6-K
Springview Holdings Ltd (SPHL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2025
Commission File Number: 001-42305
Springview Holdings Ltd
203 Henderson Road
#06-01
Henderson Industrial Park
Singapore 159546
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINEDIN THIS FORM 6-K REPORT
Springview Holding Ltd (the “Company”) is filing its unaudited financial results for the six months ended June 30, 2025 and to discuss its recent corporate developments. Attached as exhibits to this Report on Form 6-K are:
| ● | the Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2025 and 2024 as Exhibit 99.1; |
|---|---|
| ● | the unaudited interim condensed consolidated financial statements and<br> related notes as Exhibit 99.2; and |
| --- | --- |
| ● | interactive data file disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. |
| --- | --- |
CAUTIONARY STATEMENTREGARDING FORWARD-LOOKING STATEMENTS
This report on Form 6-K and the exhibits hereto contain “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent the Company’s beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements,” including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management’s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements.
These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause the Company’s actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Actual results may differ materially from expected results described in the Company’s forward-looking statements, including with respect to correct measurement and identification of factors affecting the Company’s business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which the Company’s business strategy is based or the success of the Company’s business.
Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, the Company’s performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and management’s belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, those factors discussed more fully under the caption “Risk Factors” as well as other risks and factors identified from time to time in the Company’s SEC filings.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Springview Holdings Ltd | ||
|---|---|---|
| Date: September 26, 2025 | By: | /s/ Zhuo Wang |
| Name: | Zhuo Wang | |
| Title: | Chief Executive Officer |
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EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2025 and 2024 |
| 99.2 | Unaudited Interim Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2025 and 2024 |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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Exhibit 99.1
MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS
This management’s discussion andanalysis is designed to provide you with a narrative explanation of our financial condition and results of operations for thesix months ended June 30, 2024 and 2025. This section should be read in conjunction with our unaudited condensedconsolidated financial statements and the related notes included elsewhere in this interim report. See“[Exhibit 99.2] — Condensed Consolidated Financial Statements of SpringView Holdings Ltd as ofDecember 31, 2024 and June 30, 2025 (unaudited) and for the six months ended June 30, 2024 (unaudited) and 2025(unaudited).” We also recommend that you read our management’s discussion and analysis and our audited consolidatedfinancial statements for fiscal year 2024, and the notes thereto, which appear in our annual report on Form 20-F forthe year ended December 31, 2024, or the Annual Report, filed with the U.S. Securities and Exchange Commission, or theSEC, on April 28, 2025.
In this report, as used herein, and unlessthe context suggests otherwise, the terms “Springview,” “Company,” “we,” “us” or “ours”refer to the combined business of SpringView Holdings Ltd and its subsidiaries and other consolidated entities. References to “dollar”and “US$” are to U.S. dollars, the lawful currency of the United States. References to “S$” are to Singapore dollars,the lawful currency of Singapore. References to “SEC” are to the Securities and Exchange Commission.
All such financial statements were preparedin accordance with accounting principles generally accepted in the United States, or U.S. GAAP. We have made rounding adjustments to someof the figures included in this management’s discussion and analysis. Accordingly, numerical figures shown as totals in some tablesmay not be an arithmetic aggregation of the figures that precede them. This discussion contains forward-looking statements that involverisks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statementsas a result of various factors.
Overview
Our company, through our indirect wholly owned subsidiary, Springview Enterprises Pte. Ltd. (“Springview Singapore”) designs and constructs residential and commercial buildings in Singapore.
Our projects cover four main types of work: (i) new construction, (ii) reconstruction, (iii) additions and alterations (A&A), and (iv) other general contracting services. For new construction, an existing house will be demolished and a new house will be rebuilt. Our reconstruction work involves replacement of a substantial part of a house. For A&A work, we focus on minor modifications to existing structures within an existing building’s requirements. We also provide other general contracting services, such as renovation and design consultation for our customers. Through conversations with our clients to understand their vision and budget constraints, we assist them in developing a feasible design concept.
Our projects are carried out in either (a) design and build mode or (b) construction mode. When we play a design and build role, we provide design input and also serve as the main contractor. For construction mode, we act only in the role of a contractor. For the design and build role, we collaborate with associated architectural firms to deliver tailored solutions consisting of conceptualized design drawings and detailed implementation plans which we then execute with the joint efforts of our experienced design team and construction team. For the contractor role, we provide our customers with quality construction work based on our team’s experience and existing relationships with architects and subcontractors.
With a considerable operating history dating back to 2002, we believe we have established a positive reputation in the busy Singapore real estate development market through customer relationships, leading to referrals from existing customers. Our operations team manages inquiries and feedback, working with subcontractors to address any issues that arise in our projects. We believe that effective communication through phone calls and instant messaging ensures quick issue resolution. In turn, we believe that our commitment to high-quality services and addressing customer feedback is vital for expanding our market share and ensuring overall business success of our company.
Factors Affecting Our Financial Condition andResults of Operations
Our results of operations have been and will continue to be affected by several factors, including those set out below:
We operate in a highly competitive industryand our competitors may be more successful in securing contracts
We face significant competition within the construction industry and certain of our competitors may have greater financial resources and manpower, stronger track record and more established reputation in the market that provide them with advantage in sourcing for new customers and business opportunities. Additionally, our competitors may be aggressive in their pricing policies or offer additional services to secure contracts in tenders that we participate in. We believe that we have developed a well-regarded reputation and notable branding in the market for completing high quality projects, and coupled with the strong relationships that we have nurtured and maintained with our customers, sub-contractors, suppliers and external consultants, all of which serve as reliable sources of new project referrals, will allow us to maintain our competitiveness in the market and acquire new customers effectively. However, if we are unable to maintain our reputation in delivering high quality projects in a timely manner to the satisfaction of our customers, we might not compete successfully with our competitors and may adversely affect our business and results of operations.
Our revenue and profitability are unpredictabledue to the nature of our business
Revenue from our construction projects is non-recurring in nature and on a project-by-project basis, which results in unpredictability in our revenue and profitability from period to period. We recognize revenue from ongoing contracts based on percentage of work performed, and certain ongoing contracts may last for more than a year and the revenue from such projects may be recognized across financial years. The revenue and profitability recorded for a financial period may fluctuate depending on the stage of completion for our ongoing contracts and thus the short-term results of operations may not be indicative of future financial performance and prospects of our business. We are constantly active in building our contract pipeline via participation in tenders and seeking referrals from various channels in order to secure new contracts and achieve growth in revenue. However, there is no assurance that we are able to successfully secure new projects to replace completed projects, or continually secure projects that have a higher or comparable contract values and margins, which may materially and adversely affect our business and results of operations.
We generally depend on our subcontractorsand suppliers to perform their obligations in order to bring our projects to completion and meet our customers’ requirements
The provision of construction services is highly demanding and requires our company to effectively co-ordinate and leverage both internal and external resources, the latter mainly involving subcontractors and suppliers. We are dependent on our subcontractors and suppliers to deliver quality product or services that we engage them for, such as supply of building materials and ventilation work, in order to fulfil our own contractual obligations to the customers in delivering completed projects based on the contracted scope of work and design. While we have developed and maintained strong relationships and rapport with several trusted suppliers and subcontractors that have been providing us with quality products and services in a timely manner, there is no assurance that they will continue to render products and services that meet our requirements in terms of quality and timing in the future. Further, despite our company’s best effort in screening the subcontractors that we engage for our projects for their competency based on several factors including track record, reputation, and price competitiveness, we bear certain risks associated with subpar or nonperformance by our subcontractors as the subcontractors do not have a direct contractual relationships with our customers, Moreover, we do not have any long-term agreements with our subcontractors or suppliers, and hence we cannot be assured that we can procure similar arrangements from our existing subcontractors or suppliers at a reasonable rate that meets our budget, or that we can successfully engage with alternative providers if such events do occur, which may result in our business and results of operations being materially and adversely impacted.
We are subject to several macro-economic,regulatory, social and other factors which are beyond our control
We operate within Singapore’s construction and major A&A industry and are affected by several factors including macro-economic, regulatory, social and political conditions which are beyond our company’s control. We depend on Singapore to continue to be a stable and attractive country for residency purposes as majority of our customers are residential homeowners seeking to build properties that fit their aspirations. The growth of our target customer segment in Singapore may be influenced by the country’s political and social stability, key policies and regulations related to taxation and immigration as well as overall business and market sentiment, all of which are beyond our control. Additionally, our business is also affected by inflation and interest rate environment. As of the date of this prospectus, we have witnessed the impact of inflation on our operations. For example, we have seen a rise in the prices of our construction materials and in the wages of our laborers as a result of inflation. In the event of heavier inflationary pressure in the future, our project costs could be elevated even further. There is no guarantee that we will be able to efficiently pass on the resulting rise in such costs to our customers. An increase in interest rates may also result in a higher borrowing cost for our business. There can be no guarantee that any of these factors beyond our control will not develop in a manner that may have an adverse and material effect on our business operations in the future.
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Results of Operations
Forthe six months ended June 30, 2024 and 2025
The following tables set forth a summary of our unaudited condensed consolidated results of operations, in absolute amount and as a percentage of our net revenues for the six months ended June 30, 2024 and 2025. This information should be read together with our unaudited condensed consolidated financial statements and related notes. The results of operations in any period are not necessarily indicative of the results that may be expected for any future period.
| For the six months ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | Variance | ||||||||
| S | S | US | S | % | |||||||
| Revenue | ) | (24.7 | ) | ||||||||
| Total Revenue | ) | (24.7 | ) | ||||||||
| Cost of revenue | ) | ) | ) | (20.0 | ) | ||||||
| Total Cost of revenue | ) | ) | ) | ) | (20.0 | ) | |||||
| Gross profit | ) | (37.6 | ) | ||||||||
| Operating expenses | |||||||||||
| General and administrative expenses | ) | ) | ) | ) | (42.0 | ) | |||||
| Total operating expenses | ) | ) | ) | ) | (42.0 | ) | |||||
| Income (loss) from operations | ) | ) | ) | (240.5 | ) | ||||||
| Other income (expenses) | |||||||||||
| Interest expenses, net | ) | ) | ) | (4.7 | ) | ||||||
| Other income | 1929.1 | ||||||||||
| Total other (expenses) income, net | ) | (110.3 | ) | ||||||||
| Income (loss) before income taxes | ) | ) | ) | (261.1 | ) | ||||||
| Income tax (expenses) benefit | ) | (116.9 | ) | ||||||||
| Net income (loss) | ) | ) | ) | (305.4 | ) | ||||||
| Other comprehensive income | |||||||||||
| Foreign currency translation adjustments | ) | ) | ) | N/A | |||||||
| Total Comprehensive income (loss) | ) | ) | ) | (424.0 | ) |
All values are in US Dollars.
Comparison of six months ended June 30,2024 and 2025
Revenue
We generate revenue mainly from construction projects with the following major categories of work: (i) new construction, (ii) reconstruction, (iii) Addition & Alterations (A&A), and (iv) other general contracting services, such as renovation and design consultation. Due to our business nature, the majority of our revenue is driven by standalone projects with varying contract sizes on a non-recurring basis. We recognize revenue from our construction projects over time and referencing the stage of completion via input method, which is based on our actual costs incurred for the project during the period relative to the total estimated costs for the project.
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The following table sets forth our revenue by revenue categories for the periods indicated.
| For the six months ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | Variances | |||||
| S | S | US | S | % | ||||
| New construction | ) | (47.9 | ) | |||||
| Reconstruction | 100 | |||||||
| A&A | 216.8 | |||||||
| Other general contracting services | 100 | |||||||
| Total revenue | ) | (24.7 | ) |
All values are in US Dollars.
During the six months ended June 30, 2024, and 2025, projects involving new construction work accounted for the largest proportion of our revenue generated for the periods, representing approximately 95.4% and 66.1% of the total revenue, respectively. Revenue from reconstruction work accounted for approximately nil and 12.5% of the total revenue for the six months ended June 30, 2024 and 2025, respectively, while revenue from A&A work accounted for approximately 4.6% and 19.3% of the total revenue, respectively.
Our total revenue decreased by S$1,227,285, or 24.7%, from S$4,961,318 for the six months ended June 30, 2024, to S$3,734,033 ($2,935,791) for the six months ended June 30, 2025. This decrease is primarily driven by a decrease in revenue recognized from new construction work of S$2,267,420, or 47.9%, from S$4,734,096 for the six months ended June 30, 2024 to S$2,466,676 ($1,939,363) for the six months ended June 30, 2025. The reduction was due to a lower volume of new construction projects commenced in the current period compared to the prior year.
Revenue recognized from reconstruction work increased by S$466,166, from S$ nil for the six months ended June 30, 2024 to S$466,166 ($366,512) for the six months ended June 30, 2025. This increase resulted from the commencement of reconstruction project starting from October 2024. Similarly, revenue recognized from A&A work increased by S$492,681 or 216.8%, from S$227,222 for the six months ended June 30, 2024 to S$719,903 ($566,006) for the six months ended June 30, 2025, driven by new projects initiated in November 2024. Additionally, our other general contracting services also increased by S$81,288, from nil for the six months ended June 30, 2024 to S$81,288 (US$63,910) for the six months ended June 30, 2025, primarily due to the maintenance work for previous customer.
| For the six months ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | Variances | |||||
| S | S | US | S | % | ||||
| Commercial customers | 100 | |||||||
| Residential customers | ) | (39.3 | ) | |||||
| Total revenue | ) | (24.7 | ) |
All values are in US Dollars.
For the six months ended June 30, 2025, approximately 81% of our revenue was derived from residential customers, with the remaining 19% derived from commercial customers. Revenue from commercial customers increased by S$719,903, or 100% from nil for the six months ended June 30, 2024 to S$719,903 (US$566,006) for the six months ended June 30, 2025, driven by new projects initiated in November 2024. Revenue from residential customers decreased by S$1,947,188, or 39.3% from S$4,961,318 for the six months ended June 30, 2024 to S$3,014,130 (US$2,369,785) for the six months ended June 30, 2025. This decline was primarily due to a lower volume of new residential construction projects commenced in the current period compared to the prior year.
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Cost of revenue
| For the six months ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | Variances | |||||
| S | S | US | S | % | ||||
| Subcontracting costs | ) | (52.8 | ) | |||||
| Material costs | 15.9 | |||||||
| Labor costs | ) | (13.3 | ) | |||||
| Equipment rental and site costs | 46.1 | |||||||
| Other direct costs | 10.3 | |||||||
| Total cost of revenue | ) | (20.0 | ) |
All values are in US Dollars.
The cost of revenue primarily consisted of subcontracting costs, material costs, labor costs, equipment rental and site costs and other direct costs incurred in contract performance. The total cost of revenue decreased by S$727,574, or 20.0%, from S$3,632,390 for the six months ended June 30, 2024, to S$2,904,816 ($2,283,840) for the six months ended June 30, 2025. The approximately 20.0% overall decrease in cost of revenue was in line with our decrease in revenue, and primarily driven by a lower subcontracting cost incurred, which decreased by S$881,678, or 52.8%, from S$1,669,193 for the six months ended June 30, 2024 to S$787,515 ($619,164) for the six months ended June 30, 2025. This decrease was primarily driven by our strategic shift toward securing larger projects. Unlike the smaller, more fragmented projects of the prior period, these larger engagements allowed for better resource planning and a more efficient use of our in-house labor and equipment. This not only reduced our relative reliance on subcontractors but also resulted in a lower volume of new projects, as we focused our capacity on more significant, higher-value work.
On the other hand, material costs showed a modest increase, rising by S$124,605, from S$782,421 for the six months ended June 30, 2024 to S$907,026 ($713,127) for the six months ended June 30, 2025. This 15.9% increase can be attributed to the procurement of higher-quality materials to meet the specifications of our larger projects, although the increase was contained through better pricing negotiations with suppliers. Labor costs decreased by S$87,891, from S$661,511 for the six months ended June 30, 2024 to S$573,620 ($450,995) for the six months ended June 30, 2025, reflecting a 13.3% decrement. This decrease was largely due to lower number of workers. Lastly, equipment rental and site costs also increase by S$82,518, from S$179,074 for the six months ended June 30, 2024 to S$261,592 ($205,670) for the six months ended June 30, 2025, representing an 46.1% increment, driven by the need for additional equipment to support our expanding project portfolio. These increases reflect our strategic investments in quality materials, skilled labor, and necessary equipment to meet project demands.
Gross Profit
For the six months ended June 30, 2024 and 2025, our gross profits were S$1,328,928 and S$829,217 ($651,951), respectively, and our gross profit margins were approximately 26.8% and 22.2%, respectively. Our gross profit decreased by S$499,711, or approximately 37.6% primarily due to the significant decrease in revenue recognized due to a lower volume of construction projects commenced in the current period compared to the prior year.
General and Administrative Expenses
The following table sets forth a breakdown of our general and administrative expenses for the periods indicated.
| For the six months ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | Variances | |||||
| S | S | US | S | % | ||||
| Staff expenses | 51.7 | |||||||
| Depreciation and amortization | 69.5 | |||||||
| Lease expenses | 25.0 | |||||||
| Medical and insurance expenses | 216.3 | |||||||
| Transport and entertainment | ) | (49.3 | ) | |||||
| Professional fees | ) | (11.4 | ) | |||||
| Provision for fines and charges | ) | (100.0 | ) | |||||
| Bad debt written off | 100.0 | |||||||
| Other miscellaneous expenses | ) | (4.5 | ) | |||||
| General and administrative <br> expenses | 42.0 |
All values are in US Dollars.
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General and administrative expenses consisted primarily of staff expenses, depreciation and amortization, operating lease expenses, medical and insurance, transport and entertainment, professional fees, provision for fines and charges and other miscellaneous expenses. General and administrative expenses increased by S$401,065 or approximately 42.0%, from S$954,366 for the six months ended June 30, 2024, to S$1,355,431 ($1,065,674) for the six months ended June 30, 2025. Staff expenses increased by S$196,390 or approximately 51.7%, from S$379,607 for the six months ended June 30, 2024, to S$575,997 ($452,863) for the six months ended June 30, 2025, as the company maintained the workforce to preserve operational capabilities and avoid the long-term costs of talent attrition and rehiring. Professional fees decreased by S$41,604 or approximately 11.4%, from S$365,297 for the six months ended June 30, 2024, to S$323,693 ($254,495) for the six months ended June 30, 2025, mainly due to completion of IPO work last year. Bad debt written off increased by S$183,732, or approximately 100.0% from nil to S$183,732 ($144,455), due to provisions for loan receivable made to third party and certain trade receivables assessed doubtful.
Interest Expenses, Net
Interest expenses, net mainly included accrued interest from loans and borrowings, lease liabilities and amount due to a related party. Interest expenses, net decreased by S$2,528, or approximately 4.7% from S$53,874 for the six months ended June 30, 2024, to S$51,346 ($40,370) for the six months ended June 30, 2025. This reduction was primarily due to a lower average debt balance, as the company did not take on any new borrowings during the period.
Other Income
Other income primarily consisted of interest income and other miscellaneous income. Other income increased by S$53,798 or approximately 1929.1% from S$2,789 for the six months ended June 30, 2024, to S$56,587 (US$44,490) for the six months ended June 30, 2025. The increase was principally attributable to higher interest income earned from short-term lending activities to a third party from the fourth quarter of 2024.
Income Tax Expense
Our income tax expenses were S$76,053 and income tax benefit were S$12,860 ($10,111) for the six months ended June 30, 2024 and 2025, respectively. The higher tax expense in the six months ended June 30, 2024 corresponds to a greater income before taxes for that period. The tax benefit in the six months ended June 30, 2025 is a result of a loss before taxes, primarily driven by lower revenue and gross profit.
Net Income (loss)
As a result of the foregoing, our profit for the year decreased by S$755,537, or approximately 305.4%, from net income of S$247,424 for the six months ended June 30, 2024, to net loss of S$508,113 ($399,492) for the six months ended June 30, 2025.
Earnings (loss) Per Share
Our earnings (loss) per share decreased by approximately S$0.04, or 291%, from approximately S$0.01 earnings per share for the six months ended June 30, 2024 to approximately S$0.02 ($0.02) loss per share for the six months ended June 30, 2025. The computation of earnings per share is based on 21,500,000 of the total issued and outstanding shares of our Class A Shares and Class B Shares, retrospectively after a reorganization of our company.
Liquidity and Capital Resources
As of December 31, 2024 and June 30, 2025, our cash balances amounted to approximately S$3,373,424 and S$2,933,523 ($2,306,410), respectively, and our current assets were S$10,731,442 and S$8,724,716 ($6,859,592), respectively, and our current liabilities were S$4,002,580 and S$2,650,500 ($2,083,891), respectively. For the six months ended June 30, 2024 and 2025, we generated net income of S$247,424 and net loss of S$508,113 ($399,492), respectively.
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In assessing our liquidity, the management believes that our current cash and working capital will be sufficient to support our continuous operations and meet our 3rd parties’ payment obligations when liabilities fall due within the next 12 months from the date of issuance of the unaudited condensed financial statements.
Our liquidity needs are primarily driven by working capital requirements and operating expense obligations. To date, we have financed our operations mainly through successful IPO in 2024. We have also started to seek additional financing from local banks and financial institutions to fund our ongoing operations. As of June 30, 2024 and 2025, our outstanding loans and borrowings amounted to S$1,032,509 and S$689,099 ($541,787), respectively, with annual interest rates ranging from 4.88% to 8.80% and repayment periods of between one to five years.
We believe that our current cash and loans from banks, and the net proceeds from our initial public offering will be sufficient to meet our working capital needs in the next 12 months from the date of these unaudited condensed financial statements are issued. However, if we experience an adverse operating environment or incur unanticipated capital expenditures, or if we decide to accelerate our growth beyond our initial expectations, then additional financing may be required. No assurance can be provided, however, that additional financing, if necessary, would be available at all or on favorable terms. Such financing may include the use of additional debt or the sale of additional equity securities. Any financing which involves the sale of securities or instruments that are convertible into equity securities could result in immediate and possibly significant dilution to our existing shareholders.
Cash Flows Analysis
For the six months ended June 30, 2025 and2024
The following table sets forth a summary of our cash flows for the periods indicated.
| For the six months ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | ||||
| S | S | US | ||||
| Net cash used in operating activities | ) | ) | ) | |||
| Net cash provided by investing activities | ||||||
| Net cash (used in)/provided by financing activities | ) | |||||
| Net changes in cash | ) | ) | ) | |||
| Effect of foreign exchange on cash | ) | ) | ||||
| Cash at the beginning of the period | ||||||
| Cash at the end of the period |
All values are in US Dollars.
Operating Activities
Changes in cash flow from operating activitiesfrom the six months ended June 30, 2024 to the month ended June 30, 2025.
We had net cash used in operating activities of S$1,516,162 ($1,192,045) for the six months ended June 30, 2025, compared to net cash used in operating activities of S$186,104 for the six months ended June 30, 2024. The increase in cash flow used in operating activities for six months ended June 30, 2025, is primarily a result of:
| (1) | a decrease in net income of S$755,537 mainly due to the reduction was due to a lower volume of new construction projects commenced in the current period compared to the prior year; and |
|---|---|
| (2) | an increase in accounts receivable of S$202,981 ($159,589) for the six months ended June 30, 2025, as compared to a decrease in accounts receivable of S$291,713 for the six months ended June 30, 2024, mainly due to slower of customer payments as of June 30, 2025; and |
| --- | --- |
| (3) | a decrease in contract assets of S$596,515 ($468,995) for the six months ended June 30, 2025, as compared<br>to an increase in contract assets of S$483,734 for the six months ended June 30, 2024, as less work was performed for the latter period<br>resulting in lower amount of revenue recognized but has yet to be billed to the customers; and |
| --- | --- |
| (4) | a decrease in accounts payable of S$1,338,924 ($1,052,696) for the six months ended June 30, 2025, as<br>compared to a decrease in accounts payable of S$725,371 for the six months ended June 30, 2024, as the Company settled less accounts payable<br>during the six months ended June 30, 2025 since the payment due dates hasn’t been arrived. |
| --- | --- |
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Investing Activities
For the six months ended June 30, 2024, no investing activities occurred. For the six months ended June 30, 2025, investing activities consisted solely of proceeds from the repayment of loans made to a third party, amounting to S$1,300,000 ($1,022,093).
Financing Activities
For the six months ended June 30, 2024, net cash used in financing activities was S$358,089 which was primarily consisted of consisted of proceeds from loans and borrowings of S$319,713 ($235,708) and offset by repayment of loans and borrowings of S$233,756 and payment of offering cost of S$435,297.
For the six months ended June 30, 2025, net cash provided by financing activities was S$69,796 ($54,875) which was primarily consisted of proceeds from related party of S$999,610 ($785,919) and offset by repayment of amount due to related party of S$758,027 ($595,980).
Contingencies
In the normal course of business, our company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. Our company recognizes its liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. Our company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.
As of December 31, 2024 and June 30, 2025, our company is subject to legal proceeding from a charge by Ministry of Manpower for an offence under Section 12(1) of the Workplace Safety and Health Act for failure to take measure to ensure the safety of its employees at work in one of its construction projects in 2019 which resulted in injuries to one worker and one fatality. Our company has claimed trial to this charge. For the same incident, our company was also charged under Section 5 of the Building Control Act for carrying out building work that was not approved by the Commissioner of Building Control. On June 17, 2025, SEPL was convicted of Charge No. DSC-900110-2021 under Section 12(1) of the Workplace Safety and Health Act for failing to take reasonably practicable measure to ensure the safety of employees at work. The matter is fixed for sentencing in October, 2025.
Additionally, our company is also subject to a claim from an employee of a subcontractor for a construction project for damages arising out of injuries and loss suffered as a result of work accident at the project site. The claimant seeks to hold our company and the subcontractor jointly and severally liable for the claim. The matter was resolved via a settlement agreement finalized on March 14, 2025. As the main contractor, the Company paid S$15,000 to the claimant and S$1,000 to setting aside application on April 2, 2025, which constituted a full and final settlement of all claims related to this matter.
As of December 31, 2024 and June 30, 2025, our company’s accrued provision for the legal proceedings was S$275,000 and S$260,000 ($204,419), respectively. For the six months ended June 30, 2024 and 2025, our company’s provision for estimated litigation loss was nil and nil, respectively.
Capital Expenditures
No capital expenditures were incurred for the six months ended June 30, 2024 and 2025, as there were no purchases of property, plant, or equipment.
Off-Balance Sheet Commitments and Arrangements
We have not entered into any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder’s deficit/(equity) or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.
8
Exhibit 99.2
SPRINGVIEW HOLDINGS LTD
INDEX TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 (AUDITED) AND JUNE 30, 2025 | F-2 |
|---|---|
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025 | F-3 |
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025 | F-4 |
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025 | F-5 |
| NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | F-6 |
F-1
SPRINGVIEW HOLDINGS LTD
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| As of June 30, | |||||
|---|---|---|---|---|---|
| 2025 | 2025 | ||||
| S (Unaudited) | (Unaudited) | ||||
| Assets | |||||
| Current assets | |||||
| Cash | |||||
| Accounts receivable, net | |||||
| Accounts receivable due from a related party | |||||
| Contract assets | |||||
| Loan receivable – third party | |||||
| Other assets – current | |||||
| Total current assets | |||||
| Non-current assets | |||||
| Property and equipment, net | |||||
| Right-of-use assets, net | |||||
| Contract assets - non-current | |||||
| Other assets – non-current | |||||
| Total non-current assets | |||||
| Total assets | |||||
| Liabilities and shareholders’ deficit | |||||
| Current liabilities | |||||
| Accounts payable | |||||
| Other payables and accruals | |||||
| Amount due to related parties | |||||
| Loans and borrowings – current | |||||
| Operating lease liabilities – current | |||||
| Finance lease liabilities – current | |||||
| Total current liabilities | |||||
| Non-current liabilities | |||||
| Deferred tax liabilities, net | |||||
| Loans and borrowings – non-current | |||||
| Operating lease liabilities – non-current | |||||
| Finance lease liabilities – non-current | |||||
| Total non-current liabilities | |||||
| Total liabilities | |||||
| Commitments and contingencies | |||||
| Shareholders’ equity | |||||
| *Class A Ordinary Shares, 0.0001 par value, 400,000,000 shares authorized, 11,500,000 shares issued and outstanding as of December 31, 2024 and June 30, 2025 | |||||
| *Class B Ordinary Shares, 0.0001 par value, 100,000,000 shares authorized, 10,000,000 shares issued and outstanding as of December 31, 2024 and June 30, 2025 | |||||
| Accumulated other comprehensive income (loss) | ) | ) | |||
| Additional paid-in capital | |||||
| Accumulated deficit | ) | ) | ) | ||
| Total shareholders’ equity | |||||
| Total liabilities and shareholders’ equity |
All values are in US Dollars.
| * | The shares and per share information are presented on a retrospective basis to reflect the<br>reorganization. |
|---|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-2
SPRINGVIEW
HOLDINGS LTD
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE
INCOME (LOSS)
| For the six months ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | ||||
| S (Unaudited) | S (Unaudited) | (Unaudited) | ||||
| Revenue | ||||||
| Total revenue | ||||||
| Cost of revenue | ) | ) | ) | |||
| Total Cost of revenue | ) | ) | ) | |||
| Gross profit | ||||||
| Operating expenses | ||||||
| General and administrative expenses | ) | ) | ) | |||
| Total operating expenses | ) | ) | ) | |||
| Income (loss) from operations | ) | ) | ||||
| Other income (expenses) | ||||||
| Interest expenses, net | ) | ) | ) | |||
| Other income | ||||||
| Total other (expenses) income, net | ) | |||||
| Income (loss) before income taxes | ) | ) | ||||
| Income tax (expenses) benefit | ) | |||||
| Net income (loss) | ) | ) | ||||
| Other comprehensive income | ||||||
| Foreign currency translation adjustments | ) | ) | ||||
| Total comprehensive income (loss) | ) | ) | ||||
| Weighted average number of outstanding ordinary shares | ||||||
| *Basic and diluted | ||||||
| Earnings (loss) per share | ||||||
| Basic and diluted | ) | ) |
All values are in US Dollars.
| * | The shares and per share information are presented on a retrospective basis to reflect the<br>reorganization. |
|---|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-3
SPRINGVIEWHOLDINGS LTDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OFCHANGES IN SHAREHOLDERS’ EQUITY
| Class B<br> <br> Ordinary shares | Additional<br> paid-in | Retained | Total<br> shareholders’ | |||||
|---|---|---|---|---|---|---|---|---|
| Amount | *Shares | Amount | capital | earnings | equity | |||
| S | S | S | S | S | ||||
| Balance<br> at January 1, 2024 | 10,000,000 | 10,000,000 | ||||||
| Net<br> income | — | — | ||||||
| Balance<br> at June 30, 2024 (Unaudited) | 10,000,000 | 10,000,000 | ||||||
| Balance<br> at June 30, 2024 () (Unaudited) | 10,000,000 | 10,000,000 |
All values are in US Dollars.
| Class B<br> Ordiary shares | Additional paid-in | Accumulated other comprehensive | Accumulated | Total shareholders’ | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amount | *Shares | Amount | capital | income/ (loss) | deficit | equity | |||||||
| S | S | S | S | S | |||||||||
| Balance at January 1, 2025 | 11,500,000 | 10,000,000 | 250,665 | ) | |||||||||
| Net loss | ) | ) | |||||||||||
| Foreign currency translation adjustment | (293,535 | ) | ) | ||||||||||
| Balance at June 30, 2025 (Unaudited) | 11,500,000 | 10,000,000 | (42,870 | ) | ) | ||||||||
| Balance at June 30, 2025 () (Unaudited) | 11,500,000 | 10,000,000 | (33,705 | ) | ) |
All values are in US Dollars.
| * | The shares and per share information are presented on a retrospective<br>basis to reflect the reorganization. |
|---|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-4
SPRINGVIEW HOLDINGS LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF CASH FLOWS
| For the six months ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | ||||
| S (Unaudited) | S (Unaudited) | (Unaudited) | ||||
| Cash flows from operating activities | ||||||
| Net income/(loss) | ) | ) | ||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||
| Depreciation of property and equipment | ||||||
| Amortization of right-of-use assets | ||||||
| Provision for doubtful accounts | ||||||
| Deferred tax expenses (benefit) | ) | ) | ||||
| Changes in operating assets and liabilities | ||||||
| Accounts receivable, net | ) | ) | ||||
| Contract assets | ) | |||||
| Accounts receivable due from a related party | ||||||
| Other assets | ) | ) | ||||
| Accounts payable | ) | ) | ) | |||
| Other payables and accruals | ) | ) | ) | |||
| Contract liabilities | ||||||
| Lease liabilities | ) | ) | ) | |||
| Net cash used in operating activities | ) | ) | ) | |||
| Cash flows from investing activities | ||||||
| Proceeds from repayment of loans made to third party | ||||||
| Net cash provided by investing activities | ||||||
| Cash flows from financing activities | ||||||
| Proceeds from related parties | ||||||
| Payment for deferred offering costs | ) | |||||
| Repayment of amount due to related parties | ) | ) | ) | |||
| Repayment of loans and borrowings | ) | ) | ) | |||
| Payments for finance lease liabilities | ) | ) | ) | |||
| Net cash (used in)/provided by financing activities | ) | |||||
| Effect of foreign exchange on cash | ) | ) | ||||
| Net changes in cash | ) | ) | ) | |||
| Cash at beginning of the period | ||||||
| Cash at end of the period | ||||||
| Supplement disclosures of cash flow information | ||||||
| Interest paid |
All values are in US Dollars.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-5
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2024 and 2025
Note 1 — NATURE OF BUSINESSAND ORGANIZATION
Springview Holdings Ltd (the “Company” or “Springview (Cayman)”) is a holding company incorporated on September 27, 2023 in Cayman Islands while Springview (BVI) Ltd was incorporated on October 11, 2023 in the BVI with the Company being the sole shareholder of Springview (BVI) Ltd. The Company conducts its business primarily through its indirect wholly-owned subsidiary in Singapore, Springview Enterprises Pte. Ltd., providing four main types of works: (i) new construction, (ii) reconstruction, (iii) Additions and Alterations (A&A), and (iv) other general contracting services. For new construction, the existing house will be demolished, and a new house will be rebuilt. Reconstruction works involve replacement of substantial part of the house. For A&A works, minor modifications are made to existing structures within the existing building requirements while other general contracting services include renovation and design consultation services. The Company is a holding company with no business operation.
As at June 30, 2025, subsidiary of the Company includes the following entity:
| Entity | Date of <br> incorporation | Place of <br> incorporation | Ownership | Principal activities |
|---|
| Springview (BVI) Ltd (Springview (BVI)) | October 11, 2023 | British Virgin Islands | 100% owned by Springview (Cayman) | Investment holding |
| Springview Enterprises Pte. Ltd. (Springview (S)) | June 3, 2002 | Singapore | 100% owned by Springview (BVI) | General contractors (Building construction including major upgrading works) |
Pursuant to a group reorganization (the “Reorganization”) to rationalize the structure of the Company and its subsidiary in preparation for the listing of the Company’s shares, the Company became the holding company on December 1, 2023. The Company and its subsidiary were under common control of the shareholders and their entire equity interests were also ultimately held by the shareholders immediately prior to the Reorganization, which have been accounted for as reorganization of entities under common control at carrying value. The unaudited condensed consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying unaudited condensed consolidated financial statements of the Company.
Note 2 — LIQUIDITY
As of December 31, 2024, and June 30, 2025, the Company’s cash balances amounted to approximately S$3,373,424 and S$2,933,523 ($2,306,410) respectively, and the Company’s current assets were S$10,731,442 and S$8,724,716 ($6,859,592), respectively, and the Company’s current liabilities were S$4,002,580 and S$2,650,500 ($2,083,891), respectively. For the six months ended June 30, 2024, and 2025, the Company generated net profit of S$247,424 and net loss of S$508,113 ($399,492), respectively.
In assessing the Company’s liquidity, the management believes that the Company’s current cash and working capital will be sufficient to support the Company’s continuous operations and meet the Company’s third parties’ payment obligations when liabilities fall due within the next 12 months from the date of issuance of the unaudited condensed consolidated financial statements.
The Company’s liquidity needs are primarily driven by working capital requirements and operating expense obligations. To date, the Company have financed the Company’s operations mainly through successful IPO in 2024. the Company have also started to seek additional financing from local banks and financial institutions to fund the Company’s ongoing operations. As of December 31, 2024, and June 30, 2025, the Company’s outstanding loans and borrowings amounted to S$835,800 and S$689,099 ($541,787), respectively, with annual interest rates ranging from 4.88% to 8.80% and repayment periods of between one to five years.
The Company believes that the Company’s current cash and loans from banks, and the net proceeds from the Company’s initial public offering will be sufficient to meet the Company’s working capital needs in the next 12 months from the date the unaudited condensed consolidated financial statements are issued. However, if the Company experience an adverse operating environment or incur unanticipated capital expenditures, or if the Company decide to accelerate growth beyond the Company’s initial expectations, then additional financing may be required. No assurance can be provided, however, that additional financing, if necessary, would be available at all or on favorable terms. Such financing may include the use of additional debt or the sale of additional equity securities. Any financing which involves the sale of securities or instruments that are convertible into equity securities could result in immediate and possibly significant dilution to the Company’s existing shareholders.
F-6
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 2 — LIQUIDITY (cont.)
Based on the management’s assessment of the future liquidity and performance of the Company, the Company believes that the current cash and cash flows generated from the Company’s future operating will be sufficient to meet the cash requirements to fund planned operations and other commitments for at least the next twelve months from the date of the issuance of the unaudited condensed consolidated financial statements.
Note 3 — Summaryof Significant Accounting Policies
Basis of presentation
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).
The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company balances and transactions are eliminated upon consolidation. Certain information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with US GAAP, have been omitted pursuant to those rules and regulations. The unaudited interim financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the registration statements for the fiscal years ended December 31, 2024 and 2023.
Principles of consolidation
The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiary. All inter-company transactions and balances between the Company and its subsidiary have been eliminated upon consolidation. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.
Risks and uncertainties
The main operations of the Company are in Singapore. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. The Company believes that it is following existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.
Use of estimates and assumptions
The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. On an ongoing basis, management evaluates estimates, including but not limited to, those related to allowance for credit losses, determination of the useful lives of property and equipment, impairment of long-lived assets, right-of-use assets, financing lease liabilities, revenue recognition, allowance for deferred tax assets and contingencies. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Company’s assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and information, information that is currently available to the Company and assumptions that the Company believes to be reasonable under the circumstances are used as the basis for making estimates and judgements. Actual results may differ from these estimates.
F-7
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
Foreign currency translation
The accompanying unaudited condensed consolidated financial statements are presented in the Singapore Dollars (“S$”), which is the reporting currency of the Company. The functional currency of the Company in the Cayman Islands is United States Dollars (“$”), its subsidiaries which are incorporated in British Virgin Islands and Singapore are United States Dollars (“$”) and Singapore Dollars (“S$”) respectively, which are their respective local currencies based on the criteria of ASC 830, “Foreign Currency Matters”.
In the unaudited condensed consolidated financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date.
Convenience translation
Translations of amounts in the unaudited condensed consolidated balance sheet, unaudited condensed consolidated statements of operations and comprehensive income (loss) and unaudited condensed consolidated statements of cash flows from S$ into $ as of and for the six months ended June 30, 2025 are solely for the convenience of the reader and were calculated at the noon buying rate of $1 = S$1.2719, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the S$ amounts could have been, or could be, converted, realized or settled into $ at such rate or at any other rate.
Cash
Cash consists of demand deposit placed with commercial banks, which is unrestricted as to withdrawal and use and have original maturities of less than three months. Cash balances in bank accounts in Singapore with maximum amount of S$100,000 are insured under the Deposit Protection Scheme introduced by the Singapore government. Management believes that the commercial banks are of high credit quality and continually monitors the credit worthiness of these commercial banks.
Accounts receivable, net
The Company adopted ASU 2016-13 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2022, which requires consideration of a broader range of information to estimate credit losses over the lifetime of the asset, including current conditions and reasonable and supportable forecasts in addition to historical loss information, to determine expected credit losses and applies to the measurement of impairment on financial assets measured at amortized cost, which includes trade receivable. Therefore, estimates of expected credit losses on trade receivables over their life will be required to be recorded at inception, based on historical information, current conditions, and reasonable and supportable forecasts.
Under ASU 2016-13, the Company has exposure to credit losses for financial assets, which include accounts receivable. The Company considered various factors, including nature, historical collection experience, the age of the accounts receivable balances, credit quality and specific risk characteristics of its customers, current economic conditions, forward-looking information including economic, regulatory, technological, environmental factors (such as industry prospects, GDP, employment, etc.), reversion period, and qualitative and quantitative adjustments to develop an estimate of credit losses. The Company has adopted the loss rate method to calculate the credit loss and considered the reverent factors of the historical and future conditions of the Company to make reasonable estimation of the risk rate.
Financial assets are presented as net of the allowance for credit losses in the unaudited condensed consolidated balance sheets. The measurement of the allowance for credit losses is recognized through current expected credit loss expense. Current expected credit loss expense is included as a component of general and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive income (loss) Write-offs are recorded in the period in which the asset is deemed to be uncollectible. As of December 31, 2024 and June 30, 2025, the allowance for credit losses of accounts receivable was S$60,994 and S$112,533 ($88,476), respectively.
F-8
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
Other assets
Other assets, current and non-current, primarily consist of prepaid expenses, advance to suppliers and deposits for leases and tenders. These amounts bear no interest. Management reviews its prepayments, advances and refundable deposits placed with counterparties on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of June 30, 2025, no allowance was deemed necessary. Management believes that these counterparties are of high credit quality and continually monitors the credit worthiness of these counterparties.
Loan receivable – third party, net
Loan receivable – third party, net represents a loan offered to a third party with interest. Loan receivable, third party, net are initially recognized at fair value which is the cash disbursed to originate loan, measured subsequently at amortized cost using the effective interest method, net of allowance that reflects the Company’s best estimate of the amounts that will not be collected. As of December 31, 2024 and June 30, 2025, there was nil and S$132,194 ($103,935) credit loss recorded, respectively.
Deferred offering costs
Deferred offering costs consist of legal, underwriting fees and other costs incurred through the balance sheet date that are directly related to the proposed public offering. These costs, together with the underwriting discounts and commissions. will be charged to additional paid-in capital upon completion of the proposed public offering. Should the proposed public offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations.
Pursuant to ASC 340-10-S99-1, upon the successful completion of the initial public offering on October 17, 2024, IPO costs directly attributable to an offering of equity securities are deferred and have been charged against the gross proceeds of the offering as a reduction of additional paid-in capital.
Property and equipment, net
Property and equipment are stated at cost, less accumulated depreciation, and impairment loss, if applicable. Depreciation is computed using the straight-line method after consideration of the estimated useful lives. The estimated useful lives are as follows:
| Useful life |
|---|
| Office equipment | 5 years |
| Computer equipment | 3 years |
The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterment, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.
Impairment for long-lived assets
The Company’s long-lived assets with finite lives, including property and equipment, net are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. For the six months ended June 30, 2025, no impairment of long-lived assets was recognized.
F-9
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
Fair value measurement
Accounting guidance defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.
Accounting guidance establishes a three-level fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are as follows:
| ● | Level 1 applies to assets or liabilities for which there<br>are quoted prices, in active markets for identical assets or liabilities. |
|---|---|
| ● | Level 2 applies to assets or liabilities for which there<br>are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for<br>similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume<br>or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived<br>principally from, or corroborated by, observable market data. |
| --- | --- |
| ● | Level 3 applies to asset or liabilities for which there are<br>unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
| --- | --- |
The Company considers the carrying value of its financial assets and liabilities, which consist of cash, accounts receivable, contract assets and contract liabilities, prepayments and other current assets, amounts due from related parties, accounts payable, lease liabilities — current, income tax payable, other payables and accruals approximate the fair value of the respective assets and liabilities as of December 31, 2024 and June 30, 2025 due to their short-term nature.
Contract assets and contract liabilities
Construction projects with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on the Company’s unaudited condensed consolidated balance sheets as “contract assets”. Contract retentions, included in contract assets, represent amounts withheld by clients, in accordance with underlying contract terms until certain conditions are met. Provisions for estimated losses of contract assets on uncompleted contracts are made in the period in which such losses are determined. The majority of these amounts are expected to be billed and collected from clients within twelve months and are classified as current assets.
Contract liabilities on uncompleted construction contracts represent the amounts of cash collected from clients, billings to clients on contracts in advance of work performed and revenue recognized and provisions for losses. The majority of these amounts are expected to be earned within twelve months and are classified as current liabilities.
Leases
The Company accounts for leases under ASC 842. The Company determines if an arrangement is a lease at inception. A lease is classified at the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease when the lease meets any of the following criteria at lease commencement:
| a) | The<br>lease transfers ownership of the underlying asset to the lessee by the end of the lease term; |
|---|---|
| b) | The<br>lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; |
| --- | --- |
| c) | The<br>lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last<br>25% of the economic life of the underlying asset; |
| --- | --- |
| d) | The<br>present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; and |
| --- | --- |
| e) | The<br>underlying asset is of such as specialized nature that it is expected to have no alternative use to the lessor at the end of the lease<br>term. |
| --- | --- |
F-10
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
Leases that do not meet any of the above criteria are accounted for as operating leases.
The Company entered into lease agreements as lessee to lease motor vehicles, office equipment and buildings from third parties.
The Company accounts for those motor vehicle and office equipment leases in accordance with ASC 842. The two primary accounting provisions the Company uses to classify transactions as financing leases or operating leases are (i) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term and (ii) the lease term is for 75% or more of the remaining economic life of the underlying asset unless the commencement date falls within the last 25% of the economic life of the underlying asset. The motor vehicle and office equipment leases contain one of the two terms, and the Company believes that the motor vehicle and office equipment leases should be classified as finance leases.
The Company accounts for those building leases in accordance with ASC 842. The Company believes that the building leases agreements do not contain nor meet any of the five primary accounting provisions the Company uses to classify transactions as financing leases. The building leases are classified as operating leases.
Finance lease assets and operating leases are included in right-of-use (“ROU”) assets, and finance lease liabilities are included in current and non-current finance lease liabilities, while operating lease liabilities are included in current and non-current operating lease liabilities, in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Finance and operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term.
When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. The Company used the rate implicit in the lease, if available, or the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.
The Company elected the practical expedients under ASC 842 that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, the Company elected not to recognize lease assets and liabilities on its consolidated balance sheets.
The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. For the six months ended June 30, 2024 and 2025, the Company did not recognize impairment loss on its finance and operating lease ROU assets.
Revenue recognition
The Company adopted Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”), on January 1, 2021 using the modified retrospective approach. The Company’s accounting for revenue recognition remains substantially unchanged prior to adoption of ASC 606. The effect from the adoption of ASC 606 was not material to the Company’s unaudited condensed consolidated financial statements.
The Company recognizes revenue to depict the transfer of promised goods or services (that is, an asset) to customers in an amount that reflects the consideration to which the Company expects to receive in exchange for those services. The following five steps defined under ASC 606 are applied to achieve the core principle of revenue standard:
| (i) | Identify<br>the contract with the customer |
|---|---|
| (ii) | Identify<br>the performance obligations in the contract |
| --- | --- |
| (iii) | Determine<br>the transaction price |
| --- | --- |
F-11
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
| (iv) | Allocate<br>the transaction price to the performance obligations in the contract |
|---|---|
| (v) | Recognize<br>revenue when the company satisfies a performance obligation |
| --- | --- |
The Company generates revenue mainly from construction projects with the following major categories of works: (i) new construction, (ii) reconstruction, (iii) A&A, and (iv) other general contracting services, such as renovation and design consultation. For new construction, the existing house will be demolished, and a new house will be rebuilt. Reconstruction works involve replacement of substantial part of the house. For A&A works, minor modifications are made to existing structures within the existing building requirements while other general contracting services include renovation and design consultation services.
The following table shows the Company’s revenue by revenue categories for the periods indicated.
| For the six months ended June 30, | |||
|---|---|---|---|
| 2024 (Unaudited) | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| New construction | |||
| Reconstruction | |||
| A&A | |||
| Other general contracting services | |||
| Total revenue |
All values are in US Dollars.
The Company assessed that the four major categories of revenue share the substantially the same characteristics and nature of terms in its contracts with customers and follows the same pattern of transfer of promised services to customers, and thus apply the same revenue recognition policies to all its revenue.
The Company enters into construction contracts with customers that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services are transferred to the customers. It is standard practice for the Company to have the agreements with the Company’s customers in writing. All the agreements have commercial substance, as each contract with the customer has payment terms specified based upon fulfilment of certain conditions and agreed methods charged on monthly basis. The Company will submit monthly progress claim to its customer, and after the Company receives the interim progress certificate from the customer, the Company will issue a tax invoice to the customer. As the Company’s customers are required to pay at different billing stages over the contract period, such progress payments limit the Company’s exposure to credit risk. The company also reasonably expects that the effects on the financial statements of applying ASC 606 to the portfolio of contracts would not differ materially from applying ASC 606 to the individual contracts within that portfolio.
The Company is responsible for a series of work including but not limited to those stated under the scope of work, which can include the design of the project, obtaining the relevant permits and approvals from authorities, engineering, site clearance, procurement of materials, construction and interior fitting-out/installation as part of the contract. The Company believes these services are not distinct as they are highly interrelated and the contract includes a significant service of integrating the various services into the combined work the customer is contracting for, which is the completed property. The contracts may include retentions paid at the end of the project as a warranty to ensure the Company meets the contract requirements. However, since the customer does not have the option to separately purchase the warranty and there are no additional services to the customer during the retention period, such warranty is not recognized as a separate performance obligation. The Company has concluded that the promises to be delivered on the construction contract would be one single performance obligation, and therefore no allocation of the transaction price is required.
The Company’s contracts with each customer are with fixed price and provide for milestone billings based upon the attainment of specific project objectives to ensure the Company meets the contractual requirements. The contract does not have variable consideration. However, the contract subject to modification in the form of unpriced or pending change orders or claims that either increase or decrease the contract price. Contract modification is accounted for as part of the existing contract as the remaining work is not distinct and form part of a single performance obligation that is partially satisfied at the date of the contract modification. The impact of contract modification has on the contract price and the Company’s measure of progress towards complete satisfaction of the performance obligation is recognized as a cumulative catch-up adjustment to revenue at the date of contract modification.
F-12
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
The Company is not required to assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the customers and the transfer of promised services to the customers will be less than one year. Further, the Company believes that with its monthly progress billings there is no financing component in its contracts. There are no non-cash and payable consideration for any services provided by the Company.
The Company recognizes revenue based on the Company’s actual contract costs incurred to the satisfaction of a performance obligation relative to the total estimated costs for the satisfaction of that performance obligation. This input method faithfully depicts the transfer of value to the customer when the Company is satisfying a performance obligation that includes several interrelated tasks or activities for a combined output that requires the Company to coordinate the work of subcontracts and employees. Contract costs typically include direct labor, subcontract, professional costs, material and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, which causes the effect of revised estimates to be recognized in the current period. There was addition costs incurred to maintain relationship with certain customers who require additional work for renovation. The Company expects this type of additional costs and change of estimates to be rare exceptions. The change of estimates reduced the revenue by nil and S$ 197,486 for the six months ended June 30, 2024 and 2025, respectively.
When the current estimates of the total amount of consideration expected to be received in exchange for transferring promised goods or services to the customer, and contract costs indicate a loss, a provision for the entire loss on the contract is made as soon as the loss become evident. An adjustment is also made to reflect the effects of the customer’s credit risk. The loss on a contract is reported as an additional contract cost (an operating expenses), and not as a reduction of revenue or a non-operating expense. The total loss on contracts is negligible for the years ended December 31, 2024 and for the six months ended June 30, 2024 and 2025.
The Company recognizes revenue over time for all projects throughout the contract period.
Warranty
The Company generally provides limited warranties for work performed under its contracts. At the time a sale is recognized, the Company records estimated future warranty costs under ASC 460. At completion, costs for warranties are estimated and these warranties are not service warranties separately sold by the Company. The estimated claim rates of warranty are based on actual warranty experience or Company’s best estimate. There were no such reserves for the six months ended June 30, 2024 and 2025 because the Company’s historical warranty expenses were immaterial to the Company’s unaudited condensed consolidated financial statements.
Cost of revenue
Cost of revenue for construction contracts primarily consisted of material costs, subcontracting costs, direct labor costs, rental of equipment and other expenses incurred in contract performance. These costs are expenses as incurred.
Borrowing costs
All borrowing costs are recognized in interest expenses in the consolidated statement of operations and comprehensive income (loss) in the period in which they are incurred.
General and administrative expenses
General and administrative expenses consist primarily of motor vehicle running expenses, travelling and entertainment and general administrative expenses such as of staff costs, rental expenses, depreciation, legal and professional fees and other miscellaneous administrative expenses.
F-13
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
Employee benefit
Defined contribution plan
The Company participates in the national pension schemes as defined by the laws of Singapore’s jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.
Government grants
Government grants are compensation for expenses already incurred or for the purpose of giving immediate financial support to the Company. The government evaluates the Company’s eligibility for the grants on a consistent basis, and then makes the payment. Therefore, there are no restrictions on the grants.
Government grants are recognized when received and all the conditions for their receipt have been met and are recorded as part of “other income”. The total grants received from the Singapore Government were S$7,133 and S$3,596 ($2,827) for the year ended December 31, 2024, and for the six months ended June 30, 2025, respectively.
Income taxes
The Company accounts for income taxes under ASC 740. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the unaudited condensed consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.
An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No penalties and interest incurred related to underpayment of income tax for the six months ended June 30, 2024 and 2025. The Company had no uncertain tax positions as of December 31, 2024 and June 30, 2025. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.
As of June 30, 2025, the tax years ended December 31, 2021 through 2024 for the Company’s Singapore subsidiary remain open for statutory examination by Singapore tax authorities.
Related parties’ transactions
Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.
F-14
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
Commitments and contingencies
In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. As of December 31, 2024 and June 30, 2025, the Company’s accrued provision for its ongoing litigation matters was S$275,000 and S$260,000 ($204,419) respectively in its unaudited condensed consolidated financial statements. For more information see “Note 17 — Commitments and Contingencies”.
Earnings (Loss) per share
The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average number of ordinary shares outstanding for the period. Diluted EPS presents the diluted effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. As of December 31, 2024 and June 30, 2025, there were no dilutive shares.
Segment reporting
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280)” (“ASU 2023-07”). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision useful financial analyses. Topic 280 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (“CODM”) uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The Company adopted this ASU retrospectively on December 31, 2024. Refer to Note 16, Segment Reporting for the inclusion of the new required disclosures.
In accordance with ASC 280, Segment Reporting, an operating segment is identified as a component of an enterprise that engages in business activities about which separate discrete financial information and operating results is the Company’s CODM has been identified as the Chief Executive Officer. The Company operates and manages its business as a single segment – in the development of construction projects. The Company’s CODM assesses performance for the segment and decides how to allocate resources by regularly reviewing the segment net income (loss) that also is reported as unaudited condensed consolidated net loss on the statement of operations and comprehensive income (loss), after taking into account the Company’s strategic priorities, its cash balance, and its expected use of cash. Further, the CODM reviews and utilizes revenue (i.e., commercial customers and residential customers), cost of revenue (i.e., subcontracting costs, material costs, labor costs, equipment rental and site costs, and other direct costs, and operating expenses (i.e., staff expenses, depreciation and amortization, lease expenses, lease expenses, transport and entertainment, professional fees, and other miscellaneous expenses) at the consolidated level to manage the Company’s operations. Other segment items included in interest expenses, net, other income, and income tax (expenses) benefit, which are reflected in the segment and unaudited condensed consolidated net loss. The measure of segment assets is reported on the unaudited condensed consolidated balance sheet as total consolidated assets.
F-15
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
Significant Risks
Currency risk
The Company’s operating activities are transacted in S$. Foreign exchange risk may arise from future commercial transactions, and from fluctuations and the degree of volatility of foreign exchange rates between $ and S$.
Concentration and Credit Risk
Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash, accounts receivable, and amounts due from a related party. The maximum exposures of such assets to credit risks are their carrying amounts as of the balance sheet dates. The Company deposits its cash with financial institutions located in Singapore and United States of America. As of December 31, 2024 and June 30, 2025, S$3,373,424 and S$2,933,523 ($2,306,410) (unaudited) were deposited with financial institutions located in Singapore and United States of America, respectively. The Deposit Protection Scheme introduced by the Singapore Government insured each depositor at one bank for a maximum amount of S$100,000. The Federal Deposit Insurance Corporation provides coverage of US$250,000 per depositor. The Company believes that no significant credit risk exists as these financial institutions have high credit quality and the Company has not incurred any losses related to such deposits.
For the credit risk related to accounts receivable, the Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company determines its allowance for credit losses for account receivable using an aging schedule. The Company estimates the credit loss rates based on historical loss information, aging of receivables and management’s judgements, including current, reasonable and supportable.
forecasted economic conditions compared to the economic conditions using the historical information. The management believes that its contract acceptance, billing and collection policies are adequate in minimizing material credit risk. Application of progress payment of contract works is made on a regular basis. The Company seeks to maintain strict control over its outstanding receivables.
Credit risk on amounts due from a related party is not significant as the timing of payment is controlled by common director and shareholders taking into account cash flow requirements of the Company and there has been no significant increase in the risk of default nor impairment recognized on the amounts due from a related party since initial recognition.
For the six months ended June 30, 2024, four customers accounted for approximately 28%, 24%, 18% and 13% of the Company’s total revenue. For the six months ended June 30, 2025, five customers accounted for approximately 25%, 22%, 19%, 12% and 11% of the Company’s total revenue.
As of December 31, 2024, three customers accounted for approximately 28%, 32% and 40% of the total accounts receivable. As of June 30, 2025, four customers accounted for approximately 42%, 21%, 20% and 10% of the total accounts receivable.
For the six months ended June 30, 2024 and 2025, the Company did not have significant suppliers or subcontractors accounting for more than 10% of total purchases.
The table below sets out the suppliers or subcontractors who accounted for 10% or more of the Company’s total accounts payable as of December 31, 2024 and June 30, 2025.
| Percentage of accounts payable (%) |
|---|
| Name of Supplier/Subcontractor | Products/services supplied | As of December 31, 2024 | | As of <br> June 30, 2025 (Unaudited) | |
| Supplier A | Materials | | - | | 29 |
| Subcontractor B | Subcontract service | | 22 | | - |
| Subcontractor C | Subcontract service | | 12 | | - |
| Subcontractor D | Subcontract service | | 12 | | - |
F-16
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Summaryof Significant Accounting Policies (cont.)
Interest rate risk
Fluctuations in market interest rates may negatively affect the Company’s financial condition and results of operations. The Company is exposed to floating interest rate on cash deposit and floating rate borrowings, and risks due to changes in interest rates is not material. The Company has not used any derivative financial instruments to manage interest rate exposure.
Recently issued accounting pronouncements
The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The intent of ASU 2023-09 is to improve the disclosures around a company’s rate reconciliation information and certain types of income taxes companies are required to pay. Specifically, these new disclosure requirements will provide more transparency regarding income taxes companies pay in the United States and other countries, along with more disclosure around a company’s rate reconciliation, among other new disclosure requirements, such that users of financial statements can get better information about how the operations, related tax risks, tax planning and operational opportunities of companies affect their effective tax rates and future cash flow prospects. ASU 2023-09 is effective for annual fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments under ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the potential impact of ASU 2023-09 on its consolidated financial statements and disclosures.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its Consolidated Financial Statements.
Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated balance sheets, unaudited condensed consolidated statements of operations and comprehensive income (loss) and unaudited condensed consolidated statements of cash flows.
F-17
SPRINGVIEWHOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 4 — ACCOUNTS RECEIVABLE,NET
Accounts receivable, net consisted of the following:
| As<br> of | As<br> of June 30, | |||||
|---|---|---|---|---|---|---|
| December 31,<br> 2024 | 2025<br> (Unaudited) | 2025<br> (Unaudited) | ||||
| S | S | |||||
| Accounts<br> receivable | ||||||
| Less:<br> Allowance for credit losses | ) | ) | ) | |||
| Accounts<br> receivable, net |
All values are in US Dollars.
Movements of allowance for credit losses are as follows:
| As of | As of June 30, | ||
|---|---|---|---|
| December 31, 2024 | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Allowance for expected credit losses, beginning | |||
| Additions | |||
| Allowance for expected credit losses, ending |
All values are in US Dollars.
F-18
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 5 — CONTRACT ASSETS
Contract assets consisted of the following:
| As of | As of June 30, | ||
|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Revenue recognized to date | |||
| Less: Progress billings to date | |||
| Contract assets | |||
| Contract assets – current | |||
| Contract assets – non-current |
All values are in US Dollars.
Contract assets are classified as current and non-current based on whether they have exceeded the maintenance period.
While the project has been completed, the Company continues to provide maintenance services and is progressively recovering the associated Contract asset. Based on the Company’s assessment, there is a high likelihood of full recovery for this contract asset. Consequently, no impairment provision is deemed necessary for this project at this time.
Note 6 — LOAN RECEIVABLE -THIRD PARTY, NET
Loan receivable – third party, net consisted of the following:
| As of | As of June 30, | ||||
|---|---|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | |||
| S | S | ||||
| Borrower A | |||||
| Less: Allowance for credit loss | ) | ) | |||
| Loan receivable – third party, net |
All values are in US Dollars.
The Company provided Borrower A with a term loan of S$2,621,944 ($2,000,000), maturing on April 15, 2025, the loan shall bear interest at a fixed rate of five percent (5%) per annum.
As of the date of the issuance of unaudited condensed consolidated financial statements, the Company has collected S$1,300,000 and extended the remaining balance of S$1,321,944 to October 15, 2025.
The Company recognized an expected credit loss provision of S$132,194 ($103,935) for the six months ended June 30, 2025.
F-19
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 7 — OTHER ASSETS
Other assets — current consisted of the following:
| As of | As of June 30, | ||
|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Prepayments | |||
| Short-term deposits | |||
| Interest receivable from a third party | |||
| Other assets – current |
All values are in US Dollars.
Other assets — non-current consisted of the following:
| As of | As of June 30, | ||
|---|---|---|---|
| December 31, 2024 | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Advance to suppliers | |||
| Long-term deposits | |||
| Other assets – non-current |
All values are in US Dollars.
Short-term deposits include deposits for tenders while long-term deposits primarily include deposits for leases.
Note 8 — PROPERTY AND EQUIPMENT,NET
Property and equipment, net, consist of the following:
| As of | As of June 30, | |||||
|---|---|---|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | ||||
| S | S | |||||
| Computers | ||||||
| Office equipment | ||||||
| Subtotal | ||||||
| Less: Accumulated depreciation | ) | ) | ) | |||
| Property and equipment, net |
All values are in US Dollars.
Depreciation expenses of owned assets for the year ended December 31, 2024 and for the six months ended June 30, 2025 amounted to S$4,314 and S$1,994 ($1,568), respectively.
No impairment loss had been recognized during the year ended December 31, 2024 and for the six months ended June 30, 2025.
F-20
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 9 — LEASES
Finance leases as lessee
As of December 31, 2024 and June 30, 2025, the Company has finance leases on its unaudited condensed consolidated balance sheets for hire purchase of motor vehicle and lease of office equipment.
The following table shows finance lease liabilities and the associated financial statement line items:
| As of | As of June 30, | ||
|---|---|---|---|
| December 31, <br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Liabilities | |||
| Finance lease liabilities – current | |||
| Finance lease liabilities – non-current | |||
| Total |
All values are in US Dollars.
As of December 31, 2024 and June 30, 2025, “Right-of-use assets, net” consisted of the following:
| As of | As of June 30, | |||||
|---|---|---|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | ||||
| S | S | |||||
| Motor vehicles under hire purchase | ||||||
| Leased office equipment | ||||||
| Less: Accumulated amortization | ) | ) | ) | |||
| Right-of-use assets (finance lease), net |
All values are in US Dollars.
Information related to finance lease activities during the periods are as follows:
| For the six months ended June 30, | |||
|---|---|---|---|
| 2024 (Unaudited) | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Finance lease expenses | |||
| Amortization | |||
| Interest of financing lease liabilities |
All values are in US Dollars.
F-21
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 9 — LEASES (cont.)
Future finance lease payments as of June 30, 2025 (unaudited) are detailed as follows:
| For the year ending June 30, | S | |||
|---|---|---|---|---|
| 2026 | ||||
| 2027 | ||||
| 2028 | ||||
| 2029 and thereafter | ||||
| Total future lease payment | ||||
| Less: Imputed interest | ) | ) | ||
| Present value of finance lease liabilities | ||||
| Less: Current portion | ) | ) | ||
| Long-term potion of finance lease liabilities |
All values are in US Dollars.
The following table shows the weighted-average lease terms and discount rates for finance leases:
| As of |
|---|
| | As of <br><br>December 31,<br><br>2024 | | June 30, <br><br>2025 (Unaudited) | |
| Weighted average remaining lease term (Years) | | | | |
| Finance leases | | 2.91 | | 2.48 | | Weighted average discount rate (%) | | | | |
| Finance leases | | 5.21 | | 5.18 |
Operating leases as lessee
As of December 31, 2024 and June 30, 2025, the Company has operating leases on its unaudited condensed consolidated balance sheets rentals of leasehold buildings.
The following table shows operating lease liabilities and the associated financial statement line items:
| As of | As of June 30, | ||
|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Liabilities | |||
| Operating lease liabilities – current | |||
| Operating lease liabilities – non-current | |||
| Total |
All values are in US Dollars.
F-22
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 9 — LEASES (cont.)
As of December 31, 2024 and June 30, 2025, “Right-of-use assets, net” consisted of the following:
| As of | As of June 30, | |||||
|---|---|---|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | ||||
| S | S | |||||
| Leasehold buildings | ||||||
| Less: Accumulated amortization | ) | ) | ) | |||
| Right-of-use assets (operating lease), net |
All values are in US Dollars.
Information related to operating lease activities during the periods are as follows:
| For the six months ended June 30, | |||
|---|---|---|---|
| 2024 (Unaudited) | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Operating lease expenses | |||
| Amortization | |||
| Interest of operating lease liabilities |
All values are in US Dollars.
Future operating lease payments as of June 30, 2025 are detailed as follows:
| For the year ending June 30, | S | |||
|---|---|---|---|---|
| 2026 | ||||
| 2027 and thereafter | ||||
| Total future lease payment | ||||
| Less: Imputed interest | ) | ) | ||
| Present value of operating lease liabilities | ||||
| Less: Current portion | ) | ) | ||
| Long-term potion of operating lease liabilities |
All values are in US Dollars.
The following table shows the weighted-average lease terms and discount rates for operating leases:
| As of | As of <br><br>June 30, |
|---|
| | December 31,<br><br>2024 | | 2025 (Unaudited) | |
| Weighted average remaining lease term (Years) | | | | |
| Operating leases | | 1.56 | | 1.23 | | Weighted average discount rate (%) | | | | |
| Operating leases | | 3.42 | | 3.11 |
F-23
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 10 — LOANS AND BORROWINGS
Long-term and short-term loans and borrowings are as follows:
| As of | As of June 30, | ||
|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Total loans and borrowings | |||
| Less: loans and borrowings – current | |||
| Loans and borrowings – non-current |
All values are in US Dollars.
Bank borrowings comprised of the following:
| As of | As of June 30, |
|---|
| Loans and borrowings | Principal amount | Maturity Date | Interest Rate | Repayment Method | December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) |
| | S | | | | S | S | |
| Standard Chartered Bank Enterprise Financing Temporary Bridging Loan II | | July 31,<br> 2025 | 4.12% below prevailing Business Instalment Loan Board Rate, subject to a cap of 5% | Monthly Repayment | | | |
| ANEXT Bank Loan | | January 26,<br> 2028 | Fixed at 8.80% | Monthly Repayment | | | |
| Standard Chartered Bank Business Installment Loan | | August 31, 2028 | 0.72% below prevailing Business Instalment Loan Board Rate | Monthly Repayment | | | |
| OCBC Business Term Loan | | August 31, 2028 | 4.25% below prevailing Business Term Rate | Monthly Repayment | | | |
| DBS SME Working Capital Loan II | | August 9, 2028 | Fixed at 7.75% | Monthly Repayment | | | |
| Total loans and borrowings | | | | | | | |
All values are in US Dollars.
For the year ended December 31, 2024 and the six months ended June 30, 2025, the effective interest rate of the Company’s loans and borrowings ranges from 2.75% to 8.80%, and 4.88% to 8.80%,respectively.
Interest expenses arising from the Company’s loans and borrowings for the year ended December 31, 2024 and the six months ended June 30, 2025 amounted to S$80,176 and S$48,483 ($38,119), respectively.
All loans and borrowings are secured over the joint and several personal guarantees from Ms. Siew Yian Lee and Mr. Heng Kong Chuan, the director and shareholders of the Company.
F-24
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 10 — LOANS AND BORROWINGS (cont.)
The maturity dates for the Company’s outstanding loans and borrowings as of June 30, 2025 are as follows:
| For the year ending June 30, | S | |||
|---|---|---|---|---|
| 2026 | ||||
| 2027 | ||||
| 2028 | ||||
| 2029 | ||||
| Total loans and borrowings | ||||
| Less: Imputed interest | ) | ) | ||
| Present value of loans and borrowings |
All values are in US Dollars.
Note 11 — OTHER PAYABLES ANDACCRUALS
The components of other payables and accruals are as follows:
| As of | As of June 30, | ||
|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Accrued expenses | |||
| Other payables | |||
| GST payable, net | |||
| Other payables and accruals |
All values are in US Dollars.
Accrued expenses mainly consisted of staff expenses and professional service fees and costs incurred for operating activities which are yet to bill. Other payables included the provision for legal claims amounting to S$275,000 and S$260,000 ($204,419) as of December 31, 2024 and June 30, 2025 respectively. For more information see “Note 17 — Commitments and Contingencies”.
F-25
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 12 — OTHER INCOME
| For the six months ended June 30, | |||
|---|---|---|---|
| 2024 (Unaudited) | 2025 (Unaudited) | 2025 (Unaudited) | |
| S | S | ||
| Interest income | |||
| Government grants | |||
| Total other income |
All values are in US Dollars.
Other income, which consists primarily of interest from a loan to a third party, was S$2,789 for the year ended December 31, 2024, and S$56,587 ($44,490) for the six months ended June 30, 2025.
Note 13 — INCOME TAXES
Income tax
Cayman Islands
The Company is incorporated in the Cayman Islands and is not subject to tax on income or capital gains under current Cayman Islands law. In addition, upon payments of dividends by the Company entities to their shareholders, no Cayman Islands withholding tax will be imposed. Accordingly, the Company does not accrue for taxes.
British Virgin Islands (“BVI”)
Under the current laws of the BVI, the Company’s subsidiary incorporated in BVI is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the BVI company to its respective shareholders, no BVI withholding tax will be imposed.
Singapore
The Company’s main operating subsidiary is incorporated in Singapore and is subject to income taxes on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant tax laws and regulations of Singapore. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.
F-26
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 13 — INCOME TAXES (cont.)
The following table reconciles Singapore statutory rates to the Company’s effective tax rate:
| For the six months ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 (Unaudited) | 2025 (Unaudited) | 2025 (Unaudited) | ||||
| S | S | |||||
| Income tax expenses | ||||||
| Current income tax expenses | — | — | — | |||
| Deferred income tax expenses (benefit) | ) | ) | ||||
| Income tax expenses (benefit) | ) | ) | ||||
| Income (Loss) before tax | ) | ) | ||||
| Singapore statutory income tax rate | % | % | % | |||
| Income tax expenses (benefit) computed at statutory rate | ) | ) | ||||
| Non-deductible expenses | ||||||
| Effect of different tax rates in other jurisdictions | ||||||
| Others | ||||||
| Income tax expenses (benefit) | ) | ) |
All values are in US Dollars.
The Company measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Company’s deferred tax asset and liability are as follows:
| As of | As of June 30, | |||||
|---|---|---|---|---|---|---|
| December 31,<br>2024 | 2025 (Unaudited) | 2025 (Unaudited) | ||||
| S | S | |||||
| Deferred tax assets | ||||||
| Lease liabilities | ||||||
| Net operating loss carry-forwards | ||||||
| Allowance for credit losses | ||||||
| Depreciation | ||||||
| Deferred tax liabilities | ||||||
| Right-of-use assets | ) | ) | ) | |||
| Unbilled revenue | ) | ) | ) | |||
| Deferred tax liabilities, net | ) | ) | ) |
All values are in US Dollars.
As the deferred tax assets and deferred tax liabilities are generated from the same entity, Springview (S), hence the deferred tax assets and deferred tax liabilities are eligible to net off with each other.
F-27
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 14 — EQUITY
Ordinary shares
The Company was incorporated in the Cayman Islands on September 27, 2023, with an authorized share capital of $50,000 divided into 50,000,000 ordinary shares of par value of $0.001 per share. On November 16, 2023, the authorized share capital was subsequently amended to become $50,000 divided into 400,000,000 Class A Shares and 100,000,000 Class B Shares.
On December 1, 2023, the Company issued 10,000,000 Class A Shares and 10,000,000 Class B Shares to the controlling shareholders at par value of $0.0001 per share.
On October 17, 2024, the Company completed its IPO of 1,500,000 Class A ordinary shares at $4.00 per share, generating gross proceeds of approximately $6.0 million. After deducting underwriting discounts, commissions, and offering expenses, net proceeds from IPO were approximately S$5.3 million ($3.9 million).
Each holder of Class A Shares is entitled to exercise one vote for each Class A Share held on any and all matters to be voted thereon in a general meeting of shareholders, and each holder of Class B Shares is entitled to exercise 20 votes for each Class B Share held on any and all matters to be voted thereon in a general meeting of shareholders. The Class B Shares are not convertible into Class A Shares and the Class A Shares are not convertible into Class B Shares. Holders of the Class A Shares may receive dividends paid by the Company and have the right to the surplus assets of the Company on its liquidation pursuant to the Amended and Restated Memorandum and Articles of Association. However. the holders of the Class B Shares have no right to any share of the dividends paid by the Company and no right to any share in the distribution of any surplus assets of the Company on its liquidation.
Note 15 — Relatedparty balances and transactions
The Company’s relationships with related parties who had transactions with the Company are summarized as follows:
| Related Party Name | Relationship to the Company |
|---|
| Springview Contracts Pte. Ltd. | Controlled by executive director and shareholder, Ms. Lee Siew Yian and shareholder, Mr. Heng Kong Chuan |
| GGL Enterprises Pte. Ltd. | Controlled by CEO and shareholder, Mr. Wang Zhuo, and shareholder, Mr. Heng Kong Chuan |
| Mr. Heng Kong Chuan | Shareholder and spouse of executive director, Ms. Lee Siew Yian |
| China International Corporate Management | Controlled by CEO and shareholder, Mr. Wang Zhuo |
F-28
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 15— Related party balances and transactions (cont.)
a. Accounts receivable due from a related party
| As of | As of June 30, | ||
|---|---|---|---|
| Related Party Name | December 31,<br> 2024 | 2025 (Unaudited) | 2025 (Unaudited) |
| S | S | ||
| Springview Contracts Pte. Ltd. | |||
| Total |
All values are in US Dollars.
b. Amount due to related parties
| As<br> of | As<br> of June 30, | |||||
|---|---|---|---|---|---|---|
| Related<br> Party Name | December 31,<br><br> 2024 | 2025<br> (Unaudited) | 2025<br> (Unaudited) | |||
| S | S | |||||
| Mr. Heng Kong<br> Chuan | ) | ) | ) | |||
| China<br> International Corporate Management | ) | ) | ) | |||
| Total | ) | ) | ) |
All values are in US Dollars.
As of June 30, 2025, the accounts receivable due from Springview Contracts Pte. Ltd. has been fully collected.
During the year ended December 31, 2024 and the six months ended June 30, 2025, the Company received repayment of S$125,941 and S$19,901 ($15,647) from Springview Contracts Pte. Ltd., respectively.
During the year ended December 31, 2024 and the six months ended June 30, 2025, the Company received proceeds from Mr. Heng Kong Chuan S$65,449 and S$224,184 ($176,259), respectively.
During the year ended December 31, 2024 and the six months ended June 30, 2025, the Company received proceeds of S$384,919 and S$17,399 ($13,680) from China International Corporate Management, respectively.
F-29
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 15 — Relatedparty balances and transactions (cont.)
c. Related party transactions
| For the six months ended June 30, | ||||
|---|---|---|---|---|
| Nature | Name | 2024 (Unaudited) | 2025 (Unaudited) | 2025 (Unaudited) |
| S | S | |||
| Collection of accounts receivable due from Springview Contracts Pte. Ltd | Springview Contracts Pte. Ltd.^(1)^ | |||
| Interior design service subcontracting cost provided by GGL Enterprises Pte. Ltd. | GGL Enterprises Pte. Ltd. |
All values are in US Dollars.
| ^(1)^ | Springview Contracts Pte. Ltd. engaged the Company to provide<br>construction services for projects under Springview Contracts Pte. Ltd. The total charges are computed and issued as sales invoices to<br>Springview Contracts Pte. Ltd. by the Company at the end of each fiscal year, which resulted in accounts receivable and amounts due from<br>Springview Contracts Pte. Ltd. Such receivables are due within 120 days. As of June 30, 2025, no receivables are considered past due. |
|---|
As of June, 2025, Mr. Zhuo Wang, via China International Corporate Management which is under his control, has provided financial support amounting to S$986,646 ($775,726) for payment of expenses incurred for IPO and accrued interest under this financial support letter.
The Company signed an agreement with Mr. Heng Kong Chuan on August 1st, 2024, under which Mr. Heng Kong Chuan would provide the company with an interest-free working capital loan facility not exceeding S$1,500,000 till July 30, 2025. As of June 30, 2025, the company had borrowed a total of S$594,155 from Mr. Heng Kong Chuan.
F-30
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 16 — SEGMENT REPORTING
The following table presents financial information, including significant segment expenses, which are regularly provided to the CODM and included within segment and unaudited condensed consolidated net loss:
| For the six months ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | ||||
| S | S | |||||
| Revenue | ||||||
| Commercial customers | ||||||
| Residential customers | ||||||
| Total revenue | ||||||
| Cost of revenue | ||||||
| Subcontracting costs | ) | ) | ) | |||
| Material costs | ) | ) | ) | |||
| Labor costs | ) | ) | ) | |||
| Equipment rental and site costs | ) | ) | ) | |||
| Other direct costs | ) | ) | ) | |||
| Total cost of revenue | ) | ) | ) | |||
| Gross profit | ||||||
| Operating expenses | ||||||
| Staff expenses | ) | ) | ) | |||
| Depreciation and amortization | ) | ) | ) | |||
| Lease expenses | ) | ) | ) | |||
| Medical and insurance expenses | ) | ) | ) | |||
| Transport and entertainment | ) | ) | ) | |||
| Professional fees | ) | ) | ) | |||
| Provision for fines and charges | ) | |||||
| Bad debt written off | ) | ) | ||||
| Other miscellaneous expenses | ) | ) | ) | |||
| Total operating expenses | ) | ) | ) | |||
| Income (loss) from operations | ) | ) | ||||
| Other income (expenses) | ||||||
| Interest expenses, net | ) | ) | ) | |||
| Other income | ||||||
| Total other (expense) income, net | ) | |||||
| Income (loss) before income taxes | ) | ) | ||||
| Income tax (expenses) benefit | ) | |||||
| Net income (loss) | ) | ) |
All values are in US Dollars.
F-31
SPRINGVIEW HOLDINGS LTDNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 17 — COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claim, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable per guidance of ASC Topic 450-20－Loss Contingencies.
As of December 31, 2024 and June 30, 2025, the Company is subject to legal proceeding from a charge by Ministry of Manpower for an offence under Section 12(1) of the Workplace Safety and Health Act for failure to take measure to ensure the safety of its employees at work in one of its construction projects in 2019 which resulted in injuries to one worker and one fatality. The Company has claimed trial to this charge. For the same incident, the Company was also charged under Section 5 of the Building Control Act for carrying out building works that were not approved by the Commissioner of Building Control. On June 17, 2025, the Company was convicted of Charge No. DSC-900110-2021 under Section 12(1) of the Workplace Safety and Health Act for failing to take reasonably practicable measure to ensure the safety of employees at work. The matter is fixed for sentencing in October 2025.
Additionally, the Company was also subject to a claim from an employee of a subcontractor for a construction project for damages arising out of injuries and loss suffered as a result of work accident at the project site. The claimant sought to hold the Company and the subcontractor jointly and severally liable for the claim. The matter was resolved via a settlement agreement finalized on March 14, 2025. As the main contractor, the Company paid S$15,000 to the claimant and S$1,000 to setting aside application on April 2, 2025, which constituted a full and final settlement of all claims related to this matter, and no further liability existed as of June 30, 2025.
As of December 31, 2024 and June 30, 2025, the Company’s accrued provision for the legal proceedings was S$275,000 and S$260,000 ($204,419) respectively. For the year ended December 31, 2024 and the six months ended June 30, 2025, the Company’s provision for estimated litigation loss was nil and nil respectively.
Note 18 — SUBSEQUENT EVENTS
The Company evaluated all events and transactions through the date of issuance of these unaudited condensed consolidated financial statements, and concluded there were no other material subsequent events that require disclosure in these unaudited condensed consolidated financial statements.
F-32