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Lease Liabilities

12 Months Ended

Dec. 31, 2025

Lease Liabilities [Abstract]

LEASE LIABILITIES

NOTE 13 — LEASE LIABILITIES

Lease liabilities consisted of the following:

		Term of		Annual interest				As of December 31,
		repayments		rate				2024				2025
								US$’000				US$’000
Lease of offices		Within 2 years			5.25	%			60				16
Total:									60				16
Representing: –
Current portion									42				16
Non-current portion									18				—
									60				16

On June 28, 2024, the Company entered into a new lease agreement with Wisecome Oil Pte Ltd, a related party, for office space with a lease term of two years. The lease liability is recognized based on the present value of future lease payments, discounted at an annual interest rate of 5.25%, which aligns with the Singapore Prime Lending Rate administered by the Monetary Authority of Singapore.

The right-of-use assets obtained in exchange for new operating lease liabilities for the financial years ended December 31, 2023, 2024 and 2025 were nil, US$70,000 and nil.

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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