v3.26.3
Borrowings
 6 Months Ended
Jun. 30, 2026
Borrowings [Abstract]  
BORROWINGS
11. BORROWINGS

 

As of June 30, 2026 and December 31, 2025, summary of the borrowings is as following:

 

                        As of June 30,     As of December 31,  
                        2026     2025  
Bank and other Financial institution   Annual
interest rate		     Start   Maturity   Principal     Short-term     Long-term
(current portion)		     Short-term     Long-term     Long-term
(current portion)		  
                  USD     USD     USD     USD     USD     USD  
Maybank Singapore Limited(1)     5.00 %   July 2022   June 2027     298,418       -       68,137       -       34,713       66,882  
Firmus Tactical Opportunities Fund(2)     24.00 %   December 2025   Due on demand     1,135,925       1,135,925       -       466,599       -       -  
                      1,434,343       1,135,925       68,137       466,599       34,713       66,882  

 

(1) This borrowing is guaranteed by the Group’s shareholder, Poh Kiong Tan.

 

(2) On July 20, 2025, the Company and its subsidiary, Trident, together with two related parties controlled by Mr. Lim Soon Huat, the Company’s Chief Executive Officer and Director (Trident Consultancy Pte Ltd and Tri Wealth Ltd, collectively with the Company and its subsidiary, the “Joint Obligors”), entered into a Facility Agreement with Firmus Tactical Opportunities Fund I (the “Lender”) for a short-term loan facility of up to $1,477,564 (SGD1,900,000). During the year ended December 31, 2025, the Group drew down $466,599 (SGD600,000) under the facility. During the six months ended June 30, 2026, the Group drew down $680,998 (SGD870,000) under the facility.

 

 

Borrowings under the facility bear interest at a fixed rate of 2.0% per month, with a default interest rate of 4.0% per month. Each tranche of the facility generally matures within 30 days or one month from the respective date of disbursement, unless the Lender, at its sole and discretion, agrees to extend the maturity date for such tranche for another month or such other period. As of June 30, 2026, certain tranches drawn down under the facility remained outstanding beyond their original contractual maturity dates and have been extended by the Lender. The facility is secured by a fixed and floating charge over all present and future assets of the Joint Obligors, an assignment of receivables, and a personal guarantee and deed of undertaking provided by Mr. Lim Soon Huat.

 

Given the Lender’s right to demand repayment at any time, the entire outstanding balance under the facility is classified as a due on demand borrowing and presented as a short-term borrowing as of June 30, 2026.

 

The Group utilized the facility for working capital and general corporate purposes. As of June 30, 2026, the outstanding principal balance and accrued interest under this facility were $1,135,925 (SGD1,470,000) and $124,705 (SGD161,381), respectively.

 

(3) Interest expenses were $123,383 and $3,696 for six months ended June 30, 2026 and 2025, respectively.

 

(4) The total bank loans outstanding as of June 30, 2026 and December 31, 2025 carried a weighted average interest rate of approximately 22.92% and 20.60% per annum, respectively.

 

Debt Maturities

 

The contractual maturities of the Group’s borrowings as of June 30, 2026 were as follows:

 

    Amount  
    USD  
Within 1 year     1,204,062  
Total     1,204,062