| Schedule of bank loans |
Outstanding
balances on bank loans consist of the following:
Schedule of bank loans
| Bank
Name | |
Repayment terms | |
Interest Rate | | |
Collateral/ Guarantee | |
As
of June
30, 2026 | | |
As
of December
31, 2025 | |
| | |
| |
| | |
| |
US$ | | |
US$ | |
| United
Overseas Bank Limited | |
Due
monthly beginning in June 2022 to May 2026 | |
| 3.00 | % | |
Guaranteed
by the Company’s shareholders | |
$ | - | | |
$ | 171,154 | |
| DBS
Bank Ltd | |
Due
monthly beginning in March 2024 to Mar 2028 | |
| 7.75 | % | |
Guaranteed
by the Company’s shareholders | |
| 33,107 | | |
| 42,048 | |
| Total
long-term loans – bank | |
| |
| | | |
| |
| 33,107 | | |
| 213,202 | |
| Less:
Current portion | |
| |
| | | |
| |
| (18,378 | ) | |
| (188,950 | ) |
| Total | |
| |
| | | |
| |
$ | 14,729 | | |
$ | 24,252 | |
|
| Schedule of outstanding balances on senior note payable |
Outstanding
balances on senior note payable consist of the following:
Schedule
of outstanding balances on senior note payable
| Name
of Noteholder | |
Maturity
date | |
As
of June
30, 2026 | | |
As
of December
31, 2025 | |
| | |
| |
US$ | | |
US$ | |
| North
Commerce Parkway Capital LP | |
July
1, 2026(1) | |
$ | 2,000,000 | | |
$ | - | |
| TQ
Master Fund LP | |
July
1, 2026(1) | |
| 1,000,000 | | |
| - | |
| Total | |
| |
$ | 3,000,000 | | |
$ | - | |
| Senior
note payable | |
| |
$ | 3,000,000 | | |
$ | - | |
| |
(1) |
The
senior notes were originally scheduled to mature on July 1 2026. Subsequent to June 30, 2026, the Company entered into several amendments
to the note purchase agreements, with the latest amendment, effective August 30, 2026, extending the maturity date to September 1,
2026. |
|
| Schedule of short term loans |
Outstanding
balances on short term loans – third parties consist of the following:
Schedule of short term loans
| Lender
Name | |
Maturities | | |
Interest
Rate | | |
Collateral/ Guarantee | |
As
of June
30, 2026 | | |
As
of December
31, 2025 | |
| | |
| | | |
| | | |
| |
| US$ | | |
| US$ | |
| Zeng
Li Ren | |
| September
2025 and October 2026 | | |
| 15.0 | %(1) | |
None | |
| 527,853 | | |
| 527,853 | |
| Lee
Kim Tah Foundation | |
| September
2025 and October 2026 | | |
| 15.0 | %(3) | |
None | |
| 175,000 | | |
| 250,000 | |
| Tan
Tin Wee | |
| September
2025 and October 2026 | | |
| 15.0 | %(3) | |
None | |
| 50,000 | | |
| 50,000 | |
| Le
Phu Khanh Huy | |
| September
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 1,541,221 | | |
| 1,541,221 | |
| Oh
Sock Ping | |
| September
2025 and October 2026 | | |
| 15.0 | %(3) | |
None | |
| 56,817 | | |
| 56,817 | |
| Yee
Kee | |
| August
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 295,842 | | |
| 295,842 | |
| Lim
Li Wen Chloe | |
| September
2025 and October 2026 | | |
| 15.0 | %(1) | |
None | |
| 101,209 | | |
| 101,209 | |
| Lew
Hui Pau | |
| July
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 77,853 | | |
| 77,853 | |
| Teo
Tian Seng | |
| July
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 155,706 | | |
| 155,706 | |
| Kang
Yan Pte. Ltd. | |
| July
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 101,598 | | |
| 101,598 | |
| Zhu
Zhi Qing | |
| August
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 66,931 | | |
| 66,931 | |
| Yee
Sze Wei | |
| August
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 22,362 | | |
| 22,362 | |
| Loo
Tze Kian | |
| July
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 50,000 | | |
| 50,000 | |
| Tan
Choon Huat | |
| July
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 100,000 | | |
| 100,000 | |
| Kan
Yut Keong | |
| September
2025 and October 2026 | | |
| 15.0 | %(1) | |
None | |
| 167,853 | | |
| 167,853 | |
| Peh
Ee Hong | |
| July
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 198,925 | | |
| 120,000 | |
| Peh
Ee Hong (Max Union) | |
| October
2026 | | |
| 15.0 | % | |
None | |
| 70,000 | | |
| - | |
| Alok
Mishra | |
| September
2025 and October 2026 | | |
| 15.0 | %(1) | |
None | |
| 55,000 | | |
| 90,000 | |
| Gurbinder
Singh | |
| September
2025 and October 2026 | | |
| 15.0 | %(1) | |
None | |
| 38,927 | | |
| 38,927 | |
| Jarrod
Seah Chi Nam | |
| August
2025 and October 2026 | | |
| 15.0 | %(2) | |
None | |
| 100,000 | | |
| 100,000 | |
| Yap
Poh Jin Bryan | |
| September
2025 and October 2026 | | |
| 15.0 | %(1) | |
None | |
| 38,927 | | |
| 38,927 | |
| Yvonne
Lee | |
| September
2025 and October 2026 | | |
| 15.0 | %(1) | |
None | |
| 170,000 | | |
| 200,000 | |
| Short-term loans - third parties | |
| September
2025 and October 2026 | | |
| 15.0 | %(1) | |
None | |
| 170,000 | | |
| 200,000 | |
| Exchange
rate different | |
| | | |
| | | |
| |
| 1,182 | | |
| 13,516 | |
| Total
short-term loans – third parties | |
| | | |
| | | |
| |
$ | 4,163,206 | | |
$ | 4,166,615 | |
Notes:
| (1) |
The
short-term loans currently bear interest at 15.0% per annum following an amendment effective October 9, 2025. Prior to this effective
date, under the original terms of the agreements, the loans accrued interest at a rate of 15.0% per month. In practice, this initial
rate remained in effect for a short-term period of up to three months from their respective origination dates through October 8,
2025. |
| (2) |
The
short-term loans currently bear interest at 15.0% per annum following an amendment effective October 9, 2025. Prior to this effective
date, under the original terms of the agreements, the loans accrued interest at a rate of 1.25% per week from their respective origination
dates through October 8, 2025. |
| (3) |
The
short-term loans currently bear interest at 15.0% per annum following an amendment effective October 9, 2025. Prior to this effective
date, under the original terms of the agreements, the loans accrued interest at a rate of 30% per annum from their respective origination
dates through October 8, 2025. |
|