SHORT-TERM BANK LOANS |
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHORT-TERM BANK LOANS | NOTE 9 – SHORT-TERM BANK LOANS
Short-term bank loans
Bank loans consist of the following:
The bank loans were primarily obtained for general working capital.
As of June 30, 2026 and December 31, 2025, the Company’s bank loans contain a repayment on demand clause that provides the bank with an unconditional right to demand repayment at any time at its own discretion. In light of this covenant, these bank loans have been classified as current liabilities, irrespective of their contractual repayment terms. These bank loans were secured by personal guarantee provided by one of the directors of the Company. The amounts due are based on scheduled repayment dates set out in the banking facilities letters and the subsequently revised repayment schedules. All the Company’s bank loans carried variable interest at BLR minus 2.25% per annum.
The effective interest rate for the six months ended June 30, 2026 and 2025 was determined on the market prevailing rates of 2.75% per annum and range of 3.00% to 3.75% per annum, respectively. All the Company’s bank loans are repayable on demand or with their respective last instalment repayable in February 2030, May 2030, December 2031, May 2032, and May 2033, respectively.
Interest expense on the bank loans totaled $19,358 and $21,431 during the six months ended June 30, 2026 and 2025, respectively.
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