Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-41647 |
Entity Registrant Name | Ohmyhome Limited |
Entity Central Index Key | 0001944902 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 11 Lorong 3 Toa Payoh |
Entity Address, Address Line Two | Block B, #04-16/21 |
Entity Address, City or Town | Jackson Square |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 319579 |
Title of 12(b) Security | Ordinary shares, par value $0.001 |
Trading Symbol | OMH |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 16,250,000 |
Auditor Name | WWC, P.C |
Auditor Firm ID | 1171 |
Auditor Location | San Mateo, California |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 11 Lorong 3 Toa Payoh |
Entity Address, Address Line Two | Block B, #04-16/21 |
Entity Address, City or Town | Jackson Square |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 319579 |
City Area Code | 65 |
Local Phone Number | 6886 9009 |
Contact Personnel Name | Rhonda Wong |
Consolidated Balance Sheets
Consolidated Balance Sheets | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Current assets | |||
Cash and cash equivalents | $ 224,883 | $ 301,433 | $ 1,220,931 |
Accounts receivable, net | 181,823 | 243,716 | 133,394 |
Prepayments | 38,626 | 51,774 | 61,814 |
Amount due from a shareholder | 870,728 | ||
Other current assets, net | 4,934 | 6,613 | 4,287 |
Total current assets | 450,266 | 603,536 | 2,291,154 |
Property and equipment, net | 26,382 | 35,362 | 49,987 |
Non-current assets | |||
Deposits | 73,649 | 98,719 | 75,622 |
Deferred initial public offering ("IPO") costs | 504,567 | 676,321 | |
Operating lease right-of-use assets | 563,154 | 754,852 | 77,790 |
Total non-current assets | 1,141,370 | 1,529,892 | 153,412 |
Total assets | 1,618,018 | 2,168,790 | 2,494,553 |
Current liabilities | |||
Accounts payable | 50,530 | 67,730 | 97,488 |
Contract liabilities | 144,957 | 194,300 | 78,340 |
Accrued liabilities and other payables | 170,990 | 229,195 | 217,298 |
Bank loans, current portion | 228,264 | 305,965 | 299,543 |
Amount due to a shareholder | 1,708,478 | 2,290,044 | |
Operating lease obligation | 238,179 | 319,255 | 79,140 |
Taxes payable | 18,726 | 25,101 | 67,347 |
Total current liabilities | 2,560,124 | 3,431,590 | 839,156 |
Non-current liabilities: | |||
Bank loans, non-current portion | 354,922 | 475,737 | 790,620 |
Operating lease obligation, non-current | 331,670 | 444,571 | |
Total non-current liabilities | 686,592 | 920,308 | 790,620 |
Total liabilities | 3,246,716 | 4,351,898 | 1,629,776 |
Commitments and contingencies | |||
SHAREHOLDERS’ EQUITY | |||
Ordinary shares | 16,250 | 21,970 | 21,970 |
Additional paid-in capital | 8,424,584 | 11,292,123 | 11,292,123 |
Accumulated other comprehensive income/(expenses) | 26,972 | 36,153 | 9,997 |
Accumulated deficit | (9,796,712) | (13,131,513) | (10,078,513) |
Stockholders equity attributable to parent | (1,328,906) | (1,781,267) | 1,245,577 |
Stockholders equity attributable to Non- controlling interest | (299,792) | (401,841) | (380,800) |
Total shareholders' equity | (1,628,698) | (2,183,108) | 864,777 |
Total liabilities and shareholders' equity | $ 1,618,018 | $ 2,168,790 | $ 2,494,553 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock,shares issued | 16,250,000 | 16,250,000 |
Common stock, shares outstanding | 16,250,000 | 16,250,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 SGD ($) $ / shares shares | Dec. 31, 2021 SGD ($) $ / shares shares | Dec. 31, 2020 SGD ($) $ / shares shares | |
Operating revenues | ||||
Total operating revenues | $ 5,241,414 | $ 7,025,592 | $ 4,381,683 | $ 3,338,674 |
Cost of revenues | ||||
Cost of revenue | (3,512,891) | (4,708,678) | (1,995,622) | (1,967,121) |
Gross profit | 1,728,523 | 2,316,914 | 2,386,061 | 1,371,553 |
Operating expenses | ||||
Technology and development expenses | (1,318,808) | (1,767,730) | (1,449,065) | (1,539,651) |
Selling and marketing expense | (1,436,887) | (1,926,003) | (1,717,470) | (1,183,380) |
General and administrative expense | (1,383,558) | (1,854,521) | (1,563,599) | (1,291,238) |
Operating expenses | (4,139,253) | (5,548,254) | (4,730,134) | (4,014,269) |
Operating income loss | (2,410,730) | (3,231,340) | (2,344,073) | (2,642,716) |
Other income (expense): | ||||
Interest income | 2,973 | 3,985 | 10,262 | 7,620 |
Interest expense | (29,209) | (39,152) | (49,926) | (30,364) |
Government grants | 185,069 | 248,067 | 492,404 | 565,979 |
Foreign exchange loss | (41,500) | (55,626) | (3,065) | (5,313) |
Other income, net | 19 | 25 | 1,123 | 7,035 |
Total other income, net | 117,352 | 157,299 | 450,798 | 544,957 |
Loss before income tax | (2,293,378) | (3,074,041) | (1,893,275) | (2,097,759) |
Income tax expense | ||||
NET LOSS | (2,293,378) | (3,074,041) | (1,893,275) | (2,097,759) |
Less: Net loss attributable to non-controlling interest | (15,698) | (21,041) | (68,467) | (160,682) |
Net loss attributable to OHMYHOMELTD | (2,277,680) | (3,053,000) | (1,824,808) | (1,937,077) |
OTHER COMPREHENSIVE LOSS | ||||
Foreign currency translation adjustment | 19,514 | 26,156 | 5,880 | 3,854 |
TOTAL COMPREHENSIVE LOSS | (2,273,864) | (3,047,885) | (1,887,395) | (2,093,905) |
TOTAL COMPREHENSIVE LOSS | (2,273,864) | (3,047,885) | (1,887,395) | (2,093,905) |
Less: Comprehensive loss attributable to non-controlling interests | (15,698) | (21,041) | (68,467) | (160,682) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO OHMYHOME LIMITED | $ (2,258,166) | $ (3,026,844) | $ (1,818,928) | $ (1,933,223) |
Weighted average number of ordinary shares: | ||||
Weighted average shares, basic and diluted | 16,250,000 | 16,250,000 | 16,250,000 | 16,250,000 |
Earnings per share - basic and diluted | (per share) | $ (0.14) | $ (0.19) | $ (0.12) | $ (0.13) |
Brokerage Services [Member] | ||||
Operating revenues | ||||
Total operating revenues | $ 2,291,898 | $ 3,072,060 | $ 3,731,586 | $ 2,901,479 |
Cost of revenues | ||||
Cost of revenue | (1,032,146) | (1,383,488) | (1,605,602) | (1,718,012) |
Brokerage Services [Member] | Independent Third Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 2,289,734 | 3,069,160 | 3,475,750 | 2,875,529 |
Brokerage Services [Member] | Related Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 2,164 | 2,900 | 255,836 | 25,950 |
Emerging and Other Services [Member] | ||||
Operating revenues | ||||
Total operating revenues | 2,949,516 | 3,953,532 | 650,097 | 437,195 |
Cost of revenues | ||||
Cost of revenue | (2,480,745) | (3,325,190) | (390,020) | (249,109) |
Emerging and Other Services [Member] | Independent Third Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 723,944 | 970,376 | 650,097 | 437,195 |
Emerging and Other Services [Member] | Related Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | $ 2,225,572 | $ 2,983,156 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity | Common Stock [Member] USD ($) shares | Common Stock [Member] SGD ($) shares | Additional Paid-in Capital [Member] USD ($) | Additional Paid-in Capital [Member] SGD ($) | AOCI Attributable to Parent [Member] USD ($) | AOCI Attributable to Parent [Member] SGD ($) | Retained Earnings [Member] USD ($) | Retained Earnings [Member] SGD ($) | Noncontrolling Interest [Member] USD ($) | Noncontrolling Interest [Member] SGD ($) | USD ($) | SGD ($) |
Beginning balance, value at Dec. 31, 2019 | $ 21,970 | $ 6,082,123 | $ 263 | $ (6,316,628) | $ (151,651) | $ (363,923) | ||||||
Balance, shares at Dec. 31, 2019 | shares | 16,250,000 | 16,250,000 | ||||||||||
Conversion of convertible loans | 500,000 | 500,000 | ||||||||||
Net loss | (1,937,077) | (160,682) | (2,097,759) | |||||||||
Foreign currency translation adjustment | 3,854 | 3,854 | ||||||||||
Balance, December 31, 2022 (USD) at Dec. 31, 2020 | $ 21,970 | 6,582,123 | 4,117 | (8,253,705) | (312,333) | (1,957,828) | ||||||
Balance, shares at Dec. 31, 2020 | shares | 16,250,000 | 16,250,000 | ||||||||||
Net loss | (1,824,808) | (68,467) | (1,893,275) | |||||||||
Foreign currency translation adjustment | 5,880 | 5,880 | ||||||||||
Issuance of common shares for cash | 4,710,000 | 4,710,000 | ||||||||||
Balance, December 31, 2022 (USD) at Dec. 31, 2021 | $ 21,970 | 11,292,123 | 9,997 | (10,078,513) | (380,800) | 864,777 | ||||||
Balance, shares at Dec. 31, 2021 | shares | 16,250,000 | 16,250,000 | ||||||||||
Net loss | (3,053,000) | (21,041) | $ (2,293,378) | (3,074,041) | ||||||||
Foreign currency translation adjustment | 26,156 | 19,514 | 26,156 | |||||||||
Balance, December 31, 2022 (USD) at Dec. 31, 2022 | $ 16,250 | $ 21,970 | $ 8,424,584 | $ 11,292,123 | $ 26,972 | $ 36,153 | $ (9,796,712) | $ (13,131,513) | $ (299,792) | $ (401,841) | $ (1,628,698) | $ (2,183,108) |
Balance, shares at Dec. 31, 2022 | shares | 16,250,000 | 16,250,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (2,293,378) | $ (3,074,041) | $ (1,893,275) | $ (2,097,759) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation of property and equipment | 22,345 | 29,952 | 12,886 | 74,780 |
Amortization of operating lease right-of-use assets | 218,936 | 293,461 | 226,300 | 254,838 |
Provision for doubtful accounts | 12,446 | 16,683 | 23,210 | 3,712 |
Changes in assets and liabilities: | ||||
Accounts receivable | (94,749) | (127,005) | 99,310 | 163,862 |
Prepayments | 7,490 | 10,040 | (50,898) | 37,368 |
Other current assets, net | (1,735) | (2,326) | 24,671 | (24,451) |
Deposits | (17,231) | (23,097) | 31,948 | 12,631 |
Accounts payable | (22,201) | (29,758) | (255,390) | 269,592 |
Contract liabilities | 86,511 | 115,960 | 70,346 | 6,016 |
Accrued liabilities and other payables | (54,159) | 11,897 | 130,531 | (48,935) |
Other taxes payable | 31,518 | (42,246) | 16,574 | (6,468) |
Operating lease obligation | (213,248) | (285,837) | (248,277) | (244,013) |
NET CASH USED IN OPERATING ACTIVITIES | (2,317,455) | (3,106,317) | (1,812,064) | (1,598,827) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property and equipment | (11,434) | (15,327) | (42,308) | (23,737) |
Amount loans to a shareholder | (870,728) | |||
Loan repayment by a shareholder | 649,603 | 870,728 | ||
NET CASH USED IN INVESTING ACTIVITIES | 638,169 | 855,401 | (913,036) | (23,737) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from common shares issued for cash | 4,710,000 | |||
Amounts lend from a shareholder | 1,708,478 | 2,290,044 | 30,296 | |
Repayment of due to a shareholder | (636,898) | |||
Repayment of due to a shareholder | 636,898 | |||
Proceeds from the bank loans | 1,500,000 | |||
Repayment of bank loans | (230,126) | (308,461) | (299,543) | (110,294) |
Deferred IPO costs | (504,567) | (676,321) | ||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 973,785 | 1,305,262 | 3,773,559 | 1,420,002 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 973,785 | 1,305,262 | 3,773,559 | 1,420,002 |
Foreign currency effect | 19,514 | 26,156 | 5,880 | 3,854 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (685,987) | (919,498) | 1,054,339 | (198,708) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (685,987) | (919,498) | 1,054,339 | (198,708) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 910,870 | 1,220,931 | 166,592 | 365,300 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT PERIOD END | 224,883 | 301,433 | 1,220,931 | 166,592 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Income tax paid | ||||
Interest expense | 29,209 | 39,152 | 49,926 | 30,364 |
Initial recognition of beneficial conversion feature from issuance of convertible loans | $ 500,000 |
Nature of business and organiza
Nature of business and organization | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of business and organization | Note 1 – Nature of business and organization Ohmyhome Limited (the “Company”) is a holding company incorporated on July 19, 2022, under the laws of the Cayman Islands. The Company has no substantial operations other than holding all of the outstanding share capital of Ohmyhome (BVI) Limited (“Ohmyhome BVI”) established under the laws of the British Virgin Islands (“BVI”) on July 27, 2022. Ohmyhome BVI has no substantial operations other than holding all of the equity interest of Ohmyhome Pte. Ltd. (“Ohmyhome (S)”), a Singapore company incorporated on June 12, 2015. The Company, through its wholly-owned subsidiary, Ohmyhome (S), and its subsidiaries, provides end-to-end property solutions and services for its customers such as brokerage services and emerging and other services, such as home renovation and furnishing services, listing and research, mortgage referral, legal services and insurance referral services. O 57.79% 42.21% 57.79% 42.21% The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities: Schedule of subsidiaries Name Background Ownership % Principal of activity Ohmyhome (BVI) Limited ● A BVI company ● Incorporated on July 27, 2022 100% Investment holding Ohmyhome (S) ● A Singapore company ● Incorporated on June 12, 2015 100% Principally engaged in the provision of a one-stop-shop property platform for its customers Ohmyhome Renovation Pte. Ltd. ● A Singapore company ● Incorporated on March 5, 2020 100% Principally engaged in design and build, project management for interior decoration projects for residential and commercial units Ohmyhome Insurance Pte. Ltd. ● A Singapore company ● Incorporated on March 5, 2020 100% Dormant Cora.Pro Pte. Ltd. ● A Singapore company ● Incorporated on May 31, 2020 100% Principally engaged in distributing technology platform product for property management firms and developers to facilitate communication, facility booking, fee and tax payments Ganze Pte. Ltd. ● A Singapore company ● Incorporated on December 7, 2021 100% Principally engaged in interior decoration projects of high-end residential and commercial units Ohmyhome Sdn. Bhd. (“Ohmyhome (M)”) ● A Malaysia company ● Incorporated on January 17, 2019 49% Principally engaged in the provision of a one-stop-shop property platform for its customers in Malaysia Ohmyhome Realtors Sdn. Bhd. ● A Malaysia company ● Incorporated on January 17, 2019 49% Principally engaged in the provision of brokerage service for its customers * Where less than 50% of the equity of an investee is held, the Company (through its subsidiaries) holds significantly more voting rights than any other vote holder or organized company of vote holders. An assessment has been made, taking into account all the factors relevant to the relationship with the investee, to ascertain control has been established and the investee should be consolidated as a subsidiary of the Company. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2 – Liquidity In assessing the Company’s liquidity, the Company monitors and evaluates its cash and cash equivalent and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements of the Company. As of December 31, 2022, the Company has negative cash flow from operating activities of S$ 3,106,317 (US$ 2,317,455 ). The Company’s working capital was negative S$ 2,828,054 (US$ 2,109,858 ) as of December 31, 2022. And the Company had S$ 301,433 (US$ 224,883 ) in cash and cash equivalents, which is unrestricted as to withdrawal and use as of December 31, 2022. On March 23, 2023, the Company completed its initial public offering. In this offering, the Company issued 2,800,000 4.00 11.2 To sustain its ability to support the Company’s operating activities, the Company considered supplementing its sources of funding through the following: ● cash and cash equivalents generated from operations; ● other available sources of financing from Singapore and Malaysia banks and other financial institutions; ● financial support from the Company’s related parties and shareholders; ● issuance of additional convertible notes; and ● obtaining funds through a future initial public offering. Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company’s business. Based on the above considerations, management believes that the Company has sufficient funds to meet its operating and capital expenditure needs and obligations in the next 12 months. However, there is no assurance that the Company will be successful in implementing the foregoing plans or additional financing will be available to the Company on commercially reasonable terms. There are a number of factors that could potentially arise that could undermine the Company’s plans such as (i) client’s business and areas of operations in Singapore and Malaysia, (ii) changes in the demand for the Company’s services, (iii) government policies, and (iv) economic conditions in Singapore, Malaysia and worldwide. The Company’s inability to secure needed financing when required may require material changes to the Company’s business plan and could have a material impact on the Company’s financial conditions and result of operations. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 3 – Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of Directors, or to cast a majority of votes at the meeting of Directors. Non-controlling interest represents the portion of the net assets of a subsidiary attributable to interests that are not owned by the Company. The non-controlling interest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest’s operating result is presented on the face of the consolidated statements of income and comprehensive loss as an allocation of the total loss for the year between non-controlling shareholders and the shareholders of the Company. Use of estimates and assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but not limited to, impairment of long-lived assets, deferred taxes and uncertain tax position, and allowance for doubtful accounts and revenue recognition. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. Risks and uncertainties The main operations of the Company are in Singapore. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. The Company believes that it is following existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results. The Company’s business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company’s operations. Foreign currency translation and transaction The accompanying consolidated financial statements are presented in the Singapore Dollars (“SGD” or “S$”), which is the reporting currency of the Company. The functional currency of the Company and its subsidiary in the British Virgin Islands is United States Dollars (“USD” or “US$”), its other subsidiaries which are incorporated in Singapore and Malaysia are SGD and Malaysia ringgit (“RM”), respectively, which are their respective local currencies based on the criteria of ASC 830, “Foreign Currency Matters”. In the consolidated financial statements, the financial information of the Company and other entities located outside of Singapore has been translated into SGD. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: Schedule of currency exchange rates December 31, 2021 December 31, 2022 Year-end spot rate SGD 1.00 3.0968 SGD 1.00 3.2860 Average rate SGD 1.00 3.0817 SGD 1.00 3.1917 Year-end spot rate SGD 1.00 0.7396 SGD 1.00 0.7460 Average rate SGD 1.00 0.7442 SGD 1.00 0.7241 Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows from SGD into USD as of December 31, 2022 are solely for the convenience of the readers and are calculated at the rate of SGD 1.00 0.7460 Cash and cash equivalents Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Company’s operating revenues which were held at third party platform fund accounts which are unrestricted as to immediate use or withdrawal. The Company maintains most of its bank accounts in Singapore and Malaysia. Accounts receivable and allowance for doubtful accounts Accounts receivable include trade accounts due from customers. Accounts are considered overdue after 90 days. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate and provides allowance when necessary. The allowance is based on management’s best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. As of December 31, 2021 and 2022, the Company made S$ 23,210 9,102 6,791 Prepayments Prepayments are mainly payments made to vendors or services providers for future services that have not been provided and prepaid rent. These amounts are refundable and bear no interest. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2021 and 2022, no allowance was deemed necessary. Deferred IPO costs Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, the SEC filing and print related costs. As of December 31, 2022, the Company did not conclude its IPO. As of December 31, 2020, 2021, and 2022, the accumulated deferred IPO cost was Nil Nil 676,321 504,567 Deposits Deposits are mainly for rent, utilities and money deposited with certain vendors. These amounts are refundable and bear no interest. The short-term deposits usually have a one-year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers when terms and conditions set forth in the agreements have been satisfied. Other current assets, net Other current assets, net, primarily consists of other receivables from third parties. These other receivables are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Schedule of estimated useful lives Expected useful lives Leasehold improvements lesser of lease term or expected useful life Office furniture and fittings 3 Office equipment 3 The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. Impairment for long-lived assets Long-lived assets, including property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. We assess the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, we would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2021 and 2022, no impairment of long-lived assets was recognized. Fair value measurement The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follows: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. Revenue recognition Effective January 1, 2020, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after January 1, 2020 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company’s historic accounting under ASC Topic 605. The Company’s accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to January 1, 2020. The effect from the adoption of ASC Topic 606 was not material to the Company’s consolidated financial statements. The five-step model defined by ASC Topic 606 requires the Company to: (1) identify its contracts with customers; (2) identify its performance obligations under those contracts; (3) determine the transaction prices of those contracts; (4) allocate the transaction prices to its performance obligations in those contracts; and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred to the client in an amount that reflects the consideration expected in exchange for those services. The Company enters into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial substance, and it is probable that the Company will collect considerations from its customers for service components. The Company has utilized the allowable practical expedient in the accounting guidance and elected not to capitalize costs related to obtaining contracts with customers with durations of less than one year. We do not have significant remaining performance obligations. The Company derives its revenues from two sources: (1) revenue from brokerage services, and (2) revenue from emerging and other services. 1) Brokerage services The Company earns brokerage services revenue from provision of brokerage and documentation services for buying, selling, and leasing and renting properties. The Company recognizes commission-based brokerage revenue upon closing of a brokerage transaction and concurrently issues invoice. The transaction price is generally calculated by taking the agreed upon commission rate and applying that to the home’s selling price. Brokerage revenue primarily contains a single performance obligation that is satisfied upon the closing of a transaction, at which point the entire transaction price is earned. We are not entitled to any commission until the performance obligation is satisfied and are not owed any commission for unsuccessful transactions, even if services have been provided. The Company is considered to be the principal agent as it has the right to determine the service price and to define the service performance obligations, it has control over services provided and it is fully responsible for fulfilling the agency services pursuant to the housing agency service contracts it signed with the housing customers. Accordingly, the Company accounts for the commissions from these agency service contracts on a gross basis, with any commissions paid to other brokerage firms recorded as a cost of revenue. Typical payment terms set forth in the invoice is within 30 days. 2) Emerging and other services The Company generates revenues from emerging and other services such as financial services and home renovation and furnishing services. Service fees for emerging and other services are generally recognized as revenues when services are provided. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services, customers are required to pay before the services are delivered. The Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the Group’s performance and the customer’s payment. The Company classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Company recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of receiving consideration and if it has the unconditional right to receive consideration. The Company did not have any capitalized contract cost as of December 31, 2021 and 2022. Contract liabilities are recognized if the Company receives consideration in advance of performance, which is mainly in relation to emerging and other services. The Company expects to recognize a significant majority of this balance as revenue over the next 12 months, and the remainder thereafter. As of December 31, 2021 and 2022, the contract liabilities of the Company amounted to S$ 78,340 194,300 144,957 Cost of revenue Cost of revenue consists primarily of personnel costs (including base pay and benefits), commission fee, property listing fee, referral fee and subcontracting cost. Advertising expenditures Advertising expenditures are expensed as incurred and such expenses were minimal for the periods presented. Advertising expenditures have been included as part of selling and marketing expenses. For the years ended December 31, 2020, 2021 and 2022, the advertising expense amounted to S$ 769,904 , S$ 845,793 and S$ 1,037,772 (US$ 774,226 respectively. Technology and development Technology and development expenses primarily include personnel costs (including base pay, bonuses, and benefits), platform development, and maintaining and improving our website and mobile application development costs. We expense research and development costs as incurred and record them in technology and development expenses. Selling and marketing expenses Selling and marketing expenses mainly consist of promotion and marketing expenses, media expenses for online and traditional advertising, as well as labor costs. For the years ended December 31, 2020, 2021 and 2022, the Company’s selling and marketing expenses were S$ 1,183,380 1,717,470 and S$ 1,926,003 (US$ 1,436,887 ), respectively. Employee compensation Singapore (1) Defined contribution plan The Company participates in the national pension schemes as defined by the laws of Singapore’s jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed. (2) Employees leave entitlement Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly within the reporting period. Malaysia The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Government Grant Government grants as compensation for expenses already incurred or for the purpose of giving immediate financial support to the Company during the COVID-19 pandemic. The government evaluates the Company’s eligibility for the grants on a consistent basis, and then makes the payment. Therefore, there are no restrictions on the grants. Government grants are recognized when received and all the conditions for their receipt have been met and are recorded as part of Other Income. The grants received were S$ 565,979 492,404 and S$ 248,067 (US$ 185,069 ) for the years ended December 31, 2020, 2021 and 2022, respectively from the Singapore Government. Segment reporting ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company’s business segments. Management has determined that the Company operates in a single segment because there is only one Chief Operating Decision Maker (“CODM”) for the Company who sits the Company’s Chief Executive Officer. Operating and financial metrics are applied to the entire Company as a whole because there is only one segment. In the event that the Company determines that there is more than one segment, the Company will disclose how it has determined there is more than one segment and disclose the relevant metrics for measurement of performance. Leases The Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs. Income taxes The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the years ended December 31, 2020, 2021 and 2022. The Company had no uncertain tax positions for the years ended December 31, 2020, 2021 and 2022. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. Comprehensive loss Comprehensive loss consists of two components, net loss and other comprehensive loss. Other comprehensive loss refers to revenues, expenses, gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net loss. Other comprehensive loss consists of a foreign currency translation adjustment resulting from the Company not using the United States dollar as its functional currencies. Loss per share The Company computes loss per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2020, 2021 and 2022, there were no dilutive shares. Convertible notes The Company evaluates its convertible notes to determine if those contracts or embedded components of those contracts qualify as derivatives. The result of this accounting treatment is that the fair value of the embedded derivative is recorded at fair value each reporting period and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statements of operations as other income or expense. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. Related party transactions Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation. Commitments and Contingencies In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. Concentration of Risks Concentration of credit risk Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable. The Company places our cash and cash equivalents with financial institutions with high credit ratings and quality. Accounts receivable primarily comprise of amounts receivable from the service customers. The Company conducts credit evaluations of customers, and generally does not require collateral or other security from our customers. The Company establish an allowance for doubtful accounts primarily based upon the factors surrounding the credit risk of specific customers. Concentration of customers None of the customers consisted of more than 10 % of accounts receivable as of December 31, 2021. As of December 31, 2022, two customers, one is a provider of general insurance and another is a property consultancy firm, accounted for 10.0 % and 25.8 None of the customers contributed more than 10 For the year ended December 31, 2022, one major customer, Mr. Loh Kim Kang David, a shareholder and the Chairman of the board of Directors accounted for 42.4 % of the Company’s total revenue. Details will be disclosed in Note 9. Concentration of vendors As of December 31, 2021, one vendor, who is providing construction and development services, accounted for 15.4 22.1 10.4 For the year ended December 31, 2020, one vendor, who is a provider of trustee service for Singapore Real Estate Investment Trusts (“REITs”), accounted for 18.7 For the year ended December 31, 2021, one vendor, who is a reputable global internet company focusing on search engine technology, on-line advertising, and other computing technologies, accounted for 31.2 For the year ended December 31, 2022, three vendors accounted for 17.0 %, 15.4 % and 12.8 % of total purchases. Two vendors are providing construction and development services, and one of them is providing search engines, on-line advertising and other computing services. Recent accounting pronouncements The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. In June 2016, the FASB amended guidance related to the impairment of financial instruments as part of ASU2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which will be effective January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarified that receivables from operating leases are not within the scope of Topic 326 and instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842. On May 15, 2019, the FASB issued ASU 2019-05, which provides transition relief for entities adopting the Board’s credit losses standard, ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of the credit losses guidance in ASC 326-20, (3) are eligible for the fair value option under ASC 825-10, and (4) are not held-to-maturity debt securities. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date of ASU 2016-13. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” ASU 2019-11 is an accounting pronouncement that amends ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU 2019-11 amendment provides clarity and improves the codification to ASU 2016-03. The pronouncement would be effective concurrently with the adoption of ASU 2016-03. The pronouncement is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. In February 2020, the FASB issued ASU No. 2020-02, which provides clarifying guidance and minor updates to ASU No. 2016-13 – Financial Instruments – Credit Loss (Topic 326) (“ASU 2016-13”) and related to ASU No. 2016-02 - Leases (Topic 842). ASU 2020-02 a |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Note 4 - Revenues Effective January 1, 2019, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company’s historic accounting under ASC Topic 605. The Company’s accounting for revenues remains substantially unchanged. There were no cumulative effect adjustments made to the contracts in place prior to January 1, 2019. The effect from the adoption of ASC Topic 606 was not material to the Company’s consolidated financial statements. Revenues are recognized when control of the promised services and deliverables are transferred to the Company’s Customers in an amount that reflects the consideration to which the Company expects to be entitled to and receive in exchange for services and deliverables rendered. The following table presents the Company’s revenues disaggregated by service lines for the years ended December 31, 2020, 2021 and 2022: Schedule of revenue disaggregated by service SGD SGD SGD USD For the years ended December 31, 2020 2021 2022 SGD SGD SGD USD Brokerage services Independent Third Parties 2,875,529 3,475,750 3,069,160 2,289,734 Related Parties 25,950 255,836 2,900 2,164 Total revenues 2,901,479 3,731,586 3,072,060 2,291,898 Emerging and other services Independent Third Parties 437,195 650,097 970,376 723,944 Related Parties - - 2,983,156 2,225,572 Total revenues 437,195 650,097 3,953,532 2,949,516 Total revenues 3,338,674 4,381,683 7,025,592 5,241,414 The Company elected to utilize practical expedients to exclude from this disclosure the remaining performance obligations that have an original expected duration of one year or less. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
Accounts receivable, net | Note 5 – Accounts receivable, net Accounts receivable, net consist of the following: Schedule of accounts receivable net December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Accounts receivable 156,604 252,818 188,614 Less: Allowance for doubtful accounts (23,210 ) (9,102 ) (6,791 ) Total accounts receivable, net 133,394 243,716 181,823 Movements of allowance for doubtful accounts are as follows: Schedule of allowance for doubtful accounts SGD SGD USD December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Allowance for doubtful accounts, beginning balance 3,712 23,210 17,316 Addition 23,210 16,683 12,446 Write-off / recovery (3,712 ) (30,791 ) (22,971 ) Allowance for doubtful accounts, ending balance 23,210 9,102 6,791 As of the end of each of the financial year, the aging analysis of accounts receivable, net of allowance for doubtful accounts, based on the invoice date is as follows: Schedule of accounts receivable net of allowance for doubtful accounts December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Within 30 days 63,640 127,415 95,057 Between 31 and 60 days 23,663 42,445 31,666 Between 61 and 90 days 14,145 59,960 44,733 More than 90 days 31,946 13,896 10,367 Total accounts receivable, net 133,394 243,716 181,823 During the year ended December 31, 2022, the sum of S$ 26,410 had been subsequently collected from the total outstanding balance of S$ 31,946 that had been outstanding for over 90 days as of December 31, 2021. The Company recognized additional allowance for bad debt in the amount of S$ 16,683 12,446 during the year ended December 31, 2022. Management assessed that a portion of the balance was still recoverable given the ongoing business relationship with the client; however, the time of recovery is expected to be greater than one operating period. |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Note 6 – Property and equipment, net Property, plant and equipment, net consist of the following: Schedule of property plant and equipment December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD At cost: Office furniture and fittings 149,929 150,000 111,907 Office Equipment 135,885 151,141 112,758 Leasehold improvements 9,732 9,732 7,261 Total 295,546 310,873 231,926 Accumulated depreciation (245,559 ) (275,511 ) (205,544 ) Property and equipment, net 49,987 35,362 26,382 Depreciation expenses for the years ended December 31, 2020, 2021 and 2022 amounted to S$ 74,780 12,886 29,952 22,345 No |
Bank loans
Bank loans | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Bank loans | Note 7 – Bank loans Outstanding balances of bank loans consist of the following: Schedule of bank loans Bank Name Drawn/ Interest Rate Collateral/Guarantee December 31, 2021 SGD December 31, 2022 SGD December 31, 2022 USD CIMB Bank Berhad, Singapore Branch August 2020 /August 2023 3.00 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company 56,663 23,005 17,163 DBS Bank Ltd. June 2020 /June 2025 3.00 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Anthill, major shareholder of the Company 715,566 518,715 386,985 Maybank Singapore Limited November 2020/November 2025 2.75 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company 317,934 239,982 179,038 Total 1,090,163 781,702 583,186 Bank loans, current portion 299,543 305,965 228,264 Bank loans, non-current portion 790,620 475,737 354,922 Interest expense for the years ended December 31, 2020, 2021 and 2022 amounted to S$ 16,627 36,696 32,127 23,968 The maturities schedule is as follows: Twelve months ending December 31, Schedule of maturities schedule long term debt SGD USD 2023 305,965 228,264 2024 291,360 217,368 2025 184,377 137,554 Total 781,702 583,186 |
Accrued liabilities and other p
Accrued liabilities and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued liabilities and other payables | Note 8 – Accrued liabilities and other payables The components of accrued expenses and other payables are as follows: Schedule of accrued expenses and other payables December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Accrued payroll and welfare 68,087 73,110 54,543 Accrued expenses* 66,606 13,400 9,997 Other tax payable** 67,347 25,101 18,726 Other payable*** 82,605 142,685 106,450 Total accrued liabilities and other payables 284,645 254,296 189,716 * Accrued expenses mainly consist of accrual of professional service fees and cost incurred yet to bill. ** Mainly refers to Goods and Services Tax (“GST”) payable. Sales revenue and purchase expense represent the invoiced value of goods, net of GST. The sales of the Company’s products and services are subject to a GST on the gross sales price. The Company is subject to GST at the prevailing rate in Singapore (currently 7%) and is exempted Sales and Service Tax from Malaysia. The GST will be offset by GST paid by the Company on purchase of renovation materials and other products, or services included in the cost of providing services and other expenses. *** Other payable mainly consists of payable for other services and utilities expenses. |
Related party balances and tran
Related party balances and transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related party balances and transactions | Note 9 – Related party balances and transactions Nature of relationships with related parties Related parties Relationship Ms. Rhonda Wong Shareholder, Director, Chief Executive Officer Vienna Management Ltd Shareholder, wholly-owned by the Chairman of the board of Directors Termbasu Holding Pte Ltd Owned by the Chairman of the board of Directors Mr. Loh Kim Kang David (“Mr. Loh”) Shareholder, the Chairman of the board of Directors Related party balances Schedule of related party balances Transaction nature Name 2021 2022 2022 SGD SGD USD Amount due to Vienna Management Ltd - 2,290,044 ii 1,708,478 Amount due from Vienna Management Ltd 870,728 i - - Contract liability Mr. Loh - 103,908 iii 77,520 i The Company had an unsecured, interest-free loan to Vienna Management Ltd amounting to S$ 870,728 in December 2021. As of December 31, 2021 and 2022, the loan balance due from Vienna Management Ltd amounted to S$ 870,728 and nil respectively. The amounts were wholly settled in cash in February 2022. ii On May 1, 2019 and December 1, 2022 the Company entered into two separated interest-free loan facility agreements with Vienna Management Ltd, one of the Company’s major shareholders. Both revolving loan facility agreements offered up to S$ 2.0 million each for general working capital and general corporate purposes. The amount of S$ 2,290,044 (US$ 1,708,478 ) on December 31, 2022 had been fully settled in March 2023. iii On February 25, 2022, the Company entered into a services agreement with subsequent various orders with Mr. Loh., with a term from February 25, 2022, to complete a renovation project in total consideration S$ 3,618,250 2,699,381 3,085,865 2,302,197 103,908 77,520 2,981,957 2,224,676 Related party transactions Schedule of related party transactions Transaction nature Name 2020 2021 2022 2022 SGD SGD SGD USD Brokerage services provided to Ms. Rhonda Wong 950 1,050 (1) 2,900 (1) 2,164 Brokerage services provided to Termbasu Holding Pte Ltd 25,000 254,786 (2) - - Emerging and other services to Mr. Loh - - 2,981,957 (3) 2,224,676 Emerging and other services to Ms. Rhonda Wong - - 1,199 (4) 896 All transactions’ price through an arms’ length arrangement. (1) Ms. Rhonda Wong engaged the Company to look for tenant for a property in September 2021 and March 2022. The respective project was completed during year ended December 31, 2021 and 2022, and Ms. Rhonda Wong paid half month of rental as commission to the Company, being S$ 1,050 2,900 2,164 (2) Termbasu Holding Pte Ltd entered seven (7) service agreements with the Company to sale seven (7) private properties in January 2022. The commission was 2 (3) Details have been disclosed above. (4) Ms. Rhonda Wong engaged the Company to move and clean her house in April 2022. The project was completed during year ended December 31, 2022, and Ms. Rhonda Wong paid a service fee of S$ 1,199 896 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 10 – Income taxes Caymans and BVIs The Company and its subsidiary are domiciled in the Cayman Islands and the British Virgin Islands, respectively. Both localities currently enjoy permanent income tax holidays; accordingly, the Company and Ohmyhome BVI do not accrue income taxes. Singapore Ohmyhome (S), Ohmyhome Renovation Pte Ltd, Ohmyhome Insurance Pte Ltd, Cora Pro Pte Ltd and Ganze Pte. Ltd. are incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17 75 10,000 50 190,000 Net operating loss will be carried forward indefinitely under Singapore profits tax regulation. As of December 31, 2021 and 2022, the Company did not generate net taxable income to utilize net operating loss, which will carry forwards to offset future taxable income. Malaysia Ohmyhome Sdn Bhd and Ohmyhome Realtors Sdn Bhd are subject to Malaysia Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24 2.5 50 17 600,000 24 600,000 The operations in Malaysia incurred cumulative net operating losses which can be carried forward for a maximum period of seven consecutive years to offset future taxable income. The components of loss before income taxes were comprised of the following: Schedule of income taxes December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD SGD USD Tax jurisdiction from: Singapore (1,842,305 ) (1,764,537 ) (2,959,534 ) (2,207,951 ) Malaysia (255,454 ) (128,738 ) (114,507 ) (85,427 ) Loss before income taxes provision (2,097,759 ) (1,893,275 ) (3,074,041 ) (2,293,378 ) The provision for income taxes consisted of the following: Schedule of provision for income taxes December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Deferred tax assets: Singapore 255,364 503,121 375,352 Malaysia 21,885 19,466 14,523 Less: valuation allowance Singapore (255,364 ) (503,121 ) (375,352 ) Malaysia (21,885 ) (19,466 ) (14,523 ) Deferred tax assets - - - Uncertain tax positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2021 and 2022, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2021 and 2022 and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2022. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Note 11 – Equity Ordinary shares For the sake of undertaking a public offering of the Company’s ordinary shares, the Company has performed a series of re-organizing transactions resulting in 16,250,000 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | Note 12 – Commitment and Contingencies Lease commitments 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 property lease agreements with lease terms ranging for one year and two 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 with one year. For the years ended December 31, 2020, 2021 and 2022, there were no The Company’s commitment for minimum lease payments under the operating lease that is within twelve months as of December 31, 2022 as follow: Schedule of Commitment for Minimum Lease Payments Twelve months ending December 31, Minimum lease 2023 330,335 2024 337,123 2025 113,119 2026-2027 - Total future lease payment 780,577 Amount representing interest (16,751 ) Present value of operating lease liabilities 763,826 Less: current portion (319,255 ) Long-term portion 444,571 The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2022: Schedule of Other Supplemental Information Weighted average discount rate 2.84 % Weighted average remaining lease term (years) 2.0 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 13 – Subsequent events The Company has assessed all events from December 31, 2022, up through April 27, 2023, which is the date that these consolidated financial statements are available to be issued, unless as disclosed below, there are not any material subsequent events that require disclosure in these consolidated financial statements other than events detailed below. On March 23, 2023, the Company completed its initial public offering. In this offering, the Company issued 2,800,000 4.00 11.2 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of Directors, or to cast a majority of votes at the meeting of Directors. Non-controlling interest represents the portion of the net assets of a subsidiary attributable to interests that are not owned by the Company. The non-controlling interest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest’s operating result is presented on the face of the consolidated statements of income and comprehensive loss as an allocation of the total loss for the year between non-controlling shareholders and the shareholders of the Company. |
Use of estimates and assumptions | Use of estimates and assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but not limited to, impairment of long-lived assets, deferred taxes and uncertain tax position, and allowance for doubtful accounts and revenue recognition. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. |
Risks and uncertainties | Risks and uncertainties The main operations of the Company are in Singapore. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. The Company believes that it is following existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results. The Company’s business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company’s operations. |
Foreign currency translation and transaction | Foreign currency translation and transaction The accompanying consolidated financial statements are presented in the Singapore Dollars (“SGD” or “S$”), which is the reporting currency of the Company. The functional currency of the Company and its subsidiary in the British Virgin Islands is United States Dollars (“USD” or “US$”), its other subsidiaries which are incorporated in Singapore and Malaysia are SGD and Malaysia ringgit (“RM”), respectively, which are their respective local currencies based on the criteria of ASC 830, “Foreign Currency Matters”. In the consolidated financial statements, the financial information of the Company and other entities located outside of Singapore has been translated into SGD. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: Schedule of currency exchange rates December 31, 2021 December 31, 2022 Year-end spot rate SGD 1.00 3.0968 SGD 1.00 3.2860 Average rate SGD 1.00 3.0817 SGD 1.00 3.1917 Year-end spot rate SGD 1.00 0.7396 SGD 1.00 0.7460 Average rate SGD 1.00 0.7442 SGD 1.00 0.7241 |
Convenience translation | Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows from SGD into USD as of December 31, 2022 are solely for the convenience of the readers and are calculated at the rate of SGD 1.00 0.7460 |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Company’s operating revenues which were held at third party platform fund accounts which are unrestricted as to immediate use or withdrawal. The Company maintains most of its bank accounts in Singapore and Malaysia. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable include trade accounts due from customers. Accounts are considered overdue after 90 days. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate and provides allowance when necessary. The allowance is based on management’s best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. As of December 31, 2021 and 2022, the Company made S$ 23,210 9,102 6,791 |
Prepayments | Prepayments Prepayments are mainly payments made to vendors or services providers for future services that have not been provided and prepaid rent. These amounts are refundable and bear no interest. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2021 and 2022, no allowance was deemed necessary. |
Deferred IPO costs | Deferred IPO costs Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, the SEC filing and print related costs. As of December 31, 2022, the Company did not conclude its IPO. As of December 31, 2020, 2021, and 2022, the accumulated deferred IPO cost was Nil Nil 676,321 504,567 |
Deposits | Deposits Deposits are mainly for rent, utilities and money deposited with certain vendors. These amounts are refundable and bear no interest. The short-term deposits usually have a one-year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers when terms and conditions set forth in the agreements have been satisfied. |
Other current assets, net | Other current assets, net Other current assets, net, primarily consists of other receivables from third parties. These other receivables are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Schedule of estimated useful lives Expected useful lives Leasehold improvements lesser of lease term or expected useful life Office furniture and fittings 3 Office equipment 3 The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. |
Impairment for long-lived assets | Impairment for long-lived assets Long-lived assets, including property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. We assess the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, we would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2021 and 2022, no impairment of long-lived assets was recognized. |
Fair value measurement | Fair value measurement The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follows: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. |
Revenue recognition | Revenue recognition Effective January 1, 2020, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after January 1, 2020 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company’s historic accounting under ASC Topic 605. The Company’s accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to January 1, 2020. The effect from the adoption of ASC Topic 606 was not material to the Company’s consolidated financial statements. The five-step model defined by ASC Topic 606 requires the Company to: (1) identify its contracts with customers; (2) identify its performance obligations under those contracts; (3) determine the transaction prices of those contracts; (4) allocate the transaction prices to its performance obligations in those contracts; and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred to the client in an amount that reflects the consideration expected in exchange for those services. The Company enters into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial substance, and it is probable that the Company will collect considerations from its customers for service components. The Company has utilized the allowable practical expedient in the accounting guidance and elected not to capitalize costs related to obtaining contracts with customers with durations of less than one year. We do not have significant remaining performance obligations. The Company derives its revenues from two sources: (1) revenue from brokerage services, and (2) revenue from emerging and other services. 1) Brokerage services The Company earns brokerage services revenue from provision of brokerage and documentation services for buying, selling, and leasing and renting properties. The Company recognizes commission-based brokerage revenue upon closing of a brokerage transaction and concurrently issues invoice. The transaction price is generally calculated by taking the agreed upon commission rate and applying that to the home’s selling price. Brokerage revenue primarily contains a single performance obligation that is satisfied upon the closing of a transaction, at which point the entire transaction price is earned. We are not entitled to any commission until the performance obligation is satisfied and are not owed any commission for unsuccessful transactions, even if services have been provided. The Company is considered to be the principal agent as it has the right to determine the service price and to define the service performance obligations, it has control over services provided and it is fully responsible for fulfilling the agency services pursuant to the housing agency service contracts it signed with the housing customers. Accordingly, the Company accounts for the commissions from these agency service contracts on a gross basis, with any commissions paid to other brokerage firms recorded as a cost of revenue. Typical payment terms set forth in the invoice is within 30 days. 2) Emerging and other services The Company generates revenues from emerging and other services such as financial services and home renovation and furnishing services. Service fees for emerging and other services are generally recognized as revenues when services are provided. |
Contract Balances | Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services, customers are required to pay before the services are delivered. The Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the Group’s performance and the customer’s payment. The Company classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Company recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of receiving consideration and if it has the unconditional right to receive consideration. The Company did not have any capitalized contract cost as of December 31, 2021 and 2022. Contract liabilities are recognized if the Company receives consideration in advance of performance, which is mainly in relation to emerging and other services. The Company expects to recognize a significant majority of this balance as revenue over the next 12 months, and the remainder thereafter. As of December 31, 2021 and 2022, the contract liabilities of the Company amounted to S$ 78,340 194,300 144,957 |
Cost of revenue | Cost of revenue Cost of revenue consists primarily of personnel costs (including base pay and benefits), commission fee, property listing fee, referral fee and subcontracting cost. |
Advertising expenditures | Advertising expenditures Advertising expenditures are expensed as incurred and such expenses were minimal for the periods presented. Advertising expenditures have been included as part of selling and marketing expenses. For the years ended December 31, 2020, 2021 and 2022, the advertising expense amounted to S$ 769,904 , S$ 845,793 and S$ 1,037,772 (US$ 774,226 respectively. |
Technology and development | Technology and development Technology and development expenses primarily include personnel costs (including base pay, bonuses, and benefits), platform development, and maintaining and improving our website and mobile application development costs. We expense research and development costs as incurred and record them in technology and development expenses. |
Selling and marketing expenses | Selling and marketing expenses Selling and marketing expenses mainly consist of promotion and marketing expenses, media expenses for online and traditional advertising, as well as labor costs. For the years ended December 31, 2020, 2021 and 2022, the Company’s selling and marketing expenses were S$ 1,183,380 1,717,470 and S$ 1,926,003 (US$ 1,436,887 ), respectively. |
Employee compensation | Employee compensation Singapore (1) Defined contribution plan The Company participates in the national pension schemes as defined by the laws of Singapore’s jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed. (2) Employees leave entitlement Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly within the reporting period. Malaysia The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. |
Government Grant | Government Grant Government grants as compensation for expenses already incurred or for the purpose of giving immediate financial support to the Company during the COVID-19 pandemic. The government evaluates the Company’s eligibility for the grants on a consistent basis, and then makes the payment. Therefore, there are no restrictions on the grants. Government grants are recognized when received and all the conditions for their receipt have been met and are recorded as part of Other Income. The grants received were S$ 565,979 492,404 and S$ 248,067 (US$ 185,069 ) for the years ended December 31, 2020, 2021 and 2022, respectively from the Singapore Government. |
Segment reporting | Segment reporting ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company’s business segments. Management has determined that the Company operates in a single segment because there is only one Chief Operating Decision Maker (“CODM”) for the Company who sits the Company’s Chief Executive Officer. Operating and financial metrics are applied to the entire Company as a whole because there is only one segment. In the event that the Company determines that there is more than one segment, the Company will disclose how it has determined there is more than one segment and disclose the relevant metrics for measurement of performance. |
Leases | Leases The Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs. |
Income taxes | Income taxes The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the years ended December 31, 2020, 2021 and 2022. The Company had no uncertain tax positions for the years ended December 31, 2020, 2021 and 2022. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. |
Comprehensive loss | Comprehensive loss Comprehensive loss consists of two components, net loss and other comprehensive loss. Other comprehensive loss refers to revenues, expenses, gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net loss. Other comprehensive loss consists of a foreign currency translation adjustment resulting from the Company not using the United States dollar as its functional currencies. |
Loss per share | Loss per share The Company computes loss per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2020, 2021 and 2022, there were no dilutive shares. |
Convertible notes | Convertible notes The Company evaluates its convertible notes to determine if those contracts or embedded components of those contracts qualify as derivatives. The result of this accounting treatment is that the fair value of the embedded derivative is recorded at fair value each reporting period and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statements of operations as other income or expense. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. |
Related party transactions | Related party transactions Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation. |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. |
Concentration of Risks | Concentration of Risks Concentration of credit risk Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable. The Company places our cash and cash equivalents with financial institutions with high credit ratings and quality. Accounts receivable primarily comprise of amounts receivable from the service customers. The Company conducts credit evaluations of customers, and generally does not require collateral or other security from our customers. The Company establish an allowance for doubtful accounts primarily based upon the factors surrounding the credit risk of specific customers. Concentration of customers None of the customers consisted of more than 10 % of accounts receivable as of December 31, 2021. As of December 31, 2022, two customers, one is a provider of general insurance and another is a property consultancy firm, accounted for 10.0 % and 25.8 None of the customers contributed more than 10 For the year ended December 31, 2022, one major customer, Mr. Loh Kim Kang David, a shareholder and the Chairman of the board of Directors accounted for 42.4 % of the Company’s total revenue. Details will be disclosed in Note 9. Concentration of vendors As of December 31, 2021, one vendor, who is providing construction and development services, accounted for 15.4 22.1 10.4 For the year ended December 31, 2020, one vendor, who is a provider of trustee service for Singapore Real Estate Investment Trusts (“REITs”), accounted for 18.7 For the year ended December 31, 2021, one vendor, who is a reputable global internet company focusing on search engine technology, on-line advertising, and other computing technologies, accounted for 31.2 For the year ended December 31, 2022, three vendors accounted for 17.0 %, 15.4 % and 12.8 % of total purchases. Two vendors are providing construction and development services, and one of them is providing search engines, on-line advertising and other computing services. |
Recent accounting pronouncements | Recent accounting pronouncements The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. In June 2016, the FASB amended guidance related to the impairment of financial instruments as part of ASU2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which will be effective January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarified that receivables from operating leases are not within the scope of Topic 326 and instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842. On May 15, 2019, the FASB issued ASU 2019-05, which provides transition relief for entities adopting the Board’s credit losses standard, ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of the credit losses guidance in ASC 326-20, (3) are eligible for the fair value option under ASC 825-10, and (4) are not held-to-maturity debt securities. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date of ASU 2016-13. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” ASU 2019-11 is an accounting pronouncement that amends ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU 2019-11 amendment provides clarity and improves the codification to ASU 2016-03. The pronouncement would be effective concurrently with the adoption of ASU 2016-03. The pronouncement is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. In February 2020, the FASB issued ASU No. 2020-02, which provides clarifying guidance and minor updates to ASU No. 2016-13 – Financial Instruments – Credit Loss (Topic 326) (“ASU 2016-13”) and related to ASU No. 2016-02 - Leases (Topic 842). ASU 2020-02 amends the effective date of ASU 2016-13, such that ASU 2016-13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures. On December 18, 2019, the FASB issued ASU No. 2019-12, Income taxes (Topic 740), Simplifying the Accounting for Income Taxes. This guidance amends ASC Topic 740 and addresses several aspects including 1) evaluation of step-up tax basis of goodwill when there is not a business combination, 2) policy election to not allocate consolidated taxes on a separate entity basis to entities not subject to income tax, 3) accounting for tax law changes or rates during interim periods, 4) ownership changes from equity method investment to subsidiary or vice versa, 5) elimination of exception to intrapetrous allocation when there is gain in discontinued operations and a loss from continuing operations, and 6) treatment of franchise taxes that are partially based on income. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In October 2020, the FASB issued ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs”. The amendments in this Update represent changes to clarify the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. ASU 2020-08 is effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. All entities should apply the amendments in this Update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. These amendments do not change the effective dates for Update 2017-08. The Company is currently evaluating the impact of this new standard on the Company’s consolidated financial statements and related disclosures. In October 2020, the FASB issued ASU 2020-10, “Codification Improvements”. The amendments in this Update represent changes to clarify the Codification or correct unintended application of guidance that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments in this Update affect a wide variety of Topics in the Codification and apply to all reporting entities within the scope of the affected accounting guidance. ASU 2020-10 is effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022.The amendments in this Update should be applied retrospectively. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, consolidated statements of income and consolidated statements of cash flows. |
Nature of business and organi_2
Nature of business and organization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of subsidiaries | Schedule of subsidiaries Name Background Ownership % Principal of activity Ohmyhome (BVI) Limited ● A BVI company ● Incorporated on July 27, 2022 100% Investment holding Ohmyhome (S) ● A Singapore company ● Incorporated on June 12, 2015 100% Principally engaged in the provision of a one-stop-shop property platform for its customers Ohmyhome Renovation Pte. Ltd. ● A Singapore company ● Incorporated on March 5, 2020 100% Principally engaged in design and build, project management for interior decoration projects for residential and commercial units Ohmyhome Insurance Pte. Ltd. ● A Singapore company ● Incorporated on March 5, 2020 100% Dormant Cora.Pro Pte. Ltd. ● A Singapore company ● Incorporated on May 31, 2020 100% Principally engaged in distributing technology platform product for property management firms and developers to facilitate communication, facility booking, fee and tax payments Ganze Pte. Ltd. ● A Singapore company ● Incorporated on December 7, 2021 100% Principally engaged in interior decoration projects of high-end residential and commercial units Ohmyhome Sdn. Bhd. (“Ohmyhome (M)”) ● A Malaysia company ● Incorporated on January 17, 2019 49% Principally engaged in the provision of a one-stop-shop property platform for its customers in Malaysia Ohmyhome Realtors Sdn. Bhd. ● A Malaysia company ● Incorporated on January 17, 2019 49% Principally engaged in the provision of brokerage service for its customers * Where less than 50% of the equity of an investee is held, the Company (through its subsidiaries) holds significantly more voting rights than any other vote holder or organized company of vote holders. An assessment has been made, taking into account all the factors relevant to the relationship with the investee, to ascertain control has been established and the investee should be consolidated as a subsidiary of the Company. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of currency exchange rates | The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: Schedule of currency exchange rates December 31, 2021 December 31, 2022 Year-end spot rate SGD 1.00 3.0968 SGD 1.00 3.2860 Average rate SGD 1.00 3.0817 SGD 1.00 3.1917 Year-end spot rate SGD 1.00 0.7396 SGD 1.00 0.7460 Average rate SGD 1.00 0.7442 SGD 1.00 0.7241 |
Schedule of estimated useful lives | Schedule of estimated useful lives Expected useful lives Leasehold improvements lesser of lease term or expected useful life Office furniture and fittings 3 Office equipment 3 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenue disaggregated by service | The following table presents the Company’s revenues disaggregated by service lines for the years ended December 31, 2020, 2021 and 2022: Schedule of revenue disaggregated by service SGD SGD SGD USD For the years ended December 31, 2020 2021 2022 SGD SGD SGD USD Brokerage services Independent Third Parties 2,875,529 3,475,750 3,069,160 2,289,734 Related Parties 25,950 255,836 2,900 2,164 Total revenues 2,901,479 3,731,586 3,072,060 2,291,898 Emerging and other services Independent Third Parties 437,195 650,097 970,376 723,944 Related Parties - - 2,983,156 2,225,572 Total revenues 437,195 650,097 3,953,532 2,949,516 Total revenues 3,338,674 4,381,683 7,025,592 5,241,414 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
Schedule of accounts receivable net | Accounts receivable, net consist of the following: Schedule of accounts receivable net December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Accounts receivable 156,604 252,818 188,614 Less: Allowance for doubtful accounts (23,210 ) (9,102 ) (6,791 ) Total accounts receivable, net 133,394 243,716 181,823 |
Schedule of allowance for doubtful accounts | Movements of allowance for doubtful accounts are as follows: Schedule of allowance for doubtful accounts SGD SGD USD December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Allowance for doubtful accounts, beginning balance 3,712 23,210 17,316 Addition 23,210 16,683 12,446 Write-off / recovery (3,712 ) (30,791 ) (22,971 ) Allowance for doubtful accounts, ending balance 23,210 9,102 6,791 |
Schedule of accounts receivable net of allowance for doubtful accounts | As of the end of each of the financial year, the aging analysis of accounts receivable, net of allowance for doubtful accounts, based on the invoice date is as follows: Schedule of accounts receivable net of allowance for doubtful accounts December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Within 30 days 63,640 127,415 95,057 Between 31 and 60 days 23,663 42,445 31,666 Between 61 and 90 days 14,145 59,960 44,733 More than 90 days 31,946 13,896 10,367 Total accounts receivable, net 133,394 243,716 181,823 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property plant and equipment | Property, plant and equipment, net consist of the following: Schedule of property plant and equipment December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD At cost: Office furniture and fittings 149,929 150,000 111,907 Office Equipment 135,885 151,141 112,758 Leasehold improvements 9,732 9,732 7,261 Total 295,546 310,873 231,926 Accumulated depreciation (245,559 ) (275,511 ) (205,544 ) Property and equipment, net 49,987 35,362 26,382 |
Bank loans (Tables)
Bank loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of bank loans | Outstanding balances of bank loans consist of the following: Schedule of bank loans Bank Name Drawn/ Interest Rate Collateral/Guarantee December 31, 2021 SGD December 31, 2022 SGD December 31, 2022 USD CIMB Bank Berhad, Singapore Branch August 2020 /August 2023 3.00 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company 56,663 23,005 17,163 DBS Bank Ltd. June 2020 /June 2025 3.00 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Anthill, major shareholder of the Company 715,566 518,715 386,985 Maybank Singapore Limited November 2020/November 2025 2.75 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company 317,934 239,982 179,038 Total 1,090,163 781,702 583,186 Bank loans, current portion 299,543 305,965 228,264 Bank loans, non-current portion 790,620 475,737 354,922 |
Schedule of maturities schedule long term debt | Twelve months ending December 31, Schedule of maturities schedule long term debt SGD USD 2023 305,965 228,264 2024 291,360 217,368 2025 184,377 137,554 Total 781,702 583,186 |
Accrued liabilities and other_2
Accrued liabilities and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other payables | The components of accrued expenses and other payables are as follows: Schedule of accrued expenses and other payables December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Accrued payroll and welfare 68,087 73,110 54,543 Accrued expenses* 66,606 13,400 9,997 Other tax payable** 67,347 25,101 18,726 Other payable*** 82,605 142,685 106,450 Total accrued liabilities and other payables 284,645 254,296 189,716 * Accrued expenses mainly consist of accrual of professional service fees and cost incurred yet to bill. ** Mainly refers to Goods and Services Tax (“GST”) payable. Sales revenue and purchase expense represent the invoiced value of goods, net of GST. The sales of the Company’s products and services are subject to a GST on the gross sales price. The Company is subject to GST at the prevailing rate in Singapore (currently 7%) and is exempted Sales and Service Tax from Malaysia. The GST will be offset by GST paid by the Company on purchase of renovation materials and other products, or services included in the cost of providing services and other expenses. *** Other payable mainly consists of payable for other services and utilities expenses. |
Related party balances and tr_2
Related party balances and transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of related party balances | Related party balances Schedule of related party balances Transaction nature Name 2021 2022 2022 SGD SGD USD Amount due to Vienna Management Ltd - 2,290,044 ii 1,708,478 Amount due from Vienna Management Ltd 870,728 i - - Contract liability Mr. Loh - 103,908 iii 77,520 i The Company had an unsecured, interest-free loan to Vienna Management Ltd amounting to S$ 870,728 in December 2021. As of December 31, 2021 and 2022, the loan balance due from Vienna Management Ltd amounted to S$ 870,728 and nil respectively. The amounts were wholly settled in cash in February 2022. ii On May 1, 2019 and December 1, 2022 the Company entered into two separated interest-free loan facility agreements with Vienna Management Ltd, one of the Company’s major shareholders. Both revolving loan facility agreements offered up to S$ 2.0 million each for general working capital and general corporate purposes. The amount of S$ 2,290,044 (US$ 1,708,478 ) on December 31, 2022 had been fully settled in March 2023. iii On February 25, 2022, the Company entered into a services agreement with subsequent various orders with Mr. Loh., with a term from February 25, 2022, to complete a renovation project in total consideration S$ 3,618,250 2,699,381 3,085,865 2,302,197 103,908 77,520 2,981,957 2,224,676 |
Schedule of related party transactions | Related party transactions Schedule of related party transactions Transaction nature Name 2020 2021 2022 2022 SGD SGD SGD USD Brokerage services provided to Ms. Rhonda Wong 950 1,050 (1) 2,900 (1) 2,164 Brokerage services provided to Termbasu Holding Pte Ltd 25,000 254,786 (2) - - Emerging and other services to Mr. Loh - - 2,981,957 (3) 2,224,676 Emerging and other services to Ms. Rhonda Wong - - 1,199 (4) 896 All transactions’ price through an arms’ length arrangement. (1) Ms. Rhonda Wong engaged the Company to look for tenant for a property in September 2021 and March 2022. The respective project was completed during year ended December 31, 2021 and 2022, and Ms. Rhonda Wong paid half month of rental as commission to the Company, being S$ 1,050 2,900 2,164 (2) Termbasu Holding Pte Ltd entered seven (7) service agreements with the Company to sale seven (7) private properties in January 2022. The commission was 2 (3) Details have been disclosed above. (4) Ms. Rhonda Wong engaged the Company to move and clean her house in April 2022. The project was completed during year ended December 31, 2022, and Ms. Rhonda Wong paid a service fee of S$ 1,199 896 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of income taxes | The components of loss before income taxes were comprised of the following: Schedule of income taxes December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD SGD USD Tax jurisdiction from: Singapore (1,842,305 ) (1,764,537 ) (2,959,534 ) (2,207,951 ) Malaysia (255,454 ) (128,738 ) (114,507 ) (85,427 ) Loss before income taxes provision (2,097,759 ) (1,893,275 ) (3,074,041 ) (2,293,378 ) |
Schedule of provision for income taxes | The provision for income taxes consisted of the following: Schedule of provision for income taxes December 31, 2021 December 31, 2022 December 31, 2022 SGD SGD USD Deferred tax assets: Singapore 255,364 503,121 375,352 Malaysia 21,885 19,466 14,523 Less: valuation allowance Singapore (255,364 ) (503,121 ) (375,352 ) Malaysia (21,885 ) (19,466 ) (14,523 ) Deferred tax assets - - - |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitment for Minimum Lease Payments | The Company’s commitment for minimum lease payments under the operating lease that is within twelve months as of December 31, 2022 as follow: Schedule of Commitment for Minimum Lease Payments Twelve months ending December 31, Minimum lease 2023 330,335 2024 337,123 2025 113,119 2026-2027 - Total future lease payment 780,577 Amount representing interest (16,751 ) Present value of operating lease liabilities 763,826 Less: current portion (319,255 ) Long-term portion 444,571 |
Schedule of Other Supplemental Information | The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2022: Schedule of Other Supplemental Information Weighted average discount rate 2.84 % Weighted average remaining lease term (years) 2.0 |
Schedule of subsidiaries (Detai
Schedule of subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2022 | ||
Ohm Y Home BVI Limited [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |
Noncontrolling Interest, Description | Investment holding | |
Ohmy Home S [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |
Noncontrolling Interest, Description | Principally engaged in the provision of a one-stop-shop property platform for its customers | |
OhmyHome Renovation Pte Ltd [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |
Noncontrolling Interest, Description | Principally engaged in design and build, project management for interior decoration projects for residential and commercial units | |
OhmyHome Insurance Pte Ltd [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |
Noncontrolling Interest, Description | Dormant | |
Cora Pro Pte Ltd [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |
Noncontrolling Interest, Description | Principally engaged in distributing technology platform product for property management firms and developers to facilitate communication, facility booking, fee and tax payments | |
Ganze Pte Ltd [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |
Noncontrolling Interest, Description | Principally engaged in interior decoration projects of high-end residential and commercial units | |
OhMyHome Sdu Bhd OhMyHome M [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 49% | |
Noncontrolling Interest, Description | Principally engaged in the provision of a one-stop-shop property platform for its customers in Malaysia | |
OhMy Realtors Sdn Bhd [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 49% | [1] |
Noncontrolling Interest, Description | Principally engaged in the provision of brokerage service for its customers | |
[1]Where less than 50% of the equity of an investee is held, the Company (through its subsidiaries) holds significantly more voting rights than any other vote holder or organized company of vote holders. An assessment has been made, taking into account all the factors relevant to the relationship with the investee, to ascertain control has been established and the investee should be consolidated as a subsidiary of the Company. |
Nature of business and organi_3
Nature of business and organization (Details Narrative) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 29, 2023 | |
Anthill [Member] | ||
Beneficial ownership interest percentage | 57.79% | |
Anthill [Member] | Ohm Y Home BVI Limited [Member] | ||
Beneficial ownership interest percentage | 57.79% | |
Other Existing Shareholders [Member] | ||
Beneficial ownership interest percentage | 42.21% | |
Other Existing Shareholders [Member] | Ohm Y Home BVI Limited [Member] | ||
Beneficial ownership interest percentage | 42.21% |
Liquidity (Details Narrative)
Liquidity (Details Narrative) | 12 Months Ended | |||||
Mar. 23, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | Dec. 31, 2022 SGD ($) | |
Subsequent Event [Line Items] | ||||||
Net Cash Provided by (Used in) Operating Activities | $ 2,317,455 | $ 3,106,317 | $ 1,812,064 | $ 1,598,827 | ||
Working capital | 2,109,858 | $ 2,828,054 | ||||
Cash and Cash Equivalents, at Carrying Value | $ 224,883 | 1,220,931 | $ 301,433 | |||
Gross proceeds from shares issued | $ 4,710,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of ordinary shares issued | shares | 2,800,000 | |||||
Share price | $ / shares | $ 4 | |||||
Gross proceeds from shares issued | $ 11,200,000 |
Schedule of currency exchange r
Schedule of currency exchange rates (Details) | 12 Months Ended | |||||
Dec. 31, 2022 $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 RM / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 RM / shares | |
Accounting Policies [Abstract] | ||||||
Year-end spot rate | (per share) | $ 0.7460 | $ 1 | RM 3.2860 | $ 0.7396 | $ 1 | RM 3.0968 |
Average rate | (per share) | $ 0.7241 | $ 1 | RM 3.1917 | $ 0.7442 | $ 1 | RM 3.0817 |
Schedule of estimated useful li
Schedule of estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | lesser of lease term or expected useful life |
Office Furniture And Fittings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Summary of significant accoun_4
Summary of significant accounting policies (Details Narrative) | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 SGD ($) $ / shares | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 SGD ($) | |
Product Information [Line Items] | |||||||||
Convenience translation rate | (per share) | $ 0.7460 | $ 1 | |||||||
Allowance for doubtful accounts for accounts receivable | $ 6,791 | $ 9,102 | $ 23,210 | ||||||
Legal fees | 504,567 | 676,321 | |||||||
Contract liabilities | 144,957 | 194,300 | 78,340 | ||||||
Advertising expense | 774,226 | $ 1,037,772 | $ 845,793 | $ 769,904 | |||||
Selling and marketing expenses | 1,436,887 | $ 1,926,003 | $ 1,717,470 | $ 1,183,380 | |||||
Government contract receivable | $ 185,069 | $ 248,067 | $ 492,404 | $ 565,979 | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | No Customers [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 10% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 10% | 10% | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customer [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 25.80% | 25.80% | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | No Customers [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 10% | 10% | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 42.40% | 42.40% | |||||||
Supplier Concentration Risk [Member] | Revenue Benchmark [Member] | Two Vendor [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 15.40% | 15.40% | |||||||
Supplier Concentration Risk [Member] | Account Payable [Member] | Vendors [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 15.40% | ||||||||
Supplier Concentration Risk [Member] | Account Payable [Member] | One Vendors [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 22.10% | 22.10% | |||||||
Supplier Concentration Risk [Member] | Account Payable [Member] | Two Vendors [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 10.40% | 10.40% | |||||||
Supplier Concentration Risk [Member] | Purchases [Member] | One Vendors [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 31.20% | 18.70% | |||||||
Supplier Concentration Risk [Member] | Purchases [Member] | One Vendor [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 17% | 17% | |||||||
Supplier Concentration Risk [Member] | Purchases [Member] | Three Vendor [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 12.80% | 12.80% |
Schedule of revenue disaggregat
Schedule of revenue disaggregated by service (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 5,241,414 | $ 7,025,592 | $ 4,381,683 | $ 3,338,674 |
Brokerage Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,291,898 | 3,072,060 | 3,731,586 | 2,901,479 |
Brokerage Services [Member] | Independent Third Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,289,734 | 3,069,160 | 3,475,750 | 2,875,529 |
Brokerage Services [Member] | Related Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,164 | 2,900 | 255,836 | 25,950 |
Emerging and Other Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,949,516 | 3,953,532 | 650,097 | 437,195 |
Emerging and Other Services [Member] | Independent Third Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 723,944 | 970,376 | 650,097 | 437,195 |
Emerging and Other Services [Member] | Related Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 2,225,572 | $ 2,983,156 |
Schedule of accounts receivable
Schedule of accounts receivable net (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Credit Loss [Abstract] | |||
Accounts receivable | $ 188,614 | $ 252,818 | $ 156,604 |
Allowance for doubtful accounts | (6,791) | (9,102) | (23,210) |
Total accounts receivable, net | $ 181,823 | $ 243,716 | $ 133,394 |
Schedule of allowance for doubt
Schedule of allowance for doubtful accounts (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Credit Loss [Abstract] | |||
Allowance for doubtful accounts, beginning balance | $ 17,316 | $ 23,210 | $ 3,712 |
Addition | 12,446 | 16,683 | 23,210 |
Write-off / recovery | (22,971) | (30,791) | (3,712) |
Allowance for doubtful accounts, ending balance | $ 6,791 | $ 9,102 | $ 23,210 |
Schedule of accounts receivab_2
Schedule of accounts receivable net of allowance for doubtful accounts (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | $ 181,823 | $ 243,716 | $ 133,394 |
Within One Month [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | 95,057 | 127,415 | 63,640 |
Between One To Two Months [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | 31,666 | 42,445 | 23,663 |
Two To Three Months [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | 44,733 | 59,960 | 14,145 |
More Than Three Months [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | $ 10,367 | $ 13,896 | $ 31,946 |
Accounts receivable, net (Detai
Accounts receivable, net (Details Narrative) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
Credit Loss [Abstract] | ||||
Total outstanding balance | $ 26,410 | $ 31,946 | ||
Allowance for bad debt | $ 12,446 | $ 16,683 | $ 23,210 | $ 3,712 |
Schedule of property plant and
Schedule of property plant and equipment (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Property, Plant and Equipment [Line Items] | |||
Total | $ 231,926 | $ 310,873 | $ 295,546 |
Accumulated depreciation | (205,544) | (275,511) | (245,559) |
Property and equipment, net | 26,382 | 35,362 | 49,987 |
Office Furniture And Fittings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 111,907 | 150,000 | 149,929 |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 112,758 | 151,141 | 135,885 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 7,261 | $ 9,732 | $ 9,732 |
Property and equipment, net (De
Property and equipment, net (Details Narrative) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 22,345 | $ 29,952 | $ 12,886 | $ 74,780 |
Impairment loss | $ 0 | $ 0 | $ 0 |
Schedule of bank loans (Details
Schedule of bank loans (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Line of Credit Facility [Line Items] | |||
Total | $ 583,186 | $ 781,702 | $ 1,090,163 |
Bank loans, current portion | 228,264 | 305,965 | 299,543 |
Bank loans, non-current portion | $ 354,922 | $ 475,737 | 790,620 |
C I M B Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Drawn and maturity | August | ||
Interest Rate | 3% | 3% | |
Collateral/Guarantee | Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company | ||
Total | $ 17,163 | $ 23,005 | 56,663 |
D B S Bank Ltd [Member] | |||
Line of Credit Facility [Line Items] | |||
Drawn and maturity | June | ||
Interest Rate | 3% | 3% | |
Collateral/Guarantee | Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Anthill, major shareholder of the Company | ||
Total | $ 386,985 | $ 518,715 | 715,566 |
Maybank [Member] | |||
Line of Credit Facility [Line Items] | |||
Drawn and maturity | November | ||
Interest Rate | 2.75% | 2.75% | |
Collateral/Guarantee | Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company | ||
Total | $ 179,038 | $ 239,982 | $ 317,934 |
Schedule of maturities schedule
Schedule of maturities schedule long term debt (Details) - Dec. 31, 2022 | USD ($) | SGD ($) |
Debt Disclosure [Abstract] | ||
2023 | $ 228,264 | $ 305,965 |
2024 | 217,368 | 291,360 |
2025 | 137,554 | 184,377 |
Total | $ 583,186 | $ 781,702 |
Bank loans (Details Narrative)
Bank loans (Details Narrative) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
Debt Disclosure [Abstract] | ||||
Interest Expense | $ 23,968 | $ 32,127 | $ 36,696 | $ 16,627 |
Schedule of accrued expenses an
Schedule of accrued expenses and other payables (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Payables and Accruals [Abstract] | ||||
Accrued payroll and welfare | $ 73,110 | $ 68,087 | ||
Accrued Payroll Taxes, Current | $ 54,543 | |||
Accrued expenses | 9,997 | [1] | 13,400 | 66,606 |
Other tax payable | 18,726 | [2] | 25,101 | 67,347 |
Other payable | 106,450 | [3] | 142,685 | 82,605 |
Total accrued liabilities and other payables | $ 189,716 | $ 254,296 | $ 284,645 | |
[1]Accrued expenses mainly consist of accrual of professional service fees and cost incurred yet to bill.[2]Mainly refers to Goods and Services Tax (“GST”) payable. Sales revenue and purchase expense represent the invoiced value of goods, net of GST. The sales of the Company’s products and services are subject to a GST on the gross sales price. The Company is subject to GST at the prevailing rate in Singapore (currently 7%) and is exempted Sales and Service Tax from Malaysia. The GST will be offset by GST paid by the Company on purchase of renovation materials and other products, or services included in the cost of providing services and other expenses.[3]Other payable mainly consists of payable for other services and utilities expenses. |
Schedule of related party balan
Schedule of related party balances (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | ||
Related Party Transaction [Line Items] | |||||
Contract Liability | $ 144,957 | $ 194,300 | $ 78,340 | ||
Loans and Leases Receivable, Related Parties | 0 | 870,728 | |||
Vienna Management Ltd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount due to | 1,708,478 | 2,290,044 | [1] | ||
Amount due from | 870,728 | [2] | |||
Loh [Member] | |||||
Related Party Transaction [Line Items] | |||||
Contract Liability | $ 77,520 | $ 103,908 | [3] | ||
[1]On May 1, 2019 and December 1, 2022 the Company entered into two separated interest-free loan facility agreements with Vienna Management Ltd, one of the Company’s major shareholders. Both revolving loan facility agreements offered up to S$[2]The Company had an unsecured, interest-free loan to Vienna Management Ltd amounting to S$[3]On February 25, 2022, the Company entered into a services agreement with subsequent various orders with Mr. Loh., with a term from February 25, 2022, to complete a renovation project in total consideration S$ 3,618,250 2,699,381 3,085,865 2,302,197 103,908 77,520 2,981,957 2,224,676 |
Schedule of related party bal_2
Schedule of related party balances (Details) (Parenthetical) | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Feb. 25, 2022 USD ($) | Feb. 25, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | May 01, 2019 SGD ($) | |
Related Party Transaction [Line Items] | ||||||
Unsecured, interest-free loan | $ 870,728 | |||||
Loans and Leases Receivable, Related Parties | 0 | $ 870,728 | ||||
Revolving loan | $ 2,000,000 | |||||
Working capital | $ (2,109,858) | (2,828,054) | ||||
Renovation project | $ 2,699,381 | $ 3,618,250 | ||||
Related party transaction, amounts of transaction | 2,302,197 | 3,085,865 | ||||
Performance obligations | 77,520 | 103,908 | ||||
Recognized revenue | 2,224,676 | 2,981,957 | ||||
Vienna Management Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Working capital | $ 1,708,478 | $ 2,290,044 |
Schedule of related party trans
Schedule of related party transactions (Details) | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amounts of transaction | $ 2,302,197 | $ 3,085,865 | ||||
Service fee | 896 | 1,199 | ||||
M R Rhonda Wong [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amounts of transaction | 2,164 | 2,900 | [1] | $ 1,050 | [1] | $ 950 |
Termbasu Holding Pte Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amounts of transaction | 254,786 | [2] | 25,000 | |||
Mr Loh [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amounts of transaction | 2,224,676 | 2,981,957 | [3] | |||
M R Rhonda Wong 1 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amounts of transaction | $ 896 | $ 1,199 | [4] | |||
[1]Ms. Rhonda Wong engaged the Company to look for tenant for a property in September 2021 and March 2022. The respective project was completed during year ended December 31, 2021 and 2022, and Ms. Rhonda Wong paid half month of rental as commission to the Company, being S$ 1,050 2,900 2,164 2 1,199 896 |
Schedule of related party tra_2
Schedule of related party transactions (Details) (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Related Party Transactions [Abstract] | |||
Rental as commission | $ 2,164 | $ 2,900 | $ 1,050 |
Rental as commission | 2% | 2% |
Schedule of income taxes (Detai
Schedule of income taxes (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
Loss before income taxes provision | $ (2,293,378) | $ (3,074,041) | $ (1,893,275) | $ (2,097,759) |
SINGAPORE | ||||
Loss before income taxes provision | (2,207,951) | (2,959,534) | (1,764,537) | (1,842,305) |
MALAYSIA | ||||
Loss before income taxes provision | $ (85,427) | $ (114,507) | $ (128,738) | $ (255,454) |
Schedule of provision for incom
Schedule of provision for income taxes (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Deferred tax assets | |||
SINGAPORE | |||
Deferred tax assets | 375,352 | 503,121 | 255,364 |
Deferred tax assets valuation allowance | (375,352) | (503,121) | (255,364) |
MALAYSIA | |||
Deferred tax assets | 14,523 | 19,466 | 21,885 |
Deferred tax assets valuation allowance | $ (14,523) | $ (19,466) | $ (21,885) |
Income taxes (Details Narrative
Income taxes (Details Narrative) | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2022 MYR (RM) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 50% | 50% | 50% | ||||
IncomeTaxExpenseBenefit | $ | $ 10,000 | ||||||
Taxable income exempted from income tax | $ | 190,000 | ||||||
Additional paid in capital | $ 8,424,584 | $ 11,292,123 | $ 11,292,123 | ||||
Gross profit | $ 1,728,523 | $ 2,316,914 | $ 2,386,061 | $ 1,371,553 | |||
MALAYSIA | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 24% | 24% | 24% | ||||
IncomeTaxExpenseBenefit | RM 600,000 | ||||||
Additional paid in capital | RM 2,500,000 | ||||||
Gross profit | 50,000,000 | ||||||
IncomeTaxExpenseBenefit | RM 600,000 | ||||||
Minimum [Member] | SINGAPORE | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 17% | 17% | 17% | ||||
Minimum [Member] | MALAYSIA | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 17% | 17% | 17% | ||||
Maximum [Member] | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 24% | 24% | 24% | ||||
Maximum [Member] | SINGAPORE | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 75% | 75% | 75% |
Equity (Details Narrative)
Equity (Details Narrative) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Common stock, shares outstanding | 16,250,000 | 16,250,000 |
Schedule of Commitment for Mini
Schedule of Commitment for Minimum Lease Payments (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Commitments and Contingencies Disclosure [Abstract] | |||
2023 | $ 330,335 | ||
2024 | 337,123 | ||
2025 | 113,119 | ||
2026-2027 | |||
Total future lease payment | 780,577 | ||
Amount representing interest | (16,751) | ||
Present value of operating lease liabilities | 763,826 | ||
Less: current portion | $ (238,179) | (319,255) | $ (79,140) |
Long-term portion | $ 331,670 | $ 444,571 |
Schedule of Other Supplemental
Schedule of Other Supplemental Information (Details) | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | |
Weighted average discount rate | 2.84% |
Weighted average remaining lease term (years) | 2 years |
Commitment and Contingencies (D
Commitment and Contingencies (Details Narrative) - SGD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expenses | $ 0 | $ 0 | $ 0 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) $ / shares in Units, $ in Millions | 12 Months Ended | |
Mar. 23, 2023 USD ($) $ / shares shares | Dec. 31, 2021 SGD ($) | |
Subsequent Event [Line Items] | ||
Gross proceeds from shares issued | $ 4,710,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of ordinary shares issued | shares | 2,800,000 | |
Share price | $ / shares | $ 4 | |
Gross proceeds from shares issued | $ 11.2 |