XML 43 R25.htm IDEA: XBRL DOCUMENT
v3.23.1

CONCENTRATIONS AND RISKS | 12 Months Ended
--- | ---
Dec. 31, 2022
Risks and Uncertainties [Abstract] |
CONCENTRATIONS AND RISKS | 19. CONCENTRATIONS AND RISKS Concentrations Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable. The following table sets forth a summary of single customers who represent 10% or more of the Company’s total revenue: SCHEDULE OF CONCENTRATION RISK BY RISK FACTOR
|  | For the financial years ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | SGD’000 |  |  | SGD’000 |  |  | SGD’000 |
Amount of the Company’s revenue |  |  |  |  |  |  |  |  |  |  |  |
Customer A |  |  | 13,163 |  |  |  | 4,833 |  |  |  | 4,094 |
Customer B |  |  | 2,361 |  |  |  | 3,188 |  |  |  | 3,902 |
The following table sets forth a summary of single customers who represent 10% or more of the Company’s total accounts receivable:
|  | As of December 31, |
|  | 2021 |  |  | 2022 |
|  | SGD’000 |  |  | SGD’000 |
Amount of the Company’s accounts receivable |  |  |  |  |  |  |  |
Customer A |  |  | 802 |  |  |  | 3,008 |
Customer B |  |  | 898 |  |  |  | 853 |
Customer C |  |  | 393 |  |  |  | - ** |
** | Account receivable from relevant customer was less than 10% of the Group’s total accounts receivable for the respective year.
The following table sets forth a summary of suppliers who represent 10% or more of the Company’s total purchases:
|  | For the financial years ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | SGD’000 |  |  | SGD’000 |  |  | SGD’000 |
Amount of the Company’s purchase |  |  |  |  |  |  |  |  |  |  |  |
Supplier A |  |  | 1,418 |  |  |  | 551 |  |  |  | -# |
Supplier B |  |  | -# |  |  |  | 507 |  |  |  | -# |
# | Purchase from relevant supplier was less than 10% of the Group’s total revenue for the respective year.
The following table sets forth a summary of single supplier who represent 10% or more of the Company’s total accounts payable:
|  | As of December 31, |
|  | 2021 |  |  | 2022 |
|  | SGD’000 |  |  | SGD’000 |
Amount of the Company’s accounts payable |  |  |  |  |  |  |  |
Supplier A |  |  | 320 |  |  |  | - |
Supplier B |  |  | - |  |  |  | 501 |
Credit Risk Credit risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables (exclude prepayments) and cash and bank deposits presented on the consolidated statements of financial position. The Company has no other financial assets which carry significant exposure to credit risk. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

X
- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI https://asc.fasb.org/topic&trid=2134479 + Details
Name: | us-gaap_ConcentrationRiskDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RisksAndUncertaintiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration