Employee Benefits
The benefit obligations associated
with the Company’s defined benefit plans are measured as of December 31, 2024 and 2025:
Schedule of
Employee Benefits
| | |
2024 | | |
2025 | |
| | |
For the years ended
December 31, | |
| | |
2024 | | |
2025 | |
| Change in benefit obligation | |
US$ | | |
US$ | |
| Benefit obligation at beginning of the year | |
| - | | |
| - | |
| Acquired
in business combinations (1) |
|
|
- |
|
|
|
61,044 |
|
| Service cost and interest cost | |
| - | | |
| 9,960 | |
| Foreign exchange rate changes | |
| - | | |
| 86 | |
| Benefit obligation at end of the year | |
| - | | |
| 71,090 | |
| (1) | | Represents the benefit obligation assumed in connection with the acquisitions of TEX and
H2N. Refer to Note 3 - Acquisitions for further information about the Group’s acquisition related transactions. |
| | |
2024 | | |
2025 | |
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| Amounts recorded in the consolidated balance sheet consist of: | |
US$ | | |
US$ | |
| Defined benefit plan obligations | |
| - | | |
| 71,090 | |
| Total recorded | |
| - | | |
| 71,090 | |
| | |
2024 | | |
2025 | |
| | |
For the years ended
December 31, | |
| | |
2024 | | |
2025 | |
| Amounts recorded in the consolidated statements of loss consist of: | |
US$ | | |
US$ | |
| Service cost and interest cost | |
| - | | |
| 9,960 | |
| Total recorded | |
| - | | |
| 9,960 | |
The weighted
average duration of the defined benefit obligation is 30 years as of December 31, 2025. Actuarial assumptions
(expressed as weighted averages) are as follows:
Schedule of Weighted Average Benefit Obligation
| | |
| | | |
| | |
| | |
For the years ended
December 31, | |
| | |
2024 | | |
2025 | |
| | |
US$ | | |
US$ | |
| Discount rate | |
| N/A | | |
| 3.2 | % |
| Future salary increases | |
| N/A | | |
| 3.5 | % |
| Expected investment return on offsetable MPF accrued benefits | |
| N/A | | |
| 4.7 | % |
|