| LOANS AND BORROWINGS |
| | |
As of
June 30,
2026
(Unaudited) | | |
As of
December 31,
2025 | |
| | |
$ | | |
$ | |
| Current | |
| | |
| |
| Guaranteed bank loan | |
| 102,402 | | |
| 348,957 | |
| Financial institution loan | |
| 457,178 | | |
| 602,897 | |
| Recourse liability | |
| 4,378,250 | | |
| 4,423,508 | |
| | |
| 4,937,830 | | |
| 5,375,362 | |
| Lease liabilities | |
| 411,619 | | |
| 429,634 | |
| | |
| 5,349,449 | | |
| 5,804,996 | |
| | |
| | | |
| | |
| Non-current | |
| | | |
| | |
| Guaranteed bank loan | |
| 367,687 | | |
| 562,260 | |
| Financial institution loan | |
| - | | |
| 65,266 | |
| Warrants liabilities at FVTPL | |
| 17,733 | | |
| 1,213,340 | |
| Lease liabilities | |
| 928,611 | | |
| 1,099,767 | |
| | |
| 1,314,031 | | |
| 2,940,633 | |
| Total loans and borrowings | |
| 6,663,480 | | |
| 8,745,629 | |
| | i) | Terms and debt repayment schedule |
| | | Currency | | Principal
amount | | | Year of
origination | | | Nominal
interest
rate %
per annum | | | Year of
maturity | | | June 30,
2026
(Unaudited) | | 2025 | | | | | | | | | | | | | | | | | | | $ | | $ | | | Guaranteed bank loan | | SGD | | | 300,000 | | | 2023 | | | | 7.75 | % | | 2026 | | | - | | | 35,911 | | | Guaranteed bank loan | | SGD | | | 300,000 | | | 2023 | | | | 8.80 | % | | 2026 | | | 7,294 | | | 50,376 | | | Financial institution loan | | SGD | | | 162,500 | | | 2025 | | | | 21.00 | % | | 2026 | | | - | | | 22,641 | | | Financial institution loan | | SGD | | | 100,000 | | | 2025 | | | | 59.23 | % | | 2026 | | | 9,493 | | | 53,801 | | | Financial institution loan | | SGD | | | 150,000 | | | 2025 | | | | 36.00 | % | | 2026 | | | - | | | 21,890 | | | Financial institution loan | | SGD | | | 200,000 | | | 2025 | | | | 36.00 | % | | 2026 | | | - | | | 77,876 | | | Financial institution loan | | SGD | | | 200,000 | | | 2025 | | | | 24.06 | % | | 2026 | | | - | | | 131,875 | | | Guaranteed bank loan | | SGD | | | 400,000 | | | 2026 | | | | 8.19 | % | | 2030 | | | 283,503 | | | 311,502 | | | Financial institution loan | | SGD | | | 150,000 | | | 2026 | | | | 37.12 | % | | 2026 | | | 41,008 | | | - | | | Financial institution loan | | SGD | | | 250,000 | | | 2026 | | | | 33.14 | % | | 2027 | | | 51,248 | | | - | | | Financial institution loan | | SGD | | | 97,000 | | | 2026 | | | | 24.00 | % | | 2027 | | | 53,288 | | | - | | | Financial institution loan | | SGD | | | 53,000 | | | 2026 | | | | 24.00 | % | | 2027 | | | 29,116 | | | - | | | Guaranteed bank loan | | SGD | | | 50,000 | | | 2023 | | | | 8.25 | % | | 2028 | | | 16,719 | | | 20,832 | | | Guaranteed bank loan | | SGD | | | 100,000 | | | 2023 | | | | 8.28 | % | | 2028 | | | 32,119 | | | 40,389 | | | Guaranteed bank loan | | SGD | | | 50,000 | | | 2023 | | | | 10.38 | % | | 2026 | | | - | | | 6,173 | | | Financial institution loan | | SGD | | | 150,000 | | | 2025 | | | | 10.50 | % | | 2026 | | | - | | | 20,901 | | | Financial institution loan | | SGD | | | 120,000 | | | 2026 | | | | 11.10 | % | | 2026 | | | 32,805 | | | - | | | Financial institution loan | | SGD | | | 165,000 | | | 2026 | | | | 42.37 | % | | 2026 | | | 33,833 | | | - | | | Financial institution loan | | SGD | | | 100,000 | | | 2026 | | | | 24.00 | % | | 2027 | | | 51,508 | | | - | | | Guaranteed bank loan | | SGD | | | 1,000,000 | | | 2022 | | | | 5.25 | % | | 2027 | | | - | | | 321,121 | | | Financial institution loan | | SGD | | | 150,000 | | | 2025 | | | | 8.25 | % | | 2027 | | | 70,823 | | | 196,299 | | | Financial institution loan | | SGD | | | 110,000 | | | 2026 | | | | 12.25 | % | | 2026 | | | 13,233 | | | - | | | Financial institution loan | | SGD | | | 80,000 | | | 2025 | | | | 20.80 | % | | 2026 | | | - | | | 32,499 | | | Financial institution loan | | SGD | | | 150,000 | | | 2025 | | | | 14.36 | % | | 2027 | | | 70,823 | | | 110,381 | | | Guaranteed bank loan | | SGD | | | 70,000 | | | 2021 | | | | 2.50 | % | | 2026 | | | - | | | 2,863 | | | Guaranteed bank loan | | SGD | | | 178,812 | | | 2021 | | | | 2.70 | % | | NA | | | 130,454 | | | 122,050 | | | Recourse liability | | SGD | | | N/A | | | N/A | | | | 7.0%-7.7% | | | N/A | | | 4,378,250 | | | 4,423,508 | | | Lease liabilities | | Multiple | | | N/A | | | 2022-2026 | | | | 2.90% to 10.80% | | | 2026-2031 | | | 1,340,230 | | | 1,529,401 | | | | | | | | | | | | | | | | | | | | | 6,645,747 | | | 7,532,289 | |
Most of the guaranteed bank loans are
jointly guaranteed by Mr. Fu Xiaowei and Ms. Zhang Fan, the CEO of the Group and his spouse.
The weighted average effective interest
rates per annum of guaranteed bank loans and financial institution loans is 14.77%.
From June 30, 2026 to the date of issuance
of the unaudited condensed consolidated financial statements, all the guaranteed bank loans and financial institution loans were repaid
upon maturity without default.
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