| RELATED PARTY BALANCES AND TRANSACTIONS |
Note 16 — Related party balances and transactions The Company’s relationships with related parties who had transactions with the Company are summarized as follows: | Related Party Name | | Relationship to the Company | | Springview Contracts Pte. Ltd. | | Controlled by executive director and shareholder, Ms. Lee Siew Yian and shareholder, Mr. Heng Kong Chuan | | GGL Enterprises Pte. Ltd. | | Controlled by CEO and shareholder, Mr. Wang Zhuo, and shareholder, Mr. Heng Kong Chuan | | Mr. Heng Kong Chuan | | Shareholder and spouse of executive director, Ms. Lee Siew Yian | | China International Corporate Management | | Controlled by CEO and shareholder, Mr. Wang Zhuo | | GGL Home Furnishing Pte Ltd | | Controlled by shareholder, Mr. Heng Kong Chuan | | GGL Interior Studio Pte Ltd | | Controlled by shareholder, Mr. Heng Kong Chuan | a. Amount due from a related party | | | As of | | | As of June 30, | | | Related Party Name | | December 31,
2025 | | | 2026
(Unaudited) | | | 2026
(Unaudited) | | | | | S$ | | | S$ | | | $ | | | Mr. Heng Kong Chuan(1) | | | 122,842 | | | | 440,362 | | | | 340,284 | | | Total | | | 122,842 | | | | 440,362 | | | | 340,284 | | b. Amount due to related parties | | | As of | | | As of June 30, | | | Related Party Name | | December 31,
2025 | | | 2026
(Unaudited) | | | 2026
(Unaudited) | | | | | S$ | | | S$ | | | $ | | | China International Corporate Management(2) | | | (1,004,334 | ) | | | (1,021,733 | ) | | | (789,532 | ) | | Total | | | (1,004,334 | ) | | | (1,021,733 | ) | | | (789,532 | ) | | (1) | The Company signed an agreement with Mr. Heng Kong Chuan on August 1, 2024, under which Mr. Heng Kong Chuan agreed to provide the Company with an interest-free working capital loan facility not exceeding S$1,500,000 through July 30, 2026 to support the Company’s daily operations. During the six months ended June 30, 2025 and 2026, the Company received loans from Mr. Heng Kong Chuan of S$224,184 and S$130,000 (US$100,456), respectively. Separately, during the six months ended June 30, 2025 and 2026, the Company made advances to Mr. Heng Kong Chuan of S$758,027 and S$447,520 (US$345,816), respectively, for the settlement of payroll, routine operating expenses and costs incurred in preparation for the license on behalf of the Company. These transactions are disclosed in Note 16(c). As of June 30, 2026, the outstanding amount due from Mr. Heng Kong Chuan was S$440,362 (US$340,284). As of the date of this report, the full outstanding amount had been collected. | | (2) | During the year ended December 31, 2025, the Company accrued S$35,087 ($27,286) as interest expenses related to the fund provided by China International Corporate Management. During the six months ended June 30, 2026, the Company accrued S$17,399 ($13,445) as interest expenses related to the fund provided by China International Corporate Management. As of June 30, 2026, China International Corporate Management has provided financial support amounting to S$1,021,733 ($789,532) for payment of expenses incurred for IPO and accrued interest under this financial support letter. | c. Related party transactions | | | | | For the six months ended June 30, | | | Nature | | Name | | 2025 (Unaudited) | | | 2026 (Unaudited) | | | 2026 (Unaudited) | | | | | | | S$ | | | S$ | | | $ | | | Collection of accounts receivable due from Springview Contracts Pte. Ltd | | Springview Contracts Pte. Ltd. | | | 19,901 | | | | — | | | | — | | | Interior design service subcontracting cost provided by GGL Enterprises Pte. Ltd. | | GGL Enterprises Pte. Ltd. | | | 15,000 | | | | — | | | | — | | | Loan from a related party | | Mr. Heng Kong Chuan (1) | | | 224,184 | | | | 130,000 | | | | 100,456 | | | Advance to a related party | | Mr. Heng Kong Chuan (1) | | | 758,027 | | | | 447,520 | | | | 345,816 | | | Payment intermediary for obtaining patent license rights | | GGL Home Furnishing Pte Ltd (3) | | | — | | | | 258,820 | | | | 200,000 | | | Payment intermediary for obtaining patent license rights | | GGL Interior Studio Pte Ltd (3) | | | — | | | | 258,820 | | | | 200,000 | | | (3) | Advances aggregating S$517,640 ($400,000) were paid to two related-party entities, GGL Home Furnishing Pte Ltd and GGL Interior Studio Pte Ltd, in connection with the exclusive patent license and development rights regarding drainage joint technology to support the Company’s core business operations. These related-party entities acted solely as payment intermediaries and remitted the full amount to the ultimate patent licensor without any markup or fee, for the purpose to reduce transaction costs and satisfy the licensor’s designated fund receipt procedures. | | | | | | As of March 1, 2026, the licensor has received the full $400,000. However, the license rights had not yet become legally effective because the complete license documentation had not yet been provided in full. Accordingly, these amounts are classified as prepayments on the unaudited condensed consolidated balance sheet. |
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