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Interim Condensed Consolidated Balance Sheets (Unaudited)
$ in Thousands, $ in Thousands
Jun. 30, 2025
USD ($)
Jun. 30, 2025
SGD ($)
Dec. 31, 2024
SGD ($)
Current assets:      
Cash and cash equivalents $ 3,957 $ 5,033 $ 5,742
Accounts receivable, net 2,069 2,631 4,488
Prepaid expenses and other current assets, net 1,636 2,081 2,451
Deferred financing costs 280 356 356
Inventory 10,578 13,454 12,644
Total current assets 18,520 23,555 25,681
Financial instrument 398 506 506
Property, plant and equipment, net 3,021 3,843 4,058
Right-of-use assets, net 1,200 1,526 1,632
Other current assets, net 89 113 128
Deferred tax assets, net 58 74 74
Asset held for sale 2,386 3,035 3,035
Total non-current assets 7,152 9,097 9,433
TOTAL ASSETS 25,672 32,652 35,114
Current liabilities:      
Bank loans - current 1,044 1,328 1,328
Lease payable - current 183 233 292
Accounts payable, accruals, and other current liabilities 1,038 1,321 1,678
Warranty liabilities 17 22 22
Income taxes payable 29 37 89
Contract liabilities 4,874 6,199 6,660
Total current liabilities 7,185 9,140 10,069
Bank loans - non-current 5,358 6,815 7,466
Lease payable - non-current 701 891 986
Deferred tax liabilities 79 100 100
Total non-current liabilities 6,138 7,806 8,552
TOTAL LIABILITIES 13,323 16,946 18,621
Commitments and contingencies
Shareholders’ equity      
Ordinary shares US$ 0.003 par value per share; 33,333,333 authorized as of December 31, 2024 and June 30, 2025; 5,306,666 and 5,306,666 shares issued and outstanding as of December 31, 2024 and June 30, 2025* [1] 17 21 21
Additional paid-in capital 12,193 15,508 15,508
Treasury shares (46,406 and 46,406 acquired as of December 31, 2024 and June 30, 2025) (52) (66) (66)
Retained earnings 256 326 1,158
Accumulated other comprehensive loss (65) (83) (128)
Total shareholders' equity 12,349 15,706 16,493
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,672 $ 32,652 $ 35,114
[1] Giving retroactive effect to the reverse share split effected which are detailed in Note 15 to the unaudited interim condensed consolidated financial statements