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RESTATEMENT OF PREVIOUSLY ISSUED COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
RESTATEMENT OF PREVIOUSLY ISSUED COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS | NOTE 13 － RESTATEMENT OF PREVIOUSLY ISSUED COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS Change in accounting policy Pursuant to the completion of NASDAQ listing as explained in Note 1 to the audited combined and consolidated financial statements, the Company decided to change the presentation currency of its financial statements from Singapore Dollars to United States Dollars. The Board of Directors believe that United States Dollars financial reporting provides more relevant presentation of the Company’s financial position, financial performance and cash flows. A change in presentation currency represents a change in accounting policy in terms of ASC Topic 250, Accounting Changes and Error Corrections (“ASC 250”), requiring the restatement of comparative information. In accordance with ASC 830, the methodology followed in restating historical financial information from SGD to US$. The average and closing rates used in translating the historical financial information from SGD to US$1 for the various periods were as follows: The closing rate used as at December 31, 2024 was $1.3662 and as at December 31, 2023 was $1.3193. The average rate used for the year ended December 31, 2024 was $1.3363, for the year ended December 31, 2023 was $1.3428 and for the year ended December 31, 2022 was $1.3787. The change in presentation currency is a voluntary change which is accounted for retrospectively. For the comparative reporting purposes, historical financial information has been translated to United States dollars which is disclosed in the tables below: The following table summarizes the impact of the corrections on the combined balance sheet at December 31, 2023, and the combined statements of operations for the years ended December 31, 2022 and 2023: SUMMARY OF IMPACT OF CORRECTIONS BASED ON CHANGE IN PRESENTATION CURRENCY
|  |  |  |  | Foreign Currency Translation [Member] |  |  |  |
Balance sheet: |  | As of |  |  | Foreign |  |  | As of |
Change in presentation currency |  | December 31, 2023 |  |  | Currency Translation |  |  | December 31, 2023 |
|  | Reported SGD |  |  |  |  |  | Reported US$ |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 1,802,469 |  |  |  | (436,238 | ) |  |  | 1,366,231 |
Accounts receivables, net |  |  | 149,602 |  |  |  | (36,207 | ) |  |  | 113,395 |
Inventories, net |  |  | 889,907 |  |  |  | (215,378 | ) |  |  | 674,529 |
Amounts due from related parties |  |  | 505,716 |  |  |  | (122,395 | ) |  |  | 383,321 |
Amount due from former shareholder |  |  | 730,300 |  |  |  | (176,749 | ) |  |  | 553,551 |
Amount due from related parties |  |  | 730,300 |  |  |  | (176,749 | ) |  |  | 553,551 |
Deposit, prepayments and other receivables |  |  | 909,738 |  |  |  | (220,176 | ) |  |  | 689,562 |
Total current assets |  |  | 4,987,732 |  |  |  | (1,207,143 | ) |  |  | 3,780,589 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |  |
Plant and equipment, net |  |  | 297,587 |  |  |  | (72,022 | ) |  |  | 225,565 |
Right-of-use assets, net |  |  | 4,100,541 |  |  |  | (989,504 | ) |  |  | 3,111,037 |
Total non-current assets |  |  | 4,398,128 |  |  |  | (1,061,526 | ) |  |  | 3,336,602 |
TOTAL ASSETS |  |  | 9,385,860 |  |  |  | (2,268,669 | ) |  |  | 7,117,191 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 1,310,787 |  |  |  | (317,240 | ) |  |  | 993,547 |
Customer deposits |  |  | 1,117,364 |  |  |  | (270,427 | ) |  |  | 846,937 |
Accrued liabilities and other payables |  |  | 285,756 |  |  |  | (69,160 | ) |  |  | 216,596 |
Lease liabilities |  |  | 1,632,192 |  |  |  | (395,027 | ) |  |  | 1,237,165 |
Total current liabilities |  |  | 4,346,099 |  |  |  | (1,051,854 | ) |  |  | 3,294,245 |
Long-term liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other payables |  |  | 125,083 |  |  |  | (30,273 | ) |  |  | 94,810 |
Lease liabilities |  |  | 2,809,102 |  |  |  | (679,865 | ) |  |  | 2,129,237 |
Total long-term liabilities |  |  | 2,934,185 |  |  |  | (710,138 | ) |  |  | 2,224,047 |
TOTAL LIABILITIES |  |  | 7,280,284 |  |  |  | (1,761,992 | ) |  |  | 5,518,292 |
Commitments and contingencies |  |  | - |  |  |  | - |  |  |  | - |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Ordinary share |  |  | 1,747 |  |  |  | (422 | ) |  |  | 1,325 |
Additional paid-in capital |  |  | 38,798,253 |  |  |  | (10,101,353 | ) |  |  | 28,696,900 |
Accumulated other comprehensive loss |  |  | (4,666,758 | ) |  |  | 1,265,109 |  |  |  | (3,401,649 | )
Accumulated losses |  |  | (32,027,666 | ) |  |  | 8,329,989 |  |  |  | (23,697,677 | )
Total shareholders’ equity |  |  | 2,105,576 |  |  |  | (506,677 | ) |  |  | 1,598,899 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  | 9,385,860 |  |  |  | (2,268,669 | ) |  |  | 7,117,191 |
|  | Year ended |  |  | Foreign |  |  | Year ended |
Statement of operations |  | December 31, |  |  | Currency |  |  | December 31, |
Change in presentation currency |  | 2022 |  |  | Translation |  |  | 2022 |
|  | Reported SGD |  |  |  |  |  | Reported US$ |
Revenues, net |  |  | 8,235,089 |  |  |  | (2,262,006 | ) |  |  | 5,973,083 |
Cost of goods sold |  |  | (3,116,993 | ) |  |  | 856,172 |  |  |  | (2,260,821 | )
Gross profit |  |  | 5,118,096 |  |  |  | (1,405,834 | ) |  |  | 3,712,262 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Sales and distribution expenses |  |  | (2,747,981 | ) |  |  | 754,813 |  |  |  | (1,993,168 | )
General and administrative expenses |  |  | (1,345,886 | ) |  |  | 369,686 |  |  |  | (976,200 | )
Total operating expenses |  |  | (4,093,867 | ) |  |  | 1,124,499 |  |  |  | (2,969,368 | )
Income from operations |  |  | 1,024,229 |  |  |  | (281,335 | ) |  |  | 742,894 |
Other income: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |
Government subsidies |  |  | 78,702 |  |  |  | (21,618 | ) |  |  | 57,084 |
Sundry income |  |  | 20,334 |  |  |  | (5,585 | ) |  |  | 14,749 |
Total other income, net |  |  | 99,036 |  |  |  | (27,203 | ) |  |  | 71,833 |
Income before income taxes |  |  | 1,123,265 |  |  |  | (308,538 | ) |  |  | 814,727 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |
NET INCOME |  |  | 1,123,265 |  |  |  | (308,538 | ) |  |  | 814,727 |
|  | Year ended |  |  | Foreign |  |  | Year ended |
Statement of operations |  | December 31, |  |  | Currency |  |  | December 31, |
Change in presentation currency |  | 2023 |  |  | Translation |  |  | 2023 |
|  | Reported SGD |  |  |  |  |  | Reported US$ |
Revenues, net |  |  | 6,811,111 |  |  |  | (1,738,791 | ) |  |  | 5,072,320 |
Cost of goods sold |  |  | (1,928,492 | ) |  |  | 492,320 |  |  |  | (1,436,172 | )
Gross profit |  |  | 4,882,619 |  |  |  | (1,246,471 | ) |  |  | 3,636,148 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Sales and distribution expenses |  |  | (3,078,543 | ) |  |  | 785,914 |  |  |  | (2,292,629 | )
General and administrative expenses |  |  | (1,521,472 | ) |  |  | 388,412 |  |  |  | (1,133,060 | )
Total operating expenses |  |  | (4,600,015 | ) |  |  | 1,174,326 |  |  |  | (3,425,689 | )
Income from operations |  |  | 282,604 |  |  |  | (72,145 | ) |  |  | 210,459 |
Other income: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 8,234 |  |  |  | (2,102 | ) |  |  | 6,132 |
Government subsidies |  |  | 11,500 |  |  |  | (2,936 | ) |  |  | 8,564 |
Sundry income |  |  | 16,575 |  |  |  | (4,231 | ) |  |  | 12,344 |
Total other income, net |  |  | 36,309 |  |  |  | (9,269 | ) |  |  | 27,040 |
Income before income taxes |  |  | 318,913 |  |  |  | (81,414 | ) |  |  | 237,499 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |
NET INCOME |  |  | 318,913 |  |  |  | (81,414 | ) |  |  | 237,499 |
Reclassification of certain accounting captions Subsequent to the issuance of the Company’s combined financial statements for the years ended December 31, 2022 and 2023, certain errors were identified in relation to the treatment and presentation of material components under “other income” caption. Based on the predominance principle in ASC 250, the Company has corrected and restated its statements of operations for the years ended December 31, 2022 and 2023, accordingly. The following table summarizes the impact of the corrections on the combined statements of operations for the years ended December 31, 2022 and 2023: SUMMARY OF IMPACT OF CORRECTIONS BASED ON RECLASSIFICATION OF CERTAIN ACCOUNTING CAPTIONS
|  | SGD |  |  | SGD |  |  | SGD |
|  | Year ended December 31, 2022 |
|  | As Previously |  |  | Restatement |  |  |  |
|  | Reported |  |  | Adjustments |  |  | As Restated |
|  | SGD |  |  | SGD |  |  | SGD |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Sales and distribution expenses |  |  | (2,747,981 | ) |  |  | - |  |  |  | (2,747,981 | )
General and administrative expenses |  |  | (1,355,809 | ) |  |  | 9,923 |  |  |  | (1,345,886 | )
Total operating expenses |  |  | (4,103,790 | ) |  |  | 9,923 |  |  |  | (4,093,867 | )
Income from operations |  |  | 1,014,306 |  |  |  | 9,923 |  |  |  | 1,024,229 |
Other income: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |
Government subsidies |  |  | - |  |  |  | 78,702 |  |  |  | 78,702 |
Sundry income |  |  | 108,959 |  |  |  | (88,625 | ) |  |  | 20,334 |
Total other income, net |  |  | 108,959 |  |  |  | (9,923 | ) |  |  | 99,036 |
Income before income taxes |  |  | 1,123,265 |  |  |  | - |  |  |  | 1,123,265 |
|  | SGD |  |  | SGD |  |  | SGD |
|  | Year ended December 31, 2023 |
|  | As Previously |  |  | Restatement |  |  |  |
|  | Reported |  |  | Adjustments |  |  | As Restated |
|  | SGD |  |  | SGD |  |  | SGD |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Sales and distribution expenses |  |  | (3,079,243 | ) |  |  | 700 |  |  |  | (3,078,543 | )
General and administrative expenses |  |  | (1,598,960 | ) |  |  | 77,488 |  |  |  | (1,521,472 | )
Total operating expenses |  |  | (4,678,203 | ) |  |  | 78,188 |  |  |  | (4,600,015 | )
Income from operations |  |  | 204,416 |  |  |  | 78,188 |  |  |  | 282,604 |
Other income: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | - |  |  |  | 8,234 |  |  |  | 8,234 |
Government subsidies |  |  | - |  |  |  | 11,500 |  |  |  | 11,500 |
Sundry income |  |  | 114,497 |  |  |  | (97,922 | ) |  |  | 16,575 |
Total other income, net |  |  | 114,497 |  |  |  | (78,188 | ) |  |  | 36,309 |
Income before income taxes |  |  | 318,913 |  |  |  | - |  |  |  | 318,913 |

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