| 2022 | 2023 | 2023 | ||||||||||||||
| For the year ended December 31, | ||||||||||||||||
| 2021 | 2022 | 2023 | 2023 | |||||||||||||
| S$’000 | S$’000 | S$’000 | US$’000 | |||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
| Net loss | (1,240) | (4,960) | (12,869) | (9,755) | ||||||||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||
| Amortization | 265 | 287 | 340 | 258 | ||||||||||||
| Depreciation | 8 | 14 | 62 | 47 | ||||||||||||
| Loss/(Gain) on disposal of property and equipment | 1 | - | * | - | - | |||||||||||
| Interest expense | - | - | 355 | 269 | ||||||||||||
| Amortization of debt issuance cost | - | - | 91 | 69 | ||||||||||||
| Impairment of goodwill | - | - | 664 | 503 | ||||||||||||
| Share-based payment expenses | - | - | 6,959 | 5,275 | ||||||||||||
| Net effect of exchange rates changes | - | - | 5 | 4 | ||||||||||||
| Change in operating assets and liabilities, net of impact of business acquisitions and disposals: | ||||||||||||||||
| Accounts receivable | (11) | (59) | 52 | 39 | ||||||||||||
| Deposits, prepaid expenses and other current assets | (302) | (16) | 107 | 81 | ||||||||||||
| Accounts payable | 860 | 539 | 1,895 | 1,436 | ||||||||||||
| Accrued expenses and other current liabilities | 307 | 354 | 727 | 551 | ||||||||||||
| Net cash used in operating activities | (112) | (3,841) | (1,612) | (1,223) | ||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
| Purchase of property and equipment | (26) | (15) | (3) | (2) | ||||||||||||
| Proceeds from disposal of property and equipment | - | - | * | - | - | |||||||||||
| Additions in intangible assets | (303) | (467) | (482) | (365) | ||||||||||||
| Cash acquired from acquisition of subsidiaries | - | - | 63 | 48 | ||||||||||||
| Net cash used in investing activities | (329) | (482) | (422) | (319) | ||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
| Proceeds from borrowings | 500 | 5,200 | 2,850 | 2,160 | ||||||||||||
| Repayments of borrowings | - | (500) | - | - | ||||||||||||
| Repayments of lease liabilities | - | - | (50) | (38) | ||||||||||||
| Deferred IPO costs | - | - | (2,079) | (1,575) | ||||||||||||
| Net cash provided by financial activities | 500 | 4,700 | 721 | 547 | ||||||||||||
| Net change in cash and cash equivalents | 59 | 377 | (1,313) | (995) | ||||||||||||
| Cash, cash equivalents and restricted cash - beginning of period | 2,571 | 2,630 | 3,007 | 2,279 | ||||||||||||
| Cash, cash equivalents and restricted cash - end of period | 2,630 | 3,007 | 1,694 | 1,284 | ||||||||||||
| Supplemental disclosure of cash flow information | ||||||||||||||||
| Cash paid for interest | - | - | - | - | ||||||||||||
| Cash paid for income tax | - | - | - | - | ||||||||||||
| Non-cash investing activities | ||||||||||||||||
| Non-cash transactions from acquisition of subsidiaries | - | - | 600 | 455 | ||||||||||||
| December 31, 2022 | December 31, 2023 | December 31, 2023 | ||||||||||
| S$’000 | S$’000 | US$’000 | ||||||||||
| Deferred tax assets | ||||||||||||
| Tax losses carry forwards | 1,938 | 2,635 | 1,997 | |||||||||
| Less: Valuation allowance | (1,938) | (2,635) | (1,997) | |||||||||
| Total deferred tax assets | - | - | - | |||||||||
| Deferred tax liabilities | ||||||||||||
| Total deferred tax liabilities | - | 32 | 24 | |||||||||
| For the year ended December 31, | ||||||||||||||||||||
| 2023 | 2022 | 2021 | 2023 to 2022 | 2022 to 2021 | ||||||||||||||||
| S$’000 | S$’000 | S$’000 | % change | % change | ||||||||||||||||
| Revenue | 8,667 | 8,825 | 6,195 | -2 | % | 42 | % | |||||||||||||
| Other income | 89 | 289 | 440 | -69 | % | -34 | % | |||||||||||||
| Drivers and riders cost and related expenses | (6,813) | (7,534) | (4,220) | -10 | % | 79 | % | |||||||||||||
| Employee benefits expenses | (2,052) | (2,046) | (1,473) | 0 | % | 39 | % | |||||||||||||
| Depreciation and amortization expenses | (402) | (301) | (273) | 34 | % | 10 | % | |||||||||||||
| Finance cost | (446) | (198) | (118) | 125 | % | 68 | % | |||||||||||||
| Other expenses | (4,289) | (3,995) | (1,791) | 7 | % | 123 | % | |||||||||||||
| Impairment of goodwill | (664) | - | - | 100 | % | - | ||||||||||||||
| Share-based payment expenses | (6,959) | - | - | 100 | % | - | ||||||||||||||
| Loss before income tax expense | (12,869) | (4,960) | (1,240) | 159 | % | 300 | % | |||||||||||||
| Income tax expense | - | - | - | - | - | |||||||||||||||
| Net loss | (12,869) | (4,960) | (1,240) | 159 | % | 300 | % | |||||||||||||
| 2022 | 2023 | 2023 | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||
| 2021 | 2022 | 2023 | 2023 | |||||||||||||
| S$’000 | S$’000 | S$’000 | US$’000 | |||||||||||||
| Loss before income taxes | (1,240) | (4,960) | (12,869) | (9,755) | ||||||||||||
| Tax at the domestic rates applicable to profit or loss in the countries where the Group operates | (211) | (843) | (963) | (730) | ||||||||||||
| Reconciling items: | ||||||||||||||||
| Non-deductible expenses | 47 | 51 | 181 | 137 | ||||||||||||
| Government grant not subject to tax | (11) | (33) | (7) | (5) | ||||||||||||
| Valuation allowance for tax losses | 179 | 828 | 778 | 590 | ||||||||||||
| Others | (4) | (3) | 11 | 8 | ||||||||||||
| Tax charge | - | - | - | - | ||||||||||||
| December 31, 2022 | December 31, 2023 | December 31, 2023 | ||||||||||
| S$’000 | S$’000 | US$’000 | ||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 3,007 | 1,694 | 1,284 | |||||||||
| Accounts receivable, net | 70 | 30 | 23 | |||||||||
| Deposits, prepaid expenses and other current assets | 690 | 660 | 500 | |||||||||
| Deferred initial public offering (“IPO”) costs | - | 2,079 | 1,576 | |||||||||
| Total current assets | 3,767 | 4,463 | 3,383 | |||||||||
| Non-current assets | ||||||||||||
| Property and equipment, net | 24 | 61 | 46 | |||||||||
| Intangible assets, net | 532 | 673 | 510 | |||||||||
| Goodwill, net | - | - | - | |||||||||
| Total non-current assets | 556 | 734 | 556 | |||||||||
| TOTAL ASSETS | 4,323 | 5,197 | 3,939 | |||||||||
| LIABILITIES | ||||||||||||
| Current liabilities | ||||||||||||
| Accounts payable | 3,401 | 5,463 | 4,141 | |||||||||
| Accrued expenses and other current liabilities | 827 | 1,922 | 1,457 | |||||||||
| Convertible loans | - | 2,303 | 1,746 | |||||||||
| Note from a shareholder | - | 2,850 | 2,160 | |||||||||
| Operating lease obligations | - | 49 | 37 | |||||||||
| Total current liabilities | 4,228 | 12,587 | 9,541 | |||||||||
| Non-current liabilities | ||||||||||||
| Convertible loans | 5,094 | - | - | |||||||||
| Deferred tax liabilities | - | 32 | 24 | |||||||||
| Total non-current liabilities | 5,094 | 32 | 24 | |||||||||
| TOTAL LIABILITIES | 9,322 | 12,619 | 9,565 | |||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||
| Ordinary Shares, US$0.0002 of nominal or par value, 175,000,000 Class A shares and 75,000,000 Class B shares authorized, 12,571,044 Class A shares as of December 31, 2023 (2022: 8,159,166) and 3,542,400 Class B shares issued and outstanding for both periods | 3 | 4 | 3 | |||||||||
| Additional paid-in capital | 8,101 | 18,663 | 14,146 | |||||||||
| Accumulated deficit | (13,066) | (25,893) | (19,626) | |||||||||
| Foreign currency translation reserve | - | (117) | (89) | |||||||||
| Deficit attributable to owners of the Company | (4,962) | (7,343) | (5,566) | |||||||||
| Non-controlling interests | (37) | (79) | (60) | |||||||||
| Total shareholders’ deficit | (4,999) | (7,422) | (5,626) | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 4,323 | 5,197 | 3,939 | |||||||||
