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Borrowings | 12 Months Ended
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Dec. 31, 2025
Borrowings [Abstract] |
Borrowings | 14. Borrowings The borrowings consisted of the following:
|  | At December 31, |
|  | 2025 |  |  | 2024 |
Term loan I |  | $ | 14,446 |  |  | $ | 61,437 |
Term loan II |  |  | 174,243 |  |  |  | 170,517 |
Less borrowings – current |  |  | (28,909 | ) |  |  | (60,413 | )
Borrowings – non-current |  | $ | 159,780 |  |  | $ | 171,541 |
Term Loans On July 23, 2020, the Company entered into a term loan agreement with a bank institution for a total facility of $240,211 with a maturity date 66 months from the drawdown date, August 28, 2020. This loan has a moratorium period of six months on both principal and profit and the Company shall make 60 monthly instalments commencing on March 29, 2021 for 60 instalments. The loan bears an interest rate of 3.5% per annum. This loan is secured by an asset sale agreement over Shariah compliant commodities, joint and several guarantees of certain directors of Win-Fung and a corporate guarantee provided by the Credit Guarantee Corporation Malaysia Berhad (CGC). On August 17, 2020, the Company entered into a term loan agreement with a bank institution for a total facility of $239,499 with a maturity date 180 months from the drawdown date, December 8, 2020, where the first instalment commenced on January 1, 2021. The loan bears an interest rate of 3.2% per annum. This loan is secured by several asset sale agreements over Shariah compliant commodities, several joint and several guarantees of certain directors of Win-Fung, a legal charge over Win-Fung’s factory and a letter of subordination of advances from directors. The annual maturities of the principal amount of both term loans as of December 31, 2025 are as follows:
|  | Annual Maturities |
2026 |  | $ | 28,909 |
2027 |  |  | 15,082 |
2028 |  |  | 15,711 |
2029 |  |  | 16,401 |
2030 |  |  | 17,103 |
Thereafter |  |  | 95,483 |
Total |  | $ | 188,689 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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