Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 142

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 142
---
:

                                            As of December 31,                                         
                                            2023                                  2024                 
 ───────────────────────────────────────────────────────────────────────────────────────────────────────
                                            US$                                   US$                  
  Accounts receivable                                                734,109                  779,636  
  Allowance for expected credit losses                              ( 13,864                ( 326,813  
  Accounts receivable, net                                           720,245                  452,823  

Movements of allowance for expected credit losses
were as follows:

                                      As of December 31,                                     
                                      2023                                2024               
 ─────────────────────────────────────────────────────────────────────────────────────────────
                                      US$                                 US$                
  Balance, beginning of the year                              —                      13,864  
  Addition                                                    13,864                311,539  
  Exchange realignment                                        —                       1,410  
  Balance, end of year                                        13,864                326,813  

Accounts receivable, net as of December 31, 2023 and 2024 are
aged within one year. Up to April 30, 2025, US$121,389or15.6% of the accounts receivable as of December 31, 2024 were settled.

5. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

                                      As of December 31,                                         
                                      2023                                  2024                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────
                                      US$                                   US$                  
  Leasehold improvement                                        115,008                  115,637  
  Office equipment                                              57,750                   58,067  
  Furniture and fixtures                                         1,040                    1,045  
  Total                                                        173,798                  174,749  
  Less: accumulated depreciation                              ( 63,312                ( 104,390  
  Net carrying value                                           110,486                   70,359  

Depreciation expenses recognized for the years
ended December 31, 2022, 2023 and 2024 were US$38,646, US$40,385and US$40,560, respectively.

6. INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

                                      As of December 31,                                          
                                      2023                                   2024                 
 ─────────────────────────────────────────────────────────────────────────────────