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OTHER BORROWINGS | 12 Months Ended
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Dec. 31, 2024
Other Borrowings |
OTHER BORROWINGS | NOTE 11 – OTHER BORROWINGS Other borrowings consist of the following: SCHEDULE OF OTHER BORROWINGS
Facility agreement entered date |  | Provider |  | Facilities |  | Interest rate |  | Utilized as of December 31, |
|  |  |  |  |  |  |  | 2024 |  |  | 2023 |
March 8, 2022 |  | JS Alternatives JV Fund (“JS”) |  | Loan |  | 15% p.a. |  | $ | — |  |  | $ | 448,250 |
April 20, 2022 |  | JS |  | Loan |  | 15% p.a. |  |  | — |  |  |  | 192,107 |
April 28, 2024 |  | CJI Holdings Limited |  | Loan |  | 36% p.a. |  |  | 321,936 |  |  |  | — |
|  |  |  |  |  | Total: |  | $ | 321,936 |  |  | $ | 640,357 |
Classifying as: |  |  |  |  |  |  |  |
Current portion |  | $ | 321,936 |  |  | $ | 432,241 |
Non-current portion |  |  | — |  |  |  | 208,116 |
|  | $ | 321,936 |  |  | $ | 640,357 |
The borrowings were primarily obtained for general working capital. VS MEDIA HOLDINGS LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Stated in US Dollars, except for number of shares) On April 28, 2024, the Company obtained a short-term loan from a finance company in Hong Kong, which bears interest at a fixed rate of 36% per annum, is repayable in May 2025 and guaranteed by the director of the Company. The borrowings from JS carried interest at a rate of 15% per annum and repayable by 4 equal consecutive instalments, commencing in September 2024 after the extension of loan period granted by the provider. The Company settled all the outstanding balances in December 2024. Interest expenses on the borrowings totaled $269,729 and $140,505 during the years ended December 31, 2024 and 2023.

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