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Consolidated Balance Sheets
$ in Thousands, $ in Thousands
Dec. 31, 2022
USD ($)
Dec. 31, 2022
SGD ($)
Dec. 31, 2021
SGD ($)
Current assets:      
Cash and cash equivalents $ 4,895 $ 6,561 $ 1,108
Accounts receivable, net 4,204 5,635 3,220
Prepaid expenses and other current assets, net 1,677 2,248 847
Inventory 8,871 11,892 2,557
Total current assets 19,647 26,336 7,732
Financial instrument 183 245 243
Property, plant and equipment, net 6,578 8,818 8,981
Deferred financing costs 1,321
Deferred tax assets 49 66 163
Total non-current assets 6,810 9,129 10,708
TOTAL ASSETS 26,457 35,465 18,440
Current liabilities:      
Bank loans - current 4,071 5,457 5,457
Lease payable - current 209 280 158
Accounts payable, accruals, and other current liabilities 1,987 2,664 2,290
Warranty liabilities 16 22 22
Income taxes payable 238 319
Contract liabilities 3,222 4,319
Loan from controlling shareholder 553 741 1,523
Total current liabilities 10,296 13,802 9,450
Bank loans – non-current 2,966 3,976 4,421
Lease payable – non-current 1,049 1,406 1,395
Deferred tax liabilities 151
Total non-current liabilities 4,015 5,382 5,967
TOTAL LIABILITIES 14,311 19,184 15,417
Commitments and contingencies
Shareholders’ equity      
Ordinary shares US$0.001 par value per share; 100,000,000 authorized as of December 31, 2021 and 2022; 12,000,000 and 15,020,000 shares issued and outstanding, respectively 15 20 16
Additional paid-in capital 11,702 15,686 3,626
Retained earnings/(deficit) 453 607 (585)
Accumulated other comprehensive income (24) (32) (34)
Total shareholders’ equity 12,146 16,281 3,023
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 26,457 $ 35,465 $ 18,440