Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
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 Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 11 Lorong 3 Toa Payoh |
Entity Address, Address Line Two | Block B, #04-16/21 |
Entity Address, City or Town | Jackson Square |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 319579 |
Title of 12(b) Security | Ordinary shares, par value $0.001 |
Trading Symbol | OMH |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 22,785,110 |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Auditor Name | WWC, P.C |
Auditor Firm ID | 1171 |
Auditor Location | San Mateo, California |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 11 Lorong 3 Toa Payoh |
Entity Address, Address Line Two | Block B, #04-16/21 |
Entity Address, City or Town | Jackson Square |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 319579 |
City Area Code | 65 |
Local Phone Number | 6886 9009 |
Contact Personnel Name | Rhonda Wong |
Consolidated Balance Sheets
Consolidated Balance Sheets | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) |
Current assets | ||||||
Cash and cash equivalents | $ 145,386 | $ 191,807 | $ 301,433 | $ 1,220,931 | ||
Accounts receivable, net | 440,301 | 580,889 | 243,716 | 133,394 | ||
Prepayments | 160,673 | 211,976 | 51,774 | 61,814 | ||
Other current assets, net | 6,380 | 8,417 | 6,613 | 4,287 | ||
Total current assets | 752,740 | 993,089 | 603,536 | 2,291,154 | ||
Non-current assets | ||||||
Deposits | 84,344 | 111,275 | 98,719 | 75,622 | ||
Property and equipment, net | 59,669 | 78,721 | 35,362 | 49,987 | ||
Deferred initial public offering (“IPO”) costs | 87,012 | 114,794 | 676,321 | |||
Operating lease right-of-use assets | 335,239 | 442,280 | 754,852 | 77,790 | ||
Deposit for an acquisition | 3,370,757 | |||||
Intangible asset | 2,256,927 | 2,977,564 | ||||
Goodwill | 1,677,753 | 2,213,460 | ||||
Total non-current assets | 7,055,903 | 9,308,851 | 1,565,254 | 203,399 | ||
Total assets | 7,808,643 | 10,301,940 | 2,168,790 | 2,494,553 | ||
Current liabilities | ||||||
Accounts payable | 340,355 | 449,031 | 67,730 | 97,488 | ||
Contract liabilities | 78,568 | 103,655 | 194,300 | 78,340 | ||
Accrued liabilities and other payables | 1,066,667 | 1,407,252 | 229,195 | 217,298 | ||
Bank loans, current portion | 251,291 | 331,528 | 305,965 | 299,543 | ||
Amount due to a shareholder | 2,290,044 | |||||
Operating lease obligation | 259,974 | 342,983 | 319,255 | 79,140 | ||
Taxes payable | 65,783 | 86,788 | 25,101 | 67,347 | ||
Total current liabilities | 2,062,638 | 2,721,237 | 3,431,590 | 839,156 | ||
Non-current liabilities: | ||||||
Bank loans, non-current portion | 171,475 | 226,227 | 475,737 | 790,620 | ||
Operating lease obligation, non-current | 85,430 | 112,708 | 444,571 | |||
Consideration payables | 2,455,236 | 3,239,193 | ||||
Total non-current liabilities | 2,712,141 | 3,578,128 | 920,308 | 790,620 | ||
Total liabilities | 4,774,779 | 6,299,365 | 4,351,898 | 1,629,776 | ||
COMMITMENTS AND CONTINGENCIES | ||||||
SHAREHOLDERS’ EQUITY (DEFICIT) | ||||||
Ordinary Shares, US$0.001 par value, 500,000,000 shares authorized, 16,250,000 shares issued and outstanding as of December 31, 2021 and 2022 and 19,221,384 shares issued and outstanding as of December 31, 2023, respectively | 19,221 | 25,926 | 21,970 | 21,970 | ||
Additional paid-in capital | 17,072,037 | 22,522,570 | 11,292,123 | 11,292,123 | ||
Stock based compensation reserve | 407,607 | 537,756 | ||||
Accumulated other comprehensive income | (25,846) | (34,099) | 36,153 | 9,997 | ||
Accumulated deficit | (14,099,327) | (18,601,243) | (13,131,513) | (10,078,513) | ||
Total OHMYHOME LIMITED shareholders’ equity (deficit) | 3,373,692 | 4,450,910 | (1,781,267) | 1,245,577 | ||
Non-controlling interests | (339,828) | (448,335) | (401,841) | (380,800) | ||
Total shareholders’ equity (deficit) | 3,033,864 | 4,002,575 | (2,183,108) | 864,777 | $ (1,957,828) | |
Total liabilities and shareholders’ equity | 7,808,643 | 10,301,940 | 2,168,790 | 2,494,553 | ||
Officer [Member] | ||||||
Current assets | ||||||
Amount due from a shareholder | $ 870,728 | |||||
Related Party [Member] | ||||||
Non-current assets | ||||||
Deposit for an acquisition | $ 2,554,959 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock,shares issued | 19,221,384 | 16,250,000 | 16,250,000 |
Common stock, shares outstanding | 19,221,384 | 16,250,000 | 16,250,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 SGD ($) $ / shares shares | Dec. 31, 2022 SGD ($) $ / shares shares | Dec. 31, 2021 SGD ($) $ / shares shares | |
Operating revenues | ||||
Total operating revenues | $ 3,793,293 | $ 5,004,493 | $ 7,025,592 | $ 4,381,683 |
Cost of revenues | ||||
Total cost of revenues | (2,489,836) | (3,284,841) | (4,708,678) | (1,995,622) |
Gross profit | 1,303,457 | 1,719,652 | 2,316,914 | 2,386,061 |
Operating expenses | ||||
Technology and development expenses | (989,096) | (1,304,914) | (1,767,730) | (1,449,065) |
Selling and marketing expenses | (1,362,111) | (1,797,033) | (1,926,003) | (1,717,470) |
General and administrative expenses | (3,002,074) | (3,960,636) | (1,854,521) | (1,563,599) |
Total operating expenses | (5,353,281) | (7,062,583) | (5,548,254) | (4,730,134) |
Loss from operations | (4,049,824) | (5,342,931) | (3,231,340) | (2,344,073) |
Other income (expense): | ||||
Stock-based compensation | (407,607) | (537,756) | ||
Interest income | 80,363 | 106,023 | 3,985 | 10,262 |
Interest expense | (24,025) | (31,696) | (39,152) | (49,926) |
Government grants | 19,532 | 25,769 | 248,067 | 492,404 |
Foreign exchange (loss) income | 200,384 | 264,367 | (55,626) | (3,065) |
Other income, net | 25 | 1,123 | ||
Other Nonoperating Income (Expense) | (25) | (1,123) | ||
Total other income (expense), net | (131,353) | (173,293) | 157,299 | 450,798 |
LOSS BEFORE INCOME TAXES | (4,181,177) | (5,516,224) | (3,074,041) | (1,893,275) |
Income tax expense | ||||
NET LOSS | (4,181,177) | (5,516,224) | (3,074,041) | (1,893,275) |
Less: Net loss attributable to non-controlling interest | (35,241) | (46,494) | (21,041) | (68,467) |
Net loss attributable to OHMYHOMELTD | (4,145,936) | (5,469,730) | (3,053,000) | (1,824,808) |
OTHER COMPREHENSIVE LOSS | ||||
Foreign currency translation adjustment | (53,249) | (70,252) | 26,156 | 5,880 |
TOTAL COMPREHENSIVE LOSS | (4,234,426) | (5,586,476) | (3,047,885) | (1,887,395) |
Less: Comprehensive loss attributable to non-controlling interests | (35,241) | (46,494) | (21,041) | (68,467) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO OHMYHOME LIMITED | $ (4,199,185) | $ (5,539,982) | $ (3,026,844) | $ (1,818,928) |
Weighted average number of ordinary shares: | ||||
Basic | 17,860,622 | 17,860,622 | 16,250,000 | 16,250,000 |
Diluted | 18,461,340 | 18,461,340 | 16,250,000 | 16,250,000 |
LOSS PER SHARE – BASIC AND DILUTED | ||||
Basic | (per share) | $ (0.23) | $ (0.31) | $ (0.19) | $ (0.12) |
Diluted | (per share) | $ (0.23) | $ (0.30) | $ (0.19) | $ (0.12) |
Independent Third Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | $ 3,397,380 | $ 4,482,165 | ||
Related Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 395,913 | 522,328 | ||
Brokerage Services [Member] | ||||
Operating revenues | ||||
Total operating revenues | 2,135,928 | 2,817,930 | $ 3,072,060 | $ 3,731,586 |
Cost of revenues | ||||
Total cost of revenues | (1,241,847) | (1,638,368) | (1,383,488) | (1,605,602) |
Gross profit | 894,082 | 1,179,562 | 1,688,572 | 2,125,984 |
Brokerage Services [Member] | Independent Third Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 2,127,590 | 2,806,930 | 3,069,160 | 3,475,750 |
Brokerage Services [Member] | Related Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 8,338 | 11,000 | 2,900 | 255,836 |
Property Management [Member] | ||||
Operating revenues | ||||
Total operating revenues | 641,799 | 846,726 | ||
Cost of revenues | ||||
Total cost of revenues | (441,584) | (582,582) | ||
Gross profit | 200,215 | 264,144 | ||
Property Management [Member] | Independent Third Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 641,799 | 846,726 | ||
Emerging and Other Services [Member] | ||||
Operating revenues | ||||
Total operating revenues | 1,015,566 | 1,339,837 | 3,953,532 | 650,097 |
Cost of revenues | ||||
Total cost of revenues | (806,405) | (1,063,891) | (3,325,190) | (390,020) |
Gross profit | 209,160 | 275,946 | 628,342 | 260,077 |
Emerging and Other Services [Member] | Independent Third Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 627,991 | 828,509 | 970,376 | 650,097 |
Emerging and Other Services [Member] | Related Parties [Member] | ||||
Operating revenues | ||||
Total operating revenues | 387,575 | $ 511,328 | $ 2,983,156 | |
Emerging and Other Services [Member] | Property Management [Member] | ||||
Operating revenues | ||||
Total operating revenues | $ | $ 641,799 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity | Common Stock [Member] USD ($) shares | Common Stock [Member] SGD ($) shares | Additional Paid-in Capital [Member] USD ($) | Additional Paid-in Capital [Member] SGD ($) | Deferred Compensation, Share-Based Payments [Member] USD ($) | Deferred Compensation, Share-Based Payments [Member] SGD ($) | AOCI Attributable to Parent [Member] USD ($) | AOCI Attributable to Parent [Member] SGD ($) | Retained Earnings [Member] USD ($) | Retained Earnings [Member] SGD ($) | Noncontrolling Interest [Member] USD ($) | Noncontrolling Interest [Member] SGD ($) | USD ($) | SGD ($) |
Balance at Dec. 31, 2020 | $ 21,970 | $ 6,582,123 | $ 4,117 | $ (8,253,705) | $ (312,333) | $ (1,957,828) | ||||||||
Balance, shares at Dec. 31, 2020 | shares | 16,250,000 | 16,250,000 | ||||||||||||
Issuance of new shares | 4,710,000 | 4,710,000 | ||||||||||||
Net loss | (1,824,808) | (68,467) | (1,893,275) | |||||||||||
Foreign currency translation adjustment | 5,880 | 5,880 | ||||||||||||
Stock-based compensation | ||||||||||||||
Balance (USD) at Dec. 31, 2021 | $ 21,970 | 11,292,123 | 9,997 | (10,078,513) | (380,800) | 864,777 | ||||||||
Balance, shares at Dec. 31, 2021 | shares | 16,250,000 | 16,250,000 | ||||||||||||
Net loss | (3,053,000) | (21,041) | (3,074,041) | |||||||||||
Foreign currency translation adjustment | 26,156 | 26,156 | ||||||||||||
Stock-based compensation | ||||||||||||||
Balance (USD) 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 | ||||||||||||
Issuance of new shares | $ 3,956 | 11,230,447 | 11,234,403 | |||||||||||
Net loss | (5,469,730) | (46,494) | $ (4,181,177) | (5,516,224) | ||||||||||
Foreign currency translation adjustment | (70,252) | (53,249) | (70,252) | |||||||||||
Balance, shares | shares | 2,971,384 | 2,971,384 | ||||||||||||
Stock-based compensation | 537,756 | 407,607 | 537,756 | |||||||||||
Balance (USD) at Dec. 31, 2023 | $ 19,221 | $ 25,926 | $ 17,072,037 | $ 22,522,570 | $ 407,607 | $ 537,756 | $ (25,846) | $ (34,099) | $ (14,099,327) | $ (18,601,243) | $ (339,828) | $ (448,335) | $ 3,033,864 | $ 4,002,575 |
Balance, shares at Dec. 31, 2023 | shares | 19,221,384 | 19,221,384 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (4,181,177) | $ (5,516,224) | $ (3,074,041) | $ (1,893,275) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock-based compensation | 407,607 | 537,756 | ||
Depreciation of property and equipment | 26,111 | 34,448 | 29,952 | 12,886 |
Amortization of operating lease right-of-use assets | 248,153 | 327,389 | 293,461 | 226,300 |
Amortization of intangible assets | 93,873 | 123,848 | ||
Provision for expected credit losses accounts | 5,776 | 7,619 | 16,683 | 23,210 |
Loss of disposal of property and equipment | 343 | 453 | ||
Interest income | (61,827) | (81,568) | ||
Changes in assets and liabilities: | ||||
Accounts receivable | (117,114) | (154,509) | (127,005) | 99,310 |
Prepayments | (119,725) | (157,953) | 10,040 | (50,898) |
Other current assets, net | 31,404 | 41,431 | (2,326) | 24,671 |
Deposits | 10,825 | 14,281 | (23,097) | 31,948 |
Accounts payable | 223,227 | 294,503 | (29,758) | (255,390) |
Contract liabilities | (130,357) | (171,980) | 115,960 | 70,346 |
Accrued liabilities and other payables | 126,891 | 167,407 | 11,897 | 130,531 |
Other taxes payable | 1,164 | 1,536 | (42,246) | 16,574 |
Operating lease obligation | (245,112) | (323,376) | (285,837) | (248,277) |
NET CASH USED IN OPERATING ACTIVITIES | (3,679,937) | (4,854,939) | (3,106,317) | (1,812,064) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property and equipment | (38,213) | (50,415) | (15,327) | (42,308) |
Purchases of intangible assets | (558,783) | (737,203) | ||
Acquisition of subsidiary, net of cash acquired | (234,451) | (309,311) | ||
Deposit for an acquisition | (2,605,670) | (3,437,661) | ||
Loan repayment by a shareholder | 870,728 | (870,728) | ||
NET CASH USED IN INVESTING ACTIVITIES | (3,437,117) | (4,534,590) | 855,401 | (913,036) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from common share issued for cash | 2,821 | 3,722 | 4,710,000 | |
Amounts lend from/(repayment to) a shareholder, net | (1,735,802) | (2,290,044) | 2,290,044 | (636,898) |
Net proceeds from initial public offering | 8,456,759 | 11,157,002 | ||
Deferred public offering costs | (87,011) | (114,794) | (676,321) | |
Advances from directors | 689,405 | 909,532 | ||
Repayment of long-term loans | (238,962) | (315,263) | (308,461) | (299,543) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 7,087,210 | 9,350,155 | 1,305,262 | 3,773,559 |
Foreign currency effect | (53,249) | (70,252) | 26,156 | 5,880 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (83,093) | (109,626) | (919,498) | 1,054,339 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 228,479 | 301,433 | 1,220,931 | 166,592 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT PERIOD END | 145,386 | 191,807 | 301,433 | 1,220,931 |
Cash paid for: | ||||
Income tax paid | ||||
Bank Loan and Operating Lease Interest | $ 22,939 | $ 30,264 | $ 39,152 | $ 49,926 |
Nature of business and organiza
Nature of business and organization | 12 Months Ended |
Dec. 31, 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 On March 23, 2023, the Company completed its initial public offering. In this offering, the Company issued 2,800,000 4.00 11.2 On October 6, 2023, Ohmyhome (BVI), a wholly owned subsidiary of the Company, completed the acquisition of 100 The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities: Schedule of subsidiaries Name Background Ownership % Principal of activity Ohmyhome (BVI) Limited ● A BVI company ● Incorporated on July 27, 2022 100 Investment holding Ohmyhome (S) ● A Singapore company ● Incorporated on June 12, 2015 100 Principally engaged in the provision of a one-stop-shop property platform for its customers Ohmyhome Property Management Pte. Ltd. (formerly Simply Sakal Pte. Ltd.) ● A Singapore company ● Incorporated on January 4, 1995 ● Acquired by Ohmyhome (BVI) on October 6, 2023 ● Changed its entity name to Ohmyhome Property Management Pte. Ltd. on November 8, 2023 100 Principally engaged in the provision of estate management services for residential, commercial and industrial real estate in Singapore. 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. DreamR Project Pte. Ltd. (formerly Ganze Pte. Ltd.) ● A Singapore company ● Incorporated on December 7, 2021 ● Changed its entity name from Ganze Pte. Ltd. To DreamR Project Pte. Ltd. on June 5, 2023 100 Principally engaged in interior decoration projects of high-end residential and commercial units. Ohmyhome Sdn. Bhd. (“Ohmyhome (M)”) ● A Malaysia company ● Incorporated on January 17, 2019 49 Principally engaged in the provision of a one-stop-shop property platform for its customers in Malaysia Ohmyhome Realtors Sdn. Bhd. ● A Malaysia company ● Incorporated on January 17, 2019 49 Principally engaged in the provision of brokerage service for its customers * Where less than 50% of the equity of an investee is held, the Company (through its subsidiaries) holds significantly more voting rights than any other vote holder or organized company of vote holders. An assessment has been made, taking into account all the factors relevant to the relationship with the investee, to ascertain control has been established and the investee should be consolidated as a subsidiary of the Company. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2 – Liquidity In assessing the Company’s liquidity, the Company monitors and evaluates its cash and cash equivalent and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements of the Company. As of December 31, 2023, the Company had negative cash flow from operating activities of S$ 4,854,939 3,679,937 1,728,148 1,309,898 191,807 145,386 On February 16, 2024, the Company completed its follow-on public offering. In this offering, the Company issued 3,555,555 Ordinary Shares at a price of US$ 1.35 per share. The Company received gross proceeds in the amount of US$ 4.8 million before deducting any underwriting discounts or expenses. Ohmyhome Pte. Ltd., a wholly owned subsidiary of the Company, has received and signed a Letter of Offer for a working capital loan of S$432,000 (US$327,397) by an established private lender on February 2, 2024, with a loan term of 5 7.50 per annum. 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 public offering. Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company’s business. Based on the above considerations, management believes that the Company has sufficient funds to meet its operating and capital expenditure needs and obligations in the next 12 months. However, there is no assurance that the Company will be successful in implementing the foregoing plans or additional financing will be available to the Company on commercially reasonable terms. There are a number of factors that could potentially arise that could undermine the Company’s plans such as (i) client’s business and areas of operations in Singapore and Malaysia, (ii) changes in the demand for the Company’s services, (iii) government policies, and (iv) economic conditions in Singapore, Malaysia and worldwide. The Company’s inability to secure needed financing when required may require material changes to the Company’s business plan and could have a material impact on the Company’s financial conditions and result of operations. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 3 – Summary of significant accounting policies Basis of presentation The accompanying financial statement have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of Directors, or to cast a majority of votes at the meeting of Directors. Non-controlling interest represents the portion of the net assets of a subsidiary attributable to interests that are not owned by the Company. The non-controlling interest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest’s operating result is presented on the face of the consolidated statements of income and comprehensive loss as an allocation of the total loss for the year between non-controlling shareholders and the shareholders of the Company. Use of estimates and assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Company’s financial statements include, but not limited to, estimates for useful lives of intangible assets, impairment of long-lived assets, deferred taxes and uncertain tax position, and allowance for expected credit loss 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 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 financial statements are presented in the Singapore Dollars (“SGD” or “S$”), which is the reporting currency of the Company. The functional currency of the Company and its subsidiary in the British Virgin Islands is United States Dollars (“USD” or “US$”), its other subsidiaries which are incorporated in Singapore and Malaysia are SGD and Malaysia ringgit (“RM”), respectively, which are their respective local currencies based on the criteria of ASC 830, “Foreign Currency Matters”. In the consolidated financial statements, the financial information of the Company and other entities located outside of Singapore has been translated into SGD. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. The following table outlines the currency exchange rates that were used in creating the financial statements in this report: Schedule of currency exchange rates December 31, 202 1 December 31, 2022 December 31, 2023 Year-end spot rate SGD 1.00 3.0968 SGD 1.00 3.2860 SGD 1.00 2.8720 Average rate SGD 1.00 3.0817 SGD 1.00 3.1917 SGD 1.00 2.9471 Year-end spot rate SGD 1.00 0.7396 SGD 1.00 0.7460 SGD 1.00 0.7580 Average rate SGD 1.00 0.7442 SGD 1.00 0.7241 SGD 1.00 0.7447 Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows from SGD into USD as of December 31, 2023 are solely for the convenience of the readers and are calculated at the rate of SGD 1.00 0.7580 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 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 allowance for expected credit loss is adequate and provides allowance when necessary. The allowance is based on management’s best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. As of December 31, 2021, 2022 and 2023, the Company made S$ 23,210 9,102 9,802 7,430 Prepayments Prepayments are mainly payments made to vendors or services providers for future services that have not been provided and prepaid rent. These amounts are refundable and bear no interest. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2021, 2022 and December 31, 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 The Company has subsequently completed a follow-on public offering of 3,555,555 114,794 87,012 Deposits Deposits are mainly for rent, utilities and money deposited with certain vendors. These amounts are refundable and bear no interest. The short-term deposits usually have a one-year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers when terms and conditions set forth in the agreements have been satisfied. Other current assets, net Other current assets, net, primarily consists of other receivables from third parties. These other receivables are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Schedule of estimated useful lives Expected useful lives Leasehold improvements lesser of lease term or expected useful life Office furniture and fittings 3 5 Office equipment 3 5 Computers 3 The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. Business combination The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Company’s consolidated statements of operations. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition. Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. In accordance with ASC Topic 350, Goodwill and Other Intangible Assets (“ASC 350”), recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present. In accordance with ASC 350, the Company assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. As of December 31, 2023, the Company as a whole is the reporting unit of goodwill. Pursuant to ASC 350, the Company has an option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value based on discounted cash flow of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. The impairment charge would be recorded in the consolidated statements of income and comprehensive income. Application of the goodwill impairment test requires judgment, including the determination of the fair value of each reporting unit. Estimating fair value is performed by utilizing various valuation techniques, with a primary technique being a discounted cash flow which requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company ’ s business, estimation of the useful life over which cash flows will occur, and determination of the Company ’ s weighted average cost of capital. Intangible Assets Intangible assets consist of software and capitalized research and development and customer relationship acquired from a business combination. Intangible assets with finite lives are carried at cost less accumulated amortization and impairment loss, if any. Intangible assets with finite lives are amortized using the straight-line method over the estimated useful lives. Capitalized Software and research and development The Company capitalizes certain eligible software development costs incurred in connection with its internal use software in accordance with ASC 350-40, Internal-use Software and ASC 985, Software. These capitalized costs also relate to the Company’s development of a proprietary software, HomerAI as well as a few ongoing development technology software. Capitalized software costs are amortized over the estimated useful life of 5 During the year ended December 31, 2023, the Company capitalized S$ 0.9 0.7 Intangible assets that have determinable lives continue to be amortized over their estimated useful lives as follows: Schedule of estimated useful life Software and research and development 5 Customer relationships 5 Impairment for long-lived assets other than goodwill Long-lived assets are evaluated 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 fully recoverable or that the useful life is shorter than it was originally estimated. When these events occur, the Company, its wholly-owned subsidiaries evaluate the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, an impairment loss is recognized based on the excess of the carrying value of the assets over the fair value of the assets. For the years ended December 31, 2023, the Company, its wholly-owned subsidiaries, Ohmyhome BVI and Ohmyhome BVI’s subsidiaries did not accrue impairment charge against intangible assets, including the customer relationship and software and technology. The customer relationship arose from acquisition of Ohmyhome Property Management Pte. Ltd. by the Ohmyhome BVI in 2023. For the year ended December 31, 2021, 2022 and 2023, the Company did not accrue impairment charge against software and technology. 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. Stock-based compensation On December 19, 2023, the Board of Directors adopted the 2023 Equity Incentive Plan (the “2023 Incentive Plan”). Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, the illiquidity of the option given its non-transferability, and the expected dividend yield of the Company’s common stock. The Company derives its volatility from the average historical stock volatilities of the Company over a period equivalent to the expected term of the awards. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. The expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. Stock-based compensation expense is classified in the accompanying consolidated statement of operations. Revenue recognition Effective January 1, 2020, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after January 1, 2020 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company’s historic accounting under ASC Topic 605. The Company’s accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to January 1, 2020. The effect from the adoption of ASC Topic 606 was not material to the Company’s consolidated financial statements. The five-step model defined by ASC Topic 606 requires the Company to: (1) identify its contracts with customers; (2) identify its performance obligations under those contracts; (3) determine the transaction prices of those contracts; (4) allocate the transaction prices to its performance obligations in those contracts; and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred to the client in an amount that reflects the consideration expected in exchange for those services. The Company enters into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial substance, and it is probable that the Company will collect considerations from its customers for service 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 three sources: (1) revenue from brokerage services, (2) revenue from emerging and other related services, and (3) revenue from estate management services and other related 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 related 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. 3) Estate management services and other related services Ohmyhome Property Management Pte. Ltd. earns estate management services revenue from Management Corporate Strata Titles (MCSTs) by being appointed as the Managing Agent for the respective estates to provide routine management, administration and secretarial services, accounting and finance management, and the operation and maintenance of the estates. Management believes that the estate management services are integrated services, and it is impractical to assess standalone value to each service; accordingly, the estate management services should be considered as single performance obligation. In consideration of the services provided by the Company, the MCSTs pay a monthly fee to the Company. The contract is a fixed contract with a fixed fee over the contractual period. The monthly management fee of individual estate varies depending on the size of the estates and the scope of the services required. Estate management revenue primarily contains an ongoing performance obligation that is satisfied upon the end of each calendar month, at which point the monthly fee is earned. The revenue is recognized over time based on the fixed contract fee over the contractual period. The Company is considered to be the principal 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 estate management services pursuant to the estate management service contracts it signed with the MCSTs. Typical payment terms set forth in the invoice are within 30 days. The Company also generates revenues from other related services such as providing of additional manpower which are usually in ad-hoc basis, certification of documents, disbursements, marketing initiatives and others that to be completed in a short-term period. Service fees for other services are generally recognized at the point in time when services are provided. Typical payment terms set forth in the invoice are within 30 days. Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services, customers are required to pay before the services are delivered. The Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the Group’s performance and the customer’s payment. The Company classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Company recognizes accounts receivable in its audited 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, 2021, 2022 and 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, 2021, 2022 and 2023, the contract liabilities of the Company amounted to S$ 78,340 194,300 103,655 78,568 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 year ended December 31, 2021, 2022 and 2023, the advertising expense amounted to S$ 845,793 1,037,772 and S$ 911,055 (US$ 690,559 ), respectively. Technology and development Technology and development expenses primarily include personnel costs (including base pay, bonuses, and benefits), platform development, and maintaining and improving our website and mobile application development costs. We capitalize research and development personnel costs related to the development of our new proprietary software products and features including HomerAI, MATCH and others, as well as acquired carrying value of the proprietary software from the acquisition of Simply Sakal. As of December 31, 2023, research and development and software and technology, net amounted to S$ 1,125,496 853,101 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 year ended December 31, 2021, 2022 and 2023, the Company’s selling and marketing expenses were S$ 1,717,470 1,926,003 and S$ 1,797,033 (US$ 1,362,111 ), respectively. Employee compensation Singapore (1) Defined contribution plan The Company participates in the national pension schemes as defined by the laws of Singapore’s jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed. (2) Employees leave entitlement Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly within the reporting period. Malaysia The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Government Grant Government grants as compensation for expenses already incurred or for the purpose of giving immediate financial support to the Company during the COVID-19 pandemic. The government evaluates the Company’s eligibility for the grants on a consistent basis, and then makes the payment. Therefore, there are no restrictions on the grants. Government grants are recognized when received and all the conditions for their receipt have been met and are recorded as part of Other Income. The grants received were S$ 492,404 248,067 and S$ 25,769 (US$ 19,532 ) for the year ended December 31, 2021, 2022 and 2023, respectively from the Singapore Government. Segment reporting ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s Chief Operating Decision Maker (“CODM”) for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products or services. Based on management’s assessment, the Company has determined that it has two operating segments, which are (i) Brokerage, emerging and another related service; and (ii) Estate management services and other related services in Singapore. All assets of the Company are located in Singapore and all revenue is generated in Singapore. The Company has disclosed the relevant metrics for measurement of performance in “ITEM 5. Operating and Financial Review and Prospects”. Information reported internally for performance assessment as follows: Year ended December 31, 2023 Schedule of Segment Reporting Information Brokerage, emerging and another related service Estate management services and other related services Total Total S$ S$ S$ US$ Revenue – external 3,635,439 846,726 4,482,165 3,397,380 Revenue – related parties 522,328 - 522,328 395,913 Total revenue 4,157,767 846,726 5,004,493 3,793,293 Total cost of revenue (2,702,259 ) (582,582 ) (3,284,841 (2,489,836 ) Gross profit 1,455,508 264,144 1,719,652 1,303,457 Operating expenses (6,692,028 ) (370,555 ) (7,062,583 ) (5,353,281 ) Share-based compensation (537,756 ) - (537,756 ) (407,607 ) Interest income 106,023 - 106,023 80,363 Interest expense (29,431 ) (2,265 ) (31,696 ) (24,025 ) Foreign exchange (loss) gain 264,367 - 264,367 200,384 Government grants 25,769 - 25,769 19,532 Other income (expense), net (171,028 ) (2,265 ) (173,293 ) (131,353 ) Income (loss) before income tax expenses (5,407,548 ) (108,676 ) (5,516,224 ) (4,181,177 ) Segment income (loss) (5,407,548 ) (108,676 ) (5,516,224 ) (4,181,177 ) Total assets 9,436,152 865,788 10,301,940 7,808,643 Total liabilities 5,670,189 629,176 6,299,365 4,774,779 Net assets 3,765,963 236,612 4,002,575 3,033,864 There was only one segment which is the brokerage, emerging and other related services segment as of December 31, 2021 and 2022. Leases The Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs. Income taxes The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 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 consolidated financial statements. Revenues are recognized when control of the promised services and deliverables are transferred to the Company’s Customers in an amount that reflects the consideration to which the Company expects to be entitled to and receive in exchange for services and deliverables rendered. The following table presents the Company’s revenues disaggregated by service lines for the years ended December 31, 2021, 2022 and 2023: Schedule of revenue disaggregated by service 2021 2022 2023 2023 For the year ended December 31, 2021 2022 2023 2023 SGD SGD SGD USD Operating revenues - Brokerage services Independent Third Parties 3,475,750 3,069,160 2,806,930 2,127,590 Related Parties 255,836 2,900 11,000 8,338 Total revenues 3,731,586 3,072,060 2,817,930 2,135,928 - Property Management Independent Third Parties - - 846,726 641,799 Total revenues - - 846,726 641,799 - Emerging and other services Independent Third Parties 650,097 970,376 828,509 627,991 Related Parties - 2,983,156 511,328 387,575 Total revenues 650,097 3,953,532 1,339,837 1,015,566 Total operating revenues 4,381,683 7,025,592 5,004,493 3,793,293 The Company elected to utilize practical expedients to exclude from this disclosure the remaining performance obligations that have an original expected duration of one year or less. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 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, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Accounts receivable 156,604 252,818 590,691 447,731 Less: Allowance for expected credit losses (23,210 ) (9,102 ) (9,802 ) (7,430 ) Total accounts receivable, net 133,394 243,716 580,889 440,301 Movements of allowance for expected credit losses accounts are as follows: Schedule of allowance for expected credit losses accounts December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Allowance for expected credit losses, beginning balance 3,712 23,210 9,102 6,899 Addition 23,210 16,683 7,619 5,776 Write-off / recovery (3,712 ) (30,791 ) (6,919 ) (5,245 ) Allowance for expected credit losses, ending balance 23,210 9,102 9,802 7,430 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, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Within 30 days 63,640 127,415 521,337 395,162 Between 31 and 60 days 23,663 42,445 5,698 4,319 Between 61 and 90 days 14,145 59,960 10,405 7,887 More than 90 days 31,946 13,896 43,449 32,933 Total accounts receivable, net 133,394 243,716 580,889 440,301 |
Deposit for an acquisition
Deposit for an acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Deposit For Acquisition | |
Deposit for an acquisition | Note 6 - Deposit for an acquisition Deposit for an acquisition consist of the following: Schedule of Deposit for an acquisition December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Deposit for an acquisition i - - 3,370,757 2,554,959 Less: Long term portion - - - - Deposit for an acquisition – current portion - - 3,370,757 2,554,959 i As at December 31, 2023, the Company had a deposit for an acquisition include the amounts of S$ 618,286 5 1 2,686,340 1,986,288 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Note 7 – Property and equipment, net Property and equipment, net consist of the following: Schedule of property plant and equipment December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD At cost: Office furniture and fittings 149,929 150,000 166,901 126,507 Office equipment 135,885 151,141 211,066 159,984 Leasehold improvements 9,732 9,732 10,260 7,777 Total 295,546 310,873 388,227 294,268 Accumulated depreciation (245,559 ) (275,511 ) (309,959 ) (234,942 ) Loss of disposal of property and equipment - - 453 343 Property and equipment, net 49,987 35,362 78,721 59,669 Depreciation expenses for the years ended December 31, 2021, 2022 and 2023 amounted to S$ 12,886 29,952 34,448 26,111 No |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 8 - Intangible Assets Intangible assets, stated at cost less accumulated amortization, consisted of the following : Schedule of Intangible Assets 2021 2022 2023 2023 SGD SGD SGD USD Beginning of year - - - - Customer relationships - - 1,944,044 1,473,542 Software - - 271,693 205,937 Research and development - - 885,675 671,321 Intangible Assets, gross - - - - Less: accumulated amortization - - (123,848 ) (93,873 ) End of year - - 2,977,564 2,256,927 Estimated amortization expense for each of the next five years: Schedule of Estimated amortization expenses $ 2024 (651,035 ) 2025 (651,035 ) 2026 (651,035 ) 2027 (565,450 ) 2028 (459,009 ) Total (2,977,564 ) |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 9 – Goodwill Changes in the carrying amount of goodwill were as follows: Schedule of changes in carrying amount of goodwill 2021 2022 2023 2023 SGD SGD SGD USD Beginning of year - - - - Acquisition (Note 9) - - 2,213,460 1,677,753 End of year - - 2,213,460 1,677,753 Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2023, the Company’s reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. In the qualitative assessment, the Company considers factors such as macroeconomic conditions, industry and market conditions, overall financial performance related to the operation, consider plans and strategies of the reporting unit. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment being recorded. |
Business combination
Business combination | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business combination | Note 10 – Business combination On October 6, 2023, Ohmyhome (BVI), a wholly owned subsidiary of the Company, acquired 100 4,712,000 1,712,000 3,000,000 On October 6, 2023, the Company paid the first tranche of the S$ 513,600 171,384 With the acquisition of Simply, Ohmyhome has expanded its services to include property management services, to provide residents of private condominiums and executive condominiums in Singapore with quality estate management services and a technology platform for users to access the services and provide feedback with ease. Acquisition-related costs of S$ 90,375 68,502 Goodwill of S$ 2,213,460 1,677,753 1,944,044 1,473,542 Schedule of Consideration Assets Acquired and Liabilities October 6, 2023 Consideration SGD Cash 513,600 Equity instruments 750,000 Consideration payables 3,239,193 Fair value of total consideration transferred 4,502,793 SGD ASSETS Cash and bank balances 204,289 Accounts receivable 190,283 Prepayments 12,926 Deposits 16,160 Property and equipment, net 27,845 Intangible assets 271,693 Operating lease right-of-use assets, net 14,817 Other assets 43,235 Total assets 781,248 LIABILITIES Accounts payable 86,798 Accrued liabilities and other payables 242,604 Bank loans, current portion 43,413 Operating lease obligation, current 15,241 Bank loans, non-current portion 47,903 Total liabilities 435,959 Total identifiable net assets 345,289 Intangible asset (customer relationship) 1,944,044 Goodwill 2,213,460 Fair value of total consideration transferred 4,502,793 The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Company believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit impaired loans, which have shown evidence of credit deterioration since origination. Receivables acquired that were not subject to these requirements include customer receivables with a fair value and gross contractual amounts receivable of S$ 190,283 The following table presents supplemental unaudited pro forma information as if the acquisition had occurred at the beginning of 2023. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates. Schedule of Supplemental unaudited Pro Forma Information December 31, 2023 December 31, 2023 SGD USD Revenue 7,315,963 5,545,337 Net loss (6,368,852 ) (4,827,448 ) Basic earnings per share (0.36 ) (0.27 ) Diluted earnings per share (0.34 ) (0.26 ) |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | Note 11 – Stock-based compensation The Company has one share-based compensation plan as describe below. Total compensation cost that has been charged against income for the plan was S$ 537,756 (US$ 407,607 ) during the year ended December 31, 2023. Stock Option Plan In December 2023, the Company adopted the 2023 Equity Incentive Plan (the “2023 Incentive Plan”), for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with ours. Under the 2023 Incentive Plan, we are authorized to issue an aggregate of 2,000,000 1,025,527 688,652 The following summarize the terms of the 2023 Incentive Plan. Types of Awards. Plan Administration . Eligibility . Conditions of Award . Term of Award Vesting Schedule 75,986 1 Transfer Restrictions The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock. An illiquidity discount was estimated which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The fair value of options granted was determined using the following weighted-average assumptions as of grant date. Schedule of fair value of options granted 2023 Risk-free interest rate 3.93 % Illiquidity Discount 30 % Expected stock price volatility 62.3 % Dividend yield - % A summary of the activity in the 2023 Equity Incentive Plan follows: Schedule of activity in 2023 equity incentive plan Options Shares Weighted Average Exercise Price Weighted Average Remining Contractual Term (Year) Aggregate Intrinsic Value USD USD Outstanding at beginning of year - - - - Granted 1,025,527 1.67 9.3 429,388 Exercised - - - - Forfeited or expired - - - Outstanding at end of year 1,025,527 1.67 9.3 429,388 Fully vested and expected to vest 945,541 1.60 9.4 Exercisable at end of year of 2023 945,541 9.4 9.4 407,607 Information related to the stock option plan during each year follows: Schedule of information related to the stock option plan 2022 2023 2023 SGD SGD USD Intrinsic value of options exercised - - - Cash received from option exercises - - Tax benefit from option exercises - - Weighted average fair value of options granted 566,492 429,388 As of December 31, 2023, there was S$ 28,736 21,781 7.4 |
Bank loans
Bank loans | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Bank loans | Note 12 – Bank loans Outstanding balances of bank loans consist of the following: Schedule of bank loans Bank Name Drawn/ Interest Rate Collateral/Guarantee December 31, 2021 SGD December 31, 2022 SGD December 31, 2023 SGD December 31, 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 56,663 23,005 - - DBS Bank Ltd. June 2020 /June 2025 3.00 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Anthill, major shareholder of the Company 715,566 518,715 315,878 239,428 Maybank Singapore Limited November 2020/November 2025 2.75 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company 317,934 239,982 159,859 121,170 United Overseas Bank Limited November 2020/November 2025 2.25 % Guaranteed by Mr. Kenneth Chong, Chief Executive Officer and Director of Ohmyhome Property Management Pte Ltd, Mr. Cho Ching Joe Kwan and Mr. Kok Wah Ming, Director of the Company - - 82,018 62,168 Total 1,090,163 781,702 557,755 422,766 Bank loans, current portion 299,543 305,965 331,528 251,291 Bank loans, non-current portion 790,620 475,737 226,227 171,475 Interest expense for the years ended December 31, 2021, 2022 and 2023 amounted to S$ 36,696 32,127 19,105 14,481 The maturities schedule is as follows: Twelve months ending December 31, Schedule of maturities schedule long term debt SGD USD 2024 331,528 251,291 2025 226,227 171,475 Total 557,755 422,766 |
Accrued liabilities and other p
Accrued liabilities and other payables | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued liabilities and other payables | Note 13 – Accrued liabilities and other payables The components of accrued expenses and other payables are as follows: Schedule of accrued expenses and other payables December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Accrued payroll and welfare * 68,087 73,110 491,009 372,174 Accrued expenses ** 66,606 13,400 319,486 242,163 Other tax payable *** 67,347 25,101 86,788 65,783 Other payable **** 82,605 142,685 596,757 452,330 Total accrued liabilities and other payables 284,645 254,296 1,494,040 1,132,450 * Includes salary and fees due to directors amounting to S$ 427,896 ** Accrued expenses mainly consist of accrual of professional service fees and other costs 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 9%) 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. As of December 31, 2023, there is a short-term advances from directors with a balance of S$ 541,636 410,548 |
Related party balances and tran
Related party balances and transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party balances and transactions | Note 14 – 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 Mr. Loh Kim Kang David (“Mr. Loh”) Shareholder, the Chairman of the board of Directors Termbasu Holding Pte Ltd Owned by the Chairman of the board of Directors For the years ended December 2021, 2022 and 2023 Related party balances Schedule of related party balances Transaction nature Name 2021 2022 2023 2023 SGD SGD SGD USD Amount due to Vienna Management Ltd - 2,290,044 ii - - Amount due from Vienna Management Ltd 870,728 i Amount due from Anthill Corp - - 3,495 iv 2,649 Contract liability Mr. Loh - 103,908 iii - - Amount due to Ms. Wong Wan Chew - - 240,000 v 181,915 Amount due to Ms Wong Wan Pei - - 188,425 vi 142,822 i The Company had an unsecured, interest-free loan to Vienna Management Ltd amounting to S$ 870,728 870,728 nil iii On May 1, 2019 and December 1, 2022 the Company entered into two separated interest-free loan facility agreements with Vienna Management Ltd, one of the Company’s major shareholders. Both revolving loan facility agreements offered up to S$ 2.0 2,290,044 1,708,478 iii 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 2,699,381 103,908 77,520 iv 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, 2024 from Anthill Corp. v On December 28, 2023, Ms. Wong Wan Chew made short-term advances to the Company S$ 240,000 vi On March 10 and September 12, 2023, Ms. Wong Wan Pei paid on behalf of the Company using her credit card facility for PropertyGuru advertisement packages for the amounts of S$ 169,817 110,000 291,392 11,575 200,000 for general working capital and general corporate purposes. Related party transactions Schedule of related party transactions Transaction nature Name December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Brokerage services provided to Ms. Rhonda Wong 1,050 (1) 2,900 (1) - - Brokerage services provided to Mr. David Loh - 11,000 (3) 8,338 Brokerage services provided to Termbasu Holding Pte Ltd 254,786 (2) - - - Emerging and other services to Mr. David Loh - 2,981,957 (4) 511,040 (4) 387,357 Emerging and other services to Ms. Rhonda Wong - 1,199 (5) 288 (5) 218 (1) Ms. Rhonda Wong engaged the Company to look for tenant for a property in September 2021 and March 2022. The respective project was completed during year ended December 31, 2021 and 2022, and Ms. Rhonda Wong paid the rental commission to the Company, being S$ 1,050 2,900 2,164 (2) Termbasu Holding Pte Ltd entered seven (7) service agreements with the Company to sale seven (7) private properties in January 2022. The commission was 2 (3) Mr. David Loh engaged the Company to look for a tenant for a property and was completed during the year ended December 31, 2023. Mr. David Loh paid a service fee of S$ 11,000 8,338 (4) On February 25, 2022, the Company entered into a services agreement with subsequent various orders with Mr. Loh., with a term from February 25, 2022, to complete a renovation project in total consideration S$ 3,492,997 2,612,033 3,085,865 2,302,197 103,908 77,520 2,981,957 2,224,676 511,040 387,357 (5) Ms. Rhonda Wong engaged the Company to move and clean her house in April 2022. The project was completed during year ended December 31, 2022, and Ms. Rhonda Wong paid a service fee of S$ 1,199 896 Ms. Rhonda Wong engaged the Company to perform aircon cleaning for her house and the project was completed during the year ended December 31, 2023, and Ms. Rhonda Wong paid a service fee of S$ 288 218 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 15 – 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 DreamR Projects Pte. Ltd., Ohmyhome Property Management Pte. Ltd. are incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17 75 10,000 50 190,000 Net operating loss will be carried forward indefinitely under Singapore profits tax regulation. As of December 31, 2021, 2022 and 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 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Tax jurisdiction from: Singapore (1,764,537 ) (2,959,534 ) (5,434,925 ) (4,119,554 ) Malaysia (128,738 ) (114,507 ) (81,299 ) (61,623 ) Loss before income taxes provision (1,893,275 ) (3,074,041 ) (5,516,224 ) (4,181,177 ) The provision for income taxes consisted of the following: Schedule of provision for income taxes December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Deferred tax assets: Singapore 255,364 503,121 924,114 700,458 Malaysia 21,885 19,466 13,644 10,342 Less: valuation allowance Singapore (255,364 ) (503,121 ) (924,114 ) (700,458 ) Malaysia (21,885 ) (19,466 ) (13,644 ) (10,342 ) Deferred tax assets - - - - Uncertain tax positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2021, 2022 and 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 years ended December 31, 2021, 2022 and 2023 and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2023. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Note 16 – 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 2,800,000 171,384 19,221,384 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | Note 17 – Commitment and Contingencies Lease commitments The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty. The Company has two property lease agreements with lease terms ranging for one year and two years, respectively. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use (“ROU”) assets nor lease liability was recorded for the lease with a lease term with one year. For the years ended December 31, 2021, 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 December 31, 2023 as follow: Schedule of commitment for minimum lease payments Twelve months ending December 31, Minimum lease 2024 348,323 2025 113,129 2026-2027 - Total future lease payment 461,452 Amount representing interest (5,761 ) Present value of operating lease liabilities 455,691 Less: current portion (342,983 ) Long-term portion 112,708 The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2023: Schedule of other supplemental information Weighted average discount rate 2.15 % Weighted average remaining lease term (years) 2.0 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 18 – Subsequent events The Company has assessed all events from December 31, 2023, up through April 23, 2024 which is the date that these consolidated financial statements are available to be issued. On February 16, 2024, the Company completed its follow-on public offering. In this offering, the Company issued 3,555,555 1.35 4.8 Ohmyhome Pte. Ltd., a wholly owned subsidiary of the Company, has signed a Letter of Offer for a working capital loan of S$ 432,000 327,397 427,216 323,820 5 7.50 Aside to this, there are no material subsequent events that require disclosure in these consolidated financial statements. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying financial statement have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of Directors, or to cast a majority of votes at the meeting of Directors. Non-controlling interest represents the portion of the net assets of a subsidiary attributable to interests that are not owned by the Company. The non-controlling interest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest’s operating result is presented on the face of the consolidated statements of income and comprehensive loss as an allocation of the total loss for the year between non-controlling shareholders and the shareholders of the Company. |
Use of estimates and assumptions | Use of estimates and assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Company’s financial statements include, but not limited to, estimates for useful lives of intangible assets, impairment of long-lived assets, deferred taxes and uncertain tax position, and allowance for expected credit loss 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 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 financial statements are presented in the Singapore Dollars (“SGD” or “S$”), which is the reporting currency of the Company. The functional currency of the Company and its subsidiary in the British Virgin Islands is United States Dollars (“USD” or “US$”), its other subsidiaries which are incorporated in Singapore and Malaysia are SGD and Malaysia ringgit (“RM”), respectively, which are their respective local currencies based on the criteria of ASC 830, “Foreign Currency Matters”. In the consolidated financial statements, the financial information of the Company and other entities located outside of Singapore has been translated into SGD. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. The following table outlines the currency exchange rates that were used in creating the financial statements in this report: Schedule of currency exchange rates December 31, 202 1 December 31, 2022 December 31, 2023 Year-end spot rate SGD 1.00 3.0968 SGD 1.00 3.2860 SGD 1.00 2.8720 Average rate SGD 1.00 3.0817 SGD 1.00 3.1917 SGD 1.00 2.9471 Year-end spot rate SGD 1.00 0.7396 SGD 1.00 0.7460 SGD 1.00 0.7580 Average rate SGD 1.00 0.7442 SGD 1.00 0.7241 SGD 1.00 0.7447 |
Convenience translation | Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows from SGD into USD as of December 31, 2023 are solely for the convenience of the readers and are calculated at the rate of SGD 1.00 0.7580 |
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 receivable and allowance for expected credit losses 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 allowance for expected credit loss is adequate and provides allowance when necessary. The allowance is based on management’s best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. As of December 31, 2021, 2022 and 2023, the Company made S$ 23,210 9,102 9,802 7,430 |
Prepayments | Prepayments Prepayments are mainly payments made to vendors or services providers for future services that have not been provided and prepaid rent. These amounts are refundable and bear no interest. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2021, 2022 and December 31, 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 The Company has subsequently completed a follow-on public offering of 3,555,555 114,794 87,012 |
Deposits | Deposits Deposits are mainly for rent, utilities and money deposited with certain vendors. These amounts are refundable and bear no interest. The short-term deposits usually have a one-year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers when terms and conditions set forth in the agreements have been satisfied. |
Other current assets, net | Other current assets, net Other current assets, net, primarily consists of other receivables from third parties. These other receivables are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Schedule of estimated useful lives Expected useful lives Leasehold improvements lesser of lease term or expected useful life Office furniture and fittings 3 5 Office equipment 3 5 Computers 3 The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. |
Business combination | Business combination The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Company’s consolidated statements of operations. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. In accordance with ASC Topic 350, Goodwill and Other Intangible Assets (“ASC 350”), recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present. In accordance with ASC 350, the Company assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. As of December 31, 2023, the Company as a whole is the reporting unit of goodwill. Pursuant to ASC 350, the Company has an option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value based on discounted cash flow of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. The impairment charge would be recorded in the consolidated statements of income and comprehensive income. Application of the goodwill impairment test requires judgment, including the determination of the fair value of each reporting unit. Estimating fair value is performed by utilizing various valuation techniques, with a primary technique being a discounted cash flow which requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company ’ s business, estimation of the useful life over which cash flows will occur, and determination of the Company ’ s weighted average cost of capital. |
Intangible Assets | Intangible Assets Intangible assets consist of software and capitalized research and development and customer relationship acquired from a business combination. Intangible assets with finite lives are carried at cost less accumulated amortization and impairment loss, if any. Intangible assets with finite lives are amortized using the straight-line method over the estimated useful lives. |
Capitalized Software and research and development | Capitalized Software and research and development The Company capitalizes certain eligible software development costs incurred in connection with its internal use software in accordance with ASC 350-40, Internal-use Software and ASC 985, Software. These capitalized costs also relate to the Company’s development of a proprietary software, HomerAI as well as a few ongoing development technology software. Capitalized software costs are amortized over the estimated useful life of 5 During the year ended December 31, 2023, the Company capitalized S$ 0.9 0.7 Intangible assets that have determinable lives continue to be amortized over their estimated useful lives as follows: Schedule of estimated useful life Software and research and development 5 Customer relationships 5 |
Impairment for long-lived assets other than goodwill | Impairment for long-lived assets other than goodwill Long-lived assets are evaluated 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 fully recoverable or that the useful life is shorter than it was originally estimated. When these events occur, the Company, its wholly-owned subsidiaries evaluate the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, an impairment loss is recognized based on the excess of the carrying value of the assets over the fair value of the assets. For the years ended December 31, 2023, the Company, its wholly-owned subsidiaries, Ohmyhome BVI and Ohmyhome BVI’s subsidiaries did not accrue impairment charge against intangible assets, including the customer relationship and software and technology. The customer relationship arose from acquisition of Ohmyhome Property Management Pte. Ltd. by the Ohmyhome BVI in 2023. For the year ended December 31, 2021, 2022 and 2023, the Company did not accrue impairment charge against software and technology. |
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. |
Stock-based compensation | Stock-based compensation On December 19, 2023, the Board of Directors adopted the 2023 Equity Incentive Plan (the “2023 Incentive Plan”). Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, the illiquidity of the option given its non-transferability, and the expected dividend yield of the Company’s common stock. The Company derives its volatility from the average historical stock volatilities of the Company over a period equivalent to the expected term of the awards. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. The expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. Stock-based compensation expense is classified in the accompanying consolidated statement of operations. |
Revenue recognition | Revenue recognition Effective January 1, 2020, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after January 1, 2020 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company’s historic accounting under ASC Topic 605. The Company’s accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to January 1, 2020. The effect from the adoption of ASC Topic 606 was not material to the Company’s consolidated financial statements. The five-step model defined by ASC Topic 606 requires the Company to: (1) identify its contracts with customers; (2) identify its performance obligations under those contracts; (3) determine the transaction prices of those contracts; (4) allocate the transaction prices to its performance obligations in those contracts; and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred to the client in an amount that reflects the consideration expected in exchange for those services. The Company enters into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial substance, and it is probable that the Company will collect considerations from its customers for service 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 three sources: (1) revenue from brokerage services, (2) revenue from emerging and other related services, and (3) revenue from estate management services and other related 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 related 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. 3) Estate management services and other related services Ohmyhome Property Management Pte. Ltd. earns estate management services revenue from Management Corporate Strata Titles (MCSTs) by being appointed as the Managing Agent for the respective estates to provide routine management, administration and secretarial services, accounting and finance management, and the operation and maintenance of the estates. Management believes that the estate management services are integrated services, and it is impractical to assess standalone value to each service; accordingly, the estate management services should be considered as single performance obligation. In consideration of the services provided by the Company, the MCSTs pay a monthly fee to the Company. The contract is a fixed contract with a fixed fee over the contractual period. The monthly management fee of individual estate varies depending on the size of the estates and the scope of the services required. Estate management revenue primarily contains an ongoing performance obligation that is satisfied upon the end of each calendar month, at which point the monthly fee is earned. The revenue is recognized over time based on the fixed contract fee over the contractual period. The Company is considered to be the principal 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 estate management services pursuant to the estate management service contracts it signed with the MCSTs. Typical payment terms set forth in the invoice are within 30 days. The Company also generates revenues from other related services such as providing of additional manpower which are usually in ad-hoc basis, certification of documents, disbursements, marketing initiatives and others that to be completed in a short-term period. Service fees for other services are generally recognized at the point in time when services are provided. Typical payment terms set forth in the invoice are within 30 days. |
Contract balances | Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services, customers are required to pay before the services are delivered. The Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the Group’s performance and the customer’s payment. The Company classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Company recognizes accounts receivable in its audited 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, 2021, 2022 and 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, 2021, 2022 and 2023, the contract liabilities of the Company amounted to S$ 78,340 194,300 103,655 78,568 |
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 year ended December 31, 2021, 2022 and 2023, the advertising expense amounted to S$ 845,793 1,037,772 and S$ 911,055 (US$ 690,559 ), respectively. |
Technology and development | Technology and development Technology and development expenses primarily include personnel costs (including base pay, bonuses, and benefits), platform development, and maintaining and improving our website and mobile application development costs. We capitalize research and development personnel costs related to the development of our new proprietary software products and features including HomerAI, MATCH and others, as well as acquired carrying value of the proprietary software from the acquisition of Simply Sakal. As of December 31, 2023, research and development and software and technology, net amounted to S$ 1,125,496 853,101 |
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 year ended December 31, 2021, 2022 and 2023, the Company’s selling and marketing expenses were S$ 1,717,470 1,926,003 and S$ 1,797,033 (US$ 1,362,111 ), respectively. |
Employee compensation | Employee compensation Singapore (1) Defined contribution plan The Company participates in the national pension schemes as defined by the laws of Singapore’s jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed. (2) Employees leave entitlement Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly within the reporting period. Malaysia The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. |
Government Grant | Government Grant Government grants as compensation for expenses already incurred or for the purpose of giving immediate financial support to the Company during the COVID-19 pandemic. The government evaluates the Company’s eligibility for the grants on a consistent basis, and then makes the payment. Therefore, there are no restrictions on the grants. Government grants are recognized when received and all the conditions for their receipt have been met and are recorded as part of Other Income. The grants received were S$ 492,404 248,067 and S$ 25,769 (US$ 19,532 ) for the year ended December 31, 2021, 2022 and 2023, respectively from the Singapore Government. |
Segment reporting | Segment reporting ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s Chief Operating Decision Maker (“CODM”) for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products or services. Based on management’s assessment, the Company has determined that it has two operating segments, which are (i) Brokerage, emerging and another related service; and (ii) Estate management services and other related services in Singapore. All assets of the Company are located in Singapore and all revenue is generated in Singapore. The Company has disclosed the relevant metrics for measurement of performance in “ITEM 5. Operating and Financial Review and Prospects”. Information reported internally for performance assessment as follows: Year ended December 31, 2023 Schedule of Segment Reporting Information Brokerage, emerging and another related service Estate management services and other related services Total Total S$ S$ S$ US$ Revenue – external 3,635,439 846,726 4,482,165 3,397,380 Revenue – related parties 522,328 - 522,328 395,913 Total revenue 4,157,767 846,726 5,004,493 3,793,293 Total cost of revenue (2,702,259 ) (582,582 ) (3,284,841 (2,489,836 ) Gross profit 1,455,508 264,144 1,719,652 1,303,457 Operating expenses (6,692,028 ) (370,555 ) (7,062,583 ) (5,353,281 ) Share-based compensation (537,756 ) - (537,756 ) (407,607 ) Interest income 106,023 - 106,023 80,363 Interest expense (29,431 ) (2,265 ) (31,696 ) (24,025 ) Foreign exchange (loss) gain 264,367 - 264,367 200,384 Government grants 25,769 - 25,769 19,532 Other income (expense), net (171,028 ) (2,265 ) (173,293 ) (131,353 ) Income (loss) before income tax expenses (5,407,548 ) (108,676 ) (5,516,224 ) (4,181,177 ) Segment income (loss) (5,407,548 ) (108,676 ) (5,516,224 ) (4,181,177 ) Total assets 9,436,152 865,788 10,301,940 7,808,643 Total liabilities 5,670,189 629,176 6,299,365 4,774,779 Net assets 3,765,963 236,612 4,002,575 3,033,864 There was only one segment which is the brokerage, emerging and other related services segment as of December 31, 2021 and 2022. |
Leases | Leases The Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs. |
Income taxes | Income taxes The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the year ended December 31, 2021, 2022 and 2023. The Company had no uncertain tax positions for the year ended December 31, 2021, 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 years ended December 31, 2021 and 2022, there were no dilutive shares. For the year ended December 31, 2023, the total diluted ordinary share was 18,461,340 17,860,622 |
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, 2023, 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 year ended December 31, 2022, one major customer, Mr. Loh Kim Kang David, a shareholder and the Chairman of the board of Directors accounted for 42.4 % of the Company’s total revenue. Other than that, no major customers contributed more than 10 Concentration of vendors For the year ended December 31, 2021, one vendor, who is a reputable global internet company focusing on search engine technology, online advertising and other computing technologies, accounted for 31.2 For the year ended December 31, 2022, three vendors accounted for 17.0 15.4 12.8 For the year ended December 31, 2023, no vendor accounted for more than 10 29 As of December 31, 2021, one vendor, who is providing construction and development services, accounted for 15.4 22.1 10.4 |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jump start Our Business Start-ups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments — Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments — Credit Losses — Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-02 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. The Company adopted the ASU on January 1, 2023 and the adoption of this ASU did not have a material effect on the Company’s consolidated financial statements. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures. Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operation and comprehensive loss and statements of cash flows. |
Nature of business and organi_2
Nature of business and organization (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of subsidiaries | The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities: Schedule of subsidiaries Name Background Ownership % Principal of activity Ohmyhome (BVI) Limited ● A BVI company ● Incorporated on July 27, 2022 100 Investment holding Ohmyhome (S) ● A Singapore company ● Incorporated on June 12, 2015 100 Principally engaged in the provision of a one-stop-shop property platform for its customers Ohmyhome Property Management Pte. Ltd. (formerly Simply Sakal Pte. Ltd.) ● A Singapore company ● Incorporated on January 4, 1995 ● Acquired by Ohmyhome (BVI) on October 6, 2023 ● Changed its entity name to Ohmyhome Property Management Pte. Ltd. on November 8, 2023 100 Principally engaged in the provision of estate management services for residential, commercial and industrial real estate in Singapore. 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. DreamR Project Pte. Ltd. (formerly Ganze Pte. Ltd.) ● A Singapore company ● Incorporated on December 7, 2021 ● Changed its entity name from Ganze Pte. Ltd. To DreamR Project Pte. Ltd. on June 5, 2023 100 Principally engaged in interior decoration projects of high-end residential and commercial units. Ohmyhome Sdn. Bhd. (“Ohmyhome (M)”) ● A Malaysia company ● Incorporated on January 17, 2019 49 Principally engaged in the provision of a one-stop-shop property platform for its customers in Malaysia Ohmyhome Realtors Sdn. Bhd. ● A Malaysia company ● Incorporated on January 17, 2019 49 Principally engaged in the provision of brokerage service for its customers * Where less than 50% of the equity of an investee is held, the Company (through its subsidiaries) holds significantly more voting rights than any other vote holder or organized company of vote holders. An assessment has been made, taking into account all the factors relevant to the relationship with the investee, to ascertain control has been established and the investee should be consolidated as a subsidiary of the Company. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of currency exchange rates | The following table outlines the currency exchange rates that were used in creating the financial statements in this report: Schedule of currency exchange rates December 31, 202 1 December 31, 2022 December 31, 2023 Year-end spot rate SGD 1.00 3.0968 SGD 1.00 3.2860 SGD 1.00 2.8720 Average rate SGD 1.00 3.0817 SGD 1.00 3.1917 SGD 1.00 2.9471 Year-end spot rate SGD 1.00 0.7396 SGD 1.00 0.7460 SGD 1.00 0.7580 Average rate SGD 1.00 0.7442 SGD 1.00 0.7241 SGD 1.00 0.7447 |
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 5 Office equipment 3 5 Computers 3 |
Schedule of estimated useful life | Intangible assets that have determinable lives continue to be amortized over their estimated useful lives as follows: Schedule of estimated useful life Software and research and development 5 Customer relationships 5 |
Schedule of Segment Reporting Information | Schedule of Segment Reporting Information Brokerage, emerging and another related service Estate management services and other related services Total Total S$ S$ S$ US$ Revenue – external 3,635,439 846,726 4,482,165 3,397,380 Revenue – related parties 522,328 - 522,328 395,913 Total revenue 4,157,767 846,726 5,004,493 3,793,293 Total cost of revenue (2,702,259 ) (582,582 ) (3,284,841 (2,489,836 ) Gross profit 1,455,508 264,144 1,719,652 1,303,457 Operating expenses (6,692,028 ) (370,555 ) (7,062,583 ) (5,353,281 ) Share-based compensation (537,756 ) - (537,756 ) (407,607 ) Interest income 106,023 - 106,023 80,363 Interest expense (29,431 ) (2,265 ) (31,696 ) (24,025 ) Foreign exchange (loss) gain 264,367 - 264,367 200,384 Government grants 25,769 - 25,769 19,532 Other income (expense), net (171,028 ) (2,265 ) (173,293 ) (131,353 ) Income (loss) before income tax expenses (5,407,548 ) (108,676 ) (5,516,224 ) (4,181,177 ) Segment income (loss) (5,407,548 ) (108,676 ) (5,516,224 ) (4,181,177 ) Total assets 9,436,152 865,788 10,301,940 7,808,643 Total liabilities 5,670,189 629,176 6,299,365 4,774,779 Net assets 3,765,963 236,612 4,002,575 3,033,864 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2021, 2022 and 2023: Schedule of revenue disaggregated by service 2021 2022 2023 2023 For the year ended December 31, 2021 2022 2023 2023 SGD SGD SGD USD Operating revenues - Brokerage services Independent Third Parties 3,475,750 3,069,160 2,806,930 2,127,590 Related Parties 255,836 2,900 11,000 8,338 Total revenues 3,731,586 3,072,060 2,817,930 2,135,928 - Property Management Independent Third Parties - - 846,726 641,799 Total revenues - - 846,726 641,799 - Emerging and other services Independent Third Parties 650,097 970,376 828,509 627,991 Related Parties - 2,983,156 511,328 387,575 Total revenues 650,097 3,953,532 1,339,837 1,015,566 Total operating revenues 4,381,683 7,025,592 5,004,493 3,793,293 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Schedule of accounts receivable net | Accounts receivable, net consist of the following: Schedule of accounts receivable net December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Accounts receivable 156,604 252,818 590,691 447,731 Less: Allowance for expected credit losses (23,210 ) (9,102 ) (9,802 ) (7,430 ) Total accounts receivable, net 133,394 243,716 580,889 440,301 |
Schedule of allowance for expected credit losses accounts | Movements of allowance for expected credit losses accounts are as follows: Schedule of allowance for expected credit losses accounts December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Allowance for expected credit losses, beginning balance 3,712 23,210 9,102 6,899 Addition 23,210 16,683 7,619 5,776 Write-off / recovery (3,712 ) (30,791 ) (6,919 ) (5,245 ) Allowance for expected credit losses, ending balance 23,210 9,102 9,802 7,430 |
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, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Within 30 days 63,640 127,415 521,337 395,162 Between 31 and 60 days 23,663 42,445 5,698 4,319 Between 61 and 90 days 14,145 59,960 10,405 7,887 More than 90 days 31,946 13,896 43,449 32,933 Total accounts receivable, net 133,394 243,716 580,889 440,301 |
Deposit for an acquisition (Tab
Deposit for an acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposit For Acquisition | |
Schedule of Deposit for an acquisition | Deposit for an acquisition consist of the following: Schedule of Deposit for an acquisition December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Deposit for an acquisition i - - 3,370,757 2,554,959 Less: Long term portion - - - - Deposit for an acquisition – current portion - - 3,370,757 2,554,959 i As at December 31, 2023, the Company had a deposit for an acquisition include the amounts of S$ 618,286 5 1 2,686,340 1,986,288 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property plant and equipment | Property and equipment, net consist of the following: Schedule of property plant and equipment December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD At cost: Office furniture and fittings 149,929 150,000 166,901 126,507 Office equipment 135,885 151,141 211,066 159,984 Leasehold improvements 9,732 9,732 10,260 7,777 Total 295,546 310,873 388,227 294,268 Accumulated depreciation (245,559 ) (275,511 ) (309,959 ) (234,942 ) Loss of disposal of property and equipment - - 453 343 Property and equipment, net 49,987 35,362 78,721 59,669 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, stated at cost less accumulated amortization, consisted of the following : Schedule of Intangible Assets 2021 2022 2023 2023 SGD SGD SGD USD Beginning of year - - - - Customer relationships - - 1,944,044 1,473,542 Software - - 271,693 205,937 Research and development - - 885,675 671,321 Intangible Assets, gross - - - - Less: accumulated amortization - - (123,848 ) (93,873 ) End of year - - 2,977,564 2,256,927 |
Schedule of Estimated amortization expenses | Estimated amortization expense for each of the next five years: Schedule of Estimated amortization expenses $ 2024 (651,035 ) 2025 (651,035 ) 2026 (651,035 ) 2027 (565,450 ) 2028 (459,009 ) Total (2,977,564 ) |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in carrying amount of goodwill | Changes in the carrying amount of goodwill were as follows: Schedule of changes in carrying amount of goodwill 2021 2022 2023 2023 SGD SGD SGD USD Beginning of year - - - - Acquisition (Note 9) - - 2,213,460 1,677,753 End of year - - 2,213,460 1,677,753 |
Business combination (Tables)
Business combination (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Consideration Assets Acquired and Liabilities | Schedule of Consideration Assets Acquired and Liabilities October 6, 2023 Consideration SGD Cash 513,600 Equity instruments 750,000 Consideration payables 3,239,193 Fair value of total consideration transferred 4,502,793 SGD ASSETS Cash and bank balances 204,289 Accounts receivable 190,283 Prepayments 12,926 Deposits 16,160 Property and equipment, net 27,845 Intangible assets 271,693 Operating lease right-of-use assets, net 14,817 Other assets 43,235 Total assets 781,248 LIABILITIES Accounts payable 86,798 Accrued liabilities and other payables 242,604 Bank loans, current portion 43,413 Operating lease obligation, current 15,241 Bank loans, non-current portion 47,903 Total liabilities 435,959 Total identifiable net assets 345,289 Intangible asset (customer relationship) 1,944,044 Goodwill 2,213,460 Fair value of total consideration transferred 4,502,793 |
Schedule of Supplemental unaudited Pro Forma Information | Schedule of Supplemental unaudited Pro Forma Information December 31, 2023 December 31, 2023 SGD USD Revenue 7,315,963 5,545,337 Net loss (6,368,852 ) (4,827,448 ) Basic earnings per share (0.36 ) (0.27 ) Diluted earnings per share (0.34 ) (0.26 ) |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of fair value of options granted | The fair value of options granted was determined using the following weighted-average assumptions as of grant date. Schedule of fair value of options granted 2023 Risk-free interest rate 3.93 % Illiquidity Discount 30 % Expected stock price volatility 62.3 % Dividend yield - % |
Schedule of activity in 2023 equity incentive plan | A summary of the activity in the 2023 Equity Incentive Plan follows: Schedule of activity in 2023 equity incentive plan Options Shares Weighted Average Exercise Price Weighted Average Remining Contractual Term (Year) Aggregate Intrinsic Value USD USD Outstanding at beginning of year - - - - Granted 1,025,527 1.67 9.3 429,388 Exercised - - - - Forfeited or expired - - - Outstanding at end of year 1,025,527 1.67 9.3 429,388 Fully vested and expected to vest 945,541 1.60 9.4 Exercisable at end of year of 2023 945,541 9.4 9.4 407,607 |
Schedule of information related to the stock option plan | Information related to the stock option plan during each year follows: Schedule of information related to the stock option plan 2022 2023 2023 SGD SGD USD Intrinsic value of options exercised - - - Cash received from option exercises - - Tax benefit from option exercises - - Weighted average fair value of options granted 566,492 429,388 |
Bank loans (Tables)
Bank loans (Tables) | 12 Months Ended |
Dec. 31, 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, 2021 SGD December 31, 2022 SGD December 31, 2023 SGD December 31, 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 56,663 23,005 - - DBS Bank Ltd. June 2020 /June 2025 3.00 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Anthill, major shareholder of the Company 715,566 518,715 315,878 239,428 Maybank Singapore Limited November 2020/November 2025 2.75 % Guaranteed by Ms. Rhonda Wong, Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company 317,934 239,982 159,859 121,170 United Overseas Bank Limited November 2020/November 2025 2.25 % Guaranteed by Mr. Kenneth Chong, Chief Executive Officer and Director of Ohmyhome Property Management Pte Ltd, Mr. Cho Ching Joe Kwan and Mr. Kok Wah Ming, Director of the Company - - 82,018 62,168 Total 1,090,163 781,702 557,755 422,766 Bank loans, current portion 299,543 305,965 331,528 251,291 Bank loans, non-current portion 790,620 475,737 226,227 171,475 |
Schedule of maturities schedule long term debt | Twelve months ending December 31, Schedule of maturities schedule long term debt SGD USD 2024 331,528 251,291 2025 226,227 171,475 Total 557,755 422,766 |
Accrued liabilities and other_2
Accrued liabilities and other payables (Tables) | 12 Months Ended |
Dec. 31, 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, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Accrued payroll and welfare * 68,087 73,110 491,009 372,174 Accrued expenses ** 66,606 13,400 319,486 242,163 Other tax payable *** 67,347 25,101 86,788 65,783 Other payable **** 82,605 142,685 596,757 452,330 Total accrued liabilities and other payables 284,645 254,296 1,494,040 1,132,450 * Includes salary and fees due to directors amounting to S$ 427,896 ** Accrued expenses mainly consist of accrual of professional service fees and other costs 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 9%) 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. As of December 31, 2023, there is a short-term advances from directors with a balance of S$ 541,636 410,548 |
Related party balances and tr_2
Related party balances and transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party balances | Related party balances Schedule of related party balances Transaction nature Name 2021 2022 2023 2023 SGD SGD SGD USD Amount due to Vienna Management Ltd - 2,290,044 ii - - Amount due from Vienna Management Ltd 870,728 i Amount due from Anthill Corp - - 3,495 iv 2,649 Contract liability Mr. Loh - 103,908 iii - - Amount due to Ms. Wong Wan Chew - - 240,000 v 181,915 Amount due to Ms Wong Wan Pei - - 188,425 vi 142,822 i The Company had an unsecured, interest-free loan to Vienna Management Ltd amounting to S$ 870,728 870,728 nil iii On May 1, 2019 and December 1, 2022 the Company entered into two separated interest-free loan facility agreements with Vienna Management Ltd, one of the Company’s major shareholders. Both revolving loan facility agreements offered up to S$ 2.0 2,290,044 1,708,478 iii 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 2,699,381 103,908 77,520 iv 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, 2024 from Anthill Corp. v On December 28, 2023, Ms. Wong Wan Chew made short-term advances to the Company S$ 240,000 vi On March 10 and September 12, 2023, Ms. Wong Wan Pei paid on behalf of the Company using her credit card facility for PropertyGuru advertisement packages for the amounts of S$ 169,817 110,000 291,392 11,575 200,000 for general working capital and general corporate purposes. |
Schedule of related party transactions | Related party transactions Schedule of related party transactions Transaction nature Name December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Brokerage services provided to Ms. Rhonda Wong 1,050 (1) 2,900 (1) - - Brokerage services provided to Mr. David Loh - 11,000 (3) 8,338 Brokerage services provided to Termbasu Holding Pte Ltd 254,786 (2) - - - Emerging and other services to Mr. David Loh - 2,981,957 (4) 511,040 (4) 387,357 Emerging and other services to Ms. Rhonda Wong - 1,199 (5) 288 (5) 218 (1) Ms. Rhonda Wong engaged the Company to look for tenant for a property in September 2021 and March 2022. The respective project was completed during year ended December 31, 2021 and 2022, and Ms. Rhonda Wong paid the rental commission to the Company, being S$ 1,050 2,900 2,164 (2) Termbasu Holding Pte Ltd entered seven (7) service agreements with the Company to sale seven (7) private properties in January 2022. The commission was 2 (3) Mr. David Loh engaged the Company to look for a tenant for a property and was completed during the year ended December 31, 2023. Mr. David Loh paid a service fee of S$ 11,000 8,338 (4) On February 25, 2022, the Company entered into a services agreement with subsequent various orders with Mr. Loh., with a term from February 25, 2022, to complete a renovation project in total consideration S$ 3,492,997 2,612,033 3,085,865 2,302,197 103,908 77,520 2,981,957 2,224,676 511,040 387,357 (5) Ms. Rhonda Wong engaged the Company to move and clean her house in April 2022. The project was completed during year ended December 31, 2022, and Ms. Rhonda Wong paid a service fee of S$ 1,199 896 Ms. Rhonda Wong engaged the Company to perform aircon cleaning for her house and the project was completed during the year ended December 31, 2023, and Ms. Rhonda Wong paid a service fee of S$ 288 218 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Tax jurisdiction from: Singapore (1,764,537 ) (2,959,534 ) (5,434,925 ) (4,119,554 ) Malaysia (128,738 ) (114,507 ) (81,299 ) (61,623 ) Loss before income taxes provision (1,893,275 ) (3,074,041 ) (5,516,224 ) (4,181,177 ) |
Schedule of provision for income taxes | The provision for income taxes consisted of the following: Schedule of provision for income taxes December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2023 SGD SGD SGD USD Deferred tax assets: Singapore 255,364 503,121 924,114 700,458 Malaysia 21,885 19,466 13,644 10,342 Less: valuation allowance Singapore (255,364 ) (503,121 ) (924,114 ) (700,458 ) Malaysia (21,885 ) (19,466 ) (13,644 ) (10,342 ) Deferred tax assets - - - - |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 as follow: Schedule of commitment for minimum lease payments Twelve months ending December 31, Minimum lease 2024 348,323 2025 113,129 2026-2027 - Total future lease payment 461,452 Amount representing interest (5,761 ) Present value of operating lease liabilities 455,691 Less: current portion (342,983 ) Long-term portion 112,708 |
Schedule of other supplemental information | The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2023: Schedule of other supplemental information Weighted average discount rate 2.15 % Weighted average remaining lease term (years) 2.0 |
Schedule of subsidiaries (Detai
Schedule of subsidiaries (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Oct. 06, 2023 | ||
Ohmyhome (BVI) Limited [Member] | |||
Noncontrolling interest ownership percentage by parent | 100% | ||
Noncontrolling interest description | Investment holding | ||
Ohmyhome (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 Property Management Pte. Ltd. (formerly Simply Sakal Pte. Ltd.) [Member] | |||
Noncontrolling interest ownership percentage by parent | 100% | 100% | |
Noncontrolling interest description | Principally engaged in the provision of estate management services for residential, commercial and industrial real estate in Singapore. | ||
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. | ||
DreamR Project Pte. Ltd. (formerly 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 | ||
Ohmyhome Realtors Sdn. Bhd. [Member] | |||
Noncontrolling interest ownership percentage by parent | [1] | 49% | |
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 | ||||||
Oct. 06, 2023 shares | Mar. 23, 2023 USD ($) $ / shares shares | Nov. 30, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Number of shares issued | 171,384 | 2,800,000 | |||||
Gross proceeds from initial public offering | $ 8,456,759 | $ 11,157,002 | |||||
IPO [Member] | |||||||
Number of shares issued | 2,800,000 | ||||||
Share price | $ / shares | $ 4 | ||||||
Gross proceeds from initial public offering | $ | $ 11,200,000 | ||||||
Anthill [Member] | |||||||
Beneficial ownership interest percentage | 57.79% | ||||||
Anthill [Member] | Ohmyhome (BVI) Limited [Member] | |||||||
Beneficial ownership interest percentage | 57.79% | ||||||
Other Existing Shareholders [Member] | |||||||
Beneficial ownership interest percentage | 42.21% | ||||||
Other Existing Shareholders [Member] | Ohmyhome (BVI) Limited [Member] | |||||||
Beneficial ownership interest percentage | 42.21% | ||||||
Ohmyhome Property Management Pte. Ltd. (formerly Simply Sakal Pte. Ltd.) [Member] | |||||||
Noncontrolling interest ownership percentage by parent | 100% | 100% | 100% |
Liquidity (Details Narrative)
Liquidity (Details Narrative) | 12 Months Ended | |||||||||||
Feb. 16, 2024 SGD ($) shares | Oct. 06, 2023 shares | Mar. 23, 2023 shares | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Feb. 16, 2024 $ / shares | Feb. 02, 2024 | Dec. 31, 2023 SGD ($) | May 26, 2023 | Apr. 19, 2023 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Net cash provided by used in operating activities | $ 3,679,937 | $ 4,854,939 | $ 3,106,317 | $ 1,812,064 | ||||||||
Working capital deficit | 1,309,898 | 1,728,148 | ||||||||||
Cash and cash equivalents | $ 145,386 | $ 191,807 | ||||||||||
Stock Issued During Period, Shares, New Issues | 171,384 | 2,800,000 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 11,234,403 | $ 4,710,000 | ||||||||||
Loan term | 5 years | |||||||||||
Interest rate | 5% | 7.50% | ||||||||||
Subsequent Event [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Loan term | 5 years | |||||||||||
Interest rate | 7.50% | |||||||||||
IPO [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 2,800,000 | |||||||||||
IPO [Member] | Subsequent Event [Member] | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 3,555,555 | |||||||||||
Share Price | $ / shares | $ 1.35 | |||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 4,800,000 |
Schedule of currency exchange r
Schedule of currency exchange rates (Details) | 12 Months Ended | ||||||||
Dec. 31, 2023 $ / shares | Dec. 31, 2023 $ / shares | Dec. 31, 2023 RM / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 RM / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 RM / shares | |
Accounting Policies [Abstract] | |||||||||
Year-end spot rate | (per share) | $ 0.7580 | $ 1 | RM 2.8720 | $ 0.7460 | $ 1 | RM 3.2860 | $ 0.7396 | $ 1 | RM 3.0968 |
Average rate | (per share) | $ 0.7447 | $ 1 | RM 2.9471 | $ 0.7241 | $ 1 | RM 3.1917 | $ 0.7442 | $ 1 | RM 3.0817 |
Schedule of estimated useful li
Schedule of estimated useful lives (Details) | Dec. 31, 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] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Office equipment Expected useful lives | 3 years |
Office Furniture And Fittings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Office equipment Expected useful lives | 5 years |
Office Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Office equipment Expected useful lives | 3 years |
Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Office equipment Expected useful lives | 5 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Office equipment Expected useful lives | 3 years |
Schedule of estimated useful _2
Schedule of estimated useful life (Details) | Dec. 31, 2023 |
Software and Software Development Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Customer Relationships [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information (Details) | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2023 SGD ($) | |
Total revenue | $ 3,793,293 | $ 5,004,493 | $ 7,025,592 | $ 4,381,683 | |
Revenue - external | 3,793,293 | 5,004,493 | 7,025,592 | 4,381,683 | |
Total cost of revenue | (2,489,836) | (3,284,841) | (4,708,678) | (1,995,622) | |
Total cost of revenue | (2,489,836) | (3,284,841) | (4,708,678) | (1,995,622) | |
Gross profit | 1,303,457 | 1,719,652 | 2,316,914 | 2,386,061 | |
Gross profit | 1,303,457 | 1,719,652 | 2,316,914 | 2,386,061 | |
Operating expenses | (5,353,281) | (7,062,583) | (5,548,254) | (4,730,134) | |
Total operating expenses | (5,353,281) | (7,062,583) | (5,548,254) | (4,730,134) | |
Share based compensation | (407,607) | (537,756) | |||
Interest income | 80,363 | 106,023 | 3,985 | 10,262 | |
Interest expense | (24,025) | (31,696) | (39,152) | (49,926) | |
Foreign exchange (loss) gain | 200,384 | 264,367 | (55,626) | (3,065) | |
Other income (expense),net | 19,532 | 25,769 | 248,067 | 492,404 | |
Other income (expense), net | (131,353) | (173,293) | 157,299 | 450,798 | |
Total other income (expense), net | (131,353) | (173,293) | 157,299 | 450,798 | |
Income (loss) before income tax expenses | (4,181,177) | (5,516,224) | (3,074,041) | (1,893,275) | |
Segment income (loss) | (4,181,177) | (5,516,224) | (3,074,041) | (1,893,275) | |
NET LOSS | (4,181,177) | (5,516,224) | (3,074,041) | (1,893,275) | |
Total assets | 7,808,643 | 2,168,790 | 2,494,553 | $ 10,301,940 | |
Total liabilities | 4,774,779 | $ 4,351,898 | $ 1,629,776 | 6,299,365 | |
Net assets | 3,033,864 | 4,002,575 | |||
Independent Third Parties [Member] | |||||
Total revenue | 3,397,380 | 4,482,165 | |||
Revenue - external | 3,397,380 | 4,482,165 | |||
Related Parties [Member] | |||||
Total revenue | 395,913 | 522,328 | |||
Revenue - external | $ 395,913 | 522,328 | |||
Brokerage Emerging And Another Related Service [Member] | |||||
Total revenue | 4,157,767 | ||||
Revenue - external | 4,157,767 | ||||
Total cost of revenue | (2,702,259) | ||||
Total cost of revenue | (2,702,259) | ||||
Gross profit | 1,455,508 | ||||
Gross profit | 1,455,508 | ||||
Operating expenses | (6,692,028) | ||||
Total operating expenses | (6,692,028) | ||||
Share based compensation | (537,756) | ||||
Interest income | 106,023 | ||||
Interest expense | (29,431) | ||||
Foreign exchange (loss) gain | 264,367 | ||||
Other income (expense),net | 25,769 | ||||
Other income (expense), net | (171,028) | ||||
Total other income (expense), net | (171,028) | ||||
Income (loss) before income tax expenses | (5,407,548) | ||||
Segment income (loss) | (5,407,548) | ||||
NET LOSS | (5,407,548) | ||||
Total assets | 9,436,152 | ||||
Total liabilities | 5,670,189 | ||||
Net assets | 3,765,963 | ||||
Brokerage Emerging And Another Related Service [Member] | Independent Third Parties [Member] | |||||
Total revenue | 3,635,439 | ||||
Revenue - external | 3,635,439 | ||||
Brokerage Emerging And Another Related Service [Member] | Related Parties [Member] | |||||
Total revenue | 522,328 | ||||
Revenue - external | 522,328 | ||||
Estate Management Services And Other Related Services [Member] | |||||
Total revenue | 846,726 | ||||
Revenue - external | 846,726 | ||||
Total cost of revenue | (582,582) | ||||
Total cost of revenue | (582,582) | ||||
Gross profit | 264,144 | ||||
Gross profit | 264,144 | ||||
Operating expenses | (370,555) | ||||
Total operating expenses | (370,555) | ||||
Share based compensation | |||||
Interest income | |||||
Interest expense | (2,265) | ||||
Foreign exchange (loss) gain | |||||
Other income (expense),net | |||||
Other income (expense), net | (2,265) | ||||
Total other income (expense), net | (2,265) | ||||
Income (loss) before income tax expenses | (108,676) | ||||
Segment income (loss) | (108,676) | ||||
NET LOSS | (108,676) | ||||
Total assets | 865,788 | ||||
Total liabilities | 629,176 | ||||
Net assets | $ 236,612 | ||||
Estate Management Services And Other Related Services [Member] | Independent Third Parties [Member] | |||||
Total revenue | 846,726 | ||||
Revenue - external | 846,726 | ||||
Estate Management Services And Other Related Services [Member] | Related Parties [Member] | |||||
Total revenue | |||||
Revenue - external |
Summary of significant accoun_4
Summary of significant accounting policies (Details Narrative) | 12 Months Ended | |||||||||
Feb. 16, 2024 shares | Oct. 06, 2023 shares | Mar. 23, 2023 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 SGD ($) $ / shares shares | Dec. 31, 2022 SGD ($) shares | Dec. 31, 2021 SGD ($) shares | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | |
Product Information [Line Items] | ||||||||||
Convenience translation rate | (per share) | $ 0.7580 | $ 1 | ||||||||
Allowance for doubtful accounts for accounts receivable | $ 7,430 | $ 23,210 | $ 9,802 | $ 9,102 | ||||||
Legal fees | $ 504,567 | 676,321 | ||||||||
Balance, shares | 171,384 | 2,800,000 | ||||||||
Public offering deferred costs | 87,012 | 114,794 | 676,321 | |||||||
Capitalized computer software cost | 700,000 | 900,000 | ||||||||
Contract liabilities | 78,568 | 78,340 | 103,655 | 194,300 | ||||||
Advertising expense | 690,559 | $ 911,055 | $ 1,037,772 | 845,793 | ||||||
Research and development, net | 853,101 | 1,125,496 | ||||||||
Selling and marketing expenses | 1,362,111 | $ 1,797,033 | $ 1,926,003 | 1,717,470 | ||||||
Government grant | $ 19,532 | $ 492,404 | $ 25,769 | $ 248,067 | ||||||
Diluted | 18,461,340 | 18,461,340 | 16,250,000 | 16,250,000 | ||||||
Basic | 17,860,622 | 17,860,622 | 16,250,000 | 16,250,000 | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Concentration risk percentage | 10% | 10% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customer [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Concentration risk percentage | 25.85% | 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 | 42.40% | |||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | No Customers [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Concentration risk percentage | 10% | 10% | 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% | 31.20% | ||||||||
Supplier Concentration Risk [Member] | Purchases [Member] | Three Vendor [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Concentration risk percentage | 12.80% | |||||||||
Supplier Concentration Risk [Member] | Purchases [Member] | No Vendor [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Concentration risk percentage | 10% | 10% | ||||||||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Vendors One [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Concentration risk percentage | 29% | 29% | ||||||||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | One Vendors [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Concentration risk percentage | 22.10% | 22.10% | 15.40% | |||||||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Two Vendors [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Concentration risk percentage | 10.40% | 10.40% | ||||||||
Software and Software Development Costs [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Estimated useful life | 5 years | 5 years | ||||||||
IPO [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Balance, shares | 2,800,000 | |||||||||
Public offering deferred costs | $ 87,012 | $ 114,794 | ||||||||
IPO [Member] | Subsequent Event [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Balance, shares | 3,555,555 |
Schedule of revenue disaggregat
Schedule of revenue disaggregated by service (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ 3,793,293 | $ 5,004,493 | $ 7,025,592 | $ 4,381,683 |
Independent Third Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 3,397,380 | 4,482,165 | ||
Related Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 395,913 | 522,328 | ||
Brokerage Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,135,928 | 2,817,930 | 3,072,060 | 3,731,586 |
Brokerage Services [Member] | Independent Third Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,127,590 | 2,806,930 | 3,069,160 | 3,475,750 |
Brokerage Services [Member] | Related Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 8,338 | 11,000 | 2,900 | 255,836 |
Property Management [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 641,799 | 846,726 | ||
Property Management [Member] | Independent Third Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 641,799 | 846,726 | ||
Emerging and Other Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,015,566 | 1,339,837 | 3,953,532 | 650,097 |
Emerging and Other Services [Member] | Independent Third Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 627,991 | 828,509 | 970,376 | 650,097 |
Emerging and Other Services [Member] | Related Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ 387,575 | $ 511,328 | $ 2,983,156 |
Schedule of accounts receivable
Schedule of accounts receivable net (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Credit Loss [Abstract] | ||||
Accounts receivable | $ 447,731 | $ 590,691 | $ 252,818 | $ 156,604 |
Accounts receivable | (7,430) | (9,802) | (9,102) | (23,210) |
Accounts receivable | $ 440,301 | $ 580,889 | $ 243,716 | $ 133,394 |
Schedule of allowance for expec
Schedule of allowance for expected credit losses accounts (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Credit Loss [Abstract] | ||||
Allowance for expected credit losses, beginning balance | $ 6,899 | $ 9,102 | $ 23,210 | $ 3,712 |
Allowance for expected credit losses, beginning balance | 5,776 | 7,619 | 16,683 | 23,210 |
Allowance for expected credit losses, beginning balance | (5,245) | (6,919) | (30,791) | (3,712) |
Allowance for expected credit losses, beginning balance | $ 7,430 | $ 9,802 | $ 9,102 | $ 23,210 |
Schedule of accounts receivab_2
Schedule of accounts receivable net of allowance for doubtful accounts (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Within 30 days | $ 440,301 | $ 580,889 | $ 243,716 | $ 133,394 |
Within 30 days [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Within 30 days | 395,162 | 521,337 | 127,415 | 63,640 |
Between 31 and 60 days [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Within 30 days | 4,319 | 5,698 | 42,445 | 23,663 |
Between 61 and 90 days [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Within 30 days | 7,887 | 10,405 | 59,960 | 14,145 |
More than 90 days [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Within 30 days | $ 32,933 | $ 43,449 | $ 13,896 | $ 31,946 |
Schedule of Deposit for an acqu
Schedule of Deposit for an acquisition (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Deposit for an acquisition | [1] | $ 3,370,757 | |||
Related Party [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Deposit for an acquisition | [1] | $ 2,554,959 | |||
Long term portion | |||||
Deposit for an acquisition – current portion | $ 2,554,959 | $ 3,370,757 | |||
[1]As at December 31, 2023, the Company had a deposit for an acquisition include the amounts of S$ 618,286 5 1 2,686,340 1,986,288 |
Schedule of amount due from thi
Schedule of amount due from third party (Details) (Parenthetical) | May 26, 2023 USD ($) | Dec. 31, 2023 SGD ($) | May 26, 2023 SGD ($) | Apr. 19, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest rate | 5% | 5% | 7.50% | |
Debt instrument term | 1 year | |||
Debt purchased from debt seller | $ 1,986,288 | $ 2,686,340 | ||
Related Party [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Outstanding balance | $ 618,286 |
Schedule of property plant and
Schedule of property plant and equipment (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Property, Plant and Equipment [Line Items] | ||||
Total | $ 294,268 | $ 388,227 | $ 310,873 | $ 295,546 |
Accumulated depreciation | (234,942) | (309,959) | (275,511) | (245,559) |
Loss of disposal of property and equipment | 343 | 453 | ||
Property and equipment, net | 59,669 | 78,721 | 35,362 | 49,987 |
Office Furniture And Fittings [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total | 126,507 | 166,901 | 150,000 | 149,929 |
Office Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total | 159,984 | 211,066 | 151,141 | 135,885 |
Leasehold Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total | $ 7,777 | $ 10,260 | $ 9,732 | $ 9,732 |
Property and equipment, net (De
Property and equipment, net (Details Narrative) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expenses | $ 26,111 | $ 34,448 | $ 29,952 | $ 12,886 |
Impairment loss | $ 0 | $ 0 | $ 0 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, gross | ||||
Less: accumulated amortization | (93,873) | (123,848) | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, gross | 1,473,542 | 1,944,044 | ||
Computer Software, Intangible Asset [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, gross | 205,937 | 271,693 | ||
In Process Research and Development [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, gross | $ 671,321 | $ 885,675 |
Schedule of Estimated amortizat
Schedule of Estimated amortization expenses (Details) | Dec. 31, 2023 SGD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ (651,035) |
2025 | (651,035) |
2026 | (651,035) |
2027 | (565,450) |
2028 | (459,009) |
Total | $ (2,977,564) |
Schedule of changes in carrying
Schedule of changes in carrying amount of goodwill (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Beginning of year | ||||
Acquisition (Note 9) | 1,677,753 | 2,213,460 | ||
Beginning of year | $ 1,677,753 | $ 2,213,460 |
Schedule of Consideration Asset
Schedule of Consideration Assets Acquired and Liabilities (Details) | 12 Months Ended | ||||||||
Oct. 06, 2023 SGD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2020 SGD ($) | |
Business Acquisition [Line Items] | |||||||||
Cash | $ 234,451 | $ 309,311 | |||||||
LIABILITIES | |||||||||
Goodwill | 1,677,753 | $ 2,213,460 | |||||||
Simply Sakal Pte Ltd [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 513,600 | ||||||||
Equity instruments | 750,000 | ||||||||
Consideration payables | 3,239,193 | ||||||||
Fair value of total consideration transferred | 4,502,793 | ||||||||
ASSETS | |||||||||
Cash and bank balances | 204,289 | ||||||||
Accounts receivable | 190,283 | ||||||||
Prepayments | 12,926 | ||||||||
Deposits | 16,160 | ||||||||
Property and equipment, net | 27,845 | ||||||||
Intangible assets | 271,693 | ||||||||
Operating lease right-of-use assets, net | 14,817 | ||||||||
Other assets | 43,235 | ||||||||
Total assets | 781,248 | ||||||||
LIABILITIES | |||||||||
Accounts payable | 86,798 | ||||||||
Accrued liabilities and other payables | 242,604 | ||||||||
Bank loans, current portion | 43,413 | ||||||||
Operating lease obligation, current | 15,241 | ||||||||
Bank loans, non-current portion | 47,903 | ||||||||
Total liabilities | 435,959 | ||||||||
Total identifiable net assets | 345,289 | ||||||||
Intangible asset (customer relationship) | 1,944,044 | ||||||||
Goodwill | 2,213,460 | $ 1,677,753 | $ 2,213,460 | ||||||
Fair value of total consideration transferred | $ 4,502,793 |
Schedule of Supplemental unaudi
Schedule of Supplemental unaudited Pro Forma Information (Details) - 12 months ended Dec. 31, 2023 | USD ($) $ / shares | SGD ($) $ / shares |
Business Combination and Asset Acquisition [Abstract] | ||
Revenue | $ 5,545,337 | $ 7,315,963 |
Net loss | $ (4,827,448) | $ (6,368,852) |
Basic earnings per share | (per share) | $ (0.27) | $ (0.36) |
Diluted earnings per share | (per share) | $ (0.26) | $ (0.34) |
Business combination (Details N
Business combination (Details Narrative) | 12 Months Ended | |||||||
Oct. 06, 2023 SGD ($) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 1,677,753 | $ 2,213,460 | ||||||
Fair value of intangible assets | ||||||||
Contractual amount receivables | $ 190,283 | |||||||
General and Administrative Expense [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition cost | 68,502 | $ 90,375 | ||||||
Simply Sakal Pte Ltd [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total consideration amount | 4,502,793 | |||||||
Consideration share amount | 750,000 | |||||||
Cash consideraton | $ 513,600 | |||||||
Cash consideraton shares | shares | 171,384 | |||||||
Goodwill | $ 2,213,460 | 1,677,753 | 2,213,460 | |||||
Fair value of intangible assets | $ 1,473,542 | $ 1,944,044 | ||||||
Simply Sakal Pte Ltd [Member] | Sale And Purchase Agreement [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total consideration amount | 4,712,000 | |||||||
Cash | 1,712,000 | |||||||
Consideration share amount | $ 3,000,000 | |||||||
Simply Sakal Pte Ltd [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 100% |
Schedule of fair value of optio
Schedule of fair value of options granted (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Risk-free interest rate | 3.93% |
Illiquidity Discount | 30% |
Expected stock price volatility | 62.30% |
Dividend yield |
Schedule of activity in 2023 eq
Schedule of activity in 2023 equity incentive plan (Details) - USD ($) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Options Shares, Outstanding at beginning of year | |
Aggregate Intrinsic Value, Outstanding at beginning of year | |
Options Shares, Granted | 1,025,527 |
Weighted Average Exercise Price, Granted | $ 1.67 |
Weighted Average Remining Contractual Term, Granted | 9 years 3 months 18 days |
Aggregate Intrinsic Value, Granted | $ 429,388 |
Options Shares, Exercised | |
Options Shares, Forfeited or expired | |
Options Shares, Outstanding at end of year | 1,025,527 |
Weighted Average Exercise Price, Outstanding at end of year | $ 1.67 |
Weighted Average Remining Contractual Term, Outstanding at end of year | 9 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding at end of year | $ 429,388 |
Options Shares, Fully vested and expected to vest | 945,541 |
Weighted Average Exercise Price, Fully vested and expected to vest | $ 1.60 |
Weighted Average Remining Contractual Term, Fully vested and expected to vest | 9 years 4 months 24 days |
Option Shares, Exercisable at end of year of 2023 | 945,541 |
Weighted Average Exercise Price, Exercisable at end of year of 2023 | $ 9.4 |
Weighted Average Remining Contractual Term, Exercisable at end of year of 2023 | 9 years 4 months 24 days |
Aggregate Intrinsic Value, Exercisable at end of year of 2023 | $ 407,607 |
Schedule of information related
Schedule of information related to the stock option plan (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | |
Share-Based Payment Arrangement [Abstract] | |||
Intrinsic value of options exercised | |||
Cash received from option exercises | |||
Tax benefit from option exercises | |||
Weighted average fair value of options granted | $ 429,388 | $ 566,492 |
Stock-based compensation (Detai
Stock-based compensation (Details Narrative) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 SGD ($) shares | Dec. 31, 2022 SGD ($) shares | Dec. 31, 2021 SGD ($) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share-Based Payment Arrangement, Noncash Expense | $ 407,607 | $ 537,756 | |||
Stock options granted | 1,025,527 | 1,025,527 | |||
Stock options outstanding | 1,025,527 | 1,025,527 | 1,025,527 | ||
Vesting schedule | 75,986 | 75,986 | |||
Vesting period | 1 year | 1 year | |||
Unrecognized compensation cost | $ 21,781 | $ 28,736 | |||
Weighted average period | 7 years 4 months 24 days | 7 years 4 months 24 days | |||
Common Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share-Based Payment Arrangement, Noncash Expense | $ | |||||
2023 Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock options granted | 1,025,527 | ||||
Stock options outstanding | 1,025,527 | 1,025,527 | 1,025,527 | ||
2023 Incentive Plan [Member] | Director [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock options granted | 688,652 | ||||
2023 Incentive Plan [Member] | Common Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares authorized to issue | 2,000,000 | 2,000,000 | 2,000,000 |
Schedule of bank loans (Details
Schedule of bank loans (Details) | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | May 26, 2023 | Apr. 19, 2023 | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Line of Credit Facility [Line Items] | ||||||
Interest Rate | 5% | 7.50% | ||||
Principal amount | $ 422,766 | $ 557,755 | $ 781,702 | $ 1,090,163 | ||
Principal amount | 251,291 | 331,528 | 305,965 | 299,543 | ||
Principal amount | $ 171,475 | $ 226,227 | 475,737 | 790,620 | ||
CIMB Bank Berhad, Singapore Branch [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 | |||||
Principal amount | 23,005 | 56,663 | ||||
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 | |||||
Principal amount | $ 239,428 | $ 315,878 | 518,715 | 715,566 | ||
Maybank Singapore Limited [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 | |||||
Principal amount | $ 121,170 | $ 159,859 | 239,982 | 317,934 | ||
United Overseas Bank Limited [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Drawn and maturity | November 2020/November 2025 | |||||
Interest Rate | 2.25% | 2.25% | ||||
Collateral/Guarantee | Guaranteed by Mr. Kenneth Chong, Chief Executive Officer and Director of Ohmyhome Property Management Pte Ltd, Mr. Cho Ching Joe Kwan and Mr. Kok Wah Ming, Director of the Company | |||||
Principal amount | $ 62,168 | $ 82,018 |
Schedule of maturities schedule
Schedule of maturities schedule long term debt (Details) - Dec. 31, 2023 | USD ($) | SGD ($) |
Debt Disclosure [Abstract] | ||
2024 | $ 251,291 | $ 331,528 |
2025 | 171,475 | 226,227 |
Total | $ 422,766 | $ 557,755 |
Bank loans (Details Narrative)
Bank loans (Details Narrative) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Debt Disclosure [Abstract] | ||||
Interest Expense | $ 14,481 | $ 19,105 | $ 32,127 | $ 36,696 |
Schedule of accrued expenses an
Schedule of accrued expenses and other payables (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Payables and Accruals [Abstract] | |||||
Accrued payroll and welfare | [1] | $ 372,174 | $ 491,009 | $ 73,110 | $ 68,087 |
Accrued payroll and welfare | [2] | 242,163 | 319,486 | 13,400 | 66,606 |
Accrued payroll and welfare | [3] | 65,783 | 86,788 | 25,101 | 67,347 |
Accrued payroll and welfare | [4] | 452,330 | 596,757 | 142,685 | 82,605 |
Accrued payroll and welfare | $ 1,132,450 | $ 1,494,040 | $ 254,296 | $ 284,645 | |
[1]Includes salary and fees due to directors amounting to S$ 427,896 541,636 410,548 |
Schedule of accrued expenses _2
Schedule of accrued expenses and other payables (Details) (Parenthetical) - 12 months ended Dec. 31, 2023 | SGD ($) | USD ($) | SGD ($) |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Salary and fees due to directors | $ 427,896 | ||
Director [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Short-term advances from directors | $ 410,548 | $ 541,636 |
Schedule of related party balan
Schedule of related party balances (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |||
Related Party Transaction [Line Items] | |||||||
Amount due to | $ 2,290,044 | ||||||
Loh [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount due to | 103,908 | [1],[2] | |||||
Vienna Management Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount due to | 2,290,044 | ||||||
Amount due to | [3] | 870,728 | |||||
Anthill Corp [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount due to | 2,649 | 3,495 | [4] | ||||
Wong Wan Chew [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount due to | 181,915 | 240,000 | [5] | ||||
Wong Wan Pei [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount due to | $ 142,822 | $ 188,425 | [6] | ||||
[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 2,699,381 103,908 77,520 2.0 2,290,044 1,708,478 870,728 870,728 nil 240,000 169,817 110,000 291,392 11,575 |
Schedule of related party bal_2
Schedule of related party balances (Details) (Parenthetical) | 12 Months Ended | |||||||||||
Sep. 12, 2023 SGD ($) | Mar. 10, 2023 SGD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 28, 2023 SGD ($) | Nov. 30, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Feb. 25, 2022 USD ($) | Feb. 25, 2022 SGD ($) | |
Related Party Transaction [Line Items] | ||||||||||||
Loan amount | $ (870,728) | $ 870,728 | ||||||||||
Repayments of Lines of Credit | 2,000,000 | |||||||||||
Proceeds from (Repayments of) Related Party Debt | $ 1,735,802 | $ 2,290,044 | (2,290,044) | 636,898 | ||||||||
Renovation project | $ 2,699,381 | $ 3,618,250 | ||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 240,000 | $ 200,000 | ||||||||||
Payment for line of credit | $ 110,000 | $ 169,817 | ||||||||||
Credit card settlements | 291,392 | |||||||||||
Overpayments of long term lines of credit | $ 11,575 | |||||||||||
Mr. Loh [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
performance obligations | $ 77,520 | $ 103,908 | ||||||||||
Revolving Loan Facility Agreements [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Proceeds from (Repayments of) Related Party Debt | $ 1,708,478 | $ 2,290,044 | ||||||||||
Vienna Management Ltd [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Loan amount | $ 870,728 |
Schedule of related party trans
Schedule of related party transactions (Details) | 12 Months Ended | 22 Months Ended | ||||||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | |||||
Related Party Transaction [Line Items] | ||||||||||||
Transaction price percentage | 2% | 2% | ||||||||||
Mr. Loh [Member] | Services Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Total consideration amount | $ 2,302,197 | $ 3,085,865 | $ 2,612,033 | $ 3,492,997 | ||||||||
performance obligations | 77,520 | $ 103,908 | ||||||||||
Revenue | 2,224,676 | 2,981,957 | ||||||||||
Ms Rhonda Wong [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Rental commission | $ 2,164 | 2,900 | $ 1,050 | [1] | ||||||||
Mr David Loh [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Rental commission | 8,338 | 11,000 | [2] | |||||||||
Termbasu Holding Pte Ltd [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Rental commission | [3] | $ 254,786 | ||||||||||
Mr David Loh One [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Rental commission | 387,357 | 511,040 | [4] | 2,981,957 | ||||||||
Ms. Rhonda Wong 1 [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Rental commission | $ 218 | $ 288 | [5] | $ 1,199 | [5] | |||||||
[1]Ms. Rhonda Wong engaged the Company to look for tenant for a property in September 2021 and March 2022. The respective project was completed during year ended December 31, 2021 and 2022, and Ms. Rhonda Wong paid the rental commission to the Company, being S$ 1,050 2,900 2,164 11,000 8,338 2 3,492,997 2,612,033 3,085,865 2,302,197 103,908 77,520 2,981,957 2,224,676 511,040 387,357 1,199 896 |
Schedule of related party tra_2
Schedule of related party transactions (Details) (Parenthetical) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | |
Maintenance [Member] | ||||
Service fee | $ 8,338 | $ 11,000 | ||
Management Service [Member] | Services Agreement [Member] | ||||
Service fee | 387,357 | 511,040 | ||
Cleaning Service [Member] | ||||
Service fee | $ 896 | $ 1,199 | ||
Aircon Cleaning Service [Member] | ||||
Service fee | $ 218 | $ 288 |
Schedule of income taxes (Detai
Schedule of income taxes (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (4,181,177) | $ (5,516,224) | $ (3,074,041) | $ (1,893,275) |
SINGAPORE | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (4,119,554) | (5,434,925) | (2,959,534) | (1,764,537) |
MALAYSIA | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (61,623) | $ (81,299) | $ (114,507) | $ (128,738) |
Schedule of provision for incom
Schedule of provision for income taxes (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Deferred Tax Assets, Net of Valuation Allowance | ||||
SINGAPORE | ||||
Deferred Tax Assets, Gross | 700,458 | 924,114 | 503,121 | 255,364 |
Deferred Tax Assets, Valuation Allowance | (700,458) | (924,114) | (503,121) | (255,364) |
MALAYSIA | ||||
Deferred Tax Assets, Gross | 10,342 | 13,644 | 19,466 | 21,885 |
Deferred Tax Assets, Valuation Allowance | $ (10,342) | $ (13,644) | $ (19,466) | $ (21,885) |
Income taxes (Details Narrative
Income taxes (Details Narrative) | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2023 MYR (RM) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2023 MYR (RM) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 50% | 50% | 50% | ||||
IncomeTaxExpenseBenefit | $ | $ 10,000 | ||||||
Taxable income exempted from income tax | $ | 190,000 | ||||||
Additional paid in capital | $ 17,072,037 | $ 11,292,123 | $ 11,292,123 | $ 22,522,570 | |||
Gross profit | $ 1,303,457 | $ 1,719,652 | $ 2,316,914 | $ 2,386,061 | |||
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 | ||||||
Income tax expense benefit | RM 600,000 | ||||||
Minimum [Member] | SINGAPORE | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 17% | 17% | 17% | ||||
Minimum [Member] | MALAYSIA | |||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||
Tax rate | 17% | 17% | 17% | ||||
Maximum [Member] | 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 | Oct. 06, 2023 | Mar. 23, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | |||||
Common stock, shares outstanding | 19,221,384 | 16,250,000 | 16,250,000 | ||
Balance, shares | 171,384 | 2,800,000 |
Schedule of commitment for mini
Schedule of commitment for minimum lease payments (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||||
2024 | $ 348,323 | |||
2025 | 113,129 | |||
2026-2027 | ||||
Total future lease payment | 461,452 | |||
Amount representing interest | (5,761) | |||
Present value of operating lease liabilities | 455,691 | |||
Less: current portion | $ (259,974) | (342,983) | $ (319,255) | $ (79,140) |
Long-term portion | $ 85,430 | $ 112,708 | $ 444,571 |
Schedule of other supplemental
Schedule of other supplemental information (Details) | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | |
Weighted average discount rate | 2.15% |
Weighted average remaining lease term (years) | 2 years |
Commitment and Contingencies (D
Commitment and Contingencies (Details Narrative) - SGD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expenses | $ 0 | $ 0 | $ 0 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) | 12 Months Ended | ||||||||||
Feb. 16, 2024 SGD ($) shares | Feb. 02, 2024 USD ($) | Feb. 02, 2024 SGD ($) | Oct. 06, 2023 shares | Apr. 19, 2023 USD ($) | Apr. 19, 2023 SGD ($) | Mar. 23, 2023 shares | Dec. 31, 2023 SGD ($) | Dec. 31, 2021 SGD ($) | Feb. 16, 2024 $ / shares | May 26, 2023 | |
Subsequent Event [Line Items] | |||||||||||
Balance, shares | 171,384 | 2,800,000 | |||||||||
Shares issued, value | $ | $ 11,234,403 | $ 4,710,000 | |||||||||
Proceeds from loan | $ 323,820 | $ 427,216 | |||||||||
Loan term | 5 years | 5 years | |||||||||
Loan interest rate | 7.50% | 7.50% | 5% | ||||||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
working capital loan | $ 327,397 | $ 432,000 | |||||||||
Loan term | 5 years | 5 years | |||||||||
Loan interest rate | 7.50% | 7.50% | |||||||||
IPO [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Balance, shares | 2,800,000 | ||||||||||
IPO [Member] | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Balance, shares | 3,555,555 | ||||||||||
Shares issued, price per share | $ / shares | $ 1.35 | ||||||||||
Shares issued, value | $ | $ 4,800,000 |