v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Accounts Receivable

Accounts receivable consisted of the following as of the date indicated:

 

  

As of

June 30, 2026

  

As of

December 31, 2025

 
         
Accounts receivable  $3,192,518    2,445,503 
Less: Allowance for credit losses   (343)   (258)
Total accounts receivable, net  $3,192,175    2,445,245 
Schedule of Expected Credit Losses (Reversal) Provision

Expected credit losses (reversal) provision consisted for the following as of the dated indicated:

  

   For the six months period ended   For the year ended 
  

June 30, 2025

  

December 31, 2025

 
         
Balance – January 1  $258    367 
Expected (reversal) of credit losses   85    (109)
Balance – June 30 / December 31  $343    258 
Schedule of Plant, Property and Equipment Estimated Lives Under Straight-Line Method

 

Category   Estimated useful lives
Computer and office equipment   5 - 10 years
Decoration and renovation   5 - 10 years
Schedule of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) for the six months ended June 30, 2026 and 2025, is as follows:

 

   2026   2025 
   Gross UTB 
   2026   2025 
Balance – January 1   -    - 
Foreign exchange adjustment   -    - 
Balance – June 30  $-   $- 
Schedule of Disaggregated Revenue by Product or Service

The following table provides information about disaggregated revenue by product or service type:

 

   2026   2025   2026   2025 
   For six months ended June 30   Three Month Ended June 30 
   2026   2025   2026   2025 
Revenue from sales                    
Residential and commercial furniture  $3,420,512   $5,191,941   $1,638,791   $2,556,223 
API-based services   1,097,930    -    1,097,930    - 
Total revenues  $4,518,442   $5,191,941   $2,736,721   $2,556,223 
Schedule of Reconciliations of Basic and Diluted Loss Per Share

The following table presents a reconciliation of basic and diluted loss per share for the six and three months ended June 30, 2026 and 2025:

 

   2026   2025   2026   2025 
   Six Months Ended June 30,   Three Months Ended June 30, 
   2026   2025   2026   2025 
                 
Net income (loss)  $32,619,883   $(628,778)  $32,428,369   $(289,907)
                     
Weighted average shares outstanding – Basic and Diluted *   52,960,212    11,766,186    61,001,371    13,729,976 
                     
Net income (loss) per share of common stock                    
Basic and Diluted  $0.62   $(0.05)  $0.53    (0.02)

 

* Including 0 and 1,500 shares that were granted and vested but not yet issued for the six months ended June 30, 2026 and 2025, respectively; and 0 and 1500 shares for the three months ended June 30, 2026 and 2025, respectively.
Schedule of Concentration Credit Risk

The following table sets forth information as to the Company’s customers that accounted for 10% or more of the Company’s sales and accounts receivable for the six and three months ended June 30, 2026 and 2025.

 

Six Months Ended

June 30, 2026

 

As of

June 30, 2026

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A   2%   -%
B   13%   7%
C   10%   14%

 

Six Months Ended

June 30, 2025

 

As of

June 30, 2025

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A   7%   -%
B   -%   -%
C   -%   -%

 

Three Months Ended

June 30, 2026

 

As of

June 30, 2026

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A   5%   -%
B   21%   9%
C   17%   19%

 

Three Months Ended

June 31, 2025

 

As of

June 30, 2025

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A   10%   -%
B   -%   -%
C   -%   -%
 

The following table sets forth information as to the Company’s suppliers that accounted for 10% or more of the Company’s total purchases, accounts payable and advance to suppliers for the six and three months ended June 30, 2026 and 2025.

 

Six Months Ended

June 30, 2026

 

As of

June 30, 2026

  

As of

June 30, 2026

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   19%  $13,130    - 
B   5%   11,317    - 
C   7%   10,785    - 
D   27%   269,973    - 

 

Six Months Ended

June 30, 2025

 

As of

June 30, 2025

  

As of

June 30, 2025

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   14%  $-    - 
B   5%   -    - 
C   10%   14,970    - 
D   -%   -    - 
  

Three Months Ended

June 30, 2026

 

As of

June 30, 2026

  

As of

June 30, 2026

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   16%  $13,130    - 
B   5%   11,317    - 
C   2%   10,785    - 
D   42%   269,973    - 

 

Three Months Ended

June 30, 2025

 

As of

June 30, 2025

  

As of

June 30, 2025

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   12%  $-    - 
B   8%   -    - 
C   17%   14,970    - 
D   -%   -    - 
 
Schedule of Exchange Rates

Translation of amounts from RM into U.S. dollars has been made at the following exchange rates:

 

Balance sheet items, except for equity accounts     
June 30, 2026   - 
December 31, 2025   RM 4.06 to 1 
      
Income Statement and cash flow items     
For the six months ended June 30, 2026   - 
For the six months ended June 30, 2025   RM 4.38 to 1 

 

Translation of amounts from SGD into U.S. dollars has been made at the following exchange rates:

 

Balance sheet items, except for equity accounts     
June 30, 2026   SGD 1.29 to 1 
December 31, 2025   - 
      
Income Statement and cash flow items     
For the six months ended June 30, 2026   SDG 1.28 to 1 
For the six months ended June 30, 2025   - 
Schedule of Summary Information by Segment

The following tables present summary information by segment for the six months ended June 30, 2026 and 2025, respectively:

 

   Sale of residential and commercial furniture   API-based service   Others   Total 
   For the six months ended June 30, 2026 
   Sale of residential and commercial furniture   API-based service   Others   Total 
Sales  $3,420,512    1,097,930   $ -   $4,518,442 
Cost of sales   1,349,204    

1,196,502

    -    2,545,706 
Operating expense   1,834,593    507,244    1,383,310    3,725,147 
Income (loss) from operations   236,715    (605,816)   (1,383,310)   (1,752,411)
Other (expense) income, net   (72,611)   (3,704)   42,258,224    42,181,909 
Income tax expense   -    -    7,809,615    7,809,615 
Net income (loss)  $164,104    (609,520)  $33,065,299   $32,619,883 
Capital expenditure  $-    6,352   $-   $6,352 
Total reportable assets  $5,030,892    4,084,726   $111,963,163   $121,078,781 

 

 

   Sale of residential and commercial furniture   API-based service   Others   Total 
   For the six months ended June 30, 2025 
   Sale of residential and commercial furniture   API-based service   Others   Total 
Sales  $5,191,941    -   $-   $5,191,941 
Cost of sales   2,703,660    -    -    2,703,660 
Operating expense   1,798,439    -    1,079,696    2,878,135 
Income (loss) from operations   689,842    -    (1,079,696)   (389,854)
Other expenses, net   (287,447)   -    (14,734)   (302,181)
Income tax benefit   63,257    -    -    63,257 
Net income (loss)  $465,652    -   $(1,094,430)  $(628,778)
Capital expenditure  $-    -   $-   $- 
Total reportable assets  $9,994,988    -   $25,552,341   $35,547,329 

 

The following tables present summary information by segment for the three months ended June 30, 2026 and 2025, respectively:

 

   Sale of residential and commercial furniture   API-based service   Others   Total 
   For the three months ended June 30, 2026 
   Sale of residential and commercial furniture   API-based service   Others   Total 
Sales  $1,638,791    1,097,930   $-         $2,736,721 
Cost of sales   449,952    

1,196,502

    -    1,646,454 
Operating expense   874,716    507,244    925,865    2,307,825 
Income from operations   314,123    (605,816)   (925,865)   (1,217,558)
Other income, net   (34,024)   (3,704)   41,493,270    41,455,542 
Income tax expense   -    -    7,809,615    7,809,615 
Net income (loss)  $280,099    (609,520)  $32,757,790   $32,428,369 
Capital expenditure  $-    6,352   $-   $6,352 
Total reportable assets  $5,030,892    4,084,726   $111,963,163   $121,078,781 

 

 

   Sale of residential and commercial furniture   API-based service   Others   Total 
   For the three months ended June 30, 2025 
   Sale of residential and commercial furniture   API-based service   Others   Total 
Sales  $2,556,223    -   $-   $2,556,223 
Cost of sales   1,272,176    -    -    1,272,176 
Operating expense   882,149    -    598,392    1,480,541 
Income (loss) from operations   401,898    -    (598,392)   (196,494)
Other income, net   (85,395)   -    (9,015)   (94,410)
Income tax expense (benefit)   997    -    -    997 
Net income (loss)  $317,500    -   $(607,407)  $(289,907)
Capital expenditure  $-    -   $-   $- 
Total reportable assets  $9,994,988    -   $25,552,341   $35,547,329