Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 144

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 144
---
────────────────────────────────────────────
                                     US$                                  US$                
  Accrued staff costs                                         30,822                 55,634  
  Accrued professional fees                                  219,063                171,556  
  Payables for rental of server                                1,787                  4,492  
  Others                                                      10,406                 13,351  
  Total                                                      262,078                245,033  

9. CONTRACT LIABILITIES

The movement of contract liabilities consist of
the following:

                                              As of December 31,                                          
                                              2023                                   2024                 
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────
                                              US$                                    US$                  
  Balance at beginning of the year                                      152,541                   45,920  
  Additions                                                             248,146                  545,141  
  Recognized as revenues during the year                              ( 354,547                ( 277,036  
  Exchange realignment                                                    ( 220                    1,386  
  Balance at end of year                                                 45,920                  315,411  

F-22

WELLCHANGE HOLDINGS COMPANY LIMITED

10. BANK BORROWINGS

Outstanding balances of bank borrowings as of
December 31, 2023 and 2024 consist of the following:

                                             As of December 31,                                      
                                             2023                                 2024               
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
                                             US$                                  US$                
  Bank borrowings                                                                                    
  Guaranteed (i)                                                     496,517                433,991  
  Short-term bank borrowings (ii),(iii)                              496,517                433,991  

  (i)      The bank borrowings were guaranteed by Mr. Shek Kin                                                                             

  (ii)      As of December 31, 2023 and 2024, the Company had bank                                                                                       
            borrowings amounted to US$ 496,517 and US$ 433,991, respectively, which contained repayment on demand clauses. Accordingly, they have been   
            classified as current liabilities. For the purpose of the illustration, such bank borrowings are included within short-term bank borrowings  
            and represented as bank borrowings repayable on demand.                                                                                      
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  (iii)