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LOANS AND BORROWINGS
 6 Months Ended
Jun. 30, 2025
Borrowings [abstract]  
LOANS AND BORROWINGS
14. LOANS AND BORROWINGS  

 

  

As of
six months ended
June 30,
2025

(Unaudited)

   As of
December 31,
2024		 
   $   $ 
Current        
Guaranteed bank loan   533,602    364,457 
Financial institution loan   613,833    441,079 
Recourse liability   3,978,394    2,397,078 
    5,125,829    3,202,614 
Lease liabilities   516,864    226,707 
    5,642,693    3,429,321 
           
Non-current          
Guaranteed bank loan   299,802    144,365 
Warrants liabilities   70,593    46,518 
Lease liabilities   1,397,481    985,879 
    1,767,876    1,176,762 
Total loans and borrowings   7,410,569    4,606,083 
  i) Terms and debt repayment schedule 

 

    Currency   Principal
amount		     Year of
origination		   Nominal
interest
rate %
per annum		     Year of
maturity		     June 30,
2025
(Unaudited) 		    2024  
2025                             $     $  
Guaranteed bank loan   SGD     400,000     2020     2.75 %     2025       22,249       51,960  
Guaranteed bank loan   SGD     1,200,000     2020     2.50 %     2025       16,722       108,703  
Guaranteed bank loan   SGD     300,000     2020     3.75 %     2025       -       15,980  
Guaranteed bank loan   SGD     300,000     2023     7.75 %     2026       77,956       110,848  
Guaranteed bank loan   SGD     50,000     2023     8.25 %     2028       24,798       26,714  
Guaranteed bank loan   SGD     100,000     2023     8.28 %     2028       48,365       52,305  
Guaranteed bank loan   SGD     50,000     2023     10.38 %     2026       13,299       18,797  
Guaranteed bank loan   SGD     300,000     2023     8.8 %     2026       92,105       123,515  
Guaranteed bank loan   SGD     1,000,000     2022     5.15 %     2027       404,011       -  
Guaranteed bank loan   SGD     300,000     2018     4.58%-6.0799 %     2018-2033       133,947       -  
Financial institution loan   SGD     400,000     2024     10.8 %     2025       164,289       294,053  
Financial institution loan   SGD     200,000     2024     10.8 %     2025       78,382       147,026  
Financial institution loan   SGD     100,000     2025     11.7 %     2025       53,910       -  
Financial institution loan   SGD     225,000     2025     23.4 %     2025       121,298       -  
Financial institution loan   SGD     280,000     2025     24.06 %     2025       195,906       -  
Recourse liability   SGD      N/A    
N/A
     7.0%-7.7 %     N/A       3,978,394       2,397,078  
Lease liabilities   Multiple      N/A     2019-2022     2.99% to 8.21 %     2024-2029       1,914,345       1,212,586  
                                      7,339,976       4,559,565  

 

Most of the guaranteed bank loans are jointly guaranteed by Mr. Fu Xiaowei and Ms. Zhang Fan, the CEO of the Group and his spouse.

 

The weighted average effective interest rates per annum of guaranteed bank loans and financial institution loans is 10.96%. 

 

Subsequently to the date of issuance of the unaudited condensed consolidated financial statements, all the guaranteed bank loans and financial institution loans were repaid upon maturity without default.