v3.26.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2026
Schedule of Accounts Receivable

Accounts receivable consisted of the following as of the date indicated:

 

  

As of

September 30, 2026

  

As of

December 31, 2025

 
         
Accounts receivable  $3,587,584    2,445,503 
Less: Allowance for credit losses   (885)   (258)
Total accounts receivable, net  $3,586,699    2,445,245 
Schedule of Expected Credit Losses (Reversal) Provision

Expected credit losses (reversal) provision consisted for the following as of the dated indicated:

   

   For the nine months period ended   For the year ended 
   September 30, 2025   December 31, 2025 
         
Balance – January 1  $258    367 
Expected (reversal) of credit losses   627    (109)
Balance – September 30 / December 31  $885    258 
Schedule of Plant, Property and Equipment Estimated Lives Under Straight-Line Method

 

Category  Estimated useful lives
Computer and office equipment  5 - 10 years
Furniture and Fixture  5 years
Decoration and renovation  5 - 10 years
Schedule of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) for the nine months ended September 30, 2026 and 2025, is as follows:

 

    2026    2025 
    Gross UTB 
    2026    2025 
Balance – January 1   -    - 
Foreign exchange adjustment   -    - 
Balance – September 30  $-   $- 
Schedule of Disaggregated Revenue by Product or Service

The following table provides information about disaggregated revenue by product or service type:

 

   2026   2025   2026   2025 
   For nine months ended September 30   Three Month Ended September 30 
   2026   2025   2026   2025 
Revenue from sales                    
Residential and commercial furniture  $5,300,473   $14,953,032   $1,879,961   $9,761,091 
API-based services   5,642,044    -    4,544,114    - 
Total revenues  $10,942,517   $14,953,032   $6,424,075   $9,761,091 
Schedule of Reconciliations of Basic and Diluted Loss Per Share

The following table presents a reconciliation of basic and diluted loss per share for the nine and three months ended September 30, 2026 and 2025:

 

   2026   2025   2026   2025 
   Nine Months Ended September 30,   Three Months Ended September 30, 
   2026   2025   2026   2025 
                 
Net income (loss)  $23,640,459   $(1,755,172)  $(8,979,424)  $(1,126,394)
                     
Weighted average shares outstanding – Basic and Diluted *   56,897,954    13,886,979    64,645,036    18,059,407 
                     
Net income (loss) per share of common stock                    
Basic and Diluted  $0.42   $(0.13)  $(0.14)   (0.06)

 

* Including 0 and 1,500 shares that were granted and vested but not yet issued for the nine months ended September 30, 2026 and 2025, respectively; and 0 and 1500 shares for the three months ended September 30, 2026 and 2025, respectively.
Schedule of Concentration Credit Risk

The following table sets forth information as to the Company’s customers that accounted for 10% or more of the Company’s sales and accounts receivable for the nine and three months ended September 30, 2026 and 2025.

 

Nine Months Ended

September 30, 2026

 

As of

September 30, 2026

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A   7%   -%
B   5%   7%
C   4%   75%
D   -    - 

 

Nine Months Ended

September 30, 2025

 

As of

September 30, 2025

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A  -%   -% 
B  -%   -% 
C  -%   -% 
D   53%   100%

 

Three Months Ended

September 30, 2026

 

As of

September 30, 2026

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A   16%   -%
B   15%   9%
C   10%   75%
D   -    - 

 

Three Months Ended

September 30, 2025

 

As of

September 30, 2025

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A   -%    -% 
B   -%    -% 
C   -%    -% 
D   81%   100%
  

The following table sets forth information as to the Company’s suppliers that accounted for 10% or more of the Company’s total purchases, accounts payable and advance to suppliers for the six and three months ended September 30, 2026 and 2025.

 

Nine Months Ended

September 30, 2026

 

As of

September 30, 2026

  

As of

September 30, 2026

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   14%  $-    - 
B   9%   22,949    - 
C   6%   -    - 

 

Nine Months Ended

September 30, 2025

 

As of

September 30, 2025

  

As of

September 30, 2025

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   16%  $114,584    - 
B   10%   137,155    - 
C   -%   -    - 

 

Three Months Ended

September 30, 2026

 

As of

September 30, 2026

  

As of

September 30, 2026

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   9%  $-    - 
B   10%   22,949    - 
C   14%   -    - 

 

Three Months Ended

September 30, 2025

 

As of

September 30, 2025

  

As of

September 30, 2025

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   17%  $114,584    - 
B   11%   137,155    - 
C   -%   -    - 
 
Schedule of Exchange Rates

Translation of amounts from RM into U.S. dollars has been made at the following exchange rates:

 

Balance sheet items, except for equity accounts     
September 30, 2026   - 
December 31, 2025   RM 4.06 to 1 
      
Income Statement and cash flow items     
For the nine months ended September 30, 2026   - 
For the nine months ended September 30, 2025   RM 4.32 to 1 

 

Translation of amounts from SGD into U.S. dollars has been made at the following exchange rates:

 

Balance sheet items, except for equity accounts     
September 30, 2026   SGD 1.28 to 1 
December 31, 2025   - 
      
Income Statement and cash flow items     
For the nine months ended September 30, 2026   SGD 1.29 to 1 
For the nine months ended September 30, 2025   - 
Schedule of Summary Information by Segment

The following tables present summary information by segment for the nine months ended September 30, 2026 and 2025, respectively:

 

   Sale of residential and commercial furniture   API-based service   Others   Total 
   For the nine months ended September 30, 2026 
   Sale of residential and commercial furniture   API-based service   Others   Total 
Sales  $5,300,473    5,642,044   $-   $10,942,517 
Cost of sales   2,272,761    5,803,151    -    8,075,912 
Operating expense   2,866,326    738,331    2,348,392    5,953,049 
Income (loss) from operations   161,386    (899,438)   (2,348,392)   (3,086,444)
Other (expense) income, net   (95,991)   64,999    30,967,715    30,936,723 
Income tax expense   -    -    4,209,820    4,209,820 
Net income (loss)  $65,395    (834,439)  $24,409,503   $23,640,459 
Capital expenditure  $-    9,025   $-   $9,025
Total reportable assets  $26,192,038    1,229,859   $88,078,394   $115,500,291 

 

   Sale of residential and commercial furniture   API-based service   Others   Total 
   For the nine months ended September 30, 2025 
   Sale of residential and commercial furniture   API-based service   Others   Total 
Sales  $14,953,032    -   $-   $14,953,032 
Cost of sales   11,480,948    -    -    11,480,948 
Operating expense   2,770,870    -    1,581,091    4,351,961 
Income (loss) from operations   701,214    -    (1,581,091)   (879,877)
Other expenses, net   (251,430)   -    (687,879)   (939,309)
Income tax benefit   64,014    -         64,014 
Net income (loss)  $513,798    -   $(2,268,970)  $(1,755,172)
Capital expenditure  $-    -   $-   $- 
Total reportable assets  $13,337,601    -   $4,948,841   $18,286,442 

 

 

The following tables present summary information by segment for the three months ended September 30, 2026 and 2025, respectively:

 

   Sale of residential and commercial furniture   API-based service   Others   Total 
   For the three months ended September 30, 2026 
   Sale of residential and commercial furniture   API-based service   Others   Total 
Sales  $1,879,961    4,544,114   $-   $6,424,075 
Cost of sales   923,557    4,606,649    -    5,530,206 
Operating expense   1,031,733    231,087    965,082    2,227,902 
(Loss) Income from operations   (75,329)   (293,622)   (965,082)   (1,334,033)
Other (expense) income, net   (23,381)   68,704    (11,290,509)   (11,245,186)
Income tax benefit   -    -    3,599,795    3,599,795 
Net (loss) income  $(98,711)   (224,918)  $(8,655,796)  $(8,979,424)
Capital expenditure  $-    2,672   $-   $2,672 
Total reportable assets  $26,192,038    1,229,859   $88,078,394   $115,500,291 

 

   Sale of residential and commercial furniture   API-based service   Others   Total 
   For the three months ended September 30, 2025 
   Sale of residential and commercial furniture   API-based service   Others   Total 
Sales  $9,761,091    -   $-   $9,761,091 
Cost of sales   8,777,288    -    -    8,777,288 
Operating expense   1,108,538    -    598,392    1,473,826 
Income (loss) from operations   287,411    -    (598,392)   (490,023)
Other income, net   (637,128)   -    (9,015)   (637,128)
Income tax expense (benefit)   (63,257)   -    -    757 
Net income (loss)  $99,419    -   $(607,407)  $(1,126,394)
Capital expenditure  $-    -   $-   $- 
Total reportable assets  $13,337,601    -   $4,948,841   $18,286,442 
API Based Service [Member]  
Schedule of Concentration Credit Risk

The following table sets forth information as to the Company’s customers that accounted for 10% or more of the Company’s sales and accounts receivable for the nine and three months ended September 30, 2026.

 

Nine Months Ended

September 30, 2026

 

As of

September 30, 2026

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A   20%   23%
B   18%   3%
C   43%   36%
D   12%   6%

 

Three Months Ended

September 30, 2026

 

As of

September 30, 2026

 
Customer 

Percentage of

Total Sales

  

Percentage of

accounts receivable

 
A   14%   23%
B   22%   3%
C   40%   36%
D   14%   6%

 

The following table sets forth information as to the Company’s suppliers that accounted for 10% or more of the Company’s total purchases, accounts payable and advance to suppliers for the six and three months ended September 30, 2026.

 

Nine Months Ended

September 30, 2026

 

As of

September 30, 2026

  

As of

September 30, 2026

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   31%  $117,306    - 
B   9%   293,536    - 
C   31%   105    - 
D   21%   -    - 
 

 

Three Months Ended

September 30, 2026

 

As of

September 30, 2026

  

As of

September 30, 2026

 
Supplier 

Percentage of

Total Purchases

  

Balance of

Accounts Payable

  

Balance of

Advance to Supplier

 
A   41%  $117,306    - 
B   12%   293,536    - 
C   25%   105    - 
D   13%   -    -