Company: SPPL
Filing Date: 2025-04-08
Form Type: 20-F
Source: 0001641172-25-003217
Chunk: 68

Company: SIMPPLE LTD.
Filing Date: 2025-04-08
Form: 20-F
Item: Item 5
Chunk 68
---
 related to our
initial public offering in the prior year, which amounted to approximately S$5,000,000, and an increase in staff related expenses, being
the establishment of a seasoned Board of Directors and an increase in headcount with the hiring of highly experienced personnel, as part of SIMPPLE’s international expansion commitments and ongoing patented AI software development programs, which has positioned the company to meet its implemented and future growth objectives post IPO.

  54  

  Table of Contents  

Other
income

                          For the year ended December 31,                                                                                    
                          2024                                              2023                   2022      2024 to 2023      2023 to 2022  
                          S$                                                S$                     S$        % change          % change      
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Total other income                                           176,540                265,208                                                

Other
operating income comprises predominantly government grants, and miscellaneous revenue. Other income decreased by 33% from S$265,208 for
the year ended December 31, 2023 to S$176,540 for the year ended December 31, 2024. The decrease was mainly due the reduction in the
government grants and delayed phasing of due payments which have rolled over into 2025, as issued and approved by the Singapore authorities.

Interest
expenses

                               For the year ended December 31,                                                                                   
                               2024                                             2023                   2022      2024 to 2023      2023 to 2022  
                               S$                                               S$                     S$        % change          % change      
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Total interest expenses                                           34,846                183,046                                                

Interest
expense on borrowings decreased by 81% from S$183,046 for the year ended December 31, 2023 to S$34,846 for the year ended December 31,
2024. This decrease was mainly due to the diminished interest from repayments made over the year resulting in the full settlement of
certain working capital loans during the year.

Income
tax (income) expense

  For the year ended December 31,                                                                                      
  2024                                                 2023                  2022      2024 to 2023      2023 to 2022