{"url_path":"/sec/bliv/10-k/2026/item-18","section_key":"item-18","section_title":"Item 18 FINANCIAL STATEMENTS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1982448/0001493152-26-023306-index.html","accession_number":"0001493152-26-023306","cik":"0001982448","ticker":"BLIV","issuer_name":"BeLive Holdings","edgar_url":"https://www.sec.gov/Archives/edgar/data/1982448/0001493152-26-023306-index.html","primary_entity_key":"0001982448","primary_entity_name":"BeLive Holdings"},"word_count":21248,"has_tables":true,"body_markdown":"**ITEM\n18. FINANCIAL STATEMENTS**\n\n \n\nThe\nfollowing Financial Statements are filed as part of this Annual Report:\n\n \n\n \n\n**BELIVE\nHOLDINGS**\n\n \n\n**INDEX\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**Consolidated\nFinancial Statements as of and for the year ended**\n\n**December\n31, 2025**\n\n \n\n \nPage\n\n \n \n\n[Report\nof Independent Registered Public Accounting Firm](#TM_001) (PCAOB ID NO: 6732)\nF-3\n\n \n \n\n[Consolidated Statements of Profit or Loss and Other Comprehensive Income for the Financial Years ended December 31, 2025, 2024 and 2023](#TM_002)\nF-4\n\n \n \n\n[Consolidated Statements of Financial Position as at December 31, 2025 and 2024](#TM_003)\nF-5\n\n \n \n\n[Consolidated Statements of Changes in Equity for the Financial Years ended December 31, 2025, 2024 and 2023](#TM_004)\nF-6\n\n \n \n\n[Consolidated Statements of Cash Flows for the Financial Years ended December 31, 2025, 2024 and 2023](#TM_005)\nF-7\n\n \n \n\n[Notes to the Consolidated Financial Statements](#TM_006)\nF-8\n\n \n\nF-1\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n** **\n\n**CONSOLIDATED\nFINANCIAL**\n\n**STATEMENTS\nFOR THE FINANCIAL**\n\n**YEAR\nENDED DECEMBER 31, 2025**\n\n \n\n****\n\nF-2\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n** **\n\nREPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\n \n\nTo\nthe Board of Directors and\n\nStockholders of BeLive Holdings\n\n \n\n**Opinion\non the Financial Statements**\n\n** **\n\nWe\nhave audited the accompanying statements of financial position of BeLive Holdings and its subsidiaries (the Group) as of December 31,\n2025 and 2024 and the related consolidated statements of profit or loss and other comprehensive loss, change in equity, and cash flows\nfor each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the financial statements).\nIn our opinion, the financial statements present fairly, in all material respects, the financial position of the Group as of December\n31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31,\n2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.\n\n \n\n**Going\nConcern Uncertainty**\n\n** **\n\nThe\naccompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note\n2 to the financial statements, the Group incurred net loss of S$6,695,581 for the year ended December 31, 2025. This condition indicates\nthe existence of material uncertainty that may raise significant doubt about the Group’s ability to continue as a going concern.\nManagement’s plans regarding this matter is also described in Note 2. The financial statements do not include any adjustments that\nmight result from the outcome of this uncertainty.\n\n \n\n**Basis\nfor Opinion**\n\n** **\n\nThese\nfinancial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on the Group’s\nfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws\nand the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe\nconducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Group\nis not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,\nwe are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion\non the effectiveness of the Group’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n/s/ Onestop Assurance PAC\n\n \n\nWe have served as the group’s auditor since 2024.\n\n \n\n(PCAOB ID NO: 6732)\n\n \n\nSingapore\n\n \n\nMay 12, 2026\n\n \n\n****\n\nF-3\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED\nSTATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n  \nNote  \n2025  \n2024  \n2023 \n\n  \n   \nS$  \nS$  \nS$ \n\n  \n    \n    \n    \n   \n\nRevenue \n 4  \n 757,159  \n 1,849,509  \n 3,090,361 \n\nCost of sales \n    \n (765,619) \n (886,730) \n (1,391,923)\n\nGross (loss)/profit \n    \n (8,460) \n 962,779  \n 1,698,438 \n\nOther income \n 5  \n 132,808  \n 65,351  \n 255,292 \n\nLess: Expenses \n    \n    \n    \n   \n\n- Marketing \n    \n (169,102) \n (243,899) \n (327,782)\n\n- Administrative expenses \n    \n (6,582,895) \n (6,279,777) \n (3,457,587)\n\n- Provision for expected credit loss (“ECL”) \n 21(a)(i) \n (5,166) \n -  \n (26,049)\n\n- Bad debt written off \n    \n -  \n (9,068) \n (227,067)\n\n- Finance cost \n 6  \n (14,116) \n (3,150) \n (9,414)\n\nLoss before tax \n 7  \n (6,646,931) \n (5,507,764) \n (2,094,169)\n\nIncome tax expenses \n 8  \n (48,650) \n -  \n - \n\nLoss for the year \n    \n (6,695,581) \n (5,507,764) \n (2,094,169)\n\nOther comprehensive income/(loss): \n    \n    \n    \n   \n\nItems that may be reclassified subsequently to profit or loss: \n    \n    \n    \n   \n\n- Exchange differences on translation of foreign operations \n    \n 8,966  \n 6,693  \n (1,663)\n\nTotal comprehensive loss for the year \n    \n (6,686,615) \n (5,501,071) \n (2,095,832)\n\nLoss per share for the loss attributable to owners of the Company (in dollar) \n    \n    \n    \n   \n\nBasic \n 9  \n (0.66) \n (0.69) \n (0.31)\n\nDiluted \n 9  \n (0.66) \n (0.69) \n (0.31)\n\n \n\n****\n\nF-4\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED\nSTATEMENTS OF FINANCIAL POSITION**\n\n*As\nat December 31, 2025 and 2024*\n\n*(in\nSingapore Dollars)*\n\n \n\n** **** **\n**Note**** **** **\n**December 31, 2025**** **** **\nDecember 31, 2024** **\n\n  \n   \nS$  \nS$ \n\n  \n   \n   \n  \n\nASSETS \n    \n    \n   \n\nNon-current assets \n    \n    \n   \n\nPlant and equipment, net \n 10  \n 68,343  \n 6,044 \n\nIntangible assets, net \n 11  \n 392,531  \n 624,240 \n\nTotal non-current assets \n    \n 460,874  \n 630,284 \n\n  \n    \n    \n   \n\nCurrent assets \n    \n    \n   \n\nTrade and other receivables, net \n 12  \n 264,909  \n 127,047 \n\nContract assets \n 13  \n 2,286  \n 10,642 \n\nCash and cash equivalents \n 15  \n 8,577,947  \n 66,184 \n\nTotal current assets \n    \n 8,845,142  \n 203,873 \n\nTotal assets \n    \n 9,306,016  \n 834,157 \n\n  \n    \n    \n   \n\nEQUITY AND LIABILITIES \n    \n    \n   \n\nLIABILITIES \n    \n    \n   \n\nNon-current liability \n    \n    \n   \n\nLease liabilities \n 18  \n 22,806  \n - \n\n  \n    \n    \n   \n\nCurrent liabilities \n    \n    \n   \n\nTrade and other payables \n 19  \n 474,949  \n 626,008 \n\nIncome tax payable \n    \n 20,800  \n - \n\nLoan from a shareholder \n 14  \n -  \n 337,566 \n\nLease liabilities \n 18  \n 20,353  \n 6,500 \n\nTotal current liabilities \n    \n 516,102  \n 970,074 \n\nTotal liabilities \n    \n 538,908  \n 970,074 \n\n  \n    \n    \n   \n\nEQUITY \n    \n    \n   \n\nShare capital \n 16  \n 7,233  \n 5,462 \n\nAccumulated losses \n    \n (34,248,446) \n (27,552,865)\n\nReserves \n 17  \n 43,008,321  \n 27,411,486 \n\nTotal equity \n    \n 8,767,108  \n (135,917)\n\n  \n    \n    \n   \n\nTotal equity and liabilities \n    \n 9,306,016  \n 834,157 \n\n \n\nF-5\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED\nSTATEMENTS OF CHANGE IN EQUITY**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n** **** **\n\n**Share**\n\n**Capital**\n** **** **\n\n**Share**\n\n** Premium**\n** **** **\n\n**Accumulated**\n\n**losses**\n** **** **\n\n** **\n\n**Other**\n\n**reserve**\n\n** (Note\n17)**\n** **** **\n\n**Foreign**\n\n**currency**\n\n**translation**\n\n**reserve\n(Note 17)**\n** **** **\n**Total**** **\n\n** **** **\n**S$**** **** **\n**S$**** **** **\n**S$**** **** **\n**S$**** **** **\n**S$**** **** **\n**S$**** **\n\n**2023**\n\nBalance\nat January 1, 2023\n \n 4,324  \n -  \n (19,950,932) \n 22,824,575  \n (367) \n 2,877,600 \n\nExercise\nof share options \n    \n    \n    \n    \n    \n   \n\nExercise\nof share award \n    \n    \n    \n    \n    \n   \n\nIssuance\nof shares \n 235  \n 334,850  \n -  \n -  \n -  \n 335,085 \n\nLoss\nfor the year \n -  \n -  \n (2,094,169) \n -  \n -  \n (2,094,169)\n\nOther\ncomprehensive loss \n -  \n -  \n -  \n -  \n (1,663) \n (1,663)\n\nAt\nDecember 31, 2023 \n 4,559  \n 334,850  \n (22,045,101) \n 22,824,575  \n (2,030) \n 1,116,853 \n\n  \n    \n    \n    \n    \n    \n   \n\n**2024**\n\nBalance\nas at January 1, 2024\n \n 4,559  \n 334,850  \n (22,045,101) \n 22,824,575  \n (2,030) \n 1,116,853 \n\nExercise\nof share options \n 791  \n 3,606,000  \n -  \n    \n -  \n 3,606,791 \n\nIssuance\nof shares \n 112  \n 641,398  \n -  \n -  \n -  \n 641,510 \n\nLoss\nfor the year \n -  \n -  \n (5,507,764) \n -  \n -  \n (5,507,764)\n\nOther\ncomprehensive gain \n -  \n -  \n -  \n -  \n 6,693  \n 6,693 \n\nAs\nat December 31, 2024 \n 5,462  \n 4,582,248  \n (27,552,865) \n 22,824,575  \n 4,663  \n (135,917)\n\n  \n    \n    \n    \n    \n    \n   \n\n**2025**\n\nBalance\nas at January 1, 2025\n \n 5,462  \n 4,582,248  \n (27,552,865) \n 22,824,575  \n 4,663  \n (135,917)\n\nExercise\nof share options \n 171  \n 1,369,414  \n -  \n -  \n -  \n 1,369,585 \n\nExercise\nof share award \n -  \n 1,423,999  \n -  \n -  \n -  \n 1,423,999 \n\nIssuance\nof shares \n 1,600  \n 12,794,456  \n -  \n -  \n -  \n 12,796,056 \n\nLoss\nfor the year \n -  \n -  \n (6,695,581) \n -  \n -  \n (6,695,581)\n\nOther\ncomprehensive gain \n -  \n -  \n -  \n -  \n 8,966  \n 8,966 \n\nOther\ncomprehensive gain loss \n -  \n -  \n -  \n -  \n 8,966  \n 8,966 \n\nAs\nat December 31, 2025 \n 7,233  \n 20,170,117  \n (34,248,446) \n 22,824,575  \n 13,629  \n 8,767,108 \n\n \n\nF-6\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED\nSTATEMENTS OF CASH FLOWS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n  \nNote  \n2025  \n2024  \n2023 \n\n  \n   \nS$  \nS$  \nS$ \n\n  \n    \n    \n    \n   \n\nCash flows from operating activities \n    \n    \n    \n   \n\nLoss before tax \n    \n (6,646,931) \n (5,507,764) \n (2,094,169)\n\nAdjustments for: \n    \n    \n    \n   \n\nDepreciation of plant and equipment \n 10  \n 63,557  \n 55,754  \n 207,649 \n\nAmortization of intangible asset \n 11  \n 231,709  \n 231,710  \n 217,124 \n\nProvision for/(reversal of) expected credit loss \n    \n 5,166  \n (2,110) \n 26,049 \n\nBad debt written off \n    \n -  \n 9,068  \n 227,067 \n\nInterest income \n    \n (73,571) \n (1) \n (6,467)\n\nInterest expense \n    \n 14,116  \n 3,150  \n 9,414 \n\nExchange loss \n 7  \n 222,737  \n -  \n - \n\nLoss on disposal of plant and equipment \n 7  \n -  \n 533  \n - \n\nShare-based payment expenses \n 22  \n 2,793,413  \n 3,606,000  \n - \n\nWritten-off of plant and equipment \n 7  \n 166  \n 53,295  \n 1,731 \n\nOperating cash flows before working capital changes \n    \n (3,389,638) \n (1,550,365) \n (1,411,602)\n\nChanges in working capital: \n    \n    \n    \n   \n\nTrade and other receivables \n    \n (143,028) \n 304,442  \n 1,254,933 \n\nContract assets \n    \n 8,356  \n 1,289  \n 349,562 \n\nTrade and other payables \n    \n (151,059) \n 177,495  \n (134,208)\n\nCash (used in)/generated from operations \n    \n (3,675,369) \n (1,067,139) \n 58,685 \n\nInterest received \n    \n 73,571  \n 1  \n 6,467 \n\nIncome tax paid \n    \n (27,850) \n -  \n (5,214)\n\nNet cash (used in)/generated from operating activities \n    \n (3,629,648) \n (1,067,138) \n 59,938 \n\n  \n    \n    \n    \n   \n\nCash flows from investing activities \n    \n    \n    \n   \n\nProceeds from disposal of plant and equipment \n    \n -  \n 4,819  \n - \n\nPurchase of plant and equipment \n    \n (74,142) \n -  \n (2,145)\n\nCapitalization of intangible assets \n    \n -  \n -  \n (247,087)\n\nNet cash (used in)/generated from investing activities \n    \n (74,142) \n 4,819  \n (249,232)\n\n  \n    \n    \n    \n   \n\nCash flows from financing activities \n    \n    \n    \n   \n\nProceeds from exercise of share options \n    \n 171  \n 791  \n - \n\nProceeds from issuance of shares \n    \n 12,796,056  \n 641,510  \n 335,085 \n\nLoan from a shareholder \n    \n 737,951  \n 337,566  \n - \n\nRepayment to a shareholder \n    \n (1,054,705) \n -  \n - \n\nInterest paid \n    \n (2,651) \n (1,706) \n (9,414)\n\nRepayment of principal portion of lease liabilities \n    \n (24,308) \n (54,060) \n (153,757)\n\nNet cash generated from financing activities \n    \n 12,452,514  \n 924,101  \n 171,914 \n\n  \n    \n    \n    \n   \n\nNet increase/(decrease) in cash and cash equivalents \n    \n 8,748,724  \n (138,218) \n (17,380)\n\n**Effect of exchange rate changes on**\n\n**cash and cash equivalents**\n \n    \n (236,961) \n 6,693  \n (1,663)\n\nCash and cash equivalents as at January 1 \n    \n 66,184  \n 197,709  \n 216,752 \n\nCash and cash equivalents as at December 31 \n 15  \n 8,577,947  \n 66,184  \n 197,709 \n\n \n\n****\n\nF-7\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**1.**\n**General**\n\n \n\nBeLive\nHoldings (“the Company”, and together with its subsidiaries, “the Group”) was incorporated on February 24, 2023\nand domiciled in the Cayman Islands. The address of its registered office is Appleby Global Services (Cayman) Limited, 71 Fort Street,\nPO Box 500, George Town, Grand Cayman, KY1-1106, Cayman Islands.\n\n \n\nBeLive\nTechnology Group Ltd. (“BeLive BVI”), a wholly-owned subsidiary of the Company, was incorporated on March 7, 2023 and domiciled\nin British Virgin Islands. The address of its registered office is at Mandar House, 3rd Floor, Johnson’s Ghut, Tortola, British\nVirgin Islands.\n\n \n\nBeLive\nTechnology Pte. Ltd. (“BeLive SG”), a wholly-owned subsidiary of BeLive BVI, was incorporated on June 18, 2014 and domiciled\nin Singapore. The address of its registered office is at 26A Ann Siang Road, #03-00, Singapore 069706.\n\n \n\nBeLive\nTechnology (Vietnam) Company Ltd. (“BeLive Vietnam”), a wholly-owned subsidiary of BeLive SG, was incorporated on June 16,\n2021 and domiciled in Vietnam. The address of its registered office is at 133 Duong Ba Trac, Ward 1, District 8, Ho Chi Minh City, Vietnam.\n\n \n\nBeLive\nNew Media Ltd. (“BeLive New Media”), a wholly-owned subsidiary of the Company, was incorporated on June 26, 2025 and domiciled\nin British Virgin Islands. The address of its registered office is at Mandar House, 3rd Floor, Johnson’s Ghut, Tortola, British\nVirgin Islands.\n\n \n\nBeLive\nAI Studios Pte. Ltd. (“BeLive AI Studios”), a wholly-owned subsidiary of BeLive New Media, was incorporated on July 07, 2025\nand domiciled in Singapore. The address of its registered office is at 26A Ann Siang Road, #03-00, Singapore 069706.\n\n \n\nThe\nprincipal activities of the Group are those related to development of software and programming activities.\n\n \n\nOn\nJune 9, 2023, the Shareholders of BeLive SG (the “Shareholders”) have agreed to sell and BeLive BVI has agreed to buy the\nentire issued share capital of BeLive SG in consideration for the Company to allot and issue an aggregate of 32,268,663 fully paid ordinary\nshares of par value US$0.0001 each at the aggregate issue price of US$3,227.\n\n \n\nAs\nBeLive SG, BeLive BVI and the Company are under common control, the series of contractual arrangements between BeLive SG, BeLive BVI\nand the Company in 2023 constituted a reorganization under common control. The consolidated financial statements have been prepared as\nif the existing corporate structure had been in existence throughout all periods. This includes a retrospective presentation for all\nequity related disclosures, including issued share capital, which have been revised to reflect the effects of the reorganization in accordance\nwith IFRS Accounting Standards as of January 1, 2023, December 31, 2023, 2024 and 2025.\n\n \n\nF-8\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**1.**\n**General\n(Continued)**\n\n \n\n**Information\nabout subsidiaries**\n\n \n\nDetails\nof the Company’s principal subsidiaries are as follows:-\n\n Schedule of principal subsidiaries\n\nName\n \nPrincipal\nactivities\n \nCountry\nof business/ incorporation\n\n \n \n \n \n \n\nBeLive\nBVI\n \nInvestment\nholding\n \nBritish\nVirgin Islands\n\n \n \n \n \n \n\nBeLive\nSG\n \nDevelopment\nof other software and programming activities\n \nSingapore\n\n \n \n \n \n \n\nBeLive\nVietnam\n \nComputer\nprogramming and system administration\n \nVietnam\n\n \n \n \n \n \n\nBeLive\nNew Media*\n \nInvestment\nholding\n \nBritish\nVirgin Islands\n\n \n \n \n \n \n\nBeLive\nAI Studios*\n \nCreative\nagency dealing in content production and campaign marketing\n \nSingapore\n\n \n\n*BeLive New Media\nwas newly incorporated on June 26, 2025 and BeLive AI Studios was newly incorporated on July 07, 2025.\n\n \n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information**\n\n \n\n \n2.1\nBasis\nof preparation\n\n \n\nThe\nconsolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as issued by the International\nAccounting Standards Board (“IASB”). The IASB has issued a number of new and revised IFRS Accounting Standards. In preparing\nthe consolidated financial statements, the Group has consistently applied all new and amendments to IFRS Accounting Standards throughout\nthe reporting period.\n\n \n\nThese\nconsolidated financial statements have been prepared on a historical cost convention except for share options and cumulative preference\nshares (“RCCPS”) which are measured at fair value. The preparation of consolidated financial statements in conformity with\nIFRS Accounting Standards requires management to exercise its judgement in the process of applying the Group’s accounting policies.\nIt also requires the use of certain critical accounting estimates and assumptions.\n\n \n\nThe\nGroup incurred a loss of S$6,695,581 for the year ended December 31, 2025. This condition indicates the existence of material uncertainty\nthat may cast significant doubt about the Group’s ability to continue as a going concern and therefore, the Group may not be able\nto realize its assets and discharge its liabilities in the normal course of business. Notwithstanding the above, these consolidated financial\nstatements have been prepared on the going concern basis as management has performed detailed cash flow forecasts. In addition, management\nhas formulated and will implement a series of mitigation measures, including the reduction of recurring overheads and initiatives to\nenhance revenue quality and improve margin profile, with the objective of returning the Group to profitability. Accordingly, in the opinion\nof the directors, the Group has sufficient resources to continue as a going concern basis for a period of twelve months from the issuance\ndate of these consolidated financial statements.\n\n \n\nShould\nthe going concern assumption be inappropriate, adjustments might be made to reclassify non-current assets to current assets, to write\ndown the carrying values of assets to their estimated recoverable amounts and to provide for any further liabilities which might arise.\nThe effects of these adjustments have not been reflected in the financial statements.\n\n \n\nThe\nareas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated\nfinancial statements are disclosed in Note 3.\n\n \n\nF-9\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.2\nApplication\nof amendments to IFRS Accounting Standards\n\n \n\nIn\nthe preparation of the consolidated financial statements for the year ended December 31, 2025, the Group has applied the following amendments\nto IFRS Accounting Standards issued by the IASB, for the first time, which are mandatorily effective for the Group’s annual period\nbeginning on\n\n \n\nAmendments\nto IFRS 21\n \nLack\nof Exchangeability\n\n \n\nThe\napplication of the amendments to IFRSs in the current year has had no material impact on the Group’s financial positions and performance\nfor the current and prior years and/or on the disclosures set out in these consolidated financial statements.\n\n \n\n \n2.3\nStandards\nissued but not yet effective\n\n \n\nThe\nGroup has not early applied the following new and amendments to IFRSs that have been issued but are not yet effective:\n\n \n\nAmendments\nto IFRS 9 and\n \nAmendments\nto the Classification and Measurement of\n\n IFRS\n7\n \n Financial\nInstruments2\n\nAmendments\nto IFRS 9 and\n \nContracts\nReferencing Nature-dependent Electricity2\n\n IFRS\n7\n \n \n\nAmendments\nto IFRS 10\n \nSale\nor Contribution of Assets between an Investor and\n\n and\nIAS 28\n \n its\nAssociate or Joint Venture1\n\nAmendments\nto IFRS Accounting\n \nAnnual\nImprovements to IFRS Accounting Standards -\n\n Standards\n \n Volume\n112\n\nIFRS\n18\n \nPresentation\nand Disclosure in Financial Statements3\n\nIFRS\n19\n \nSubsidiaries\nwithout Public Accountability: Disclosures3\n\nAmendments\nto IFRS 19\n \nAmendments\nto the Subsidiaries without Public Accountability:\n\n \n \n Disclosures3\n\nAmendments\nto IFRS 21\n \nTranslation\nto a Hyperinflationary Presentation Currency3\n\n \n\n1\nEffective for annual periods beginning on or after a date to be determined.\n\n2\nEffective for annual periods beginning on or after 1 January 2026.\n\n3\nEffective for annual periods beginning on or after 1 January 2027.\n\n \n\nThe\ndirectors of the Company anticipate that the application of new and amendments to IFRS Accounting Standards will have no material impact\non the consolidated financial statements in the foreseeable future.\n\n \n\n \n2.4\n\nMaterial\naccounting policy information \n\n \n\n \n(a)\nBasis\nof consolidation\n\n \n\nThe\nconsolidated financial statements comprise the consolidated financial statements of the Company and its subsidiaries as at December 31,\n2025 and 2024. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control\nis achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability\nto affect those returns through its power over the investee (i.e., existing rights that give the Company the current ability to direct\nthe relevant activities of the investee).\n\n \n\nWhen\nthe Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Company considers all\nrelevant facts and circumstances in assessing whether it has power over an investee, including:-\n\n \n\n \n●\nthe\ncontractual arrangement with the other vote holders of the investee;\n\n \n●\nrights\narising from other contractual arrangements; and\n\n \n●\nthe\nGroup’s voting rights and potential voting rights.\n\n \n\nThe\nconsolidated financial statements of subsidiaries are prepared for the same reporting period as the Company, using consistent accounting\npolicies. The results of subsidiaries are consolidated from the date on which the Group obtains control and continue to be consolidated\nuntil the date that such control ceases.\n\n \n\nProfit\nor loss and each component of other comprehensive income (“OCI”) are attributed to the owners of the parent of the Group\nand to the non-controlling interests, even if this results in the non-controlling interest having a deficit balance. All intra-group\ntransactions, balances, income, and expenses are eliminated in full on consolidation.\n\n \n\n****\n\nF-10\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n2.\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(a)\nBasis\nof consolidation (continued)\n\n \n\nThe\nGroup reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of\nthe three elements of control described in the accounting policy for subsidiaries below.\n\n \n\nChanges\nin the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted\nfor as equity transactions.\n\n \n\nWhen\nthe Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of\nthe fair value of the consideration received and the fair value of any investment retained and (ii) the previous carrying amount of the\nassets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. The Group’s share of components\npreviously recognized in consolidated other comprehensive income is reclassified to the consolidated statements of profit or loss or\nretained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or\nliabilities.\n\n \n\nThe\nGroup can elect to apply an optional concentration test, on a transaction-by-transaction basis, that permits a simplified assessment\nof whether an acquired set of activities and assets is not a business. The concentration test is met if substantially all of the fair\nvalue of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The gross\nassets under assessment exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax\nliabilities. If the concentration test is met, the set of activities and assets is determined not to be a business, and no further assessment\nis needed.\n\n \n\nF-11\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(b)\nTaxes\n\n \n\nIncome\ntax and deferred tax\n\n \n\nIncome\ntax represents the sum of current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside\nprofit or loss, either in consolidated other comprehensive income or directly in equity.\n\n \n\nCurrent\ntax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax\nrates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations\nand practices prevailing in the countries in which the Group operates.\n\n \n\nDeferred\ntax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of\nassets and liabilities and their carrying amounts for financial reporting purposes.\n\n \n\nDeferred\ntax liabilities are recognized for all taxable temporary differences, except:-\n\n \n\n \n●\nwhen\nthe deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not\na business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and\n\n \n \n \n\n \n●\nin\nrespect of taxable temporary differences associated with investments in subsidiaries, associates, and joint ventures, when the timing\nof the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse\nin the foreseeable future.\n\n \n\nF-12\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(b)\nTaxes\n(continued)\n\n \n\nIncome\ntax and deferred tax (continued)\n\n \n\nDeferred\ntax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses.\nDeferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible\ntemporary differences, the carryforward of unused tax credits and unused tax losses can be utilized, except:\n\n \n\n \n●\nWhen\nthe deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability\nin a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor\ntaxable profit or loss; and\n\n \n \n \n\n \n●\nin\nrespect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred\ntax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future\nand taxable profit will be available against which the temporary differences can be utilized.\n\n \n\nin\nrespect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred tax\nassets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and\ntaxable profit will be available against which the temporary differences can be utilized.\n\n \n\nThe\ncarrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer\nprobable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized\ndeferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that\nsufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.\n\n \n\nF-13\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(b)\nTaxes\n(continued)\n\n \n\nIncome\ntax and deferred tax (continued)\n\n \n\nDeferred\ntax is calculated, without discounting, at the tax rates that are expected to apply in the period when the asset is realized or the liability\nis settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.\n\n \n\nDeferred\ntax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to\nsettle its current tax assets and liabilities on a net basis.\n\n \n\nSales\ntax\n\n \n\nRevenues,\nexpenses, and assets are recognized net of the amount of sales tax except:\n\n \n\n \n●\nwhere\nthe sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales\ntax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and\n\n \n \n \n\n \n●\nreceivables\nand payables that are stated with the amount of sales tax included.\n\n \n\nThe\nnet amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the\nconsolidated statements of financial position.\n\n \n\n \n(c)\nForeign\ncurrency transactions and translation\n\n \n\nThe\nconsolidated financial statements are presented in Singapore Dollars (“S$”), which is also the Company’s functional\ncurrency. Each entity in the Group determines its own functional currency and items included in the consolidated financial statements\nof each entity are measured using that functional currency. All financial information presented in Singapore Dollars has been rounded\nto the nearest dollar, unless otherwise indicated.\n\n \n\n****\n\nF-14\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(c)\nForeign\ncurrency transactions and translation (continued)\n\n \n\n \n(i)\nTransactions\nand balances\n\n \n\nTransactions\nin foreign currencies are measured in the respective functional currencies of the Company and its subsidiaries and are recorded on initial\nrecognition in the functional currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities\ndenominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting period. Non-monetary items\nthat are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial\ntransactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when\nthe fair value was measured.\n\n \n\nExchange\ndifferences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognized\nin consolidated statement of profit or loss.\n\n \n\n \n(ii)\nConsolidated\nfinancial statements\n\n \n\nFor\nconsolidation purpose, the assets and liabilities of foreign operations are translated into Singapore Dollars at the rate of exchange\nruling at the end of the reporting period and their profit or loss are translated at the exchange rates prevailing at the date of the\ntransactions. The exchange differences arising on the translation are recognized in consolidated other comprehensive income. On disposal\nof a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in consolidated\nstatement of profit or loss.\n\n \n\nF-15\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(d)\nPlant\nand equipment\n\n \n\nAll\nitems of plant and equipment are initially recorded at cost. Subsequent to recognition, plant and equipment are measured at cost less\naccumulated depreciation and any accumulated impairment losses.\n\n \n\nThe\ncost of an item of property, plant and equipment comprises its purchase price and any directly attributable cost of bringing the asset\nto its working condition and location for its intended use. Expenditure incurred after the item has been put into operation, such as\nrepairs and maintenance and overhaul costs, is normally charged to the consolidated statement of profit or loss the year in which it\nis incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in future economic benefits\nexpected to be obtained from the use of the item, the expenditure is capitalized as an additional cost of the item. When an item of property,\nplant and equipment is sold, its cost and accumulated depreciation are removed from the consolidated financial statements and any gain\nor loss resulting from the disposal, being the difference between the net disposal proceeds and the carrying amount of the asset, is\nincluded in the consolidated statement of profit and loss.\n\n \n\nDepreciation\nis calculated using the straight-line method to allocate depreciable amounts over their estimated useful lives. The estimated useful\nlives are as follows:\n\n Schedule\nof plant and equipment useful lives\n\n \n \nUseful\nlives\n\nComputers\n \n1\n– 3 years\n\nFurniture\nand fittings\n \n1\n– 5 years\n\nOffice\nequipments\n \n1\n- 3 years\n\nRenovation\n \n3\nyears\n\n \n\nWhere\nparts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis\namong the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and\nadjusted if appropriate, at least at each financial year end.\n\n \n\nAn\nitem of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future\neconomic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the consolidated statement\nof profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the\nrelevant asset.\n\n \n\n****\n\nF-16\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(e)\nIntangible\nassets\n\n \n\nIntangible\nassets acquired separately\n\n \n\nIntangible\nassets acquired separately and with finite useful lives are carried at cost less accumulated amortization and accumulated impairment\nlosses, if any. Amortization for intangible assets with finite useful lives is provided on a straight-line basis over their estimated\nuseful lives. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least\nat each financial year end.\n\n \n\nGains\nor losses arising from derecognition of an intangible asset are measured at the difference between the net disposal proceeds and the\ncarrying amount of the asset and are recognized in the consolidated statement of profit or loss when the asset is derecognized.\n\n \n\nResearch\nand development expenditure\n\n \n\nExpenditure\non research activities is recognized as an expense in the period in which it is incurred.\n\n \n\nAn\ninternally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if,\nand only if, all of the following have been demonstrated:-\n\n \n\n \n●\nthe\ntechnical feasibility of completing the intangible asset so that it will be available for use or sale;\n\n \n \n \n\n \n●\nthe\nintention to complete the intangible asset and use or sell it;\n\n \n \n \n\n \n●\nthe\nability to use or sell the intangible asset;\n\n \n \n \n\n \n●\nhow\nthe intangible asset will generate probable future economic benefits;\n\n \n \n \n\n \n●\nthe\navailability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible\nasset; and\n\n \n \n \n\n \n●\nthe\nability to measure reliably the expenditure attributable to the intangible asset during its development.\n\n \n\n****\n\nF-17\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(e)\nIntangible\nassets (continued)\n\n \n\nThe\namount initially recognized for an internally-generated intangible asset is the sum of the expenditure incurred from the date when the\nintangible asset first meets the recognition criteria. Where no internally-generated intangible asset can be recognized, development\nexpenditure is charged to the consolidated statement of profit or loss in the period in which it is incurred.\n\n \n\nSubsequent\nto initial recognition, internally-generated intangible assets are measured at cost less accumulated amortization and accumulated impairment\nlosses (if any), on the same basis as intangible assets that are acquired separately.\n\n \n\nThe\nGroup’s intangible assets have finite useful lives. All intangible assets are amortized on a straight-line basis over the following\nperiod:-\n\n Schedule\nof intangible assets useful lives\n\n \nSoftware\n5\nyears\n\n \n\n \n\n \n(f)\nImpairment\nof non-financial assets\n\n \n\nWhere\nan indication of impairment exists, or when annual impairment testing for an asset is required (other than contract assets), the recoverable\namount of the asset is estimated. An asset’s recoverable amount is the higher of the value in use of the asset or cash-generating\nunit to which it belongs and its fair value less costs to sell, and is determined for an individual asset, unless the asset does not\ngenerate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount\nis determined for the cash-generating unit to which the asset belongs.\n\n \n\nAn\nimpairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the\nestimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments\nof the time value of money and the risks specific to the asset. An impairment loss is charged to the consolidated statement of profit\nor loss in the period in which it arises in those expense categories consistent with the function of the impaired asset.\n\n \n\nF-18\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(f)\nImpairment\nof non-financial assets (continued)\n\n \n\nAn\nassessment is made at the end of each reporting period as to whether there is any indication that previously recognized impairment losses\nmay no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment\nloss of an asset is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset,\nbut not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization), had no impairment\nloss been recognized for the asset in prior years. A reversal of such impairment loss is credited to the consolidated statement of profit\nor loss in the period in which it arises.\n\n \n\n \n(g)\nInvestments\nand other financial assets\n\n \n\nFinancial\nassets\n\n \n\nFinancial\nassets are recognized when a Group entity becomes a party to the contractual provisions of the instrument. All regular way purchases\nor sales of financial assets are recognized and derecognized on a trade date basis. Regular way purchases or sales are purchases or sales\nof financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.\n\n \n\nFinancial\nassets are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured\nin accordance with IFRS 15 Revenue from Contracts with Customers (“IFRS 15”). Transaction costs that are directly attributable\nto the acquisition of financial assets (other than financial assets at fair value through profit or loss (“FVTPL”)) are added\nto the fair value of the financial assets, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition\nof financial assets at fair value through profit or loss are recognized immediately in consolidated statement of profit or loss.\n\n \n\nThe\neffective interest method is a method of calculating the amortized cost of a financial asset and of allocating interest income over the\nrelevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and\npoints paid that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the\nexpected life of the financial asset, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.\n\n \n\nF-19\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(g)\nInvestments\nand other financial assets (continued)\n\n \n\nFinancial\nassets (continued)\n\n \n\nInterest\nwhich is derived from the Group’s ordinary course of business is presented as revenue.\n\n \n\n*Classification\nand subsequent measurement of financial assets*\n\n \n\nFinancial\nassets that meet the following conditions are subsequently measured at amortized cost:\n\n \n\n \n●\nthe\nfinancial asset is held within a business model whose objective is to collect contractual cash flows; and\n\n \n \n \n\n \n●\nthe\ncontractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal\namount outstanding.\n\n \n\nFinancial\nassets that meet the following conditions are subsequently measured at fair value through other comprehensive income (“FVTOCI”):\n\n \n\n \n●\nthe\nfinancial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling;\nand\n\n \n \n \n\n \n●\nthe\ncontractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal\namount outstanding.\n\n \n\nF-20\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(g)\nInvestments\nand other financial assets (continued)\n\n \n\nFinancial\nassets (continued)\n\n \n\nAll\nother financial assets are subsequently measured as FVTPL, except that at the date of initial application/initial recognition of a financial\nasset the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in OCI if that equity investment\nis neither held for trading nor contingent consideration recognized by an acquirer in a business combination to which IFRS 3 Business\nCombinations applies.\n\n \n\nA\nfinancial asset is classified as held for trading if:\n\n \n\n \n●\nit\nhas been acquired principally for the purpose of selling in the near term; or\n\n \n \n \n\n \n●\non\ninitial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent\nactual pattern of short-term profit-taking; or\n\n \n \n \n\n \n●\nit\nis a derivative that is not designated and effective as a hedging instrument.\n\n \n\nIn\naddition, the Group may irrevocably designate a financial asset that is required to be measured at the amortized cost or FVTOCI as measured\nat FVTPL if doing so eliminates or significantly reduces an accounting mismatch.\n\n \n\n \n(i)\nAmortized\ncost and interest income\n\n \n\nInterest\nincome is recognized using the effective interest method for financial assets measured subsequently at amortized cost and debt instruments\n/ receivables subsequently measured at FVTOCI. Interest income is calculated by applying the effective interest rate to the gross carrying\namount of a financial asset, except for financial assets that have subsequently become credit-impaired (see below). For financial assets\nthat have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized\ncost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so\nthat the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross\ncarrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer\ncredit impaired.\n\n \n\nF-21\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(g)\nInvestments\nand other financial assets (continued)\n\n \n\nFinancial\nassets (continued)\n\n \n\n*Impairment\nof financial assets*\n\n \n\nThe\nGroup recognizes a loss allowance for expected credit losses (“ECL”) on financial assets which are subject to impairment\nunder IFRS 9 (including trade and other receivables, contract assets and amount due from shareholder). The amount of ECL is updated at\neach reporting date to reflect changes in credit risk since initial recognition.\n\n \n\nLifetime\nECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast,\n12-month ECL (“12m ECL”) represents the portion of lifetime ECL that is expected to result from default events that are possible\nwithin 12 months after the reporting date. Assessments are done based on the Group’s historical credit loss experience, adjusted\nfor factors that are specific to the debtors, general economic conditions, and an assessment of both the current conditions at the reporting\ndate as well as the forecast of future conditions.\n\n \n\nThe\nGroup always recognizes lifetime ECL for trade and other receivables, contract assets and amount due from shareholder. The ECL on these\nassets are assessed individually for debtors with significant balances and/or collectively using a provision matrix with appropriate\ngroupings.\n\n \n\nFor\nall other instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit\nrisk since initial recognition, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based\non significant increases in the likelihood or risk of a default occurring since initial recognition.\n\n \n\n \n(i)\nSignificant\nincrease in credit risk\n\n \n\nIn\nassessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring\non the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date\nof initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable\nand supportable, including historical experience and forward-looking information that is available without undue cost or effort.\n\n \n\n****\n\nF-22\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(g)\nInvestments\nand other financial assets (continued)\n\n \n\nFinancial\nassets (continued)\n\n \n\n*Impairment\nof financial assets (continued)*\n\n \n\n \n(i)\nSignificant\nincrease in credit risk (continued)\n\n \n\nIn\nparticular, the following information is taken into account when assessing whether credit risk has increased significantly:\n\n \n\n \n●\nan\nactual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating;\n\n \n●\nsignificant\ndeterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default\nswap prices for the debtor;\n\n \n●\nexisting\nor forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the\ndebtor’s ability to meet its debt obligations;\n\n \n●\nan\nactual or expected significant deterioration in the operating results of the debtor;\n\n \n●\nan\nactual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results\nin a significant decrease in the debtor’s ability to meet its debt obligations.\n\n \n\nIrrespective\nof the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition\nwhen contractual payments are more than 60 days past due, unless the Group has reasonable and supportable information that demonstrates\notherwise.\n\n \n\nThe\nGroup regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk\nand revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the\namount becomes past due.\n\n \n\nF-23\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(g)\nInvestments\nand other financial assets (continued)\n\n \n\nFinancial\nassets (continued)\n\n \n\n \n(ii)\nDefinition\nof default\n\n \n\nFor\ninternal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from\nexternal sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account\nany collaterals held by the Group).\n\n \n\nIrrespective\nof the above, the Group considers that default has occurred when a financial asset is more than 365 days past due unless the Group has\nreasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.\n\n \n\n \n(iii)\nCredit-impaired\nfinancial assets\n\n \n\nA\nfinancial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows\nof that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following\nevents:\n\n \n\n \n(a)\nsignificant\nfinancial difficulty of the issuer or the borrower;\n\n \n(b)\na\nbreach of contract, such as a default or past due event;\n\n \n(c)\nthe\nlender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted\nto the borrower a concession(s) that the lender(s) would not otherwise consider;\n\n \n(d)\nit\nis becoming probable that the borrower will enter bankruptcy or other financial reorganization; or\n\n \n(e)\nthe\ndisappearance of an active market for that financial asset because of financial difficulties.\n\n \n\n \n(iv)\nWrite-off\npolicy\n\n \n\nThe\nGroup writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there\nis no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy\nproceedings, or in the case of trade receivables, when the amounts are over one year past due, whichever occurs sooner. Financial assets\nwritten off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice\nwhere appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognized in consolidated statement\nof profit or loss.\n\n \n\nF-24\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(g)\nInvestments\nand other financial assets (continued)\n\n \n\nFinancial\nassets (continued)\n\n \n\n*Impairment\nof financial assets (continued)*\n\n \n\n \n(v)\nMeasurement\nand recognition of ECL\n\n \n\nThe\nmeasurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default)\nand the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted\nby forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective\nrisks of default occurring as the weights.\n\n \n\nGenerally,\nthe ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows\nthat the Group expects to receive, discounted at the effective interest rate determined at initial recognition.\n\n \n\nWhere\nECL is measured on a collective basis or specifically for cases where evidence at the individual instrument level may not yet be available,\nthe financial instruments are grouped on the following basis:\n\n \n\n \n●\nNature\nof financial instruments (i.e. the Group’s trade and other receivables and contract assets are each assessed as a separate\ngroup. Amount due from shareholder is assessed for expected credit loss on an individual basis);\n\n \n●\nPast-due\nstatus;\n\n \n●\nNature,\nsize, and industry of debtors; and\n\n \n●\nExternal\ncredit ratings where available.\n\n \n\nThe\ngrouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.\n\n \n\nInterest\nincome is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which\ncase interest income is calculated based on amortized cost of the financial asset.\n\n \n\nF-25\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(h)\nDerecognition\nof financial assets\n\n \n\nA\nfinancial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized\n(i.e., removed from the Group’s consolidated statements of financial position) when:\n\n \n\n \n●\nthe\nrights to receive cash flows from the asset have expired; or\n\n \n \n \n\n \n●\nThe\nGroup has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows\nin full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred\nsubstantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the\nrisks and rewards of the asset but has transferred control of the asset.\n\n \n\nWhen\nthe Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates\nif and to what extent it has retained the risk and rewards of ownership of the asset.\n\n \n\nContinuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying\namount of the asset and the maximum amount of consideration that the Group could be required to repay.\n\n \n\nOn\nderecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of\nthe consideration received, and receivable is recognized in consolidated statement of profit or loss.\n\n \n\n \n(i)\nShare\ncapital\n\n \n\nOrdinary\nshares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as\na deduction, net of tax from the proceeds.\n\n \n\nPreference\nshares, if mandatorily redeemable at a specific date or redeemable at the option of the holder, are classified as liabilities. The dividend\non these preference shares is recognized in the consolidated statement of profit or loss, if any.\n\n \n\nF-26\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(j)\nFinancial\nliabilities\n\n \n\nInitial\nrecognition and measurement\n\n \n\nFinancial\nliabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss and loans and borrowings,\nas appropriate.\n\n \n\nAll\nfinancial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction\ncosts.\n\n \n\nThe\nGroup’s financial liabilities include trade and other payables, loan from a shareholder and lease liabilities.\n\n \n\nSubsequent\nmeasurement\n\n \n\nThe\nsubsequent measurement of financial liabilities depends on their classification as follows:-\n\n \n\nFinancial\nliabilities at fair value through profit or loss\n\n \n\nFinancial\nliabilities are classified as at FVTPL when the financial liability is (i) contingent consideration of an acquirer in a business combination\nto which IFRS 3 applies, (ii) held for trading or (iii) they are designated as at FVTPL.\n\n \n\nA\nfinancial liability is held for trading if:\n\n \n\n \n●\nit\nhas been acquired principally for the purpose of repurchasing it in the near term; or\n\n \n \n \n\n \n●\non\ninitial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a recent\nactual pattern of short-term profit-taking; or\n\n \n \n \n\n \n●\nit\nis a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument.\n\n \n\nF-27\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(j)\nFinancial\nliabilities (continued)\n\n \n\nA\nfinancial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination\nmay be designated as at FVTPL upon initial recognition if:\n\n \n\n \n●\nsuch\ndesignation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or\n\n \n \n \n\n \n●\nthe\nfinancial liability forms part of a group of financial assets or financial liabilities or both, which is managed, and its performance\nis evaluated on a fair value basis, in accordance with the Group’s documented risk management or investment strategy, and information\nabout the Grouping is provided internally on that basis; or\n\n \n \n \n\n \n●\nit\nforms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated\nas at FVTPL.\n\n \n\nFor\nfinancial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable\nto changes in the credit risk of that liability is recognized in consolidated statement of profit or loss, unless the recognition of\nthe effects of changes in the liability’s credit risk in consolidated other comprehensive income would create or enlarge an accounting\nmismatch in profit or loss.\n\n \n\nLoans\nand borrowings\n\n \n\nAfter\ninitial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest\nrate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized\nin the consolidated statement of profit or loss when the liabilities are derecognized as well as through the effective interest rate\namortization process.\n\n \n\nAmortized\ncost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective\ninterest rate. The effective interest rate amortization is included in finance costs in the consolidated statement of profit or loss.\n\n \n\nDerecognition\nof financial liabilities\n\n \n\nThe\nGroup derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired.\nThe difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized\nin consolidated statement of profit or loss.\n\n \n\n \n(k)\nDividends\n\n \n\nInterim\ndividends are simultaneously proposed and declared, because the Company’s memorandum and articles of association grant the directors\nthe authority to declare interim dividends. Consequently, interim dividends are recognized immediately as a liability when they are proposed\nand declared.\n\n \n\n****\n\nF-28\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(l)\nLeases\n\n \n\nDefinition\nof a lease\n\n \n\nA\ncontract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in\nexchange for consideration.\n\n \n\nFor\ncontracts entered into or modified or arising from business combinations on or after the date of initial application, the Group assesses\nwhether a contract is or contains a lease based on the definition under IFRS 16 at inception, modification date or acquisition date,\nas appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.\n\n \n\nThe\nGroup as a lessee\n\n \n\n*Allocation\nof consideration to components of a contract*\n\n \n\nFor\na contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration\nin the contract to each lease component on the basis of the relative stand- alone price of the lease component and the aggregate stand-alone\nprice of the non-lease components.\n\n \n\nShort-term\nleases and leases of low-value assets\n\n \n\nThe\nGroup applies the short-term lease recognition exemption to leases of office that have a lease term of 12 months or less from the commencement\ndate and do not contain a purchase option. Lease payments on short-term leases are recognized as expense on a straight-line basis or\nanother systematic basis over the lease term.\n\n \n\n*Right-of-use\nassets*\n\n \n\nThe\ncost of right-of-use asset includes:\n\n \n\n \n●\nthe\namount of the initial measurement of the lease liability;\n\n \n \n \n\n \n●\nany\nlease payments made at or before the commencement date, less any lease incentives received;\n\n \n \n \n\n \n●\nany\ninitial direct costs incurred by the Group; and\n\n \n \n \n\n \n●\nan\nestimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is\nlocated or restoring the underlying asset to the condition required by the terms and conditions of the lease.\n\n \n\nRight-of-use\nassets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities\nother than adjustments to lease liabilities resulting from Covid-19-related rent concessions in which the Group applied the practical\nexpedient.\n\n \n\nRight-of-use\nassets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term are\ndepreciated from commencement date to the end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis\nover the shorter of its estimated useful life and the lease term.\n\n \n\nF-29\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(l)\nLeases\n(continued)\n\n \n\nThe\nGroup as a lessee (continued)\n\n \n\n*Right-of-use\nassets (continued)*\n\n \n\nThe\nGroup presents right-of-use assets that do not meet the definition of investment property or inventory in “property, plant and\nequipment”, the same line item within which the corresponding underlying assets would be presented if they were owned.\n\n \n\n*Refundable\nrental deposits*\n\n \n\nRefundable\nrental deposits paid are accounted under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition\nare considered as additional lease payments and included in the cost of right-of-use assets.\n\n \n\n*Lease\nliabilities*\n\n \n\nAt\nthe commencement date of a lease, the Group recognizes and measures the lease liability at the present value of lease payments that are\nunpaid at that date. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement\ndate if the interest rate implicit in the lease is not readily determinable.\n\n \n\nThe\nlease payments include:\n\n \n\n \n●\nfixed\npayments (including in-substance fixed payments) less any lease incentives receivable;\n\n \n \n \n\n \n●\nvariable\nlease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;\n\n \n \n \n\n \n●\namounts\nexpected to be payable by the Group under residual value guarantees;\n\n \n \n \n\n \n●\nthe\nexercise price of a purchase option if the Group is reasonably certain to exercise the option; and\n\n \n \n \n\n \n●\npayments\nof penalties for terminating a lease, if the lease term reflects the Group exercising an option to terminate the lease.\n\n \n\nAfter\nthe commencement date, lease liabilities are adjusted by interest accretion and lease payments.\n\n \n\nThe\nGroup remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets) whenever:\n\n \n\n \n●\nthe\nlease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the related lease liability\nis remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment.\n\n \n \n \n\n \n●\nthe\nlease payments change due to changes in market rental rates following a market rent review/expected payment under a guaranteed residual\nvalue, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount\nrate.\n\n \n \n \n\n \n●\na\nlease contract is modified and the lease modification is not accounted for as a separate lease.\n\n \n\n****\n\nF-30\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(l)\nLeases\n(continued)\n\n \n\nThe\nGroup as a lessee (continued)\n\n \n\n*Lease\nliabilities (continued)*\n\n \n\nThe\nGroup presents lease liabilities as a separate line item on the consolidated statements of financial position.\n\n* *\n\n*Lease\nmodifications*\n\n \n\nThe\nGroup accounts for a lease modification as a separate lease if:\n\n \n\n \n●\nthe\nmodification increases the scope of the lease by adding the right to use one or more underlying assets; and\n\n \n \n \n\n \n●\nthe\nconsideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate\nadjustments to that stand-alone price to reflect the circumstances of the particular contract.\n\n \n\nFor\na lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability based on the lease term\nof the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.\n\n \n\nThe\nGroup accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use asset. When\nthe modified contract contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration\nin the modified contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate\nstand-alone price of the non-lease components.\n\n \n\nF-31\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(m)\nProvisions\n\n \n\nProvisions\nare recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow\nof resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be estimated\nreliably.\n\n \n\nProvisions\nare reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that\nan outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value\nof money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to\nthe liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.\n\n \n\n \n(n)\nRevenue\nrecognition\n\n \n\nRevenue\nfrom contracts with customers\n\n \n\nUnder\nIFRS 15, the Group recognizes revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods\nor services underlying the particular performance obligation is transferred to the customer. In addition, the services provided by the\nGroup within each contract are distinct performance obligations because each service is unique and is independent from each other.\n\n \n\nA\nperformance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods\nor services that are substantially the same.\n\n \n\nControl\nis transferred over time and revenue is recognized over time by reference to the progress towards complete satisfaction of the relevant\nperformance obligation if one of the following criteria is met:\n\n \n\n \n●\nthe\ncustomer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs;\n\n \n●\nThe\nGroup’s performance creates and enhances an asset that the customer controls as the Group performs; or\n\n \n●\nThe\nGroup’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to\npayment for performance completed to date.\n\n \n\nF-32\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(n)\nRevenue\nrecognition (continued)\n\n \n\nOtherwise,\nrevenue is recognized at a point in time when the customer obtains control of the distinct good or service.\n\n \n\nA\ncontract asset represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to\na customer that is not yet unconditional. It is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents\nthe Group’s unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration\nis due.\n\n \n\nA\ncontract liability represents the Group’s obligation to transfer goods or services to a customer for which the Group has received\nconsideration (or an amount of consideration is due) from the customer.\n\n \n\nA\ncontract asset and a contract liability relating to a contract are accounted for and presented on a net basis.\n\n \n\n**Over\ntime revenue recognition: measurement of progress towards complete satisfaction of a performance obligation**\n\n \n\nOutput\nmethod\n\n \n\nThe\nprogress towards complete satisfaction of a performance obligation is measured based on the output method, which is to recognize revenue\non the basis of direct measurements of the value of the goods or services transferred to the customer to date relative to the remaining\ngoods or services promised under the contract, that best depict the Group’s performance in transferring control of goods or services.\nThere are different key milestones that highlight the progress of the technical and/or product development. Such key milestones would\ndepict the Group’s performance towards complete satisfaction of its obligation.\n\n \n\nF-33\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(n)\nRevenue\nrecognition (continued)\n\n \n\n**Variable\nconsideration**\n\n \n\nFor\ncontracts that contain rights of return and volume rebates, the Group estimates the amount of consideration to which it will be entitled\nusing either (a) the expected value method or (b) the most likely amount, depending on which method better predicts the amount of consideration\nto which the Group will be entitled.\n\n \n\nThe\nestimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that such\nan inclusion will not result in a significant revenue reversal in the future when the uncertainty associated with the variable consideration\nis subsequently resolved.\n\n \n\nAt\nthe end of each reporting period, the Group updates the estimated transaction price (including updating its assessment of whether an\nestimate of variable consideration is constrained) to represent faithfully the circumstances present at the end of the reporting period\nand the changes in circumstances during the reporting period.\n\n \n\n**Refund\nliabilities**\n\n \n\nThe\nGroup recognizes a refund liability if the Group expects to refund some, or all of the consideration received from customers.\n\n \n\n**Principal\nversus agent**\n\n \n\nWhen\nanother party is involved in providing goods or services to a customer, the Group determines whether the nature of its promise is a performance\nobligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services\nto be provided by the other party (i.e. the Group is an agent).\n\n \n\nThe\nGroup is a principal if it controls the specified good or service before that good or service is transferred to a customer.\n\n \n\nThe\nGroup is an agent if its performance obligation is to arrange for the provision of the specified good or service by another party. In\nthis case, the Group does not control the specified good or service provided by another party before that good or service is transferred\nto the customer. When the Group acts as an agent, it recognizes revenue in the amount of any fee or commission to which it expects to\nbe entitled in exchange for arranging for the specified goods or services to be provided by the other party\n\n \n\n****\n\nF-34\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(n)\nRevenue\nrecognition (continued)\n\n \n\nFurther\ndetails of the Group’s revenue and other income recognition policies are as follows:-\n\n \n\n*Installation\nfee, Source code revenue and campaign fee*\n\n \n\nRevenue\nfrom installation fee and source code are recognized over time based on the services that have been performed and rendered to the customers.\nThey are recognized over time because the services, milestone obligations and each specific price is set out in the contract and would\nneed to be fulfilled and completed before revenue can be recognized. Therefore, such revenue is recognized over time based on the services\nthat have been performed and completed. The transaction price is allocated based on the price stated in the contracts with customers.\n\n \n\nRevenue\nfrom installation fee refers to income earned by the Group by providing bespoke development services to the customers. Such development\nis by nature white-label and is dependent on the features requested by the customers.\n\n \n\nRevenue\nfrom source code refers to income earned by the Group through the sale of source code to the customers. This includes the customized\nsoftware codes that were developed for the clients to power their livestreaming infrastructure. They come in the form of server infrastructure,\nchat microservices, database infrastructure and other interactive features such as virtual gifts, polls, quizzes, or ecommerce cart that\nthe customer requested. There are no development services rendered by the Group to such customers. There are different phases that follow\nafter the signing of a source code contract and it will take a period of time to complete, including the deployment of customer’s\ncode repository, user acceptance test and an assurance-type warranty period.\n\n \n\nRevenue\nfrom campaign fee refers to income earned by the Group by providing marketing activities services to the customers.\n\n \n\nIn\nthe category of installation fee and source code, no software licenses are included as they are categorized under subscription fees.\n\n \n\nF-35\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(n)\nRevenue\nrecognition (continued)\n\n \n\n*Subscription\nfees*\n\n \n\nRevenue\nfrom subscription fee is recognized over time on a monthly basis as the services have been performed and rendered. The transaction price\nis allocated based on the price stated in the contracts with customers.\n\n \n\n*Server\nfees*\n\n \n\nRevenue\nfrom server fees is recognized over time on a monthly basis based on the server usage of the customers. The transaction price is allocated\nbased on the price stated in the contracts with the customers.\n\n \n\n*Transaction\nPrice of Performance Obligations*\n\n \n\nSelling\nprice for each performance obligation as stated in the contract represents the standalone selling price of the goods and services for\nwhich they can be sold separately.\n\n \n\n*Miscellaneous\nincome*\n\n \n\nRevenue\nfrom miscellaneous income is recognized at a point in time based on the services that have been performed and rendered to the customers.\n\n \n\nRevenue\nfrom miscellaneous income refers to income earned through incentives and commissions from different partners.\n\n \n\n*Interest\nincome*\n\n \n\nInterest\nincome is recognized using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future\ncash receipts through the expected life of the financial asset, or where appropriate, a shorter period.\n\n \n\nF-36\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(o)\nOther\nemployee benefits\n\n \n\n \n(i)\nDefined\ncontribution plans\n\n \n\nThe\nGroup participates in the national pension schemes as defined by the laws of the countries in which it has operations. Contributions\nto defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.\n\n \n\n \n(ii)\nShort-term\nemployee benefits\n\n \n\nShort-term\nemployee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is\nrecognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result\nof past service provided by the employee, and the obligation can be estimated reliably.\n\n \n\n \n(iii)\nShare-based\npayments\n\n \n\nThe\nGroup operates a share option scheme which is an equity-settled share-based compensation enabling eligible employees of the Group to\nreceive share options for subscribing the shares of the Company (“equity-settled transactions”).\n\n \n\nThe\ncost of equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance\nand/or service conditions are fulfilled in share option expense. The cumulative expense recognized for equity-settled transactions at\nthe end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group’s\nbest estimate of the number of equity instruments that will ultimately vest. The charge or credit to the consolidated statement of profit\nor loss for a period represents the movement in the cumulative expense recognized as at the beginning and end of that period.\n\n \n\nNo\nexpense is recognized for awards that do not ultimately vest, except for equity-settled transactions where vesting is conditional upon\na market or non-vesting condition, which are treated as vesting irrespective of whether or not the market or non-vesting condition is\nsatisfied, provided that all other performance and/or service conditions are satisfied.\n\n \n\nWhere\nthe terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified if the\noriginal terms of the award are met. In addition, an expense is recognized for any modification that increases the total fair value of\nthe share-based payments or is otherwise beneficial to the employee as measured at the date of modification.\n\n \n\nWhere\nan equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognized\nfor the award is recognized immediately. This includes any award where non-vesting conditions within the control of either the Group\nor the employee are not met. However, if a new award is substituted for the cancelled award and is designated as a replacement award\non the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described\nin the previous paragraph.\n\n \n\n****\n\nF-37\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n2.4\nMaterial\naccounting policy information (continued)\n\n \n\n \n(p)\nCash\nand cash equivalents\n\n \n\nCash\nand cash equivalents comprise cash on hand and demand deposits, and short-term highly liquid investments which are readily convertible\ninto known amounts of cash, are subject to an insignificant risk of changes in value and have a short maturity of generally within three\nmonths when acquired.\n\n \n\n \n(q)\nRelated\nparties\n\n \n\n \n(a)\nA\nperson, or a close member of that person’s family, is related to the Group if that person:-\n\n \n\n \n(i)\nhas\ncontrol or joint control over the Group;\n\n \n\n \n(ii)\nhas\nsignificant influence over the Group; or\n\n \n\n \n(iii)\nis\na member of key management personnel of the Group or the Group’s parent;\n\n \n\nor\n\n \n\n \n(b)\nAn\nentity is related to the Group if any of the following conditions applies:-\n\n \n\n \n(i)\nthe\nentity and the Group are members of the same group;\n\n \n\n \n(ii)\none\nentity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the\nother entity is a member);\n\n \n\n \n(iii)\nthe\nentity and the Group are joint ventures of the same third party;\n\n \n\n \n(iv)\none\nentity is a joint venture of a third entity, and the other entity is an associate of the third entity;\n\n \n\n \n(v)\nthe\nentity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;\n\n \n\n \n(vi)\nthe\nentity is controlled or jointly controlled by a person identified in (a);\n\n \n\n \n(vii)\na\nperson identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity\n(or of a parent of the entity); and\n\n \n\n \n(viii)\nthe\nentity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the Group’s\nparent.\n\n \n\nClose\nmembers of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their\ndealings with the entity and include:\n\n \n\n \n(a)\nthat\nperson’s children and spouse or domestic partner;\n\n \n\n \n(b)\nchildren\nof that person’s spouse or domestic partner; and\n\n \n\n \n(c)\ndependents\nof that person or that person’s spouse or domestic partner.\n\n \n\n****\n\nF-38\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**2.**\n**Basis\nof preparation of consolidated financial statements and material accounting policy information (continued)**\n\n \n\n \n(r)\nGovernment\ngrants\n\n \n\nGovernment\ngrants are recognized at their fair value where there is reasonable assurance that the grant will be received, and all attaching conditions\nwill be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that\nthe costs, which it is intended to compensate, are expensed.\n\n \n\n \n(s)\n*Share\noptions granted to suppliers/consultants*\n\n \n\nEquity-settled\nshare-based payment transactions with parties other than employees are measured at the fair value of the goods or services received,\nexcept where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments\ngranted, measured at the date the entity obtains the goods or the counterparty renders the service. The fair values of the goods or services\nreceived are recognized as expenses (unless the goods or services qualify for recognition as assets).\n\n \n\n \n(t)\nFair\nvalue measurement\n\n \n\nThe\nGroup measures its derivative financial instruments at fair value at the end of each reporting period. Fair value is the price that would\nbe received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement\ndate. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place\neither in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for\nthe asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or\na liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market\nparticipants act in their economic best interest.\n\n \n\nA\nfair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits\nby using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest\nand best use.\n\n \n\nThe\nGroup uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair\nvalue, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.\n\n \n\nAll\nassets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within\nthe fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as\na whole:-\n\n \n\n \nLevel\n1 –\nbased\non quoted prices (unadjusted) in active markets for identical assets or liabilities\n\n \nLevel\n2 –\nbased\non valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either\ndirectly or indirectly\n\n \nLevel\n3 –\nbased\non valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable\n\n \n\nFor\nassets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether\ntransfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant\nto the fair value measurement as a whole) at the end of each reporting period.\n\n \n\nFor\ndetails, please refer to the Note 21(b) to the consolidated financial statements.\n\n \n\nF-39\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**3.**\n**Significant\naccounting judgements and estimates**\n\n \n\nThe\npreparation of the consolidated financial statements requires the directors of the Company to make judgements, estimates and assumptions\nthat affect the application of policies and reported amounts of assets, liabilities, income, and expenses. The estimates and associated\nassumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances,\nthe results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent\nfrom other sources. Actual results may differ from these estimates.\n\n \n\nThe\nestimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period\nin which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the\nrevision affects both current and future periods.\n\n \n\nThe\ndirectors of the Company have considered the development, selection and disclosure of the Group’s critical accounting judgements\nand estimates.\n\n** **\n\n**Judgements\nmade in applying accounting policies**\n\n \n\nIn\nthe process of applying the Group’s accounting policies, management has made the following judgements which have the most significant\neffect on the amounts recognized in the consolidated financial statements:\n\n \n\n \n(a)\nDetermination\nof lease term of contracts with extension options\n\n \n\nThe\nGroup determines the lease term as the non-cancellable term of the lease, together with any period covered by an option to extend the\nlease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain\nnot be exercised.\n\n \n\nThe\nGroup has a lease contract that includes an extension option. The Group applies judgement in evaluating whether it is reasonably certain\nwhether or not to exercise the option to extend the lease. That is, it considers all relevant factors that create an economic incentive\nfor it to exercise the extension. After the commencement date, the Group reassesses the lease term to determine whether there is a significant\nevent or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to extend\n(e.g. construction of significant leasehold improvements or significant customization to the leased asset).\n\n \n\nThe\nGroup has not included the extension option for lease of leasehold property as part of the lease term because the Group is not reasonably\ncertain to exercise the option to extend the lease.\n\n \n\nF-40\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**3.**\n**Significant\naccounting judgements and estimates (continued)**\n\n \n\n \n(b)\nRevenue\nrecognition\n\n \n\nUnder\nIFRS 15, control is transferred over time and revenue is recognized over time by reference to the progress towards complete satisfaction\nof the relevant performance obligation. The Group enters into services contracts with its customers. The services represent a series\nof distinct services rendered over time and such services are recognized as a performance obligation is satisfied over time as the Group\nsimultaneously transfers the benefit of the services to the customer as it performs. In the opinion of the directors, revenue should\nbe recognized based on the output method.\n\n \n\n**Key\nsources of estimation uncertainty**\n\n \n\nThe\nkey assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period are discussed\nbelow. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared.\nExisting circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising\nbeyond the control of the Group. Such changes are reflected in the assumptions when they occur.\n\n \n\n \n(a)\nProvision\nfor ECLs of trade and other receivables\n\n \n\n*Trade\nreceivables*\n\n \n\nThe\nGroup uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of\nvarious customer segments that have similar loss patterns.\n\n \n\nThe\nprovision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust\nhistorical credit loss experience with forward-looking information. At every reporting date, historical default rates are updated and\nchanges in the forward-looking estimates are analyzed.\n\n \n\nThe\nassessment. Of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate.\nThe amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit\nloss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future.\nThe information about the ECLs on the Group’s trade receivables is disclosed in Note 21(a).\n\n \n\nThe\ncarrying amount of the Group’s trade receivables as at December 31, 2025 and 2024 are disclosed in Note 12.\n\n \n\nF-41\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**3.**\n**Significant\naccounting judgements and estimates (continued)**\n\n \n\n**Key\nsources of estimation uncertainty (continued)**\n\n \n\n \n(a)\nProvision\nfor ECLs of trade and other receivables (continued)\n\n \n\n*Other\nreceivables*\n\n \n\nThe\nGroup uses a probability of default method to calculate ECLs for other receivables. The probability of default is based on probability\nof default events that are possible within the next 12-months (a 12-month ECL) for other receivables which there have not been a significant\nincrease in credit risk since initial recognition or probability of default events that are possible over the remaining life of the exposure\n(a lifetime ECL) for other receivables which there have been a significant increase in credit risk since initial recognition.\n\n \n\nThe\nprobability of default Is initially based on the Group historical observed default rates. The Group will calibrate the probability to\nadjust historical credit loss experience with forward-looking information. At every reporting date, historical default rates are updated\nand changes in the forward-looking estimates are analyzed.\n\n \n\nThe\nassessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate.\nThe amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit\nloss experience and forecast of economic conditions may also not be representative of debtor’s actual default in the future. The\ninformation about the ECLs on the Group’s other receivables are disclosed in Note 21(a).\n\n \n\nThe\ncarrying amount of the Group’s other receivables as at December 31, 2025 and 2024 are disclosed in Note 12.\n\n \n\nF-42\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**3.**\n**Significant\naccounting judgements and estimates (continued)**\n\n \n\n**Key\nsources of estimation uncertainty (continued)**\n\n \n\n \n(b)\nImpairment\nof plant and equipment and intangible assets\n\n \n\nIntangible\nassets are reviewed for impairment whenever there is an indication that these assets may be impaired. The Group considers the guidance\nof IFRS 36 in assessing whether there is any indication that an item of the above assets may be impaired. This assessment requires significant\njudgement.\n\n \n\nIf\nany such indication exists, the recoverable amount of the assets is estimated to ascertain the amount of impairment loss. The recoverable\namount is defined as the higher of the fair value less cost to sell and value-in-use.\n\n \n\nIn\ndetermining the value-in-use of assets, the Group applies a discounted cash flow model where the future cash flows derived from such\nassets are discounted at an appropriate rate. Forecasts of future cash flow are estimated based on financial budgets and forecasts approved\nby the management.\n\n \n\nThe\ncarrying amount of the plant and equipment and intangible assets as at December 31, 2025 and 2024 are disclosed in Note 10 and Note 11,\nrespectively.\n\n \n\n \n(c)\nEstimated\nuseful lives of plant and equipment and intangible assets\n\n \n\nThe\ncost of plant and equipment and intangible assets is depreciated on a straight-line basis over the intangible assets’ estimated\neconomic useful lives. The estimated useful life reflects the Group’s estimate of the periods that the Group intends to derive\nfuture economic benefits from the use of the Group’s intangible assets.\n\n \n\nThe\ncarrying amount of the plant and equipment and intangible assets as at December 31, 2025 and 2024 are disclosed in Note 10 and Note 11,\nrespectively.\n\n \n\n \n(d)\nFair\nvalue of financial instruments\n\n \n\nWhere\nthe fair value of financial assets recorded in the consolidated statements of financial position cannot be derived from active markets,\nthey are determined using valuation techniques including the discounted cash flow model. The inputs to these models are taken from observable\nmarkets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. The judgements\ninclude considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could\naffect the reported fair value of financial instruments.\n\n \n\n \n(e)\nDeferred\ntax assets\n\n \n\nDeferred\ntax assets are recognized include all unused tax losses to the extent that it is probable that taxable profit will be available against\nwhich the losses can be utilized and future deductible temporary difference. Significant judgement is required to determine the amount\nof deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future\ntax planning strategies.\n\n \n\nAt\nthe end of the reporting period, the Group has tax losses arising in Singapore of approximately S$12,030,001 (2024: S$8,767,492) that\nare available indefinitely for offsetting against future taxable profits of BeLive SG. Deferred tax assets have not been recognized in\nrespect of these losses as it is not considered probable that taxable profits will be available against which these tax losses can be\nutilized.\n\n \n\nIf\nthe Group was able to recognize all unrecognized deferred tax assets, loss would decrease by approximately S$2,045,000 (2024: loss would\ndecrease by approximately S$1,490,000).\n\n \n\n****\n\nF-43\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**4.**\n**Revenue**\n\n Schedule\nof revenue\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nGross revenue \n 763,844  \n 1,854,776  \n 3,100,812 \n\nLess: Discounts and rebate \n (6,685) \n (5,267) \n (10,451)\n\n  \n    \n    \n   \n\nNet revenue \n 757,159  \n 1,849,509  \n 3,090,361 \n\n \n\n Schedule\nof disaggregation of revenue\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\nDisaggregation of revenue \n    \n    \n   \n\nRevenue from contracts with customers within the scope of IFRS 15, types of goods or services – recognized overtime \n    \n    \n   \n\n  \n    \n    \n   \n\nInstallation fees \n 419,839  \n 559,265  \n 596,415 \n\nOnboarding fees \n -  \n -  \n 6,407 \n\nSubscription fees \n 230,374  \n 263,536  \n 1,168,388 \n\nCampaign fees \n 5,400  \n 300,000  \n - \n\nServer costs \n 28,964  \n 73,463  \n 147,120 \n\nSource code revenue \n -  \n 645,171  \n 1,150,093 \n\nContent Production \n 72,500  \n -  \n - \n\n  \n    \n    \n   \n\nRevenue \n 757,077  \n 1,841,435  \n 3,068,423 \n\nRevenue from contracts with customers within the scope of IFRS 15, types of goods or services – recognized at a point in time \n    \n    \n   \n\n  \n    \n    \n   \n\nMiscellaneous income \n 6,767  \n 13,341  \n 32,389 \n\n  \n    \n    \n   \n\nGross revenue \n 763,844  \n 1,854,776  \n 3,100,812 \n\n  \n    \n    \n   \n\nDiscounts \n (6,685) \n (5,267) \n (10,451)\n\nDiscounts \n (6,685) \n (5,267) \n (10,451)\n\n  \n    \n    \n   \n\nNet revenue \n 757,159  \n 1,849,509  \n 3,090,361 \n\n \n\n \n\n**5.**\n**Other\nincome**\n\n Schedule\nof other income\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nInterest income \n 73,571  \n 1  \n 6,467 \n\nGovernment grants \n 59,157  \n 63,116  \n 148,893 \n\nExchange gain \n -  \n -  \n 96,964 \n\nReversal of expected credit loss (“ECL”) \n -  \n 2,110  \n - \n\nSundry income \n 80  \n 124  \n 2,968 \n\n  \n    \n    \n   \n\nOther income \n 132,808  \n 65,351  \n 255,292 \n\n \n\nThe\ngovernment grants were subsidies granted from the Government in Singapore for several schemes. These conditions had been satisfied in\ncurrent year.\n\n \n\nF-44\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**6.**\n**Finance\ncosts**\n\n Schedule\nof finance costs\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nInterest expenses from leases \n 2,651  \n 1,706  \n 9,414 \n\nInterest expenses from shareholder loan \n 11,465  \n 1,444  \n - \n\n  \n    \n    \n   \n\nFinance costs \n 14,116  \n 3,150  \n 9,414 \n\n \n\n \n\n**7.**\n**Loss\nbefore tax**\n\n \n\nLoss\nbefore tax has been arrived at after charging/(crediting):\n\n \n\nSchedule of loss profit before\ntax\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nAmortization of intangible asset \n 231,709  \n 231,710  \n 217,124 \n\nProvision for/(reversal of) expected credit loss (“ECL”) \n 5,166  \n (2,110) \n 26,049 \n\nBad debt written off \n -  \n 9,068  \n 227,067 \n\nDepreciation of plant and equipment \n 63,557  \n 55,754  \n 207,649 \n\nEmployee benefits expense (see below) \n 1,372,553  \n 1,303,025  \n 1,665,720 \n\nExchange loss/(gain) \n 222,565  \n 3,754  \n (96,964)\n\nLoss on disposal of plant and equipment \n -  \n 533  \n - \n\nShare-based payment expenses \n 2,793,413  \n 3,606,000  \n - \n\nWritten-off of plant and equipment \n 166  \n 53,295  \n 1,731 \n\nIncluded in the employee benefits expense are as follows: \n    \n    \n   \n\nSalaries, bonuses, and allowances \n 1,219,073  \n 1,148,061  \n 1,471,162 \n\nEmployer’s contribution to defined contributions plans \n 115,862  \n 118,555  \n 106,688 \n\nSkills development levy \n -  \n 1,580  \n 2,035 \n\n \n\nIncluded\nin the above is key management personnel compensation as follows:\n\n Schedule\nof key management personnel compensation\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nSalaries, bonuses, and allowances \n 380,467  \n 264,000  \n 264,000 \n\nEmployer’s contribution to defined contributions plans \n 34,521  \n 27,744  \n 24,888 \n\n  \n    \n    \n   \n\nTotal \n 414,988  \n 291,744  \n 288,888 \n\n \n\nF-45\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**8.**\n**Income\ntax expense**\n\n \n\n \n(a)\nMajor\ncomponents of income tax expense\n\n \n\nNo\nprofits tax has been provided for Singapore and Vietnam as there are no assessable profits arising in Singapore and Vietnam during the\nyears ended December 31, 2025 and 2024.\n\n \n\nTaxation\narising in other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.\n\n \n\n \n(b)\nA\nreconciliation of the tax expense applicable to loss before tax at the statutory rates for the jurisdictions or countries in which\nthe Company and the majority of its subsidiaries are domiciled to the tax expense at the effective tax rates is as follows:-\n\n \n\nSchedule of reconciliation of tax expenses\napplicable to loss before tax\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nLoss before tax \n (6,646,931) \n (5,507,764) \n (2,094,169)\n\nIncome tax using the statutory tax rate of 17% (2024: 17%; 2023: 17%) \n (1,127,293) \n (936,320) \n (356,009)\n\nIncome not subject to tax \n (37) \n (15,361) \n (327,990)\n\nNon-deductible expenses \n 589,478  \n 670,616  \n 86,982 \n\nDifference in tax rate in different countries \n -  \n 57  \n 96 \n\nOthers \n 31,876  \n -  \n - \n\nDeferred tax assets not recognized \n 554,626  \n 281,008  \n 596,921 \n\nIncome tax expense \n 48,650  \n -  \n - \n\n \n\nUnutilised\ntax losses\n\n \n\nDeferred\nincome tax assets are recognized for tax losses carried forward to the extent that recognized of the related tax benefits through future\ntaxable profits is probable. The Group have unutilised tax losses of S$11,976,864 (2024: S$8,767,492) at the reporting date which can\nbe carried forward and used to offset against future taxable income subject to meeting certain statutory requirements. The tax losses\nhave no expiry date. In the opinion of the directors, no deferred tax assets have been recognized due to unpredictability of future profit\nstreams.\n\n \n\nF-46\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARIES**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**9.**\n**Loss\nper share**\n\nSchedule of losses earnings per shares\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nLoss for the year \n (6,695,581) \n (5,507,764) \n (2,094,169)\n\n  \n    \n    \n   \n\nWeighted average number of ordinary shares for the purpose of calculating the basic loss per share \n 10,144,017  \n 8,005,257  \n 6,648,266 \n\nWeighted average number of ordinary shares for the purpose of calculating the dilutive loss per share \n 10,144,017  \n 8,005,257  \n 6,648,266 \n\n \n\n \n\n**10.**\n**Plant\nand equipment**\n\nSchedule of plant and equipment\n\n  \n   \n   \n   \n   \n   \n  \n\n  \nComputers  \nFurniture and fittings  \nOffice equipments  \nRenovation  \nRight of use asset  \nTotal \n\n  \nS$  \nS$  \nS$  \nS$  \nS$  \nS$ \n\nCost \n    \n    \n    \n    \n    \n   \n\nAs at January 1, 2024 \n 96,232  \n 13,917  \n 6,247  \n 102,750  \n 274,984  \n 494,130 \n\nAdditions \n    \n    \n    \n    \n    \n   \n\nDisposals \n (1,012) \n (13,917) \n -  \n -  \n -  \n (14,929)\n\nWritten-off \n -  \n -  \n (6,247) \n (102,750) \n -  \n (108,997)\n\nAs at December 31, 2024 \n 95,220  \n -  \n -  \n -  \n 274,984  \n 370,204 \n\nPlant and equipment, cost \n 95,220  \n -  \n -  \n -  \n 274,984  \n 370,204 \n\nAdditions \n 42,202  \n -  \n 11,512  \n 20,428  \n 62,457  \n 136,599 \n\nDisposals \n -  \n -  \n (138) \n (10,540) \n -  \n (10,678)\n\nWritten-off \n -  \n -  \n -  \n -  \n (269,411) \n (269,411)\n\nExchange adjustment \n (737) \n -  \n (275) \n (247) \n (7,127) \n (8,386)\n\nAs at December 31, 2025 \n 136,685  \n -  \n 11,099  \n 9,641  \n 60,903  \n 218,328 \n\nPlant and equipment, cost \n 136,685  \n -  \n 11,099  \n 9,641  \n 60,903  \n 218,328 \n\n  \n    \n    \n    \n    \n    \n   \n\nAccumulated depreciation \n    \n    \n    \n    \n    \n   \n\nAs at January 1, 2024 \n 91,815  \n 8,074  \n 5,317  \n 43,723  \n 224,756  \n 373,685 \n\nDepreciation \n 4,146  \n 689  \n 103  \n 6,559  \n 44,257  \n 55,754 \n\nDisposals \n (814) \n (8,763) \n -  \n -  \n -  \n (9,577)\n\nWritten-off \n -  \n -  \n (5,420) \n (50,282) \n -  \n (55,702)\n\nAs at December 31, 2024 \n 95,147  \n -  \n -  \n -  \n 269,013  \n 364,160 \n\nPlant and equipment, accumulated depreciation \n 95,147  \n -  \n -  \n -  \n 269,013  \n 364,160 \n\nDepreciation \n 26,578  \n -  \n 7,904  \n 3,831  \n 25,244  \n 63,557 \n\nDisposals \n -  \n -  \n (8) \n (1,757) \n -  \n (1,765)\n\nWritten-off \n -  \n -  \n -  \n -  \n (269,411) \n (269,411)\n\nExchange adjustment \n (604) \n -  \n (196) \n (51) \n (5,705) \n (6,556)\n\nAs at December 31, 2025 \n 121,121  \n -  \n 7,700  \n 2,023  \n 19,141  \n 149,985 \n\nPlant and equipment, accumulated depreciation \n 121,121  \n -  \n 7,700  \n 2,023  \n 19,141  \n 149,985 \n\n  \n    \n    \n    \n    \n    \n   \n\nCarrying amount \n    \n    \n    \n    \n    \n   \n\nAs at December 31, 2025 \n 15,564  \n -  \n 3,399  \n 7,618  \n 41,762  \n 68,343 \n\nAs at December 31, 2024 \n 73  \n -  \n -  \n -  \n 5,971  \n 6,044 \n\nPlant and equipment, carrying amount \n 73  \n -  \n -  \n -  \n 5,971  \n 6,044 \n\n \n\n****\n\nF-47\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**10.**\n**Plant\nand equipment (continued)**\n\n \n\nSchedule of cash outflow for leases\n\n  \n2025  \n2024 \n\n  \nS$  \nS$ \n\n  \n   \n  \n\nExpense relating to short-term leases \n 102,464  \n 94,871 \n\n  \n    \n   \n\nTotal cash outflow for leases \n 129,423  \n 150,637 \n\n** **\n\nFor\nboth years, the Group leases various offices for its operations. Lease contracts are entered into for fixed terms of 1 to 3 years.\n\n \n\n**11.**\n**Intangible\nassets**\n\n \n\nSchedule of intangible asset\n\n  \nSoftware \n\n  \ndevelopment \n\n  \nS$ \n\nCost \n   \n\n  \n   \n\nAs at January 1, 2024 \n 1,158,548 \n\nAdditions \n - \n\nAs at December 31, 2024 and 2025 \n 1,158,548 \n\n  \n   \n\nAccumulated amortization \n   \n\n  \n   \n\nAs at January 1, 2024 \n 302,598 \n\nAmortization \n 231,710 \n\nAs at December 31, 2024 \n 534,308 \n\nAmortization \n 231,709 \n\nAs at December 31, 2025 \n 766,017 \n\n  \n   \n\nCarrying amount \n   \n\n  \n   \n\nAs at December 31, 2025 \n 392,531 \n\n  \n   \n\nAs at December 31, 2024 \n 624,240 \n\n \n\nThe\nGroup has capitalized all directly attributable staff costs necessary to create, produce, and prepare the intangible assets to be capable\nof operating in the manner intended by the directors. The Group performed an impairment assessment by using discounted cashflow at a\ndiscount rate of 5.5% per annum of the Group. In the opinion of the directors, the carrying amount of the intangible asset can be recovered\nand no impairment loss has been made as of December 31, 2025.\n\n \n\nF-48\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**12.**\n**Trade\nand other receivables**\n\n \n\nSchedule of trade and other receivables\n\n  \n2025  \n2024 \n\n  \n   \nS$ \n\n  \n   \n  \n\nTrade receivables \n 184,206  \n 43,449 \n\nLess:\nallowance for expected credit losses \n (8,392) \n (4,357)\n\n  \n    \n   \n\nTotal\ntrade receivables \n 175,814  \n 39,092 \n\n  \n    \n   \n\nOther\nreceivables \n    \n   \n\nPrepayments \n 83,562  \n 24,992 \n\nDeposits \n 5,533  \n 18,654 \n\nGoods and services tax (“GST”)\nreceivables \n -  \n 23,716 \n\nOther\nreceivables \n -  \n 20,593 \n\n  \n    \n   \n\nTotal\nother receivables \n 89,095  \n 87,955 \n\n  \n    \n   \n\nTotal\ntrade and other receivables \n 264,909  \n 127,047 \n\n** **\n\nDetails\nof impairment assessment of trade and other receivables are set out in Note 21(a).\n\n \n\n**13.**\n**Contract\nassets**\n\n \n\nSchedule of contract assets\n\n  \n2025  \n2024 \n\n  \nS$  \nS$ \n\n  \n    \n   \n\nContract\nassets \n 2,286  \n 10,642 \n\n \n\nThe\ncontract assets mainly relate to the Group’s rights to consideration for work completed but not yet billed at reporting date for\nits monthly subscription. The contract assets are transferred to trade receivables when the rights become unconditional. The Group classifies\nthese contract assets as current because the Group expects to realize them in its normal operating cycle.\n\n \n\nAmount\nof revenue recognized during the year from performance obligations satisfied (or partially satisfied) in previous periods is S$2,286\n(2024: S$10,642).\n\n \n\nDetails\nof impairment assessment of contract assets are set out in Note 21(a).\n\n \n\nF-49\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**14.**\n**Loan\nfrom a shareholder**\n\n \n\nLoan\nfrom a shareholder is non-trade in nature, unsecured, bear interest at 5.5% per annum, and repayable within 28 days from the date of\nclosing the initial public offering process in the Nasdaq Stock Market LLC.\n\n \n\n**15.**\n**Cash\nand cash equivalents**\n\n \n\nSchedule of cash and cash equivalents\n\n  \n2025  \n2024 \n\n  \nS$  \nS$ \n\n  \n    \n   \n\nCash at banks \n 8,577,947  \n 65,195 \n\nCash\non hand \n -  \n 989 \n\n  \n    \n   \n\nCash and cash equivalents \n 8,577,947  \n 66,184 \n\n \n\nCash\nat banks earns interest at floating rates based on daily bank deposit rates.\n\n \n\n**16.**\n**Share\ncapital**\n\n \n\nSchedule of share capital\n\n  \n2025  \n2024 \n\n  \nS$  \nS$ \n\nOrdinary\nshares \n    \n   \n\n  \n    \n   \n\nIssued and fully paid:- \n    \n   \n\n10,864,802 (2024: 8,152,574)\nordinary shares \n 7,233  \n 5,462 \n\n \n\nF-50\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**16.**\n**Share\ncapital (continued)**\n\n \n\nNote:\n\n \n\nOn\nJune 12, 2023, an aggregate of additional 359,940 ordinary shares totaled US$250,000 (equivalent to S$329,825) were issued to a private\ninvestor to provide additional capital to the Company. On the same date, 1,397,600 ordinary shares of the Company were issued to an independent\ncompany for providing services to the Company (Note 21).\n\n \n\nOn\nFebruary 1, 2024, the Group granted 5,900,000 share options to certain employees of the Group under the Share Option Scheme 2023. The\nshare options contain an exercise price of US$0.0001 per share option with an expiry date on February 29, 2024 and are vested on the\nsame date of acceptance of the share options by employees. All share options have been exercised in February 2024. The fair value of\n5,900,000 share options is approximately US$2,690,000 (equivalents to S$3,606,000).\n\n \n\nOn\nFebruary 18, 2024, the Company consolidated every five issued and unissued existing shares of par value of US$0.0001 each into one share\nof par value of US$0.0005 each.\n\n \n\nOn\nApril 10, 2024, the Company issued an aggregate of 100,000 ordinary shares of the Company to an investor for the consideration of US$300,000\n(equivalents to S$384,138).\n\n \n\nOn\nApril 17, 2024, the Company issued an aggregate of 34,000 ordinary shares of the Company to an investor for the consideration of US$102,000\n(equivalents to S$130,607).\n\n \n\nOn\nApril 20, 2024, the Company issued an aggregate of 33,333 ordinary shares of the Company to an investor for the consideration of US$99,000\n(equivalents to S$126,765).\n\n \n\nOn\nApril 7, 2025, the Company has completed IPO of 2,450,000 Ordinary Shares at a public offering price of US$4.00 per share. The total\nnet proceeds to the Company from the IPO, after deducting total discounts, expense allowance and expenses of US$1,594,509 (equivalent\nto S$2,081,982), were approximately US$7,614,000 (equivalent to S$9,941,750).\n\n \n\n**Share\noptions**\n\n \n\nDetails\nof the Company’s share option scheme and the share options issued under the scheme are included in Note 22 to the consolidated\nfinancial statements.\n\n \n\nF-51\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**17.**\n**Reserves**\n\n \n\n \n(i)\nForeign\ncurrency translation reserve\n\n \n\nForeign\ncurrency translation reserve represents exchange differences arising from the translation of the consolidated financial statements of\nforeign operations whose functional currencies are different from that of the Group’s presentation currency.\n\n \n\n \n(ii)\nOther\nreserve\n\n \n\nOther\nreserve represents member’s deemed contribution arising from reorganization.\n\n \n\n \n(iii)\nShare-based\npayment reserve\n\n \n \n \n\n \n \nThe\nshare option reserve comprises the fair value of share options granted which are yet to be exercised. The amount will either be transferred\nto the other reserves when the related options are exercised or be transferred to accumulated losses should the related options expire\nafter the vesting period.\n\n \n\n**18.**\n**Lease\nliabilities**\n\n \n\nSchedule\nof lease liabilities\n\n  \n2025  \n2024 \n\n  \nS$  \nS$ \n\nLease\nliabilities payable: \n    \n   \n\n  \n    \n   \n\nWithin one year \n 20,353  \n 6,500 \n\nWithin\na period of more than one year but not more than two years \n 22,806  \n - \n\nLease\nliabilities payable maturities \n 22,806  \n - \n\nLease liabilities payable, net \n 43,159  \n 6,500 \n\n  \n    \n   \n\nLess:\nportion classified as current liabilities \n (20,353) \n (6,500)\n\n  \n    \n   \n\nNon-current\nliabilities \n 22,806  \n - \n\n** **\n\nF-52\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**19.**\n**Trade\nand other payables**\n\nSchedule\nof trade and other payables\n\n  \n2025  \n2024 \n\n  \nS$  \nS$ \n\nTrade payables \n    \n   \n\n- Third parties \n 59,168  \n 170,405 \n\n  \n    \n   \n\nOther payables \n    \n   \n\n- Accruals \n 353,243  \n 294,315 \n\n- Contract liabilities (Note\ni) \n 19,447  \n 9,021 \n\n- Other\npayables (Note ii) \n 43,091  \n 152,267 \n\nOther payables \n 415,781  \n 455,603 \n\n  \n    \n   \n\nTotal\ntrade and other payables \n 474,949  \n 626,008 \n\n \n\nTrade\nand other payables are non-interest bearing and are normally settled on 30 days’ terms.\n\n \n\nNote\n\n \n\n \ni)\nContract\nliabilities are deposit charged before the services commence, until the revenue is recognized on the relevant contract offset against\nthese.\n\n \n\n \nii)\nThe\namounts due to the directors of S$3,291 (2024: S$12,587) are included in the other payables. The amounts due to directors are unsecured,\ninterest-free, and repayable on demand.\n\nThe\nfollowing table shows movements in contact liabilities:-\n\n \n\nSchedule\nof contract liabilities\n\n  \nS$ \n\n  \n  \n\nJanuary 1, 2024 \n 37,891 \n\nRevenue recognized that\nwas included in the contract liabilities balance at the beginning of the year \n (37,891)\n\nIncrease\nin contract liabilities as a result of receiving deposits \n 9,021 \n\n  \n   \n\nDecember 31, 2024 \n 9,021 \n\nRevenue recognized that\nwas included in the contract liabilities balance at the beginning of the year \n (9,021)\n\nIncrease\nin contract liabilities as a result of receiving deposits \n 19,447 \n\n  \n   \n\nDecember 31, 2025 \n 19,447 \n\n \n\n \nii)\nThe\namounts due to the directors of S$3,291 (2024: S$12,587) are included in the other payables. The amounts due to directors are unsecured,\ninterest-free, and repayable on demand.\n\n \n\n \niii)\nNo\naccrued interest from loan from a shareholder (2024: S$1,445) are included in the accruals.\n\n \n\nF-53\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**20.**\n**Significant\nrelated party transactions**\n\n \n\nIn\naddition to the related party information disclosed elsewhere in the consolidated financial statements, the following significant transactions\nwith related parties took place at terms agreed between the parties during the financial year, which are at agreed terms:\n\n \n\nSchedule\nof related party\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nSales to a shareholder \n 6,000  \n 18,886  \n 77,229 \n\nManagement fee paid to a\nshareholder \n -  \n -  \n (3,500)\n\nInterest\nexpenses charged by a shareholder \n (11,465) \n (1,445) \n - \n\n \n\nThe\nrelated parties refer to entities with common shareholders.\n\n \n\n**21.**\n**Financial\nrisk management and fair values of financial instruments**\n\n \n\nAs\nat December 31, 2025 and 2024, the Group’s financial assets and financial liabilities are classified as loans and receivables and\nfinancial liabilities at amortized cost, respectively.\n\n \n\n**(a)**\n**Financial\nrisk management**\n\n \n\nThe\nGroup’s activities expose it to a variety of financial risks from its operations. The key financial risks include credit risk,\nliquidity risk and market risk (including interest rate risk and foreign currency risk).\n\n \n\nThe\nDirectors review and agree policies and procedures for the management of these risks, which are executed by the management team. It is\nand has been throughout the current and previous financial year, the Group’s policy that no trading in derivatives for speculative\npurposes shall be undertaken.\n\n \n\nThe\nfollowing sections provide details regarding the Group’s exposure to the above- mentioned financial risks and the objectives, policies,\nand processes for the management of these risks.\n\n \n\nThere\nhas been no change to the Group’s exposure to these financial risks or the manner in which it manages and measures the risks.\n\n \n\n \n(i)\nCredit\nrisk and impairment assessment\n\n \n\nCredit\nrisk refers to the risk that the counterparty will default on its contractual obligations resulting in a loss to the Group. The Group’s\nexposure to credit risk arises primarily from trade and other receivables. In order to minimize the credit risk, the Group has adopted\na policy of only dealing with creditworthy counterparties. The Group performs ongoing credit evaluation of its counterparties’\nfinancial condition and generally does not require a collateral.\n\n \n\nFor\nother financial assets (including cash and cash equivalents), the Group minimizes credit risk by dealing exclusively with high credit\nrating counterparties. The credit risks on bank balances are limited because the counterparties are banks / financial institutions with\nhigh credit ratings assigned by international credit-rating agencies.\n\n \n\nF-54\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**21.**\n**Financial\nrisk management and fair values of financial instruments (continued)**\n\n \n\n**(a)**\n**Financial\nrisk management (continued)**\n\n \n\nThe\nGroup’s internal credit risk grading assessment comprises the following categories:\n\n \n\n**Category**\n \n**Definition\nof category**\n \n**Basis\nfor recognizing expected credit loss (ECL)**\n\nI\n \nCounterparty\nhas a low risk of default and does not have any past-due amounts.\n \n12-month\nECL\n\nII\n \nAmount\nis greater than 60 days but less than 366 days past due or there has been a significant increase in credit risk since initial recognition.\n \nLifetime\nECL – not credit- impaired\n\nIII\n \nAmount\nis greater than 365 days past due or there is evidence indicating the asset is credit-impaired (in default).\n \nLifetime\nECL – credit- impaired\n\nIV\n \nThere\nis evidence indicating that the debtor is in severe financial difficulty and the debtor has no realistic prospect of recovery.\n \nAmount\nis written off\n\n \n\nThe\ntable below details the credit quality of the Group’s financial assets, as well as maximum exposure to credit risk by credit risk\nrating categories:\n\n \n\nSchedule\nof financial risk management\n\n  \nNote\nCategory \n\n**12-month\nor lifetime**\n\n**ECL**\n \n\n**Gross\ncarrying**\n\n**amount**\n  \nLoss\nallowance  \n\n**Net\ncarrying**\n\n**amount**\n \n\n  \n  \n  \nS$  \nS$  \nS$ \n\n  \n  \n  \n   \n   \n  \n\nDecember 31, 2025 \n  \n  \n    \n    \n   \n\nTrade receivables \nNote 1 \nLifetime ECL \n 184,206  \n (8,392) \n 175,814 \n\nOther receivables (exclude\nprepayments) \n  \n12-month ECL \n 5,533  \n -  \n 5,533 \n\n  \n  \n  \n    \n    \n   \n\nContract\nassets \nNote 1 \n12-month ECL \n 2,286  \n -  \n 2,286 \n\n  \n  \n  \n    \n (8,392) \n   \n\nDecember 31, 2024 \n  \n  \n    \n    \n   \n\nTrade receivables \nNote 1 \nLifetime ECL \n 43,449  \n (4,357) \n 39,092 \n\nOther receivables (exclude\nprepayments and GST receivables) \n  \n12-month ECL \n 39,247  \n -  \n 39,247 \n\n  \n  \n  \n    \n    \n   \n\nContract\nassets \nNote 1 \n12-month ECL \n 10,642  \n -  \n 10,642 \n\n  \n  \n  \n    \n (4,357) \n   \n\n \n\nF-55\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**21.**\n**Financial\nrisk management and fair values of financial instruments (continued)**\n\n \n\n**(a)**\n**Financial\nrisk management (continued)**\n\n \n\n \n(i)\nCredit\nrisk and impairment assessment (continued)\n\n \n\nNote\n1:\n\n \n\nFor\ntrade receivables and contract assets, the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime\nECL. The Group determines the ECL by using a provision matrix, estimated based on historical credit loss experience based on the past\ndue status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly,\nthe credit risk profile of trade receivables is presented based on their past due status in terms of the provision matrix.\n\n Schedule\nof credit risk\n\n  \n  \nGross carrying amount  \nLoss allowance  \n\n  \nExpected  \nGross  \n  \n\n  \nloss  \ncarrying  \nLoss \n\n  \nrate  \namount  \nallowance \n\n  \n%  \nS$  \nS$ \n\nDecember 31, 2025 \n    \n    \n   \n\nCurrent (not\npast due) \n 0% \n 145,483  \n - \n\n1-30 days past due \n 0% \n 12,384  \n - \n\n31-60 days past due \n 0% \n 3,052  \n - \n\n61-90\ndays past due \n 36% \n 23,287  \n 8,392 \n\n  \n    \n    \n   \n\nCredit Risk \n    \n 184,206  \n 8,392 \n\n \n\n  \nExpected  \nGross  \n  \n\n  \nloss  \ncarrying  \nLoss \n\n  \nrate  \namount  \nallowance \n\n  \n%  \nS$  \nS$ \n\nDecember 31, 2024 \n    \n    \n   \n\nCurrent (not\npast due) \n 0% \n 8,277  \n - \n\n1-30 days past due \n 0% \n 15,834  \n - \n\n31-60 days past due \n 0% \n 824  \n - \n\nMore\nthan 90 days past due \n 63% \n 18,514  \n 4,357 \n\n  \n    \n    \n   \n\nCredit Risk \n    \n 43,449  \n 4,357 \n\n \n\nF-56\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**21.**\n**Financial\nrisk management and fair values of financial instruments (continued)**\n\n \n\n**(a)**\n**Financial\nrisk management (continued)**\n\n \n\n \n(i)\nCredit\nrisk and impairment assessment (continued)\n\n \n\nMovement\nin the loss allowance account in respect of trade receivables and contract assets during the year is as follows:\n\n \n\nSchedule\nof loss allowance\n\n  \n2025  \n2024 \n\n  \nS$  \nS$ \n\n  \n   \n  \n\nBalance at January 1 \n 4,357  \n 26,049 \n\n  \n    \n   \n\nImpairment losses recognized\nduring the year \n 5,166  \n - \n\nReversal of impairment losses\nduring the year \n -  \n (2,110)\n\nAmounts\nwritten off during the year \n (1,131) \n (19,582)\n\n  \n    \n   \n\nBalance at December\n31 \n 8,392  \n 4,357 \n\n \n\nExcessive\nrisk concentration\n\n \n\nConcentrations\narise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have\neconomic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political,\nor other conditions. Concentrations indicate the relative sensitivity of the Group’s performance to developments affecting a particular\nindustry.\n\n \n\nThe\nGroup’s exposure to credit risk is influenced mainly by the individual characteristics of each customer rather than the industry\nor country in which the customers operate and therefore significant concentrations of credit risk primarily arise when the Group has\nsignificant exposure to individual customers. As of December 31, 2025, 65% (2024: 33%) of the total trade receivables was due from the\nGroup’s five largest customers respectively.\n\n \n\nRevenue\nfrom customers contributing over 10% of the total revenue of the Group is as follows:\n\n \n\nSchedule\nof revenue from customers\n\n  \n2025  \n2024  \n2023 \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nCustomer\nA \n -  \n -  \n 943,683 \n\nCustomer B \n -  \n 238,000  \n 500,000 \n\nCustomer C \n 165,423  \n -  \n - \n\nCustomer D \n -  \n -  \n 500,000 \n\nCustomer E \n -*****  \n 813,551  \n -* \n\nCustomer F \n -  \n 407,171  \n - \n\nCustomer G \n 102,000  \n -  \n - \n\nCustomer H \n 95,342  \n -  \n - \n\nCustomer\nI \n 85,064  \n -  \n - \n\n  \n    \n    \n   \n\nRevenue\nfrom customers  \n 447,829  \n 1,458,722  \n 1,943,683 \n\n \n\n*This customer does\nnot contribute more than 10% of the Group’s total revenue during the year.\n\n \n\nF-57\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**21.**\n**Financial\nrisk management and fair values of financial instruments (continued)**\n\n \n\n**(a)**\n**Financial\nrisk management (continued)**\n\n \n\nOther\nreceivables and amount due from shareholder\n\n \n\nThe\nGroup and Company assessed the latest performance and financial position of the counterparties, adjusted for the future outlook of the\nindustry in which the counterparties operate in, and concluded that there has been no significant increase in the credit risk since the\ninitial recognition of the financial assets. Accordingly, the Group measured the impairment loss allowance using 12-month ECL and determined\nthat the ECL is insignificant.\n\n \n\n \n(ii)\nLiquidity\nrisk\n\n \n\nLiquidity\nrisk is the risk that an enterprise will encounter difficulty in raising funds to meet commitments associated with financial instruments.\nLiquidity risk may result from an inability to sell a financial asset quickly at close to its fair value.\n\n \n\nPrudent\nliquidity risk management implies maintaining sufficient cash. The Group monitors and maintains a level of bank balances deemed adequate\nto finance the Group’s operations.\n\n \n\nThe\nmaturity profile of the Group’s non-derivative financial liabilities as at December 31, 2025 and 2024, based on the contracted\nundiscounted payments, is as follows:-\n\n \n\nSchedule\nof liquidity risk\n\n  \nOn demand  \n   \n   \n  \n\n  \nor less than  \n1 to 5  \n   \nCarrying \n\n  \none\nyear  \nyears  \nTotal  \namount \n\n  \nS$  \nS$  \nS$  \nS$ \n\nDecember 31, 2025 \n    \n    \n    \n   \n\nTrade and other\npayables (exclude GST payables) \n 472,230  \n -  \n 472,230  \n 472,230 \n\nLoan from a shareholder \n    \n    \n    \n   \n\nLease\nliabilities \n 22,699  \n 24,059  \n 46,758  \n 43,159 \n\n  \n    \n    \n    \n   \n\nNon-derivative\nfinancial liabilities \n 494,929  \n 24,059  \n 518,988  \n 515,389 \n\n \n\n  \nOn demand  \n   \n   \n  \n\n  \nor less than  \n1 to 5  \n   \nCarrying \n\n  \none\nyear  \nyears  \nTotal  \namount \n\n  \nS$  \nS$  \nS$  \nS$ \n\nDecember 31, 2024 \n    \n    \n    \n   \n\nTrade and other\npayables \n 626,008  \n -  \n 626,008  \n 626,008 \n\nLoan from a shareholder \n 346,746  \n -  \n 346,746  \n 337,566 \n\nLease\nliabilities \n 6,543  \n -  \n 6,543  \n 6,500 \n\n  \n    \n    \n    \n   \n\nNon-derivative\nfinancial liabilities \n 979,297  \n -  \n 979,297  \n 970,074 \n\n \n\nF-58\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**21.**\n**Financial\nrisk management and fair values of financial instruments (continued)**\n\n \n\n**(a)**\n**Financial\nrisk management (continued)**\n\n \n\n \n(iii)\nMarket\nrisk\n\n \n\nMarket\nrisk is the risk that changes in market prices, such as interest rates and foreign exchange rates will affect the Group’s income.\nThe objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing\nthe return on risk.\n\n \n\n \n(i)\nInterest\nrate risk\n\n \n\nInterest\nrate risk is the risk that the fair value or future cash flows of the Group’s financial instruments will fluctuate because of changes\nin market interest rates. The Group is not exposed to interest rate risk as the Group has no significant interest-bearing assets and\nliabilities, the Group’s income and operating cash flows are substantially independent of changes in market interest rates.\n\n \n\n \n(ii)\nForeign\ncurrency risk\n\n \n\nThe\nGroup’s foreign exchange risk results mainly from cash flows from transactions denominated in foreign currencies. At present, the\nGroup does not have any formal policy for hedging against currency risk. The Group ensures that the net exposure is kept to an acceptable\nlevel by buying or selling foreign currencies at spot rates, where necessary, to address short term imbalances.\n\n \n\nThe\nGroup has transactional currency exposures arising from transactions that are denominated in a currency other than the functional currency\nof the Group, primarily United States Dollar (USD).\n\n \n\nThe\nGroup’s currency exposures to the USD at the reporting date were as follows:\n\n \n\nSchedule\nof foreign currency risk\n\n  \nUSD \n\n  \nS$ \n\nDecember 31, 2025 \n   \n\nTrade and other\nreceivables \n 40,086 \n\nCash and cash equivalents \n 8,396,552 \n\nTrade\nand other payables \n (134,275)\n\n  \n   \n\nOverall\nnet exposure \n 8,302,363 \n\n \n\nF-59\n\n \n\n** **\n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2024, 2023 and 2022*\n\n*(in\nSingapore Dollars)*\n\n \n\n**21.**\n**Financial\nrisk management and fair values of financial instruments (continued)**\n\n \n\n**(a)**\n**Financial\nrisk management (continued)**\n\n \n\n \n(iii)\nMarket\nrisk (continued)\n\n \n\n \n(ii)\nForeign\ncurrency risk (continued)\n\n \n\n  \nUSD \n\n  \nS$ \n\nDecember 31, 2024 \n   \n\nTrade and other\nreceivables \n 32,002 \n\nCash and cash equivalents \n 24,312 \n\nTrade\nand other payables \n (53,266)\n\n  \n   \n\nOverall\nnet exposure \n 3,048 \n\n \n\nA\n4% (2024: 4%) strengthening of Singapore Dollar against the foreign currency denominated balances as at the reporting date would increase/(decrease)\nprofit or loss by the amounts shown below. This analysis assumes that all other variables remain constant.\n\n \n\nSchedule\nof foreign currency\n\n  \nProfit\nor loss (before tax) \n\n  \n2025  \n2024 \n\n  \nS$  \nS$ \n\n  \n    \n   \n\nUnited\nStates Dollar \n (332,059) \n (121)\n\n \n\n**(b)**\n**Fair\nvalues of financial instruments**\n\n \n\nThe\nfair values of financial assets and financial liabilities have been determined in accordance with generally accepted pricing models based\non discounted cash flow analysis.\n\n \n\nManagement\nof the Group considers that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the consolidated\nfinancial statements approximate their fair values.\n\n \n\nThe\nfollowing table presents the carrying value of the Group’s financial instruments measured at fair value across the three levels\nof the fair value hierarchy defined in IFRS 13 “Fair Value Measurement” with fair value of each financial instrument categorized\nin its entirety based on the lowest level of input that is significant to that fair value measurement. The levels are defined as follows:-\n\n \n\n \n●\nLevel\n1: fair values measured using quoted prices (unadjusted) in active markets for identical financial instruments.\n\n \n \n \n\n \n●\nLevel\n2: fair values measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable\ninputs. Unobservable inputs are inputs for which market data are not available.\n\n \n \n \n\n \n●\nLevel\n3: fair values measured using significant unobservable input.\n\n \n\nF-60\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**22.**\n**Share\noption**\n\n** **\n\nThe\nGroup adopted a share option scheme on July 17, 2023 (the “Share Option Scheme 2023”) to provide an incentive to the grantees\nby enabling them to participate in a future sale or listing of the Group, attract, motivate, and retain eligible participants, and align\nthe interests of the grantees more closely with the shareholders of the Company and provide greater incentive for the grantees to focus\non long-term goals of the Group.\n\n \n\nStock\noptions granted to employees of the Group are subject to approval in advance by the independent non-executive directors. The offer of\na grant of stock options may be accepted within 28 days from the date of offer. The exercise period of the stock options granted is determinable\nby the directors, and commences on the same date after vesting to three years and ends on a date which is not later than five years from\nthe date of offer of the stock options or the expiry date of the plan, if earlier.\n\n \n\nOn\nJuly 17, 2023, the Group granted a consultant share option equivalent to 3.5% of total number of shares of the Company as of December\n7, 2022 with no vesting period. According to the addition terms and conditions on the share option granted to the consultant, the share\noption is contingent upon the occurrence of a performance condition (i.e. the successful initial public offering), the share option shall\nnot be recognised until the performance condition becomes probable in accordance with IFRS 2 *Share-based Payment*.\n\n \n\nOn\nFebruary 1, 2024, the Group granted 5,900,000 share options to certain employees of the Group under the Share Option Scheme 2023. The\nshare options contain an exercise price of US$0.0001 per share option with an expiry date on February 29, 2024 and are vested on the\nsame date of acceptance of the share options by employees. All share options have been exercised in February 2024.\n\n \n\nAccording\nto the underwriting agreement, upon the exercise of the over-allotment option, the Group shall issue to the underwriter, and the underwriter\nshall purchase 262,228 ordinary shares of the Group, par value US$0.0005 per share, at a price to the public of US$4.00 per share, for\ntotal gross proceeds of US$1,048,912. The share option has been exercised in April 2025.\n\n \n\nOn\n12 June 2023, the Group granted 1,397,600 ordinary shares to the investor upon the success of the IPO, at US$0.0001 per share for total\nconsideration of US$139.76. The share award has been granted in April 2025.\n\n \n\nThe\nexercise price of stock options is determinable by the directors. Stock options do not confer rights on the holders to dividends or to\nvote at shareholders’ meetings.\n\n \n\nThe\nGroup estimated the fair value of each option as of the date of grant using the Binomial Option pricing model. The following table lists\nthe inputs to the model use:-\n\n Schedule of share based compensation for options granted\n\n  \nShare options granted on\nFebruary\n1, 2024 \n\n  \n  \n\nExpected volatilities\n(%) \n 27 \n\nRisk-free interest rates\n(%) \n 5.49 \n\nRange of expected lives\n(year) \n 0.08 \n\nWeighted average share price (US$ per share) \n 0.4560 \n\nExercise price (US$ per share) \n 0.0001 \n\n \n\nThe\nexpected volatility reflects the assumption that the historical volatility of future trends, which may also not necessarily be the actual\noutcome. No other feature of the options granted was incorporated into the measurement of fair value.\n\n \n\nThe\nfair value of the 1,659,828 share options granted on April 7, 2025 were estimated using inputs which are considered as Level 1 in the\nfair value hierarchy. It was determined based on valuation performed by Crowe Horwath First Trust Appraisal Pte Ltd, an independent valuer\nwho holds a recognized and relevant professional qualification in this field. The fair value of S$8,490,000 was measured based on market\napproach which the share option and share award were exercised as at the date of IPO. The Company has recognised the share-based payment\nexpenses of S$2,793,413 (2024: S$3,606,000) in the consolidated profit or loss under administrative expenses during the year ended December\n31, 2025.\n\n \n\nF-61\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**23.**\n**Redeemable,\nconvertible, and cumulative preference shares**\n\n** **\n\nOn\nNovember 30, 2021, BeLive SG issued 6,000,000 RCCPS of S$1 each to one of its shareholders at a total consideration of S$6,000,000. These\nRCCPS carried cumulative dividends at the rate of 2.5% per quarter of each calendar year. Out of the total consideration of the RCCPS,\nS$1,200,000 was receivable in 2021 and S$4,800,000 was receivable in 2022.\n\n \n\nThe\nRCCPS can be either redeemed or converted into either ordinary shares or founder/venture builder shares of BeLive SG, at the sole discretion\nof the holder.\n\n \n\nIf\nthe redemption notice was issued by the holder before January 1, 2027, the redemption amount shall be S$3 per RCCPS. If the redemption\nnotice was issued by the holder on or after January 1, 2027, the redemption amount shall be S$5 per RCCPS.\n\n \n\nIf\nthe conversion notice was issued by the holder before January 1, 2027, the conversion ratio would be 1 RCCPS to 5 ordinary shares or\nfounder/venture builder shares of BeLive SG. If the conversion notice was issued by the holder on or after January 1, 2027, the conversion\nratio would be 1 RCCPS to 10 ordinary shares or founder/venture builder shares of BeLive SG.\n\n \n\n**24.**\n**Capital\nmanagement**\n\n \n\nThe\nprimary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and net current asset\nposition in order to support its business and maximize shareholder value. The capital structure of the Group comprises issued share capital\nand retained earnings.\n\n \n\nThe\nGroup manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the\ncapital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The\nGroup is not subject to any externally imposed capital requirements. No changes were made to the objectives, policies or processes during\nthe financial years ended December 31, 2025 and December 31, 2024.\n\n \n\nF-62\n\n \n\n \n\n**BELIVE\nHOLDINGS AND ITS SUBSIDIARY**\n\n**NOTES\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n*For\nthe financial year ended December 31, 2025, 2024 and 2023*\n\n*(in\nSingapore Dollars)*\n\n \n\n**25.**\n**Cash\nflow information**\n\n** **\n\n**Reconciliation\nof liabilities from financing activities**\n\n** **\n\nA\nreconciliation of liabilities arising from financing activities is as follows:\n\n \n\nSchedule\nof Reconciliation of liabilities from financing activities\n\n  \n   \n\n**Cash\nflows**\n  \n   \n   \n   \n   \n  \n\n  \nJanuary\n1, 2025  \nInterest\npaid  \nRepayment\nof principal portion of lease liabilities  \nAdditions  \n\n**Repayment**\n  \nAccretion\nof interest  \nOther  \nDecember\n31, 2025 \n\n  \nS$  \nS$  \nS$  \nS$  \nS$  \nS$  \nS$  \nS$ \n\nLoan\nfrom a shareholder \n 337,566  \n (11,465) \n -  \n 737,951  \n (1,043,240) \n 11,465  \n (32,277) \n - \n\nLease\nliabilities \n    \n    \n    \n    \n    \n    \n    \n   \n\n- current \n 6,500  \n (2,651) \n (24,308) \n 39,651  \n -  \n 2,651  \n (1,490) \n 20,353 \n\n- non-current \n -  \n -  \n -  \n 22,806  \n -  \n -  \n -  \n 22,806 \n\n \n 344,066  \n (14,116) \n (24,308) \n 800,408  \n (1,043,240) \n 14,116  \n (33,767) \n 43,159 \n\n \n\n  \n   \n**Cash flows**  \n   \n   \n   \n  \n\n  \nJanuary\n1, 2024  \nInterest\npaid  \nRepayment\nof principal portion of lease liabilities  \nAdditions  \nAccretion\nof interest  \nOther  \nDecember\n31, 2024 \n\n  \nS$  \nS$  \nS$  \nS$  \nS$  \nS$  \nS$ \n\nLoan\nfrom a shareholder \n -  \n -  \n -  \n 337,566  \n 1,444  \n (1,444) \n 337,566 \n\nLease\nliabilities \n    \n    \n    \n    \n    \n    \n   \n\n-\ncurrent \n 19,151  \n (1,706) \n (54,060) \n -  \n 1,706  \n 41,409  \n 6,500 \n\n-\nnon-current \n 41,409  \n -  \n -  \n -  \n -  \n (41,409) \n - \n\n \n 60,560  \n (1,706) \n (54,060) \n 337,566  \n 3,150  \n (1,444) \n 344,066 \n\n \n\n \n\n**26.**\n**Authorisation\nof consolidated financial statements for issue**\n\n \n\nThe\nconsolidated financial statements for the financial year ended December 31, 2025 were authorised for issue in accordance with a resolution\nof the Board of Directors of the Company on May 12, 2026.\n\n \n\nF-63"}