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Leases
 12 Months Ended
Dec. 31, 2024
Leases  
Leases

  8 Leases

 

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

 

The Company has two office premises operating lease agreements with lease terms of three years, respectively. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use (“ROU”) assets nor lease liability was recorded for the lease with a lease term of one year or less.

 

As of December 31, 2024, the Company had the following non-cancellable operating lease contracts:

 

Description of lease   Lease term
Office premise – Block 1090   3 years
Office premise – Block 1092   3 years

 

  (a) Amount recognized in the consolidated balance sheets:

 

   2023   2024   2024 
   As of December 31, 
   2023   2024   2024 
   S$   S$   US$ 
Operating lease               
Operating lease right-of-use assets   72,286    30,940    22,745 
                
Operating lease liabilities               
Current   43,458    35,812    26,327 
Non-current   35,812    -    - 
Total operating lease liabilities   79,270    35,812    26,327 

 

(b) A summary of lease cost recognized in the Group’s consolidated statements of operations is as follows:

 

           2023   2024   2024 
   Years Ended December 31, 
   2022     2023   2024   2024 
   S$     S$   S$   US$ 
                     
Operating lease cost                       
Operating lease expense    32,043      46,402    44,185    32,482 
                        
Finance lease cost                       
Amortization of right-of-use assets    4,560      -    -    - 
Interest of lease liabilities    175      -    -    - 

 

 

CUPRINA HOLDINGS (CAYMAN) LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

  (c) Supplemental cash flow information related to leases is as follows:

 

           2023   2024   2024 
   Years Ended December 31, 
   2022     2023   2024   2024 
   S$     S$   S$   US$ 
                     
Cash paid for amounts included in the measurement of lease liabilities:                       
Cash flows from operating leases    32,043      46,402    44,185    32,482 
Cash flows from finance lease    6,376      -    -    - 

 

Lease Commitment

 

Future minimum lease payments under non-cancellable operating lease agreements as of December 31, 2024 were as follows:

 

   Minimum lease payment 
   2024   2024 
Twelve months ending December 31,  S$   US$ 
2025   36,421    26,775 
Total future minimum lease payments   36,421    26,775 
Less imputed interest   (609)   (448)
Present value of operating lease liabilities   35,812    26,327 
Less: current portion   (35,812)   (26,327)
Long-term portion   -    - 

 

The following summarizes other supplemental information about the Company’s lease as of December 31:

 

   As of December 31, 
   2023   2024 
Weighted average discount rate          
Operating leases   5.25%   5.25%
           
Weighted average remaining lease term          
Operating leases   1 year 9 months    9 months 

 

 

CUPRINA HOLDINGS (CAYMAN) LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS