Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-41647 |
Entity Registrant Name | OHMYHOME LIMITED |
Entity Central Index Key | 0001944902 |
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 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets (Unaudited) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) |
Current assets | |||
Cash and cash equivalents | $ 4,694,362 | $ 6,348,186 | $ 301,433 |
Accounts receivable, net | 159,967 | 216,324 | 243,716 |
Prepayments | 94,630 | 127,969 | 51,774 |
Other current assets, net | 221,209 | 299,142 | 6,613 |
Total current assets | 5,170,168 | 6,991,621 | 603,536 |
Property and equipment, net | 12,915 | 17,465 | 35,362 |
Non-current assets | |||
Deposits | 72,873 | 98,546 | 98,719 |
Deferred initial public offering ("IPO") costs | 676,321 | ||
Operating lease right-of-use assets | 438,585 | 593,098 | 754,852 |
Total non-current assets | 511,458 | 691,644 | 1,529,892 |
Total assets | 5,694,541 | 7,700,730 | 2,168,790 |
Current liabilities | |||
Accounts payable | 106,227 | 143,651 | 67,730 |
Contract liabilities | 32,142 | 43,466 | 194,300 |
Accrued liabilities and other payables | 230,388 | 311,554 | 229,195 |
Bank loans, current portion | 216,612 | 292,924 | 305,965 |
Operating lease obligation | 240,724 | 325,531 | 319,255 |
Taxes payable | 25,101 | ||
Total current liabilities | 826,093 | 1,117,126 | 3,431,590 |
Non-current liabilities: | |||
Bank loans, non-current portion | 244,859 | 331,123 | 475,737 |
Operating lease obligation, non-current | 207,435 | 280,514 | 444,571 |
Total non-current liabilities | 452,294 | 611,637 | 920,308 |
Total liabilities | 1,278,387 | 1,728,763 | 4,351,898 |
Commitments and contingencies | |||
SHAREHOLDERS’ EQUITY | |||
Ordinary shares | 19,050 | 25,692 | 21,970 |
Additional paid-in capital | 16,200,462 | 21,907,954 | 11,292,123 |
Accumulated other comprehensive income/(expenses) | 50,700 | 68,561 | 36,153 |
Accumulated deficit | (11,540,613) | (15,606,369) | (13,131,513) |
Stockholders equity attributable to parent | 4,729,599 | 6,395,838 | (1,781,267) |
Stockholders equity attributable to Non- controlling interest | (313,445) | (423,871) | (401,841) |
Total shareholders' equity | 4,416,154 | 5,971,967 | (2,183,108) |
Total liabilities and shareholders' equity | 5,694,541 | 7,700,730 | 2,168,790 |
Related Party [Member] | |||
Current assets | |||
Amount due from a shareholder | |||
Current liabilities | |||
Amount due to a shareholder | $ 2,290,044 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 19,050,000 | 16,250,000 |
Common stock, shares outstanding | 19,050,000 | 16,250,000 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | 6 Months Ended | |||
Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 SGD ($) $ / shares shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 SGD ($) $ / shares shares | |
Operating revenues | ||||
Total operating revenues | $ 1,602,471 | $ 2,167,021 | $ 3,382,514 | |
Cost of revenues | ||||
Cost of revenue | (1,008,191) | (1,363,376) | (1,856,142) | |
Gross profit | 594,280 | 803,645 | 1,526,372 | |
Operating expenses | ||||
Technology and development expenses | (810,952) | (1,096,651) | (857,584) | |
Selling and marketing expense | (627,453) | (848,504) | $ (721,563) | (1,003,189) |
General and administrative expense | (1,098,516) | (1,485,521) | (806,158) | |
Operating expenses | (2,536,921) | (3,430,676) | (2,666,931) | |
Operating income loss | (1,942,641) | (2,627,031) | (1,140,559) | |
Other income (expense): | ||||
Interest income | 18,083 | 24,454 | 3,983 | |
Interest expense | (12,365) | (16,721) | (18,740) | |
Government grants | 6,210 | 8,399 | 205,113 | |
Foreign exchange loss | 84,311 | 114,013 | 14,791 | |
Total other income, net | 96,239 | 130,145 | 205,147 | |
Loss before income tax | (1,846,402) | (2,496,886) | (935,412) | |
Income tax expense | $ | ||||
NET LOSS | (1,846,402) | (2,496,886) | (935,412) | |
Less: Net loss attributable to non-controlling interest | (16,291) | (22,030) | (15,998) | |
Net loss attributable to OHMYHOMELTD | (1,830,111) | (2,474,856) | (919,414) | |
OTHER COMPREHENSIVE INCOME/(LOSS) | ||||
Foreign currency translation adjustment | 23,966 | 32,408 | (11,736) | |
TOTAL COMPREHENSIVE LOSS | (1,870,368) | (2,529,294) | (947,148) | |
Less: Comprehensive loss attributable to non-controlling interests | (16,291) | (22,030) | (15,998) | |
COMPREHENSIVE LOSS ATTRIBUTABLE TO OHMYHOME LIMITED | $ (1,854,077) | $ (2,507,264) | $ (931,150) | |
Weighted average number of ordinary shares: | ||||
Weighted average number of ordinary shares outstanding - basic | 19,050,000 | 19,050,000 | 16,250,000 | 16,250,000 |
Weighted average number of ordinary shares outstanding - diluted | 19,050,000 | 19,050,000 | 16,250,000 | 16,250,000 |
Loss per share - basic | (per share) | $ (0.10) | $ (0.13) | $ (0.06) | |
Loss per share - diluted | (per share) | $ (0.10) | $ (0.13) | $ (0.06) | |
Brokerage Services [Member] | ||||
Operating revenues | ||||
Total operating revenues | $ 995,138 | $ 1,345,726 | $ 1,695,673 | |
Cost of revenues | ||||
Cost of revenue | (541,988) | (732,930) | (815,061) | |
Brokerage Services [Member] | Independent Third Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 986,791 | 1,334,438 | 1,692,773 | |
Brokerage Services [Member] | Related Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 8,347 | 11,288 | 2,900 | |
Emerging and Other Services [Member] | ||||
Operating revenues | ||||
Total operating revenues | 607,333 | 821,295 | 1,686,841 | |
Cost of revenues | ||||
Cost of revenue | (466,203) | (630,446) | (1,041,081) | |
Emerging and Other Services [Member] | Independent Third Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 229,429 | 310,255 | 638,776 | |
Emerging and Other Services [Member] | Related Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | $ 377,904 | $ 511,040 | $ 1,048,065 |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) | 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 ($) shares | SGD ($) shares |
Balance 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 | (919,414) | (15,998) | (935,412) | |||||||||
Foreign currency translation adjustment | (11,736) | (11,736) | ||||||||||
Balance at Jun. 30, 2022 | $ 21,970 | 11,292,123 | (1,739) | (10,997,927) | (396,798) | (82,371) | ||||||
Balance, shares at Jun. 30, 2022 | shares | 16,250,000 | 16,250,000 | ||||||||||
Balance at Dec. 31, 2022 | $ 21,970 | 11,292,123 | 36,153 | (13,131,513) | (401,841) | (2,183,108) | ||||||
Balance, shares at Dec. 31, 2022 | shares | 16,250,000 | 16,250,000 | ||||||||||
Net loss | (2,474,856) | (22,030) | $ (1,846,402) | (2,496,886) | ||||||||
Foreign currency translation adjustment | 32,408 | $ 23,966 | 32,408 | |||||||||
Issue of new shares | $ 3,722 | 10,615,831 | $ 10,619,553 | |||||||||
Issue of new shares | shares | 2,800,000 | 2,800,000 | 2,800,000 | 2,800,000 | ||||||||
Balance at Jun. 30, 2023 | $ 19,050 | $ 25,692 | $ 16,200,462 | $ 21,907,954 | $ 50,700 | $ 68,561 | $ (11,540,613) | $ (15,606,369) | $ (313,445) | $ (423,871) | $ 4,416,154 | $ 5,971,967 |
Balance, shares at Jun. 30, 2023 | shares | 19,050,000 | 19,050,000 |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 SGD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (1,846,402) | $ (2,496,886) | $ (935,412) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation of property and equipment | 15,364 | 20,777 | 10,367 |
Amortization of operating lease right-of-use assets | 119,614 | 161,754 | 130,956 |
Provision for doubtful accounts | 5,634 | 7,619 | 13,810 |
Changes in assets and liabilities: | |||
Accounts receivable | 14,622 | 19,773 | 25,239 |
Prepayments | (56,345) | (76,195) | (314,797) |
Other current assets, net | (5,901) | (7,979) | (2,335) |
Deposits | 128 | 173 | (30,474) |
Accounts payable | 56,142 | 75,921 | 4,580 |
Contract liabilities | (111,538) | (150,834) | 951,187 |
Accrued liabilities and other payables | 60,904 | 82,359 | (39,158) |
Other taxes payable | (18,562) | (25,101) | 24,306 |
Operating lease obligation | (116,676) | (157,781) | (129,831) |
NET CASH USED IN OPERATING ACTIVITIES | (1,883,016) | (2,546,400) | (291,562) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (2,130) | (2,880) | (13,168) |
Loan to third party | (284,550) | ||
Loan repayment by a shareholder | 870,728 | ||
NET CASH USED IN INVESTING ACTIVITIES | (212,549) | (287,430) | 857,560 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issue of Share Capital | 3,722 | ||
Amount due to a shareholder | (1,693,444) | (2,290,044) | 274,188 |
Net IPO costs | 8,350,331 | 11,292,152 | |
Deferred IPO costs | (138,960) | ||
Deferred IPO costs | 138,960 | ||
Repayment of bank loans | (116,583) | (157,655) | (153,100) |
NET CASH (USED IN)/ PROVIDED BY FINANCING ACTIVITIES | 6,543,056 | 8,848,175 | (17,872) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 6,543,056 | 8,848,175 | (17,872) |
Foreign currency effect | 23,967 | 32,408 | (11,736) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 4,471,458 | 6,046,753 | 536,390 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 222,904 | 301,433 | 1,220,931 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT PERIOD END | 4,694,362 | 6,348,186 | 1,757,321 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Loan interest | 7,739 | 10,466 | |
Interest expense | 4,626 | 6,255 | 18,740 |
Income tax paid |
Nature of business and organiza
Nature of business and organization | 6 Months Ended |
Jun. 30, 2023 | |
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. On November 30, 2022, the Company completed a reorganization of Ohmyhome (S) under common control of its then existing shareholders, who collectively owned all the equity interests of Ohmyhome (S) prior to the reorganization. Prior to the re-organization, Ohmyhome (S) was directly owned and controlled by Anthill and the Other Existing Shareholders with 57.79 42.21 57.79 42.21 The accompanying unaudited interim condensed 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 and going concern
Liquidity and going concern | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and going concern | Note 2 – Liquidity and going concern 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 June 30, 2023, the Company had negative cash flow from operating activities of S$ 2,546,400 1,883,016 5,874,495 4,344,075 6,348,186 4,694,362 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 | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 3 – Summary of significant accounting policies Basis of presentation Management’s opinion is that the accompanying unaudited interim condensed 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”) and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operation results. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of results to be expected for the full year of 2023. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements thereto as of and for the years ended December 31, 2022. Principles of consolidation The unaudited interim condensed 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 unaudited interim condensed 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 unaudited interim condensed 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 unaudited interim condensed 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 unaudited interim condensed consolidated financial statements include, but not limited to, estimates for useful lives and impairment of property and equipment, 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 unaudited interim condensed 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 unaudited interim condensed 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 unaudited interim condensed 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 June 30, 2022 December 31, 2022 June 30, 2023 Period-end spot rate SGD 1.00 3.1708 SGD 1.00 3.2860 SGD 1.00 3.4518 Average rate SGD 1.00 3.1296 SGD 1.00 3.1917 SGD 1.00 3.3382 Period-end spot rate SGD 1.00 0.7193 SGD 1.00 0.7460 SGD 1.00 0.7395 Average rate SGD 1.00 0.7326 SGD 1.00 0.7241 SGD 1.00 0.7484 Convenience translation Translations of balances in the unaudited interim condensed consolidated balance sheets, unaudited interim condensed consolidated statements of income, unaudited interim condensed consolidated statements of changes in shareholders’ equity and unaudited interim condensed consolidated statements of cash flows from SGD into USD as of June 30, 2023 are solely for the convenience of the readers and are calculated at the rate of SGD 1.00 0.7395 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 expected credit losses 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, 2022 and June 30, 2023, the Company made S$ 9,102 16,721 12,365 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, 2022 and June 30, 2023, 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 accumulated deferred IPO cost was S$ 676,321 504,567 Nil 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. As at June 30, 2023, the Company had other receivables include the amount of $ 284,550 5 1 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 unaudited interim condensed 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, 2022 and June 30, 2023, 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 unaudited interim condensed 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 component. 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 unaudited interim condensed 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 unaudited interim condensed 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, 2022 and June 30, 2023. 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, 2022 and June 30, 2023, the contract liabilities of the Company amounted to S$ 194,300 43,466 32,142 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 six months ended June 30, 2022 and 2023, the advertising expense amounted to S$ 533,365 383,633 378,507 279,899 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 six months ended June 30, 2022 and 2023, the Company’s selling and marketing expenses were S$ 1,003,189 721,563 848,504 627,453 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$ 205,113 147,531 8,399 6,210 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 is the Company’s Chief Executive Officer. Operating and financial metrics are applied to the entire Company as 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 unaudited interim condensed 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 unaudited interim condensed 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 six months ended June 30, 2022 and 2023. The Company had no uncertain tax positions for the six months ended June 30, 2022 and 2023. 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 six months ended June 30, 2022 and 2023, there were no dilutive shares. 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 place 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 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 25.85 10 For the six months ended June 30, 2023, None of the customers contributed more than 10 30.9 Concentration of vendors For the year ended December 31, 2022, three vendors accounted for 17.0 15.4 12.8 For the six months ended June 30, 2023, one vendor, who is a brokerage and advisory provider, accounted for 18.91 Recent accounting pronouncements 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 unaudited interim condensed consolidated balance sheets, unaudited interim condensed consolidated statements of operations and comprehensive loss and unaudited interim condensed consolidated statements of cash flows. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2023 | |
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 unaudited interim condensed 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 six months ended June 30, 2022 and 2023: Schedule of revenue disaggregated by service SGD SGD USD For the six months ended June 30, 2022 2023 SGD SGD USD Brokerage services Independent Third Parties 1,692,773 1,334,438 986,791 Related Parties 2,900 11,288 8,347 Total revenues 1,695,673 1,345,726 995,138 Emerging and other services Independent Third Parties 638,776 310,255 229,429 Related Parties 1,048,065 511,040 377,904 Total revenues 1,686,841 821,295 607,333 Total revenues 3,382,514 2,167,021 1,602,471 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 | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Accounts receivable 252,818 233,045 172,332 Less: Allowance for expected credit losses accounts (9,102 ) (16,721 ) (12,365 ) Total accounts receivable, net 243,716 216,324 159,967 Movements of allowance for expected credit losses accounts are as follows: Schedule of allowance for doubtful accounts December 31, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Allowance for expected credit losses accounts, beginning balance 23,210 9,102 6,731 Addition 16,683 7,619 5,634 Write-off / recovery (30,791 ) - - Allowance for expected credit losses accounts, ending balance 9,102 16,721 12,365 As of the end of each of the financial year, the aging analysis of accounts receivable, net of allowance for expected credit losses accounts, based on the invoice date is as follows: Schedule of accounts receivable net of allowance for doubtful accounts December 31, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Within 30 days 127,415 202,181 149,509 Between 31 and 60 days 42,445 6,060 4,481 Between 61 and 90 days 59,960 2,946 2,178 More than 90 days 13,896 5,137 3,799 Total accounts receivable, net 243,716 216,324 159,967 |
Property and equipment, net
Property and equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 June 30, 2023 June 30, 2023 SGD SGD USD At cost: Office furniture and fittings 150,000 151,850 112,290 Office Equipment 151,141 152,171 112,527 Leasehold improvements 9,732 9,732 7,196 Total 310,873 313,753 232,013 Accumulated depreciation (275,511 ) (296,288 ) (219,098 ) Property and equipment, net 35,362 17,465 12,915 Depreciation expense for the six months ended June 30, 2022 and 2023 amounted to S$ 10,367 7,457 20,777 15,364 No |
Bank loans
Bank loans | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 SGD June 30, SGD June 30, 2023 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 23,005 5,794 4,285 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 518,715 418,057 309,145 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 239,982 200,196 148,041 Total 781,702 624,047 461,471 Bank loans, current portion 305,965 292,924 216,612 Bank loans, non-current portion 475,737 331,123 244,859 Interest expenses of bank loans for the six months ended June 30, 2022 and 2023 amounted to S$ 15,022 10,805 10,466 7,739 The maturities schedule is as follows: Twelve months ending June 30, Schedule of maturities schedule long term debt SGD USD 2024 292,924 216,612 2025 295,651 218,629 2026 35,472 26,230 Total 624,047 461,471 |
Accrued liabilities and other p
Accrued liabilities and other payables | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Accrued payroll and welfare 73,110 64,154 47,440 Accrued expenses * 13,400 - - GST tax payable ** 25,101 - - Other payable *** 142,685 247,400 182,948 Total accrued liabilities, other payables and GST tax payable 254,296 311,554 230,388 * 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 8%) 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 Anthill Corp Owned by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company Ohmyhome Principal Sdn Bhd Shareholder of Ohmyhome Realtors Sdn Bhd ( 51% Related party balances Schedule of related party balances Transaction nature Name As of As of As of SGD SGD USD Amount due to Vienna Management Ltd 2,290,044 i - - Amount due from Anthill Corp - 3,495 iii 2,584 Amount due from Ohmyhome Principal Sdn Bhd - 4,307 iv 3,185 Contract liability Mr. Loh 103,908 ii - - i On May 1, 2019, the Company entered into an interest-free loan facility agreement with Vienna Management Ltd for a revolving loan facility agreement up to S$ 2.0 2,290,044 1,708,478 ii On February 25, 2022, the Company entered into a services agreement with Mr. Loh., with a term from February 25, 2022, to complete a renovation project in consideration S$ 3,618,250 2,699,381 2,075,347 1,492,733 1,028,481 739,755 1,046,866 752,978 511,040 377,904 th iii On June 22, 2023, the Company extended payment for Notarization services for Anthill Corp in view of operational urgency. This amount will be recovered by December 31, 2023 from Anthill Corp. iv As at June 30, 2023, Ohmyhome Sdn Bhd, Ohmyhome Realtors Sdn Bhd and Ohmyhome Pte Ltd had extended payment for Corporate Secretarial services for Ohmyhome Principal Sdn Bhd in view of operational urgency, for S$ 3,446 2,548 846 626 15 11 Related party transactions Schedule of related party transactions Transaction nature Name June 30, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Brokerage services provided to Ms. Rhonda Wong 2,900 288 213 Brokerage services provided to Mr. Loh - 11,000 8,134 Emerging and other services to Mr. Loh 1,046,866 511,040 377,904 Emerging and other services to Ms. Rhonda Wong 1,199 - - (1) Ms. Rhonda Wong engaged the Company to perform aircon cleaning for her house and the project was completed during the six months ended June 30, 2023, and Ms. Rhonda Wong paid a service fee of S$ 288 213 (2) Mr. David Loh engaged the Company to look for a tenant for a property and was completed during the six months ended June 30, 2023. Mr. David Loh paid a service fee of S$ 11,000 8,134 (3) Details have been disclosed above for revenue recognized for the services agreement with Mr. David Loh for S$ 511,040 377,904). |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 and six months ended June 30,2023, 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 For the six 2022 For the six 2023 For the six 2023 SGD SGD USD Tax jurisdiction from: Singapore (901,038 ) (2,521,503 ) (1,864,603 ) Malaysia (34,374 ) (40,623 ) (30,040 ) Loss before income taxes provision (935,412 ) (2,562,126 ) (1,894,643 ) The provision for income taxes consisted of the following: Schedule of provision for income taxes December 31, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Deferred tax assets: Singapore 503,121 386,535 285,835 Malaysia 19,466 6,906 5,106 Less: valuation allowance Singapore (503,121 ) (386,535 ) (285,835 ) Malaysia (19,466 ) (6,906 ) (5,106 ) 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, 2022 and June 30, 2023, 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 six months period ended June 30, 2022 and 2023 and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from June 30, 2023. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
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 2,800,000 19,050,000 |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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 one property lease agreement with lease terms for three years. The Company’s lease agreement do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use (“ROU”) assets nor lease liability was recorded for the lease with a lease term of one year. For the six months ended June 30, 2022 and 2023, there were no The Company’s commitment for minimum lease payments under the operating lease that is within twelve months as of June 30, as follow: Schedule of commitment for minimum lease payments Twelve months ending June 30, Minimum lease 2023 166,299 2024 337,123 2025 113,129 2026 - 2027 thereafter - Total future lease payment 616,551 Amount representing interest (10,506 ) Present value of operating lease liabilities 606,045 Less: current portion 325,531 Long-term portion 280,514 The following summarizes other supplemental information about the Company’s operating lease as of June 30, 2023: Schedule of other supplemental information Weighted average discount rate 2.81 % Weighted average remaining lease term (years) 1.83 |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 13 – Subsequent events The Company has assessed all events from June 30, 2023, up through October 2, 2023 which is the date that these unaudited interim condensed consolidated financial statements are available to be issued. The Company aims to serve communities outside of Singapore and Malaysia and plans to expand its footprint into Philippines. Philippines offers communities of growing education and wealth standards which form foundations for sustainable urban development in the long run. On May 26, 2023, The Company offered a loan to support working capital for budding real estate agency Ohmyhome Philippines. The plan is to finally acquire this entity to serve the communities in Philippines. Aside to this, there are no material subsequent events that require disclosure in these unaudited interim condensed consolidated financial statements. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation Management’s opinion is that the accompanying unaudited interim condensed 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”) and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operation results. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of results to be expected for the full year of 2023. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements thereto as of and for the years ended December 31, 2022. |
Principles of consolidation | Principles of consolidation The unaudited interim condensed 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 unaudited interim condensed 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 unaudited interim condensed 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 unaudited interim condensed 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 unaudited interim condensed consolidated financial statements include, but not limited to, estimates for useful lives and impairment of property and equipment, 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 unaudited interim condensed 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 unaudited interim condensed 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 unaudited interim condensed 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 June 30, 2022 December 31, 2022 June 30, 2023 Period-end spot rate SGD 1.00 3.1708 SGD 1.00 3.2860 SGD 1.00 3.4518 Average rate SGD 1.00 3.1296 SGD 1.00 3.1917 SGD 1.00 3.3382 Period-end spot rate SGD 1.00 0.7193 SGD 1.00 0.7460 SGD 1.00 0.7395 Average rate SGD 1.00 0.7326 SGD 1.00 0.7241 SGD 1.00 0.7484 |
Convenience translation | Convenience translation Translations of balances in the unaudited interim condensed consolidated balance sheets, unaudited interim condensed consolidated statements of income, unaudited interim condensed consolidated statements of changes in shareholders’ equity and unaudited interim condensed consolidated statements of cash flows from SGD into USD as of June 30, 2023 are solely for the convenience of the readers and are calculated at the rate of SGD 1.00 0.7395 |
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 expected credit losses accounts | Accounts receivable and allowance for expected credit losses 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, 2022 and June 30, 2023, the Company made S$ 9,102 16,721 12,365 |
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, 2022 and June 30, 2023, 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 accumulated deferred IPO cost was S$ 676,321 504,567 Nil |
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. As at June 30, 2023, the Company had other receivables include the amount of $ 284,550 5 1 |
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 unaudited interim condensed 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, 2022 and June 30, 2023, 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 unaudited interim condensed 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 component. 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 unaudited interim condensed 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 unaudited interim condensed 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, 2022 and June 30, 2023. 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, 2022 and June 30, 2023, the contract liabilities of the Company amounted to S$ 194,300 43,466 32,142 |
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 six months ended June 30, 2022 and 2023, the advertising expense amounted to S$ 533,365 383,633 378,507 279,899 |
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 six months ended June 30, 2022 and 2023, the Company’s selling and marketing expenses were S$ 1,003,189 721,563 848,504 627,453 |
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$ 205,113 147,531 8,399 6,210 |
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 is the Company’s Chief Executive Officer. Operating and financial metrics are applied to the entire Company as 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 unaudited interim condensed 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 unaudited interim condensed 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 six months ended June 30, 2022 and 2023. The Company had no uncertain tax positions for the six months ended June 30, 2022 and 2023. 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 six months ended June 30, 2022 and 2023, there were no dilutive shares. |
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 place 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 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 25.85 10 For the six months ended June 30, 2023, None of the customers contributed more than 10 30.9 Concentration of vendors For the year ended December 31, 2022, three vendors accounted for 17.0 15.4 12.8 For the six months ended June 30, 2023, one vendor, who is a brokerage and advisory provider, accounted for 18.91 |
Recent accounting pronouncements | Recent accounting pronouncements 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 unaudited interim condensed consolidated balance sheets, unaudited interim condensed consolidated statements of operations and comprehensive loss and unaudited interim condensed consolidated statements of cash flows. |
Nature of business and organi_2
Nature of business and organization (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2022 December 31, 2022 June 30, 2023 Period-end spot rate SGD 1.00 3.1708 SGD 1.00 3.2860 SGD 1.00 3.4518 Average rate SGD 1.00 3.1296 SGD 1.00 3.1917 SGD 1.00 3.3382 Period-end spot rate SGD 1.00 0.7193 SGD 1.00 0.7460 SGD 1.00 0.7395 Average rate SGD 1.00 0.7326 SGD 1.00 0.7241 SGD 1.00 0.7484 |
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) | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2022 and 2023: Schedule of revenue disaggregated by service SGD SGD USD For the six months ended June 30, 2022 2023 SGD SGD USD Brokerage services Independent Third Parties 1,692,773 1,334,438 986,791 Related Parties 2,900 11,288 8,347 Total revenues 1,695,673 1,345,726 995,138 Emerging and other services Independent Third Parties 638,776 310,255 229,429 Related Parties 1,048,065 511,040 377,904 Total revenues 1,686,841 821,295 607,333 Total revenues 3,382,514 2,167,021 1,602,471 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Credit Loss [Abstract] | |
Schedule of accounts receivable net | Accounts receivable, net consist of the following: Schedule of accounts receivable net December 31, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Accounts receivable 252,818 233,045 172,332 Less: Allowance for expected credit losses accounts (9,102 ) (16,721 ) (12,365 ) Total accounts receivable, net 243,716 216,324 159,967 |
Schedule of allowance for doubtful accounts | Movements of allowance for expected credit losses accounts are as follows: Schedule of allowance for doubtful accounts December 31, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Allowance for expected credit losses accounts, beginning balance 23,210 9,102 6,731 Addition 16,683 7,619 5,634 Write-off / recovery (30,791 ) - - Allowance for expected credit losses accounts, ending balance 9,102 16,721 12,365 |
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 expected credit losses accounts, based on the invoice date is as follows: Schedule of accounts receivable net of allowance for doubtful accounts December 31, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Within 30 days 127,415 202,181 149,509 Between 31 and 60 days 42,445 6,060 4,481 Between 61 and 90 days 59,960 2,946 2,178 More than 90 days 13,896 5,137 3,799 Total accounts receivable, net 243,716 216,324 159,967 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 June 30, 2023 June 30, 2023 SGD SGD USD At cost: Office furniture and fittings 150,000 151,850 112,290 Office Equipment 151,141 152,171 112,527 Leasehold improvements 9,732 9,732 7,196 Total 310,873 313,753 232,013 Accumulated depreciation (275,511 ) (296,288 ) (219,098 ) Property and equipment, net 35,362 17,465 12,915 |
Bank loans (Tables)
Bank loans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 SGD June 30, SGD June 30, 2023 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 23,005 5,794 4,285 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 518,715 418,057 309,145 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 239,982 200,196 148,041 Total 781,702 624,047 461,471 Bank loans, current portion 305,965 292,924 216,612 Bank loans, non-current portion 475,737 331,123 244,859 |
Schedule of maturities schedule long term debt | Twelve months ending June 30, Schedule of maturities schedule long term debt SGD USD 2024 292,924 216,612 2025 295,651 218,629 2026 35,472 26,230 Total 624,047 461,471 |
Accrued liabilities and other_2
Accrued liabilities and other payables (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Accrued payroll and welfare 73,110 64,154 47,440 Accrued expenses * 13,400 - - GST tax payable ** 25,101 - - Other payable *** 142,685 247,400 182,948 Total accrued liabilities, other payables and GST tax payable 254,296 311,554 230,388 * 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 8%) 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) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party balances | Related party balances Schedule of related party balances Transaction nature Name As of As of As of SGD SGD USD Amount due to Vienna Management Ltd 2,290,044 i - - Amount due from Anthill Corp - 3,495 iii 2,584 Amount due from Ohmyhome Principal Sdn Bhd - 4,307 iv 3,185 Contract liability Mr. Loh 103,908 ii - - i On May 1, 2019, the Company entered into an interest-free loan facility agreement with Vienna Management Ltd for a revolving loan facility agreement up to S$ 2.0 2,290,044 1,708,478 ii On February 25, 2022, the Company entered into a services agreement with Mr. Loh., with a term from February 25, 2022, to complete a renovation project in consideration S$ 3,618,250 2,699,381 2,075,347 1,492,733 1,028,481 739,755 1,046,866 752,978 511,040 377,904 th iii On June 22, 2023, the Company extended payment for Notarization services for Anthill Corp in view of operational urgency. This amount will be recovered by December 31, 2023 from Anthill Corp. iv As at June 30, 2023, Ohmyhome Sdn Bhd, Ohmyhome Realtors Sdn Bhd and Ohmyhome Pte Ltd had extended payment for Corporate Secretarial services for Ohmyhome Principal Sdn Bhd in view of operational urgency, for S$ 3,446 2,548 846 626 15 11 |
Schedule of related party transactions | Related party transactions Schedule of related party transactions Transaction nature Name June 30, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Brokerage services provided to Ms. Rhonda Wong 2,900 288 213 Brokerage services provided to Mr. Loh - 11,000 8,134 Emerging and other services to Mr. Loh 1,046,866 511,040 377,904 Emerging and other services to Ms. Rhonda Wong 1,199 - - (1) Ms. Rhonda Wong engaged the Company to perform aircon cleaning for her house and the project was completed during the six months ended June 30, 2023, and Ms. Rhonda Wong paid a service fee of S$ 288 213 (2) Mr. David Loh engaged the Company to look for a tenant for a property and was completed during the six months ended June 30, 2023. Mr. David Loh paid a service fee of S$ 11,000 8,134 (3) Details have been disclosed above for revenue recognized for the services agreement with Mr. David Loh for S$ 511,040 377,904). |
Income taxes (Tables)
Income taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income taxes | The components of loss before income taxes were comprised of the following: Schedule of income taxes For the six 2022 For the six 2023 For the six 2023 SGD SGD USD Tax jurisdiction from: Singapore (901,038 ) (2,521,503 ) (1,864,603 ) Malaysia (34,374 ) (40,623 ) (30,040 ) Loss before income taxes provision (935,412 ) (2,562,126 ) (1,894,643 ) |
Schedule of provision for income taxes | The provision for income taxes consisted of the following: Schedule of provision for income taxes December 31, 2022 June 30, 2023 June 30, 2023 SGD SGD USD Deferred tax assets: Singapore 503,121 386,535 285,835 Malaysia 19,466 6,906 5,106 Less: valuation allowance Singapore (503,121 ) (386,535 ) (285,835 ) Malaysia (19,466 ) (6,906 ) (5,106 ) Deferred tax assets - - - |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, as follow: Schedule of commitment for minimum lease payments Twelve months ending June 30, Minimum lease 2023 166,299 2024 337,123 2025 113,129 2026 - 2027 thereafter - Total future lease payment 616,551 Amount representing interest (10,506 ) Present value of operating lease liabilities 606,045 Less: current portion 325,531 Long-term portion 280,514 |
Schedule of other supplemental information | The following summarizes other supplemental information about the Company’s operating lease as of June 30, 2023: Schedule of other supplemental information Weighted average discount rate 2.81 % Weighted average remaining lease term (years) 1.83 |
Schedule of subsidiaries (Detai
Schedule of subsidiaries (Details) | 6 Months Ended | |
Jun. 30, 2023 | ||
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 | |
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 and going concern (De
Liquidity and going concern (Details Narrative) | 6 Months Ended | |||||
Mar. 23, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 SGD ($) shares | Jun. 30, 2022 SGD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Net cash provided by used in operating activities | $ 1,883,016 | $ 2,546,400 | $ 291,562 | |||
Working capital | 4,344,075 | $ 5,874,495 | ||||
Cash and cash equivalents | $ 4,694,362 | $ 6,348,186 | $ 301,433 | |||
Number of shares issued | shares | 2,800,000 | 2,800,000 | ||||
Proceeds from issuance of ordinary stock, gross | $ | $ 3,722 | |||||
IPO [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares issued | shares | 2,800,000 | |||||
Shares issued, price per share | $ / shares | $ 4 | |||||
Proceeds from issuance of ordinary stock, gross | $ | $ 11,200,000 |
Schedule of currency exchange r
Schedule of currency exchange rates (Details) | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2023 $ / shares | Jun. 30, 2023 $ / shares | Jun. 30, 2023 RM / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 RM / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 RM / shares | |
Accounting Policies [Abstract] | |||||||||
Period-end spot rate | (per share) | $ 0.7395 | $ 1 | RM 3.4518 | $ 0.7193 | $ 1 | RM 3.1708 | $ 0.7460 | $ 1 | RM 3.2860 |
Average rate | (per share) | $ 0.7484 | $ 1 | RM 3.3382 | $ 0.7326 | $ 1 | RM 3.1296 | $ 0.7241 | $ 1 | RM 3.1917 |
Schedule of estimated useful li
Schedule of estimated useful lives (Details) | Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Leasehold Improvements [Member] |
Office Furniture And Fittings [Member] | |
Property, Plant and Equipment [Line Items] | |
Office equipment Expected useful lives | 3 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Office equipment Expected useful lives | 3 years |
Summary of significant accoun_4
Summary of significant accounting policies (Details Narrative) | 6 Months Ended | 12 Months Ended | |||||||
May 26, 2023 | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2023 SGD ($) $ / shares | Jun. 30, 2022 USD ($) | Jun. 30, 2022 SGD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Jun. 30, 2022 SGD ($) | |
Product Information [Line Items] | |||||||||
Convenience translation rate | (per share) | $ 0.7395 | $ 1 | |||||||
Allowance for doubtful accounts for accounts receivable | $ 12,365 | $ 16,721 | $ 9,102 | ||||||
Deferred offering costs | $ 504,567 | 676,321 | |||||||
Other receivables | 284,550 | ||||||||
Interest rate | 5% | ||||||||
Debt instrument term | 1 year | ||||||||
Contract liabilities | 32,142 | 43,466 | $ 194,300 | ||||||
Advertising expense | 279,899 | $ 378,507 | $ 383,633 | $ 533,365 | |||||
Selling and marketing expenses | 627,453 | $ 848,504 | 721,563 | $ 1,003,189 | |||||
Government contract receivable | $ 6,210 | $ 147,531 | $ 8,399 | $ 205,113 | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 10% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customer [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 25.85% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [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 | 30.90% | 30.90% | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | No Customers [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 10% | 10% | |||||||
Supplier Concentration Risk [Member] | Revenue Benchmark [Member] | Two Vendor [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 15.40% | ||||||||
Supplier Concentration Risk [Member] | Purchases [Member] | One Vendor [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 17% | ||||||||
Supplier Concentration Risk [Member] | Purchases [Member] | Three Vendor [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 12.80% | ||||||||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | One Vendors [Member] | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk percentage | 18.91% | 18.91% |
Schedule of revenue disaggregat
Schedule of revenue disaggregated by service (Details) | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 SGD ($) | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,602,471 | $ 2,167,021 | $ 3,382,514 |
Brokerage Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 995,138 | 1,345,726 | 1,695,673 |
Brokerage Services [Member] | Independent Third Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 986,791 | 1,334,438 | 1,692,773 |
Brokerage Services [Member] | Related Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 8,347 | 11,288 | 2,900 |
Emerging and Other Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 607,333 | 821,295 | 1,686,841 |
Emerging and Other Services [Member] | Independent Third Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 229,429 | 310,255 | 638,776 |
Emerging and Other Services [Member] | Related Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 377,904 | $ 511,040 | $ 1,048,065 |
Schedule of accounts receivable
Schedule of accounts receivable net (Details) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) |
Credit Loss [Abstract] | |||
Accounts receivable | $ 172,332 | $ 233,045 | $ 252,818 |
Allowance for doubtful accounts | (12,365) | (16,721) | (9,102) |
Total accounts receivable, net | $ 159,967 | $ 216,324 | $ 243,716 |
Schedule of allowance for doubt
Schedule of allowance for doubtful accounts (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | |
Credit Loss [Abstract] | |||
Allowance for doubtful accounts, beginning balance | $ 6,731 | $ 9,102 | $ 23,210 |
Addition | 5,634 | 7,619 | 16,683 |
Write-off / recovery | (30,791) | ||
Allowance for doubtful accounts, ending balance | $ 12,365 | $ 16,721 | $ 9,102 |
Schedule of accounts receivab_2
Schedule of accounts receivable net of allowance for doubtful accounts (Details) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | $ 159,967 | $ 216,324 | $ 243,716 |
Within One Month [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | 149,509 | 202,181 | 127,415 |
Between One To Two Months [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | 4,481 | 6,060 | 42,445 |
Two To Three Months [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | 2,178 | 2,946 | 59,960 |
More Than Three Months [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Total accounts receivable, net | $ 3,799 | $ 5,137 | $ 13,896 |
Schedule of property plant and
Schedule of property plant and equipment (Details) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) |
Property, Plant and Equipment [Line Items] | |||
Total | $ 232,013 | $ 313,753 | $ 310,873 |
Accumulated depreciation | (219,098) | (296,288) | (275,511) |
Property and equipment, net | 12,915 | 17,465 | 35,362 |
Office Furniture And Fittings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 112,290 | 151,850 | 150,000 |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 112,527 | 152,171 | 151,141 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 7,196 | $ 9,732 | $ 9,732 |
Property and equipment, net (De
Property and equipment, net (Details Narrative) | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 SGD ($) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 15,364 | $ 20,777 | $ 7,457 | $ 10,367 |
Impairment loss | $ 0 | $ 0 |
Schedule of bank loans (Details
Schedule of bank loans (Details) | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | May 26, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | |
Line of Credit Facility [Line Items] | |||||
Interest Rate | 5% | ||||
Total | $ 461,471 | $ 624,047 | $ 781,702 | ||
Bank loans, current portion | 216,612 | 292,924 | 305,965 | ||
Bank loans, non-current portion | $ 244,859 | $ 331,123 | $ 244,859 | 475,737 | |
CIMB Bank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Drawn and maturity | August 2020 /August 2023 | ||||
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 | $ 4,285 | $ 5,794 | 23,005 | ||
DBS Bank Ltd [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Drawn and maturity | June 2020 /June 2025 | ||||
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 | $ 309,145 | $ 418,057 | 518,715 | ||
Maybank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Drawn and maturity | November 2020/November 2025 | ||||
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 | $ 148,041 | $ 200,196 | $ 239,982 |
Schedule of maturities schedule
Schedule of maturities schedule long term debt (Details) - Jun. 30, 2023 | USD ($) | SGD ($) |
Debt Disclosure [Abstract] | ||
2024 | $ 216,612 | $ 292,924 |
2025 | 218,629 | 295,651 |
2026 | 26,230 | 35,472 |
Total | $ 461,471 | $ 624,047 |
Bank loans (Details Narrative)
Bank loans (Details Narrative) | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 SGD ($) | |
Debt Disclosure [Abstract] | ||||
Interest Expense | $ 7,739 | $ 10,466 | $ 10,805 | $ 15,022 |
Schedule of accrued expenses an
Schedule of accrued expenses and other payables (Details) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | |
Payables and Accruals [Abstract] | ||||
Accrued payroll and welfare | $ 47,440 | $ 64,154 | $ 73,110 | |
Accrued expenses | [1] | 13,400 | ||
Accrued expenses | [1] | |||
GST tax payable | [2] | 25,101 | ||
Other payable | [3] | 182,948 | 247,400 | 142,685 |
Total accrued liabilities, other payables and GST tax payable | $ 230,388 | $ 311,554 | $ 254,296 | |
[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 8%) 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) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | ||
Related Party Transaction [Line Items] | |||||
Contract Liability | $ 32,142 | $ 43,466 | $ 194,300 | ||
Loh [Member] | |||||
Related Party Transaction [Line Items] | |||||
Contract Liability | 103,908 | [1] | |||
Vienna Management Ltd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount due to | 2,290,044 | [2] | |||
Amount due from | 2,584 | 3,495 | [3] | ||
Ohmyhome Principal Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount due from | 3,185 | 4,307 | [4] | ||
Ohmyhome Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payable to related party | 2,548 | 3,446 | |||
Ohmyhome Realtors Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payable to related party | 626 | 846 | |||
Ohmyhome Pte Ltd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payable to related party | $ 11 | $ 15 | |||
[1]On February 25, 2022, the Company entered into a services agreement with Mr. Loh., with a term from February 25, 2022, to complete a renovation project in consideration S$ 3,618,250 2,699,381 2,075,347 1,492,733 1,028,481 739,755 1,046,866 752,978 511,040 377,904 th 2.0 2,290,044 1,708,478 3,446 2,548 846 626 15 11 |
Schedule of related party bal_2
Schedule of related party balances (Details) (Parenthetical) | 6 Months Ended | ||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 SGD ($) | Feb. 25, 2022 USD ($) | Feb. 25, 2022 SGD ($) | May 01, 2019 SGD ($) | |
Related Party Transaction [Line Items] | |||||||
Working capital | $ (4,344,075) | $ (5,874,495) | |||||
Renovation project | $ 2,699,381 | $ 3,618,250 | |||||
Related party transaction, amounts of transaction | $ 1,492,733 | $ 2,075,347 | |||||
Performance obligations | 739,755 | 1,028,481 | |||||
Recognized revenue | $ 377,904 | $ 511,040 | 752,978 | 1,046,866 | |||
Vienna Management Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Working capital | $ 1,708,478 | $ 2,290,044 | |||||
Revolving Credit Facility [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Revolving loan | $ 2,000,000 |
Schedule of related party trans
Schedule of related party transactions (Details) | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 SGD ($) | |
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | $ 1,492,733 | $ 2,075,347 | ||
Ms Rhonda Wong [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | $ 213 | $ 288 | 2,900 | |
Mr Loh [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 8,134 | 11,000 | ||
Mr Loh [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 377,904 | 511,040 | 1,046,866 | |
Ms Rhonda Wong [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | $ 1,199 |
Schedule of related party tra_2
Schedule of related party transactions (Details) (Parenthetical) - 6 months ended Jun. 30, 2023 | USD ($) | SGD ($) |
Cleaning Service [Member] | ||
Service fee | $ 213 | $ 288 |
Maintenance [Member] | ||
Service fee | 8,134 | 11,000 |
Management Service [Member] | ||
Service fee | $ 377,904 | $ 511,040 |
Related party balances and tr_3
Related party balances and transactions (Details Narrative) | Jun. 30, 2023 |
Ohmyhome Realtors Sdn Bhd [Member] | |
Percentage of equity owenership | 51% |
Schedule of income taxes (Detai
Schedule of income taxes (Details) | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 SGD ($) | |
Loss before income taxes provision | $ (1,846,402) | $ (2,496,886) | $ (935,412) |
Loss before income taxes provision | (1,894,643) | (2,562,126) | (935,412) |
SINGAPORE | |||
Loss before income taxes provision | (901,038) | ||
Loss before income taxes provision | (1,864,603) | (2,521,503) | |
MALAYSIA | |||
Loss before income taxes provision | $ (30,040) | $ (40,623) | $ (34,374) |
Schedule of provision for incom
Schedule of provision for income taxes (Details) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) |
Deferred tax assets | |||
SINGAPORE | |||
Deferred tax assets | 285,835 | 386,535 | 503,121 |
Deferred tax assets valuation allowance | (285,835) | (386,535) | (503,121) |
MALAYSIA | |||
Deferred tax assets | 5,106 | 6,906 | 19,466 |
Deferred tax assets valuation allowance | $ (5,106) | $ (6,906) | $ (19,466) |
Income taxes (Details Narrative
Income taxes (Details Narrative) | 6 Months Ended | ||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2023 MYR (RM) | Jun. 30, 2022 SGD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2023 MYR (RM) | Dec. 31, 2022 SGD ($) | |
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 | $ 16,200,462 | $ 21,907,954 | $ 11,292,123 | ||||
Gross profit | $ 594,280 | $ 803,645 | $ 1,526,372 | ||||
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 | 1,700% | 1,700% | 1,700% | ||||
Maximum [Member] | SINGAPORE | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 75% | 75% | 75% | ||||
Maximum [Member] | MALAYSIA | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 24% | 24% | 24% |
Equity (Details Narrative)
Equity (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Common stock, shares outstanding | 19,050,000 | 16,250,000 |
Stock issued, during the period | 2,800,000 |
Schedule of commitment for mini
Schedule of commitment for minimum lease payments (Details) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) |
Commitments and Contingencies Disclosure [Abstract] | |||
2023 | $ 166,299 | ||
2024 | 337,123 | ||
2025 | 113,129 | ||
2026 | |||
2027 thereafter | |||
Total future lease payment | 616,551 | ||
Amount representing interest | (10,506) | ||
Present value of operating lease liabilities | 606,045 | ||
Less: current portion | $ 240,724 | 325,531 | $ 319,255 |
Long-term portion | $ 207,435 | $ 280,514 | $ 444,571 |
Schedule of other supplemental
Schedule of other supplemental information (Details) | Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] | |
Weighted average discount rate | 2.81% |
Weighted average remaining lease term (years) | 1 year 9 months 29 days |
Commitment and Contingencies (D
Commitment and Contingencies (Details Narrative) - SGD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent expenses | $ 0 | $ 0 |