v3.26.1
Discontinued Operations
 6 Months Ended
Jun. 30, 2026
Discontinued Operations [Abstract]  
DISCONTINUED OPERATIONS

NOTE 3 – DISCONTINUED OPERATIONS

 

On June 17, 2026, the Company entered into a share purchase agreement (the “Share Purchase Agreement”) with Sterling Oat Ltd. (the “Buyer”), pursuant to which the Company agreed to sell all of its shares in Ohmyhome BVI to the Buyer for a purchase price of $1 (the “Divestiture”).

 

Ohmyhome BVI is the holding company of Ohmyhome Singapore and its subsidiaries, which are engaged in providing real estate brokerage and property-related services in Singapore and Malaysia. These services include property brokerage, property management, renovation and home improvement services, mortgage referrals, legal referrals and other ancillary property-related services. The Board approved the Divestiture after evaluating the declining revenues and ongoing operating losses of Ohmyhome BVI and its subsidiaries. The transaction aligns with the Company’s plan to exit its real estate brokerage and property-related services business and focus on expanding its digital marketing services business.

 

The discontinued operations represent a strategic shift that has a major effect on the Company’s operations and financial results, which triggers discontinued operations accounting in accordance with ASC 205-20-45.

 

The results of discontinued operations of Ohmyhome BVI for the six months ended June 30, 2026 and 2025 are as follows:

 

    For the Six Months Ended June 30,  
    2025     2026     2026  
    SGD     SGD     USD  
Revenues     6,654,671       5,587,022       4,316,636  
Cost of revenues     (4,563,601 )     (2,039,259 )     (1,575,569 )
Gross profit     2,091,070       3,547,763       2,741,067  
Operating expenses     (3,904,379 )     (4,457,703 )     (3,444,103 )
Loss from discontinued operations     (1,813,309 )     (909,940 )     (703,036 )
Other income (loss), net     (427,847 )     (349,069 )     (269,699 )
Loss before tax     (2,241,156 )     (1,259,009 )     (972,735 )
Income tax benefit     -       -       -  
Net loss from discontinued operations     (2,241,156 )     (1,259,009 )     (972,735 )

 

 

Assets and liabilities of the discontinued operations of Ohmyhome BVI as of December 31, 2025 were as follows

 

    December 31,
2025		  
    SGD  
ASSETS      
Current assets      
Cash and cash equivalents     439,268  
Accounts receivable, net     621,949  
Prepayments     388,027  
Other current assets, net     50,732  
Total current assets of discontinued operations     1,499,976  
         
Non-current assets        
Deposits     106,447  
Property and equipment, net     64,908  
Other Receivables     130,356  
Intangible asset     1,837,351  
Goodwill     916,472  
Total non-current assets of discontinued operations     3,055,534  
         
Total assets of discontinued operations     4,555,510  
         
LIABILITIES AND SHAREHOLDERS        
Current liabilities        
Accounts payable     871,442  
Contract liabilities     24,386  
Amount due to a consolidated entity     19,019,173  
Accrued liabilities and other payables     3,311,369  
Bank loans, current portion     3,867  
Operating lease obligation     10,424  
Taxes payable     148,928  
Total current liabilities of discontinued operations     23,389,589  
         
Non-current liabilities:        
Total non-current liabilities of discontinued operations     -  
         
Total liabilities of discontinued operations     23,389,589  

 

Net loss from discontinued operations amounted to SGD1,259,009 (2025: SGD2,241,156), presented in the Consolidated Statements of Operations and Comprehensive Loss represents the Company's loss of disposal of the discontinued operations of US$517,968 (2025: Nil), and net loss generated from the discontinued operations from January 1, 2026 till date of disposal, amounted to SGD741,041 (2025: from January 1, 2025 to June 30, 2025, amounted to SGD2,241,156).

 

The loss of disposal of the discontinued operations of SGD517,968 was computed as the difference between the aggregation of the followings:

 

- The fair value of consideration received of SGD 1.

 

- The carrying amount of non-controlling interest with deficit balance of SGD577,075 in the former subsidiaries at the date of deconsolidation.

 

- The carrying amount of the net assets of the former subsidiaries of SGD337,486.

 

- Reclassification of accumulated other comprehensive income (foreign currency translation adjustment) to net income of SGD396,592.