SIMPPLE LTD. Ordinary Shares (SPPL) 20-F 17 May 24 2023 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2023 shares
Document Information Line Items
Entity Registrant Name	SIMPPLE LTD.
Entity Central Index Key	0001948697
Document Type	20-F
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding	16,225,961
Document Annual Report	true
Entity File Number	001-41798
Entity Incorporation State Country Code	E9
Entity Address Address Line 1	71 Ayer Rajah Crescent
Entity Address Address Line 2	#03-07
Entity Address Country	SG
Entity Address Postal Zip Code	139951
Icfr Auditor Attestation Flag	false
Auditor Name	Audit Alliance LLP
Auditor Location	Singapore
Auditor Firm Id	3487
Security 12b Title	Ordinary shares, par value $0.0001 per share
Trading Symbol	SPPL
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Registration Statement	false
Document Accounting Standard	U.S. GAAP
Business Contact [Member]
Document Information Line Items
Entity Address Address Line 1	71 Ayer Rajah Crescent
Entity Address Address Line 2	#03-07
Entity Address Country	SG
Entity Address Postal Zip Code	139951
City Area Code	65
Local Phone Number	6816 2194
Contact Personnel Email Address	sovik@simpple.ai
Contact Personnel Name	Sovik Bromha

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 1,187,459	$ 535,023
Account receivables	4,210,862	774,337
Contract assets	78,603	0
Deposits, prepaid expenses and other current assets	596,151	2,036,542
Inventory	867,446	1,033,452
Total current assets	6,940,521	4,379,354
Non-current assets
Intangible assets	1,546,856	1,072,615
Plant and equipment, net	47,528	26,642
Right-of-use assets	228,450	353,415
Total non-current assets	1,822,834	1,452,672
TOTAL ASSETS	8,763,355	5,832,026
Current liabilities
Account payables	495,877	316,517
Accruals and other current liabilities	786,667	950,255
Other payables - related parties	388,538	758,226
Contract liabilities	1,838,184	385,838
Bank loans - current	754,024	1,184,823
Lease liabilities - current	93,000	102,402
Income tax payable	239,930	316,456
Total current liabilities	4,596,220	4,014,517
Non-current liabilities
Bank loans - non-current	521,601	1,277,431
Lease liabilities - non-current	98,876	217,037
Total non-current liabilities	620,477	1,494,468
TOTAL LIABILITIES	5,216,697	5,508,985
SHAREHOLDERS' EQUITY
Ordinary shares, US$0.0001 par value, 500,000,000 shares authorized, 14,463,661 issued and outstanding and 16,225,961 issued and outstanding as of December 31, 2022 and December 31, 2023 respectively	2,060	2,060
Additional paid-in capital	14,243,630	3,447,940
Accumulated deficit	(10,697,832)	(3,126,959)
Accumulated other comprehensive loss	(1,200)	0
Total shareholders' equity	3,546,658	323,041
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 8,763,355	$ 5,832,026

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Ordinary shares par value	$ 0.0001	$ 0.0001
Ordinary shares authorized	500,000,000	500,000,000
Ordinary shares issued	16,225,961	14,463,661
Ordinary shares outstanding	16,225,961	14,463,661

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF INCOME
Revenues	$ 4,686,925	$ 6,510,169	$ 4,179,300
Cost of revenues	(2,244,486)	(2,910,873)	(1,852,751)
Gross profit	2,442,439	3,599,296	2,326,549
Operating expenses:
General and administrative expenses	(4,987,498)	(4,572,654)	(2,270,830)
IPO related expenses	(5,003,802)	0	0
Total operating expenses	(9,991,300)	(4,572,654)	(2,270,830)
Income (loss) from operations	(7,548,861)	(973,358)	55,719
Other income (loss):
Other income	265,208	441,341	390,013
Interest expense	(183,046)	(130,868)	(157,147)
Other expense	(81,088)	(5,946)	(55,694)
Total other income	1,074	304,527	177,172
Income (loss) before tax expense	(7,547,787)	(668,831)	232,891
Income tax expense	(23,086)	(118,681)	(167,072)
Net income (loss)	(7,570,873)	(787,512)	65,819
Other comprehensive loss:
Foreign currency translation adjustment, net of income tax	(1,200)	0	0
Total comprehensive income (loss)	$ (7,572,073)	$ (787,512)	$ 65,819
Net income (loss) per share attributable to ordinary shareholders
EPS - Basic and diluted	$ (0.467)	$ (0.054)	$ 0.005
Weighted average number of ordinary shares used in computing net income per share
Basic and diluted	16,225,961	14,463,661	14,463,661

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - SGD ($)	Total	Additional Paid-in Capital	Share Application Monies	Retained Earnings (Accumulated Deficit)	Common Stock	Accumulated Other Comprehensive (Loss) Gain
Balance, shares at Dec. 31, 2020					10,050,000
Balance, amount at Dec. 31, 2020	$ (1,705,266)	$ 298,641	$ 400,000	$ (2,405,266)	$ 1,359	$ 0
Capital contribution by shareholders, shares					2,512,500
Capital contribution by shareholders, amount	750,000	749,299	0	0	$ 701	0
Net income	65,819	0	0	65,819	0	0
Net loss	65,819
Balance, amount at Dec. 31, 2021	(889,447)	1,047,940	400,000	(2,339,447)	$ 2,060	0
Balance, shares at Dec. 31, 2021					12,562,500
Capital contribution by shareholders, shares					1,901,161
Capital contribution by shareholders, amount	2,000,000	2,400,000	(400,000)	0	$ 0	0
Net income	(787,512)
Net loss	(787,512)	0	0	(787,512)	0	0
Balance, amount at Dec. 31, 2022	323,041	3,447,940	0	(3,126,959)	$ 2,060	0
Balance, shares at Dec. 31, 2022					14,463,661
Capital contribution by shareholders, shares					1,762,300
Capital contribution by shareholders, amount	10,795,690	10,795,690	0	0	$ 0	0
Net income	(7,570,873)
Net loss	(7,570,873)	0	0	(7,570,873)	0	0
Foreign currency translation adjustment	(1,200)	0	0	0	0	(1,200)
Balance, amount at Dec. 31, 2023	$ 3,546,658	$ 14,243,630	$ 0	$ (10,697,832)	$ 2,060	$ (1,200)
Balance, shares at Dec. 31, 2023					16,225,961

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (7,570,873)	$ (787,512)	$ 65,819
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	543,212	311,783	183,281
Lease modification	0	0	(2,222)
Provision of credit loss allowance	56,005	602,896	0
Inventory written off	0	206,676	0
Gain on disposal of property	0	0	(152,286)
Change in operating assets and liabilities
Account receivables	(3,492,530)	301,171	(532,835)
Contract assets	(78,603)	0	0
Deposits, prepaid expenses and other current assets	1,440,391	(873,274)	597,357
Inventory	166,006	(130,760)	(775,735)
Account payables	179,360	488	172,955
Accruals and other payables	(163,588)	694,614	88,967
Income tax payable	(76,526)	74,534	160,910
Contract liabilities	1,452,346	(351,782)	(93,990)
Net cash (used in) provided by operating activities	(7,544,800)	48,834	(287,779)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(21,265)	(33,939)	(84,951)
Proceeds from disposal of property and equipment	0	0	630,192
Proceeds from disposal of financial instrument	0	0	250,000
Additions to intangible assets	(892,109)	(1,197,229)	0
Net cash used in investing activities	(913,374)	(1,231,168)	795,241
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank loan	38,500	719,176	0
Repayment of bank loans	(1,225,129)	(117,305)	(661,885)
Repayment of other payables to related parties	(369,688)	(204,869)	(1,165,729)
Proceeds from issuance of shares	10,795,690	2,000,000	750,000
Principal payment of lease liabilities	(127,563)	(1,437,381)	(95,454)
Net cash (used in) provided by financial activities	9,111,810	959,621	(1,173,068)
Net change in cash and cash equivalents	653,636	(222,713)	(665,606)
Foreign currency translation	(1,200)	0	0
Cash and cash equivalents as of beginning of the year	535,023	757,736	1,423,342
Cash and cash equivalents as of end of the year	1,187,459	535,023	757,736
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income tax	23,086	118,681	6,162
Cash paid for interest	$ 183,046	$ 130,868	$ 157,147

Organization and business overv

Organization and business overview	12 Months Ended
	Dec. 31, 2023
Organization and business overview
Organization and business overview	1 Organization and business overview Simpple Ltd. (“SIMPPLE” or “Company”) was incorporated in the Cayman Islands on 24 August, 2022 as an exempted company. SIMPPLE is an investment holding company. Through its wholly owned subsidiaries, SIMPPLE is principally engaged in the provision of i) sale of facilities management software and ii) trading and maintenance of robotics equipment. The consolidated financial statements of the Company include the following entities: SIMPPLE owns 100% interest in its subsidiaries which are in the table as below: Name Date of incorporation Percentage of direct or indirect interests Place of incorporation Principal activities IFSC Pte. Ltd. (“IFSC”) March 18, 2016 100% Singapore Sale of facilities management software Gaussian Robotics Pte. Ltd. May 18, 2017 100% Singapore Provision of trading and maintenance of robotic equipment Simpple Pte. Ltd. October 13, 2020 100% Singapore Research and experimental development on environment and clean technologies Simpple Australia Pty Ltd September 6, 2023 100% Australia Sale of facilities management software A reorganization of the Company’s legal structure (the “Reorganization”) was completed on 21 October 2022. The Reorganization involved the transfer of 100% of the equity interests in IFSC and its wholly owned subsidiaries from its original shareholders to SIMPPLE. Consequently, SIMPPLE became the ultimate holding company of all the entities mentioned above. The Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period eliminating the effects of intra-entity transactions.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2 Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Going concern The Company has incurred a net loss and significant cash outflows from cash used in operating activities over the last year, and as at December 31, 2023, had an accumulated loss of S$10,697,832 (US$8,108,718). These financial statements have been prepared on a going concern basis, which assumes the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due. Management anticipates that our operating expenses, together with the increased general administrative expenses of being a public company, will increase in the foreseeable future as we seek to maintain and continue to grow our business, expand geographically, attract potential customers and further enhance our service offerings. Management has prepared cash flow projections covering the next twelve months from the date of these financial statements which consider the increase in revenue from new geographies and operational efficiencies to improve operating cash flows. The Company also has the financial support of key shareholders who have indicated their commitment to provide ongoing support to enable the Company to continue its operations at least through twelve months from the date of these financial statements. Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated on consolidation. Foreign currency translation The functional currency for SIMPPLE is the Singapore Dollar (“S$”), which is also the subsidiaries IFSC Pte. Ltd., Gaussian Robotics Pte. Ltd. and Simpple Pte. Ltd.’s functional currency. The Company uses Singapore Dollar (“S$”) as its reporting currency. In the consolidated financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the income statements during the year in which they occur. Translations of the consolidated balance sheet, consolidated statement of income and consolidated statements of cash flow from S$ into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of US$0.758 = S$1, as set forth in the statistical release of the Federal Reserve System on December 31, 2023. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company’s consolidated financial statements include allowance for credit losses on receivables, impairment of intangible assets, the useful lives of property and equipment, and interest rate of leases. Actual results may differ from these estimates. Cash and cash equivalents Cash and cash equivalents mainly represent cash at bank and demand deposits which have original maturities less than three months and are unrestricted as to withdrawal or use. Deposits and prepayments Deposits and prepayments are classified as either current or non-current based on the terms of the respective agreements. Management reviews its deposits and prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2022 and 2023, no allowance was deemed necessary. Account receivables and allowance for expected credit losses Account receivables mainly represent amounts due from clients for sale of goods and services fees which are recorded net of allowance. 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, 2022 and 2023, the Company made S$602,897 and S$546,892 (US$414,532) allowance for expected credit losses for account receivables, respectively. Inventory Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Intangible assets Intangible assets with finite lives are initially recorded at cost and amortized in a method which reflects the pattern in which the economic benefits of the intangible assets are expected to be consumed or otherwise used up. We evaluate the recoverability of intangible assets with finite lives for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The recoverability of these assets is measured by a comparison of the carrying amounts to the future discounted cash flows the assets are expected to generate from the use and eventual disposition. If such review indicates that the carrying amount of intangible assets with finite lives is not recoverable, and the assets fair value is less than the carrying amount, an impairment charge is recognized. We have not recorded any material impairment charges during the years presented. The intangible asset is amortized using the straight-line approach over the estimated useful life as follows: Software development cost 5 years Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows: Furniture and fittings 3 years Machineries 3 years Office equipment & computers 1 year Renovation 3 years 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 statement of income. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. Impairment of long-lived assets The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment but comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset’s remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the years ended December 31, 2022 and 2023, no impairment of long-lived assets was recognized. Contract assets and liabilities The Company bills its clients based upon contractual schedules. The timing of revenue recognition, billings and cash collections result in accounts receivable, contract assets and contract liabilities. Leases The Company is a lessee of non-cancellable operating leases for its corporate office premise and vehicles. The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term in calculating the right-of-use assets and liabilities. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Non-lease components include payments for building management, utilities and property tax. It separates the non-lease components from the lease components to which they relate. The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the years ended December 31, 2022 and 2023, the Company did not have any impairment loss against its operating lease right-of-use assets. Fair value measurements ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The carrying amounts of cash and cash equivalents, account receivables, account payables, other payables to related parties, and accruals and other payables approximate their fair values because of their generally short maturities. Revenue recognition The Company applied ASC Topic 606 “Revenue from Contracts with Customers” (“ASC 606”) for all periods presented. The five-step model defined by ASC 606 required 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 goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. The Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects that, upon inception of revenue contracts, the period between when the Company transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less. Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. The Company’s principal revenue streams include: Sale of goods Commercial customers The Company supplies autonomous robotic cleaning equipment for commercial applications. Revenue is recognised when the goods are delivered to the customer and all criteria for acceptance have been satisfied. No element of financing is deemed present as the sales are made with credit terms consistent with market practice. The Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts in its balance sheet. Revenue from sale of goods – commercial customers also include revenue from comprehensive maintenance service. For these contracts. We account for the maintenance service separately from the sales of goods as they are distinct performance obligations. Refer to the discussion below related to contracts with multiple performance obligations for further details. The transaction price is allocated to separate performance obligations on a relative stand-alone selling price (“SSP”) basis. The transactions price allocated to the sales of goods is recognized when transfer of control of the goods to the customer. The transaction price allocated to the comprehensive maintenance service is recognized over the contract term. Sale of goods Distributors The Company also sells the above products wholesale to third party distributors. Sales are recognized when control of the products have transferred to these distributors, being when the products are delivered and accepted. The third party distributors have limited discretion over sales channels and price to sell the products, and there are no unfulfilled obligations that could affect the distributors’ acceptance of the products. No element of financing is deemed present as the sales are made with a credit term of 30 days, which is consistent with market practice. Software services rendered Revenue from software services rendered is recognized in the accounting period in which the services are rendered, as a performance obligation satisfied over time. For fixed-price contracts, revenue is recognized based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided. Payments for services rendered are not due from the customer until the services are complete and therefore a contract asset is recognized over the period in which the services are performed, representing the Company’s right to consideration for the services performed to date. Revenue from software services rendered also include revenues from sales of hardware. For these contracts, we account for the hardware separately from the software service rendered as they are distinct performance obligations. Refer to the discussion below related to contracts with multiple performance obligations for further details. The transaction price is allocated to separate performance obligations on a relative SSP basis. The transaction price allocated to the hardware is recognized when transfer of control of the hardware to the customer is complete. The transaction price allocated to the software service is recognized ratably over contract term. Contracts with multiple performance obligations We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. We evaluate the terms and conditions included within our customer contracts to ensure appropriate revenue recognition, including whether products and services are considered distinct performance obligations that should be accounted for separately versus together. For contracts with multiple performance obligations, the transactions price is allocated to the sperate performance obligations on a relative SSP basis. We determine SSP by considering the historical selling price of these performance obligations in similar transactions as well as other factors, including, but not limited to, competitive pricing of similar products, other software vendor pricing and current pricing practices. Employee benefits Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset. i) Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. ii) Short-term compensated absences Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. iii) Key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity. Directors are considered key management personnel. Related parties Parties are considered to be related if one party 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. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation. Income taxes The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the years ended December 31, 2022 and 2023, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. Earnings or Loss per share Basic earnings or loss per share is computed by dividing net income or loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings or loss per share reflect the potential dilution that could occur if convertible bonds to issue ordinary shares were exercised or converted into ordinary shares. Credit risk Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable and other current assets. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company’s accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. 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. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk arises mainly from its interest-bearing financial liabilities. The Company periodically reviews its liabilities and monitors interest rate fluctuations to ensure that the exposure to interest rate risk is within acceptable levels. The interest-bearing financial liabilities are carried at fixed interest rates. There is no impact on the other comprehensive income. Recent Accounting Pronouncements The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the " JOBS Act “). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company made the election to delay the adoption of new or revised accounting standards. 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 (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 income and cash flows.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2023
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	3 Account receivables As of December 31, 2022 2023 2023 S$ S$ US$ Account receivables 1,377,234 4,757,754 3,606,272 Less: allowance for doubtful accounts (602,897 ) (546,892 ) (414,532 ) 774,337 4,210,862 3,191,740

Deposits, prepaid expenses and

Deposits, prepaid expenses and other current assets	12 Months Ended
	Dec. 31, 2023
Deposits, prepaid expenses and other current assets
Deposits, prepaid expenses and other current assets	4 Deposits, prepaid expenses and other current assets As of December 31, 2022 2023 2023 S$ S$ US$ Advances to suppliers 568,496 304,821 231,048 Deposits 32,975 31,403 23,803 Deferred listing expenses 1,290,336 - - GST receivables 1,021 - - Prepaid expenses 139,767 111,753 84,706 Other receivables 3,947 148,174 112,312 2,036,542 596,151 451,869

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
INVENTORIES
INVENTORIES	5 Inventory As of December 31, 2022 2023 2023 S$ S$ US$ Finished goods 1,033,452 867,446 657,505

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS
INTANGIBLE ASSETS	6 Intangible assets As of December 31, 2022 2023 2023 S$ S$ US$ Software development costs 1,197,229 2,089,338 1,583,672 Accumulated amortization (124,614 ) (542,482 ) (411,190 ) Intangible assets, net of accumulated amortization 1,072,615 1,546,856 1,172,482 Based on the carrying value of definite-lived intangible assets as of December 31, 2023, the Company estimates its amortization expense for following years will be as follows: Amortization expense S$ For years period ended December 31, 2024 372,878 2025 372,878 2026 372,878 2027 248,264 Total amortization expense 1,366,898 Amortization expense of intangible assets for the years ended December 31, 2022 and 2023 is S$124,614 and S$417,868 (US$316,734).

Plant and equipment, net

Plant and equipment, net	12 Months Ended
	Dec. 31, 2023
Plant and equipment, net
Plant and equipment, net	7 Plant and equipment, net As of December 31, 2022 2023 2023 S$ S$ US$ Furniture and fittings 22,496 22,496 17,051 Machinery 142,419 142,419 107,950 Office equipment and computers 205,323 258,555 195,979 Renovation 49,406 49,406 37,449 Total 419,644 472,876 358,429 Less: Accumulated depreciation (393,002 ) (425,348 ) (322,404 ) Net book value 26,642 47,528 36,025

Right-of-use assets and lease l

Right-of-use assets and lease liabilities	12 Months Ended
	Dec. 31, 2023
Right-of-use assets and lease liabilities
Right-of-use assets and lease liabilities	8 Right-of-use assets and lease liabilities Description of lease Lease term Motor vehicles 8 to 9 years Corporate office premises 1.5 years (a) Amount recognized in the consolidated balance sheet: As of December 31, 2022 2023 2023 S$ S$ US$ Right-of-use assets 353,415 228,450 173,160 Lease liabilities Current 102,402 93,000 70,492 Non-current 217,037 98,876 74,946 319,439 191,876 145,438 (b) A summary of lease cost recognized in the Company’s consolidated statements of income is as follows: For the years ended December 31, 2022 2023 2023 S$ S$ US$ Amortization charge of right-of-use assets 94,188 76,310 57,841 Interest of lease liabilities 15,313 14,259 10,808

Accruals and other current liab

Accruals and other current liabilities	12 Months Ended
	Dec. 31, 2023
Accruals and other current liabilities
Accruals and other current liabilities	9 Accruals and other current liabilities As of December 31, 2022 2023 2023 S$ S$ US$ Accrued bonus 200,000 - - Accrued salaries 116,779 - - Other accruals 77,276 459,472 348,270 Amount due to a related party 250,000 - - GST payables 10,942 201,509 152,738 Interest payable 33,877 43,031 32,617 Other payables 261,381 82,655 62,650 950,255 786,667 596,275

Related party transactions and

Related party transactions and balances	12 Months Ended
	Dec. 31, 2023
Related party transactions and balances
Related party transactions and balances	10 Related party transactions and balances The table below sets forth the major related parties and their relationships with the Company as of December 31, 2022 and 2023: Name of related parties Relationship with the Company Mains D' Or Investments Ltd A company controlled by the Company’s controlling shareholder WIS Holdings Pte Ltd A common shareholder of Mains D’Or Investments Ltd Campaign Complete Solutions Pte Ltd Subsidiary of WIS Holdings Pte Ltd Weishen Industrial Services Pte Ltd Subsidiary of WIS Holdings Pte Ltd WIS ICT Pte Ltd A common shareholder of Mains D’Or Investments Ltd i) Significant transactions with related parties were as follows: For the years ended December 31, 2022 2023 2023 S$ S$ US$ Sales 1 77,852 56,105 42,526 Sales 2 3,392,454 425,981 322,884 Sales 3 - 78,356 59,392 ii) Significant balances with related parties were as follows: As of December 31, 2022 2023 2023 S$ S$ US$ Trade receivable - related parties Campaign Complete Solutions Pte Ltd 6,288 373 282 Weishen Industrial Services Pte Ltd 481,787 32,621 24,726 WIS Holdings Pte Ltd 602,896 546,892 414,532 Other payable - related parties 4 Campaign Complete Solutions Pte Ltd (42,950 ) - - Weishen Industrial Services Pte Ltd (196,148 ) - - WIS Holdings Pte Ltd (199,809 ) (388,939 ) (294,807 ) Poo Chong Hee (250,000 ) - - Advance billing - related parties Campaign Complete Solutions Pte Ltd (6,579 ) (32,815 ) (24,873 ) Weishen Industrial Services Pte Ltd (86,537 ) (50,809 ) (38,512 ) _________________________ 1 2 3 4

SHAREHOLDERS EQUITY

SHAREHOLDERS EQUITY	12 Months Ended
	Dec. 31, 2023
SHAREHOLDERS EQUITY
SHAREHOLDERS' EQUITY	11 Shareholders’ Equity The Company was incorporated under the laws of the Cayman Islands on 24 August 2022. The original authorized share capital of the Company was US$50,000 divided into 500,000,000 shares comprising of 500,000,000 ordinary shares, par value US$0.0001 per share.

BANK LOAN

BANK LOAN	12 Months Ended
	Dec. 31, 2023
BANK LOAN
BANK LOAN	12 Bank loans The bank loans as of December 31,2022 and 2023 are set out below: 2022 Bank loans Currency Period Interest Third party guarantee Collateral/ Related party/ Directors' personal guarantee Carrying amount (S$) Secured fixed rate bank loans SGD 2020 - 2025 2.75% -6.75%p P.a. Guarantee from Poo Kow Peok, Poo Chen Boon and Poo Chong Hee Corporate guarantee from Campaign Complete Solutions Pte Ltd and WIS Holdings Pte Ltd 2,462,254 2,462,254 2023 Bank loans Currency Period Interest Third party guarantee Directors' personal guarantee Carrying amount (S$) Carrying amount (US$) Secured fixed rate bank loans SGD 2020 - 2025 2.75% -6.75%p P.a. Guarantee from Poo Kow Peok, Poo Chen Boon and Poo Chong Hee Corporate guarantee from Campaign Complete Solutions Pte Ltd and WIS Holdings Pte Ltd 1,275,625 966,895 1,275,625 966,895 December 31, 2022 (All amounts in S$) Bank loans Carrying amount Within 1 year 2024 2025 2026 2027 Thereafter Secured fixed rate bank loans 2,462,254 1,184,823 755,831 521,600 - - - December 31, 2023 (All amounts in S$) Bank loans Carrying amount Within 1 year 2025 2026 2027 2028 Thereafter Secured fixed rate bank loans 1,275,625 754,025 521,600 - - - - December 31, 2023 (All amounts in US$) Bank loans Carrying amount Within 1 year 2025 2026 2027 2028 Thereafter Secured fixed rate bank loans 966,895 571,533 395,362 - - - -

Revenues

Revenues	12 Months Ended
	Dec. 31, 2023
Revenues
Revenues	13 Revenues For the years ended December 31, 2021 2022 2023 2023 S$ S$ S$ US$ Sale of robotics 2,890,682 5,228,965 3,633,740 2,754,294 Software revenue 1,288,618 1,238,435 1,053,185 798,291 Others - 42,769 - - 4,179,300 6,510,169 4,686,925 3,552,585

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2023
SEGMENT REPORTING
SEGMENT REPORTING	14 Segmental reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment. In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. 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 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 services. Based on management’s assessment, the Company has determined that it has two operating segments as defined by ASC 280 as follow: 1. Sale of autonomous robotic cleaning equipment: Sale, warranty and maintenance of robots (“Robots”) 2. Sale of facilities management software (“Facilities management software”) The following tables present summary information by segment for the years ended December 31, 2021, 2022 and 2023, respectively: For the year ended December 31, 2021 Robots Software services rendered Others Total S$ S$ S$ S$ Revenue 2,890,682 1,288,618 - 4,179,300 Cost of revenues (1,194,337 ) (658,414 ) - (1,852,751 ) Gross profit 1,696,345 630,204 - 2,326,549 Operating expenses: General and administrative expenses (176,235 ) (2,093,068 ) (1,527 ) (2,270,830 ) Total operating expenses (176,235 ) (2,093,068 ) (1,527 ) (2,270,830 ) Income (loss) from operations 1,520,110 (1,462,864 ) (1,527 ) 55,719 Other income (loss): Other income 45 389,968 - 390,013 Interest expense (38,269 ) (118,878 ) - (157,147 ) Other expense (15,859 ) (39,835 ) - (55,694 ) Total other (loss) income (54,083 ) 231,255 - 177,172 Income (loss) before tax expense 1,466,027 (1,231,609 ) (1,527 ) 232,891 Income tax expense (167,072 ) - - (167,072 ) Net income (loss) 1,298,955 (1,231,609 ) (1,527 ) 65,819 For the year ended December 31, 2022 Robots Software services rendered Others Total S$ S$ S$ S$ Revenue 5,228,965 1,238,435 42,769 6,510,169 Cost of revenues (2,453,734 ) (455,891 ) (1,248 ) (2,910,873 ) Gross profit 2,775,231 782,544 41,521 3,599,296 Operating expenses: General and administrative expenses (635,522 ) (3,884,373 ) (52,759 ) (4,572,654 ) Total operating expenses (635,522 ) (3,884,373 ) (52,759 ) (4,572,654 ) Income (loss) from operations 2,139,709 (3,101,829 ) (11,238 ) (973,358 ) Other income (loss): Other income 58,664 232,677 150,000 441,341 Interest expense (32,336 ) (98,532 ) - (130,868 ) Other expense - (5,946 ) - (5,946 ) Total other income 26,328 128,199 150,000 304,527 Income (loss) before tax expense 2,166,037 (2,973,630 ) 138,762 (668,831 ) Income tax expense (118,681 ) - - (118,681 ) Net income (loss) 2,047,356 (2,973,630 ) 138,762 (787,512 ) For the year ended December 31, 2023 Robots Software services rendered Others Total S$ S$ S$ S$ Revenue 3,633,740 1,053,185 - 4,686,925 Cost of revenues (1,985,601 ) (258,885 ) - (2,244,486 ) Gross profit 1,648,139 794,300 - 2,442,439 Operating expenses: General and administrative expenses (91,391 ) (4,369,709 ) (526,398 ) (4,987,498 ) IPO related expenses - - (5,003,802 ) (5,003,802 ) Total operating expenses (91,391 ) (4,369,709 ) (5,530,200 ) (9,991,300 ) Income (loss) from operations 1,556,748 (3,575,409 ) (5,530,200 ) (7,548,861 ) Other income (loss): Other income 94,514 163,606 7,088 265,208 Interest expense (14,070 ) (168,976 ) - (183,046 ) Other expense - (18,678 ) (62,410 ) (81,088 ) Total other income (loss) 80,444 (24,048 ) (55,322 ) 1,074 Income (loss) before tax expense 1,637,192 (3,599,457 ) (5,585,522 ) (7,547,787 ) Income tax expense - (11,024 ) (12,062 ) (23,086 ) Net income (loss) 1,637,192 (3,610,481 ) (5,597,584 ) (7,570,873 ) The Company sells to one geographical location which is Singapore. In the following table, revenue is disaggregated by the timing of revenue recognition. For the year ended December 31, 2021 Robots Facilities Management Software Total S$ S$ S$ Point in time 2,890,682 - 2,890,682 Over time - 1,288,618 1,288,618 For the year ended December 31, 2022 Robots Facilities Management Software Total S$ S$ S$ Point in time 5,228,965 - 5,228,965 Over time - 1,281,204 1,281,204 For the year ended December 31, 2023 Robots Facilities Management Software Total S$ S$ S$ Point in time 3,385,605 167,736 3,553,341 Over time 248,135 885,449 1,133,584

Income tax

Income tax	12 Months Ended
	Dec. 31, 2023
Income tax
Income tax	15 Income tax Cayman Islands Under the current tax laws of Cayman Islands, SIMPPLE is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payment of dividends to shareholders. The Company’s subsidiaries are governed by the income tax laws in Singapore. The tax on the Company’s loss before tax differs from theoretical amount that would arise using the Singapore standard rate of income tax as follows: For years ended December 31, 2021 2022 2023 2023 S$ S$ S$ US$ Tax expense attributable to income (loss) is made up of: Current income tax 167,072 118,681 23,086 17,499 Income (loss) before tax 232,891 (668,831 ) (7,547,787 ) (5,721,054 ) Tax calculated at tax rate 17% 39,591 (113,701 ) (1,283,124 ) (972,579 ) Effects of: - Effect of tax rates in foreign jurisdiction - - 930,664 705,423 - Tax effect on expense not deductible for tax purposes 26,701 197,279 129,502 98,160 - Income not subject to tax (33,198 ) - - - - Singapore statutory stepped income exemption (17,425 ) (17,425 ) - - - Utilization of capital allowance (2,994 ) (68 ) (1,041 ) (789 ) - Recognition of tax effect of previously unrecognized tax losses - - (15,809 ) (11,983 ) - Deferred tax assets on temporary differences not recognized 154,397 250,371 239,808 181,768 - Under provision of current taxation in respect of prior year - (197,775 ) 23,086 17,499 Tax charge 167,072 118,681 23,086 17,499 As of December 31, 2022 and 2023, the Company has tax loss carry forwards of approximately S$2,128,733 and S$1,869,036 respectively. The related benefits have not been recognized in the financial statements. This is due to the unpredictability of future profit streams. The realization of the future income tax benefits from the above is available for an unlimited future period subject to the conditions imposed by law including the retention of majority shareholders as defined.

Other income

Other income	12 Months Ended
	Dec. 31, 2023
Other income
Other income	16 Other income For years ended December 31, 2021 2022 2023 2023 S$ S$ S$ US$ Management fees 87,972 87,972 - - Government grant 100,402 293,519 80,310 60,873 Rental income 30,148 - - - Sale of assets 152,286 - - - Miscellaneous revenue - - 181,106 137,274 Exchange loss - - (48,492 ) (36,756 ) Unrealized gain - - 25,117 19,038 Others 19,205 59,850 27,167 20,593 390,013 441,341 265,208 201,022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17 Subsequent events The Company has assessed all subsequent events through May 15, 2024 which is the date that these consolidated financial statements are issued and other than the following, there are no further 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
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Going concern	The Company has incurred a net loss and significant cash outflows from cash used in operating activities over the last year, and as at December 31, 2023, had an accumulated loss of S$10,697,832 (US$8,108,718). These financial statements have been prepared on a going concern basis, which assumes the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due. Management anticipates that our operating expenses, together with the increased general administrative expenses of being a public company, will increase in the foreseeable future as we seek to maintain and continue to grow our business, expand geographically, attract potential customers and further enhance our service offerings. Management has prepared cash flow projections covering the next twelve months from the date of these financial statements which consider the increase in revenue from new geographies and operational efficiencies to improve operating cash flows. The Company also has the financial support of key shareholders who have indicated their commitment to provide ongoing support to enable the Company to continue its operations at least through twelve months from the date of these financial statements.
Consolidation	The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated on consolidation.
Foreign currency translation	The functional currency for SIMPPLE is the Singapore Dollar (“S$”), which is also the subsidiaries IFSC Pte. Ltd., Gaussian Robotics Pte. Ltd. and Simpple Pte. Ltd.’s functional currency. The Company uses Singapore Dollar (“S$”) as its reporting currency. In the consolidated financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the income statements during the year in which they occur. Translations of the consolidated balance sheet, consolidated statement of income and consolidated statements of cash flow from S$ into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of US$0.758 = S$1, as set forth in the statistical release of the Federal Reserve System on December 31, 2023. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate.
Uses of estimates	The preparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company’s consolidated financial statements include allowance for credit losses on receivables, impairment of intangible assets, the useful lives of property and equipment, and interest rate of leases. Actual results may differ from these estimates.
Cash and cash equivalents	Cash and cash equivalents mainly represent cash at bank and demand deposits which have original maturities less than three months and are unrestricted as to withdrawal or use.
Deposits and prepayments	Deposits and prepayments are classified as either current or non-current based on the terms of the respective agreements. Management reviews its deposits and prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2022 and 2023, no allowance was deemed necessary.
Account receivables and allowance for expected credit losses	Account receivables mainly represent amounts due from clients for sale of goods and services fees which are recorded net of allowance. 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, 2022 and 2023, the Company made S$602,897 and S$546,892 (US$414,532) allowance for expected credit losses for account receivables, respectively.
Inventory	Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.
Intangible assets	Intangible assets with finite lives are initially recorded at cost and amortized in a method which reflects the pattern in which the economic benefits of the intangible assets are expected to be consumed or otherwise used up. We evaluate the recoverability of intangible assets with finite lives for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The recoverability of these assets is measured by a comparison of the carrying amounts to the future discounted cash flows the assets are expected to generate from the use and eventual disposition. If such review indicates that the carrying amount of intangible assets with finite lives is not recoverable, and the assets fair value is less than the carrying amount, an impairment charge is recognized. We have not recorded any material impairment charges during the years presented. The intangible asset is amortized using the straight-line approach over the estimated useful life as follows: Software development cost 5 years
Property and equipment, net	Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows: Furniture and fittings 3 years Machineries 3 years Office equipment & computers 1 year Renovation 3 years 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 statement of income. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.
Impairment for long-lived assets	The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment but comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset’s remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the years ended December 31, 2022 and 2023, no impairment of long-lived assets was recognized.
Contract assets and liabilities	The Company bills its clients based upon contractual schedules. The timing of revenue recognition, billings and cash collections result in accounts receivable, contract assets and contract liabilities.
Lease	The Company is a lessee of non-cancellable operating leases for its corporate office premise and vehicles. The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term in calculating the right-of-use assets and liabilities. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Non-lease components include payments for building management, utilities and property tax. It separates the non-lease components from the lease components to which they relate. The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the years ended December 31, 2022 and 2023, the Company did not have any impairment loss against its operating lease right-of-use assets.
Fair value measurements	ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The carrying amounts of cash and cash equivalents, account receivables, account payables, other payables to related parties, and accruals and other payables approximate their fair values because of their generally short maturities.
Revenue recognition	The Company applied ASC Topic 606 “Revenue from Contracts with Customers” (“ASC 606”) for all periods presented. The five-step model defined by ASC 606 required 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 goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. The Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects that, upon inception of revenue contracts, the period between when the Company transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less. Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. The Company’s principal revenue streams include: Sale of goods Commercial customers The Company supplies autonomous robotic cleaning equipment for commercial applications. Revenue is recognised when the goods are delivered to the customer and all criteria for acceptance have been satisfied. No element of financing is deemed present as the sales are made with credit terms consistent with market practice. The Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts in its balance sheet. Revenue from sale of goods – commercial customers also include revenue from comprehensive maintenance service. For these contracts. We account for the maintenance service separately from the sales of goods as they are distinct performance obligations. Refer to the discussion below related to contracts with multiple performance obligations for further details. The transaction price is allocated to separate performance obligations on a relative stand-alone selling price (“SSP”) basis. The transactions price allocated to the sales of goods is recognized when transfer of control of the goods to the customer. The transaction price allocated to the comprehensive maintenance service is recognized over the contract term.
Sale of goods - Distributors	The Company also sells the above products wholesale to third party distributors. Sales are recognized when control of the products have transferred to these distributors, being when the products are delivered and accepted. The third party distributors have limited discretion over sales channels and price to sell the products, and there are no unfulfilled obligations that could affect the distributors’ acceptance of the products. No element of financing is deemed present as the sales are made with a credit term of 30 days, which is consistent with market practice.
Software services rendered	Revenue from software services rendered is recognized in the accounting period in which the services are rendered, as a performance obligation satisfied over time. For fixed-price contracts, revenue is recognized based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided. Payments for services rendered are not due from the customer until the services are complete and therefore a contract asset is recognized over the period in which the services are performed, representing the Company’s right to consideration for the services performed to date. Revenue from software services rendered also include revenues from sales of hardware. For these contracts, we account for the hardware separately from the software service rendered as they are distinct performance obligations. Refer to the discussion below related to contracts with multiple performance obligations for further details. The transaction price is allocated to separate performance obligations on a relative SSP basis. The transaction price allocated to the hardware is recognized when transfer of control of the hardware to the customer is complete. The transaction price allocated to the software service is recognized ratably over contract term.
Contracts with multiple performance obligations	We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. We evaluate the terms and conditions included within our customer contracts to ensure appropriate revenue recognition, including whether products and services are considered distinct performance obligations that should be accounted for separately versus together. For contracts with multiple performance obligations, the transactions price is allocated to the sperate performance obligations on a relative SSP basis. We determine SSP by considering the historical selling price of these performance obligations in similar transactions as well as other factors, including, but not limited to, competitive pricing of similar products, other software vendor pricing and current pricing practices.
Employee benefits	Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset. i) Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. ii) Short-term compensated absences Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. iii) Key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity. Directors are considered key management personnel.
Related parties	Parties are considered to be related if one party 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. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.
Income taxes	The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the years ended December 31, 2022 and 2023, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.
Earnings or Loss per share	Basic earnings or loss per share is computed by dividing net income or loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings or loss per share reflect the potential dilution that could occur if convertible bonds to issue ordinary shares were exercised or converted into ordinary shares.
Credit risk	Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable and other current assets. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company’s accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. 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.
Interest rate risk	Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk arises mainly from its interest-bearing financial liabilities. The Company periodically reviews its liabilities and monitors interest rate fluctuations to ensure that the exposure to interest rate risk is within acceptable levels. The interest-bearing financial liabilities are carried at fixed interest rates. There is no impact on the other comprehensive income.
Recent Accounting Pronouncements	The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the " JOBS Act “). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company made the election to delay the adoption of new or revised accounting standards. 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 (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 income and cash flows.

ORGANIZATION AND BUSINESS DESCR

ORGANIZATION AND BUSINESS DESCRIPTION (Tables)	12 Months Ended
	Dec. 31, 2023
Organization and business overview
Schedule of subsidiaries of the Company	Name Date of incorporation Percentage of direct or indirect interests Place of incorporation Principal activities IFSC Pte. Ltd. (“IFSC”) March 18, 2016 100% Singapore Sale of facilities management software Gaussian Robotics Pte. Ltd. May 18, 2017 100% Singapore Provision of trading and maintenance of robotic equipment Simpple Pte. Ltd. October 13, 2020 100% Singapore Research and experimental development on environment and clean technologies Simpple Australia Pty Ltd September 6, 2023 100% Australia Sale of facilities management software

ACCOUNT RECEIVABLES (Tables)

ACCOUNT RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of accounts receivable	As of December 31, 2022 2023 2023 S$ S$ US$ Account receivables 1,377,234 4,757,754 3,606,272 Less: allowance for doubtful accounts (602,897 ) (546,892 ) (414,532 ) 774,337 4,210,862 3,191,740

Deposits, prepaid expenses an_2

Deposits, prepaid expenses and other current assets (Tables)	12 Months Ended
	Dec. 31, 2023
Deposits, prepaid expenses and other current assets
Schedule of Prepaid expenses and other assets	As of December 31, 2022 2023 2023 S$ S$ US$ Advances to suppliers 568,496 304,821 231,048 Deposits 32,975 31,403 23,803 Deferred listing expenses 1,290,336 - - GST receivables 1,021 - - Prepaid expenses 139,767 111,753 84,706 Other receivables 3,947 148,174 112,312 2,036,542 596,151 451,869

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
INVENTORIES
Schedule of inventory	As of December 31, 2022 2023 2023 S$ S$ US$ Finished goods 1,033,452 867,446 657,505

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS
Schedule of intangible assets	As of December 31, 2022 2023 2023 S$ S$ US$ Software development costs 1,197,229 2,089,338 1,583,672 Accumulated amortization (124,614 ) (542,482 ) (411,190 ) Intangible assets, net of accumulated amortization 1,072,615 1,546,856 1,172,482
Schedule of estimated future amortization expense	Amortization expense S$ For years period ended December 31, 2024 372,878 2025 372,878 2026 372,878 2027 248,264 Total amortization expense 1,366,898

PROPERTY AND EQUIPMENT NET (Tab

PROPERTY AND EQUIPMENT NET (Tables)	12 Months Ended
	Dec. 31, 2023
Plant and equipment, net
Schedule of Property and equipment	As of December 31, 2022 2023 2023 S$ S$ US$ Furniture and fittings 22,496 22,496 17,051 Machinery 142,419 142,419 107,950 Office equipment and computers 205,323 258,555 195,979 Renovation 49,406 49,406 37,449 Total 419,644 472,876 358,429 Less: Accumulated depreciation (393,002 ) (425,348 ) (322,404 ) Net book value 26,642 47,528 36,025

Right-of-use assets and lease_2

Right-of-use assets and lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Right-of-use assets and lease liabilities
Schedule of non-cancellable lease contracts	Description of lease Lease term Motor vehicles 8 to 9 years Corporate office premises 1.5 years
Schedule of lease cost recognized of balance sheet	As of December 31, 2022 2023 2023 S$ S$ US$ Right-of-use assets 353,415 228,450 173,160 Lease liabilities Current 102,402 93,000 70,492 Non-current 217,037 98,876 74,946 319,439 191,876 145,438
Schedule of lease cost recognized of consolidated statements of income	For the years ended December 31, 2022 2023 2023 S$ S$ US$ Amortization charge of right-of-use assets 94,188 76,310 57,841 Interest of lease liabilities 15,313 14,259 10,808

Accruals and other current li_2

Accruals and other current liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Accruals and other current liabilities
Schedule of Accruals and other current liabilities	As of December 31, 2022 2023 2023 S$ S$ US$ Accrued bonus 200,000 - - Accrued salaries 116,779 - - Other accruals 77,276 459,472 348,270 Amount due to a related party 250,000 - - GST payables 10,942 201,509 152,738 Interest payable 33,877 43,031 32,617 Other payables 261,381 82,655 62,650 950,255 786,667 596,275

Related party transactions an_2

Related party transactions and balances (Tables)	12 Months Ended
	Dec. 31, 2023
Related party transactions and balances
Schedule of related parties and their relationships	Name of related parties Relationship with the Company Mains D' Or Investments Ltd A company controlled by the Company’s controlling shareholder WIS Holdings Pte Ltd A common shareholder of Mains D’Or Investments Ltd Campaign Complete Solutions Pte Ltd Subsidiary of WIS Holdings Pte Ltd Weishen Industrial Services Pte Ltd Subsidiary of WIS Holdings Pte Ltd WIS ICT Pte Ltd A common shareholder of Mains D’Or Investments Ltd
Schedule of related parties transactions	For the years ended December 31, 2022 2023 2023 S$ S$ US$ Sales 1 77,852 56,105 42,526 Sales 2 3,392,454 425,981 322,884 Sales 3 - 78,356 59,392 As of December 31, 2022 2023 2023 S$ S$ US$ Trade receivable - related parties Campaign Complete Solutions Pte Ltd 6,288 373 282 Weishen Industrial Services Pte Ltd 481,787 32,621 24,726 WIS Holdings Pte Ltd 602,896 546,892 414,532 Other payable - related parties 4 Campaign Complete Solutions Pte Ltd (42,950 ) - - Weishen Industrial Services Pte Ltd (196,148 ) - - WIS Holdings Pte Ltd (199,809 ) (388,939 ) (294,807 ) Poo Chong Hee (250,000 ) - - Advance billing - related parties Campaign Complete Solutions Pte Ltd (6,579 ) (32,815 ) (24,873 ) Weishen Industrial Services Pte Ltd (86,537 ) (50,809 ) (38,512 )

BANK LOAN (Tables)

BANK LOAN (Tables)	12 Months Ended
	Dec. 31, 2023
BANK LOAN
Schedule of short-term bank loan	2022 Bank loans Currency Period Interest Third party guarantee Collateral/ Related party/ Directors' personal guarantee Carrying amount (S$) Secured fixed rate bank loans SGD 2020 - 2025 2.75% -6.75%p P.a. Guarantee from Poo Kow Peok, Poo Chen Boon and Poo Chong Hee Corporate guarantee from Campaign Complete Solutions Pte Ltd and WIS Holdings Pte Ltd 2,462,254 2,462,254 2023 Bank loans Currency Period Interest Third party guarantee Directors' personal guarantee Carrying amount (S$) Carrying amount (US$) Secured fixed rate bank loans SGD 2020 - 2025 2.75% -6.75%p P.a. Guarantee from Poo Kow Peok, Poo Chen Boon and Poo Chong Hee Corporate guarantee from Campaign Complete Solutions Pte Ltd and WIS Holdings Pte Ltd 1,275,625 966,895 1,275,625 966,895
Schedule Of Secured fixed rate bank loans	December 31, 2022 (All amounts in S$) Bank loans Carrying amount Within 1 year 2024 2025 2026 2027 Thereafter Secured fixed rate bank loans 2,462,254 1,184,823 755,831 521,600 - - - December 31, 2023 (All amounts in S$) Bank loans Carrying amount Within 1 year 2025 2026 2027 2028 Thereafter Secured fixed rate bank loans 1,275,625 754,025 521,600 - - - - December 31, 2023 (All amounts in US$) Bank loans Carrying amount Within 1 year 2025 2026 2027 2028 Thereafter Secured fixed rate bank loans 966,895 571,533 395,362 - - - -

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2023
Revenues
Schedule of Revenues	For the years ended December 31, 2021 2022 2023 2023 S$ S$ S$ US$ Sale of robotics 2,890,682 5,228,965 3,633,740 2,754,294 Software revenue 1,288,618 1,238,435 1,053,185 798,291 Others - 42,769 - - 4,179,300 6,510,169 4,686,925 3,552,585

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENT REPORTING
Summary information by segment for the years	For the year ended December 31, 2021 Robots Software services rendered Others Total S$ S$ S$ S$ Revenue 2,890,682 1,288,618 - 4,179,300 Cost of revenues (1,194,337 ) (658,414 ) - (1,852,751 ) Gross profit 1,696,345 630,204 - 2,326,549 Operating expenses: General and administrative expenses (176,235 ) (2,093,068 ) (1,527 ) (2,270,830 ) Total operating expenses (176,235 ) (2,093,068 ) (1,527 ) (2,270,830 ) Income (loss) from operations 1,520,110 (1,462,864 ) (1,527 ) 55,719 Other income (loss): Other income 45 389,968 - 390,013 Interest expense (38,269 ) (118,878 ) - (157,147 ) Other expense (15,859 ) (39,835 ) - (55,694 ) Total other (loss) income (54,083 ) 231,255 - 177,172 Income (loss) before tax expense 1,466,027 (1,231,609 ) (1,527 ) 232,891 Income tax expense (167,072 ) - - (167,072 ) Net income (loss) 1,298,955 (1,231,609 ) (1,527 ) 65,819 For the year ended December 31, 2022 Robots Software services rendered Others Total S$ S$ S$ S$ Revenue 5,228,965 1,238,435 42,769 6,510,169 Cost of revenues (2,453,734 ) (455,891 ) (1,248 ) (2,910,873 ) Gross profit 2,775,231 782,544 41,521 3,599,296 Operating expenses: General and administrative expenses (635,522 ) (3,884,373 ) (52,759 ) (4,572,654 ) Total operating expenses (635,522 ) (3,884,373 ) (52,759 ) (4,572,654 ) Income (loss) from operations 2,139,709 (3,101,829 ) (11,238 ) (973,358 ) Other income (loss): Other income 58,664 232,677 150,000 441,341 Interest expense (32,336 ) (98,532 ) - (130,868 ) Other expense - (5,946 ) - (5,946 ) Total other income 26,328 128,199 150,000 304,527 Income (loss) before tax expense 2,166,037 (2,973,630 ) 138,762 (668,831 ) Income tax expense (118,681 ) - - (118,681 ) Net income (loss) 2,047,356 (2,973,630 ) 138,762 (787,512 ) For the year ended December 31, 2023 Robots Software services rendered Others Total S$ S$ S$ S$ Revenue 3,633,740 1,053,185 - 4,686,925 Cost of revenues (1,985,601 ) (258,885 ) - (2,244,486 ) Gross profit 1,648,139 794,300 - 2,442,439 Operating expenses: General and administrative expenses (91,391 ) (4,369,709 ) (526,398 ) (4,987,498 ) IPO related expenses - - (5,003,802 ) (5,003,802 ) Total operating expenses (91,391 ) (4,369,709 ) (5,530,200 ) (9,991,300 ) Income (loss) from operations 1,556,748 (3,575,409 ) (5,530,200 ) (7,548,861 ) Other income (loss): Other income 94,514 163,606 7,088 265,208 Interest expense (14,070 ) (168,976 ) - (183,046 ) Other expense - (18,678 ) (62,410 ) (81,088 ) Total other income (loss) 80,444 (24,048 ) (55,322 ) 1,074 Income (loss) before tax expense 1,637,192 (3,599,457 ) (5,585,522 ) (7,547,787 ) Income tax expense - (11,024 ) (12,062 ) (23,086 ) Net income (loss) 1,637,192 (3,610,481 ) (5,597,584 ) (7,570,873 )
Summary of disaggregated by the timing of revenue recognition	For the year ended December 31, 2021 Robots Facilities Management Software Total S$ S$ S$ Point in time 2,890,682 - 2,890,682 Over time - 1,288,618 1,288,618 For the year ended December 31, 2022 Robots Facilities Management Software Total S$ S$ S$ Point in time 5,228,965 - 5,228,965 Over time - 1,281,204 1,281,204 For the year ended December 31, 2023 Robots Facilities Management Software Total S$ S$ S$ Point in time 3,385,605 167,736 3,553,341 Over time 248,135 885,449 1,133,584

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2023
Income tax
Schedule of income tax provision	For years ended December 31, 2021 2022 2023 2023 S$ S$ S$ US$ Tax expense attributable to income (loss) is made up of: Current income tax 167,072 118,681 23,086 17,499 Income (loss) before tax 232,891 (668,831 ) (7,547,787 ) (5,721,054 ) Tax calculated at tax rate 17% 39,591 (113,701 ) (1,283,124 ) (972,579 ) Effects of: - Effect of tax rates in foreign jurisdiction - - 930,664 705,423 - Tax effect on expense not deductible for tax purposes 26,701 197,279 129,502 98,160 - Income not subject to tax (33,198 ) - - - - Singapore statutory stepped income exemption (17,425 ) (17,425 ) - - - Utilization of capital allowance (2,994 ) (68 ) (1,041 ) (789 ) - Recognition of tax effect of previously unrecognized tax losses - - (15,809 ) (11,983 ) - Deferred tax assets on temporary differences not recognized 154,397 250,371 239,808 181,768 - Under provision of current taxation in respect of prior year - (197,775 ) 23,086 17,499 Tax charge 167,072 118,681 23,086 17,499

Other income (Tables)

Other income (Tables)	12 Months Ended
	Dec. 31, 2023
Other income
Schedule of Other income	For years ended December 31, 2021 2022 2023 2023 S$ S$ S$ US$ Management fees 87,972 87,972 - - Government grant 100,402 293,519 80,310 60,873 Rental income 30,148 - - - Sale of assets 152,286 - - - Miscellaneous revenue - - 181,106 137,274 Exchange loss - - (48,492 ) (36,756 ) Unrealized gain - - 25,117 19,038 Others 19,205 59,850 27,167 20,593 390,013 441,341 265,208 201,022

Organization and business ove_2

Organization and business overview (Details)	12 Months Ended
	Dec. 31, 2023
Subsidiary One [Member]
Name of Entity	IFSC Pte. Ltd. (“IFSC”)
Date of incorporation	Mar. 18, 2016
Place of incorporation	Singapore
Percentage of direct or indirect interests	100%
Principal Activities	Sale of facilities management software
Subsidiary Two [Member]
Name of Entity	Gaussian Robotics Pte. Ltd.
Date of incorporation	May 18, 2017
Place of incorporation	Singapore
Percentage of direct or indirect interests	100%
Principal Activities	Provision of trading and maintenance of robotic equipment
Subsidiary Three [Member]
Name of Entity	Simpple Pte. Ltd.
Date of incorporation	Oct. 13, 2020
Place of incorporation	Singapore
Percentage of direct or indirect interests	100%
Principal Activities	Research and experimental development on environment and clean technologies
Subsidiary Four [Member]
Name of Entity	Simpple Australia Pty Ltd
Date of incorporation	Sep. 06, 2023
Place of incorporation	Australia
Percentage of direct or indirect interests	100%
Principal Activities	Sale of facilities management software

Organization and business ove_3

Organization and business overview (Details Narrative)	12 Months Ended
	Dec. 31, 2023
IFSC [Member]
Proportion of ownership interest in subsidiary	100%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2023
Software development cost [Member]
Estimated useful lives of the assets	5 years

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	12 Months Ended
	Dec. 31, 2023
Office equipment & computers [Member]
Estimated useful lives of the assets	3 years
Furniture and fittings [Member]
Estimated useful lives of the assets	3 years
Machineries [Member]
Estimated useful lives of the assets	3 years
Renovation [Member]
Estimated useful lives of the assets	1 year

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Allowance for expected credit losses	$ 546,892	$ 602,897
Accumulated loss	$ 10,697,832

Account receivables (Details)

Account receivables (Details) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE
Accounts receivable	$ 4,757,754	$ 1,377,234
Less: allowance for doubtful accounts	(546,892)	(602,897)
Accounts receivable, net	$ 4,210,862	$ 774,337

Deposits, prepaid expenses an_3

Deposits, prepaid expenses and other current assets (Details) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
Deposits, prepaid expenses and other current assets
Advances to suppliers	$ 304,821	$ 568,496
Deposits	31,403	32,975
Deferred listing expenses	0	1,290,336
GST receivables	0	1,021
Prepaid expenses	111,753	139,767
Other receivables	148,174	3,947
Deposits prepaid expenses and other current assets, net	$ 596,151	$ 2,036,542

Inventory (Details)

Inventory (Details) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
INVENTORIES
Finished goods	$ 867,446	$ 1,033,452

Intangible assets (Details)

Intangible assets (Details) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
INTANGIBLE ASSETS
Software development costs	$ 2,089,338	$ 1,197,229
Less: accumulated amortization	(542,482)	(124,614)
Intangible assets, net of accumulated amortization	$ 1,546,856	$ 1,072,615

Intangible assets (Details 1)

Intangible assets (Details 1)	Dec. 31, 2023 SGD ($)
INTANGIBLE ASSETS
Fiscal 2024	$ 372,878
Fiscal 2025	372,878
Fiscal 2026	372,878
Fiscal 2027	248,264
Total amortization expense	$ 1,366,898

Intangible assets (Details Narr

Intangible assets (Details Narrative) - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INTANGIBLE ASSETS
Amortization expense for intangible assets	$ 417,868	$ 124,614

Plant and equipment, net (Detai

Plant and equipment, net (Details) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
Total	$ 472,876	$ 419,644
Less: accumulated depreciation	(425,348)	(393,002)
Net book value	47,528	26,642
Furniture and fittings [Member]
Total	22,496	22,496
Renovation [Member]
Total	49,406	49,406
Office equipment And computers [Member]
Total	258,555	205,323
Machinery [Member]
Total	$ 142,419	$ 142,419

Right-of-use assets and lease_3

Right-of-use assets and lease liabilities (Details)	12 Months Ended
	Dec. 31, 2023
Corporate office premises [Member]
Lease contractual term	1 year 6 months
Motor vehicles [Member] | Minimum [Member]
Lease contractual term	8 years
Motor vehicles [Member] | Maximum [Member]
Lease contractual term	9 years

Right-of-use assets and lease_4

Right-of-use assets and lease liabilities (Details 1) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
Right-of-use assets and lease liabilities
Right-of-use assets	$ 228,450	$ 353,415
Lease liabilities, current	93,000	102,402
Lease liabilities, non-current	98,876	217,037
Total lease liabilities	$ 191,876	$ 319,439

Right-of-use assets and lease_5

Right-of-use assets and lease liabilities (Details 2) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
Right-of-use assets and lease liabilities
Amortization charge of right-of-use assets	$ 76,310	$ 94,188
Interest on lease liabilities	$ 14,259	$ 15,313

Accruals and other current li_3

Accruals and other current liabilities (Details) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
Accruals and other current liabilities
Accrued bonus	$ 0	$ 200,000
Accrued salaries	0	116,779
Other accruals	459,472	77,276
Amount due to a related party	0	250,000
GST payables	201,509	10,942
Interest payable	43,031	33,877
Other payables	82,655	261,381
Accruals and other current liabilities, Net	$ 786,667	$ 950,255

Related party transactions an_3

Related party transactions and balances (Details)	12 Months Ended
	Dec. 31, 2023
WIS Holdings Pte Ltd
Description of relationships of related party	A common shareholder of Mains D’Or Investments Ltd
Campaign Complete Solutions Pte Ltd
Description of relationships of related party	Subsidiary of WIS Holdings Pte Ltd
Weishen Industrial Services Pte Ltd
Description of relationships of related party	Subsidiary of WIS Holdings Pte Ltd
WIS ICT Pte Ltd
Description of relationships of related party	A common shareholder of Mains D’Or Investments Ltd
Mains D' Or Investments Ltd
Description of relationships of related party	A company controlled by the Company’s controlling shareholder

Related party transactions an_4

Related party transactions and balances (Details 1) - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
WIS Holdings Pte Ltd
Sales to related party	$ 78,356	$ 0
Campaign Complete Solutions Pte Ltd
Sales to related party	56,105	77,852
Weishen Industrial Services Pte Ltd
Sales to related party	$ 425,981	$ 3,392,454

Related party transactions an_5

Related party transactions and balances (Details 2) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
WIS Holdings Pte Ltd
Trade receivable - related parties	$ 546,892	$ 602,896
Other payable - related parties	(388,939)	(199,809)
Campaign Complete Solutions Pte Ltd
Trade receivable - related parties	373	6,288
Other payable - related parties		(42,950)
Advance billing - related parties	(32,815)	(6,579)
Weishen Industrial Services Pte Ltd
Trade receivable - related parties	32,621	481,787
Other payable - related parties		(196,148)
Advance billing - related parties	$ (50,809)	(86,537)
Poo Chong Hee
Other payable - related parties		$ (250,000)

Related party transactions an_6

Related party transactions and balances (Details Narrative) - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales	$ 0	$ 0	$ 152,286
Revenue	4,686,925	6,510,169	$ 4,179,300
Sales of Robot and Software
Sales	875	254
Revenue	55,230	77,598
Sales of Robot and Software One
Sales	280,293	463,442
Revenue	145,688	2,929,012
Sales of Robot and Software Two
Sales	78,000	0
Revenue	$ 356	$ 0
Minimum [Member]
Loans carry interest	5.25%
Maximum [Member]
Loans carry interest	10%

Shareholders Equity (Details Na

Shareholders Equity (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Ordinary shares authorized	500,000,000	500,000,000
Ordinary shares par value	$ 0.0001	$ 0.0001
January 19 2024 [Member]
Authorized capital shares amount	$ 50,000

Bank loans (Details)

Bank loans (Details) - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Carrying amount	$ 1,275,625	$ 2,462,254
Secured fixed rate bank loans [Member]
Currency	SGD	SGD
Carrying amount	$ 1,275,625	$ 2,462,254
Period	2020 - 2025	2020 - 2025
Third party guarantee	Guarantee from Poo Kow Peok, Poo Chen Boon and Poo Chong Hee	Guarantee from Poo Kow Peok, Poo Chen Boon and Poo Chong Hee
Collateral/ Related party/ Directors' personal guarantee	Corporate guarantee from Campaign Complete Solutions Pte Ltd and WIS Holdings Pte Ltd	Corporate guarantee from Campaign Complete Solutions Pte Ltd and WIS Holdings Pte Ltd
Secured fixed rate bank loans [Member] | Minimum [Member]
Interest rate	2.75%	2.75%
Secured fixed rate bank loans [Member] | Maximum [Member]
Interest rate	6.75%	6.75%

Bank loans (Details 1)

Bank loans (Details 1) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
Carrying amount	$ 1,275,625	$ 2,462,254
Secured fixed rate bank loans [Member]
Within 1 year	754,025	1,184,823
2024		755,831
2025	521,600	521,600
2026	0	0
2027	0	0
2028	0
Thereafter	0	0
Carrying amount	$ 1,275,625	$ 2,462,254

Revenues (Details)

Revenues (Details) - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Sale of robotics	$ 3,633,740	$ 5,228,965	$ 2,890,682
Software revenue	1,053,185	1,238,435	1,288,618
Others	0	42,769	0
Revenue	$ 4,686,925	$ 6,510,169	$ 4,179,300

Segmental reporting (Details)

Segmental reporting (Details) - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue	$ 4,686,925	$ 6,510,169	$ 4,179,300
Cost of revenues	(2,244,486)	(2,910,873)	(1,852,751)
Gross profit	2,442,439	3,599,296	2,326,549
Operating expenses:
General and administrative expenses	(4,987,498)	(4,572,654)	(2,270,830)
IPO related expenses	(5,003,802)	0	0
Total operating expenses	(9,991,300)	(4,572,654)	(2,270,830)
Income (loss) from operations	(7,548,861)	(973,358)	55,719
Other income (loss):
Other income	265,208	441,341	390,013
Interest expense	(183,046)	(130,868)	(157,147)
Other expense	(81,088)	(5,946)	(55,694)
Total other (loss) income	1,074	304,527	177,172
Income (loss) before tax expense	(7,547,787)	(668,831)	232,891
Income tax expense	(23,086)	(118,681)	(167,072)
Net income (loss)	(7,570,873)	(787,512)	65,819
Interest expense	183,046	130,868	157,147
Income tax expense	23,086	118,681	167,072
Robots [Member]
Revenue	3,633,740	5,228,965	2,890,682
Cost of revenues	(1,985,601)	(2,453,734)	(1,194,337)
Gross profit	1,648,139	2,775,231	1,696,345
Operating expenses:
General and administrative expenses	(91,391)	(635,522)	(176,235)
IPO related expenses	0
Total operating expenses	(91,391)	(635,522)	(176,235)
Income (loss) from operations	1,556,748	2,139,709	1,520,110
Other income (loss):
Other income	94,514	58,664	45
Interest expense	(14,070)	(32,336)	(38,269)
Other expense	0	0	(15,859)
Total other (loss) income	80,444	26,328	54,083
Income (loss) before tax expense	1,637,192	2,166,037	1,466,027
Income tax expense	0	118,681	167,072
Net income (loss)	1,637,192	2,047,356	1,298,955
Interest expense	14,070	32,336	38,269
Income tax expense	0	(118,681)	(167,072)
Software services rendered [Member]
Revenue	1,053,185	1,238,435	1,288,618
Cost of revenues	(258,885)	(455,891)	(658,414)
Gross profit	794,300	782,544	630,204
Operating expenses:
General and administrative expenses	(4,369,709)	(3,884,373)	(2,093,068)
IPO related expenses	0
Total operating expenses	(4,369,709)	(3,884,373)	(2,093,068)
Income (loss) from operations	(3,575,409)	(3,101,829)	(1,462,864)
Other income (loss):
Other income	163,606	232,677	389,968
Interest expense	(168,976)	(98,532)	(118,878)
Other expense	(18,678)	(5,946)	(39,835)
Total other (loss) income	24,048	128,199	231,255
Income (loss) before tax expense	(3,599,457)	(2,973,630)	(1,231,609)
Income tax expense	11,024	0	0
Net income (loss)	(3,610,481)	(2,973,630)	(1,231,609)
Interest expense	168,976	98,532	118,878
Income tax expense	(11,024)	0	0
Others [Member]
Revenue	0	42,769	0
Cost of revenues	0	(1,248)	0
Gross profit	0	41,521	0
Operating expenses:
General and administrative expenses	(526,398)	(52,759)	(1,527)
IPO related expenses	(5,003,802)
Total operating expenses	(5,530,200)	(52,759)	(1,527)
Income (loss) from operations	(5,530,200)	(11,238)	(1,527)
Other income (loss):
Other income	7,088	150,000	0
Interest expense	0	0	0
Other expense	(62,410)	0	0
Total other (loss) income	55,322	150,000	0
Income (loss) before tax expense	(5,585,522)	138,762	(1,527)
Income tax expense	12,062	0	0
Net income (loss)	(5,597,584)	138,762	(1,527)
Interest expense	0	0	0
Income tax expense	$ (12,062)	$ 0	$ 0

Segmental reporting (Details 1)

Segmental reporting (Details 1) - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Point in time	$ 3,553,341	$ 5,228,965	$ 2,890,682
Over time	1,133,584	1,281,204	1,288,618
Robots [Member]
Point in time	3,385,605	5,228,965	2,890,682
Over time	248,135	0
Facilities Management Software [Member]
Point in time	167,736	0
Over time	$ 885,449	$ 1,281,204	$ 1,288,618

Income tax (Details)

Income tax (Details) - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Current income tax	$ 23,086	$ 118,681	$ 167,072
Income (loss) before tax	(7,547,787)	(668,831)	232,891
Tax calculated at tax rate @17%	(1,283,124)	(113,701)	39,591
Effect of tax rates in foreign jurisdiction	930,664	0	0
Tax effect on expense not deductible for tax purposes	129,502	197,279	26,701
Income not subject to tax	0	0	(33,198)
Singapore statutory stepped income exemption	0	(17,425)	(17,425)
Utilization of capital allowance	(1,041)	(68)	(2,994)
Recognition of tax effect of previously unrecognized tax losses	(15,809)	0	0
Deferred tax assets on temporary differences not recognized	239,808	250,371	154,397
Under provision of current taxation in respect of prior year	23,086	(197,775)	0
Tax charge	$ 23,086	$ 118,681	$ 167,072

Income tax (Details Narrative)

Income tax (Details Narrative) - SGD ($)	Dec. 31, 2023	Dec. 31, 2022
Income tax
Net operating loss carry forwards	$ 1,869,036	$ 2,128,733

Other income (Details)

Other income (Details) - SGD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other income
Management fees	$ 0	$ 87,972	$ 87,972
Government grant	80,310	293,519	100,402
Rental income	0	0	30,148
Sale of assets	0	0	152,286
Miscellaneous revenue	181,106	0	0
Exchange loss	(48,492)	0	0
Unrealized gain	25,117	0	0
Others	27,167	59,850	19,205
Other income	$ 265,208	$ 441,341	$ 390,013