Company: SPPL
Filing Date: 2025-04-08
Form Type: 20-F
Source: 0001641172-25-003217
Chunk: 83

Company: SIMPPLE LTD.
Filing Date: 2025-04-08
Form: 20-F
Item: Item 7
Chunk 83
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the services are complete and therefore a contract asset is recognized over the period in which the services are performed, representing
IFSC’s right to consideration for the services performed to date. The aggregate value of all revenue received by IFSC from Weishen
for products and services was S$3,211,834 in 2022, S$425,981 in 2023 and S$483,083 in 2024. All contracts for these purchases were negotiated
at arms-length as there are robust procurement policies and segregation of duties policies in place.

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  Table of Contents  

Bank
Facilities and Personal and Corporate Guarantees

Our
Company and its subsidiaries have entered into bank facilities to finance their operations from time to time. Certain of these facilities
have been guaranteed by Major Shareholders, Directors, and/or Executive Officers, as further provided below.

The
Company entered into a secured fixed rate bank facility in May 2020, with a local Singapore bank (the “ Lender”) in an aggregate
amount of approximately $3.59 million (S$4.85 million). This facility was drawn down in June 2020 and will mature in November 2025. Poo
Chong Hee, a shareholder of the Company, provided a personal guarantee to the Lender, and Campaign Complete Solutions Pte. Ltd. (fully
owned by WIS Holdings Pte. Ltd. as at December 31, 2024) and WIS Holdings Pte. Ltd. (where Poo Chong Hee is a direct substantial shareholder
as at December 31, 2024) provided corporate guarantees to the Lender in connection with this facility. The unpaid balance against these
guarantees is approximately $381,159 (S$520,740) as at December 31, 2024.

Policies
and Procedures for Related Party Transactions

Our
Audit Committee is required to examine the internal procedures put in place by our Company to determine if such procedures put in place
have become inappropriate or insufficient in the event of changes to the nature of, or manner in which, the business activities of our
Group, our joint ventures or the interested persons are conducted, or if they are sufficient to ensure that Related Party Transactions
are conducted on normal commercial terms and will not be prejudicial to our Company and its Shareholders;.

C.
Interests of Experts and Counsel

Not
applicable.

ITEM
8. FINANCIAL INFORMATION