Leases

6 Months Ended

Jun. 30, 2026

Note 9 — LEASES

Finance leases as lessee

As of December 31, 2025 and June 30, 2026, the Company has finance leases on its unaudited condensed consolidated balance sheets for hire purchase of motor vehicle and lease of office equipment.

The following table shows finance lease liabilities and the associated financial statement line items:

	As of		As of June 30,
	December 31, 2025		2026 (Unaudited)		2026 (Unaudited)
	S$		S$		$
Liabilities
Finance lease liabilities – current		42,062		32,610		25,199
Finance lease liabilities – non-current		38,415		24,457		18,899
Total		80,477		57,067		44,098

As of December 31, 2025 and June 30, 2026, “Right-of-use assets, net” consisted of the following:

	As of			As of June 30,
	December 31, 2025			2026 (Unaudited)			2026 (Unaudited)
	S$			S$			$
Motor vehicles under hire purchase		183,073			183,073			141,468
Leased office equipment		71,434			71,434			55,200
Less: Accumulated amortization		(179,116	)		(200,932	)		(155,269	)
Right-of-use assets (finance lease), net		75,391			53,575			41,399

Information related to finance lease activities during the periods are as follows:

	For the six months ended June 30,
	2025 (Unaudited)		2026 (Unaudited)		2026 (Unaudited)
	S$		S$		$
Finance lease expenses
Amortization		21,817		21,817		16,859
Interest of financing lease liabilities		2,862		1,676		1,295

Future finance lease payments as of June 30, 2026 (unaudited) are detailed as follows:

For the year ending June 30,	S$			$
2027		34,454			26,624
2028		23,643			18,270
2029 and thereafter		1,300			1,005
Total future lease payment		59,397			45,898
Less: Imputed interest		(2,330	)		(1,800	)
Present value of finance lease liabilities		57,067			44,098
Less: Current portion		(32,610	)		(25,199	)
Long-term portion of finance lease liabilities		24,457			18,899

The following table shows the weighted-average lease terms and discount rates for finance leases:

	As of December 31, 2025		As of June 30, 2026 (Unaudited)
Weighted average remaining lease term (Years)
Finance leases		2.07		1.75

Weighted average discount rate (%)
Finance leases		5.13		5.04

Operating leases as lessee

As of December 31, 2025 and June 30, 2026, the Company has operating leases on its unaudited condensed consolidated balance sheets rentals of leasehold buildings.

The following table shows operating lease liabilities and the associated financial statement line items:

	As of		As of June 30,
	December 31, 2025		2026 (Unaudited)		2026 (Unaudited)
	S$		S$		$
Liabilities
Operating lease liabilities – current		328,848		281,702		217,682
Operating lease liabilities – non-current		69,156		44,334		34,259
Total		398,004		326,036		251,941

As of December 31, 2025 and June 30, 2026, “Right-of-use assets, net” consisted of the following:

	As of			As of June 30,
	December 31, 2025			2026 (Unaudited)			2026 (Unaudited)
	S$			S$			$
Leasehold buildings		1,181,216			1,204,495			930,759
Less: Accumulated amortization		(773,472	)		(868,459	)		(671,091	)
Right-of-use assets (operating lease), net		407,744			336,036			259,668

Information related to operating lease activities during the periods are as follows:

	For the six months ended June 30,
	2025 (Unaudited)		2026 (Unaudited)		2026 (Unaudited)
	S$		S$		$
Operating lease expenses
Amortization		96,285		187,680		145,028
Interest of operating lease liabilities		3,630		7,445		5,753

Future operating lease payments as of June 30, 2026 are detailed as follows:

For the year ending June 30,	S$			$
2027		288,145			222,661
2028 and thereafter		45,000			34,773
Total future lease payment		333,145			257,434
Less: Imputed interest		(7,109	)		(5,493	)
Present value of operating lease liabilities		326,036			251,941
Less: Current portion		(281,702	)		(217,682	)
Long-term portion of operating lease liabilities		44,334			34,259

The following table shows the weighted-average lease terms and discount rates for operating leases:

	As of		As of June 30,
	December 31, 2025		2026 (Unaudited)
Weighted average remaining lease term (Years)
Operating leases		1.17		1.08

Weighted average discount rate (%)
Operating leases		4.59		4.37