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RESTATEMENT OF PREVIOUSLY ISSUED COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
SUMMARY OF IMPACT OF CORRECTIONS BASED ON CHANGE IN PRESENTATION CURRENCY | 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 |
SUMMARY OF IMPACT OF CORRECTIONS BASED ON RECLASSIFICATION OF CERTAIN ACCOUNTING CAPTIONS | 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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