Financial Performance - Research and development expenses for the year ended December 31, 2024, were S$30,621 (approximately $22,413), a significant decrease from S$576,556 in 2023[215]. - The Group raised IPO and over-allotment gross proceeds of approximately S$20 million (approximately $15 million) in 2024[332]. - As of December 31, 2024, the Group had outstanding principal loan amounts of S$503,579 (approximately $368,598), a decrease from S$749,202 as of December 31, 2023[332]. - The consolidated financial statements are presented in Singapore Dollars (S$), with functional currencies including Singapore Dollar, United States Dollar, and Malaysia Ringgit[333]. - The translation rate for the consolidated financial statements as of December 31, 2024, was US$0.7320 = S$1[334]. Employee and Organizational Structure - The company had 61 full-time employees as of December 31, 2024, with 41.0% in information technology and 24.6% in research and development[225]. - The organizational structure includes subsidiaries such as Enterprise Software Investment Inc. and Orangekloud Pte. Ltd, all 100% owned by the Issuer[246]. Competitive Environment - The company operates in a competitive environment with main competitors including Low-Code development platforms and business process management software providers[216]. - The company believes it competes favorably in terms of platform features, ease of integration, and total cost of ownership[217]. - The principal competitive factors include platform reliability, security, extensibility, and professional services[221]. Intellectual Property - The company holds a patent for a Service Management Method in Singapore, expiring on July 16, 2034, and another in China expiring on July 2, 2035[222]. - The company has filed a patent for a Software Application Development Method in Singapore, with an application date of November 23, 2020[224]. Legal and Compliance - The company does not currently face any legal proceedings that could materially affect its business[227]. - The Company believes it is in compliance with the provisions of the Corruption, Drug Trafficking and Other Serious Crimes Act and the Terrorism (Suppression of Financing) Act[240][241]. Risk Management - The Company manages credit risk through regular evaluations based on creditworthiness and industry trends[330]. - The Group monitors and maintains a level of cash and cash equivalents deemed adequate to finance operations and mitigate cash flow fluctuations[331]. - The company has adequate insurance coverage for its business operations and reviews its policies annually[220]. Facilities - The company has leased office space in Singapore and Malaysia, with the Singapore lease expiring on November 30, 2024[226]. - The Company has leased office space in Singapore with a lease expiring on November 30, 2024, and a shared workspace in Malaysia expiring on February 28, 2024[247]. Data Protection - The Company is undergoing an ISO 27001 certification project to enhance its data protection capabilities[239].
Orangekloud Technology Inc.(ORKT) - 2024 Q4 - Annual Report