Exhibit 99.1 HomesToLife Ltd Reports 405% Revenue Increase, Net Income of $125K in First Quarter 2025 SINGAPORE, June 12, 2025 – HomesToLife Ltd (Nasdaq: HTLM) ("HomesToLife" or the "Company"), a Singapore-based home furniture company with sales across Asia-Pacific, Europe and North America regions, today announced unaudited financial results for the first quarter ended March 31, 2025. ("Q1 2025") The Company posted net revenue of $5.2 million in Q1 2025, up 405% from net revenue of $1.0 million in Q1 2024. ...

Core Viewpoint - HomesToLife Ltd reported significant growth in Q1 2025, with a 405% increase in net revenue compared to the same period last year, driven by the successful launch of its Asia sales subsidiary, HTL Far East [2][4]. Financial Performance - The company achieved net revenue of $5.2 million in Q1 2025, up from $1.0 million in Q1 2024, with HTL Far East contributing $4.4 million to this growth [2]. - Net income for Q1 2025 was $125,000, a turnaround from a net loss of $74,000 in Q1 2024, resulting in earnings of $0.01 per share compared to a loss of $(0.01) per share in the previous year [3]. - The overall gross margin decreased to 26% in Q1 2025 from 68% in Q1 2024, primarily due to the lower gross margin of 17% from HTL Far East [3]. Operating Expenses - Operating expenses rose by $394,000, influenced by $336,000 in costs related to the Nasdaq listing, which were not present in Q1 2024 [4]. Strategic Developments - The acquisition of HTL Marketing in May 2025 positions the company to expand its global footprint beyond Asia [5]. - The company aims to evolve into a multi-market B2B furniture leader with a strong upstream export and sourcing platform [5]. Outlook - For 2025, HTL Far East is expected to maintain strong revenue momentum, with projected total revenue for the year between $260 million and $290 million [7]. - HTL Marketing is anticipated to contribute between $250 million and $280 million in revenue for the full year [7]. Liquidity Position - As of March 31, 2025, the company maintained a net cash position with no bank borrowings, and cash and cash equivalents increased to $3.9 million from $3.4 million at the end of 2024 [6].

Core Viewpoint - HomesToLife Ltd has successfully acquired 100% equity interests in HTL Marketing Pte Ltd, enhancing its position in the global furniture market and aiming for substantial growth in revenue and profitability [1][2]. Company Overview - HomesToLife Ltd is a holding company for HomesToLife Pte. Ltd., a leading home furniture retailer in Singapore, and HTL Far East Pte. Ltd., which focuses on sourcing and distributing premium furniture across the Asia-Pacific region [2]. - HTL Marketing Pte Ltd specializes in B2B procurement and supply of premium upholstered sofas and leather materials, with sales across Asia-Pacific, Europe, and North America [1][2]. Acquisition Details - The acquisition of HTL Marketing was announced on May 5, 2025, and is expected to provide HomesToLife with extensive global market opportunities [1][2]. - The CEO of HomesToLife expressed optimism about the integration of HTL Marketing's operations and the potential for accelerated growth for the company [2].

HomesToLife (HTLM) Q4 2024 Earnings Call April 11, 2025 12:46 PM ET Company Participants Scott Powell - President & CEOPhua Mei Ming - CEO Operator Good morning, and welcome to the Homes four Life Limited financial results conference call for the fiscal year ended 12/31/2024. Your hosts this morning are chief executive officer, miss Fuwa Ming, vice vice chairman, Mr. Fueh Young Pat and Chief Financial Officer, Mr. Robert Chew. At the request of the company's company, today's call is being recorded and will ...

Business Expansion and Market Strategy - The company operates six physical retail stores in Singapore and plans to expand into new markets, including Taiwan, Korea, Indonesia, and Malaysia within the next six months [44][48]. - Expansion into new geographic markets may involve significant upfront investments and face challenges such as local competition and regulatory compliance [46][49]. - The company targets the premium mass market and middle to upper-class consumers, relying heavily on consumer spending and housing market conditions [50]. - The company aims to enhance its "HomesToLife" brand through high-quality products and superior customer service, which may require substantial investments [40][41]. - HomesToLife Singapore intends to open additional retail stores in high-demand areas within Singapore to strengthen its market presence [200]. - The company has identified opportunities in the wholesale upholstered furniture market across various Asia-Pacific countries, including Japan, Korea, and Indonesia [195]. - HomesToLife Singapore's management team has over 40 years of experience in the furniture industry, providing a competitive edge in market understanding and supplier relationships [194]. - The company plans to explore mergers and acquisitions to deepen connections with local furniture suppliers in the Asia-Pacific region [201]. Financial Performance and Challenges - The company anticipates increased operating expenses due to growth efforts and public company status, which may lead to future net losses and challenges in achieving profitability [31]. - Revenue decreased from US$6.0 million in fiscal year ended December 31, 2022 to US$5.1 million in fiscal year ended December 31, 2023 due to the impact of COVID-19 [120]. - The ongoing COVID-19 pandemic has significantly disrupted global supply chains, affecting suppliers' ability to provide products in a timely manner, which may continue into 2025 [112]. - Economic conditions in Singapore have led to significant economic contraction and high unemployment rates during the years ended December 31, 2023 and 2022, although recovery appears to have begun in 2024 [121]. - The company incurs significant expenses due to public company obligations, which negatively impacts financial performance [135]. - The company may require additional debt financing to support business operations and future strategies [77]. - Rising interest rates could increase operational costs and limit financial flexibility, potentially affecting profitability [79]. Operational Risks and Management - The company faces risks related to managing growth effectively, including hiring and retaining qualified personnel [32][34]. - Increased competition from various retailers, including online marketplaces, poses a risk to the company's market position [54]. - Cybersecurity threats pose risks to the company's data and operations, necessitating robust cybersecurity measures [51]. - Cybersecurity incidents could lead to significant legal and financial exposure, adversely affecting the company's reputation and operations [53]. - The company is subject to risks related to product liability claims, which could harm its reputation and financial performance [68]. - Legal disputes and claims could divert resources and adversely affect the company's financial condition and operations [86]. - The company may face liabilities under anti-corruption laws, which could lead to significant legal and financial repercussions [99]. Supply Chain and Product Management - The company has experienced surges in orders during peak months, particularly in March, April, June, August, November, and December, which may strain operations [70]. - The company relies on third parties for payment processing, and any failure in compliance or data breaches could materially affect financial results [72]. - HomesToLife Singapore transitioned its major supply source from HTL Marketing to HTL Furniture (China) Co., LTD effective January 1, 2025, under a new supply agreement [62]. - The company relies on a limited number of key suppliers for leather and fabric upholstered furniture, making it vulnerable to negative publicity affecting these suppliers [113]. - Supply chain disruptions experienced during the COVID-19 pandemic may impact the ability to fulfill customer orders in a timely manner [104]. Customer Engagement and Sales Strategy - The company’s success depends on increasing net revenue per active customer and maintaining high levels of customer engagement [38]. - Customer acquisition costs are significant, with marketing expenses varying as the company tests new channels and refines strategies [35][36]. - HomesToLife Singapore offers free delivery for orders above SGD1,200, enhancing customer service for larger purchases [223]. - The average cycle time for custom furniture orders is approximately 8 to 12 weeks, which is faster than competitors, providing a competitive advantage [226]. - HomesToLife Singapore's sales staff follow up with potential customers after initial contact, emphasizing time-limited offers to close sales [222]. - Online sales contribute less than 1% of total sales for the fiscal years ended December 31, 2024, 2023, and 2022, indicating a strong preference for in-store purchases [206]. Regulatory and Compliance Issues - The management team has limited experience managing a public company listed in the U.S., which may impact compliance with regulatory obligations [85]. - The company is subject to evolving regulatory measures, which may increase compliance costs and divert management attention from revenue-generating activities [170]. - The company cannot assure compliance with Nasdaq's continued listing standards, which could lead to significant adverse consequences if delisted [172]. - Shareholders may face difficulties in enforcing judgments against the company or its directors due to the company's operations being primarily outside the United States [168]. - The company may be classified as a passive foreign investment company (PFIC) for U.S. federal income tax purposes, which could lead to adverse tax consequences for U.S. investors [161]. Market Conditions and Economic Factors - Inflationary pressures in Asia may lead to government actions that could significantly decrease profitability in the future [123]. - The company faces risks related to inflationary pressures on product procurement costs, wages, rental rates, and freight charges, which could adversely affect profit margins [107]. - Uncertain global economic conditions have resulted in lower net sales due to weakened demand and unfavorable changes in product price/mix [117]. - Any adverse changes in the Singapore market, such as economic recession or pandemic, could materially affect the company's business and financial condition [115]. - The company is exposed to foreign exchange fluctuations, particularly as purchases are settled in USD while sales are in Singapore dollars [89].

Core Viewpoint - HomesToLife Ltd reported a significant decline in financial performance for fiscal year 2024, with a net revenue decrease of 18% compared to the previous year, primarily due to industry-specific challenges and increased operating expenses [3][4][6]. Financial Performance Summary - For fiscal year 2024, HomesToLife had net revenue of $4,173,028, down from $5,072,320 in fiscal 2023 [3]. - The gross profit margin for fiscal 2024 was 65.8%, a decline from 71.7% in fiscal 2023, attributed to a shift in sales mix and competitive pricing strategies [5]. - Total operating expenses increased by $1,109,948, or 32%, primarily due to listing expenses and higher general and administrative costs [6]. - The company reported a loss from operations of $1,788,938 for fiscal 2024, compared to income from operations of $210,459 in fiscal 2023 [7]. - HomesToLife's net loss for fiscal 2024 was $1,666,195, or $(0.11) per share, compared to a net income of $237,499, or $0.02 per share, in fiscal 2023 [8][18]. Cash Flow and Liabilities - Cash and cash equivalents increased to $3,442,259 as of December 31, 2024, from $1,366,231 in 2023 [8]. - Net cash used in operating activities was $1,021,680 in fiscal 2024, contrasting with net cash provided by operating activities of $894,784 in fiscal 2023 [9]. - Total long-term liabilities rose to $2,274,936 as of December 31, 2024, compared to $2,224,047 in 2023 [9]. Strategic Initiatives - In response to fiscal 2024 losses, HomesToLife initiated a comprehensive restructuring plan on April 1, 2025, which includes closing underperforming stores and implementing strict expense controls [10]. Future Outlook - The company expects total revenue for 2025 to be between $16 million and $18 million, with its new subsidiary, HTL Far East, projected to contribute $12-14 million in revenue [2].

Core Viewpoint - HomesToLife Ltd reported a significant decline in financial performance for fiscal year 2024, with a net revenue decrease of 18% compared to the previous year, attributed to various industry challenges and increased operating expenses [3][4][6]. Financial Performance Summary - For fiscal year 2024, HomesToLife had net revenue of $4,173,028, down from $5,072,320 in fiscal 2023 [3]. - The gross profit margin for fiscal 2024 was 65.8%, a decline from 71.7% in fiscal 2023, primarily due to a shift in sales mix and competitive pricing strategies [5]. - Total operating expenses increased by $1,109,948, or 32%, in fiscal 2024, largely due to listing expenses and increased general and administrative costs [6]. - The company reported a loss from operations of $1,788,938 in fiscal 2024, compared to an income of $210,459 in fiscal 2023 [7]. - HomesToLife's net loss for fiscal 2024 was $1,666,195, or $(0.11) per share, compared to a net income of $237,499, or $0.02 per share, in fiscal 2023 [8][19]. Operational Developments - The company launched HTL Far East Pte. Ltd. in October 2024, which is expected to contribute $12-14 million in revenue for 2025, despite minor contributions in 2024 [2]. - A comprehensive restructuring initiative was initiated in April 2025 to enhance financial performance, including closing underperforming stores and implementing strict expense controls [10]. Cash Flow and Assets - Cash and cash equivalents increased to $3,442,259 as of December 31, 2024, from $1,366,231 in 2023 [8]. - Net cash used in operating activities was $1,021,680 in fiscal 2024, compared to net cash provided of $894,784 in fiscal 2023 [9]. - Total assets rose to $8,618,260 as of December 31, 2024, from $7,117,191 in 2023 [17].

Company Overview - HomesToLife Ltd is a leading home furniture products retail chain in Singapore, operating through its wholly owned subsidiary, HomesToLife Pte. Ltd, which offers customized furniture solutions [3][4] - The company also has another subsidiary, HTL Far East Pte. Ltd, focused on sourcing, distributing, and delivering premium furniture to the business sector across the Asia-Pacific region [3] Financial Results Announcement - HomesToLife plans to release its financial results for the fiscal year ended December 31, 2024, on April 7, 2025, before the market opens [1] - A conference call to review the financial results is scheduled for April 11, 2025, at 8:30 a.m. ET [1] Retail Operations - HomesToLife Pte. Ltd operates six retail store locations and has been helping homeowners create personalized living spaces since 2014 [4] - The company offers a variety of products, including leather and fabric upholstered furniture, case goods, and accessories, providing a one-stop shop for customers [4] - HomesToLife is committed to fair pricing, great value, consistent quality, and on-time delivery [4]

Core Insights - HomesToLife Ltd's subsidiary, HTL Far East, received sales orders exceeding US$1.5 million in January 2025 and is projected to generate revenue between US$12.0 million and US$14.0 million in 2025 due to strong demand [1] - The total revenue for HomesToLife in 2025 is expected to range from US$16.0 million to US$18.0 million, indicating a more than 300% increase compared to approximately US$1.99 million in the first six months of 2024 [2] Company Overview - HTL Far East, established in October 2024, focuses on sourcing, distributing, and delivering premium furniture and related products across the Asia-Pacific region [3] - The leadership team of HTL Far East includes Mr. Phua Yong Pin, Mr. Phua Yong Tat, and Ms. Phua Mei Ming, who hold key positions within HomesToLife [3] Market Demand and Growth - The formation of HTL Far East aims to meet the increasing demand for premium furniture at reasonable prices in the APAC region, with expectations for continued growth in 2025 [4] - The company anticipates that HTL Far East will enhance HomesToLife's presence in the furniture industry and provide significant long-term value for stakeholders [4] Product and Service Offering - HomesToLife Pte. Ltd. is a leading home furniture retailer in Singapore, offering customized furniture solutions and a variety of products including leather and fabric upholstered furniture, case goods, and accessories [5] - The company emphasizes fair pricing, great value, consistent quality, and reliable delivery, along with a seamless online shopping experience [5]

[Unaudited Condensed Consolidated Financial Statements](index=1&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's unaudited financial statements, including balance sheets, statements of operations, changes in shareholders' equity, and cash flows, along with detailed explanatory notes [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, the company's total assets increased to SGD 10.18 million from SGD 9.39 million at the end of 2023, accompanied by a rise in total liabilities to SGD 8.69 million from SGD 7.28 million, resulting in a decrease in total shareholders' equity from SGD 2.11 million to SGD 1.48 million Condensed Consolidated Balance Sheet Summary (SGD) | Balance Sheet Item | Dec 31, 2023 (SGD) | June 30, 2024 (SGD) | Change | | :--- | :--- | :--- | :--- | | **Total Current Assets** | 4,987,732 | 4,468,868 | ▼ 10.4% | | **Total Non-current Assets** | 4,398,128 | 5,709,385 | ▲ 29.8% | | **TOTAL ASSETS** | **9,385,860** | **10,178,253** | **▲ 8.4%** | | **Total Current Liabilities** | 4,346,099 | 4,637,521 | ▲ 6.7% | | **Total Long-term Liabilities** | 2,934,185 | 4,056,107 | ▲ 38.2% | | **TOTAL LIABILITIES** | **7,280,284** | **8,693,628** | **▲ 19.4%** | | **Total Shareholders' Equity** | **2,105,576** | **1,484,625** | **▼ 29.5%** | | **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **9,385,860** | **10,178,253** | **▲ 8.4%** | [Unaudited Condensed Consolidated Statements of Operations](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2024, the company reported a net loss of SGD 614,637, a significant reversal from a net income of SGD 98,877 in the corresponding period of 2023, primarily due to an 18.7% decrease in revenue and a substantial increase in general and administrative expenses Statement of Operations Summary (SGD) | Metric | Six Months ended June 30, 2023 (SGD) | Six Months ended June 30, 2024 (SGD) | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenues, net | 3,333,058 | 2,707,929 | ▼ 18.7% | | Gross Profit | 2,294,654 | 1,789,117 | ▼ 22.0% | | Total Operating Expenses | (2,224,970) | (2,480,410) | ▲ 11.5% | | Income (Loss) from Operations | 69,684 | (691,293) | - | | **NET INCOME (LOSS)** | **98,877** | **(614,637)** | **-** | | **EPS – Basic and Diluted** | **0.01** | **(0.05)** | **-** | [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity declined from SGD 2.11 million at the end of 2023 to SGD 1.48 million as of June 30, 2024, primarily due to the net loss of SGD 614,637 incurred during the six-month period - The primary driver for the decrease in shareholders' equity during the first half of 2024 was the **net loss of SGD 614,637**[9](index=9&type=chunk) Changes in Shareholders' Equity (SGD) | Description | Amount (SGD) | | :--- | :--- | | Balance as of December 31, 2023 | 2,105,576 | | Foreign currency translation adjustment | (6,314) | | Net loss for the period | (614,637) | | **Balance as of June 30, 2024** | **1,484,625** | [Unaudited Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company's cash and cash equivalents decreased by SGD 1.06 million during the first six months of 2024, ending the period at SGD 739,423, driven by significant cash outflows from operating and investing activities, partially offset by financing activities Cash Flow Summary (SGD) | Cash Flow Activity | Six Months ended June 30, 2023 (SGD) | Six Months ended June 30, 2024 (SGD) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | 70,182 | (1,221,997) | | Net cash used in investing activity | (153,280) | (140,570) | | Net cash (used in) provided by financing activities | (717,490) | 299,521 | | **Net change in cash and cash equivalents** | **(800,588)** | **(1,063,046)** | | **Cash and cash equivalents, end of period** | **2,083,202** | **739,423** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the company's business operations, significant accounting policies, and specific financial statement line items, including a corporate reorganization, U.S. GAAP adherence, lease obligations, related-party transactions, concentration of risk, and subsequent events like the IPO [NOTE 1 － BUSINESS OVERVIEW](index=7&type=section&id=NOTE%201%20%EF%BC%8D%20BUSINESS%20OVERVIEW) HomesToLife Ltd, incorporated in the Cayman Islands, primarily sells and distributes leather upholstered furniture and accessories through its retail stores in Singapore, undergoing a reorganization in April 2024 that resulted in HTL SG becoming an indirect wholly-owned subsidiary - The company is principally engaged in the sale and distribution of **leather upholstered furniture and accessories in Singapore**[15](index=15&type=chunk) - A group reorganization was completed in April 2024, which has been retroactively applied to the financial statements as a restructuring of entities under common control[17](index=17&type=chunk)[19](index=19&type=chunk) [NOTE 2 － SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=7&type=section&id=NOTE%202%20%EF%BC%8D%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) The financial statements are prepared in accordance with U.S. GAAP, with the company qualifying as an 'emerging growth company' and electing to use the extended transition period for new accounting standards, recognizing revenue when control of products is transferred to the customer and accounting for leases under ASC 842 - The financial statements are prepared in accordance with **U.S. GAAP**[21](index=21&type=chunk) - The company is an **'emerging growth company'** under the JOBS Act and has elected not to opt out of the extended transition period for new accounting standards[22](index=22&type=chunk)[23](index=23&type=chunk) - Revenue is recognized at a point in time when control of products is transferred to customers, and the company records revenue on a **gross basis** as it acts as the principal in these transactions[41](index=41&type=chunk)[44](index=44&type=chunk) [NOTE 3 － INVENTORIES, NET](index=15&type=section&id=NOTE%203%20%EF%BC%8D%20INVENTORIES%2C%20NET) Net inventories increased from SGD 889,907 at the end of 2023 to SGD 1,109,782 as of June 30, 2024, while the reserve for obsolete inventories remained unchanged at SGD 103,599 Inventories, Net (SGD) | Item | Dec 31, 2023 (SGD) | June 30, 2024 (SGD) | | :--- | :--- | :--- | | Goods for retail sales | 993,506 | 1,213,381 | | Less: reserve for obsolete inventories | (103,599) | (103,599) | | **Total** | **889,907** | **1,109,782** | [NOTE 4 － PLANT AND EQUIPMENT, NET](index=15&type=section&id=NOTE%204%20%EF%BC%8D%20PLANT%20AND%20EQUIPMENT%2C%20NET) Net plant and equipment increased to SGD 359,509 as of June 30, 2024, from SGD 297,587 at year-end 2023, with depreciation expense for the first six months of 2024 significantly increasing to SGD 78,565 Plant and Equipment, Net (SGD) | Item | Dec 31, 2023 (SGD) | June 30, 2024 (SGD) | | :--- | :--- | :--- | | **Plant and equipment, net** | **297,587** | **359,509** | - Depreciation expense increased significantly to **SGD 78,565** for the six months ended June 30, 2024, compared to SGD 19,323 for the same period in 2023[69](index=69&type=chunk) [NOTE 5 － LEASES](index=16&type=section&id=NOTE%205%20%EF%BC%8D%20LEASES) The company has operating leases for offices, retail stores, and a warehouse in Singapore, with total lease liabilities amounting to SGD 5.77 million and corresponding right-of-use assets of SGD 5.35 million as of June 30, 2024, and future minimum lease payments totaling SGD 6.28 million Lease Balances (SGD) | Item | Dec 31, 2023 (SGD) | June 30, 2024 (SGD) | | :--- | :--- | :--- | | Right-of-use assets, net | 4,100,541 | 5,349,876 | | Total lease liabilities | 4,441,294 | 5,766,817 | - Total future minimum lease payments under operating leases amount to **SGD 6,281,646** as of June 30, 2024[74](index=74&type=chunk) [NOTE 6 － SHAREHOLDERS' EQUITY](index=16&type=section&id=NOTE%206%20%EF%BC%8D%20SHAREHOLDERS%27%20EQUITY) The company was authorized to issue 100,000,000 ordinary shares with a par value of US$0.0001 per share, with 13,250,000 ordinary shares issued and outstanding as of June 30, 2024, presented on a retroactive basis following the reorganization - As of June 30, 2024, the company had **13,250,000 ordinary shares** issued and outstanding out of an authorized 100,000,000 shares[75](index=75&type=chunk) [NOTE 7 － NET INCOME (LOSS) PER SHARE](index=18&type=section&id=NOTE%207%20%EF%BC%8D%20NET%20INCOME%20%28LOSS%29%20PER%20SHARE) For the six months ended June 30, 2024, the company reported a basic and diluted net loss per share of SGD (0.05), based on a net loss of SGD 614,637 and 13,250,000 weighted average shares outstanding, compared to a net income per share of SGD 0.01 in the same period of 2023 Net Income (Loss) Per Share | Metric | Six Months ended June 30, 2023 | Six Months ended June 30, 2024 | | :--- | :--- | :--- | | Net income (loss) (SGD) | 98,877 | (614,637) | | Weighted average shares | 13,250,000 | 13,250,000 | | **Net income (loss) per share (SGD)** | **0.01** | **(0.05)** | [NOTE 8 － INCOME TAX EXPENSE](index=18&type=section&id=NOTE%208%20%EF%BC%8D%20INCOME%20TAX%20EXPENSE) The company recorded no income tax expense for the six-month periods ending June 30, 2023 and 2024, utilizing previously unrecognized deferred tax assets and tax losses to offset potential tax liability, with cumulative net operating losses of SGD 8.74 million in Singapore available for indefinite carryforward - The company recorded **zero income tax expense** for the first half of 2023 and 2024[78](index=78&type=chunk) - The company's Singapore operations are subject to a **17% corporate income tax rate**[80](index=80&type=chunk) - As of June 30, 2024, the company had **SGD 8,738,622 in cumulative net operating losses** in Singapore available for carryforward with no expiration[81](index=81&type=chunk) [NOTE 9 － RELATED PARTY BALANCES AND TRANSACTIONS](index=19&type=section&id=NOTE%209%20%EF%BC%8D%20RELATED%20PARTY%20BALANCES%20AND%20TRANSACTIONS) The company engages in significant transactions with entities controlled by its controlling shareholders, including purchases from HTL Marketing Pte. Ltd. totaling SGD 677,629 for the six months ended June 30, 2024, and an amount due to its intermediate holding company, Golden Hill Capital Pte. Ltd., of SGD 922,040 Purchases from Related Parties (SGD) | Related Party | Six Months ended June 30, 2023 | Six Months ended June 30, 2024 | | :--- | :--- | :--- | | HTL Marketing Pte. Ltd. | 1,120,613 | 677,629 | - As of June 30, 2024, the company owed its intermediate holding company, Golden Hill Capital Pte. Ltd., **SGD 922,040** for unsecured, interest-free advances[83](index=83&type=chunk)[89](index=89&type=chunk) - Temporary advances due from related parties as of December 31, 2023, were **fully repaid in March 2024**[84](index=84&type=chunk)[89](index=89&type=chunk) [NOTE 10 － CONCENTRATIONS OF RISK](index=21&type=section&id=NOTE%2010%20%EF%BC%8D%20CONCENTRATIONS%20OF%20RISK) The company faces several concentration risks, including a significant vendor concentration with related party HTL Marketing Pte. Ltd., reliance on customers solely in Singapore, and exposure to credit risk with cash balances exceeding the SGD 500,000 deposit protection limit - There was no single customer accounting for 10% or more of revenues, but all customers are located in **Singapore**[87](index=87&type=chunk)[88](index=88&type=chunk) - A significant vendor concentration exists with related party HTL Marketing Pte. Ltd., which accounted for **94% and 82% of cost of goods sold** in the first six months of 2023 and 2024, respectively[88](index=88&type=chunk)[90](index=90&type=chunk) - The company is exposed to credit risk, with cash and cash equivalents of **SGD 0.7 million** held in Singaporean financial institutions, of which approximately **SGD 0.5 million** was subject to credit risk above the deposit protection limit[91](index=91&type=chunk)[92](index=92&type=chunk) [NOTE 11 － COMMITMENTS AND CONTINGENCIES](index=22&type=section&id=NOTE%2011%20%EF%BC%8D%20COMMITMENTS%20AND%20CONTINGENCIES) As of June 30, 2024, the company was not aware of any significant commitments, legal proceedings, or claims that would have a material adverse effect on its financial condition or operations - The company did not have any significant commitments and contingencies as of **June 30, 2024**[94](index=94&type=chunk) [NOTE 12 － SUBSEQUENT EVENTS](index=22&type=section&id=NOTE%2012%20%EF%BC%8D%20SUBSEQUENT%20EVENTS) Subsequent to the balance sheet date, the company completed its Initial Public Offering (IPO) on the NASDAQ on October 2, 2024, raising gross proceeds of $5.75 million, and formed a new subsidiary, HTL Far East Pte Ltd, on October 28, 2024, to develop its trading business - On October 2, 2024, the company consummated its IPO, raising **$5.75 million in gross proceeds**, with shares beginning trading on NASDAQ under the symbol 'HTLM' on October 1, 2024[97](index=97&type=chunk) - On October 28, 2024, the company formed a new subsidiary, **HTL Far East Pte Ltd**, in Singapore to develop its trading business[98](index=98&type=chunk)