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Note 2 - Summary of significant accounting policies: Foreign currency translation and transaction (Policies) | 12 Months Ended
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Dec. 31, 2024
Policies |
Foreign currency translation and transaction | Foreign currency translation and transaction Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements of operations and comprehensive (loss) income. The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. The Company’s subsidiaries in Singapore and the People’s Republic of China (“PRC”) conduct their businesses and maintain its books and record in the local currency, Singapore Dollars (’SGD”) and Chinese Renminbi (“RMB”), as their functional currency, respectively. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income (loss) within the statements of changes in shareholders’ equity. Cash flows are also translated at average translation rates for the periods; therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective years:
|  | As of and for the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Year-end SGD: US$1 exchange rate |  |  | 1.3662 |  |  |  | 1.3193 |  |  |  | 1.3404 |
Year-end RMB: US$1 exchange rate |  |  | 7.2993 |  |  |  | 7.0999 |  |  |  | 6.8972 |
Year-average SGD: US$1 exchange rate |  |  | 1.3363 |  |  |  | 1.3428 |  |  |  | 1.3787 |
Year-average RMB: US$1 exchange rate |  |  | 7.1957 |  |  |  | 7.0809 |  |  |  | 6.7290 |

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- Definition Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/830/tableOfContent + Details
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- References No definition available. + Details
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