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SHORT-TERM BANK LOANS | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
SHORT-TERM BANK LOANS | NOTE 10 – SHORT-TERM BANK LOANS Bank loans consist of the following: SCHEDULE OF SHORT TERM LOANS
Credit agreement entered date |  | Provider |  | Facilities |  | Interest rate |  | Utilized as of December 31, |
|  |  |  |  |  |  |  | 2024 |  |  | 2023 |
October 27, 2020 |  | Hang Seng Bank (“HSB”) |  | Non-revolving term loan under SME Financing Guarantee Scheme (the “SME FGS Term Loan”) |  | BLR minus 2.25% p.a. |  | $ | 594,009 |  |  | $ | 627,881 |
January 19, 2021 |  | HSB |  | SME FGS Term Loan |  | BLR minus 2.25% p.a. |  |  | 245,173 |  |  |  | 297,203 |
May 5, 2021 |  | HSB |  | SME FGS Term Loan |  | BLR minus 2.25% p.a. |  |  | 115,230 |  |  |  | 126,477 |
May 6, 2021 |  | HSB |  | SME FGS Term Loan |  | BLR minus 2.25% p.a. |  |  | 145,671 |  |  |  | 154,915 |
May 10, 2022 |  | HSB |  | SME FGS Term Loan |  | BLR minus 2.25% p.a. |  |  | 362,121 |  |  |  | 381,204 |
|  |  |  |  |  | Total: |  | $ | 1,462,204 |  |  | $ | 1,587,680 |
The bank loans were primarily obtained for general working capital. As of December 31, 2024 and 2023, the Company’s bank loans contain a repayment on demand clause that provides the bank with an unconditional right to demand repayment at any time at its own discretion. Due to the repayment on demand clause, such amount of bank loans were classified as current liabilities. These bank loans were secured by personal guarantee provided by one of the directors of the Company. The amounts due are based on scheduled repayment dates set out in the banking facilities letters and the subsequently revised repayment schedules. All the Company’s bank loans carried variable interest at BLR minus 2.25% per annum. The effective interest rate for the year ended December 31, 2024 was 3.375% to 3.500% per annum. The effective interest rate for the year ended December 31, 2023 was ranged from 3.375% to 3.500% per annum. All the Company’s bank loans are repayable on demand or with their respective last instalment repayable in March 2029, May 2029, December 2030, May 2031, and May 2032, respectively. Interest expense on the bank loans totaled $54,838 and $56,084 during the years ended December 31, 2024 and 2023, respectively.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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