Financial Performance - Total revenue for the six months ended June 30, 2025, was S$3,734,033, a decrease of 25% compared to S$4,961,318 for the same period in 2024[6] - Gross profit for the six months ended June 30, 2025, was S$829,217, down from S$1,328,928 in 2024, reflecting a gross margin decline[6] - Net loss for the six months ended June 30, 2025, was S$508,113, compared to a net income of S$247,424 in the same period of 2024[6] - Revenue from new construction for the six months ended June 30, 2025, was S$2,466,676, down 48% from S$4,734,096 in 2024[58] - Revenue from A&A (Addition and Alteration) increased to S$719,903 in the six months ended June 30, 2025, compared to S$227,222 in 2024, representing a growth of 216%[58] - Other income for the six months ended June 30, 2025, was S$56,587 ($44,490), significantly up from S$2,789 for the year ended December 31, 2024[117] - The Company reported a deferred income tax benefit of S$12,860 for the six months ended June 30, 2025, compared to an expense of S$76,053 for the same period in 2024[121] Assets and Liabilities - Total current assets decreased to S$6,859,592 as of June 30, 2025, from S$10,731,442 as of December 31, 2024, representing a decline of approximately 36%[4] - Total liabilities as of June 30, 2025, were S$2,828,886, down from S$5,150,884 as of December 31, 2024, indicating a reduction of about 45%[4] - Cash at the end of the period on June 30, 2025, was S$2,306,410, a decrease from S$3,373,424 at the beginning of the period[13] - As of June 30, 2025, the company's cash balances were approximately S$2,933,523 ($2,306,410) and current assets were S$8,724,716 ($6,859,592) while current liabilities were S$2,650,500 ($2,083,891)[17] - The allowance for credit losses of accounts receivable was S$112,533 ($88,476) as of June 30, 2025, up from S$60,994 as of December 31, 2024[33] - The Company’s accrued provision for ongoing litigation matters was S$260,000 ($204,419) as of June 30, 2025, down from S$275,000 as of December 31, 2024[79] Cash Flow and Financing - The company provided S$1,300,000 in cash from investing activities during the six months ended June 30, 2025, primarily from loan repayments[13] - The company believes that its current cash and cash flows will be sufficient to meet its working capital needs for at least the next twelve months[20] - The company has financed its operations mainly through a successful IPO in 2024 and is seeking additional financing from local banks[19] - The company borrowed S$594,155 from Mr. Heng Kong Chuan under an interest-free working capital loan facility as of June 30, 2025[132] Revenue Recognition and Accounting Policies - The Company adopted ASC 606 for revenue recognition, which did not materially affect the financial statements upon adoption[54] - The Company recognizes revenue over time for all projects throughout the contract period, reflecting the transfer of promised services to customers[66] - The Company assesses that the four major categories of revenue share substantially the same characteristics and applies the same revenue recognition policies to all its revenue[58] Legal and Compliance - The Company has not incurred any penalties or interest related to underpayment of income tax for the six months ended June 30, 2024, and 2025[76] - The Company had no uncertain tax positions as of December 31, 2024, and June 30, 2025, and does not expect any material changes in its assessment regarding unrecognized tax positions over the next 12 months[76] - Legal proceedings related to workplace safety resulted in an accrued provision of S$260,000 as of June 30, 2025[138] - The company settled a claim from a subcontractor's employee for S$15,000 related to a work accident, finalizing the settlement on March 14, 2025[137] Operational Overview - The company’s principal activities include new construction, reconstruction, and general contracting services through its subsidiary in Singapore[1] - The Company operates as a single segment focused on the development of construction projects, with performance assessed based on net income (loss) and revenue from commercial and residential customers[82] - The Company completed its IPO on October 17, 2024, raising approximately S$5.3 million ($3.9 million) after expenses[123]
Springview Holdings Ltd(SPHL) - 2025 Q2 - Quarterly Report