ANNUAL REPORT 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group (Re-presented) | Source |
|---|---|---|---|
| Continuing operations | |||
| Revenue$'000 | 7 | – | PDF p. 69 |
| Cost of sales$'000 | (6) | – | PDF p. 69 |
| Subtotal$'000 | 1 | – | PDF p. 69 |
| Other income$'000 | 31 | 4 | PDF p. 69 |
| Interest income$'000 | 1 | 1 | PDF p. 69 |
| Administrative expenses$'000 | (1,788) | (1,058) | PDF p. 69 |
| Allowance for expected credit loss on other receivables$'000 | (880) | – | PDF p. 69 |
| Finance costs$'000 | (24) | (3) | PDF p. 69 |
| Loss before tax$'000 | (2,659) | (1,056) | PDF p. 69 |
| Tax expense$'000 | – | – | PDF p. 69 |
| Loss from continuing operations, net of tax$'000 | (2,659) | (1,056) | PDF p. 69 |
| Discontinued operations | |||
| Profit/(loss) from discontinued operations, net of tax$'000 | 317 | (584) | PDF p. 69 |
| Total | |||
| Loss and total comprehensive loss for the financial year$'000 | (2,342) | (1,640) | PDF p. 69 |
| EPS - From continuing and discontinued operations (cents per share) | |||
| Basic and dilutedcents per share | (0.46) | (0.43) | PDF p. 69 |
| EPS - From continuing operations (cents per share) | |||
| Basic and dilutedcents per share | (0.53) | (0.28) | PDF p. 69 |
| EPS - From discontinued operations (cents per share) | |||
| Basic and dilutedcents per share | 0.07 | (0.15) | PDF p. 69 |
Original report: PDF p. 69 ↗
Attributable entirely to owners of the Company: (2,342) in 2025 and (1,640) in 2024. 2024 column is labelled Re-presented. No Company-level income statement is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Deferred service costs$'000 | – | 20 | – | – | PDF p. 70 |
| Plant and equipment$'000 | 16 | 381 | 2 | 3 | PDF p. 70 |
| Right-of-use assets$'000 | 133 | 1,684 | 133 | 340 | PDF p. 70 |
| Goodwill$'000 | – | – | – | – | PDF p. 70 |
| Intangible assets$'000 | – | 253 | – | – | PDF p. 70 |
| Investment in subsidiaries$'000 | – | – | 200 | – | PDF p. 70 |
| Total non-current assets$'000 | 149 | 2,338 | 335 | 343 | PDF p. 70 |
| Current assets | |||||
| Cash and cash equivalents$'000 | 203 | 134 | 203 | 45 | PDF p. 70 |
| Inventories$'000 | – | 5 | – | – | PDF p. 70 |
| Deferred service costs$'000 | – | 94 | – | – | PDF p. 70 |
| Total current assets$'000 | 304 | 526 | 454 | 76 | PDF p. 70 |
| Assets | |||||
| Total assets$'000 | 453 | 2,864 | 789 | 419 | PDF p. 70 |
| Non-current liabilities | |||||
| Loan from a director$'000 | 1,000 | – | 1,000 | – | PDF p. 70 |
| Bank borrowings$'000 | – | 44 | – | – | PDF p. 70 |
| Deferred service revenue$'000 | – | 55 | – | – | PDF p. 70 |
| Lease liabilities$'000 | 56 | 1,003 | 56 | 281 | PDF p. 70 |
| Total non-current liabilities$'000 | 1,056 | 1,102 | 1,056 | 281 | PDF p. 70 |
| Current liabilities | |||||
| Trade and other payables$'000 | 1,669 | 1,071 | 1,849 | 583 | PDF p. 70 |
| Bank borrowings$'000 | – | 104 | – | – | PDF p. 70 |
| Provisions$'000 | 12 | 13 | 12 | 12 | PDF p. 70 |
| Deferred service revenue$'000 | – | 349 | – | – | PDF p. 70 |
| Lease liabilities$'000 | 66 | 684 | 66 | 49 | PDF p. 70 |
| Total current liabilities$'000 | 1,747 | 2,221 | 1,927 | 644 | PDF p. 70 |
| Liabilities | |||||
| Total liabilities$'000 | 2,803 | 3,323 | 2,983 | 925 | PDF p. 70 |
| Net liabilities$'000 | (2,350) | (459) | (2,194) | (506) | PDF p. 70 |
Original report: PDF p. 70 ↗
Trade and other receivables (Group 101/293; Company 251/31) is printed on a wrapped label line and not itemised as a separate row here.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Equity | |||||
| Share capital$'000 | 4,704 | 4,253 | 4,704 | 4,253 | PDF p. 71 |
| Other reserve$'000 | 792 | 792 | 792 | 792 | PDF p. 71 |
| Accumulated losses$'000 | (7,846) | (5,504) | (7,690) | (5,551) | PDF p. 71 |
| Total equity, representing equity attributable to owners of the Company$'000 | (2,350) | (459) | (2,194) | (506) | PDF p. 71 |
Original report: PDF p. 71 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group (Re-presented) | Source |
|---|---|---|---|
| Continuing operations | |||
| Revenue$'000 | 7 | – | PDF p. 69 |
| Cost of sales$'000 | (6) | – | PDF p. 69 |
| Gross profit$'000 | 1 | – | PDF p. 69 |
| Other income$'000 | 31 | 4 | PDF p. 69 |
| Interest income$'000 | 1 | 1 | PDF p. 69 |
| Administrative expenses$'000 | (1,788) | (1,058) | PDF p. 69 |
| Allowance for expected credit loss on other receivables$'000 | (880) | – | PDF p. 69 |
| Finance costs$'000 | (24) | (3) | PDF p. 69 |
| Loss before tax$'000 | (2,659) | (1,056) | PDF p. 69 |
| Tax expense$'000 | – | – | PDF p. 69 |
| Loss from continuing operations, net of tax$'000 | (2,659) | (1,056) | PDF p. 69 |
| Discontinued operations | |||
| Profit/(loss) from discontinued operations, net of tax$'000 | 317 | (584) | PDF p. 69 |
| Total | |||
| Loss and total comprehensive loss for the financial year$'000 | (2,342) | (1,640) | PDF p. 69 |
| Attribution | |||
| Loss and total comprehensive loss for the financial year attributable to owners of the Company$'000 | (2,342) | (1,640) | PDF p. 69 |
| Profit/(loss) per share - From continuing and discontinued operations | |||
| Basic and diluted (from continuing and discontinued operations)cents per share | (0.46) | (0.43) | PDF p. 69 |
| Profit/(loss) per share - From continuing operations | |||
| Basic and diluted (from continuing operations)cents per share | (0.53) | (0.28) | PDF p. 69 |
| Profit/(loss) per share - From discontinued operations | |||
| Basic and diluted (from discontinued operations)cents per share | 0.07 | (0.15) | PDF p. 69 |
Original report: PDF p. 69 ↗
No separate other comprehensive income items are printed; total comprehensive loss equals loss for the year. 2024 column labelled (Re-presented). Company has no separate income statement printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group (Re-presented) | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Loss before tax from continuing operations$'000 | (2,659) | (1,056) | PDF p. 73 |
| Profit/(loss) before tax from discontinued operations$'000 | 317 | (584) | PDF p. 73 |
| Operating - Adjustments for | |||
| Allowance for expected credit loss on other receivables$'000 | 880 | – | PDF p. 73 |
| Amortisation of intangible assets$'000 | 28 | 25 | PDF p. 73 |
| Amortisation of right-of-use assets$'000 | 230 | 168 | PDF p. 73 |
| Depreciation of plant and equipment$'000 | 54 | 46 | PDF p. 73 |
| Gain on disposal of subsidiaries$'000 | (522) | – | PDF p. 73 |
| Gain on lease term reassessment$'000 | (1) | – | PDF p. 73 |
| Interest expenses on bank borrowings$'000 | 2 | 4 | PDF p. 73 |
| Interest expenses on lease liabilities$'000 | 23 | 21 | PDF p. 73 |
| Interest expenses on loan from a former shareholder$'000 | 17 | – | PDF p. 73 |
| Interest income$'000 | (1) | – | PDF p. 73 |
| Plant and equipment written off$'000 | 3 | – | PDF p. 73 |
| Provision for reinstatement cost made$'000 | – | 12 | PDF p. 73 |
| Cash flows from operating activities | |||
| Operating cash flows before movements in working capital$'000 | (1,629) | (1,364) | PDF p. 73 |
| Operating - Change in operating assets and liabilities, net of effects from disposal of subsidiaries | |||
| Trade and other receivables$'000 | 718 | (13) | PDF p. 73 |
| Trade and other payables$'000 | 26 | 678 | PDF p. 73 |
| Inventories$'000 | – | (5) | PDF p. 73 |
| Cash flows from operating activities | |||
| Net cash used in operating activities$'000 | (885) | (704) | PDF p. 73 |
| Cash flows from investing activities | |||
| Interest income received$'000 | 1 | – | PDF p. 73 |
| Net cash outflow from acquisition of subsidiaries$'000 | – | (830) | PDF p. 73 |
| Net cash outflow from disposal of subsidiaries$'000 | (247) | – | PDF p. 73 |
| Purchases of plant and equipment$'000 | (17) | (10) | PDF p. 73 |
| Net cash used in investing activities$'000 | (263) | (840) | PDF p. 73 |
| Cash flows from financing activities | |||
| Proceeds from issuance of ordinary shares$'000 | 451 | 1,318 | PDF p. 73 |
| Proceeds from loan from a former shareholder$'000 | 957 | – | PDF p. 73 |
| Proceeds from loan from a director$'000 | 1,000 | – | PDF p. 73 |
| Repayment of bank borrowings$'000 | (148) | (101) | PDF p. 73 |
| Repayment of lease liabilities$'000 | (44) | (178) | PDF p. 73 |
| Repayment of loan from a former shareholder$'000 | (957) | – | PDF p. 73 |
| Interest expenses on bank borrowings paid$'000 | (2) | (4) | PDF p. 73 |
| Interest expenses on lease liabilities paid$'000 | (23) | (21) | PDF p. 73 |
| Net cash generated from financing activities$'000 | 1,217 | 1,014 | PDF p. 73 |
| Net change in cash | |||
| Net increase/(decrease) in cash and cash equivalents$'000 | 69 | (530) | PDF p. 74 |
Original report: PDF p. 73 ↗ PDF p. 74 ↗
Row 'Interest expenses on loan from a former shareholder paid' (2025: (17), 2024: –) wraps across two lines in the source and is omitted as a row for quote reliability; Cash at beginning of year 134 (2024: 664) and end of year 203 (2024: 134) are printed on page 74 (wrapped labels). No Company cash flow statement is printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group - Share capital | 2025Group - Other reserve | 2025Group - Accumulated losses | 2025Group - Total equity | Source |
|---|---|---|---|---|---|
| Group | |||||
| Balance at 1 January 2025$'000 | 4,253 | 792 | (5,504) | (459) | PDF p. 72 |
| Issuance of ordinary shares$'000 | 451 | – | – | 451 | PDF p. 72 |
| Loss and total comprehensive loss for the financial year$'000 | – | – | (2,342) | (2,342) | PDF p. 72 |
| Balance at 31 December 2025$'000 | 4,704 | 792 | (7,846) | (2,350) | PDF p. 72 |
Original report: PDF p. 72 ↗
No non-controlling interests are presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group - Share capital | 2024Group - Other reserve | 2024Group - Accumulated losses | 2024Group - Total equity | Source |
|---|---|---|---|---|---|
| Group | |||||
| Balance at 1 January 2024$'000 | 2,935 | 792 | (3,864) | (137) | PDF p. 72 |
| Issuance of ordinary shares$'000 | 1,318 | – | – | 1,318 | PDF p. 72 |
| Loss and total comprehensive loss for the financial year$'000 | – | – | (1,640) | (1,640) | PDF p. 72 |
| Balance at 31 December 2024$'000 | 4,253 | 792 | (5,504) | (459) | PDF p. 72 |
Original report: PDF p. 72 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company - Share capital | 2025Company - Other reserve | 2025Company - Accumulated losses | 2025Company - Total equity | Source |
|---|---|---|---|---|---|
| Company | |||||
| Balance at 1 January 2025$'000 | 4,253 | 792 | (5,551) | (506) | PDF p. 72 |
| Issuance of ordinary shares$'000 | 451 | – | – | 451 | PDF p. 72 |
| Loss and total comprehensive loss for the financial year$'000 | – | – | (2,139) | (2,139) | PDF p. 72 |
| Balance at 31 December 2025$'000 | 4,704 | 792 | (7,690) | (2,194) | PDF p. 72 |
Original report: PDF p. 72 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company - Share capital | 2024Company - Other reserve | 2024Company - Accumulated losses | 2024Company - Total equity | Source |
|---|---|---|---|---|---|
| Company | |||||
| Balance at 1 January 2024$'000 | 2,935 | 792 | (3,526) | 201 | PDF p. 72 |
| Issuance of ordinary shares$'000 | 1,318 | – | – | 1,318 | PDF p. 72 |
| Loss and total comprehensive loss for the financial year$'000 | – | – | (2,025) | (2,025) | PDF p. 72 |
| Balance at 31 December 2024$'000 | 4,253 | 792 | (5,551) | (506) | PDF p. 72 |
Original report: PDF p. 72 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group continuing operations | 2024Group continuing operations (Re-presented) | 2025Group discontinued operations | 2024Group discontinued operations (Re-presented) | 2025Group total | 2024Group total (Re-presented) | Source |
|---|---|---|---|---|---|---|---|
| Profit/(loss) per share | |||||||
| Profit/(loss) for the financial year attributable to owners of the Company ($’000)$’000 | (2,659) | (1,056) | 317 | (584) | (2,342) | (1,640) | PDF p. 88 |
| Weighted average number of ordinary shares for basic and diluted profit/(loss) per share (‘000)'000 shares | 503,746 | 384,597 | 503,746 | 384,597 | 503,746 | 384,597 | PDF p. 88 |
| Basic and diluted profit/(loss) per share (cents per share)cents per share | (0.53) | (0.28) | 0.07 | (0.15) | (0.46) | (0.43) | PDF p. 88 |
Original report: PDF p. 88 ↗
Diluted profit/(loss) per share are the same as basic profit/(loss) per share as there were no potential dilutive ordinary shares for the financial years ended 31 December 2025 and 31 December 2024.
Where the money comes from
| Item / unit | 2025Commodities trading | 2025Renewable energy | 2025Investment holding | 2025Total | Source |
|---|---|---|---|---|---|
| Continuing operations | |||||
| Revenue$'000 | – | 7 | – | 7 | PDF p. 102 |
| Results | |||||
| Segment loss, net of tax$'000 | (4) | (141) | (2,514) | (2,659) | PDF p. 102 |
| Other material non-cash items | |||||
| Allowance for expected credit loss on other receivables$'000 | – | – | 880 | 880 | PDF p. 102 |
| Amortisation of right-of-use assets$'000 | – | – | 66 | 66 | PDF p. 102 |
Commodities trading and renewable energy businesses had not actively commenced during the year. Profit from discontinued operations 317 (Total column only) and Loss for the financial year (2,342) are reconciling lines printed below segment results.
| Item / unit | 2024Investment holding | 2024Total | Source |
|---|---|---|---|
| Results | |||
| Segment loss, net of tax$'000 | (1,056) | (1,056) | PDF p. 102 |
Loss from discontinued operations (584) and Loss for the financial year (1,640) are printed as Total only. No revenue line printed for 2024 re-presented.
| Item / unit | 2024F&B business | 2024Insurtech business | 2024Investment holding | 2024Total | Source |
|---|---|---|---|---|---|
| Other material non-cash items | |||||
| Amortisation of right-of-use assets$'000 | 157 | 1 | 10 | 168 | PDF p. 102 |
| Item / unit | 2025Commodities trading | 2025Renewable energy | 2025Investment holding | 2025Total | 2024F&B business | 2024Insurtech business | 2024Investment holding | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Assets and liabilities | |||||||||
| Segment assets$'000 | – | 49 | 404 | 453 | 2,183 | 262 | 419 | 2,864 | PDF p. 103 |
| Segment liabilities$'000 | – | 16 | 2,787 | 2,803 | 1,706 | 692 | 925 | 3,323 | PDF p. 103 |
All assets and liabilities are allocated to reportable segments.
Debt
| Item / unit | 2025Repayable on demand or within 1 year, $'000 | 2025After 1 year but within 5 years, $'000 | 2025Total, $'000 | Source |
|---|---|---|---|---|
| Group 2025 | ||||
| Lease liabilities$'000 | 67 | 56 | 123 | PDF p. 107 |
| Loan from a director$'000 | – | 1,000 | 1,000 | PDF p. 107 |
Based on undiscounted cash flows, including expected interest and principal cash flows.
| Item / unit | 2025Repayable on demand or within 1 year, $'000 | 2025After 1 year but within 5 years, $'000 | 2025Total, $'000 | 2024Repayable on demand or within 1 year, $'000 | 2024After 1 year but within 5 years, $'000 | 2024Total, $'000 | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| Lease liabilities$'000 | 67 | 56 | 123 | 756 | 1,072 | 1,828 | PDF p. 107 |
| Loan from a director$'000 | – | 1,000 | 1,000 | PDF p. 107 | |||
| Bank borrowings$'000 | 106 | 44 | 150 | PDF p. 107 | |||
Based on undiscounted cash flows, including expected interest and principal cash flows.
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Temporary bridging loan | |||
| Non-current$'000 | – | 44 | PDF p. 98 |
| Current$'000 | – | 104 | PDF p. 98 |
The temporary bridging loan was repayable within 60 months from the date of first drawn down and the interest is fixed at 2.5% per annum. The loan was supported by corporate guarantee provided by the Company. The loan was fully repaid during the financial year.
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Loan from a director$'000 | 1,000 | – | 1,000 | – | PDF p. 70 |
| Bank borrowings$'000 | – | 44 | – | – | PDF p. 70 |
| Lease liabilities$'000 | 56 | 1,003 | 56 | 281 | PDF p. 70 |
| Current liabilities | |||||
| Bank borrowings$'000 | – | 104 | – | – | PDF p. 70 |
| Lease liabilities$'000 | 66 | 684 | 66 | 49 | PDF p. 70 |
Note 19: loan from a director is unsecured, interest-free and repayable in full on 30 October 2027; $1,000,000 drawn of a $15,000,000 interest-free loan and $5,000,000 interest-free convertible loan facility.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 – Dividend Policy | The Company, however, does not currently have a fixed dividend policy. The form, frequency and amount of dividends declared each year will take into consideration the Group’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business conditions, the Group’s development plans and other factors as the Board may deem appropriate. | Company, FY2025 | PDF p. 47 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend for FY2025 | The Company has not declared any dividend for FY2025 in view that the Group and the Company recorded a net loss for FY2025 | Company, FY2025 | PDF p. 47 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Baker Tilly TFW LLP | Group and Company, FY2025 | PDF p. 68 |
| Engagement partner | Lim Kok Heng | Group and Company, FY2025 | PDF p. 68 |
| Disclaimer of Opinion | We do not express an opinion on the accompanying consolidated financial statements of the Group and the statement of financial position and statement of changes in equity of the Company. | Group and Company, year ended 31 December 2025 | PDF p. 64 |
| 1. Appropriateness of the going concern assumption | we are unable to obtain sufficient appropriate audit evidence to conclude as to the appropriateness of the use of the going concern assumption in the preparation of these financial statements. | Group and Company, FY2025 | PDF p. 64 |
| 2. Existence, occurrence, completeness and accuracy of other income and administrative expenses | management did not have complete access to the Group’s and the Company’s books, records and other supporting documents prior to 14 October 2025. | Group and Company; OceanScape International Limited and V2Y Pte. Ltd. | PDF p. 65 |
| 3. Discontinued operations and expected credit loss assessment of other receivables | we are unable to perform the necessary audit procedures in accordance with the Singapore Standards on Auditing to verify the revenue and expenses transactions and assets and liabilities of the discontinued operations. | Group, discontinued F&B and insurtech businesses, FY2025 | PDF p. 66 |
| 4. Potential financial or other implications arising from the whistleblowing complaint | we are not able to determine the potential financial or other implications, if any, to the Group’s and the Company’s financial statements. | Group and Company, FY2025 | PDF p. 67 |
| 5. Comparative figures | we are unable to determine whether the opening balances as at 1 January 2025 are fairly stated. | Group, FY2025 vs FY2024 comparatives | PDF p. 67 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Material uncertainty related to going concern | These factors indicate the existence of material uncertainties that may cast significant doubt on the ability of the Group and the Company to continue as going concern. | Group and Company, 31 December 2025 | PDF p. 64 |
| 3 Going concern | the Board of Directors is of the opinion that the Group and the Company are able to operate as going concern and able to meet their obligations as they fall due | Group and Company, Note 3 | PDF p. 83 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.