Ohmyhome (US:OMH)2025-12-02 21:00Financial Performance - Total operating revenues for the six months ended June 30, 2025, increased to SGD 6,654,671, representing a 48.8% growth compared to SGD 4,470,089 in the same period of 2024[3] - Gross profit for the six months ended June 30, 2025, was SGD 2,091,070, up from SGD 1,670,149 in 2024, indicating a gross margin improvement[3] - The company reported a total comprehensive loss of SGD 2,407,525 for the six months ended June 30, 2025, compared to SGD 2,341,098 in the same period of 2024[4] - For the six months ended June 30, 2025, the company reported a net loss of SGD 2,366,843 (USD 1,699,624) compared to a net loss of SGD 2,279,385 in the same period of 2024[7] - Operating expenses for the six months ended June 30, 2025, totaled SGD 4,030,066, a decrease from SGD 4,398,845 in 2024[3] Assets and Liabilities - Total assets as of June 30, 2025, were SGD 12,295,326, a decrease from SGD 10,795,222 as of December 31, 2024[1] - Total liabilities as of June 30, 2025, were SGD 4,262,164, showing a slight decrease from SGD 4,495,883 as of December 31, 2024[1] - Cash and cash equivalents decreased to SGD 6,309,371 as of June 30, 2025, from SGD 1,145,829 as of December 31, 2024[1] - The company’s total shareholders' equity as of June 30, 2025, was SGD 8,033,162, an increase from SGD 6,299,339 as of December 31, 2024[1] Cash Flow and Financing - The company had negative cash flow from operating activities of SGD 633,018 (USD 496,173) for the six months ended June 30, 2025[16] - The company plans to raise additional debt and equity to support its operations, although there is no certainty that these financings will be available on acceptable terms[17] - The company has commenced a strategy to explore other financing sources, including support from related parties and potential future public offerings[19] Acquisitions and Investments - On October 6, 2023, the company acquired 100% of the issued share capital of Simply Sakal Pte. Ltd., which has since been renamed Ohmyhome Property Management Pte. Ltd.[11] - The Company completed the acquisition of Ohmyhome Property, Inc. on January 1, 2025, converting the loan to inter-company balances as it became a wholly-owned subsidiary[97] - On October 6, 2023, the Company acquired Simply Sakal Pte. Ltd. for a total consideration of SGD 4,712,000, which included SGD 1,712,000 in cash and SGD 3,000,000 in shares[103] - Goodwill from the acquisition of Simply Sakal Pte. Ltd. amounted to SGD 2,213,460, primarily due to synergies from combining operations[107] Revenue Recognition and Accounting Policies - The Company’s financial statements are prepared in accordance with U.S. GAAP and include all normal and recurring adjustments necessary for fair presentation[20] - The Company follows ASC Topic 606 for revenue recognition, which was adopted on January 1, 2020, and the effect of this adoption was not material to its financial statements[56] - The Company’s financial statements are presented in Singapore Dollars (SGD), with the functional currency for its British Virgin Islands subsidiary being United States Dollars (USD)[27] Risk Factors - The Company’s operations may be adversely affected by changes in the political, regulatory, and social conditions in Singapore, which is its main operational base[25] - The Company’s business may also be negatively impacted by risks related to natural disasters, extreme weather conditions, and health epidemics[26] Shareholder Information - The weighted average number of ordinary shares increased to 25,660,978 as of June 30, 2025, from 21,864,942 in the same period of 2024[4] - The Company has 19,221,384 ordinary shares outstanding as of December 31, 2023, following a series of re-organizing transactions and additional share issuances[143] Taxation - The applicable corporate tax rate in Singapore is 17%, with exemptions for the first SGD 10,000 and the next SGD 190,000 of taxable income[135] - The standard corporate income tax rate in Malaysia is 24%, but a reduced rate of 17% applies to companies with paid-up capital of MYR 2.5 million or less and gross income not exceeding MYR 50 million[138] Miscellaneous - The Company recognized government grants of S$84,393 (US$66,149) for the six months ended June 30, 2025, compared to S$45,418 for the same period in 2024[73] - The Company capitalizes certain eligible software development costs, including those related to the proprietary software HomerAI, which are amortized over an estimated useful life of 5 years[46] - The estimated amortization expense for intangible assets over the next five years totals SGD 2,186,345[100]