Property and equipment, net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant, and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and equipment, net | Note 6 - Property and equipment, net
At December 31, 2025 and June 30, 2026, property and equipment consisted of the following:
Leasehold Industrial Property under Operating Lease
The Company owns a leasehold industrial property which is included and classified under property and equipment, as it is not held for sale or for investment purposes. Although the property is currently leased to third parties under operating lease arrangements, its classification as property and equipment is appropriate under U.S. GAAP because the property is not held for capital appreciation or investment income, and rental activities are not part of the Company’s principal operations. The carrying value of the leased industrial property as of December 31, 2025 and June 30, 2026 is approximately S$500,000 and S$494,000.
Rental income recognized for the years ended June 30, 2025 and 2026 were S$16,000 and S$16,000, respectively.
Depreciation expenses for the six months ended June 30, 2025 and 2026 were approximately S$24,000 and S$20,000, respectively, recognize under general and administrative expenses.
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