Note 4 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: | | | As of | | | As of June 30, | | | | | December 31,
2025 | | | 2026 (Unaudited) | | | 2026 (Unaudited) | | | | | S$ | | | S$ | | | $ | | | Accounts receivable | | | 63,845 | | | | 71,762 | | | | 55,453 | | | Less: Allowance for credit losses | | | (63,845 | ) | | | (63,845 | ) | | | (49,335 | ) | | Accounts receivable, net | | | — | | | | 7,917 | | | | 6,118 | | Movements of allowance for credit losses are as follows: | | | As of | | | As of June 30, | | | | | December 31, 2025 | | | 2026 (Unaudited) | | | 2026 (Unaudited) | | | | | S$ | | | S$ | | | $ | | | Allowance for expected credit losses, beginning | | | 60,994 | | | | 63,845 | | | | 49,335 | | | Additions | | | 2,851 | | | | — | | | | — | | | Allowance for expected credit losses, ending | | | 63,845 | | | | 63,845 | | | | 49,335 | |
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