVczKBd" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">40</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20230101__20231231_zgoBvxTsd2Hf" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">190,724</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20240101__20241231_zK7049MRR2t1" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">132,369</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--Revenues_pn3n3_c20250101__20251231_zhIcoRD3lFXd" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">184,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Information regarding the results of each reportable segment is included below. Performance is measured based on segment revenue and gross profit/(loss), as included in the internal management reports that are reviewed by the Company’s CODM. Both segment revenue and gross profit/(loss) are used to measure performance as management believes that such information is the most relevant in evaluating the level of activities and results of these segments. The following table presents summary information by product type for the years ended December 31, 2023, 2024 and 2025, respectively: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Sale of sugar</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of rice</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of oil and fat products</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Sale of others</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Revenue</td><td> </td> <td colspan="2" id="xdx_98D_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_z2wn4950BBdf" style="text-align: right" title="Revenue">116,443</td><td> </td><td> </td> <td colspan="2" id="xdx_98B_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zii6gBidrgxa" style="text-align: right" title="Revenue">26,440</td><td> </td><td> </td> <td colspan="2" id="xdx_982_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zaiEKx4omR86" style="text-align: right" title="Revenue">47,623</td><td> </td><td> </td> <td colspan="2" id="xdx_987_eus-gaap--Revenues_pn3n3_d0_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zo4g8turCgah" style="text-align: right" title="Revenue">218</td><td> </td><td> </td> <td colspan="2" id="xdx_98B_eus-gaap--Revenues_pn3n3_c20230101__20231231_zkBi8T3FXlTg" style="text-align: right" title="Revenue">190,724</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 15%; text-align: left">Gross Profit</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--GrossProfit_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_zDCe0FFL5ace" style="width: 13%; text-align: right" title="Gross Profit">3,333</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--GrossProfit_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zz7zlNvLIed8" style="width: 13%; text-align: right" title="Gross Profit">1,115</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--GrossProfit_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zIJFVDvkaXTj" style="width: 13%; text-align: right" title="Gross Profit">2,558</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--GrossProfit_pn3n3_d0_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zn33IVUAq9A5" style="width: 13%; text-align: right" title="Gross Profit">23</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--GrossProfit_pn3n3_c20230101__20231231_zvFTCx7qCFRf" style="width: 13%; text-align: right" title="Gross Profit">7,029</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Sale of sugar</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of rice</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of oil and fat products</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Sale of others</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Revenue</td><td> </td> <td colspan="2" id="xdx_98A_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_zYdjJNZm2D95" style="text-align: right" title="Revenue">86,599</td><td> </td><td> </td> <td colspan="2" id="xdx_985_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zcDmyl3cs3hd" style="text-align: right" title="Revenue">18,680</td><td> </td><td> </td> <td colspan="2" id="xdx_980_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zjJiQNRQ7F85" style="text-align: right" title="Revenue">26,642</td><td> </td><td> </td> <td colspan="2" id="xdx_989_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zuWllpvodrG9" style="text-align: right" title="Revenue">448</td><td> </td><td> </td> <td colspan="2" id="xdx_984_eus-gaap--Revenues_pn3n3_c20240101__20241231_zRST5tLulMx6" style="text-align: right" title="Revenue">132,369</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 15%; text-align: left">Gross Profit</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--GrossProfit_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_zix7dQt1avoa" style="width: 13%; text-align: right" title="Gross Profit">1,209</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--GrossProfit_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_z1wWjLSugEO" style="width: 13%; text-align: right" title="Gross Profit">98</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--GrossProfit_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zLxRBFAdgwxd" style="width: 13%; text-align: right" title="Gross Profit">969</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--GrossProfit_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zeKma5AZB7ll" style="width: 13%; text-align: right" title="Gross Profit">49</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--GrossProfit_pn3n3_c20240101__20241231_zOEm9yZxQGrh" style="width: 13%; text-align: right" title="Gross Profit">2,325</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_897_ecustom--ScheduleOfProductInformationTypeTableTextBlock_zSpsvFJW3Xd6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - REVENUES BY PRODUCT (Details - Summary by product type)"> <tr style="vertical-align: bottom"> <td>Schedule of information by product type</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Sale of sugar</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of rice</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of oil and fat products</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of others</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 15%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_z9dJw2guuBd3" style="width: 13%; text-align: right" title="Revenue">127,676</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zrHUjtIzmrN1" style="width: 13%; text-align: right" title="Revenue">34,080</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zsjpEWjT64Fh" style="width: 13%; text-align: right" title="Revenue">22,421</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zejqRDOusc66" style="width: 13%; text-align: right" title="Revenue">40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20250101__20251231_z24Sjo4vAH57" style="width: 13%; text-align: right" title="Revenue">184,217</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross Profit/(Loss)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--GrossProfit_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_z7cHGTd3Kjek" style="text-align: right" title="Gross Profit">916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--GrossProfit_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zpggiPlIH5D3" style="text-align: right" title="Gross Profit">1,423</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--GrossProfit_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_ztyxt8LziZ6h" style="text-align: right" title="Gross Profit">549</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GrossProfit_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zBQzcPEqFECj" style="text-align: right" title="Gross Profit">(20</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--GrossProfit_pn3n3_c20250101__20251231_z1Ep67MKo6N6" style="text-align: right" title="Gross Profit">2,868</td><td style="text-align: left"> </td></tr> </table> The following table presents summary information by geographic region for the fiscal years ended December 31, 2023, 2024 and 2025, respectively. <table cellpadding="0" cellspacing="0" id="xdx_894_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zjFENTkkK1c2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - REVENUES BY PRODUCT (Details - Sales by geographic region)"> <tr style="vertical-align: bottom"> <td>Schedule of information by geographic region</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%">Africa</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__srt--AfricaMember_z8CarCqsQknl" style="width: 13%; text-align: right" title="Revenues">80,637</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__srt--AfricaMember_zOp3pu4BczNh" style="width: 13%; text-align: right" title="Revenues">68,448</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__srt--AfricaMember_zI6tVIbwntm6" style="width: 13%; text-align: right" title="Revenues">110,478</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>China</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_z8QWJHjnVjti" style="text-align: right" title="Revenues">17,731</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--CN_zP0y6K4kTvY6" style="text-align: right" title="Revenues">11,957</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--CN_zWamAJtKwsTj" style="text-align: right" title="Revenues">37,118</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Indonesia</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--ID_zhkzUtiXOkDi" style="text-align: right" title="Revenues">22,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--ID_z4azzeQM4Ks9" style="text-align: right" title="Revenues">12,672</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--ID_zE9V8qRgdQkl" style="text-align: right" title="Revenues">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vietnam</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--VN_zsrwNevJWbLd" style="text-align: right" title="Revenues">9,109</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--VN_zBUDV4woy5ai" style="text-align: right" title="Revenues">6,999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--VN_zMCQrhTnTuu7" style="text-align: right" title="Revenues">1,060</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Philippines</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--PH_zG69KDCpt0v2" style="text-align: right" title="Revenues">19,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--PH_zljFGcEiQb2a" style="text-align: right" title="Revenues">2,850</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--PH_ztoPLy6GgI6d" style="text-align: right" title="Revenues">2,832</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Thailand</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--TH_zBmvxJJbgNWi" style="text-align: right" title="Revenues">13,119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--TH_zzDQoM2vJ91c" style="text-align: right" title="Revenues">12,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--TH_zKcN9ldrCjR8" style="text-align: right" title="Revenues">7,662</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Singapore</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--SG_zGnaCgQOzJe2" style="text-align: right" title="Revenues">18,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--SG_zA4gHzwczDF7" style="text-align: right" title="Revenues">10,105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--SG_z5Sr3IowHhye" style="text-align: right" title="Revenues">10,259</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other countries</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zog5oWIznxFk" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">9,365</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zgeqK4TjlqQd" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">6,349</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zZUxNXmtyo8d" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">14,806</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20230101__20231231_z6rAuvN99cQ9" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">190,724</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20240101__20241231_zuIush2hWQx3" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">132,369</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231_z1Le7KaX3MS" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">184,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> In the following table, revenue is disaggregated by the timing of revenue recognition. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of sugar</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of rice</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of oil and fat products</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of others</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Timing of revenue recognition:</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 30%; text-align: left; padding-bottom: 1pt">Point in time</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20230101__20231231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_zlA96lMFyEvj" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">116,443</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20230101__20231231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zAeRNrSJ59P1" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">26,440</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20230101__20231231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_z2MDUabQydEl" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">47,623</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20230101__20231231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zAV7BYdJPrtl" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">218</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20230101__20231231_zAhqwKwfU0te" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">190,724</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of sugar</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of rice</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of oil and fat products</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of others</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Timing of revenue recognition:</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 30%; text-align: left; padding-bottom: 1pt">Point in time</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_zu00txU8vsEg" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">86,599</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_ze0qI4DaADH3" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">18,680</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zKbeodqJaIX1" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">26,642</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zzTiTBzJrJWk" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">448</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20240101__20241231_zcgxH1zgwFZ5" style="border-bottom: Black 1pt solid; width: 11%; text-align: right" title="Revenues">132,369</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_89B_eus-gaap--DisaggregationOfRevenueTableTextBlock_z5AyA3fUcrfi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - REVENUES BY PRODUCT (Details - Revenue by timing)"> <tr style="vertical-align: bottom"> <td>Schedule of revenue by timing</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of sugar</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of rice</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of oil and fat products</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Sale of others</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; width: 30%; text-align: left">Timing of revenue recognition:</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Point in time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_z0spLpsT27A5" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">127,676</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zu9os5fxhYSc" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">34,080</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_z85Hvvr6kr4d" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">22,421</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_ziRdbhlsXsab" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">40</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231_zcCG532P23qh" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">184,217</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> All assets and operations of the Company are located in Singapore, and accordingly, no segmental analysis of segment assets is presented.

<table cellpadding="0" cellspacing="0" id="xdx_893_eus-gaap--ScheduleOfProductInformationTableTextBlock_z7ZCkU1EZB91" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - REVENUES BY PRODUCT (Details - Revenue by product)"> <tr style="vertical-align: bottom"> <td>Schedule revenues by product</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%">Sale of sugar</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_zbQrEdj5kShi" style="width: 13%; text-align: right" title="Revenue">116,443</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_zDWYFrgconR5" style="width: 13%; text-align: right" title="Revenue">86,599</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_z9tUXHraMaWa" style="width: 13%; text-align: right" title="Revenue">127,676</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sale of rice</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zVuuFbf9nTfe" style="text-align: right" title="Revenue">26,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zwU4fVaWegxe" style="text-align: right" title="Revenue">18,680</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zXEY5rgUYjwj" style="text-align: right" title="Revenue">34,080</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Sale of oils and fats products</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zhrFfYS1JU4d" style="text-align: right" title="Revenue">47,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zXw4ImbTosRg" style="text-align: right" title="Revenue">26,642</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zBEemk6HvQdf" style="text-align: right" title="Revenue">22,421</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Sale of others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_ztlIbm5eUqnk" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">218</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_z0FGRDqvL2M1" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">448</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zNuTvGVczKBd" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">40</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20230101__20231231_zgoBvxTsd2Hf" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">190,724</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20240101__20241231_zK7049MRR2t1" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">132,369</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--Revenues_pn3n3_c20250101__20251231_zhIcoRD3lFXd" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">184,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

116443000

86599000

127676000

26440000

18680000

34080000

47623000

26642000

22421000

218000

448000

40000

190724000

132369000

184217000

116443000

26440000

47623000

218000

190724000

3333000

1115000

2558000

23000

7029000

86599000

18680000

26642000

448000

132369000

1209000

98000

969000

49000

2325000

<table cellpadding="0" cellspacing="0" id="xdx_897_ecustom--ScheduleOfProductInformationTypeTableTextBlock_zSpsvFJW3Xd6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - REVENUES BY PRODUCT (Details - Summary by product type)"> <tr style="vertical-align: bottom"> <td>Schedule of information by product type</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Sale of sugar</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of rice</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of oil and fat products</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of others</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 15%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_z9dJw2guuBd3" style="width: 13%; text-align: right" title="Revenue">127,676</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zrHUjtIzmrN1" style="width: 13%; text-align: right" title="Revenue">34,080</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_zsjpEWjT64Fh" style="width: 13%; text-align: right" title="Revenue">22,421</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zejqRDOusc66" style="width: 13%; text-align: right" title="Revenue">40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20250101__20251231_z24Sjo4vAH57" style="width: 13%; text-align: right" title="Revenue">184,217</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross Profit/(Loss)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--GrossProfit_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_z7cHGTd3Kjek" style="text-align: right" title="Gross Profit">916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--GrossProfit_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zpggiPlIH5D3" style="text-align: right" title="Gross Profit">1,423</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--GrossProfit_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_ztyxt8LziZ6h" style="text-align: right" title="Gross Profit">549</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GrossProfit_pn3n3_c20250101__20251231__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_zBQzcPEqFECj" style="text-align: right" title="Gross Profit">(20</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--GrossProfit_pn3n3_c20250101__20251231_z1Ep67MKo6N6" style="text-align: right" title="Gross Profit">2,868</td><td style="text-align: left"> </td></tr> </table> The following table presents summary information by geographic region for the fiscal years ended December 31, 2023, 2024 and 2025, respectively. <table cellpadding="0" cellspacing="0" id="xdx_894_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zjFENTkkK1c2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - REVENUES BY PRODUCT (Details - Sales by geographic region)"> <tr style="vertical-align: bottom"> <td>Schedule of information by geographic region</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%">Africa</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__srt--AfricaMember_z8CarCqsQknl" style="width: 13%; text-align: right" title="Revenues">80,637</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__srt--AfricaMember_zOp3pu4BczNh" style="width: 13%; text-align: right" title="Revenues">68,448</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__srt--AfricaMember_zI6tVIbwntm6" style="width: 13%; text-align: right" title="Revenues">110,478</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>China</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_z8QWJHjnVjti" style="text-align: right" title="Revenues">17,731</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--CN_zP0y6K4kTvY6" style="text-align: right" title="Revenues">11,957</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--CN_zWamAJtKwsTj" style="text-align: right" title="Revenues">37,118</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Indonesia</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--ID_zhkzUtiXOkDi" style="text-align: right" title="Revenues">22,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--ID_z4azzeQM4Ks9" style="text-align: right" title="Revenues">12,672</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--ID_zE9V8qRgdQkl" style="text-align: right" title="Revenues">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vietnam</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--VN_zsrwNevJWbLd" style="text-align: right" title="Revenues">9,109</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--VN_zBUDV4woy5ai" style="text-align: right" title="Revenues">6,999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--VN_zMCQrhTnTuu7" style="text-align: right" title="Revenues">1,060</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Philippines</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--PH_zG69KDCpt0v2" style="text-align: right" title="Revenues">19,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--PH_zljFGcEiQb2a" style="text-align: right" title="Revenues">2,850</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--PH_ztoPLy6GgI6d" style="text-align: right" title="Revenues">2,832</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Thailand</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--TH_zBmvxJJbgNWi" style="text-align: right" title="Revenues">13,119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--TH_zzDQoM2vJ91c" style="text-align: right" title="Revenues">12,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--TH_zKcN9ldrCjR8" style="text-align: right" title="Revenues">7,662</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Singapore</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--SG_zGnaCgQOzJe2" style="text-align: right" title="Revenues">18,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--SG_zA4gHzwczDF7" style="text-align: right" title="Revenues">10,105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--SG_z5Sr3IowHhye" style="text-align: right" title="Revenues">10,259</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other countries</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zog5oWIznxFk" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">9,365</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zgeqK4TjlqQd" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">6,349</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zZUxNXmtyo8d" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">14,806</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20230101__20231231_z6rAuvN99cQ9" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">190,724</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20240101__20241231_zuIush2hWQx3" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">132,369</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231_z1Le7KaX3MS" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">184,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

127676000

34080000

22421000

40000

184217000

916000

1423000

549000

-20000

2868000

<table cellpadding="0" cellspacing="0" id="xdx_894_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zjFENTkkK1c2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - REVENUES BY PRODUCT (Details - Sales by geographic region)"> <tr style="vertical-align: bottom"> <td>Schedule of information by geographic region</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%">Africa</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__srt--AfricaMember_z8CarCqsQknl" style="width: 13%; text-align: right" title="Revenues">80,637</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__srt--AfricaMember_zOp3pu4BczNh" style="width: 13%; text-align: right" title="Revenues">68,448</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__srt--AfricaMember_zI6tVIbwntm6" style="width: 13%; text-align: right" title="Revenues">110,478</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>China</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_z8QWJHjnVjti" style="text-align: right" title="Revenues">17,731</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--CN_zP0y6K4kTvY6" style="text-align: right" title="Revenues">11,957</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--CN_zWamAJtKwsTj" style="text-align: right" title="Revenues">37,118</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Indonesia</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--ID_zhkzUtiXOkDi" style="text-align: right" title="Revenues">22,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--ID_z4azzeQM4Ks9" style="text-align: right" title="Revenues">12,672</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--ID_zE9V8qRgdQkl" style="text-align: right" title="Revenues">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vietnam</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--VN_zsrwNevJWbLd" style="text-align: right" title="Revenues">9,109</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--VN_zBUDV4woy5ai" style="text-align: right" title="Revenues">6,999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--VN_zMCQrhTnTuu7" style="text-align: right" title="Revenues">1,060</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Philippines</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--PH_zG69KDCpt0v2" style="text-align: right" title="Revenues">19,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--PH_zljFGcEiQb2a" style="text-align: right" title="Revenues">2,850</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--PH_ztoPLy6GgI6d" style="text-align: right" title="Revenues">2,832</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Thailand</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--TH_zBmvxJJbgNWi" style="text-align: right" title="Revenues">13,119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--TH_zzDQoM2vJ91c" style="text-align: right" title="Revenues">12,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--TH_zKcN9ldrCjR8" style="text-align: right" title="Revenues">7,662</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Singapore</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__country--SG_zGnaCgQOzJe2" style="text-align: right" title="Revenues">18,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__country--SG_zA4gHzwczDF7" style="text-align: right" title="Revenues">10,105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__country--SG_z5Sr3IowHhye" style="text-align: right" title="Revenues">10,259</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other countries</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zog5oWIznxFk" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">9,365</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zgeqK4TjlqQd" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">6,349</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zZUxNXmtyo8d" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">14,806</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--Revenues_pn3n3_c20230101__20231231_z6rAuvN99cQ9" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">190,724</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20240101__20241231_zuIush2hWQx3" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">132,369</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--Revenues_pn3n3_c20250101__20251231_z1Le7KaX3MS" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">184,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

80637000

68448000

110478000

17731000

11957000

37118000

22502000

12672000

2000

9109000

6999000

1060000

19372000

2850000

2832000

13119000

12989000

7662000

18889000

10105000

10259000

9365000

6349000

14806000

190724000

132369000

184217000

116443000

26440000

47623000

218000

190724000

86599000

18680000

26642000

448000

132369000

<table cellpadding="0" cellspacing="0" id="xdx_89B_eus-gaap--DisaggregationOfRevenueTableTextBlock_z5AyA3fUcrfi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - REVENUES BY PRODUCT (Details - Revenue by timing)"> <tr style="vertical-align: bottom"> <td>Schedule of revenue by timing</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of sugar</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of rice</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale of oil and fat products</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Sale of others</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; width: 30%; text-align: left">Timing of revenue recognition:</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Point in time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfSugarMember_z0spLpsT27A5" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">127,676</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfRiceMember_zu9os5fxhYSc" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">34,080</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfOilsAndFatsMember_z85Hvvr6kr4d" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">22,421</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SaleOfOthersMember_ziRdbhlsXsab" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">40</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20250101__20251231_zcCG532P23qh" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">184,217</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

127676000

34080000

22421000

40000

184217000

13. INCOME TAX EXPENSES Caymans Islands The Company is domiciled in the Cayman Islands. This locality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes. Singapore The Company’s subsidiaries, Maxwill Pte. Ltd., Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd., Maxwill Foodlink Pte. Ltd., Davis Commodities Pte. Ltd., and Davis Commodities SEA Pte. Ltd., Davis Commodities Global Pte. Ltd., and Davis Commodities Asia Pte. Ltd. are considered Singapore tax resident enterprises under Singapore tax laws. Accordingly, they are subject to enterprise income tax on their taxable income as determined under Singapore tax laws and accounting standards at a statutory tax rate of 17% (2024: 17%). The income tax provision consists of the following components: <table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zuAQKAX6YQz9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAX EXPENSES (Details - Income tax expense)"> <tr style="vertical-align: bottom"> <td>Schedule of income tax provision</td><td> </td> <td colspan="2" id="xdx_49D_20230101__20231231_zRuWjqRWtjq5" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" id="xdx_496_20240101__20241231_zjyK2IqDzG2a" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" id="xdx_496_20250101__20251231_zowMQ29GVbu3" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Singapore entity:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_pn3n3_d0_hus-gaap--IncomeTaxAuthorityAxis__custom--SingaporeEntityMember_z161XVUkpxlb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 49%; text-align: left">Current year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">15</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">*–</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--UnderprovisionIncomeTaxExpenseBenefit_pn3n3_d0_hus-gaap--IncomeTaxAuthorityAxis__custom--SingaporeEntityMember_zvv0pV9bASxd" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-left: 10pt; text-align: left">Under-provision in prior year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_d0_hus-gaap--IncomeTaxAuthorityAxis__custom--SingaporeEntityMember_zB66a2xZjesb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Deferred tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_pn3n3_hus-gaap--IncomeTaxAuthorityAxis__custom--NonSingaporeEntityMember_z9IxPWpuPYvj" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-align: left">Non-Singapore entity:</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_d0_zg6DLs59juAj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">149</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">178</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">*–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1%">* </td> <td style="width: 99%">Denotes amount less than US$1,000</td></tr> </table> The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of 17% (2024: 17%) to profit/(loss) before income tax as a result of the following differences: <table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zfBdNMt2Kj3h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAX EXPENSES (Details - Singapore income tax expense)"> <tr style="vertical-align: bottom"> <td>Schedule of income tax expense </td><td> </td> <td id="xdx_49B_20230101__20231231_zHcbzB3R9BZ1" style="text-align: center"> </td><td> </td> <td> </td> <td> </td> <td> </td><td> </td> <td id="xdx_495_20240101__20241231_zX638kF08W8g" style="text-align: center"> </td><td> </td> <td> </td> <td> </td> <td> </td><td> </td> <td id="xdx_491_20250101__20251231_zeC1fw7xReFh" style="text-align: center"> </td><td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="17" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td> <td> </td> <td style="text-align: center">%</td> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td> <td> </td> <td style="text-align: center">%</td> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td> <td> </td> <td style="text-align: center">%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt">Income/(loss) before tax expenses:</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">1,235</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 8%"> </td> <td style="width: 1%"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">(3,351</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%"> </td> <td style="text-align: right; width: 8%"> </td> <td style="width: 1%"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">(5,035</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%"> </td> <td style="text-align: right; width: 8%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Tax at the domestic income tax rate</td><td> </td> <td style="text-align: right">210</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">17.0</td> <td> </td><td> </td> <td style="text-align: right">(570</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">17.0</td> <td> </td><td> </td> <td style="text-align: right">(856</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">17.0</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax of different tax rate of other jurisdiction</td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">372</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(7.4</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Tax effect of expenses that are not deductible in determining taxable profit</td><td> </td> <td style="text-align: right">21</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">1.7</td> <td> </td><td> </td> <td style="text-align: right">142</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(4.2</td> <td>)</td><td> </td> <td style="text-align: right">337</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(6.7</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-taxable incomes</td><td> </td> <td style="text-align: right">(7</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">(0.6</td> <td>)</td><td> </td> <td style="text-align: right">*–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">*–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Tax exemption</td><td> </td> <td style="text-align: right">(15</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">(1.2</td> <td>)</td><td> </td> <td style="text-align: right">(15</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">0.4</td> <td> </td><td> </td> <td style="text-align: right">(1</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">0.0</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> Change in valuation allowance</td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">473</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(14.1</td> <td>)</td><td> </td> <td style="text-align: right">155</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(3.1</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Tax rebate</td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">(15</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">0.4</td> <td> </td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Capital allowances and rebate</td><td> </td> <td style="text-align: right">(155</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">(12.6</td> <td>)</td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">95</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">7.7</td> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">163</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4.9</td> <td style="padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(7</td><td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.1</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total income tax expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">149</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">12.1</td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">178</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(5.3</td> <td style="padding-bottom: 2.5pt">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">*–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">––</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> _______________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1%; text-align: justify">*</td> <td style="width: 99%; text-align: justify">Denotes amount less than US$1,000.</td></tr> </table> The significant component of the Company’s deferred tax asset is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">473</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">628</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(473</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(628</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of December 31, 2024 and 2025, the Company had net operating loss carryforwards of US$2,782,000 and US$3,694,000, respectively. These losses can offset future taxable income and can be carried forward indefinitely. The management considers evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. The Company believed that it was more likely than not that the Company will be unable to fully utilize its deferred tax assets related to the net operating loss carryforwards in Singapore. As a result, the valuation allowance of US$473,000 and US$628,000 was recorded against the gross deferred tax asset balance as of December 31, 2024 and 2025, respectively.

<table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zuAQKAX6YQz9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAX EXPENSES (Details - Income tax expense)"> <tr style="vertical-align: bottom"> <td>Schedule of income tax provision</td><td> </td> <td colspan="2" id="xdx_49D_20230101__20231231_zRuWjqRWtjq5" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" id="xdx_496_20240101__20241231_zjyK2IqDzG2a" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" id="xdx_496_20250101__20251231_zowMQ29GVbu3" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Singapore entity:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_pn3n3_d0_hus-gaap--IncomeTaxAuthorityAxis__custom--SingaporeEntityMember_z161XVUkpxlb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 49%; text-align: left">Current year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">15</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">*–</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--UnderprovisionIncomeTaxExpenseBenefit_pn3n3_d0_hus-gaap--IncomeTaxAuthorityAxis__custom--SingaporeEntityMember_zvv0pV9bASxd" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-left: 10pt; text-align: left">Under-provision in prior year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_d0_hus-gaap--IncomeTaxAuthorityAxis__custom--SingaporeEntityMember_zB66a2xZjesb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Deferred tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_pn3n3_hus-gaap--IncomeTaxAuthorityAxis__custom--NonSingaporeEntityMember_z9IxPWpuPYvj" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-align: left">Non-Singapore entity:</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_d0_zg6DLs59juAj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">149</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">178</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">*–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1%">* </td> <td style="width: 99%">Denotes amount less than US$1,000</td></tr> </table>

150000

15000

0 163000 0

-1000

149000

178000

<table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zfBdNMt2Kj3h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAX EXPENSES (Details - Singapore income tax expense)"> <tr style="vertical-align: bottom"> <td>Schedule of income tax expense </td><td> </td> <td id="xdx_49B_20230101__20231231_zHcbzB3R9BZ1" style="text-align: center"> </td><td> </td> <td> </td> <td> </td> <td> </td><td> </td> <td id="xdx_495_20240101__20241231_zX638kF08W8g" style="text-align: center"> </td><td> </td> <td> </td> <td> </td> <td> </td><td> </td> <td id="xdx_491_20250101__20251231_zeC1fw7xReFh" style="text-align: center"> </td><td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="17" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td> <td> </td> <td style="text-align: center">%</td> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td> <td> </td> <td style="text-align: center">%</td> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td> <td> </td> <td style="text-align: center">%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt">Income/(loss) before tax expenses:</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">1,235</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 8%"> </td> <td style="width: 1%"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">(3,351</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%"> </td> <td style="text-align: right; width: 8%"> </td> <td style="width: 1%"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">(5,035</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%"> </td> <td style="text-align: right; width: 8%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Tax at the domestic income tax rate</td><td> </td> <td style="text-align: right">210</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">17.0</td> <td> </td><td> </td> <td style="text-align: right">(570</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">17.0</td> <td> </td><td> </td> <td style="text-align: right">(856</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">17.0</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax of different tax rate of other jurisdiction</td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">372</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(7.4</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Tax effect of expenses that are not deductible in determining taxable profit</td><td> </td> <td style="text-align: right">21</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">1.7</td> <td> </td><td> </td> <td style="text-align: right">142</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(4.2</td> <td>)</td><td> </td> <td style="text-align: right">337</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(6.7</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-taxable incomes</td><td> </td> <td style="text-align: right">(7</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">(0.6</td> <td>)</td><td> </td> <td style="text-align: right">*–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">*–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Tax exemption</td><td> </td> <td style="text-align: right">(15</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">(1.2</td> <td>)</td><td> </td> <td style="text-align: right">(15</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">0.4</td> <td> </td><td> </td> <td style="text-align: right">(1</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">0.0</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> Change in valuation allowance</td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">473</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(14.1</td> <td>)</td><td> </td> <td style="text-align: right">155</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">(3.1</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Tax rebate</td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">(15</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">0.4</td> <td> </td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Capital allowances and rebate</td><td> </td> <td style="text-align: right">(155</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: right">(12.6</td> <td>)</td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td><td> </td> <td style="text-align: right">–</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">95</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">7.7</td> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">163</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4.9</td> <td style="padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(7</td><td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.1</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total income tax expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">149</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">12.1</td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">178</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(5.3</td> <td style="padding-bottom: 2.5pt">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">*–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">––</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> _______________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1%; text-align: justify">*</td> <td style="width: 99%; text-align: justify">Denotes amount less than US$1,000.</td></tr> </table> The significant component of the Company’s deferred tax asset is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">473</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">628</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(473</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(628</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of December 31, 2024 and 2025, the Company had net operating loss carryforwards of US$2,782,000 and US$3,694,000, respectively. These losses can offset future taxable income and can be carried forward indefinitely. The management considers evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. The Company believed that it was more likely than not that the Company will be unable to fully utilize its deferred tax assets related to the net operating loss carryforwards in Singapore. As a result, the valuation allowance of US$473,000 and US$628,000 was recorded against the gross deferred tax asset balance as of December 31, 2024 and 2025, respectively.

1235000

-3351000

-5035000

210000

0.170

-570000

0.170

-856000

0.170

372000

-0.074

21000 0.017 142000 -0.042 337 -0.067

7000

-0.006

-0

0 15000

-0.012

15000

0.004

0.000

473000

-0.141

155

-0.031

-15000

0.004

155000

-0.126

-0

0 95000 0.077 163000 -0.049 -7 0.001

149000

0.121

178000

-0.053

14. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses derivative instruments to manage commodity price risk. The Company enters into derivatives to economically hedge its exposure against adverse fluctuations of commodity prices. Generally, derivative instruments are recorded at fair value in other current assets or current liabilities in the Company’s consolidated balance sheets. The Company’s current assets and liabilities that were accounted for at fair value: <table cellpadding="0" cellspacing="0" id="xdx_89E_eus-gaap--ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock_zqA7Ly35fR1b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details - Unrealized gain/loss)"> <tr style="vertical-align: bottom"> <td>Schedule of unrealized gain/loss on future contracts</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left">Current Asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left; padding-bottom: 2.5pt">Unrealized gain on commodity future contracts</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--UnrealizedGainLossOnCommodityContracts_pn3n3_d0_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--CurrentAssetMember_z0rXtUnDJ3Q" style="border-bottom: Black 2.5pt double; width: 13%; text-align: right" title="Unrealized gain on commodity future contracts">–</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--UnrealizedGainLossOnCommodityContracts_pn3n3_d0_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__custom--CurrentAssetMember_zeW4N6dKn4V7" style="border-bottom: Black 2.5pt double; width: 13%; text-align: right" title="Unrealized gain on commodity future contracts">9</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left">Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Unrealized losses on commodity future contracts</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--UnrealizedGainLossOnCommodityContracts_pn3n3_d0_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--CurrentLiabilityMember_zyNyP4Uz5jag" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrealized loss on commodity future contracts">14</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnCommodityContracts_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__custom--CurrentLiabilityMember_zwwD19X3OSqe" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrealized loss on commodity future contracts">519</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The commodity futures contracts are measured at fair value on a recurring basis using the mark-to-market valuations reflected in month-end broker statements, which are based on observable market inputs. Accordingly, these instruments are classified within Level 2 of the fair value hierarchy. The Effect of Derivative Instruments on the Consolidated Statements of Operations and Comprehensive Income/(Loss) The table below summarizes the net effect of derivative instruments on the consolidated statements of operations and comprehensive income/(loss) for the years ended December 31, 2023, 2024 and 2025. <table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock_zDtUXft0Kr1g" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details - Net effect of derivatives)"> <tr style="vertical-align: bottom"> <td>Schedule of derivative instruments on statements of income</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 49%; font-weight: bold; text-align: left">Income statement classification</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Cost of revenues</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--DerivativeGainLossOnDerivativeNet1_pn3n3_c20230101__20231231__us-gaap--NatureOfExpenseAxis__custom--CostOfRevenuesMember_zs4nec60piPe" style="text-align: right" title="Derivative gain (loss) on derivative">831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--DerivativeGainLossOnDerivativeNet1_iN_pn3n3_di_c20240101__20241231__us-gaap--NatureOfExpenseAxis__custom--CostOfRevenuesMember_zgaY9q2z0Acf" style="text-align: right">(27</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--DerivativeGainLossOnDerivativeNet1_pn3n3_c20250101__20251231__us-gaap--NatureOfExpenseAxis__custom--CostOfRevenuesMember_zSgvzPPwqBk4" style="text-align: right">1,037</td><td style="text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_89E_eus-gaap--ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock_zqA7Ly35fR1b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details - Unrealized gain/loss)"> <tr style="vertical-align: bottom"> <td>Schedule of unrealized gain/loss on future contracts</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left">Current Asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left; padding-bottom: 2.5pt">Unrealized gain on commodity future contracts</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--UnrealizedGainLossOnCommodityContracts_pn3n3_d0_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--CurrentAssetMember_z0rXtUnDJ3Q" style="border-bottom: Black 2.5pt double; width: 13%; text-align: right" title="Unrealized gain on commodity future contracts">–</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--UnrealizedGainLossOnCommodityContracts_pn3n3_d0_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__custom--CurrentAssetMember_zeW4N6dKn4V7" style="border-bottom: Black 2.5pt double; width: 13%; text-align: right" title="Unrealized gain on commodity future contracts">9</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left">Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Unrealized losses on commodity future contracts</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--UnrealizedGainLossOnCommodityContracts_pn3n3_d0_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--CurrentLiabilityMember_zyNyP4Uz5jag" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrealized loss on commodity future contracts">14</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnCommodityContracts_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__custom--CurrentLiabilityMember_zwwD19X3OSqe" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrealized loss on commodity future contracts">519</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

9000

14000

519000

<table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock_zDtUXft0Kr1g" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details - Net effect of derivatives)"> <tr style="vertical-align: bottom"> <td>Schedule of derivative instruments on statements of income</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 49%; font-weight: bold; text-align: left">Income statement classification</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Cost of revenues</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--DerivativeGainLossOnDerivativeNet1_pn3n3_c20230101__20231231__us-gaap--NatureOfExpenseAxis__custom--CostOfRevenuesMember_zs4nec60piPe" style="text-align: right" title="Derivative gain (loss) on derivative">831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--DerivativeGainLossOnDerivativeNet1_iN_pn3n3_di_c20240101__20241231__us-gaap--NatureOfExpenseAxis__custom--CostOfRevenuesMember_zgaY9q2z0Acf" style="text-align: right">(27</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--DerivativeGainLossOnDerivativeNet1_pn3n3_c20250101__20251231__us-gaap--NatureOfExpenseAxis__custom--CostOfRevenuesMember_zSgvzPPwqBk4" style="text-align: right">1,037</td><td style="text-align: left"> </td></tr> </table>

831000 27000 1037000 15. CREDIT FACILITIES On February 19, 2025, the subsidiaries Davis Commodities Pte. Ltd. and Maxwill (Asia) Pte. Ltd. have obtained trade financing facilities with an aggregate limit of S$<span id="xdx_908_eus-gaap--LineOfCreditFacilityCapacityAvailableForTradePurchases_iI_uSingaporeDollars_c20250219__us-gaap--CreditFacilityAxis__custom--TradeFinancingFacility2025Member_z9OrftAkIfma" title="Line of credit available">3,000,000 (approximately US$<span id="xdx_901_eus-gaap--LineOfCreditFacilityCapacityAvailableForTradePurchases_iI_uUSD_c20250219__us-gaap--CreditFacilityAxis__custom--TradeFinancingFacility2025Member_zJJclYyGpPB9" title="Line of credit available">2,314,000) from a financial institution. These facilities include Letters of Credit, Trust Receipts, and Invoice Financing, and may be increased to an aggregate of S$5,000,000 (approximately US$3,857,000) upon satisfactory review of the borrowers’ audited financial statements and fulfilment of the bank’s conditions. The facilities are intended to provide trade financing for the Borrowers’ trading of sugar and related products. Interest rates applicable to the facilities are based on US$ Term Secured Overnight Finance Rate (SOFR) + 2.10% per annum or S$ Compounded Reference Rate + 2.10% per annum, depending on the currency of the drawdown. The facilities are secured by a charge over goods financed by the bank, a charge over the bank account maintained with the bank, an assignment of receivables over goods financed by the bank, and a corporate guarantee executed by Davis Commodities Limited for all monies owing from time to time. As of December 31, 2025, the Company had available but undrawn committed banking facilities from the above of approximately US$<span id="xdx_90D_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_c20251231__us-gaap--CreditFacilityAxis__custom--TradeFinancingFacility2025Member_zeuBgB1Mxlx6" title="Line of credit remaining borrowing capacity">2,024,810 (approximately S$2,624,558). As of December 31, 2025, the Company had available but undrawn committed banking facilities of approximately US$<span id="xdx_90C_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_c20251231__us-gaap--CreditFacilityAxis__custom--TradeFinancingFacility2024Member_zDkAuEc6M2Ua" title="Line of credit remaining borrowing capacity">7,127,003 (approximately S$9,238,021), which were granted in the prior year and remained available for drawdown subject to compliance with the applicable terms and conditions of the facilities.

3000000

2314000

2024810

2624558

7127003

9238021

16. RELATED PARTY TRANSACTIONS AND BALANCES Related parties are entities with common direct or indirect shareholders and/or directors. Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Some of the Company’s transactions and arrangements are with related parties and the effect of these on the basis determined between parties is reflected in these consolidated financial statements. The balances are unsecured, interest-free and repayable on demand unless otherwise stated. The following transactions took place between the Company and its related parties during the years on the consolidated statements of operations and comprehensive income/(loss): <table cellpadding="0" cellspacing="0" id="xdx_899_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_pn3n3_zAF1lWW3opA9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - RELATED PARTY TRANSACTIONS (Details)"> <tr style="vertical-align: bottom"> <td>Schedule of related party transactions </td> <td> </td><td> </td> <td colspan="2" id="xdx_495_20230101__20231231_zuhfhPgb5N3l" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" id="xdx_490_20240101__20241231_zXOb6BVBCGR8" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" id="xdx_493_20250101__20251231_zesrP5avnX5a" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid">Notes</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_ecustom--InterestIncomeFromRelatedParty_pn3n3_zm5Owrh18RGa" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: left">Interest income receivable from a related party</td> <td style="width: 9%">(i)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">88</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">384</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">384</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DirectorsRemuneration_pn3n3_zDNidQlxwnIg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Directors’ remuneration</td> <td>(ii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DirectorsFeesOfSubsidiary_pn3n3_zNcEMDglTDfi" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Director’s fee of the subsidiary</td> <td>(iii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DirectorsFeesOfCompany_pn3n3_d0_zB0hY3yWjdjj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Directors’ fees of the Company</td> <td>(iv)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--RelatedPartyRemuneration_pn3n3_d0_zjc2xfzYm016" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Related party remuneration</td> <td>(v)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">139</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">131</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--RentalExpensePaidToRelatedParty_pn3n3_zZYBCrKJE6Ch" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rental expense paid to a related party</td> <td>(vi)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--OverseasOfficeExpensePayableToRelatedParty_pn3n3_zcpc8hw8vHHg" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Overseas office expense payable to a related party</td> <td>(vii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">312</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">315</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">307</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestPaidToRelatedParty_pn3n3_d0_zsbjBE6wnsP8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest payable to a related party</td> <td>(viii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--SalesWithRelatedParty_pn3n3_d0_zOvkyyRssN46" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Sales with a related party</td> <td>(ix)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,785</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,522</td><td style="text-align: left"> </td></tr> </table> Notes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(i)</td><td style="text-align: justify">Mr. Tan Choo Kiat, spouse of the Company’s director, Ms. Li Peng Leck, is the director and shareholder of Carfax Commodities (Asia) Pte. Ltd. The interest income is included in “Other income”.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(ii)</td><td style="text-align: justify">Remuneration for Ms. Leck Li Peng and Ms. Abbie Jillia Lee, the directors of the Company is included in “General and administrative expenses”.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(iii)</td><td style="text-align: justify">Directors’ fee paid to Mr. Siua Chern Yong, a director of a subsidiary is included in “General and administrative expenses”.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(iv)</td><td style="text-align: justify">Directors’ fees paid to Mr. Khor Khie Liam Alex, Mr. Long Jia Kwang and Mr. Rui Wang Alan, the independent directors of the Company are included in “General and administrative expenses”.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(v)</td><td style="text-align: justify">Remuneration paid to Mr. Tan Choo Kiat is included in “General and administrative expenses”.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(vi)</td><td style="text-align: justify">Rental expense paid to Mr. Tan Choo Kiat is included in “General and administrative expenses”.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(vii)</td><td style="text-align: justify">Mr. Tan Choo Kiat is the director and shareholder of Davis Commodities (Thailand) Co. Ltd. The oversea office expense to the related party is included in “General and administrative expenses”.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(viii)</td><td style="text-align: justify">Interest expense to Mr. Tan Choo Kiat is included in “interest expense”.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(ix)</td><td style="text-align: justify">Mr. Tan Choo Kiat is the director and shareholder of Mai Wei Xiamen Trading Co. Ltd. The sales to the related party is included in “Revenue”.</td></tr></table> The following table presents the related parties balances recorded on the Company’s consolidated balance sheets as of December 31, 2024 and 2025. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold">Notes</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 57%; text-align: left">Mr. Tan Choo Kiat</td><td style="width: 2%"> </td> <td style="width: 7%">(i)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">(1,096</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">(1,096</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Maxautoway Credit Pte Ltd</td><td> </td> <td>(ii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(453</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(349</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Lek Yak Heen</td><td> </td> <td>(iii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Davis Commodities (Thailand) Co Ltd</td><td> </td> <td>(iv)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(92</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(51</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Carfax Commodities (Asia) Pte Ltd</td><td> </td> <td>(v)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,291</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,675</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Mai Wei (Xiamen) Trading Co Ltd</td><td> </td> <td>(vi)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Maxwill International Sdn Bhd</td><td> </td> <td>(vii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(i)</td><td style="text-align: justify">The balance represents a loan from Mr. Tan Choo Kiat, is unsecured, with an interest rate of 10% per annum and no fixed term of repayment and presented as “Amount due to a related party’.</td></tr> <tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(ii)</td><td style="text-align: justify">Mr. Tan Choo Kiat is the director and shareholder of Maxautoway Credit Pte Ltd. The balance represents advance from the related party which is unsecured and non-interest bearing. The balance as of December 31, 2024 and 2025 are repayable on demand and repayable no later than December 31, 2026, respectively, and included in “Amount due to related parties”.</td></tr> <tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(iii)</td><td style="text-align: justify">Lek Yak Heen is considered as a family member of the Company’s director, Ms. Leck Li Peng. The balance represents advance from him which is unsecured, non-interest bearing, repayable no later than December 31, 2026 and included in “Amount due to related parties”.</td></tr> <tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(iv)</td><td style="text-align: justify">Mr. Tan Choo Kiat is the director and shareholder of Davis Commodities (Thailand) Co. Ltd. The balance represents advance from the related party for operations and included in “Amount due to related parties”.</td></tr> <tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(v)</td><td style="text-align: justify">The balance due by Carfax Commodities (Asia) Pte Ltd represents convertible loan with compounded interest to accrue at the rate prescribed by the Inland Revenue Authority of Singapore (See Note 7).</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(vi)</td><td style="text-align: justify">Mr. Tan Choo Kiat is the director and shareholder of Mai Wei Xiamen Trading Co. Ltd. The balance due from the related party is included in “Accounts receivable, net”.</td></tr> <tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(vii)</td><td style="text-align: justify">Mr. Tan Choo Kiat is the director and shareholder of Maxwill International Sdn Bhd. The balance represents refundable deposit paid to the related party and included in “Amount due from related parties”.</td></tr></table> For the years ended December 31, 2023, 2024 and 2025, Mr. Tan Choo Kiat also provided personal guarantees for all the Company’s secured fixed rate bank loans (See Note 9).

<table cellpadding="0" cellspacing="0" id="xdx_899_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_pn3n3_zAF1lWW3opA9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - RELATED PARTY TRANSACTIONS (Details)"> <tr style="vertical-align: bottom"> <td>Schedule of related party transactions </td> <td> </td><td> </td> <td colspan="2" id="xdx_495_20230101__20231231_zuhfhPgb5N3l" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" id="xdx_490_20240101__20241231_zXOb6BVBCGR8" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" id="xdx_493_20250101__20251231_zesrP5avnX5a" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid">Notes</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_ecustom--InterestIncomeFromRelatedParty_pn3n3_zm5Owrh18RGa" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: left">Interest income receivable from a related party</td> <td style="width: 9%">(i)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">88</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">384</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">384</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DirectorsRemuneration_pn3n3_zDNidQlxwnIg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Directors’ remuneration</td> <td>(ii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DirectorsFeesOfSubsidiary_pn3n3_zNcEMDglTDfi" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Director’s fee of the subsidiary</td> <td>(iii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DirectorsFeesOfCompany_pn3n3_d0_zB0hY3yWjdjj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Directors’ fees of the Company</td> <td>(iv)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--RelatedPartyRemuneration_pn3n3_d0_zjc2xfzYm016" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Related party remuneration</td> <td>(v)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">139</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">131</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--RentalExpensePaidToRelatedParty_pn3n3_zZYBCrKJE6Ch" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rental expense paid to a related party</td> <td>(vi)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--OverseasOfficeExpensePayableToRelatedParty_pn3n3_zcpc8hw8vHHg" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Overseas office expense payable to a related party</td> <td>(vii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">312</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">315</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">307</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestPaidToRelatedParty_pn3n3_d0_zsbjBE6wnsP8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest payable to a related party</td> <td>(viii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--SalesWithRelatedParty_pn3n3_d0_zOvkyyRssN46" style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Sales with a related party</td> <td>(ix)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,785</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,522</td><td style="text-align: left"> </td></tr> </table>

88000 384000 384000 150000 155000 156000 125000 117000 125000 9000 54000 54000 138000 139000 131000 40000 40000 41000 312000 315000 307000 75000 110000 110000 1785000 5256000 35522000

17. CONCENTRATIONS AND RISKS Concentrations Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable. The following table sets forth a summary of single customers who represent 10% or more of the Company’s total revenue: <table cellpadding="0" cellspacing="0" id="xdx_898_ecustom--SchedulesOfConcentrationOfRiskByRiskFactorRevenueTableTextBlock_zOsZqc9gIB5d" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - CONCENTRATIONS AND RISKS (Details - Concentration of revenue)"> <tr style="vertical-align: bottom"> <td>Schedule of total revenue</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerAMember_zhtPJaI31jZe" style="width: 13%; text-align: right" title="Total revenue">19,326</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">N/A(i)</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">N/A(i)</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(i)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(i)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerBMember_zZPOzMWmNeJ9" style="text-align: right" title="Total revenue">35,522</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Customer C</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(i)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerCMember_zGBEyNU7uXTa" style="text-align: right" title="Total revenue">27,560</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerCMember_zWkxLt2PwZl9" style="text-align: right" title="Total revenue">39,969</td><td style="text-align: left"> </td></tr> </table> _______________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-align: justify">(i)</td> <td style="width: 97%; text-align: justify">Revenue from the relevant customer was less than 10% of the Company’s total revenue for the respective year.</td></tr> </table> The following table sets forth a summary of single customers who represent 10% or more of the Company’s total gross accounts receivable: <table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--SchedulesOfConcentrationOfRiskByRiskFactorAccountReceivableTableTextBlock_zShzfoYqPtrb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - CONCENTRATIONS AND RISKS (Details - Concentration by accounts receivable)"> <tr style="vertical-align: bottom"> <td>Schedule of total accounts receivable</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Customer B</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">N/A(ii)</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--AccountsReceivableNet_iI_pn3n3_c20251231__srt--MajorCustomersAxis__custom--CustomerBMember_zAX4t3QoTVdf" style="width: 13%; text-align: right" title="Total accounts receivable">1,808</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer C</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(ii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AccountsReceivableNet_iI_pn3n3_c20251231__srt--MajorCustomersAxis__custom--CustomerCMember_zdAhPAjBQkki" style="text-align: right" title="Total accounts receivable">1,574</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Customer D</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--AccountsReceivableNet_iI_pn3n3_c20241231__srt--MajorCustomersAxis__custom--CustomerDMember_z6UKd20pqNMj" style="text-align: right" title="Total accounts receivable">2,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(ii)</td><td style="text-align: left"> </td></tr> </table> _______________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-align: justify">(ii)</td> <td style="width: 97%; text-align: justify">Accounts receivable from relevant customers was less than 10% of the Company’s total gross accounts receivable for the respective year.</td></tr> </table> The following table sets forth a summary of suppliers who represent 10% or more of the Company’s total purchases: <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_pn3n3_z1Z2XMy7DkWi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - CONCENTRATIONS AND RISKS (Details - Concentration of suppliers)"> <tr style="vertical-align: bottom"> <td>Schedule of total purchases  </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: left">Supplier A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--CostOfRevenue_pn3n3_c20230101__20231231__srt--MajorCustomersAxis__custom--SupplierAMember_zjO94xAt7UU9" style="width: 13%; text-align: right" title="Total purchases">20,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--CostOfRevenue_pn3n3_c20240101__20241231__srt--MajorCustomersAxis__custom--SupplierAMember_zAfbkcHLJJPa" style="width: 13%; text-align: right" title="Total purchases">13,241</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--CostOfRevenue_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--SupplierAMember_zvAOhFKbtZJ4" style="width: 13%; text-align: right" title="Total purchases">20,434</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplier B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CostOfRevenue_pn3n3_c20230101__20231231__srt--MajorCustomersAxis__custom--SupplierBMember_zbRdBRwS53Q9" style="text-align: right" title="Total purchases">21,433</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Supplier C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CostOfRevenue_pn3n3_c20230101__20231231__srt--MajorCustomersAxis__custom--SupplierCMember_zlQ1LPkKIFMk" style="text-align: right" title="Total purchases">19,430</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplier D</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CostOfRevenue_pn3n3_c20240101__20241231__srt--MajorCustomersAxis__custom--SupplierDMember_zzLG4TdSq1Vd" style="text-align: right" title="Total purchases">22,321</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Supplier E</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CostOfRevenue_pn3n3_c20240101__20241231__srt--MajorCustomersAxis__custom--SupplierEMember_zGQJbrogt2Q3" style="text-align: right" title="Total purchases">14,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--CostOfRevenue_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--SupplierEMember_zJ5Kqwu6FZBl" style="text-align: right" title="Total purchases">44,971</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplier F</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--CostOfRevenue_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--SupplierFMember_zDTj5cXwxVm8" style="text-align: right" title="Total purchases">29,260</td><td style="text-align: left"> </td></tr> </table> _______________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-align: justify">(iii)</td> <td style="width: 97%; text-align: justify">Purchase from relevant suppliers was less than 10% of the Company’s total purchase for the respective year.</td></tr> </table> The following table sets forth a summary of suppliers who represent 10% or more of the Company’s total accounts payable: <table cellpadding="0" cellspacing="0" id="xdx_892_ecustom--SchedulesOfConcentrationOfRiskAccountsPayableTableTextBlock_zGU5jAQ8P9ge" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - CONCENTRATIONS AND RISKS (Details - Concentration by accounts payable)"> <tr style="vertical-align: bottom"> <td>Schedule of total accounts payable</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Supplier D</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--AccountsPayableCurrent_iI_pn3n3_c20241231__srt--MajorCustomersAxis__custom--SupplierDMember_zzH3hltGPGB5" style="width: 13%; text-align: right" title="Total accounts payable">3,370</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">N/A(iv)</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplier E</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--AccountsPayableCurrent_iI_pn3n3_c20241231__srt--MajorCustomersAxis__custom--SupplierEMember_z9Bz6FmqgAya" style="text-align: right" title="Total accounts payable">1,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--AccountsPayableCurrent_iI_pn3n3_c20251231__srt--MajorCustomersAxis__custom--SupplierEMember_zKEGX2zSiqvh" style="text-align: right" title="Total accounts payable">2,466</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Supplier F</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iv)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--AccountsPayableCurrent_iI_pn3n3_c20251231__srt--MajorCustomersAxis__custom--SupplierFMember_zfQpoZUjVsQd" style="text-align: right" title="Total accounts payable">1,866</td><td style="text-align: left"> </td></tr> </table> ________________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-align: justify">(iv)</td> <td style="width: 97%; text-align: justify">Accounts payable from relevant suppliers was less than 10% of the Company’s total accounts payable for the respective year.</td></tr> </table> Credit Risk Credit risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of accounts receivable, other receivables, loan to a related party and cash and bank deposits presented on the consolidated balance sheets. The Company has no other financial assets which carry significant exposure to credit risk. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

<table cellpadding="0" cellspacing="0" id="xdx_898_ecustom--SchedulesOfConcentrationOfRiskByRiskFactorRevenueTableTextBlock_zOsZqc9gIB5d" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - CONCENTRATIONS AND RISKS (Details - Concentration of revenue)"> <tr style="vertical-align: bottom"> <td>Schedule of total revenue</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerAMember_zhtPJaI31jZe" style="width: 13%; text-align: right" title="Total revenue">19,326</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">N/A(i)</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">N/A(i)</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(i)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(i)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerBMember_zZPOzMWmNeJ9" style="text-align: right" title="Total revenue">35,522</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Customer C</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(i)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerCMember_zGBEyNU7uXTa" style="text-align: right" title="Total revenue">27,560</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--Revenues_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerCMember_zWkxLt2PwZl9" style="text-align: right" title="Total revenue">39,969</td><td style="text-align: left"> </td></tr> </table> _______________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-align: justify">(i)</td> <td style="width: 97%; text-align: justify">Revenue from the relevant customer was less than 10% of the Company’s total revenue for the respective year.</td></tr> </table>

19326000

35522000

27560000

39969000

<table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--SchedulesOfConcentrationOfRiskByRiskFactorAccountReceivableTableTextBlock_zShzfoYqPtrb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - CONCENTRATIONS AND RISKS (Details - Concentration by accounts receivable)"> <tr style="vertical-align: bottom"> <td>Schedule of total accounts receivable</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Customer B</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">N/A(ii)</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--AccountsReceivableNet_iI_pn3n3_c20251231__srt--MajorCustomersAxis__custom--CustomerBMember_zAX4t3QoTVdf" style="width: 13%; text-align: right" title="Total accounts receivable">1,808</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer C</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(ii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AccountsReceivableNet_iI_pn3n3_c20251231__srt--MajorCustomersAxis__custom--CustomerCMember_zdAhPAjBQkki" style="text-align: right" title="Total accounts receivable">1,574</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Customer D</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--AccountsReceivableNet_iI_pn3n3_c20241231__srt--MajorCustomersAxis__custom--CustomerDMember_z6UKd20pqNMj" style="text-align: right" title="Total accounts receivable">2,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(ii)</td><td style="text-align: left"> </td></tr> </table> _______________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-align: justify">(ii)</td> <td style="width: 97%; text-align: justify">Accounts receivable from relevant customers was less than 10% of the Company’s total gross accounts receivable for the respective year.</td></tr> </table>

1808000

1574000

2204000

<table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_pn3n3_z1Z2XMy7DkWi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - CONCENTRATIONS AND RISKS (Details - Concentration of suppliers)"> <tr style="vertical-align: bottom"> <td>Schedule of total purchases  </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 49%; text-align: left">Supplier A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--CostOfRevenue_pn3n3_c20230101__20231231__srt--MajorCustomersAxis__custom--SupplierAMember_zjO94xAt7UU9" style="width: 13%; text-align: right" title="Total purchases">20,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--CostOfRevenue_pn3n3_c20240101__20241231__srt--MajorCustomersAxis__custom--SupplierAMember_zAfbkcHLJJPa" style="width: 13%; text-align: right" title="Total purchases">13,241</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--CostOfRevenue_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--SupplierAMember_zvAOhFKbtZJ4" style="width: 13%; text-align: right" title="Total purchases">20,434</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplier B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CostOfRevenue_pn3n3_c20230101__20231231__srt--MajorCustomersAxis__custom--SupplierBMember_zbRdBRwS53Q9" style="text-align: right" title="Total purchases">21,433</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Supplier C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CostOfRevenue_pn3n3_c20230101__20231231__srt--MajorCustomersAxis__custom--SupplierCMember_zlQ1LPkKIFMk" style="text-align: right" title="Total purchases">19,430</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplier D</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CostOfRevenue_pn3n3_c20240101__20241231__srt--MajorCustomersAxis__custom--SupplierDMember_zzLG4TdSq1Vd" style="text-align: right" title="Total purchases">22,321</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Supplier E</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CostOfRevenue_pn3n3_c20240101__20241231__srt--MajorCustomersAxis__custom--SupplierEMember_zGQJbrogt2Q3" style="text-align: right" title="Total purchases">14,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--CostOfRevenue_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--SupplierEMember_zJ5Kqwu6FZBl" style="text-align: right" title="Total purchases">44,971</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplier F</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iii)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--CostOfRevenue_pn3n3_c20250101__20251231__srt--MajorCustomersAxis__custom--SupplierFMember_zDTj5cXwxVm8" style="text-align: right" title="Total purchases">29,260</td><td style="text-align: left"> </td></tr> </table> _______________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-align: justify">(iii)</td> <td style="width: 97%; text-align: justify">Purchase from relevant suppliers was less than 10% of the Company’s total purchase for the respective year.</td></tr> </table>

20470000

13241000

20434000

21433000

19430000

22321000

14167000

44971000

29260000

<table cellpadding="0" cellspacing="0" id="xdx_892_ecustom--SchedulesOfConcentrationOfRiskAccountsPayableTableTextBlock_zGU5jAQ8P9ge" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - CONCENTRATIONS AND RISKS (Details - Concentration by accounts payable)"> <tr style="vertical-align: bottom"> <td>Schedule of total accounts payable</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$’000</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Supplier D</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--AccountsPayableCurrent_iI_pn3n3_c20241231__srt--MajorCustomersAxis__custom--SupplierDMember_zzH3hltGPGB5" style="width: 13%; text-align: right" title="Total accounts payable">3,370</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">N/A(iv)</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplier E</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--AccountsPayableCurrent_iI_pn3n3_c20241231__srt--MajorCustomersAxis__custom--SupplierEMember_z9Bz6FmqgAya" style="text-align: right" title="Total accounts payable">1,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--AccountsPayableCurrent_iI_pn3n3_c20251231__srt--MajorCustomersAxis__custom--SupplierEMember_zKEGX2zSiqvh" style="text-align: right" title="Total accounts payable">2,466</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Supplier F</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A(iv)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--AccountsPayableCurrent_iI_pn3n3_c20251231__srt--MajorCustomersAxis__custom--SupplierFMember_zfQpoZUjVsQd" style="text-align: right" title="Total accounts payable">1,866</td><td style="text-align: left"> </td></tr> </table> ________________ <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-align: justify">(iv)</td> <td style="width: 97%; text-align: justify">Accounts payable from relevant suppliers was less than 10% of the Company’s total accounts payable for the respective year.</td></tr> </table>

3370000

1726000

2466000

1866000

18. COMMITMENTS AND CONTINGENCIES Other than the lease commitments and debt obligations as disclosed in the notes to the consolidated financial statements, the Company did not have any significant financial or capital commitments as of December 31, 2024 and 2025, and through the issuance date of these consolidated financial statements. Contingencies In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. Except for the legal proceeding disclosed elsewhere, in the opinion of management, there were no material pending or threatened claims and litigation as of December 31, 2025 and through the issuance date of these consolidated financial statements.

19. SUBSEQUENT EVENTS The Company has assessed subsequent events from December 31, 2025 through May 15, 2026, which is the date of the consolidated financial statements were available to be issued. There were no additional material reportable subsequent events that need to be disclosed, except as set forth below: In January and February 2026, the Company conducted sales of its Class A Ordinary Shares under an ATM offering program pursuant to a prospectus supplement filed with the SEC. Under this program, the Company issued and sold Class A Ordinary Shares for aggregate gross proceeds of approximately US$1,065,898, before deducting sales agent commissions and other offering expenses. The net proceeds are intended to be used for general corporate purposes. On January 8, 2026, the High Court of Singapore entered judgment in default of defence in favor of a supplier of the Singapore-incorporated operating subsidiaries Davis Commodities Pte. Ltd. (“DCPL”) and LP Grace Pte. Ltd. (“LP Grace”), ordering DCPL to pay US$620,130 and LP Grace to pay US$129,600, in each case together with applicable interest and legal costs (the “Judgments”). The Judgments arose from commodity purchase contracts entered in 2024. An amount of US$162,000 has been appropriately recognized in the consolidated financial statements for the year ended December 31, 2025, as a result of the above legal case. On January 22, 2026, DCPL and LP Grace received statutory demand letters from counsel to the supplier under the Singapore Insolvency, Restructuring and Dissolution Act 2018, demanding payment failing which the supplier may apply to the High Court of Singapore for winding-up of the subsidiaries. On February 12, 2026, the subsidiaries received correspondence regarding a potential negotiated resolution. On April 13, 2026, the parties entered into a consent agreement pursuant to which the supplier agreed to accept payment of the judgement sums by installments. As of the date of this annual report, the subsidiaries are making payments in accordance with the agreed instalments schedule, and no winding-up petition has been filed. On February 5, 2026, the Company’s board of directors approved a 20-for-1 share consolidation (reverse stock split) of its ordinary shares, each 20 issued and unissued Class A Ordinary Shares were consolidated into one Class A Ordinary Share, and each 20 issued and unissued Class B Ordinary Shares were consolidated into one Class B Ordinary Share. Following the Reverse Split, the par value of each Class A Ordinary Share and each Class B Ordinary Share was changed from $0.000000430108 each to $0.00000860216 each. The Company’s Class A Ordinary Shares commenced trading on a split-adjusted basis on the Nasdaq Capital Market on March 9, 2026. On March 19, 2025, the Company received a deficiency notice from Nasdaq indicating that it was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price of the listed security had remained below US$1.00 per share for 30 consecutive business days. On September 16, 2025, Nasdaq granted the Company an additional 180-calendar-day period through March 16, 2026 to regain compliance. On March 18, 2026, the Company received a Staff Determination letter from Nasdaq notifying that it of the decision to delist its securities. Trading in the Company’s Class A Ordinary Shares on Nasdaq was suspended on March 25, 2026, and the shares are currently quoted on the OTC Markets under the symbol “DTCKF.” Following a hearing, the Nasdaq Hearings Panel sustained the delisting determination. The Company has requested further review of the Panel’s decision by the Nasdaq Listing and Hearing Review Council in accordance with applicable Nasdaq rules, and the matter remains pending as of the date of this annual report.

Denotes amount less than US$1,000 Retroactively restated for all periods presented for the effect of re-classification and re-designation of the authorized share capital and reverse stock split (see Note 11). Denotes amount less than US$1,000 Retroactively restated for all periods presented for the effect of re-classification and re-designation of the authorized share capital and reverse stock split (see Note 11). Denotes amount less than US$1,000 As of December 31, 2024, other receivables mainly represented amounts reclassified from prepayments to suppliers in the prior year following the cancellation of the related procurement agreements. Under the repayment schedule, approximately US$300,000 was expected to be repaid within one year and approximately US$1,177,000 thereafter. The Company assessed the receivables for expected credit losses and recognized a provision of allowance for credit loss of approximately US$285,000 during the year ended December 31, 2024. No provision of allowance for credit loss was recognized during the year ended December 31, 2023. As a result, among the other receivables, net of approximately US$1,192,000, approximately US$300,000 was classified as current assets and approximately US$892,000 was classified as non-current assets based on the repayment terms. Margin deposits relate to deposits placed with Phillip Nova Pte. Ltd., Stonex Markets LLC and Olam Global Agri Pte. Ltd. for derivative instruments entered into for the purpose of managing the Company’s commodity price risk (Note 14). The amounts represent payments made to third parties for marketing and business development services to be amortized for a period of time based on contract periods specified in the service agreements. During the years ended December 31, 2023, 2024 and 2025, amortization of prepaid expenses of US$nil, US$1,393,000 and US$1,393,000, was recognized and included in “General and administrative expenses” in the consolidated statements of operations and comprehensive income/(loss), respectively. Mr. Tan Choo Kiat, spouse of the Company’s director, Ms. Li Peng Leck, provided unlimited personal guarantee for the loans. Trade financing facilities from banks were granted to the Company, which was disclosed in Note 15. As of December 31, 2025, US$1,474,325 of the trade financing facilities have been utilized. The trade facilities were paid to the suppliers by the bank directly at the Company’s instruction and the Company reports operating cash outflows and financing cash inflows on the consolidated statements of cash flows to depict the substance of these transactions.