{"url_path":"/sec/apex/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 ****EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/2069858/0001213900-26-054917-index.html","accession_number":"0001213900-26-054917","cik":"0002069858","ticker":"APEX","issuer_name":"APEX Global Solutions Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/2069858/0001213900-26-054917-index.html","primary_entity_key":"0002069858","primary_entity_name":"APEX Global Solutions Ltd"},"word_count":16046,"has_tables":true,"body_markdown":"**ITEM 19.****EXHIBITS**\n\n \n\n**Exhibit\nNo.**\n \n**Description**\n\n \n \n \n\n1.1\n \n[Memorandum\nand Articles of Association of the registrant (incorporated herein by reference to Exhibit 3.1 to the Company’s Registration\nStatement on Form F-1, filed with the SEC on August 19, 2025).](http://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex3-1_apexglo.htm)\n\n2.1*\n \n[Description\nof Securities](ea028734501ex2-1.htm)\n\n4.1†\n \n[Form\nof Executive Service Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.1\nto the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](http://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-1_apexglo.htm)\n\n4.2\n \n[Business\nInstalment Loan between Jeneric Offshore Pte. Ltd. and Standard Chartered Bank (Singapore) Limited dated June 8, 2023 (incorporated\nherein by reference to Exhibit 10.2 to the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](http://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-2_apexglo.htm)\n\n4.3\n \n[Form\nof Tenancy Agreement between Westlite Dormitory (Woodlands) Pte. Ltd. and Jeneric Engineering Pte. Ltd. (incorporated herein by reference\nto Exhibit 10.5 to the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-5_apexglo.htm)\n\n4.4\n \n[Form\nof Tenancy Agreement between Westlite Juniper (Mandai) Pte. Ltd. and Jeneric Offshore Pte. Ltd. (incorporated herein by reference\nto Exhibit 10.6 to the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-6_apexglo.htm)\n\n4.5\n \n[Form\nof Tenancy Agreement between KT Mesdorm Pte. Ltd. and Jeneric Marine Pte. Ltd. (incorporated herein by reference to Exhibit 10.7\nto the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-7_apexglo.htm)\n\n4.6\n \n[Form\nof Tenancy Agreement between KT Mesdorm Pte. Ltd. and Jeneric Offshore Pte. Ltd. (incorporated herein by reference to Exhibit 10.8\nto the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-8_apexglo.htm)\n\n4.7\n \n[Master\nEquipment Lease Agreement by and among Jebs Enterprise Pte. Ltd., Jeneric Engineering Pte. Ltd., Jeneric International Pte. Ltd.,\nJeneric Marine Pte. Ltd., Jeneric Offshore Pte. Ltd., Jeneric Services Pte. Ltd., and Jeneric Venture Pte. Ltd. (incorporated herein\nby reference to Exhibit 10.9 to the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-9_apexglo.htm)\n\n4.8\n \n[Form\nof Equipment Lease Agreement by and between Jebs Enterprise Pte. Ltd., and each of Jeneric Engineering Pte. Ltd., Jeneric International\nPte. Ltd., Jeneric Marine Pte. Ltd., Jeneric Offshore Pte. Ltd., Jeneric Services Pte. Ltd., and Jeneric Venture Pte. Ltd. (incorporated\nherein by reference to Exhibit 10.10 to the Company’s Registration Statement on Form F-1, filed with the SEC on August 19,\n2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-10_apexglo.htm)\n\n4.9+\n \n[Share\nSwap Agreement by and among Jeneric Holdings Pte. Ltd., APEX Global Solutions Limited and Ascendo Global Limited, dated May 20, 2025\n(incorporated herein by reference to Exhibit 10.11 to the Company’s Registration Statement on Form F-1, filed with the SEC\non August 19, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-11_apexglo.htm)\n\n4.10\n \n[APEX\nGlobal Solutions Limited 2025 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.12 to the Company’s Registration\nStatement on Amendment No. 1 to Form F-1, filed with the SEC on September 8, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025085508/ea025622001ex10-12_apexglo.htm)\n\n4.11\n \n[Form\nof Share Option Agreement for APEX Global Solutions Limited 2025 Equity Incentive Plan (incorporated herein by reference to Exhibit\n10.13 to the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-13_apexglo.htm)\n\n4.12\n \n[Form\nof Restricted Share Award Agreement for APEX Global Solutions Limited 2025 Equity Incentive Plan (incorporated herein by reference\nto Exhibit 10.14 to the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-14_apexglo.htm)\n\n \n\n71\n\n \n\n \n\n4.13\n \n[Form\nof Restricted Share Unit Award Agreement for APEX Global Solutions Limited 2025 Equity Incentive Plan (incorporated herein by reference\nto Exhibit 10.15 to the Company’s Registration Statement on Form F-1, filed with the SEC on August 19, 2025).](https://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex10-15_apexglo.htm)\n\n8.1\n \n[List\nof subsidiaries of the registrant (incorporated herein by reference to Exhibit 21.1 to the Company’s Registration Statement\non Form F-1, filed with the SEC on August 19, 2025).](http://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex21-1_apexglo.htm)\n\n11.1\n \n[Code\nof Ethics and Business Conduct of the registrant (incorporated herein by reference to Exhibit 14.1 to the Company’s Registration\nStatement on Form F-1, filed with the SEC on August 19, 2025).](http://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex14-1_apexglo.htm)\n\n11.2*\n \n[Insider\nTrading Policy of the registrant](ea028734501ex11-2.htm)\n\n12.1*\n \n[Certification\nof the Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended](ea028734501ex12-1.htm)\n\n12.2*\n \n[Certification\nof the Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended](ea028734501ex12-2.htm)\n\n13.1**\n \n[Certification\nof the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the\nSarbanes-Oxley Act of 2002](ea028734501ex13-1.htm)\n\n97.1*\n \n[Clawback\nPolicy of the registrant](ea028734501ex97-1.htm)\n\n99.1\n \n[Audit\nCommittee Charter (incorporated herein by reference to Exhibit 99.2 to the Company’s Registration Statement on Form F-1, filed\nwith the SEC on August 19, 2025).](http://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex99-2_apexglo.htm)\n\n99.2\n \n[Compensation\nCommittee Charter (incorporated herein by reference to Exhibit 99.3 to the Company’s Registration Statement on Form F-1, filed\nwith the SEC on August 19, 2025).](http://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex99-3_apexglo.htm)\n\n99.3\n \n[Nominating\nand Corporate Governance Committee Charter (incorporated herein by reference to Exhibit 99.4 to the Company’s Registration\nStatement on Form F-1, filed with the SEC on August 19, 2025).](http://www.sec.gov/Archives/edgar/data/2069858/000121390025078341/ea025364401ex99-4_apexglo.htm)\n\n101.INS\n \nInline\nXBRL Instance Document.\n\n101.SCH\n \nInline\nXBRL Taxonomy Extension Schema Document.\n\n101.CAL\n \nInline\nXBRL Taxonomy Extension Calculation Linkbase Document.\n\n101.DEF\n \nInline\nXBRL Taxonomy Extension Definition Linkbase Document.\n\n101.LAB\n \nInline\nXBRL Taxonomy Extension Label Linkbase Document.\n\n101.PRE\n \nInline\nXBRL Taxonomy Extension Presentation Linkbase Document.\n\n104\n \nCover\nPage Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n \n\n*Filed\nherewith\n\n**Furnished\nherewith\n\n†Executive\ncompensation plan or arrangement\n\n \n\n72\n\n \n\n \n\n**INDEX\nTO APEX GLOBAL SOLUTIONS LIMITED AND SUBSIDIARIES**\n\n**AUDITED\nCONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n \n \n**PAGE**\n\n \n \n \n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID: 6783)](#b_001)\n \nF-2\n\n \n \n \n\n[Audited\nConsolidated Balance Sheets as of December 31, 2025, 2024 and 2023](#b_002)\n \nF-3\n\n \n \n \n\n[Audited\nConsolidated Statements of Operations and Comprehensive Income for the Fiscal Years Ended December 31, 2025, 2024 and 2023](#b_003)\n \nF-4\n\n \n \n \n\n[Audited\nConsolidated Statements of Changes in Shareholders’ Equity for the Fiscal Years Ended December 31, 2025, 2024 and 2023](#b_004)\n \nF-5\n\n \n \n \n\n[Audited\nConsolidated Statements of Cash Flows for the Fiscal Years Ended December 31, 2025, 2024 and 2023](#b_005)\n \nF-6\n\n \n \n \n\n[Notes to Audited Consolidated Financial Statements](#b_006)\n \nF-7 to F-32\n\n \n\nF-1\n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nTo the Board of Directors and Stockholders of\n\n \n\n**APEX GLOBAL SOLUTIONS LIMITED AND SUBSIDIARIES**\n\n \n\n*Opinion on the Financial Statements*\n\n \n\nWe have audited the accompanying balance sheets\nof **APEX Global Solutions Limited and Subsidiaries** (the Company) as of December 31, 2025, 2024 and 2023, and the related statements\nof operations and comprehensive income, statements of changes in shareholders’ equity, and cash flows for each of the years in the\nthree-year period ended December 31, 2025, and the related note (collectively referred to as the financial statements).\n\n \n\nIn our opinion, the financial statements present\nfairly, in all material respects, the financial position of the Company as of December 31, 2025, 2024 and 2023, and the results of its\noperations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles\ngenerally accepted in the United States of America.\n\n \n\n*Basis for Opinion*\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are\nrequired to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and\nregulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n/s/ Assentsure PAC\n\nPCAOB ID 6783\n\n \n\nWe have served as the Company’s auditor\nsince 2025.\n\n \n\nSingapore,\n\nMay 12, 2026\n\n \n\nF-2\n\n \n\n \n\n**APEX GLOBAL SOLUTIONS LIMITED\nAND SUBSIDIARIES**\n\n**AUDITED CONSOLIDATED BALANCE\nSHEETS**\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\nAssets \n   \n   \n   \n  \n\nCurrent assets: \n   \n   \n   \n  \n\nCash and cash equivalents \n 880,447  \n 1,132,117  \n 2,045,509  \n 1,776,304 \n\nAccounts receivable \n 1,366,270  \n 1,756,809  \n 3,579,302  \n 1,824,235 \n\nContract assets \n 1,809,619  \n 2,326,886  \n 1,298,248  \n 1,370,367 \n\nOther current assets \n 95,884  \n 123,292  \n 208,844  \n 132,056 \n\nAmount due from related parties \n \n-\n  \n \n-\n  \n 2,698,907  \n 2,330,026 \n\nIncome tax receivable \n \n-\n  \n \n-\n  \n \n-\n  \n 6,000 \n\nTotal current assets \n 4,152,220  \n 5,339,104  \n 9,830,810  \n 7,438,988 \n\n  \n    \n    \n    \n   \n\nNon-current assets: \n    \n    \n    \n   \n\nPlant and equipment, net \n 89,086  \n 114,550  \n 135,390  \n 782,961 \n\nRight-of-use assets, net \n 431,247  \n 554,516  \n 220,751  \n 1,001,840 \n\nDeferred offering costs \n 848,487  \n 1,091,021  \n \n-\n  \n - \n\nOther investments \n 123,506  \n 158,809  \n 152,217  \n 124,505 \n\nTotal non-current assets \n 1,492,326  \n 1,918,896  \n 508,358  \n 1,909,306 \n\n  \n    \n    \n    \n   \n\nTotal assets \n 5,644,546  \n 7,258,000  \n 10,339,168  \n 9,348,294 \n\n  \n    \n    \n    \n   \n\nLiabilities and shareholders’ equity \n    \n    \n    \n   \n\nCurrent liabilities: \n    \n    \n    \n   \n\nAccounts payable \n 339,633  \n 436,715  \n 654,097  \n 465,813 \n\nAccrued liabilities and other payables \n 343,581  \n 441,791  \n 760,714  \n 463,714 \n\nAmount due to related parties \n \n-\n  \n \n-\n  \n 55,400  \n 466,077 \n\nAmount due to director \n \n-\n  \n \n-\n  \n \n-\n  \n 688 \n\nBank borrowings \n 1,583,017  \n 2,035,512  \n 3,203,738  \n 2,423,078 \n\nLease liabilities \n 293,563  \n 377,477  \n 141,950  \n 348,995 \n\nIncome tax payable \n 47,413  \n 60,966  \n 45,556  \n 6,920 \n\nTotal current liabilities \n 2,607,207  \n 3,352,461  \n 4,861,455  \n 4,175,285 \n\n  \n    \n    \n    \n   \n\nNon-current liabilities: \n    \n    \n    \n   \n\nBank borrowings \n 679,528  \n 873,766  \n 913,408  \n 1,898,689 \n\nLease liabilities \n 72,209  \n 92,849  \n 17,630  \n 94,713 \n\nDeferred tax liabilities \n \n-\n  \n \n-\n  \n 17,583  \n 17,583 \n\nTotal long-term liabilities \n 751,737  \n 966,615  \n 948,621  \n 2,010,985 \n\n  \n    \n    \n    \n   \n\nTotal liabilities \n 3,358,944  \n 4,319,076  \n 5,810,076  \n 6,186,270 \n\n  \n    \n    \n    \n   \n\nShareholders’ equity \n    \n    \n    \n   \n\nOrdinary shares, Class A, no par value, unlimited number of ordinary shares authorized, 21,250,000 ordinary shares issued and outstanding as of December 31, 2025, 2024 and 2023*\n\n \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nOrdinary shares, Class B, no par value, unlimited number of ordinary shares authorized, 3,750,000 ordinary shares issued and outstanding as of December 31, 2025, 2024 and 2023*\n\n \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nShare subscription receivable \n \n-\n  \n \n-\n  \n (45,082) \n (45,082)\n\nAdditional paid-in capital \n 1,556,676  \n 2,001,641  \n 2,001,641  \n 2,001,641 \n\nRetained earnings \n 728,926  \n 937,283  \n 2,572,533  \n 1,205,465 \n\nTotal shareholders’ equity \n 2,285,602  \n 2,938,924  \n 4,529,092  \n 3,162,024 \n\n  \n    \n    \n    \n   \n\nTotal liabilities and shareholders’ equity \n 5,644,546  \n 7,258,000  \n 10,339,168  \n 9,348,294 \n\n \n\n*Retrospective restated for effect of share reorganization\n(see Note 1)\n\n \n\nSee accompanying notes to audited consolidated\nfinancial statements.\n\n** **\n\nF-3\n\n \n\n** **\n\n**APEX GLOBAL SOLUTIONS LIMITED\nAND SUBSIDIARIES**\n\n**AUDITED CONSOLIDATED STATEMENTS\nOF OPERATIONS AND COMPREHENSIVE INCOME**\n\n \n\n  \nFiscal Years Ended December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nRevenue \n 6,969,041  \n 8,961,092  \n 8,696,136  \n 8,000,921 \n\n  \n    \n    \n    \n   \n\nCost of revenue \n (3,469,007) \n (4,460,598) \n (4,364,099) \n (4,954,702)\n\n  \n    \n    \n    \n   \n\nGross profit \n 3,500,034  \n 4,500,494  \n 4,332,037  \n 3,046,219 \n\n  \n    \n    \n    \n   \n\nOperating expenses: \n    \n    \n    \n   \n\nGeneral and administrative expenses \n (2,536,613) \n (3,261,686) \n (2,790,147) \n (2,761,082)\n\nTotal operating expenses \n (2,536,613) \n (3,261,686) \n (2,790,147) \n (2,761,082)\n\n  \n    \n    \n    \n   \n\nIncome from operations \n 963,421  \n 1,238,808  \n 1,541,890  \n 285,137 \n\n  \n    \n    \n    \n   \n\nOther income (expense): \n    \n    \n    \n   \n\n   Finance costs \n (218,127) \n (280,477) \n (323,091) \n (261,778)\n\n   Other interest expense \n (10,240) \n (13,167) \n \n-\n  \n - \n\n   Other income \n 53,801  \n 69,179  \n 186,905  \n 72,318 \n\n        Total other (expense), net \n (174,566) \n (224,465) \n (136,186) \n (189,460)\n\n  \n    \n    \n    \n   \n\nIncome before income taxes \n 788,855  \n 1,014,343  \n 1,405,704  \n 95,677 \n\n  \n    \n    \n    \n   \n\nIncome tax expense \n (4,945) \n (6,358) \n (38,636) \n 8,005 \n\n  \n    \n    \n    \n   \n\nNet income \n 783,910  \n 1,007,985  \n 1,367,068  \n 103,682 \n\n  \n    \n    \n    \n   \n\nWeighted average number of ordinary shares outstanding \n    \n    \n    \n   \n\nBasic and diluted* \n 25,000,000  \n 25,000,000  \n 25,000,000  \n 25,000,000 \n\n  \n    \n    \n    \n   \n\nEarnings per share attributable to ordinary shareholders \n    \n    \n    \n   \n\nBasic and diluted* \n 0.031  \n 0.040  \n 0.055  \n 0.004 \n\n \n\n*Retrospective restated for effect of share reorganization\n(see Note 1)\n\n \n\nSee accompanying notes to audited consolidated\nfinancial statements.\n\n \n\nF-4\n\n \n\n \n\n**APEX GLOBAL SOLUTIONS LIMITED AND SUBSIDIARIES**\n\n**AUDITED CONSOLIDATED STATEMENTS\nOF CHANGES IN SHAREHOLDERS’ EQUITY**\n\n** **\n\n \n \n**Ordinary shares, Class A and Class B**\n \n \nAdditional\n \n \nShare\n \n \n \n \n \nTotal\n \n\n \n \nShares outstanding*\n \n \nAmount*\n \n \npaid-in\n\ncapital\n \n \nsubscription\nreceivable\n \n \nRetained\nearnings\n \n \nshareholders’\nequity\n \n\n \n \n \n \n \nS$\n \n \nS$\n \n \nS$\n \n \nS$\n \n \nS$\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBalance as of January 1, 2023\n \n \n25,000,000\n \n \n \n\n      -\n\n \n \n \n1,501,641\n \n \n \n(45,082\n)\n \n \n2,101,783\n \n \n \n3,558,342\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nIssuance of new shares\n \n \n-\n \n \n \n\n-\n\n \n \n \n500,000\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n500,000\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDividends distribution\n \n \n-\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(1,000,000\n)\n \n \n(1,000,000\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet income for the year\n \n \n-\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n103,682\n \n \n \n103,682\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBalance as of December 31, 2023\n \n \n25,000,000\n \n \n \n\n-\n\n \n \n \n2,001,641\n \n \n \n(45,082\n)\n \n \n1,205,465\n \n \n \n3,162,024\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet income for the year\n \n \n-\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n1,367,068\n \n \n \n1,367,068\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBalance as of December 31, 2024\n \n \n25,000,000\n \n \n \n\n-\n\n \n \n \n2,001,641\n \n \n \n(45,082\n)\n \n \n2,572,533\n \n \n \n4,529,092\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDividends distribution\n \n \n-\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(2,592,688\n)\n \n \n(2,592,688\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nShare subscription received\n \n \n-\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n45,082\n \n \n \n\n-\n\n \n \n \n45,082\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nReclassification relates to prior period presentation of foreign currency translation within equity\n \n \n-\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(50,547\n)\n \n \n(50,547\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet income for the year\n \n \n-\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n1,007,985\n \n \n \n1,007,985\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBalance as of December 31, 2025\n \n \n25,000,000\n \n \n \n\n-\n\n \n \n \n2,001,641\n \n \n \n\n-\n\n \n \n \n937,283\n \n \n \n2,938,924\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBalance as of December 31, 2025 (US$)\n \n \n25,000,000\n \n \n \n\n-\n\n \n \n \n1,556,676\n \n \n \n\n-\n\n \n \n \n728,926\n \n \n \n2,285,602\n \n\n** **\n\n*Retrospective restated for effect of share reorganization\n(see Note 1)\n\n \n\nSee accompanying notes to audited\nconsolidated financial statements.\n\n \n\nF-5\n\n \n\n \n\n**APEX GLOBAL SOLUTIONS LIMITED\nAND SUBSIDIARIES**\n\n**AUDITED CONSOLIDATED STATEMENTS\nOF CASH FLOWS**\n\n** **\n\n \n \nFiscal Years Ended December 31,\n \n\n \n \n2025\n \n \n2025\n \n \n2024\n \n \n2023\n \n\n \n \nUS$\n \n \nS$\n \n \nS$\n \n \nS$\n \n\nCash flows from operating activities:\n \n \n \n \n \n \n \n \n \n \n \n \n\nNet income\n \n \n783,910\n \n \n \n1,007,985\n \n \n \n1,367,068\n \n \n \n103,682\n \n\nAdjustments to reconcile net income to net cash provided by operating activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDepreciation of plant and equipment\n \n \n57,050\n \n \n \n73,357\n \n \n \n101,957\n \n \n \n184,364\n \n\nAmortization of right-of-use assets\n \n \n289,694\n \n \n \n372,501\n \n \n \n392,633\n \n \n \n336,911\n \n\nBad debts written-off\n \n \n142,762\n \n \n \n183,570\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n\nDecrease in deferred tax liabilities\n \n \n(13,674\n)\n \n \n(17,583\n)\n \n \n\n-\n\n \n \n \n\n-\n\n \n\nFair value gain on other investments\n \n \n(5,127\n)\n \n \n(6,592\n)\n \n \n\n-\n\n \n \n \n(1,500\n)\n\nGain on disposal of plant and equipment\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(89,386\n)\n \n \n(15,093\n)\n\nGain on disposal of right-of-use assets\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(21,721\n)\n \n \n(12,670\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nChanges in operating assets and liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nAccounts receivable\n \n \n1,274,591\n \n \n \n1,638,923\n \n \n \n(592,723\n)\n \n \n1,540,992\n \n\nContract assets\n \n \n(799,972\n)\n \n \n(1,028,638\n)\n \n \n72,119\n \n \n \n(939,196\n)\n\nOther current assets\n \n \n66,534\n \n \n \n85,552\n \n \n \n(76,788\n)\n \n \n(10,623\n)\n\nIncome tax receivable\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n6,000\n \n \n \n(6,000\n)\n\nAccounts payable\n \n \n(169,058\n)\n \n \n(217,382\n)\n \n \n130,045\n \n \n \n(519,930\n)\n\nContract liabilities\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(40,000\n)\n\nAccrued liabilities and other payables\n \n \n(248,026\n)\n \n \n(318,923\n)\n \n \n355,239\n \n \n \n(478,865\n)\n\nIncome tax payable\n \n \n11,984\n \n \n \n15,410\n \n \n \n38,636\n \n \n \n3,773\n \n\nDeferred tax liabilities\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(8,613\n)\n\nOperating lease liabilities\n \n \n(312,611\n)\n \n \n(401,968\n)\n \n \n(281,777\n)\n \n \n(218,537\n)\n\n**Net cash provided by (used in) operating activities**\n \n \n1,078,057\n \n \n \n1,386,212\n \n \n \n1,401,302\n \n \n \n(81,305\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash flows from investing activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nPurchase of plant and equipment\n \n \n(40,842\n)\n \n \n(52,517\n)\n \n \n\n-\n\n \n \n \n\n-\n\n \n\nPurchase of other investments\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(27,712\n)\n \n \n\n-\n\n \n\nNet cash used in investing activities\n \n \n(40,842\n)\n \n \n(52,517\n)\n \n \n(27,712\n)\n \n \n\n-\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash flows from financing activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n(Repayment of) Proceeds from of bank borrowings\n \n \n(939,359\n)\n \n \n(1,207,868\n)\n \n \n(204,621\n)\n \n \n492,410\n \n\nRepayment of finance lease liabilities\n \n \n(34,296\n)\n \n \n(44,099\n)\n \n \n(119,518\n)\n \n \n(258,211\n)\n\nAmount due from related parties\n \n \n82,607\n \n \n \n106,219\n \n \n \n(368,881\n)\n \n \n483,335\n \n\nAmount due to related parties\n \n \n(43,085\n)\n \n \n(55,400\n)\n \n \n(410,677\n)\n \n \n(703,623\n)\n\nAmount due to director\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(688\n)\n \n \n(2,779\n)\n\nDeferred offering costs\n \n \n(848,487\n)\n \n \n(1,091,021\n)\n \n \n\n-\n\n \n \n \n\n-\n\n \n\nShare subscription received\n \n \n35,060\n \n \n \n45,082\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n\n**Net cash (used in) provided by financing activities**\n \n \n(1,747,560\n)\n \n \n(2,247,087\n)\n \n \n(1,104,385\n)\n \n \n11,132\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet changes in cash and cash equivalents\n \n \n(710,345\n)\n \n \n(913,392\n)\n \n \n269,205\n \n \n \n(70,173\n)\n\n**Cash and cash equivalents at beginning of year***\n \n \n1,590,792\n \n \n \n2,045,509\n \n \n \n1,776,304\n \n \n \n1,846,477\n \n\nCash and cash equivalents at end of year\n \n \n880,447\n \n \n \n1,132,117\n \n \n \n2,045,509\n \n \n \n1,776,304\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nSupplementary cash flows information:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash paid for income taxes\n \n \n6,634\n \n \n \n8,531\n \n \n \n\n-\n\n \n \n \n2,835\n \n\nCash paid for interest\n \n \n228,367\n \n \n \n293,644\n \n \n \n323,091\n \n \n \n261,778\n \n\n \n\n*Retrospective restated for effect of share reorganization\n(see Note 1)\n\n \n\nSee accompanying notes to audited consolidated\nfinancial statements.\n\n \n\nF-6\n\n \n\n** **\n\n**1. ORGANIZATION AND BUSINESS\nOVERVIEW**\n\n** **\n\nAPEX Global Solutions Limited (“APEX”)\nwas incorporated in the British Virgin Islands on July 5, 2024 as an exempted company with limited liability.\n\n \n\nAPEX, through its subsidiaries (collectively referred\nto as the “Company”), is primarily engaged in providing corrosion prevention services, including blasting (hydro and grit)\nand painting work, in the Marine and Oil & Gas industries in Singapore. The Company also offers specialized manpower solutions to\nsupport marine operations. With over 10 years of experience in delivering corrosion prevention services, the Company has established itself\nas a trusted partner in Singapore’s maritime sector. As a resident contractor at several major shipyards across Singapore, the Company\nhas built a strong presence in the industry. \n\n \n\nReorganization\n\n \n\nA reorganization of the Company’s legal\nstructure (the “Reorganization”) was completed on May 22, 2025. On September 4, 2025, each record owner of the Company’s\nClass A Ordinary Shares and Class B Ordinary Shares voluntarily surrendered to the Company 50% of the shares then held of record by such\nholder. The surrendered shares were immediately retired by the Company, without the payment of any cash or other consideration to the\nsurrendering shareholders. As a consequence of the surrender and retirement, the number of Class A Ordinary Shares issued and outstanding\nwas reduced from 42,500,000 shares to 21,250,000 shares and the number of Class B Ordinary Shares issued and outstanding was reduced from\n7,500,000 shares to 3,750,000 shares, while the Company’s authorized share capital remained unchanged.\n\n \n\nPrior to the Reorganization, the group consisted\nof Jeneric Holdings Pte. Ltd. (“Jeneric Holdings”), a private company incorporated in Singapore on April 22, 2011, and eight\nwholly owned subsidiaries. Of these, six were considered operating subsidiaries (the “Operating Subsidiaries”), namely Jeneric\nEngineering Pte. Ltd., incorporated in Singapore on April 22, 2011, Jeneric International Pte. Ltd., incorporated in Singapore on January\n5, 2009, Jeneric Marine Pte. Ltd., incorporated in Singapore on March 28, 2011, Jeneric Offshore Pte. Ltd., incorporated in Singapore\non May 20, 2011, Jeneric Services Pte. Ltd., incorporated in Singapore on May 20, 2011, and Jeneric Venture Pte. Ltd., incorporated in\nSingapore on October 29, 2019. The remaining two subsidiaries - Jebs Enterprise Pte. Ltd. (“Jebs Enterprise”), incorporated\nin Singapore on June 29, 2011, and PT Jeneric Jaya (“PT Jeneric”), incorporated in Indonesia on November 23, 2013 - were not\nclassified as Operating Subsidiaries, as Jebs Enterprise primarily provided equipment rental services to the Operating Subsidiaries, while\nPT Jeneric engaged in business activities that differed slightly from those of the Operating Subsidiaries.\n\n \n\nAs part of the Reorganization, the following steps\nwere undertaken:\n\n \n\n1.Jeneric Holdings established a wholly owned intermediate\nholding company, Ascendo Global Limited (“Ascendo”), in the British Virgin Islands.\n\n \n\n2.Jeneric Holdings transferred ownership of the Operating Subsidiaries\nto Ascendo.\n\n \n\n3.The Company acquired Ascendo from Jeneric Holdings in exchange\nfor newly issued shares of the Company, resulting in Ascendo and the Operating Subsidiaries becoming wholly owned subsidiaries of the\nCompany.\n\n \n\nFollowing the completion of the Reorganization,\nJeneric Holdings is no longer part of the group. This reorganization is considered a transaction among entities under common control,\nas the same ultimate shareholders controlled the group both before and after the Reorganization. Accordingly, the consolidated financial\nstatements have been prepared on a predecessor basis, as if the current structure (with the Company as the ultimate parent) had been in\nplace throughout all periods presented and in accordance with ASC 805-50-45-5.\n\n \n\nThese consolidated financial statements reflect\nthe financial position, results of operations, and cash flows of the Operating Subsidiaries (together, the “Group”) as the\naccounting predecessor to the Company. Jeneric Holdings has been excluded from these consolidated financial statements, as it is not part\nof the post-reorganization group and does not form part of the IPO issuer’s legal or reporting structure. All intercompany balances\nand transactions among the Group have been eliminated upon consolidation.\n\n \n\nF-7\n\n \n\n \n\nDescription of subsidiaries incorporated and\ncontrolled by the Company\n\n \n\n**Name**   **Background**   **Effective ownership**\n\n         \n\nAscendo Global Limited  \n● British Virgin Islands company\n\n● Incorporated on April 9, 2025\n\n● Issued and outstanding 2 ordinary share for SGD 2\n\n● Investment holding company\n  100% owned by APEX\n\n         \n\nJeneric Engineering Pte. Ltd.  \n● Singaporean company\n\n● Incorporated on April 22, 2011\n\n● Issued and outstanding 100,000 ordinary share for SGD 100,000\n\n● Provision of corrosion prevention services and specialized manpower solutions\n  100% owned by Ascendo\n\n         \n\nJeneric International Pte. Ltd.  \n● Singaporean company\n\n● Incorporated on January 5, 2009\n\n● Issued and outstanding 100,000 ordinary share for SGD 100,000\n\n● Provision of corrosion prevention services and specialized manpower solutions\n  100% owned by Ascendo\n\n         \n\nJeneric Marine Pte. Ltd.  \n● Singaporean company\n\n● Incorporated on March 28, 2011\n\n● Issued and outstanding 500,000 ordinary share for SGD 500,000\n\n● Provision of corrosion prevention services and specialized manpower solutions\n  100% owned by Ascendo\n\n         \n\nJeneric Offshore Pte. Ltd.  \n● Singaporean company\n\n● Incorporated on May 20, 2011\n\n● Issued and outstanding 200,000 ordinary share for SGD 200,000\n\n● Provision of corrosion prevention services and specialized manpower solutions\n  100% owned by Ascendo\n\n         \n\nJeneric Services Pte. Ltd.  \n● Singaporean company\n\n● Incorporated on May 20, 2011\n\n● Issued and outstanding 100,000 ordinary share for SGD 100,000\n\n● Provision of corrosion prevention services and specialized manpower solutions\n  100% owned by Ascendo\n\n         \n\nJeneric Venture Pte. Ltd.  \n● Singaporean company\n\n● Incorporated on October 29, 2019\n\n● Issued and outstanding 100,000 ordinary share for SGD 100,000\n\n● Provision of corrosion prevention services and specialized manpower solutions\n  100% owned by Ascendo\n\n \n\nF-8\n\n \n\n \n\n**2. SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES**\n\n** **\n\nThese accompanying consolidated financial statements\nreflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated\nfinancial statements and notes.\n\n \n\n● Basis of presentation\n\n \n\nThis summary of significant accounting policies\nis presented to assist in understanding the Company’s consolidated financial statements and have been consistently applied in the\npreparation of the financial statements The accompanying consolidated financial statements have been prepared in accordance with accounting\nprinciples generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the\nSecurities and Exchange Commission (“SEC”).\n\n \n\n● Use of estimates and assumptions\n\n \n\nThe preparation of consolidated financial statements\nin conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and\nreported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience\nand various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the\njudgements about carrying values of assets and liabilities that are not readily apparent from other sources.\n\n \n\nSignificant accounting estimates reflected in\nthe Company’s consolidated financial statements include, but are not limited to, revenue recognition, the expected credit loss for\naccounts receivable and other current assets, including deposits and other receivables, as well as assumptions used in assessing right-of-use\nassets and impairment of long-lived assets. Actual results may differ from these estimates.\n\n \n\n● Basis of consolidation\n\n \n\nThe consolidated financial statements include\nthe financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions within the Company\nhave been eliminated upon consolidation.\n\n \n\n● Business combination\n\n \n\nMerger accounting for business combinations\ninvolving entities under common control\n\n \n\nThe consolidated financial statements incorporate\nthe financial statements items of the combining entities or businesses in which the common control combination occurs as if they had been\ncombined from the date when the combining entities or businesses first came under the control of the controlling parties.\n\n \n\nThe net assets of the consolidating entities or\nbusinesses are consolidated using the existing book values from the controlling parties’ perspective. No amount is recognized in\nrespect of goodwill or excess of acquirer’s interest in the net fair value of acquiree’s identifiable assets, liabilities\nand contingent liabilities over cost at the time of common control consolidation, to the extent of the continuation of the controlling\nparties’ interest.\n\n \n\nThe consolidated statement of operations and comprehensive\nincome includes the results of each of the consolidating entities or businesses from the earliest date of presented or since the date\nwhen the consolidating entities or businesses first came under the common control, if this is a shorter period, regardless of the date\nof the common control consolidation. \n\n \n\nF-9\n\n \n\n \n\n● Foreign currency translation and transaction\n\n \n\nThe accompanying financial statements are presented\nin the Singapore Dollars (“SGD” or “S$”), which is the reporting currency of the Company. The functional currency\nof the Company, its subsidiary in the British Virgin Islands and its subsidiaries in Singapore is SGD, which is a functional currency\nas being the primary currency of the economic environment in which their operations are conducted.\n\n \n\n● Convenience translation\n\n \n\nTranslations of balances in the consolidated balance\nsheets, consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders’ equity\nand consolidated statements of cash flows from SGD into USD as of December 31, 2025 are solely for the convenience of the readers and\nare calculated at the rate of SGD 1.00 = USD 0.7777, representing the exchange rate set forth in the H.10 statistical release of the Federal\nReserve Board on December 31, 2025. No representation is made that the SGD amounts could have been, or could be, converted, realized or\nsettled into USD at such rate, or at any other rate.\n\n \n\n ● Cash and cash equivalents\n\n \n\nCash and cash equivalents consist primarily of\ncash in readily available checking and saving accounts. The carrying amounts are approximately fair value due to the short maturity of\nthese instruments. The Company maintains most of its bank accounts in Singapore.\n\n \n\n● Accounts receivable\n\n \n\nAccounts receivable mainly represent amounts due\nfrom customers that meet the revenue recognition criteria. These accounts receivable are recorded net of any allowance for credit losses\nand specific customer credit allowances. The Company maintains an allowance for estimated credit losses inherent in its accounts receivable\nportfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market\nconditions and the Company’s customers’ financial condition, the receivable amount in dispute, and the current receivables\naging and current payment patterns, over the contractual life of the receivable. Forward-looking information is also considered in the\nevaluation of current expected credit losses. The Company writes off the receivable when it is determined to be uncollectible. \n\n \n\n● Contract assets\n\n \n\nContract assets represent the Company’s\nright to consideration in exchange for goods or services that have been transferred to the customer, but for which invoicing has not yet\noccurred as of the reporting date. Contract assets are classified as current assets unless the Company expects to bill or collect the\namounts beyond one year from the reporting date.\n\n \n\nThe Company evaluates its contract assets for\ncollectability and includes them in the scope of the allowance for credit losses in accordance with ASC 326 (Financial Instruments –\nCredit Losses), applying the expected credit loss model.\n\n \n\n● Other current assets\n\n \n\nOther current assets primarily consist of other receivables, Goods\nand Services Tax receivables, deposits and prepaid insurance. These other current assets are unsecured and are reviewed periodically to\ndetermine whether their carrying value has become impaired.\n\n \n\nF-10\n\n \n\n \n\n● Plant and equipment, net\n\n \n\nPlant and equipment are stated at cost less accumulated\ndepreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected\nuseful lives from the date on which they become fully operational and after taking into account their estimated residual values:\n\n \n\n \n \n**Expected\nuseful life**\n\nMachineries\n \n10 years\n\nMotor vehicles\n \n5 to 10 years\n\nForklift\n \n10 years\n\n \n\nExpenditure on repairs and maintenance is expensed\nas incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting\ngain or loss is recognized in the results of operations.\n\n \n\n● Impairment of long-lived assets\n\n \n\nIn accordance with the provisions of ASC Topic\n360, *Impairment or Disposal of Long-Lived Assets*, all long-lived assets such as plant and equipment owned and held by the Company\nare reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset is not recoverable.\nRecoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted\ncash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured\nby the amount by which the carrying amounts of the assets exceed the fair value of the assets.\n\n \n\n● Leases\n\n \n\nEffective from January 1, 2020, the Company adopted\nthe guidance of ASC 842, *Leases*, which requires an entity to recognize a right-of-use asset and a lease liability for virtually\nall leases. On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), to increase transparency\nand comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information\nabout leasing transactions. ASC 842 requires that lessees recognize right-of-use assets and lease liabilities calculated based on the\npresent value of lease payments for all lease agreements with terms that are greater than twelve months. It requires for leases longer\nthan one year, a lessee to recognize in the balance sheet a right-of-use asset, representing the right to use the underlying asset for\nthe lease term, and a lease liability, representing the liability to make lease payments. ASC 842 distinguishes leases as either a finance\nlease or an operating lease that affects how the leases are measured and presented in the statement of operations and statement of cash\nflows. ASC 842 supersedes nearly all existing lease accounting guidance under GAAP issued by the Financial Accounting Standards Board\n(“FASB”) including ASC Topic 840, Leases.\n\n \n\nThe accounting update also requires that for finance\nleases, a lessee recognizes interest expense on the lease liability, separately from the amortization of the right-of-use asset in the\nstatements of operations, while for operating leases, such amounts should be recognized as a combined expense. In addition, this accounting\nupdate requires expanded disclosures about the nature and terms of lease agreements.\n\n \n\n● Deferred offering costs\n\n \n\nPursuant to ASC 340-10-S99-1, offering costs directly\nattributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction\nof additional paid-in capital. These costs include legal fees related to registration drafting and counsel, audit fees associated with\nthe registration, underwriter accountable expenses, and other professional fees. As of December 31, 2025, the Company had not concluded\nits IPO hence professional fees are recorded as deferred offering costs. As of December 31, 2025, the accumulated deferred offering cost\nwas S$1,091,021 (approximately US$848,487).\n\n \n\nF-11\n\n \n\n \n\n● Related parties\n\n \n\nThe Company follows the ASC 850-10, *Related\nParty*for the identification of related parties and disclosure of related party transactions.\n\n \n\nPursuant to section 850-10-20 the related parties\ninclude: (a) affiliates of the Company; (b) entities for which investments in their equity securities would be required, absent the election\nof the fair value option under the Fair Value Option Subsection of section 825-10-15, to be accounted for by the equity method by the\ninvesting entity; (c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the\ntrusteeship of management; (d) principal owners of the Company; (e)management of the Company; (f) other parties with which the Company\nmay deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one\nof the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly\ninfluence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting\nparties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully\npursuing its own separate interests.\n\n \n\nThe financial statements shall include disclosures\nof material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary\ncourse of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements\nis not required in those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description\nof the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income\nstatements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial\nstatements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of\nany change in the method of establishing the terms from that used in the preceding period; and (d) amount due from or to related parties\nas of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.\n\n \n\n● Employee compensation – Defined contribution plan\n\n \n\nThe Company participates in the national pension\nschemes as defined by the laws of Singapore’s jurisdictions in which it has operations. Contributions to defined contribution pension\nschemes are recognized as an expense in the period in which the related service is performed.\n\n \n\n● Share-based compensation\n\n \n\nThe Company accounts for share-based compensation\narrangements in accordance with ASC 718 – Compensation—Stock Compensation.\n\n \n\nThe Company may grant equity awards to employees,\ndirectors, and consultants under its equity incentive plan, including share options, restricted shares, restricted share units (“RSUs”),\nand share appreciation rights (“SARs”).\n\n \n\nEquity-classified awards are measured at grant-date\nfair value and recognized as compensation expense over the requisite service period, generally the vesting period, on a straight-line\nbasis, unless the award contains performance conditions, in which case expense is recognized based on the probable outcome of such conditions.\n\n \n\nShare options and SARs, if granted, are valued\nusing an appropriate option pricing model (e.g., Black-Scholes), which requires the use of subjective assumptions, including expected\nvolatility, expected term, risk-free interest rate, and expected dividends. Restricted shares and RSUs are measured based on the fair\nvalue of the Company’s ordinary shares at the grant date.\n\n \n\nThe Company accounts for forfeitures as they occur.\n\n \n\nF-12\n\n \n\n \n\nFor awards with performance conditions, compensation\ncost is recognized only when it is probable that the performance condition will be achieved. For awards with market conditions, grant-date\nfair value reflects such conditions and compensation expense is recognized regardless of whether the condition is ultimately satisfied.\n\n \n\nThe Company classifies share-based awards as equity\nor liability based on the terms of the award. Equity-classified awards are not remeasured after the grant date, while liability-classified\nawards are remeasured at fair value at each reporting date until settlement.\n\n \n\nNo share-based awards were granted during the years ended December\n31, 2025, 2024 and 2023.\n\n \n\n● Commitments and contingencies\n\n \n\nThe Company follows the ASC 450-20, *Commitments\nto report accounting for contingencies*. Certain conditions exist as of the date the financial statements are issued, which result\nin a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses\nsuch contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related\nto legal proceedings that are pending against the Company or un-asserted claims that result in such proceedings, the Company evaluates\nthe perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or\nexpected to be sought therein.\n\n \n\nIf the assessment of a contingency indicates that\nit is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would\nbe accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not\nprobable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate\nof the range of possible losses, if determinable and material, would be disclosed.\n\n \n\nLoss contingencies considered remote are generally\nnot disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon\ninformation available at this time that these matters will have a material adverse effect on the Company’s financial position, results\nof operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s\nbusiness, financial position, and results of operations or cash flows.\n\n \n\n● Revenue recognition\n\n \n\nThe Company adopted the revenue standard Accounting\nStandards Codification (“ASC”) 606, Revenue from Contracts with Customers, starting January 1, 2020 using the modified retrospective\nmethod for contracts that were not completed as of the date of adoption. The adoption of this ASC 606 did not have a material impact on\nthe Company’s consolidated financial statements. As discussed in Note 1, the Company primarily provides corrosion prevention services,\nincluding blasting (hydro and grit) and painting work, in the Marine and Oil & Gas industries in Singapore. The Company also offers\nspecialized manpower solutions to support marine operations. The Company enters into agreements with clients that create enforceable rights\nand obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as goods and\nservices transfer to the clients. It is customary practice for the Company to have written agreements with its clients and revenue on\noral or implied arrangements is generally not recognized.\n\n \n\nThe core principle of the revenue standard is\nthat a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the\nconsideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied\nto achieve that core principle:\n\n \n\n \n1.\nIdentify the contract(s) with a client;\n\n \n \n \n\n \n2.\nIdentify the performance obligations in the contract;\n\n \n \n \n\n \n3.\nDetermine the transaction price;\n\n \n \n \n\n \n4.\nAllocate the transaction price to the performance obligations in the contract; and\n\n \n \n \n\n \n5.\nRecognize revenue when (or as) the entity satisfies a performance obligation.\n\n \n\n \n\nF-13\n\n \n\n \n\n**Revenue from corrosion prevention services**\n\n \n\nThe Company provides corrosion prevention services,\ncomprising blasting and painting services. Revenue from corrosion prevention services is recognised over time based on the stage of completion\nor to the extent of contract costs incurred where it is probable that those costs will be recoverable. The Company enters into agreements\nwith customers that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration\nto which it will be entitled as services transfer to the customer. The Company recognizes revenue based on the consideration specified\nin the applicable agreement.\n\n \n\nThe contracts which the Company enters into with\nthe clients are at a fixed price. The Company does not assess whether a contract contains a significant financing component if the Company\nexpects, at contract inception, that the period between payment by the customers and the transfer of promised services to the customers\nwill be less than one year. Since the Company has concluded that the promises to be delivered on the contract would be one single performance\nobligation, no allocation of the transaction price is required and expected.\n\n \n\nThe Company’s contract with the customer\nhas payment terms specified based upon certain conditions completed. The Company will submit a completion report to the customer when\na job is completed, and after the Company received the certificate from customer, the Company will issue a tax invoice to the customer.\n\n \n\nWhen the outcome of the contract cannot be reasonably\nmeasured, revenue is recognized only to the extent of contract costs incurred that are expected to be recovered.\n\n \n\n**Revenue from manpower supply**\n\n \n\nThe Company provides manpower supply services\nto customers, including the provision of skilled labor, typically on a time-based (hourly) billing structure. Revenue is recognized over\ntime as the services are rendered, as the customer simultaneously receives and consumes the benefits of the Company’s performance.\nEach hour worked represents a distinct and measurable unit of service delivered, with no significant future obligations remaining after\nperformance of each labor hour.\n\n \n\nThe Company uses an input method based on actual\nhours worked to measure progress toward complete satisfaction of the performance obligation. Billing is based on agreed-upon hourly rates,\nand invoices are typically issued on a periodic basis (e.g. monthly), based on time sheets or other evidence of hours worked.\n\n \n\n● Cost of revenue\n\n \n\nCost of revenue mainly consists of direct payroll\ncosts, diesel for equipment, rental costs and material costs. Direct payroll costs represent the portion of salaries and wages incurred\nin connection with corrosion prevention services provided. Diesel for equipment refers to diesel consumed in the course of providing services,\nsupplied by third-party vendors. Rental costs include the rental of compressors and other blasting equipment from both related party and\nthird-party vendors. Material costs represent raw materials used in the course of providing services.\n\n \n\n● Government grant\n\n \n\nA government grant or subsidy is not recognized\nuntil there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant\nwill be received. When the Company receives government grant or subsidies but the conditions attached to the grants have not been fulfilled,\nsuch government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The classification\nof short-term or long-term liabilities depends on the management’s expectation of when the conditions attached to the grant can\nbe fulfilled.\n\n \n\nF-14\n\n \n\n \n\n● Income taxes\n\n \n\nThe Company accounts for income taxes in accordance\nwith the provisions of ASC Topic 740, Income Taxes (“ASC 740”). The charge for taxation is based on the results for the fiscal\nyear as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively\nenacted by the balance sheet date.\n\n \n\nDeferred taxes are accounted for using the asset\nand liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities\nin the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle,\ndeferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it\nis probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated\nusing tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged\nor credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred\ntax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more\nlikely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance\nwith the laws of the relevant taxing authorities.\n\n \n\nAn uncertain tax position is recognized as a benefit\nonly if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination\nbeing presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized\non examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and\ninterest incurred related to under payment of income tax for the year ended December 31, 2025, 2024 and 2023. The Company had no uncertain\ntax positions for the year ended December 31, 2025, 2024 and 2023.\n\n \n\nThe Company is subject to tax in local and foreign\njurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax\nauthorities.\n\n \n\n● Earnings per share\n\n \n\nBasic earnings per share is computed by dividing\nnet earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted\nearnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised\nor converted into ordinary shares. In event the Company is in a loss position, diluted shares are not included as their effect would be\nanti-dilutive.\n\n \n\nFor periods prior to the Reorganization, the weighted\naverage number of ordinary shares outstanding has been retrospectively adjusted to reflect the share structure of the Company as if the\nReorganization had occurred at the beginning of the earliest period presented.\n\n \n\n● Segment reporting\n\n \n\nFASB ASC 280, “*Segment Reporting”*,\nestablishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational\nstructure as well as information about geographical areas, business segments and major customers in financial statements for details on\nthe Company’s business segments.\n\n \n\nThe Company has determined that it operates as\na single operating and reportable segment. This conclusion is based on the manner in which the Company’s decision maker (“CDM”)\nevaluates financial performance and allocates resources on a consolidated basis, using a single measure of operating profit and a total\nexpense amount. No disaggregated expense categories are regularly reviewed by the CDM. As such, the Company has not identified any segment\nexpense categories that meet the criteria for disclosure under ASC 280, as amended by ASU 2023-07.\n\n \n\nF-15\n\n \n\n \n\nThe Company has a centralized management structure,\nwith shared resources, strategies, and cost structures across its operations, which is fairly straight-forward. As such, the Company does\nnot track discrete financial information by separate business units that would qualify as individual operating segments under ASC 280.\nAccordingly, for the fiscal years ended December 31, 2025, 2024 and 2023, the Company has determined that it has one operating and reportable\nsegment.\n\n \n\nIn addition, the Company’s long-lived assets\nare substantially located in Singapore. As such, one reportable geographic segment is being presented.\n\n \n\n● Concentration of credit risk\n\n \n\nFinancial instruments that potentially subject\nthe Company to credit risk consist of cash equivalents, accounts receivable, contract assets, deposits, other receivables and amount due\nfrom related parties. Cash equivalents are maintained with high credit quality institutions, the composition and maturities of which are\nregularly monitored by management. From April 1, 2024 onwards, the Singapore Deposit Protection Board pays compensation up to a limit\nof S$100,000 (approximately US$77,770) if the bank with which an individual/a company hold its eligible deposit fails. While management\nbelieves that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.\n\n \n\nFor accounts receivable, the Company determines,\non a continuing basis, the allowance for expected credit losses is based on the estimated realizable value. The Company identifies credit\nrisk on a customer-by-customer basis. The information is monitored regularly by management. Concentration of credit risk arises when a\ngroup of customers having similar characteristics such that their ability to meet their obligations is expected to be affected similarly\nby changes in economic conditions.\n\n \n\nFor contract assets, deposits, other receivables\nand amount due from related parties, the Company assessed the latest performance and financial position of the counterparties, adjusted\nfor the future outlook of the industry in which the counterparties operate in, and concluded that there has been no significant increase\nin the credit risk since the initial recognition of the financial assets.\n\n \n\n● Liquidity risk\n\n \n\nLiquidity risk is the risk that the Company will\nnot be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash\nto meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking\ndamage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections.\nIf future cash flows are fairly uncertain, the liquidity risk increases.\n\n \n\n● Fair value measurement\n\n \n\nThe Company follows the guidance of the ASC Topic\n820-10, *Fair Value Measurements and Disclosures* (“ASC 820-10”), with respect to financial assets and liabilities that\nare measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair\nvalue as follows:\n\n \n\n●*Level 1*: Inputs are based\nupon unadjusted quoted prices for identical instruments traded in active markets;\n\n \n\n●*Level 2:* Inputs are based\nupon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are\nnot active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable\nin the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable,\nthese models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and\n\n \n\n●*Level 3*: Inputs are generally\nunobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset\nor liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash\nflow models.\n\n \n\n \n\nF-16\n\n \n\n \n\nThe carrying value of the Company’s financial\ninstruments: cash and cash equivalents, accounts receivable, other current assets, including deposits and other receivables, amount due\nfrom related parties, accounts payable, accrued liabilities and other payables and amount due to related parties approximate at their\nfair values because of the short-term nature of these financial instruments.\n\n \n\nManagement believes, based on the current market\nprices or interest rates for similar debt instruments, the fair value of bank borrowings approximates the carrying amount.\n\n \n\nThe Company’s non-marketable investments\nrelates to keyman insurance policy, which is valued based on the annual net surrender value of the policy and is classified as Level 3,\ndue to the absence of quoted market prices, the inherent lack of liquidity and the fact that inputs used to measure fair value are unobservable\nand require management’s judgment.\n\n \n\nFair value estimates are made at a specific point\nin time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties\nand matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect\nthe estimates.\n\n \n\n● Recently issued accounting pronouncements\n\n \n\nIn November 2024, the Financial Accounting Standards\nBoard (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, *Income Statement—Reporting Comprehensive\nIncome (Topic 220): Expense Disaggregation Disclosures*. This ASU requires entities to disclose, in the notes to the financial statements,\ndisaggregated information about certain expense categories, including purchases of inventory, employee compensation, depreciation, and\namortization of intangible assets, as well as certain other expenses included within relevant income statement captions. The ASU also\nrequires qualitative disclosures describing the nature of remaining expenses not separately disaggregated and disclosure of total selling\nexpenses and an entity’s definition of selling expenses.\n\n \n\nIn January 2025, the FASB issued ASU No. 2025-01,\nwhich clarifies the effective date of ASU 2024-03. The guidance is effective for annual reporting periods beginning after December 15,\n2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the guidance may be applied either\nprospectively or retrospectively. The Company plans to adopt this guidance effective January 1, 2027 and is currently evaluating the impact\non its consolidated financial statements and related disclosures.\n\n \n\nIn July 2025, the FASB issued ASU No. 2025-05,\n*Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*.\nThis ASU provides a practical expedient for estimating expected credit losses for current accounts receivable and contract assets arising\nfrom transactions accounted for under Topic 606. The guidance is effective for annual periods beginning after December 15, 2025. Early\nadoption is permitted. The Company plans to adopt this guidance effective January 1, 2026 and is currently evaluating the impact on its\nconsolidated financial statements.\n\n \n\nExcept as described above, there are no recently\nissued accounting standards that are expected to have a material impact on the Company’s consolidated financial position, results\nof operations, or cash flows.\n\n \n\n**3. ACCOUNTS\nRECEIVABLE**\n\n \n\nAccounts receivable consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nThird parties \n 1,096,564  \n 1,410,009  \n 2,962,502  \n 1,590,955 \n\nRelated parties \n 269,706  \n 346,800  \n 616,800  \n 233,280 \n\nAccounts receivable \n 1,366,270  \n 1,756,809  \n 3,579,302  \n 1,824,235 \n\n \n\nF-17\n\n \n\n \n\nFor the fiscal years ended December 31, 2025,\n2024 and 2023, the Company did not record any allowance for expected credit losses. For the fiscal year ended December 31, 2025, the Company\nwrote off bad debts amounting to S$183,570 (approximately US$142,762), which were charged to the consolidated statements of operations.\nNo bad debts were written off in the fiscal year ended December 31, 2024 and 2023.\n\n \n\nThe Company evaluates the collectability of accounts\nreceivable on an ongoing basis in accordance with Accounting Standards Codification Topic 326, Financial Instruments—Credit Losses.\nThe Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable\nlosses and an allowance for expected credit losses, based on several factors including internal risk ratings, customer credit quality,\npayment history, historical bad debt/write-off experience and forecast economic and market conditions. Accounts receivables are written\noff after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored\non an ongoing basis and its exposure to bad debts is not significant.\n\n \n\nReceivables from related parties are subject to\nthe same credit risk assessment and expected credit loss methodology as those from third parties.\n\n \n\nAs of December 31, 2025, 2024 and 2023, the aging\nanalysis of accounts receivable, based on past due date is as follows:  \n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\nDays past due: \n   \n   \n   \n  \n\nNot past due \n 371,131  \n 477,216  \n 1,055,606  \n 531,946 \n\n< 30 days \n 20,763  \n 26,698  \n 497,670  \n 491,723 \n\n31-60 days \n 389,499  \n 500,835  \n 1,165,805  \n 89,815 \n\n61-90 days \n \n-\n  \n \n-\n  \n 7,630  \n 155,386 \n\n> 90days \n 584,877  \n 752,060  \n 852,591  \n 555,365 \n\n  \n 1,366,270  \n 1,756,809  \n 3,579,302  \n 1,824,235 \n\n \n\nWhile a significant portion of trade receivables\nas of December 31, 2025 are aged over 90 days, these balances primarily represent certified work billings to long-standing customers.\nSettlement periods for such receivables often exceed 90 days and are consistent with industry practices. These customers have established\npayment histories, and based on historical collection experience and the absence of disputes, management believes the balances are recoverable\nand that recognition of an expected credit loss is not required.\n\n \n\n**4. CONTRACT\nASSETS**\n\n** **\n\nContract assets consist of revenue recognized\nfor performance obligations satisfied but not yet billed to customers, where the Company’s right to consideration is conditional\nupon factors other than the passage of time.\n\n \n\nContract assets consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\nContract assets: \n   \n   \n   \n  \n\n- Revenue recognized to date \n 1,809,619  \n 2,326,886  \n 1,298,248  \n 1,370,367 \n\n \n\nAs of December 31, 2025, 2024 and 2023, contract\nassets were S$2,326,886 (approximately US$1,809,619), S$1,298,248 and S$1,370,367, respectively. The increase was mainly due to a higher\nvolume of work performed but not yet billed at year end. This reflects timing differences between work performed and billing, as certain\nprojects require completion reports or customer approval before invoicing. Contract assets are reclassified to accounts receivable when\nthe right to payment becomes unconditional.\n\n \n\nF-18\n\n \n\n \n\nThe Company does not have contract liabilities\nduring the fiscal years ended December 31, 2025, 2024 and 2023 due to there were no billings in advance of performance obligation under\ncontracts to the customers.\n\n \n\nContract assets are subject to impairment assessment\nin accordance with Accounting Standards Codification Topic 326, *Financial Instruments—Credit Losses*. The Company also regularly\nmonitors outstanding contract assets. Credit approvals and other monitoring procedures are also in place to ensure that follow-up action\nis taken to recover overdue debts. Furthermore, the Company reviews the recoverable amount of each trade debt on an individual basis at\nthe end of the reporting period to ensure that adequate loss allowance is made for irrecoverable amounts.\n\n \n\n**5. OTHER\nCURRENT ASSETS**\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nOther receivables \n 778  \n 1,000  \n 75,143  \n 14,894 \n\nGST receivables \n \n-\n  \n \n-\n  \n \n-\n  \n 11,201 \n\nDeposits \n 87,681  \n 112,745  \n 128,775  \n 98,468 \n\nPrepaid insurance \n 7,425  \n 9,547  \n 4,926  \n 7,493 \n\nOther current assets \n 95,884  \n 123,292  \n 208,844  \n 132,056 \n\n \n\n**6. AMOUNT\nDUE FROM / TO RELATED PARTIES**\n\n** **\n\nAmount due from / to related parties consists\nof the following:\n\n** **\n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\nDue from related parties \n   \n   \n   \n  \n\n- Jeneric Holdings Pte. Ltd. * \n \n-\n  \n \n-\n  \n 2,698,907  \n 1,552,426 \n\n- Jebs Enterprise Pte. Ltd. * \n \n-\n  \n \n-\n  \n \n-\n  \n 777,600 \n\n  \n \n-\n  \n \n-\n  \n 2,698,907  \n 2,330,026 \n\n  \n    \n    \n    \n   \n\nDue to related parties \n    \n    \n    \n   \n\n- Jeneric Holdings Pte. Ltd. * \n \n-\n  \n \n-\n  \n \n-\n  \n 399,117 \n\n- Jebs Enterprise Pte. Ltd. * \n \n-\n  \n \n-\n  \n 55,400  \n 66,960 \n\n  \n \n-\n  \n \n-\n  \n 55,400  \n 466,077 \n\n \n\n*A company in which Mr. Goh Kwang Yong is a common director.\n\n \n\nThe amounts are unsecured, interest-free and repayable\non demand.\n\n \n\nThe amount due from related parties is considered\nto have low risk of default.\n\n \n\nF-19\n\n \n\n  \n\n**7. PLANT\nAND EQUIPMENT, NET**\n\n \n\nPlant and equipment, net consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\nAt cost: \n   \n   \n   \n  \n\n- Machineries \n 287,605  \n 369,815  \n 351,005  \n 1,391,005 \n\n- Motor vehicles \n 314,626  \n 404,559  \n 370,852  \n 370,852 \n\n- Forklift \n 34,530  \n 44,400  \n 44,400  \n 44,400 \n\n  \n 636,761  \n 818,774  \n 766,257  \n 1,806,257 \n\nLess: Accumulated depreciation \n (547,675) \n (704,224) \n (630,867) \n (1,023,296)\n\nPlant and equipment, net \n 89,086  \n 114,550  \n 135,390  \n 782,961 \n\n \n\nDepreciation expense for the fiscal years ended\nDecember 31, 2025, 2024 and 2023 were S$73,357 (approximately US$57,050), S$101,957 and S$184,364, respectively.\n\n \n\nAs of December 31, 2025, the depreciation expense\nattributable to future periods is S$48,162 (approximately US$37,456) for 2026, S$32,866 (approximately US$25,560) for 2027 and S$8,622\n(approximately US$6,705) for 2028.\n\n \n\nImpairment of Long-Lived Assets\n\n \n\nThe Company evaluates its long-lived assets, including\nplant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset\ngroup may not be recoverable. The recoverability assessment is based on estimates of future undiscounted cash flows expected to result\nfrom the use and eventual disposition of the asset or asset group. If the carrying amount exceeds the estimated undiscounted cash flows,\nan impairment loss is recognized to the extent the carrying value exceeds fair value.\n\n \n\nAs of December 31, 2025, 2024 and 2023, management\ndetermined that there were no indicators of impairment and no impairment losses were recognized.\n\n** **\n\n**8. RIGHT-OF-USE\nASSETS, NET**\n\n \n\nThe Company adopted ASU No. 2016-02, Leases, on\nJanuary 1, 2019, the beginning of the fiscal 2019, using the modified retrospective approach. The Company determines whether an arrangement\nis a lease at inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified\nfixed asset explicitly or implicitly for a period of time in exchange for consideration. Control of an underlying asset is conveyed if\nwe obtain the rights to direct the use of and to obtain substantially all of the economic benefit from the use of the underlying asset.\nSome of our leases include both lease and non-lease components which are accounted for as a single lease component as the Company has\nelected the practical expedient. Some of the operating lease agreements include variable lease costs, primarily taxes, insurance, common\narea maintenance or increases in rental costs related to inflation. Substantially all of our equipment leases and some of our real estate\nleases have terms of less than one year and, as such, are accounted for as short-term leases as we have elected the practical expedient.\n\n \n\nF-20\n\n \n\n \n\nOperating leases are included in the right-of-use\nlease assets, other current liabilities and long-term lease liabilities on the Consolidated Balance Sheet. Right-of-use assets and lease\nliabilities are recognized at each lease’s commencement date based on the present values of its lease payments over its respective\nlease term. When a borrowing rate is not explicitly available for a lease, the incremental borrowing rate is used based on information\navailable at the lease’s commencement date to determine the present value of its lease payments. Operating lease payments are recognized\non a straight-line basis over the lease term.\n\n \n\nThe Company excludes short-term leases (those\nwith lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets. The following table\npresents the lease-related assets and liabilities recorded on the consolidated balance sheet:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\nAssets \n   \n   \n   \n  \n\nFinance lease right-of-use assets, net \n 76,906  \n 98,889  \n 119,969  \n 736,472 \n\nOperating lease right-of-use assets, net \n 354,341  \n 455,627  \n 100,782  \n 265,368 \n\nRight-of-use assets, net \n 431,247  \n 554,516  \n 220,751  \n 1,001,840 \n\n \n\n \n \nAs of December 31,\n \n\n \n \n2025\n \n \n2025\n \n \n2024\n \n \n2023\n \n\n \n \nUS$\n \n \nS$\n \n \nS$\n \n \nS$\n \n\nLiabilities\n \n \n \n \n \n \n \n \n \n \n \n \n\n**Current**\n \n \n \n \n \n \n \n \n \n \n \n \n\nFinance lease liabilities\n \n \n11,431\n \n \n \n14,699\n \n \n \n46,305\n \n \n \n119,362\n \n\nOperating lease liabilities\n \n \n282,132\n \n \n \n362,778\n \n \n \n95,645\n \n \n \n229,633\n \n\n \n \n \n293,563\n \n \n \n377,477\n \n \n \n141,950\n \n \n \n348,995\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Non-current**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nFinance lease liabilities\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n12,493\n \n \n \n58,954\n \n\nOperating lease liabilities\n \n \n72,209\n \n \n \n92,849\n \n \n \n5,137\n \n \n \n35,759\n \n\n \n \n \n72,209\n \n \n \n92,849\n \n \n \n17,630\n \n \n \n94,713\n \n\n**Lease liabilities**\n \n \n365,772\n \n \n \n470,326\n \n \n \n159,580\n \n \n \n443,708\n \n\n \n\nThe following table summarize the lease expense\nfor the fiscal years:\n\n \n\n  \nFiscal Years Ended December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\nFinance lease cost \n   \n   \n   \n  \n\nInterest on lease liabilities (per ASC 842) \n 3,325  \n 4,275  \n 5,113  \n 13,362 \n\n  \n    \n    \n    \n   \n\nOperating lease cost \n    \n    \n    \n   \n\nOperating lease expense (per ASC 842) \n 292,546  \n 376,168  \n 294,819  \n 235,134 \n\nShort-term lease expense (other than ASC 842) \n 345,517  \n 444,281  \n 369,766  \n 254,178 \n\nTotal lease expense \n 641,388  \n 824,724  \n 669,698  \n 502,674 \n\n \n\nF-21\n\n \n\n \n\nThe following summarizes other supplemental information\nabout the Company’s operating lease as of December 31, 2025, 2024 and 2023:\n\n \n\n   As of December 31, \n\n   2025   2024   2023 \n\n   S$   S$   S$ \n\n             \n\nWeighted average discount rate   5.27%   5.37%   5.27%\n\nWeighted average remaining lease term   1.05 years    0.88 year    0.96 year \n\n \n\nComponents of lease expense\n\n \n\nWe recognize lease expense on a straight-line\nbasis over the term of the operating leases, as reported within operating expenses on the accompanying consolidated statement of operations\nand comprehensive income.\n\n \n\nEstimate\n\n \n\nRight-of-use assets are evaluated for impairment\nin accordance with the guidance for long-lived assets. As of December 31, 2025, 2024 and 2023, no impairment losses were recognized.\n\n \n\nLease commitment as of December 31, 2025\n\n \n\nFuture minimum lease payments under non-cancellable\nlease agreements as of December 31, 2025 were as follows:\n\n \n\nFiscal Years Ended December 31, \nOperating and finance lease \n\n  \nUS$  \nS$ \n\n  \n   \n  \n\n2026 \n 306,454  \n 394,052 \n\n2027 \n 73,881  \n 95,000 \n\nLess: Interest \n (14,563) \n (18,726)\n\nPresent value of lease liabilities \n 365,772  \n 470,326 \n\n  \n    \n   \n\nRepresenting: \n    \n   \n\nCurrent \n 293,563  \n 377,477 \n\nNon-current \n 72,209  \n 92,849 \n\n  \n 365,772  \n 470,326 \n\n \n\n**9. DEFERRED\nOFFERING COSTS**\n\n \n\nDeferred offering costs are presented as non-current\nassets in the consolidated balance sheets and consist of costs directly attributable to the Company’s proposed initial public offering.\n\n \n\nAs of December 31, 2025, 2024 and 2023, deferred\noffering costs amounted to S$1,091,021 (approximately US$848,487), S$ Nil and S$ Nil, respectively.\n\n** **\n\nF-22\n\n \n\n** **\n\n**10. OTHER\nINVESTMENTS**\n\n** **\n\nOther investments consist of keyman life insurance\npolicies and are measured at fair value through net income. The fair value of these policies is based on the cash surrender value provided\nby the respective insurers.\n\n** **\n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\nAt fair value through net income: \n    \n    \n    \n   \n\n- Keyman insurance policies \n 123,506  \n 158,809  \n 152,217  \n 124,505 \n\n \n\nOn March 25, 2021 and June 6, 2024, the Company\npurchased two life insurance policies for Mr. Goh Kwang Yong, the CEO of the Company. The policy owners and beneficiaries are Jeneric\nEngineering Pte. Ltd. and Jeneric International Pte. Ltd.\n\n \n\nOn February 14, 2025, the Company purchased a\nlife insurance policy for a key member of management of Jeneric Engineering Pte. Ltd., with Jeneric Engineering Pte. Ltd. as both the\npolicy owner and beneficiary.\n\n \n\nThe premiums paid on commencement date for the\nthree policies were S$150,006 (approximately US$116,660), S$27,712 (approximately US$21,552) and S$19,736 (approximately US$15,349), respectively.\n\n \n\nAs of December 31, 2025, 2024 and 2023, the cash\nsurrender value of the insurance contracts was S$158,809 (approximately US$123,506), S$126,005 and S$ Nil, respectively. For the fiscal\nyear ended December 31, 2025, 2024 and 2023, a fair value gain on other investments amounting to S$6,592 (approximately US$5,127), S$\nNil and S$1,500, respectively, was recorded in the consolidated statements of operations and comprehensive income.\n\n \n\nAs of December 31, 2025, 2024 and 2023, a life\ninsurance policy for Goh Kwang Yong amounting to S$127,255 (approximately US$98,966), S$124,505 and S$124,505, respectively, has been\npledged to a bank as security for a banking facility (Note 13).\n\n \n\nThe Company classifies the fair value measurement\nof these insurance policies within Level 2 of the fair value hierarchy, as the valuation is based on observable inputs, specifically the\ncash surrender values provided by the insurance companies, and does not involve significant unobservable inputs.\n\n \n\n**11. ACCOUNTS\nPAYABLE**\n\n \n\nAccounts payable consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nThird parties \n 320,447  \n 412,045  \n 418,317  \n 426,688 \n\nRelated party \n 19,186  \n 24,670  \n 235,780  \n 39,125 \n\nAccounts payable \n 339,633  \n 436,715  \n 654,097  \n 465,813 \n\n \n\nF-23\n\n \n\n** **\n\n**12. ACCRUED\nLIABILITIES AND OTHER PAYABLES**\n\n** **\n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nAccrued liabilities \n 166,741  \n 214,402  \n 341,635  \n 297,635 \n\nOther payables \n 22,542  \n 28,986  \n 102,657  \n 110,879 \n\nGST payables \n 154,298  \n 198,403  \n 316,422  \n 55,200 \n\nAccrued liabilities and other payables \n 343,581  \n 441,791  \n 760,714  \n 463,714 \n\n** **\n\n**13. BANK\nBORROWINGS**\n\n \n\nBank borrowings consisted of the following:\n\n \n\n  \nAnnual  \nAs of December 31, \n\n  \ninterest rate  \n2025  \n2025  \n2024  \n2023 \n\n  \n   \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n   \n  \n\nBank loans \n 2.0% - 10.0%  \n 1,072,116  \n 1,378,573  \n 1,879,017  \n 3,335,614 \n\nInvoice financing \n -  \n 1,190,429  \n 1,530,705  \n 2,238,129  \n 986,153 \n\nBank borrowings \n    \n 2,262,545  \n 2,909,278  \n 4,117,146  \n 4,321,767 \n\n  \n    \n    \n    \n    \n   \n\nRepresenting: \n    \n    \n    \n    \n   \n\nWithin 12 months \n    \n 1,583,017  \n 2,035,512  \n 3,203,738  \n 2,423,078 \n\nOver 12 months \n    \n 679,528  \n 873,766  \n 913,408  \n 1,898,689 \n\n  \n    \n 2,262,545  \n 2,909,278  \n 4,117,146  \n 4,321,767 \n\n \n\nAs of December 31, 2025, 2024 and 2023, bank borrowings\ncomprised term loans that bear annual interest rates ranging from 2.3% to 10.0% in 2025 and 2.0% to 10.0% in both 2024 and 2023, and are\nrepayable over 3 to 7 years, as well as invoice financing obtained from financial institutions in Singapore.\n\n \n\nInvoice financing facilities are short-term in\nnature, repayable on demand, and bear interest at rates determined by the respective financial institutions based on prevailing market\nconditions.\n\n \n\nThe Company’s bank borrowings currently\nare guaranteed by personal guarantees from directors, Goh Kwang Yong and Wan Hwee Chein (Fan Huijun), as well as a first legal assignment\nof a life insurance policy for Goh Kwang Yong (Note 10).\n\n \n\nInterest related to the bank borrowings was S$276,202\n(approximately US$214,802), S$317,978 and S$248,415 for the fiscal years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\nThe Company’s borrowing arrangements contain\ncustomary terms and conditions. Certain facilities are repayable on demand; however, management does not expect these facilities to be\ncalled within the next 12 months based on historical experience and ongoing relationships with the lenders.\n\n \n\nThe Company has reviewed the terms of its borrowing\narrangements and was in compliance with all applicable conditions as of December 31, 2025, 2024 and 2023.\n\n \n\nF-24\n\n \n\n \n\n**14. SHAREHOLDERS’\nEQUITY**\n\n \n\n*Ordinary Shares*\n\n \n\nThe Company was established under the laws of\nBritish Virgin Islands on July 5, 2024 with an unlimited number of authorized shares, consisting of Class A ordinary shares and Class\nB ordinary shares.\n\n \n\nHolders of the Company’s ordinary shares\nare entitled to the following rights:\n\n \n\n**Voting Rights**: Each Class A ordinary share\nof the Company entitles its holder to one (1) vote per share, and each Class B ordinary share entitles its holder to twenty (20) votes\nper share. Holders of Class A ordinary shares and holders of Class B ordinary shares shall vote together as a single class, on all matters\nthat require shareholders’ approval.\n\n \n\n**Conversion Rights:**Each Class B ordinary\nshare is convertible into one Class A ordinary share on a 1:1 basis at any time at the option of the holder. Class A ordinary shares are\nnot convertible into Class B ordinary shares under any circumstances.\n\n** **\n\n**Dividend Rights**: Subject to limitations\nunder British Virgin Islands, holders of the Company’s ordinary share are entitled to receive ratably such dividends or other distributions,\nif any, as may be declared by the Board of the Company.\n\n \n\n**Other Matters**: The holders of the Company’s\nordinary share have no subscription and redemption privileges. The Company’s ordinary share does not entitle its holders to preemptive\nrights. All of the outstanding shares of the Company’s ordinary share are fully paid and non-assessable.\n\n* *\n\n*Share Capital*\n\n* *\n\nThe Company is authorized to issue an unlimited\nnumber of Class A and Class B ordinary shares with no par value.\n\n \n\nAs of December 31, 2025, the Company had 21,250,000\nClass A ordinary shares and 3,750,000 Class B ordinary shares issued and outstanding.\n\n \n\nAs of December 31, 2024 and 2023, the number of\nissued and outstanding shares has been retrospectively adjusted to reflect the share structure of the Company following the Reorganization\nand share surrender described above.\n\n* *\n\n*Dividends Distribution*\n\n \n\nOn July 31, 2023, Jeneric Engineering Pte. Ltd.\nand Jeneric International Pte. Ltd. approved the total amount of the distribution of interim dividend of S$1 million to Jeneric Holdings\nPte. Ltd. The dividends have been settled by offsetting against the amount due from Jeneric Holdings Pte. Ltd. (Note 6).\n\n \n\nOn January 1, 2025, Jeneric Engineering Pte. Ltd.,\nJeneric International Pte. Ltd., Jeneric Offshore Pte. Ltd., Jeneric Services Pte. Ltd. and Jeneric Venture Pte. Ltd. approved the total\namount of the distribution of interim dividend of S$2,592,688 (approximately US$2,016,333) to Jeneric Holdings Pte. Ltd. The dividends\nhave been settled by offsetting against the amount due from Jeneric Holdings Pte. Ltd. (Note 6). These dividends were declared prior to\nthe corporate restructuring in connection with the Company’s initial public offering.\n\n \n\n*Share subscription receivable*\n\n \n\nThis receivable arises in connection with the\nissuance of 1,125,000 Class A ordinary shares on May 8, 2025. The amount was received on October 30, 2025.\n\n \n\nF-25\n\n \n\n \n\n**15. REVENUE**\n\n \n\nThe following tables present the Company’s\nrevenue disaggregated by business segment, based on management’s assessment of available data:\n\n \n\n  \nFiscal Years Ended December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\nDisaggregation of revenue, of which revenue is recognized over time: \n   \n   \n   \n  \n\n(i) Corrosion prevention services \n   \n   \n   \n  \n\n- Third parties \n 5,886,935  \n 7,569,673  \n 7,727,329  \n 7,248,430 \n\n- Related party \n \n-\n  \n \n-\n  \n \n-\n  \n 360,000 \n\n(ii)  Manpower supply services \n    \n    \n    \n   \n\n- Third parties \n 1,044,776  \n 1,343,419  \n 920,807  \n 392,491 \n\n- Related party \n 37,330  \n 48,000  \n 48,000  \n \n-\n \n\nRevenue \n 6,969,041  \n 8,961,092  \n 8,696,136  \n 8,000,921 \n\n \n\nIn accordance with ASC 280, Segment Reporting\n(“ASC 280”), we have one reportable geographic segment. Sales are based on the countries in which the customer is located.\nSummarized financial information concerning our geographic segments is shown in the following tables:\n\n \n\n   \nFiscal Years Ended December 31, \n\n   \n2025  \n2025  \n2024  \n2023 \n\n   \nUS$  \nS$  \nS$  \nS$ \n\n   \n   \n   \n   \n  \n\nSingapore  \n 6,969,041  \n 8,961,092  \n 8,696,136  \n 8,000,921 \n\n \n\n**16. OTHER INCOME**\n\n** **\n\nOther income consisted of the following:\n\n** **\n\n  \nFiscal Years Ended December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nFair value gain on other investments \n 5,127  \n 6,592  \n \n-\n  \n 1,500 \n\nGovernment grants \n 39,044  \n 50,204  \n 75,798  \n 35,062 \n\nGain on disposal of plant and equipment \n \n-\n  \n \n-\n  \n 89,386  \n 15,093 \n\nGain on disposal of right-of-use assets \n \n-\n  \n \n-\n  \n 21,721  \n 12,670 \n\nGain on foreign exchange \n 7,806  \n 10,038  \n \n-\n  \n \n-\n \n\nMiscellaneous income \n 1,824  \n 2,345  \n \n-\n  \n 7,993 \n\nOther income \n 53,801  \n 69,179  \n 186,905  \n 72,318 \n\n \n\nF-26\n\n \n\n** **\n\n**17. INCOME\nTAXES**\n\n \n\nThe provision for income taxes consisted of the\nfollowing:\n\n \n\n  \nFiscal Years Ended December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nCurrent income tax \n   \n   \n   \n  \n\n- Current year \n 17,366  \n 22,330  \n 38,636  \n 6,920 \n\n- Under-provision in respect of prior years \n 1,253  \n 1,611  \n \n-\n  \n (312)\n\n- CIT rebate cash grant \n \n-\n  \n \n-\n  \n \n-\n  \n (6,000)\n\n  \n 18,619  \n 23,941  \n 38,636  \n 608 \n\nDeferred income tax \n    \n    \n    \n   \n\n- Reversal of temporary differences \n (13,674) \n (17,583) \n \n-\n  \n (8,613)\n\nIncome tax expense \n 4,945  \n 6,358  \n 38,636  \n (8,005)\n\n \n\nThe effective tax rate in the years presented\nis the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company’s\nsubsidiaries mainly operate in Singapore that are subject to taxes in the jurisdictions in which they operate, as follows:\n\n \n\nBritish Virgin Islands\n\n \n\nThe Company and its subsidiary, Ascendo Global\nLimited, are domiciled in the British Virgin Islands respectively. The locality currently enjoys permanent income tax holidays; accordingly,\nthe Company does not accrue for income taxes.\n\n \n\nSingapore\n\n \n\nThe subsidiaries that are incorporated in Singapore\nis subject to Singapore Corporate Income Tax on the taxable income as reported in its statutory financial statements adjusted in accordance\nwith relevant Singapore tax laws. The applicable tax rate is 17% in Singapore.\n\n \n\nThe reconciliation of income tax rate to the effective\nincome tax rate based on income before income taxes for the fiscal years ended December 31, 2025, 2024 and 2023 are as follows:\n\n \n\n  \nFiscal Years Ended December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nIncome before income taxes \n 788,855  \n 1,014,343  \n 1,405,704  \n 95,677 \n\nStatutory income tax rate \n 17% \n 17% \n 17% \n 17%\n\nIncome tax expense at statutory rate \n 134,105  \n 172,438  \n 238,970  \n 16,265 \n\nNon-deductible expenses \n 16,485  \n 21,197  \n 16,301  \n 21,668 \n\nIncome not subject to tax \n (872) \n (1,121) \n \n-\n  \n (13,478)\n\nUtilization of deferred tax assets not recognized \n (90,540) \n (116,420) \n (148,512) \n (3,290)\n\nUnder-provision of income tax in prior years \n 1,253  \n 1,611  \n \n-\n  \n (312)\n\nReversal of temporary differences \n (13,674) \n (17,583) \n \n-\n  \n (8,613)\n\nCIT rebate cash grant \n \n-\n  \n \n-\n  \n \n-\n  \n (6,000)\n\nTax exemption and rebate \n (44,203) \n (56,838) \n (84,118) \n (14,173)\n\nDeferred tax assets not recognized \n \n-\n  \n \n-\n  \n \n-\n  \n 22,277 \n\nOthers \n 2,391  \n 3,074  \n 15,995  \n (22,349)\n\nIncome tax expense \n 4,945  \n 6,358  \n 38,636  \n (8,005)\n\n \n\nF-27\n\n \n\n \n\nThe following table sets forth the significant\ncomponents of the deferred tax liabilities of the Company as of December 31, 2025, 2024 and 2023:\n\n \n\n  \nFiscal Years Ended December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nAccelerated tax depreciation \n \n-\n  \n \n-\n  \n 17,583  \n 17,583 \n\n \n\nUncertain tax positions\n\n \n\nThe Company applies the provisions of ASC topic\n740 (“ASC 740”), Accounting for Income Taxes, to account for uncertainty in income taxes. ASC 740 prescribes a recognition\nthreshold a tax position is required to meet before being recognized in the financial statements. The benefit of a tax position is recognized\nif a tax return position or future tax position is “more likely than not” to be sustained under examination based solely on\nthe technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold is measured,\nusing a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being\nrealized upon settlement. The estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected\nby changing interpretations of laws, rulings by tax authorities, changes and or developments with respect to tax audits, and the expiration\nof the statute of limitations.\n\n \n\nAdditionally, in future periods, changes in facts\nand circumstances, and new information may require the Company to adjust the recognition and measurement of estimates about changes in\nindividual tax position. Changes in recognition and measurement of estimates are recognized in the period in which the change occurs.\n\n \n\nThe Company is subject to income taxes in Singapore.\nGenerally, the tax years from 2021 onwards remain open to examination by the Singapore tax authorities. There are currently no ongoing\nmaterial tax examinations. The Company does not expect any material adjustments to its consolidated financial statements as a result of\nsuch examinations.\n\n \n\nThe Company did not accrue any liability, interest\nor penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the\nfiscal years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\n**18. RELATED\nPARTY TRANSACTIONS AND BALANCES**\n\n \n\nRelated party transactions\n\n \n\nIn the ordinary course of business, during the\nfiscal years ended December 31, 2025, 2024 and 2023, the Company was involved in the following transactions, either at cost or current\nmarket prices, and on the normal commercial terms among related parties.\n\n** **\n\nNature of transactions \nFiscal Years Ended December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nRevenue (1) \n   \n   \n   \n  \n\n- Jebs Enterprise Pte. Ltd. * \n \n-\n  \n \n-\n  \n \n-\n  \n 360,000 \n\n- PT Jeneric Jaya* \n    \n 48,000  \n 48,000  \n \n-\n \n\n  \n    \n    \n    \n   \n\nRental of equipment (2) \n    \n    \n    \n   \n\n- Jebs Enterprise Pte. Ltd.* \n 560,689  \n 720,958  \n 1,103,884  \n 1,080,969 \n\n  \n    \n    \n    \n   \n\nGain on disposal of plant and equipment / right-of-use assets (3) \n    \n    \n    \n   \n\n- Jebs Enterprise Pte. Ltd.* \n \n-\n  \n \n-\n  \n 111,107  \n 27,763 \n\n \n\n(1)\nIn 2023, the Company rented used blasting equipment related to corrosion prevention services to Jebs Enterprise amounting to S$360,000. These transactions were conducted on an ad-hoc basis based on the operational needs of Jebs Enterprise at the time. The equipment leased was part of the Company’s used plant and equipment and was not in active use by the Company during the relevant periods.\n\n \n\nIn 2025 and 2024, the Company seconded one office employee to PT Jeneric Jaya to perform management functions. The total amount for the secondment was S$48,000 (approximately US$37,330) in 2025 and S$48,000 in 2024. This amount includes salary, statutory contributions, and overhead allocations. The seconded employee remained on the Company’s payroll, and PT Jeneric Jaya reimbursed the Company for the related costs.\n\n \n\nF-28\n\n \n\n \n\n(2)\nThe Company has entered into a master equipment lease agreement with Jebs Enterprise Pte. Ltd.\n\n \n\nThe master equipment lease agreement with Jebs Enterprise Pte. Ltd. establishes the framework under which each of the Operating Subsidiaries acts as a lessee and leases various equipment from Jebs Enterprise Pte. Ltd. on an ongoing basis. Under the agreement, individual lease agreements are also required to be executed by and between Jebs Enterprise Pte. Ltd. and each operating subsidiary, specifying the particular equipment to be leased, the rental period, and the rental fees applicable to each transaction. The obligations of each operating subsidiary as a lessee under the agreement are several and not joint, meaning that each operating subsidiary is responsible only for its own obligations and not those of any other lessee. The agreement expressly provides that the lessees are not considered a partnership, association, or joint venture, and that each operating subsidiary should independently negotiate and enter into its individual lease arrangement with Jebs Enterprise Pte. Ltd. The agreement is governed by the laws of Singapore and includes an arbitration clause requiring that any disputes be resolved by arbitration administered by the Singapore International Arbitration Centre. The agreement remains in effect for as long as any individual lease agreement is outstanding.\n\n \n\nThe individual equipment lease agreements between Jebs Enterprise Pte. Ltd. and each operating subsidiary provide for the lease of specified equipment for an initial three-year term and shall automatically renew for an additional one-year term on the same terms and conditions unless either party provides written notice of its intention not to renew at least thirty (30) days prior to the expiry of the term. Rental fees are based on actual usage and agreed in writing before each rental period, with payment due within thirty (30) days of invoice. Title to the equipment remains with Jebs Enterprise Pte. Ltd., while risk of loss or damage passes to the lessee upon delivery and remains until return. Lessees must maintain and operate the equipment properly, are prohibited from transferring or encumbering it, and must return it at the end of the rental period or upon termination. The lease may be terminated by the lessee with 30 days’ written notice, by the lessor for uncured breach, or automatically in the event of a total loss of the equipment. These agreements are governed by Singapore law and require arbitration of disputes at the Singapore International Arbitration Centre.\n\n \n\n(3)\nDuring 2023 and 2024, the Company entered into a series of asset disposal transactions\nwith Jebs Enterprise Pte. Ltd. involving the sale of used equipment. These transactions were conducted based on management’s assessment\nof fair market value, considering the condition, age, and usage of the equipment. The details are as follows:\n\n \n\n(a)On January 31, 2023, the Company sold four units of used blasting equipment to Jebs Enterprise\nfor a total consideration of S$720,000, with an aggregate carrying amount of S$704,907.\n\n \n\n(b)On November 19, 2023, the Company sold one unit of used air-cooler dehumidifier for S$38,500,\nwith a carrying amount of S$25,830.\n\n \n\n(c)On January 2, 2024, the Company sold three units of used high-pressure pumps for a total\nconsideration of S$435,000, with an aggregate carrying amount of S$379,864.\n\n \n\n(d)On October 16, 2024, the Company sold two units of used high-pressure pumps for a total\nconsideration of S$200,000, with an aggregate carrying amount of S$165,750.\n\n \n\n(e)On December 31, 2024, the Company sold two units of used high-pressure pumps for a total\nconsideration of S$320,000, with an aggregate carrying amount of S$298,279.\n\n \n\nThe total gain on disposal recognized in 2024 was S$111,107. The equipment sold consisted of functional equipment that had been partially depreciated, and the gains from these disposals were recognized as other income in financial statements.\n\n \n\nOn September 1, 2024, the Company, through its\nrelated party, Jebs Enterprise Pte. Ltd., entered into a Property Lease Agreement. The leased property is used for operational purposes.\nThe lease commenced on November 1, 2024, for a term of 2 years, ending on October 31, 2026.\n\n \n\nF-29\n\n \n\n \n\nHowever, the lease is provided rent-free by the\nrelated party, and as such, no lease liability or right-of-use asset is recognized in the Company’s financial statements. Accordingly,\nthe Company does not have any externally leased office premises with rental obligations as of December 31, 2025, 2024 and 2023.\n\n \n\nRelated party balances\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nDue from related parties \n   \n   \n   \n  \n\n- Jeneric Holdings Pte. Ltd. * \n \n-\n  \n \n-\n  \n 2,698,907  \n 1,552,426 \n\n- Jebs Enterprise Pte. Ltd. * \n \n-\n  \n \n-\n  \n \n-\n  \n 777,600 \n\n  \n \n-\n  \n \n-\n  \n 2,698,907  \n 2,330,026 \n\n  \n    \n    \n    \n   \n\nDue to related parties \n    \n    \n    \n   \n\n- Jeneric Holdings Pte. Ltd. * \n \n-\n  \n \n-\n  \n \n-\n  \n 399,117 \n\n- Jebs Enterprise Pte. Ltd. * \n \n-\n  \n \n-\n  \n 55,400  \n 66,960 \n\n  \n \n-\n  \n \n-\n  \n 55,400  \n 466,077 \n\n \n\nThe amounts due from and due to related parties\nrepresent business advances made for operational purposes. These balances are unsecured, interest-free, and repayable on demand without\nany formal agreement. The amount due from Jeneric Holdings Pte. Ltd. was settled through (i) a dividend declared in the amount of S$2,592,688\non January 1, 2025, and (ii) a cash payment of S$106,219 received on April 24, 2025. The amount due to Jebs Enterprise Pte. Ltd. has been\nsettled on April 24, 2025.\n\n \n\n* A company in which Mr. Goh Kwang Yong is a common\ndirector.\n\n** **\n\nKey management personnel remuneration\n\n \n\nThe remuneration for key management personnel\nof the Company, representing the Company’s directors, is as follow:\n\n \n\n  \nFiscal Years Ended December 31, \n\n  \n2025  \n2025  \n2024  \n2023 \n\n  \nUS$  \nS$  \nS$  \nS$ \n\n  \n   \n   \n   \n  \n\nKey management personnel remuneration \n 363,800  \n 467,790  \n 225,120  \n 225,120 \n\n \n\n**19. CONCENTRATION\nOF RISK**\n\n** **\n\nThe Company is exposed to the following concentration\nof risk:\n\n \n\n(a)Major customers\n\n \n\nFor the fiscal year ended December 31, 2025, customer\nA, B and D accounted for 30%, 36% and 11% of the Company’s total revenue.\n\n \n\nFor the fiscal year ended December 31, 2024, customer\nA, B and C accounted for 29%, 20% and 12% of the Company’s total revenue.\n\n \n\nFor the fiscal year ended December 31, 2023, customer\nA and B accounted for 30% and 20% of the Company’s total revenue.\n\n \n\nAs of December 31, 2025, there were four customers,\neach of whom accounted for more than 10% of the Company’s total accounts receivable, contributing approximately 22%, 17%, 14% and\n12%, respectively. As of December 31, 2024, there were two customers, each of whom accounted for more than 10% of the Company’s\ntotal accounts receivable, contributing approximately 30% and 16%, respectively. As of December 31, 2023, there were four customers, each\nof whom accounted for more than 10% of the Company’s total accounts receivable, contributing approximately 29%, 13%, 13% and 11%,\nrespectively.\n\n \n\nF-30\n\n \n\n \n\n(b)Major vendors\n\n \n\nFor the fiscal year ended December 31, 2025, vendor\nA and B accounted for 35% and 15% of the Company’s total purchases.\n\n \n\nFor the fiscal year ended December 31, 2024, vendor\nA and B accounted for 54% and 15% of the Company’s total purchases.\n\n \n\nFor the fiscal year ended December 31, 2023, vendor\nA and B accounted for 42% and 16% of the Company’s total purchases.\n\n \n\nAs of December 31, 2025, there were three vendors,\neach of whom accounted for more than 10% of the Company’s total accounts payable, contributing approximately 22%, 15% and 13%, respectively.\nAs of December 31, 2024, there were three vendors, each of whom accounted for more than 10% of the Company’s total accounts payable,\ncontributing approximately 36%, 15% and 12%, respectively. As of December 31, 2023, there were two vendors, each of whom accounted for\nmore than 10% of the Company’s total accounts payable, contributing approximately 25% and 19%, respectively.\n\n \n\n(c)Credit risk\n\n \n\nFinancial instruments that potentially subject\nthe Company to credit risk consist of cash equivalents, accounts receivable, other current assets, including deposits and other receivables,\nand amount due from related parties. Cash and cash equivalents are maintained with high credit quality institutions, the composition and\nmaturities of which are regularly monitored by management. From April 1, 2024 onwards, the Singapore Deposit Protection Board pays compensation\nup to a limit of S$100,000 (approximately US$77,770) if the bank with which an individual/a company hold its eligible deposit fails. While\nmanagement believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.\n\n \n\nFor accounts receivable, the Company determines,\non a continuing basis, the probable losses and sets up an allowance for expected credit losses based on the estimated realizable value.\n\n \n\nThe Company has adopted a policy of only dealing\nwith creditworthy counterparties. The Company performs ongoing credit evaluation of its counterparties’ financial condition and\ngenerally does not require a collateral. The Company also considers the probability of default upon initial recognition of assets and\nwhether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period.\n\n \n\nThe Company has determined the default event on\na financial asset to be when internal and/or external information indicates that the financial asset is unlikely to be received, which\ncould include default of contractual payments due for more than 90 days, default of interest due for more than 365 days or there is significant\ndifficulty of the counterparty.\n\n \n\nTo minimize credit risk, the Company has developed\nand maintained its credit risk grading to categorize exposures according to their degree of risk of default. The credit rating information\nis supplied by publicly available financial information and the Company’s own trading records to rate its major customers and other\ndebtors. The Company considers available reasonable and supportive forward-looking information which includes the following indicators:\n\n \n\n●Actual or expected significant\nadverse changes in business, financial or economic conditions that are expected to cause a significant change to the debtor’s ability\nto meet its obligations\n\n \n\n●Internal credit rating\n\n \n\n●External credit rating and when\nnecessary\n\n \n\nRegardless of the analysis above, a significant\nincrease in credit risk is presumed if a debtor is more than 90 days past due in making contractual payment.\n\n \n\nAs of December 31, 2025, 2024 and 2023, the Company’s\naccounts receivable were due from various customers and were not attributable to a single customer.\n\n \n\n(d)Interest rate risk\n\n \n\nAs the Company has no significant interest-bearing\nassets, the Company’s income and operating cash flows are substantially independent of changes in market interest rates.\n\n \n\nThe Company’s interest-rate risk arises\nfrom bank borrowings. The Company manages interest rate risk by varying the issuance and maturity dates variable rate debt, limiting the\namount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of December 31, 2025, 2024\nand 2023, bank borrowings amounting to S$1,936,917 (approximately US$1,506,340), S$2,798,451 and S$791,961, respectively, were at floating\ninterest rates.\n\n \n\nF-31\n\n \n\n \n\n(e)Economic and political risk\n\n \n\nThe Company’s major operations are conducted\nin Singapore. Accordingly, the political, economic, and legal environments in Singapore, as well as the general state of Singapore’s\neconomy influence the Company’s business, financial condition, and results of operations.\n\n \n\n(f)Liquidity risk\n\n \n\nLiquidity risk is the risk that the Company will\nnot be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash\nto meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking\ndamage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections.\nIf future cash flows are fairly uncertain, the liquidity risk increases.\n\n \n\nPotential impacts on the Company’s results\nof operations for 2026 will depend on global economic conditions, including ongoing geopolitical conflicts and resulting energy crises,\nwhich have led to increased fuel prices and are beyond the Company’s control. There is no guarantee that the Company’s revenues\nwill grow or remain at a similar level year after year in 2026.\n\n \n\n**20. COMMITMENTS\nAND CONTINGENCIES**\n\n \n\nContracted expenditure commitments\n\n \n\nFrom time to time, the Company entered into various\nshort-term lease agreements to worker dormitories. The Company’s contracted expenditures commitments as of December 31, 2025 but\nnot provided in the consolidated financial statements are as follows:\n\n \n\n  \nContracted expenditure commitments \n\n  \nUS$  \nS$ \n\n  \n    \n   \n\nWithin 1 year \n 188,398  \n 242,250 \n\n \n\nThese lease arrangements generally have terms\nof less than twelve months and qualify for the short-term lease exemption under ASC 842; accordingly, no right-of-use assets or lease\nliabilities have been recognized.\n\n \n\nLitigation\n\n \n\nFrom time to time, the Company may be involved\nin various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings\nor claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition,\noperating results, or cash flows.\n\n \n\nAs of December 31, 2025, 2024 and 2023, the Company has no material\ncontingencies.\n\n \n\n**21. OFF-BALANCE\nSHEET ARRANGEMENT**\n\n** **\n\nWe did not have during the periods presented,\nand we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial\npartnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the\npurpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.\n\n** **\n\n**22. SUBSEQUENT\nEVENTS**\n\n \n\nIn accordance with ASC Topic 855, “Subsequent\nEvents,” which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date\nbut before the consolidated financial statements are issued, the Company has evaluated all events and transactions that occurred after\nDecember 31, 2025, up through the date the Company issued the audited consolidated financial statements. Based on this evaluation, the\nCompany determined that there were no subsequent events that require recognition or disclosure in these consolidated financial statements.\n\n \n\nF-32\n\n \n\n  \n\n**SIGNATURES**\n\n** **\n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this annual report on its behalf.\n\n \n\nDate: May 12, 2026\n**APEX GLOBAL SOLUTIONS LIMITED**\n\n \n \n \n\n \n/s/\nGoh Kwang Yong\n\n \nName:\nGoh Kwang Yong\n\n \nTitle:\nChairman of the Board of Directors and Chief Executive\nOfficer\n\n \n\n73\n\n** **\n\n \n\n \n\nU.S. GAAP\n\nUnlimited\nUnlimited\nUnlimited\nUnlimited\n\nUnlimited\nUnlimited\nUnlimited\nUnlimited\n\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#LeaseLiabilitiesCurrent\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#LeaseLiabilitiesCurrent\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#LeaseLiabilitiesNoncurrrent\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#LeaseLiabilitiesNoncurrrent\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#RightofuseAssetsNet\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#RightofuseAssetsNet\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#RightofuseAssetsNet\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#RightofuseAssetsNet\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#LeaseLiabilitiesCurrent\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#LeaseLiabilitiesCurrent\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#LeaseLiabilitiesNoncurrrent\nhttp://www.APEXGLOBALSOLUTIONSLTD.Com/20251231#LeaseLiabilitiesNoncurrrent\n\nDuring 2023 and 2024, the Company entered into a series of asset disposal transactions with Jebs Enterprise Pte. Ltd. involving the sale of used equipment. These transactions were conducted based on management’s assessment of fair market value, considering the condition, age, and usage of the equipment. The details are as follows:\n(a) On January 31, 2023, the Company sold four units of used blasting equipment to Jebs Enterprise for a total consideration of S$720,000, with an aggregate carrying amount of S$704,907.\n(b) On November 19, 2023, the Company sold one unit of used air-cooler dehumidifier for S$38,500, with a carrying amount of S$25,830.\n(c) On January 2, 2024, the Company sold three units of used high-pressure pumps for a total consideration of S$435,000, with an aggregate carrying amount of S$379,864.\n(d) On October 16, 2024, the Company sold two units of used high-pressure pumps for a total consideration of S$200,000, with an aggregate carrying amount of S$165,750.\n(e) On December 31, 2024, the Company sold two units of used high-pressure pumps for a total consideration of S$320,000, with an aggregate carrying amount of 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