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CONCENTRATION OF RISK | 12 Months Ended
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Dec. 31, 2024
Risks and Uncertainties [Abstract] |
CONCENTRATION OF RISK | NOTE 11 － CONCENTRATION OF RISK The Company is exposed to the following concentration of risk:
(a) | Major customers
For the years ended December 31, 2022, 2023 and 2024, there was no single customer who accounted for 10% or more of the Company’s revenues. The majority of the Company’s customers are located in Singapore.
(b) | Major vendors
For the years ended December 31, 2022, 2023 and 2024, the vendors, being related parties, who accounted for 10% or more of the Company’s purchases and its outstanding payable balances at year-end dates, are presented as follows: SCHEDULE OF CONCENTRATION
|  | Year ended December 31, 2022 |  |  | As of December 31, 2022 |
Vendor |  | Cost of goods sold |  |  | Percentage of Cost of goods sold |  |  | Accounts payable |
|  | USD |  |  |  |  |  | USD |
HTL Marketing Pte. Ltd. (related party) |  |  | 972,254 |  |  |  | 43 | % |  |  | 539,858 |
HTL Manufacturing Pte. Ltd. (related party) |  |  | 711,319 |  |  |  | 31 | % |  |  | - |
|  | Year ended December 31, 2023 |  |  | As of December 31, 2023 |
Vendor |  | Cost of goods sold |  |  | Percentage of cost of goods sold |  |  | Accounts payable |
|  | USD |  |  |  |  |  | USD |
HTL Marketing Pte. Ltd. (related party) |  |  | 1,034,559 |  |  |  | 72 | % |  |  | 584,579 |
|  | Year ended December 31, 2024 |  |  | As of December 31, 2024 |
Vendor |  | Cost of goods sold |  |  | Percentage of cost of goods sold |  |  | Accounts payable |
|  | USD |  |  |  |  |  | USD |
HTL Marketing Pte. Ltd. (related party) |  |  | 850,935 |  |  |  | 60 | % |  |  | 48,324 |
HTL Furniture (China) Co., Ltd. (related party) |  |  | 152,764 |  |  |  | 11 | % |  |  | 153,967 |
All of the Company’s major vendors are located in Singapore and China.
(c) | Credit risk
Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, and accounts receivable. Cash equivalents are maintained with high credit quality institutions in Singapore, the composition and maturities of which are regularly monitored by the management. The Singapore Deposit Protection Board pays compensation up to a limit of $73,200 (SGD100,000), if the bank in Singapore with which an individual/a company hold its eligible deposit fails. As of December 31, 2024, cash and cash equivalents of $3.4 million was maintained at financial institutions in Singapore, of which approximately $3.2 million was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.
(d) | Exchange rate risk
The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of SGD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.
(e) | Economic and political risk
The Company’s major operations are conducted in Singapore. Accordingly, the political, economic, and legal environments in Singapore, as well as the general state of Singapore’s economy may influence the Company’s business, financial condition, and results of operations.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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