# EDGAR Filing Document

**Accession Number:** 0001944902
**File Stem:** 0001213900-26-048586
**Filing Date:** 2026-4
**Character Count:** 664090
**Document Hash:** 2e585f5f6731196e6cc56c11c80c203f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-048586.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001213900-26-048586

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 116

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ohmyhome Ltd
- **CENTRAL INDEX KEY:** 0001944902
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41647
- **FILM NUMBER:** 26908399

**BUSINESS ADDRESS:**
- **STREET 1:** 11 LORONG 3 TOA PAYOH #04-16/21
- **CITY:** JACKSON
- **STATE:** U0
- **ZIP:** 319579
- **BUSINESS PHONE:** 65 6886 9009

**MAIL ADDRESS:**
- **STREET 1:** 11 LORONG 3 TOA PAYOH #04-16/21
- **CITY:** JACKSON
- **STATE:** U0
- **ZIP:** 319579

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F**

**(Mark One)**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Commission file number: 001-41647**

**Ohmyhome Limited**

(Exact name of Registrant as specified in its charter)

**Cayman Islands**

(Jurisdiction of incorporation or organization)

**243 Alexandra Road**

**#02-01 BS Centre**

**Singapore 159932**

(Address of principal executive offices)

**Agus Prasetyo** 

**ir@omsw.net**

**+65 6886 9009**

**243 Alexandra Road**

**#02-01 BS Centre**

**Singapore 159932**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Ordinary shares, par value $0.01 per share | OMH | Nasdaq Capital Market |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 22,259,591 Class A ordinary shares issued and outstanding as of December 31, 2025.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ <br> Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issued Other ☐ <br> by the International Accounting Standards Board ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

☐ Yes ☒ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

☐ Yes ☐ No

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **[PART I](#a_001)** |  | 1 |
| &nbsp;&nbsp;&nbsp;Item 1. | [Identity of Directors, Senior Management and Advisers](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;Item 2. | [Offer Statistics and Expected Timetable](#a_003) | 1 |
| &nbsp;&nbsp;&nbsp;Item 3. | [Key Information](#a_004) | 1 |
| &nbsp;&nbsp;&nbsp;Item 4. | [Information on the Group](#a_005) | 30 |
| &nbsp;&nbsp;&nbsp;Item 4A. | [Unresolved Staff Comments](#a_006) | 53 |
| &nbsp;&nbsp;&nbsp;Item 5. | [Operating and Financial Review and Prospects](#a_007) | 54 |
| &nbsp;&nbsp;&nbsp;Item 6. | [Directors, Senior Management and Employees](#a_008) | 80 |
| &nbsp;&nbsp;&nbsp;Item 7. | [Major Shareholders and Related Party Transactions](#a_009) | 89 |
| &nbsp;&nbsp;&nbsp;Item 8. | [Financial Information](#a_010) | 90 |
| &nbsp;&nbsp;&nbsp;Item 9. | [The Offer and Listing](#a_011) | 91 |
| &nbsp;&nbsp;&nbsp;Item 10. | [Additional Information](#a_012) | 91 |
| &nbsp;&nbsp;&nbsp;Item 11. | [Quantitative and Qualitative Disclosures About Market Risk](#a_013) | 106 |
| &nbsp;&nbsp;&nbsp;Item 12. | [Description of Securities Other than Equity Securities](#a_014) | 106 |
| **[PART II](#a_015)** |  | 107 |
| &nbsp;&nbsp;&nbsp;Item 13. | [Defaults, Dividend Arrearages and Delinquencies](#a_016) | 107 |
| &nbsp;&nbsp;&nbsp;Item 14. | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#a_017) | 107 |
| &nbsp;&nbsp;&nbsp;Item 15. | [Controls and Procedures](#a_018) | 107 |
| &nbsp;&nbsp;&nbsp;Item 16A. | [Audit Committee Financial Expert](#a_019) | 108 |
| &nbsp;&nbsp;&nbsp;Item 16B. | [Code of Ethics](#a_020) | 108 |
| &nbsp;&nbsp;&nbsp;Item 16C. | [Principal Accountant Fees and Services](#a_021) | 108 |
| &nbsp;&nbsp;&nbsp;Item 16D. | [Exemptions from the Listing Standards for Audit Committees](#a_022) | 109 |
| &nbsp;&nbsp;&nbsp;Item 16E. | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#a_023) | 109 |
| &nbsp;&nbsp;&nbsp;Item 16F. | [Change in Registrant's Certifying Accountant](#a_024) | 109 |
| &nbsp;&nbsp;&nbsp;Item 16G. | [Corporate Governance](#a_025) | 109 |
| &nbsp;&nbsp;&nbsp;Item 16H. | [Mine Safety Disclosure](#a_026) | 109 |
| &nbsp;&nbsp;&nbsp;Item 16I. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.](#a_027) | 110 |
| &nbsp;&nbsp;&nbsp;Item 16J. | [Insider Trading Policies](#a_028) | 110 |
| &nbsp;&nbsp;&nbsp;Item 16K. | [cybersecurity](#a_029) | 110 |
| **[PART III](#a_030)** |  | 111 |
| &nbsp;&nbsp;&nbsp;Item 17. | [Financial Statements](#a_031) | 111 |
| &nbsp;&nbsp;&nbsp;Item 18. | [Financial Statements](#a_032) | 111 |
| &nbsp;&nbsp;&nbsp;Item 19. | [Exhibits](#a_033) | 111 |

---

i

**INTRODUCTION**

Except where the context otherwise requires and for purposes of this annual report only the term:

● "AI" refers to artificial intelligence.

● "Amended and Restated Articles of Association" refers to the third amended and restated articles of association of our Company adopted on January 6, 2026, and as amended from time to time.

● "Amended and Restated Memorandum" refers to the third amended and restated memorandum of association of our Company adopted on January 6, 2026, and as amended from time to time.

● "Amended and Restated Memorandum and Articles of Association" refers to the third amended and restated memorandum and articles of association of our Company adopted on January 6, 2026, and as amended from time to time.

● "Anthill" refers to Anthill Corporation Pte. Ltd., a company incorporated in Singapore.

● "BVI" refers to the British Virgin Islands.

● "CEA" refers to Council for Estate Agencies of Singapore.

● "Company" or "our Company" refers to Ohmyhome Limited, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act on July 19, 2022.

● "Companies Act" refers to the Companies Act of the Cayman Islands, as amended, supplemented or modified from time to time.

● "Cora.Pro" refers to Cora.Pro Pte. Ltd., a company incorporated in Singapore on May 21, 2020, and an indirect wholly-owned subsidiary of our Company.

● "COVID-19" refers to the Coronavirus Disease 2019.

● "Directors" refers to the directors of our Company as at the date of this annual report, unless otherwise stated.

● "DIY" refers to do-it-yourself.

● "DreamR" refers to The DreamR Project Pte. Ltd., a company incorporated in Singapore on December 7, 2021, and an indirect wholly-owned subsidiary of our Company.

● "Estate Agents Act" refers to the Estate Agents Act 2010 of Singapore, as amended, supplemented or modified from time to time.

● "Exchange Act" refers to the United States Securities Exchange Act of 1934, as amended.

● "Executive Directors" refers to the executive directors of our Company as at the date of this annual report, unless otherwise stated.

● "Executive Officers" refers to the executive officers of our Company as at the date of this annual report, unless otherwise stated.

● "Group," "our Group," "we," "us," or "our" refers to our Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before our Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of our Company at the relevant time or the businesses which have since been acquired or carried on by them or as the case may be their predecessors.

● "GST" refers to the Goods and Services Tax chargeable pursuant to the Goods and Services Tax Act 1993 of Singapore.

ii

● "HDB" refers to the Housing & Development Board of Singapore.

● "Independent Directors" refers to the independent non-executive Directors of our Company as at the date of this annual report, unless otherwise stated.

● "MATCH" refers to the property matching technology and algorithm developed by our Group.

● "MOM" refers to the Ministry of Manpower of Singapore.

● "Ms. Race Wong" refers to Ms. Wong Wan Pei, our former Director, and Chief Operating Officer.

● "Ms. Rhonda Wong" refers to Ms. Wong Wan Chew, a co- founder of our Group and our former Director, Co-Chief Executive Officer, and Chief Financial Officer.

● "Ohmyhome (BVI)" refers to Ohmyhome (BVI) Limited, a company incorporated in the BVI on July 27, 2022, and a wholly-owned subsidiary of our Company.

● "Ohmyhome (I)" refers to The DreamR II Pte. Ltd., a company incorporated in Singapore on March 5, 2020, and an indirect wholly-owned subsidiary of our Company. With effect from April 8, 2025, the name of the company was changed from Ohmyhome Insurance Pte. Ltd. to The DreamR II Pte. Ltd.

● "Ohmyhome (M)" refers to Ohmyhome Sdn. Bhd., a company incorporated in Malaysia on January 17, 2019, and an indirect subsidiary of our Company.

● "Ohmyhome (R)" refers to Ohmyhome Renovation Pte. Ltd., a company incorporated in Singapore on March 5, 2020, and an indirect wholly-owned subsidiary of our Company.

● "Ohmyhome (RL)" refers to Ohmyhome Realtors Sdn. Bhd., a company incorporated in Malaysia on January 17, 2019, and an indirect subsidiary of our Company.

● "Ohmyhome (S)" refers to Ohmyhome Pte. Ltd., a company incorporated in Singapore on June 12, 2015, and an indirect wholly-owned subsidiary of our Company.

● "Ohmyhome Property Management (S)" refers to Ohmyhome Property Management Pte. Ltd., a company incorporated in Singapore and a wholly-owned subsidiary of our Company. With effect from November 8, 2023, the name of the company was changed from Simply Sakal Pte. Ltd. to Ohmyhome Property Management Pte. Ltd.

● "Ohswiftwing" refers to Ohswiftwing Pte. Ltd., a company incorporated in Singapore on 21 July 2025, and a wholly-owned subsidiary of our Company.

● "Class A Ordinary Shares" refers to the class A ordinary shares of in the capital of our Company, par value US$0.01.

● "Class B Ordinary Shares" refers to the class B ordinary shares of in the capital of our Company, par value US$0.01.

● "Operating Subsidiaries" refers to Ohmyhome (S), Ohmyhome (I), Ohmyhome (R), Cora.Pro, DreamR, Ohmyhome Property Management (S), Ohmyhome (M), Ohmyhome (RL) and Ohswiftwing.

● "Other Existing Shareholders" refers to the existing shareholders of our Company immediately prior to the initial public offering (excluding Anthill), namely Ang Yen Ney, Anthony Craig Bolger, Ong Eng Yaw, Primefounders Pte. Ltd., Teo Khiam Chong, Vienna Management Ltd., Wang Yu Huei, K3 Ventures Pte. Ltd., Lee Kwi Thai, GEC Tech Ltd., Chew Kwee San, Fong Cheng Kee, Swettenham Blue Pte. Ltd. and Tsai Chun-Chia (all of whom are Independent Third Parties except Anthony Craig Bolger, Lee Kwi Thai and Vienna Management Ltd.).

● "RM" refers to Malaysian ringgit, the lawful currency of Malaysia.

● "S$" or "SGD" or "Singapore Dollars" refers to Singapore dollar(s), the lawful currency of Singapore.

iii

● "SCAL" refers to The Singapore Contractors Association Limited.

● "SEC" refers to the United States Securities and Exchange Commission;

● "Securities Act" refers to the U.S. Securities Act of 1933, as amended, supplemented or modified from time to time.

● "Shareholders" refers to registered holders of Shares.

● "shares", "Shares" or "Ordinary Shares" refer to the ordinary shares of the Company, consisting of Class A Ordinary Shares and Class B Ordinary Shares;

● "Singapore Companies Act" refers to the Companies Act 1967 of Singapore, as amended, supplemented or modified from time to time.

● "Super Agents" refers to licensed real estate agents and salespersons employed by our Group on a full-time basis and not associated with any other agencies in the jurisdictions where we operate.

● "TDSR" refers to the Total Debt Servicing Ratio.

● "US$" or "U.S. dollars" refers to the lawful currency of the United States;

● "U.S." or "United States" refers to the United States of America.

● "VR" refers to virtual reality.

Ohmyhome Limited is a holding company with operations conducted in Singapore and Malaysia through its operating subsidiaries in Singapore and Malaysia, using Singapore dollars and Malaysian Ringgit. Our reporting currency is in Singapore dollars. This annual report also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Singapore dollars into U.S. dollars were made at S$1.2859 to US$1.00 for the financial year ended December 31, 2025 amounts, S$1.3662 to US$1.00 for the financial year ended December 31, 2024 amounts, S$1.3193 to US$1.00 for the financial year ended December 31, 2023 amounts, in accordance with our internal exchange rate. We make no representation that the Singapore dollar or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Singapore dollars, as the case may be, at any particular rate or at all.

We obtained the industry and market data used in this annual report or any document incorporated by reference from industry publications, research, surveys and studies conducted by third parties and our own internal estimates based on our management's knowledge and experience in the markets in which we operate. We did not, directly or indirectly, sponsor or participate in the publication of such materials, and these materials are not incorporated in this annual report other than to the extent specifically cited in this annual report. We have sought to provide current information in this annual report and believe that the statistics provided in this annual report remain up-to-date and reliable, and these materials are not incorporated in this annual report other than to the extent specifically cited in this annual report.

iv

**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

This annual report contains forward-looking statements that reflect our current expectations and views of future events, all of which are subject to risks and uncertainties. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this annual report. These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

● our goals and strategies;

● our future business development, financial condition and results of operations;

● introduction of new product and service offerings;

● expected changes in our revenues, costs or expenditures;

● our expectations regarding the demand for and market acceptance of our products and services;

● expected growth of our customers, including consolidated account customers;

● competition in our industry;

● government policies and regulations relating to our industry;

● any recurrence of the COVID-19 pandemic and scope of related government orders and restrictions and the extent of the impact of the COVID-19 pandemic on the global economy;

● other factors that may affect our financial condition, liquidity and results of operations; and

● other risk factors discussed under "Item 3. Key Information — 3.D. Risk Factors."

We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this annual report, whether as a result of new information, future events, changes in assumptions, or otherwise.

v

**PART I**

**Item 1. Identity of Directors, Senior Management and Advisers**

Not applicable for annual reports on Form 20-F.

**Item 2. Offer Statistics and Expected Timetable**

Not applicable for annual reports on Form 20-F.

**Item 3. Key Information**

**3. A. Reserved**

**3. B. Capitalization and Indebtedness**

Not applicable for annual reports on Form 20-F.

**3. C. Reasons for the Offer and Use of Proceeds**

Not applicable for annual reports on Form 20-F.

**3. D. Risk Factors**

**Risk Factor Summary**

You should carefully consider all of the information in this annual report before making an investment in our Class A Ordinary Shares. Below please find a summary of the principal risks and uncertainties we face, organized under relevant headings. Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, results of operations, cash flows, and prospects. These risks are discussed more fully below and include, but are not limited to, risks related to:

Risks Relating to Our Business and Industry

● We are dependent on our Super Agents, in-house employees and our third party business partners on our platform to provide quality services to customers (at page 3) .

● We may be unable to maintain our relationships with our existing third party business partners and/or develop relationships with new third party partners (at page 4).

● We may be unable to generate profit in the future or at all (at page 5).

● Our business model and growth strategy depend on our ability to attract home buyers and home sellers to our online platform in a cost-effective manner (at page 6).

● We rely heavily on Internet search engines and mobile application stores to direct traffic to our website and our mobile application, respectively (at page 7).

● The proper functioning and reliability of our online platform is essential to our business (at page 7).

● We depend on the reliable performance of third party networks and mobile infrastructure (at page 8).

● We incur costs and are subject to certain challenges which our competitors with different business models do not face (at page 8).

● We may be unable to successfully renew our estate agent license (at page 9).

● Our business is dependent on the availability of mortgage financing (at page 10).

● Our business generates and processes a large amount of consumer data, and the improper use, collection or disclosure of such data could subject us to significant reputational, financial, legal and operational consequences (at page 10).

● We may be unable to adequately protect our intellectual property and proprietary rights (at page 11).

● We rely on certain technology and software licensed from third parties (at page 12).

● Our technology, software and systems are highly complex and may contain undetected errors or vulnerabilities (at page 13).

● We are dependent on key management personnel for our future success and growth (at page 14).

● We may be unable to attract, retain, effectively train, motivate, and utilize Super Agents (at page 15).

● We rely on certain key operating metrics to evaluate the performance of our business, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business (at page 18).

● Acquisitions by our Company have potential benefits, such as expanding product and service offerings, entering new markets, and acquiring new technologies, but also carries risks such as integration, cultural, financial, regulatory, and legal risks (at page 18).

Risks related to our Class A Ordinary Shares

● We may not maintain the listing of our Class A Ordinary Shares on the Nasdaq Capital Market which could limit investors' ability to make transactions in our Ordinary Shares and subject us to additional trading restrictions (page 21).

● The trading price of our Class A Ordinary Shares may be volatile and there may not be an active, liquid trading market for our Class A Ordinary Shares, which could result in substantial losses to you (page 22).

● We may experience extreme stock price volatility, including any stock-run up, unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares (page 23).

● Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment. You may not realize a return on your investment in our shares and you may even lose your entire investment (page 23).

● Short selling may drive down the market price of our Class A Ordinary Shares (page 23).

● If securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline (page 24).

● As a company incorporated in the Cayman Islands, we are permitted to follow certain home country practices in relation to corporate governance matters in lieu of certain requirements under the Nasdaq Capital Market Listing Rules. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq Capital Market Listing Rules (page 24).

● You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law (page 24).

● Certain judgments obtained against us by our shareholders may not be enforceable (on page 25).

● We are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies (on page 25).

● We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us (on page 26).

● If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences (page 26).

● We may need additional capital, and we may be unable to obtain such capital in a timely manner or on acceptable terms, or at all (page 27).

● We are exposed to risks in respect of acts of war, terrorist attacks, epidemics, political unrest, natural disasters, adverse weather and other uncontrollable events (page 27).

● We will incur increased costs as a result of being a public company after we cease to qualify as an emerging growth company (page 27).

● We are an "emerging growth company" and the reduced disclosure requirements applicable to emerging growth companies may make our Class A Ordinary Shares less attractive to investors (page 27).

Risks Relating to the Jurisdictions where we operate

● Any adverse changes in the political, economic, legal, regulatory taxation or social conditions in the jurisdictions that we operate in or intend to expand our business may have a material adverse effect on our operations, financial performance and future growth (at page 28).

**Risks Related to our Business and Industry**

***We are dependent on our Super Agents, in-house employees and our third party business partners on our platform to provide quality services to customers.***

The success of our business depends substantially on our ability to provide quality and satisfactory customer experience in the property transaction services offered on our platform, which, in turn, depends on a variety of factors, including our ability to offer high standards of service from our in-house Super Agents and relationship managers, as well as external business partners such as financial advisers, legal service providers, contractors and professional house movers who offer their services through our platform. We have also expanded into digital marketing business for clients in a variety of industries by leveraging our platform operation experiences and capabilities to diversify our revenue stream with an aim to lessen our reliance on property engagements and on the Super Agents as well.

In terms of our in-house staff, although we have implemented various service protocols and conduct regular trainings to ensure the service quality of our Super Agents and relationship managers, we cannot guarantee that we will effectively manage all of our employees to ensure consistent and satisfactory customer experience in all service settings. Our brokerage services is our core business, which generated a revenue of S$2,817,930, S$3,906,953 and S$2,633,613 representing 56.3%, 36% and 21.5% of our total revenue for the years ended December 31, 2023, 2024 and 2025 respectively. Though our revenue contribution from brokerage services have become less prominent, we are still reliant on our Super Agents to provide high standards of service to our customers looking to engage professional property agents for their property transactions. Our Super Agents may, from time to time, fail to fully comply with our protocols and relevant laws or regulations and/or may engage in misconduct or illegal actions, which may result in negative publicity and adversely impact our reputation and brand image. While we have, in the past, received customer complaints in respect of the service standards of some of our Super Agents, such complaints are relatively minor in nature and are resolved expeditiously, such as by changing the Super Agent serving the customer in question, at no additional cost to the customer. If we are unable to continue to provide satisfactory customer experience, our customers may choose other service providers over our platform for their intended property transactions, which could adversely and materially impact our business, prospects, financial condition and results of operations.

In addition to the services provided by our in-house Super Agents and employees, we also rely on a large number of third party service providers to provide various service offerings available on our platform, such as contractors to subcontract certain renovation works, partner banks to provide mortgage solutions, partner law firms to provide legal advice and conveyancing services, and professional movers and other home service providers to provide moving and other housing-related services. In this regard, customers who wish to obtain such services from our platform will typically primarily liaise and engage with us. Accordingly, any lapses in service standards by our third party service providers will, in turn, negatively affect our relationship and reputation with the customer. While we have implemented various safeguards to ensure high-quality service standards from such third parties, such as conducting extensive checks before selecting any third party service providers, and conducting regular evaluations to ensure adherence to high levels of service, we cannot ensure that the third party service providers will always comply with such standards. To the extent they are unable to provide satisfactory services to our users and/or they engage in any inappropriate or illegal actions, which may be due to factors that are beyond our control, we may suffer actual or reputational damage as a result and our business, prospects, financial condition and results of operations could be adversely affected as a result.

 ****

***We are affected by regional and worldwide political, regulatory, social and economic conditions in the jurisdictions in which we and our customers and suppliers operate and in the jurisdictions which we intend to expand our business in.***

We and our customers and suppliers are governed by the laws, regulations and government policies in each of the various jurisdictions in which we and our customers and suppliers operate or into which we intend to expand our business and operations. Our business and future growth are dependent on the political, regulatory, social and economic conditions in these jurisdictions, which are beyond our control. Any economic downturn, changes in policies, currency and interest rate fluctuations, capital controls or capital restrictions, labor laws, changes in environmental protection laws and regulations, duties and taxation and limitations on imports and exports in these countries may materially and adversely affect our business, financial condition, results of operations and prospects.

Generally, we fund our purchases of heavy construction equipment via our internal resources and short and long-term financing from banks and other financial institutions. Any disruption, uncertainty and volatility in the global credit markets may limit our ability to obtain the required working capital and financing for our business at reasonable terms and finance costs. If all or a substantial portion of our credit facilities are withdrawn and we are unable to secure alternative funding on acceptable commercial terms, our operations and financial position will be adversely affected. The interest rates for most of our credit facilities are subject to review from time to time by the relevant financial institutions. Given that we rely on these credit facilities to finance our purchase of heavy construction equipment and that interest expenses represent a significant percentage of our expenses, any increase in the interest rates of the credit facilities extended to us may have a material adverse impact on our profitability.

In addition, such fluctuations and volatility in the global credit markets could limit credit lines of our current and potential customers from banks or financial institutions. Accordingly, such customers may not commence or continue their construction projects, or may not be able to obtain sufficient financing to purchase or rent our heavy construction equipment, or we may be required to lower our rates in order to cater to our customers' current situation. This may have an adverse impact on our revenue and financial performance.

***We may be unable to maintain our relationships with our existing third party business partners and/or develop relationships with new third party partners.***

We operate a one-stop-shop property platform which seeks to provide comprehensive, end-to-end property solutions for our customers through a single integrated platform. In order to do so, we partner with various third party service providers to provide certain property-related services, including but not limited to mortgage, legal, moving, relocation and other property-related services. To this end, we have forged partnerships with several key players in each of the service industries across Singapore and Malaysia.

We believe our large and active network of business partners contributes significantly to the success of our platform. However, we cannot guarantee that we will be able to maintain our relationships with our existing business partners on commercially acceptable terms, or at all, after the terms of the current cooperation agreements expire, or if we are able to develop relationships with new business partners for our current or new services, or in new jurisdictions in the future. In the event that we are unable to maintain existing relationships or develop new relationships with such service providers, our ability to provide a one-stop-shop platform to serve all of our customers' property-related needs may be hindered, which may, in turn, materially and adversely affect our business, prospects, financial condition and results of operations.

 ****

***We may be unable to generate profit in the future or at all.***

We recorded a negative cash flow from operating activities of S$4,854,939 (US$3,679,937) as at December 31, 2023, and a negative cash flow from operating activities of S$3,025,371(US$2,214,442) as at December 31, 2024, and a negative cash flow from operating activities of S$4,229,054 (US$3,288,791) as at December 31, 2025. We may continue to record net current liabilities, a total deficit and/or negative cash flow from operating activities in the foreseeable future, which can expose us to liquidity risks. A net current liabilities position can expose us to the risk of shortfalls in liquidity, in which case our ability to raise funds, obtain bank loans and declare and pay dividends will be materially and adversely affected.

We cannot assure you that we will be able to continue to generate net income in the future. We anticipate that our operating cost and expenses will increase in the foreseeable future as we continue to grow our business. Our efforts to grow our business may prove more costly than we currently anticipate, and we may not succeed in increasing our revenue sufficiently to offset these higher expenses.

Our profitability and liquidity position are dependent on, among other factors, our ability to grow our business and extend our product offering to existing customers and expand our customer base. Any material decrease in our service fees would have a substantial impact on our margin. As a result of the foregoing and other factors, our net income may decline, or we may incur net losses in the future and be unable to achieve or maintain profitability and improve our liquidity position.

***We operate in a highly competitive industry and we face competition from other industry players.***

The property transactions and services industry is rapidly evolving and increasingly competitive, with numerous service providers competing for customers for their property-related service offerings. Although we believe no other industry player in Southeast Asia operates under the integrated platform business model similar to ours, we face competition from players in different segments of the property transactions and services industry. We also compete with traditional real estate brokerage firms for real estate agents and property customers locally, as well as a growing number of Internet-based residential brokerages and others who operate with non-traditional real estate business models. Certain of our service offerings such as our brokerage services are also dependent on attracting a substantial pool of property listings on our platforms from homeowners. In this regard, we face competition from other online real estate listing platforms.

Some of our competitors may have longer operating histories and stronger brand recognition in certain markets, and may possess greater operational, financial, research and development, and marketing capabilities than us. Some of our competitors may also be more aggressive in their pricing policies in order to capture or retain market share, or may have lower operating costs, overhead expenditure or procurement costs due to their larger scale of operations and product development. In addition, the entry of new players will increase the competitive pressure faced by us. Furthermore, as the industry is constantly evolving, our current or future competitors may be better able to position themselves to compete more effectively as the industry develops.

Increasing competition may lead to declining market share and commission rate, make it more difficult for us to retain and attract business partners and users, or force us to increase sales and marketing expenses, any of which could harm our financial condition and results of operations. We cannot assure you that we will be able to compete successfully against current or future competitors. In the event that we are unable to maintain our competitiveness, our business, prospects, financial condition and results of operations may be adversely affected.

In spite of the above-mentioned increased competition within our traditional business, we strategize to enter into digital marketing business where we are able to target a broader client portfolio, ranging from traditional industry players to high growth company in the telecommunication and entertainment industry, and artificial intelligence ("AI") industry participants who have a high demand of obtain online attention and traffic through our services and our experiences with major online traffic platforms.

***Our business may be affected by technological changes and developments.***

As a data and technology-driven property technology company, we may be affected by rapid changes in technology, changing market trends and evolving industry standards across all areas of our business. The risks we may face include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) not
being able to anticipate and adapt to new technology and developing technology trends in the property technology sector;

&nbsp;&nbsp;&nbsp;&nbsp;(b) our
competitors developing more innovative and efficient solutions as compared to us; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) not
being able to expand our suite of property-related solutions and resources quickly enough to keep up with demand.

Accordingly, our success depends on our ability to innovate and adapt our technology-backed property solutions to meet evolving industry standards and our customers' and business partners' expectations. We have invested, and expect to continue to invest, substantial time, capital, and other resources in understanding the needs of our customers and developing technologies, tools, features and service offerings to meet those needs. We cannot assure you that our current and future offerings will be satisfactory to or broadly accepted by customers, or competitive with the offerings of our competitors. If our current or future offerings are unable to meet industry and customer expectations in a timely and cost-effective manner, our business, prospects, financial condition and results of operations may be adversely affected.

Furthermore, technological development is inherently challenging, time-consuming and expensive, and the nature of development cycles may result in delays between the time we incur expenses and the time we make available new offerings and generate revenue, if any, from those investments. Anticipated customer demand for an offering we are developing could also decrease after the development cycle has commenced, and we would not be able to recoup substantial costs we incurred. In addition, we cannot assure you that we will be able to identify, design, develop, implement, and utilize, in a timely and cost-effective manner, technology necessary for us to compete effectively, that such technology will be commercially successful, or that products and services developed by others will not render our offerings non-competitive or obsolete. If we do not achieve the desired outcome from our technological investments, our business, prospects, financial condition and results of operations may be adversely affected.

***Our business model and growth strategy depend on our ability to attract home buyers and home sellers to our online platform in a cost-effective manner.***

Our success depends, in part, on our ability to attract home buyers and home sellers to our online platform in a cost-effective manner. Our website and mobile application are our primary channels for meeting customers. We rely heavily on traffic generated from search engines and other sources to acquire customers. We use a variety of methods in our marketing efforts to drive traffic, including online marketing such as social media marketing, paid search advertising, and targeted email communications, and offline marketing through promotional events, out-of-home advertising, and radio commercials. We intend to continue to invest resources in our marketing efforts.

These marketing efforts may not succeed for a variety of reasons, including changes to search engine algorithms, ineffective campaigns across marketing channels, and limited experience in certain marketing channels like television. External factors beyond our control may also affect the success of our marketing initiatives, such as filtering of our targeted communications by email servers, home buyers and home sellers failing to respond to our marketing initiatives, and competition from third parties. Any of these factors could reduce the number of home buyers and home sellers on our online platform. We also anticipate that our marketing efforts will become increasingly expensive as competition increases and we seek to expand our business in existing markets. Generating a meaningful return on our marketing initiatives may be difficult. If our strategies do not attract home buyers and home sellers efficiently, our business, prospects, financial condition and results of operations may be adversely affected.

 ****

***We rely heavily on Internet search engines and mobile application stores to direct traffic to our website and our mobile application, respectively.***

We rely heavily on Internet search engines, such as Google, Bing, and Yahoo!, to drive traffic to our website and on mobile application stores, such as the Apple iTunes Store and the Android Play Store, to promote downloads of our mobile application. The number of visitors to our website and mobile application downloads depends in large part on how and where our website and mobile application rank in Internet search results and mobile application stores, respectively. While we use search engine optimization to help our web pages rank highly in search results, maintaining our search result rankings is not within our control. Internet search engines frequently update and change their ranking algorithms, referral methodologies, or design layouts, which determine the placement and display of a user's search results. In some instances, Internet search engines may change these rankings in order to promote their own competing services or the services of one or more of our competitors. Similarly, mobile application stores can change how they display searches and how mobile applications are featured. For instance, editors at the Apple iTunes Store can feature prominently editor-curated mobile applications and cause the mobile application to appear larger than other applications or more visibly on a featured list. Listings on our website and mobile application have experienced fluctuations in search result and mobile application rankings in the past, and we anticipate fluctuations in the future. If our website or listings on our website fail to rank prominently in Internet search results, our website traffic could decline. Likewise, a decline in our website and mobile application traffic could reduce the number of customers for our services, which may in turn adversely affect our business, prospects, financial condition and results of operations.

Into second half of 2025 we launched digital marketing business in collaboration with third party vendors that purchasing internet traffic to promote our clients' content on various media platforms such as Google and Facebook. Our new business initiatives are rely heavily on Internet search engines.

***The proper functioning and reliability of our online platform is essential to our business.***

As we operate an online-to-offline real estate platform, the success of our business and ability to attract and retain customers substantially depends on the satisfactory performance, reliability and availability of our online platform, which in turn depends on a variety of factors. Any system interruptions or failures in the proper functioning of our platform may result in the unavailability or slowdown of our services, reduction in transaction volume and/or hamper the delivery of satisfactory services to our customers. These interruptions may be due to unforeseen events that are beyond our control, such as telecommunications failures, security breaches, additional regulatory requirements which we cannot satisfy on a timely basis, or at all, or adverse development or negative publicity involving our platform participants. Our servers may also be vulnerable to computer viruses or similar disruptions from time to time, which could lead to system interruptions, website and mobile application slowdown or unavailability, delays or errors in transaction processing, loss of data and/or the inability to accept and fulfill customer requests. If we are unable to resolve such disruptions or platform failures in a timely and cost-efficient manner, our business, prospects, financial condition and results of operations may be adversely affected.

In addition, developing, supporting and maintaining our online platform across multiple operating systems and devices require substantial time and resources. As new mobile devices and mobile operating systems are released, we may encounter problems in developing or supporting our mobile application for them. The success of our online platform could also be harmed by factors outside our control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;(a) increased
costs to develop, distribute, or maintain our website or mobile application;

&nbsp;&nbsp;&nbsp;&nbsp;(b) changes
to the terms of service or requirements of a mobile application store that requires us to change our mobile application development or
features in an adverse manner; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) changes
in mobile operating systems, such as Apple's iOS and Google's Android, that disproportionately affect us, degrade the functionality
of our mobile website or mobile application, require that we make costly upgrades to our offerings, or give preferential treatment to
competitive websites or mobile applications.

If any of the aforementioned situations arise and we are unable to ensure our platform adapts in a proper and timely manner, this may cause delays or disruptions to our operations and access to our platform, resulting in increased costs which would, in turn, adversely affect our business, prospects, financial condition and results of operations.

***If we fail to adopt new technologies or adapt our platform and systems to changing user requirements or emerging industry standards, our business may be materially and adversely affected.***

We seek to continually enhance and improve the functionality, effectiveness and features of our online website and mobile application. However, our existing technologies and systems could be rendered obsolete at any time due to rapid technological evolution, changes in customer requirements and preferences, frequent introductions of new products and services embodying new technologies and/or the emergence of new industry standards and practices. The success of our online platform will depend, in part, on our ability to identify, develop, acquire or license technologies useful in our business, and respond to technological advances and emerging industry standards and practices in a cost-effective and timely way. We must also continue to enhance and improve the ease of use, functionality and features of our website and mobile application.

The development of our website, mobile application and other technologies entails significant technical and business risks. Furthermore, such new features, functions and services may not achieve market acceptance or serve to enhance our brand loyalty. We cannot assure you that we will be able to successfully develop or effectively use new technologies, recoup the costs of developing new technologies or adapt our website, mobile application, proprietary technologies and systems to meet customer requirements or emerging industry standards. If we are unable to adapt in a cost-effective and timely manner in response to changing market conditions or user preferences, whether for technical, legal, financial or other reasons, our business, prospects, financial condition and results of operations may be materially and adversely affected.

***We depend on the reliable performance of third party networks and mobile infrastructure.***

Our brand, reputation, and ability to attract customers to our platform depend on the reliable performance of third-party network and mobile infrastructure. As our range of services, the number of platform users and the number of property listings shared on our online platform increase, our need for additional network capacity and computing power will also grow. Operating our underlying technology systems is expensive and complex, and we could experience operational failures from time to time. If we experience interruptions or failures in these systems, whether due to system failures, computer viruses, physical or electronic break-ins, attacks on domain name servers or other third parties on which we rely, or any other reason, the security and availability of our services and technologies could be affected. Any such event could cause us to incur additional costs, result in delays in our service offerings, cause detrimental harm to our brand and reputation, and/or create a loss in confidence of our customers who use our platform or the third-party service providers whom we work with, resulting in a material adverse effect on our business, prospects, financial condition and results of operations.

***We incur costs and are subject to certain challenges which our competitors with different business models do not face.***

Our Super Agents are employed by our Group, unlike traditional brokerage firms where real estate agents are mostly hired as independent contractors. As a result, we incur related costs and expenses that are not typically incurred by our brokerage competitors, such as base pay, employee benefits, expense reimbursement, training, and the hiring of employee transactional support staff. As a data and technology-driven property technology company, we also invest heavily in advancing, developing and improving our technology, as well as regularly conducting research and development for new service offerings. As a result, we have significant costs, some of which would not be otherwise incurred by competitor brokerage firms operating under traditional or different business models.

In the event of fluctuations in demand in the services offered on our platform, or a reduction in property sale prices, whether due to seasonality, cyclicality, changes in interest rates, fiscal policy, or other events beyond our control, we will be unable to adjust our expenses as rapidly as many of our competitors, and as a result, there would be material adverse effects on our business, prospects, financial condition and results of operations. Additionally, due to these costs, our property agent turnover may be more costly to us than to traditional brokerages, and if we are unable to achieve optimal levels of productivity and revenue returns from such agents to offset their related costs, our business, prospects, financial condition and results of operations may be adversely affected.

***We are required to comply with requirements governing the licensing and conduct of real estate brokerages and brokerage-related businesses in the jurisdictions in which we operate.***

As a brokerage, we and our Super Agents are required to comply with the laws, regulations, government policies, codes of conduct and other requirements governing the licensing and conduct of real estate brokerages and brokerage-related businesses in the markets where we operate, including the Estate Agents Act and its applicable subsidiary legislation, and any other requirements imposed by the CEA. These laws and regulations contain general standards for and limitations on the conduct of real estate brokerages and agents, including but not limited to licensing requirements, fiduciary and agency duties, administration of trust funds, collection of commissions, advertising, and consumer disclosures. Under such applicable laws and regulations, we and our Super Agents are also required to adhere to certain duties and standards of conduct. If we or our Super Agents fail to obtain or maintain the required licenses for conducting our brokerage business, or fail to conduct ourselves in accordance with the standards stipulated by such regulations, we may be subject to regulatory action from the relevant government authorities, including the disciplinary action, suspension or revocation of our license, suspension of our brokerage business or the imposition of fines or other penalties. Any of these outcomes could result in a material adverse effect on our business, prospects, financial condition and results of operations.

Regulators such as the CEA may also conduct industry-wide investigations into certain products, selling practices or other aspects of the business within the regulator's purview. Such investigations can arise due to events beyond our control, such as acts or omissions of another industry participant. A regulator may determine that we have failed to comply with the applicable laws, regulations or rules or that we have not undertaken corrective action required by the regulator. The impact of us being found to be non-compliant in any such inquiry and/or investigation is difficult to assess or quantify and would depend on which regulatory regime was involved and the disciplinary and/or enforcement powers of the relevant regulator. Such inquiries or investigations could result in adverse publicity for, or negative perceptions of us and affect our relationships with regulators as well as current and potential customers. This may also cause our management's attention to be diverted and additional expenses to be incurred.

In addition, any changes in laws, regulations, government policies, codes of conduct and other applicable requirements, such as adverse tax (including stamp duty land tax) policies, changes in the regulation of the property technology and/or real estate agency industry or changes in regulations relating to the granting of mortgages to potential buyers (such as the TDSR framework - see "Item 3. Key Information-3.D. Risk Factors- Risks Related to Our Business and Industry - Our business is dependent on the availability of mortgage financing"), may depress the property market and the volume of property transactions in the jurisdictions we operate in, or may increase the cost or reduce the profitability of providing services related to such transactions. Changes may also limit our ability to offer certain property-related services, or subject it to more stringent requirements. While some of these policies and changes may have a positive impact on the property market in the long-run, such changes may create uncertainty and decrease residential property transaction volumes in the short-term, which could have a material adverse effect on our business, prospects, financial condition and results of operations.

***We may be unable to successfully renew our estate agent license.***

Under the Estate Agents Act, we are required to apply for and renew our estate agent license with the CEA once every year. While we have not had any issues in renewing our estate agent license in the past and to the best of our knowledge and belief, we are not aware of any facts or circumstances which would cause such license to be suspended, revoked or canceled, as the case may be, or for any applications for, or renewal of such license to be rejected by the CEA, there is no assurance that we will be able to renew our estate agent license in the future in a timely manner, or at all. In the event that we are unable to renew our estate agent license, it would affect our ability to continue to carry on the real estate agency business, and our business, prospects, financial condition and results of operations will be adversely affected.

***We are dependent on the property market and the volume and value of property transactions in the jurisdictions we operate in.***

We are adversely affected by factors that reduce transaction volumes, sales prices and/or rental rates in the property markets of jurisdictions we operate in, particularly the Singapore residential property market, which accounted for a significant proportion of our Group's total income in 2023, 2024 and 2025.

The volume of property transactions may decrease depending on several factors which are beyond our control, including (a) the level of household income and disposable income; (b) prevailing sales prices and rental rates and the future outlook of sales prices and rental rates; (c) vacancy rates; (d) the availability and affordability of mortgage financing to purchase homes and the willingness of borrowers to incur mortgage loans to finance property purchases; (e) the number of foreigners or expatriates in the markets we operate in who require rental accommodation; and (f) any change in cultural predispositions towards property ownership or rentals. Where the volume of property transactions brokered by our Super Agents decreases without a corresponding increase in the level of commissions and/or property prices, the revenue we earn from our brokerage services will also decrease. Further, our renovation and home services and other property-related services gain traction and rely to a certain extent on the customer traffic brought in by our brokerage services to our one-stop platform. Accordingly, a decrease in the number of brokerage transactions will result in a corresponding decrease in the revenue derived from our other service offerings. Accordingly, any decline in the volume or value of property transactions may result in a material adverse impact on our business, prospects, financial condition and results of operations.

***Our business is dependent on the availability of mortgage financing.***

Our real estate brokerage business is particularly exposed to the level of mortgage approvals in the markets which we operate in. For instance, in the Singapore property market, the TDSR framework was introduced by the Monetary Authority of Singapore in 2013, which imposed maximum thresholds on the amount that financial institutions could lend to prospective property buyers, based on the prospective buyer's gross monthly income. Since then, the number of mortgage approvals in Singapore for property transactions has decreased considerably. Mortgage approval levels may also be affected by (a) macroeconomic factors, such as the factors leading to the Global Financial Crisis in 2008, constrained wholesale funding markets, availability of credit and higher interest rates; (b) new regulations, especially those increasing the capital requirements of certain banks or decreasing buyers' ability to borrow; and (c) changes in lenders' approval policies and processes. Any reduction (or perceived reduction) in mortgage loan availability or in the affordability of mortgage products for prospective property buyers could result in a decrease in volumes of residential property transactions, which could materially and adversely affect our business, prospects, financial condition and results of operations.

***Our business generates and processes a large amount of consumer data, and the improper use, collection or disclosure of such data could subject us to significant reputational, financial, legal and operational consequences.***

We regularly collect, store and use customer information and personal data in the course of our business and marketing activities. The collection and use of personal data is governed by the various data privacy and protections laws and regulations in Singapore and Malaysia, and we are required to comply with applicable laws, rules and regulations relating to the collection, use, storage, transfer, disclosure and security of personal data. We face risks inherent in handling and protecting a large amount of data that our business generates and processes from the significant number of property transactions our platform facilitates, such as protecting the data hosted on our system against attacks on our system or fraudulent behavior or improper use by our employees. Although we employ comprehensive security measures to prevent, detect, address, and mitigate these risks (including access controls, data encryption, vulnerability assessments, and maintenance of backup and protective systems), these threats may still materialize. We also cannot guarantee the effectiveness of the policies and measures undertaken by the business partners on our platform. If any of our or our business partner's security measures are compromised, information of our customers or other data belonging to our customers may be misappropriated or publicly disseminated, which may result in enforcement action being taken against our Group by the relevant data protection regulatory bodies, such as fines, revocation of licenses, suspension of relevant operations or other legal or administrative penalties. Furthermore, any failure or perceived failure by us or our business partners to comply with all applicable data privacy and protection laws and regulations may result in negative publicity, which may, in turn, damage our reputation, cause customers to lose trust and confidence in us, and stop using our platform altogether. We may also incur significant costs to remedy such security breaches, such as repairing any system damage and compensation to customers and business partners. If any of these risks were to materialize, it could have a material adverse effect on our business and results of operations.

Additionally, privacy regulations continue to evolve and, occasionally, may be inconsistent from one jurisdiction to another. Compliance with applicable privacy regulations may increase our operating costs. If we fail to comply with any of the applicable laws and regulations, depending on the type and severity of any such violation, we may be subject to, amongst others, warnings from relevant authorities, imposition of fines and/or criminal liability, being ordered to close down our business operations and/or suspension of relevant licenses and permits. As a result, our reputation may be harmed and our business, prospects, financial condition and results of operations could be materially and adversely affected.

***Any failure to maintain, protect, and enhance our brand could impede our ability to grow our business, particularly in markets where we have limited brand recognition.***

All of our service offerings are marketed under the *Ohmyhome* brand. As a result, maintaining, protecting, and enhancing our brand is crucial in growing our business, especially in jurisdictions where our reputation and brand recognition is limited and/or we are required to compete with well-established market players, such as traditional brokerages with longer operating histories, greater brand recognition and an established customer base. In addition, as part of our business strategy, we may license our *Ohmyhome* brand to third parties to utilize our *Ohmyhome* platform in markets which our Group does not currently operate in. In such instances, we are dependent on the ability of our licensees to uphold the reputation and goodwill of our *Ohmyhome* brand in such markets.

Our success in building and promoting our brand image depends on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
success of our and our licensees' advertising and other marketing activities;

&nbsp;&nbsp;&nbsp;&nbsp;(b) our
ability to ensure the quality and reliability of our services and to provide effective, differentiated services to our customers; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) our
ability to protect our brand from infringement of our intellectual property rights.

We may be required to make substantial investments, such as in marketing and advertising, technology, and agent training, in order to enhance and protect our brand value. In addition, despite these investments, our brand could be damaged from other events beyond our control, such as litigation claims or customer complaints, whether unfounded or not, or failure by our licensees to provide high quality services in the markets in which they operate. If our efforts to build and promote our brand image are not effective for any reason or if any of such events occur, our reputation and the market recognition of our platform and services may deteriorate and as a result, we may not be able to compete effectively and expand our business. This would adversely impact our business, prospects, financial condition and results of operations.

***We may be unable to adequately protect our intellectual property and proprietary rights.***

Our success and ability to compete depends in part on our intellectual property. As of December 31, 2025, we have one (1) registered trademark in Singapore and one (1) registered trademark in the Philippines. We have filed applications for the registration of one (1) trademark in Malaysia.

While the applications and documents submitted by us have not been withdrawn, rejected or adversely affected by any notice and/or objection by any relevant authority or third parties, there is no assurance that these trademarks will be successfully registered. In addition, until such trademarks have been registered, there remains the risk that third parties may use similar or identical trademarks but we will not be able to bring any lawsuits or take any action against such third parties. Any use of trademarks by third parties which are similar or identical to ours may also result in imitation of our platform, which may adversely affect our business, prospects, financial condition and results of operation.

We seek to protect our proprietary technology and intellectual property primarily through a combination of intellectual property laws as well as confidentiality procedures and contractual restrictions. Our employees are subject to confidentiality obligations under the terms of their respective employment contracts and we also require external consultants with access to our proprietary information to enter into non-disclosure agreements. However, there can be no assurance that these measures are effective, or that infringement of our intellectual property rights by other parties does not exist now or will not occur in the future. In addition, our intellectual property rights may not be adequately protected because:

&nbsp;&nbsp;&nbsp;&nbsp;(a) other
parties may still misappropriate, copy or reverse engineer our technology despite our internal governance processes or the existence
of laws or contracts prohibiting it; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) policing
unauthorized use of our intellectual property may be difficult, expensive and time consuming, and we may be unable to determine the extent
of any unauthorized use.

To protect our intellectual property rights and maintain our competitiveness, we may file lawsuits against parties who we believe are infringing upon our intellectual property rights. Such proceedings may be costly and may divert management attention and other resources away from our business. In certain situations, we may have to bring lawsuits in foreign jurisdictions, in which case we are subject to additional risks as to the result of the proceedings and the amount of damages that we can recover. Any of our intellectual property rights may also be challenged by others or invalidated through administrative processes or litigations. We can provide no assurance that we will prevail in such litigations, and, even if we do prevail, we may not obtain a meaningful relief. Any inability to adequately protect our proprietary rights may have a material negative impact on our ability to compete, to generate revenue and to grow our business. Under such circumstances, our business, prospects, financial condition and results of operations would be materially and adversely affected.

***We could be required to cease certain activities or incur substantial costs as a result of any claim of infringement of another party's intellectual property rights.***

Our success depends largely on our ability to use and develop our technology and know-how without infringing the intellectual property rights of third parties. There can be no assurance that we will not be subject to claims of infringement upon the intellectual property rights of third parties, including from our competitors. Defending such claims can be both costly and time consuming and may significantly divert the efforts and resources of our technical and management personnel.

The results of such disputes or litigation are also difficult to predict. An adverse determination in any such litigation or proceedings to which we are a party may subject us to significant liability to third parties, require us to seek licenses from third parties, pay ongoing royalties, cease offering or using technologies that incorporate the challenged intellectual property, redesign our solutions to avoid infringement or subject us to injunctions prohibiting the offering of such services.

If we are required to make substantial payments or undertake any of the other actions noted above as a result of any intellectual property infringement claims against us, such payments or costs could have an adverse effect on our business and financial results. Protracted litigation may also result in our customers or potential customers deferring or limiting their use of our platform and services until the resolution of such litigation. Even if we were to prevail, such claims and proceedings could harm our reputation and brand name. As a result, our business, prospects, financial condition and results of operations would be materially and adversely affected.

 ****

***We rely on certain technology and software licensed from third parties.***

As part of our business, we employ certain technology and software licensed from third parties, such as Amazon Web Services, HubSpot and Amplitude. We typically do not enter into long-term agreements for the licensing of such software and tools, and the license agreements are typically on an annual subscription basis. Accordingly, there is no assurance that such third parties will continue to extend such licenses to us after the expiry of the current license period, and if such licenses are renewed, whether such renewals will be on terms favorable to us. Although we believe that there are commercially reasonable alternatives to the third-party software we currently license, this may not always be the case, or it may be difficult or costly to replace. Any failure to maintain the existing licenses or to obtain new licenses on favorable terms or at all may cause a disruption to our platform and service offerings.

In addition, we may be susceptible to undetected errors or defects in the third-party software or technology, which would in turn impair the usage of our technology, disrupt our platform operations and delay or impede our service offerings to customers. This may cause customers to lose confidence in our platform and also cause damage to our reputation, which would in turn adversely affect our business, prospects, financial condition and results of operations.

***We utilize open source software in certain aspects of our technologies.***

Certain aspects of our technologies, software and systems utilize open source software. The licenses governing the open source software may require any source code that is developed using such open source software be made publicly available, and that any modifications or derivative works developed through such open source software to continue to be licensed under the relevant open source licenses. If we fail to comply with the terms and conditions of any applicable open source license, we may be subject to claims from third parties for infringement of their intellectual property rights and may be required to obtain licenses from such third parties for the continued application and use of such software, on terms which may not be favorable to us. If such licenses cannot be obtained, we may also be required to re-engineer our technology and systems to remove or replace the open source software, or to discontinue the relevant technology altogether. We may also be required to pay monetary damages or be required to release or license the source code for our proprietary technology which was developed in-house using such open source code.

In addition, our use of open source software can pose liability issues, as open source licensors do not typically provide warranties or indemnities in respect of their open source software. Further, as the source code for open source software is made publicly available, there may be additional security risks imposed on us, as hackers or other third parties may be able to easily breach our software and systems which rely on open source software.

Any of the foregoing risks, if materialized, could have a material adverse effect on our business, prospects, financial condition and results of operations.

***Our technology, software and systems are highly complex and may contain undetected errors or vulnerabilities.***

Our platform is based on underlying technology, software and systems, which are highly complex and may contain undetected errors or vulnerabilities, some of which may only be discovered after their implementation. Despite our development and testing processes in place, we may still encounter technical issues with such software and technology from time to time. Any technical errors, inefficiencies or vulnerabilities discovered in our software and systems after release could delay or reduce the quality of our services and/or disrupt our customers' access to and use of our platform. This could result in damage to our reputation, result in unexpected costs incurred and result in an adverse effect on our business, prospects, financial condition and results of operations.

***Errors or inaccuracies in our business data and algorithms may adversely affect our business decisions and the customer experience.***

We regularly rely on and analyze our business data and algorithms to predict and evaluate growth trends, measure our performance and make strategic decisions. Much of this data is generated and calculated internally through our own processes, without independent verification by a third party source. While we believe our processes in place ensure that the calculations used are reasonable, interpretation of such data is inherently subjective and subject to human error. We cannot guarantee that the data, or the calculations of such data, are accurate. Errors or inaccuracies in the data could result in incurring unnecessary costs, improper allocation of resources or misinformed strategic initiatives. For instance, if we overestimate the number of active users on our platform, we may not allocate sufficient resources in our marketing strategies to attract new customers. In such situations, our business, prospects, financial condition and results of operations may be materially and adversely affected.

We also use our business data and algorithms to inform our property matching technology and machine learning technology, such as our Real Estate Valuation Tool. If there are any lapses in such business data or algorithms, such as failure of our property matching technology to accurately match home buyers with home sellers, or if customers do not agree with the property valuation generated by our Real Estate Valuation Tool, we may be unable to successfully complete property transactions or to attract customers to transact on our platform. As a result, there may be a loss in customer confidence and brand reputation, which will adversely impact our business, prospects, financial condition and results of operations.

***Our historical growth and performance may not be indicative of our future growth and performance.***

Although our Group has experienced growth in operating our platform, in terms of monthly active users, GTV as well as growth in revenue, we may fail to continue our growth or maintain our historical growth rates. You should not consider our historical growth and profitability as indicative of our future financial performance. You should consider our future operations in light of the challenges and uncertainties that we may encounter, which include our ability to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;(a) successfully
 increase our market share, brand recognition and reputation;

(b) develop
 our infrastructure to enhance service efficiency and customer experience;

(c) retain
 existing platform users and attract new users to our platform;

(d) maintain
 an extensive and authentic property listing database on our platform;

(e) continue
 to implement and optimize our procedures for ensuring authentic listings;

(f) continue
 to develop our technology and enhance our data insights;

(g) adapt
 our operations to new policies, regulations and measures that may come into effect from time to time;

(h) deliver
 compelling value propositions to our customers on our platform and ecosystem; and

(i) expand
 our service offerings and expand into new jurisdictions and/or businesses.

We may not be successful in our efforts to do any of the foregoing, in which case, our business, prospects, financial condition and results of operations could be materially and adversely affected.

***We are dependent on key management personnel for our future success and growth.***

Our Group's growth to-date is attributable to contributions and expertise of our key management personnel, who each have valuable and extensive experience and knowledge of the industry. In particular, our Chief Executive Officer and director, Mr. Agus Prasetyo has been instrumental in formulating our business strategies and spearheading the growth of our business and operations. Our continued success and growth will depend, to a large extent, on our ability to retain the services of our key management personnel. We do not currently maintain any key-man insurance. The loss of services of any of our key management personnel or skilled employees without suitable and timely replacements may materially and adversely affect our business, prospects and financial condition and results of operations.

Further, we believe that our future success will depend on our ability to attract, retain and motivate our key management personnel. In the event that we need to substantially increase employee compensation levels to attract, retain and motivate any key management personnel, our costs may increase and our financial performance may be materially and adversely affected. As the property transactions and services industry is characterized by high demand and intense competition for talent, we cannot assure you that we will be able to attract or retain qualified management or other highly skilled employees. Our inability to attract, retain and motivate our key management personnel or skilled employees would adversely affect our business, prospects and financial condition and results of operations.

***We may be unable to attract, retain, effectively train, motivate, and utilize Super Agents.***

Our brokerage service, which formed the accounted for a substantial part of our revenue for the fiscal years ended December 31, 2023, 2024 and 2025 depends heavily on our ability to attract, retain and to effectively train our Super Agents. In this regard, our compensation model for our Super Agents differs from the typical model under traditional brokerage agencies, where we provide incentives to our Super Agents based on the number of transactions completed, as opposed to the value of each transaction. As a result, depending on the value and nature of the property being transacted, our Super Agents may earn less on a per transaction basis than traditional agents, which may be unattractive to some agents. As our compensation model is uncommon in the real estate brokerage industry, certain agents may find this to be unattractive and may prefer the independent contractor, commission-driven compensation model used by most traditional brokerages. If we are unable to attract, retain, effectively train, motivate, and utilize our Super Agents, we may be unable to grow our revenue in our brokerage service sector, which could adversely harm our business, prospects, financial condition and results of operations.

***Our introduction of new services to create and maintain a one-stop-shop property platform may not be successful.***

From time to time, we develop new service offerings, as part of our business strategy of creating and maintaining a one-stop-shop property platform. For example, our home renovation service on our platform was soft-launched in 2020 and was officially launched in 2021. Although we have shown success in expanding into new service offerings thus far, we cannot guarantee that we will be able to continue our success in future expansions, and our actual results may vary significantly from what we desire or predict. Our lack of experience in such new service offerings may impact our ability to compete with the established market players in any of these service sectors. This may also disrupt our ongoing businesses, by diverting time and attention from our management and employees from our existing service offerings and increase our costs, whether by way of additional compliance costs or otherwise. We may also face challenges in achieving the anticipated synergies and growth opportunities. Additionally, our new services may fail to attract customers, reduce customer confidence in our services and capabilities, undermine our customer-first reputation and expose us to increased market risks. Any of these events could adversely harm our business, prospects, financial condition and results of operations.

***We may be affected by any disruptions in the supply for certain of our emerging and other services.***

In respect of certain of our emerging and other services, such as renovation services, while we have in-house capabilities for the provision of interior design and project management services, we rely on our ability to procure sub-contracting and other third party supplies, for the provision of sub-contracting and other renovation raw materials in order to complete the renovation projects of our customers. In this regard, we do not enter into long-term contracts with our sub-contractors and suppliers and instead, we typically enter into fixed-price contracts with such sub-contractors and suppliers upon the acceptance of each customer order.

While we have generally maintained strong relationships with our major sub-contractors and suppliers, there is no assurance that such sub-contractors and suppliers will continue their relationships with us or will maintain their prices at the current levels upon entry into contracts for new renovation projects. Any disruption in supply, such as changes in the costs of renovation raw materials, or increase in labor costs, could increase the operating costs of our sub-contractors or suppliers, which may in turn lead to an increase in the costs of our supply. This may result in us expending time and resources in finding suitable alternative sub-contractors or suppliers, and we may not be able to do so in a timely and cost-efficient manner, or at all.

If we are unable to control the costs of our sub-contracted works or supplies, pass on such additional costs to our customers, and/or allocate such production work to other alternative sub-contractors or suppliers of similar quality at comparable terms, our profit margin could decrease, and we could record losses in some of our renovation projects. In such an event, our business, prospects, financial condition and results of operations could be materially and adversely affected.

***There is no assurance that our growth strategies will be successful.***

Our growth strategies include completing our service offerings, increasing our market presence and expanding our geographical market reach, including in markets across Southeast Asia. These expansion plans will require substantial capital expenditure, financial and management resources and are subject to factors beyond our control such as government legislation, general economic conditions and global or local trends within the property transactions and services sector. As the conditions of the real estate markets in any new local markets may vary significantly from where we currently operate our platform, expansion into new geographical areas involves new risks and challenges. As we expand our business to new regions, we may encounter regulatory, personnel, technological and other difficulties that may increase our expenses or delay our ability to start our operations or expand our regional presence. Our lack of familiarity with, and relevant property data relating to, these geographical areas may make it more difficult for us to keep pace with the evolving market conditions. We may also face difficulties in attracting customers to utilize our platform on a long-term, recurring basis. There is also a substantial risk that any new markets to which we seek to introduce our property services and solutions may not accept, or be as receptive to, such services and solutions as compared to our existing markets. In such events, our business, prospects, financial condition and results of operations may be materially and adversely affected.

Consequently, there is no assurance that our expansion plans will be successful. We may also incur additional costs and expenses which were not initially budgeted. In the event that we are not able to achieve a sufficient level of revenue or manage our costs effectively or the commencement of these planned expansions are delayed or unsuccessful, our business, prospects, financial condition and results of operations may be materially and adversely affected.

***Our marketing efforts and digital marketing services may not be successful.***

We rely on performance-based marketing channels, including those used in our digital marketing services, where outcomes are evaluated based on metrics selected by our advertisers and corporate clients and are subject to change at any time. We have limited control over how such customers define or assess our performance. Certain of these metrics are subject to inherent challenges in measurement, and real or perceived inaccuracies, including those arising from third-party vendors or data sources, may harm our reputation and adversely affect our business. In addition, the metrics we provide may differ from those used by third parties or our competitors due to differences in methodology. If our advertisers or corporate clients do not perceive our metrics or services to be reliable, it could adversely affect our marketing efforts and business.

***We may from time to time be subject to legal and regulatory proceedings and administrative investigations.***

We may from time to time be subject to various legal and regulatory proceedings arising in the ordinary course of our business. Claims and complaints arising out of actual or alleged violations of laws and regulations could be asserted against us by real estate agents, contractors, customers, employees, ex-employees and other platforms, industry participants or governmental entities in administrative, civil or criminal investigations and proceedings or by other entities.

These investigations, claims and complaints could be initiated or asserted under or on the basis of a variety of laws in different jurisdictions, including real estate laws, advertising laws, value-added telecommunication services laws, intellectual property laws, unfair competition laws, anti-monopoly laws, data protection and privacy laws, labor and employment laws, securities laws, finance services laws, tort laws, contract laws and property laws. There is no guarantee that we will be successful in defending ourselves in legal and administrative actions or in asserting our rights under various laws. If we fail to defend ourselves in these actions, we may be subject to restrictions, fines or penalties that will materially and adversely affect our business, prospects, financial condition and results of operations. Even if we are successful in our defense, the process of communicating with relevant regulators, defending ourselves and enforcing our rights against the various parties involved may be expensive, time-consuming and ultimately futile. These actions could expose us to negative publicity, substantial monetary damages and legal defense costs, injunctive relief and criminal and civil fines and penalties, including but not limited to suspension or revocation of licenses to conduct business. Under such circumstances, our business, prospects, financial condition and results of operations would be negatively and adversely impacted.

 ****

***Adverse macroeconomic developments and conditions could adversely affect our business.***

The real estate industry in general is sensitive to general macroeconomic conditions and overall economic outlook. These conditions include fluctuations in interest rates, inflation, changes in equity and debt capital markets, availability of credit, and the strength of financial institutions, which in turn impact market sentiment and consumer confidence in the real estate market. These may be impacted by various factors, such as social and political unrest, regulatory, fiscal and other governmental policies, global pandemic or outbreak, acts or threats of war, terrorism, civil strife or other geopolitical uncertainty, all of which are beyond our control. Any such events occurring could reduce consumer appetite to invest in or purchase property, thereby harming our business, which would materially and adversely affect our business, prospects, financial condition and results of operations.

For instance, the property market is directly impacted by changes in interest rates. Any increase in interest rates on mortgage products which results in higher monthly interest payments by borrowers may make mortgages unaffordable for certain prospective property buyers. Any perception by prospective property buyers that interest rates on mortgage products have increased or could increase in the future may deter such persons to incur mortgage debt in order to finance a property purchase.

2024 has seen some recovery in transactions in the Singapore market as a result of stabilizing mortgage rates. In August 2024, HDB announced a lowering of Loan-to-Value limit for HDB housing loans by 5% from 80% to 75%, which may impact buyers' ability to afford higher valued homes due to increased cash outlay. In 2024, the market recovered from the series of government cooling measures and have witnessed a growth of 8.4% in HDB resale transactions according to HDB resale statistics<sup>,</sup> and 24.0% growth in private property transactions according to Urban Redevelopment Authority of Singapore. As a result of our growth in our HomerAI product as well as integration with our acquired property management business, our Brokerage Services segment in financial year 2024 has seen a growth of 38.6% as compared to 2023.

In financial year 2025, the Singapore property market has generally remained stable, supported by relatively stabilized mortgage rates and underlying demand. However, transaction volumes have shown signs of normalization following the recovery observed in 2024, alongside the continued impact of property cooling measures and affordability constraints. We have continued to enhance our product offerings, including further development of our HomerAI capabilities, and to leverage the integration with our property management business to support our Brokerage Services segment.

In addition, inflation experienced by the Singapore market would also impact on our Emerging and Other Services due to rising manpower costs which we may not always be able to pass on to our customers in full or at all. While we have initiated cost control measures such as renegotiating with our suppliers in order to manage cost increases and expanding our list of suppliers to achieve more competitive quotations for our budgeting purposes, there is no guarantee that we would be successful in tightening our costs and/or be able to pass on all of our cost increases to our customers in full. These would, in turn, have a material adverse impact on our business, prospects, financial condition and results of operations.

Above-mentioned macro-economic factors may impact the clients of on our newly developed digital marketing business, though currently our clients in this segment are mainly in the telecommunication and entertainment business. Our performance would to a large extent be impacted by their advertising budgets diverted to us, and the macro-economic factors in this segment might vary from the those in the real-estate industry. However, if the overall economic growth slows or the inflation rate ramps up, our online advertising business would also be negatively impacted. We intend to diversity our client portfolio and geographic concentration to attain the revenue growth in the digital marketing segment.

***We rely on certain key operating metrics to evaluate the performance of our business, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.***

We rely on certain key operating metrics, such as GTV, to evaluate the performance of our business. Our operating metrics may differ from estimates published by third parties or from similarly titled metrics used by other companies due to differences in methodology and assumptions. We calculate these operating metrics using internal company data. If we discover material inaccuracies in the operating metrics we use, or if they are perceived to be inaccurate, our reputation may be harmed and our evaluation methods and results may be impaired. Furthermore, if investors make investment decisions based on the operating metrics we disclose that they view to be inaccurate, whether real or perceived, we may also face potential lawsuits or disputes and our business, prospects, financial condition and results of operations would be adversely affected as a result.

 ****

***Acquisitions by our Group has potential benefits such as expanding product and service offerings, entering new markets, and acquiring new technologies, but also carries risks such as integration, cultural, financial, regulatory, and legal risks.***

Acquisitions by our Group such as the Simply Sakal Acquisition (*see Section 4.B. Business Overview - Recent Developments - beginning on Page 36*) allows us to expand our product and service offerings, enter new markets, and acquire new technologies. However, acquisitions can also be complex and challenging, and they can carry a number of risks, including:

● We may not be able to successfully integrate the acquired businesses into our existing operations, which could disrupt our business and lead to financial losses;

● The cultures of the acquired business may not be compatible with our own culture, which could lead to conflict and employee turnover;

● We may pay too much for an acquired business, or the acquired business may not be able to generate the expected financial results;

● The acquired business may be subject to regulations that we are not familiar with, which could lead to compliance problems and fines;

● The acquired business may be involved in litigation or other legal disputes, which could subject us to liability;

● Exposure to unknown liabilities from the acquisition;

● Disruption of our business and diversion of our management's time and attention in order to develop products and technologies of the acquired business;

● Higher than expected acquisition and integration costs arising from the acquisition;

● Write-downs of assets or goodwill or impairment charges arising from acquisition;

● Increased amortization expenses;

● Difficulty and cost in combining the operations and personnel of the acquired business with our existing operations and personnel;

● Impairment of relationships with key suppliers or customers of the acquired business due to changes in management and ownership; and

● Inability to retain key employees of the acquired business.

***Actual or perceived security vulnerabilities in our software solutions, breaches of our security controls or other unauthorized access to our customers' data could reduce market acceptance of our property management solutions and cause us to lose customers.***

Following completion of the Simply Sakal Acquisition, our business now includes providing property management solutions that entail the storage and transmission of customer data, including information of a sensitive and proprietary nature. Our software solutions are typically the system of record and system of engagement for all or a portion of our customers' businesses, and the data processed through our software solutions is critical to their businesses. Cyber-attacks and other malicious Internet-based activity continue to increase in frequency and magnitude as evidenced by the recent targeting of a number of media and technology companies. As our business grows, the number of users of our software solutions, as well as the amount of information we store, is increasing, and our brands are becoming more widely recognized. We believe these factors combine to elevate the risk that we will become a target for this type of malicious activity. Techniques used to sabotage, or to obtain unauthorized access to, systems or networks change frequently and generally are not recognized until launched against a target. Therefore, we may be unable to anticipate these techniques, react in a timely manner, or implement adequate preventive measures. In addition, some of our third-party partners also collect information from transactions with our customers, and these third parties are subject to similar threats of cyber-attacks and other malicious Internet-based activity.

If our security measures, or the security measures of our third-party partners, are breached as a result of negligence, wrongdoing or malicious activity on the part of our employees, our partners' employees or our customers' employees, or as a result of any error, product defect or otherwise, and this results in the disruption of the confidentiality, availability or integrity of our customers' data, we could incur liability to our customers and to individuals or organizations whose information was being stored by our customers, as well as fines from payment processing networks, and regulatory action by governmental bodies. If we experience a widespread security breach, we cannot be certain that our insurance coverage will be sufficient to compensate us for liabilities actually incurred or that insurance will continue to be available to us on reasonable terms, or at all. In addition, any breaches of our security controls or other unauthorized access to our customers' data could result in reputational damage, adversely affect our ability to attract new customers and cause existing customers to reduce or discontinue the use of our software solutions, all of which could harm our business and operating results. Furthermore, the perception by our current or potential customers that our software solutions could be vulnerable to security breaches, even in the absence of a particular problem or threat, could reduce market acceptance of our software solutions and cause us to lose customers.

***Service outages and other performance problems associated with our technology infrastructure could harm our reputation.***

Following completion of the Simply Sakal Acquisition, we have experienced and will continue to experience significant growth in the number of users and the amount of data that our technology infrastructure supports, and we expect this growth to continue. We seek to maintain sufficient excess capacity in our technology infrastructure to meet the needs of all of our customers, including to facilitate the expansion of existing customer deployments and the provisioning of new customer deployments. In addition, we need to properly manage our technology infrastructure in order to support version control, changes in hardware and software parameters, and the evolution of our software solutions. However, the provision of new hosting infrastructure requires significant lead-time.

We have experienced, and may in the future experience, website disruptions, service outages and other performance problems with our technology infrastructure. These problems may be caused by a variety of factors, including infrastructure changes, power or network outages, fire, flood or other natural disasters affecting our data centers, human or software errors, viruses, security breaches, fraud or other malicious activity, spikes in customer usage and denial of service issues. In some instances, we may not be able to identify the cause or causes of these service outages and performance problems within an acceptable period of time. If our technology infrastructure fails to keep pace with the increased number of users and amount of data, or if we are unable to avoid service outages and performance problems, or to resolve them quickly, it could adversely affect our ability to attract new customers, result in the loss of existing customers and harm our reputation, all of which could adversely affect our business and operating results.

***We depend on data centers and computing infrastructure operated by third parties and any disruption in these operations could adversely affect our operating results.***

We currently serve our customers through a combination of our own servers located in third-party data center facilities, and servers and data centers operated by Amazon. While we control and have access to our own servers and the other components of our network that are located in our external data centers, we do not control the operation of any of these third-party data center facilities. The owners of our data center facilities have no obligation to renew their agreements with us on commercially reasonable terms, or at all. If we are unable to renew these agreements on commercially reasonable terms, or if one of our third-party data center operators is acquired, we may be required to transfer our servers and other infrastructure to new data center facilities, and we may incur significant costs and possible service interruptions in connection with doing so.

Problems faced by our third-party data center operators, or with any of the service providers with whom we or they contract, could adversely affect the experience of our customers. Our third-party data center operators could decide to close their facilities without adequate notice. In addition, any financial difficulties, such as bankruptcy, faced by our third-party data center operators, or any of the service providers with whom we or they contract, may have negative effects on our business. Additionally, if our data centers are unable to keep up with our growing needs for capacity or any spikes in customer demand, it could have an adverse effect on our business. Any changes in third-party service levels at our data centers could result in loss of or damage to our customers' stored information and service interruptions, which could hurt our reputation. These issues could also cause us to lose customers, harm our ability to attract new customers, or subject us to potential liability, any of which could adversely affect our operating results.

Our systems are not fully redundant, and we have not yet implemented a complete disaster recovery plan or business continuity plan. Although the redundancies we do have in place will permit us to respond, at least to some degree, to service outages, our third-party data centers are vulnerable in the event of failure. We do not yet have adequate structure or systems in place to recover from a data center's severe impairment or total destruction, and recovery from the total destruction or severe impairment of any of our third-party data centers could be difficult and may not be possible at all.

***Our business depends on our relationships with advertisers and corporate clients, many of which are not subject to long-term contractual commitments. If such clients reduce or cease their spending with us, or if we are unable to establish and maintain such relationships, our business, results of operations and financial condition could be adversely affected.***

A substantial portion of our revenue is derived from engagements with advertisers and corporate clients, including consumer engagements in the form of referrals as well as digital marketing services provided to corporate clients. Our relationships with these clients depend on our ability to deliver effective marketing solutions, including generating user engagement and executing digital marketing campaigns at commercially acceptable terms. If our clients are not able to achieve their desired outcomes, they may reduce their spending with us, cease to engage our services, or seek alternative service providers.

Our agreements with advertisers and corporate clients are generally short-term in nature, and such clients may discontinue their engagement with us at any time, often with limited or no prior notice. As a result, we cannot assure that these clients will continue to work with us or, if they do, the level of services they will procure, the fees they are willing to pay, or their overall spending with us. We may also face challenges in attracting new advertisers and corporate clients or expanding our relationships with existing clients.

Our digital marketing services involve third-party vendors to execute marketing campaigns. If we are unable to effectively manage these vendor relationships or if such vendors fail to perform as expected, our ability to deliver satisfactory services to clients may be adversely affected. Any such failure could harm our reputation, reduce client retention, and negatively impact our results of operations.

If we are unable to maintain existing client relationships or attract new clients, we may experience reduced demand for our services, which could adversely affect our business and financial performance.

***The property management industry may be regulated in the future, which could impact the Group's business and financial performance.***

Following completion of the Simply Sakal Acquisition, our business includes providing property management solutions. The business of property management is not currently governed by regulations in Singapore. However, this might change in the future, and we could incur additional costs having to comply with such regulation. There is no guarantee that we will be able to comply with such regulation in the future. This could have a significant impact on our business and financial performance. If the Singapore government does enact regulations on the property management industry, the Group would need to utilize additional resources in order to comply with these regulations. These costs could reduce the Group's profitability. Additionally, if the Group is unable to comply with the regulations, it could be subject to fines or other penalties.

Our business is significantly related to economic conditions surrounding the real estate market in Singapore. A slowdown in the property market in Singapore, or a recession in general, could harm our business.

Economic slowdowns or recessions Singapore, rising interest rates, declining demand for real estate, or the public perception that any of these events may occur, can lead to a slowdown in the property development market in Singapore. With fewer properties being developed, there would be less need and demand for our property management services.

***Our advertisers and corporate clients may choose to market and distribute their products and services through channels outside of our platform or obtain similar services from our competitors, which could reduce demand for our services and adversely affect our business.***

Because we generally do not have exclusive relationships with our advertisers and corporate clients, they may choose to engage with consumers directly or through other channels without utilizing our platform or services. For example, advertisers and corporate clients may conduct their own marketing campaigns, enter into direct arrangements with third-party service providers, or utilize competing online platforms or traditional distribution channels, such as referral arrangements, physical storefronts or broker relationships.

In addition, our digital marketing services are provided on a non-exclusive basis, and our corporate clients may engage other marketing service providers or develop in-house capabilities to meet their marketing needs. If our clients determine to reduce their reliance on our services, shift their spending to competitors, or bring such activities in-house, demand for our services may decline.

Furthermore, advertisers and corporate clients may limit or terminate our access to their systems, data, or marketing channels, including their internal platforms and customer relationship management systems. Any such limitations could reduce our ability to deliver effective marketing solutions and impair our competitiveness. If consumers increasingly seek products and services directly from advertisers or through competing platforms, or if our advertisers and corporate clients reduce or cease their engagement with us, our business, financial condition and results of operations could be affected.

**Risks Related to our Class A Ordinary Shares** 

***We may not maintain the listing of our Class A Ordinary Shares on the Nasdaq Capital Market which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.***

Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbol "OMH." In order to continue listing our shares on the Nasdaq Capital Market, we must satisfy minimum financial and other continued listing requirements and standards, including those regarding director independence and independent committee requirements, minimum shareholders' equity, minimum share price, and certain corporate governance requirements. There can be no assurance that we will continue to be able to comply with the applicable Company Guide, and we cannot assure you that our shares will continue to be listed on the Nasdaq Capital Market in the future.

If the Nasdaq Capital Market delists our Class A Ordinary Shares and we are unable to list our shares on another national securities exchange, we expect our shares could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse consequences, including:

● a limited availability of market quotations for our Class A Ordinary Shares;

● reduced liquidity for our Class A Ordinary Shares;

● a determination that our Class A Ordinary Shares are "penny stock," which will require brokers trading in our shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Class A Ordinary Shares;

● a limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

As long as our Class A Ordinary Shares are listed on the Nasdaq Capital Market, U.S. federal law prevents or preempts the states from regulating their sale. However, the law does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar their sale. Further, if we were no longer listed on the Nasdaq Capital Market, we would be subject to regulations in each state in which we offer our shares.

***The trading price of our Class A Ordinary Shares may be volatile and there may not be an active, liquid trading market for our Class A Ordinary Shares, which could result in substantial losses to investors.***

The trading price of our Class A Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. This may happen because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in Singapore that have listed their securities in the United States. In addition to market and industry factors, the price and trading volume for our shares may be highly volatile for factors specific to our own operations, including the following:

● fluctuations in our revenues, earnings and cash flow;

● changes in financial estimates by securities analysts;

● additions or departures of key personnel;

● release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

Any of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.

Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, our Class A Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.

In addition, if the trading volumes of our Class A Ordinary Shares are low, investors buying or selling in relatively small quantities may easily influence prices of our Class A Ordinary Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. A decline in the market price of our Class A Ordinary Shares also could adversely affect our ability to issue additional shares of Class A Ordinary Shares or other of our securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Class A Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***We may experience extreme stock price volatility, including any stock-run up, unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.***

In addition to the risks addressed above in "— The trading price of the Class A Ordinary Shares is likely to be volatile, which could result in substantial losses to investors," our Class A Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. In particular, our Class A Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices, given that we will have a relatively small public floats. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or prospects.

Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. Furthermore, the potential extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our company's financial performance and public image, negatively affect the long-term liquidity of our Class A Ordinary Shares, regardless of our actual or expected operating performance. If we encounter such volatility, including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares and understand the value thereof.

***Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment.***

We currently intend to retain all of our available funds and any future earnings to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our Class A Ordinary Shares as a source for any future dividend income. Our board of Directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Singapore and Malaysian law. Even if our board of Directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiary, our financial condition, contractual restrictions and other factors as determined by our board of Directors. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value or even maintain the price at which you purchased our Class A Ordinary Shares. You may not realize a return on your investment in our shares and you may even lose your entire investment.

***Short selling may drive down the market price of our Class A Ordinary Shares.***

Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity, whether such allegations are proven to be true or untrue, we would have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

***If securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.***

The trading market for our Class A Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers us downgrades our Class A Ordinary Shares or publishes inaccurate or unfavorable research about our business, the market price for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of the Group or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for our Class A Ordinary Shares to decline.

***As a company incorporated in the Cayman Islands, we are permitted to follow certain home country practices in relation to corporate governance matters in lieu of certain requirements under the Nasdaq Capital Market listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq Capital Market Listing standards.***

As a Cayman Islands company listed on the Nasdaq Capital Market, we are subject to Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Currently, we have elected to follow home country practice in Cayman Islands in lieu of Nasdaq Listing Rule 5600, including Rule 5605(b)(1), Rule 5605(b)(2), Rule 5605(e), Rule 5620(a), Rule 5620(b), Rule 5620(c), Rule 5630(a), Rule 5635(a), Rule 5635(b), Rule 5635(c), and Rule 5635(d), with the exception of those rules which are required to be followed pursuant to the provisions of Listing Rule 5615(a)(3). Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from Nasdaq corporate governance listing standards. See "Item 16G. Corporate Governance" for more information. As a foreign private issuer, we are permitted to, and did, follow certain home country corporate governance practices instead of otherwise applicable Nasdaq Capital Market requirements, which may result in less protection than is accorded to investors under rules applicable to domestic U.S. issuers.

***Our stock option plan may adversely impact our financial results, and, in turn, could adversely impact the trading price of our shares.***

Our 2023 Equity Incentive Plan permits the grant of options. Under applicable accounting standards, we may be required to record a liability and a related expense in our financial statements for potential future cash settlements of equity compensation awards. The recording of this liability could have an adverse impact on and create volatility in our financial results and, in turn, could adversely impact the trading price of our shares.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by our Amended and Restated Memorandum and Articles of Association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against our Directors and us, actions by minority shareholders and the fiduciary duties of our Directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, which are generally of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our Directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws than the United States and provide significantly less protection to investors. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will generally recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the Amended and Restated Memorandum and Articles of Association, special resolutions and the registers of mortgages) or to obtain copies of lists of shareholders of these companies. Unless otherwise provided therein, our Directors are not required under our Amended and Restated Memorandum and Articles of Association to make our corporate records available for inspection by our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as U.S. states. Currently, we plan to rely on home country practice with respect to any corporate governance matter. Accordingly, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of the board of Directors or Controlling Shareholder than they would as shareholders of a company incorporated in a U.S. state.

***Certain judgments obtained against us by our shareholders may not be enforceable.***

We are a Cayman Islands exempted company. Our operating subsidiaries were incorporated and are located in Singapore and Malaysia. Substantially all of our assets are located outside of the United States. In addition, all of our current Directors and officers are nationals and residents of countries other than the United States and substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us, our Directors and officers, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, Singapore and Malaysia may render you unable to enforce a judgment against our assets or the assets of our Directors and officers. As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us, our officers, Directors or major shareholders, or our auditor than would shareholders of a corporation incorporated in a jurisdiction in the United States.

***We are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring the liability for insiders who profit from trades made in a short period of time; and

● the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of the Nasdaq Capital Market. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you if you were investing in a U.S. domestic issuer.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.***

As discussed above, we are a foreign private issuer under the Exchange Act, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on June 30, 2026. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our Directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements, and our officers, Directors and 10% shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of the Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.

***If we are classified as passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences.***

We are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either

● At least 75% of our gross income for the year is passive income; or

● The average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

While we do not expect to become a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our Class A ordinary shares, fluctuations in the market price of our Class A ordinary shares may cause us to become a PFIC for the current or subsequent taxable years. The determination of whether we will be or become a PFIC will also depend, in part, on the composition of our income and assets. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to be a PFIC, see "Item 10. Additional Information —10.E. Taxation — Passive Foreign Investment Company Considerations."

For more information see "Item 10. Additional Information—10.E. Taxation—United States Federal Income Tax Considerations—Passive Foreign Investment Company Rules."

***We may need additional capital, and we may be unable to obtain such capital in a timely manner or on acceptable terms, or at all.***

Growing and operating our business will require significant cash investments, capital expenditures and commitments to respond to business challenges, including developing or enhancing new or existing services and technologies and expanding our infrastructure. If cash on hand including those net proceeds from the initial public offering during 2023 and cash generated from operations are not sufficient to meet our cash and liquidity needs, we may need to seek additional capital, potentially through debt or equity financings. We may not be able to raise required cash on terms acceptable to us, or at all. Such financings may be on terms that are dilutive or potentially dilutive to our shareholders, and the prices at which new investors would be willing to purchase our securities may be lower than the initial public offering price or the then-current market price per share of our Class A Ordinary Shares. The holders of new securities may also have rights, preferences, or privileges that are senior to those of existing stockholders. If new financing sources are required, but are insufficient or unavailable, we may need to modify our growth and operating plans and business strategies based on available funding, if any, which would harm our ability to grow our business.

***We are exposed to risks in respect of acts of war, terrorist attacks, epidemics, political unrest, natural disasters, adverse weather and other uncontrollable events.***

Our business activities are principally carried out in Singapore and Malaysia, and we intend to expand our operations across new markets in Southeast Asia. Our geographic presence in Southeast Asia may make us vulnerable in the event of increased tension or hostilities in certain countries, including the countries in which our customers operate. In addition, unforeseeable circumstances and other factors such as power outages, labor disputes, severe weather conditions and natural or other catastrophes may disrupt our operations, and terrorist attacks or other acts of violence may further materially and adversely affect the global financial markets and business and consumer confidence. Any such events may cause damage or disruption to our business, markets, customers and suppliers, any of which could materially and adversely affect our business, prospects, financial condition and results of operations.

***We will incur increased costs as a result of being a public company after we cease to qualify as an emerging growth company.***

We are a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 and the rules subsequently implemented by the SEC and the New York Stock Exchange detailed requirements concerning corporate governance practices of public companies. As a company with less than US$1.235 billion in net revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2012 relating to internal controls over financial reporting.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other time and attention to our public company reporting obligations and other compliance matters. For example, as a result of becoming a public company, we will need to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

 ****

***We are an "emerging growth company," and the reduced disclosure requirements applicable to emerging growth companies may make our Class A Ordinary Shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of Sarbanes-Oxley Act of 2002 for so long as we are an emerging growth company until the fifth anniversary from the date of our initial listing. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. Pursuant to the JOBS Act, we have elected to take advantage of the benefits of this extended transition period for complying with new or revised accounting standards as required when they are adopted for public companies. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.

After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes- Oxley Act of 2002 and the other rules and regulations of the SEC, which may adversely affect our financial condition and results of operations.

**Risks Relating to the Jurisdictions where we operate**

***Any adverse changes in the political, economic, legal, regulatory taxation or social conditions in the jurisdictions that we operate in or intend to expand our business may have a material adverse effect on our operations, financial performance and future growth.***

Our business, prospects, financial condition and results of operations are dependent on and may be adversely affected by political, economic, social and legal developments that are beyond our control in each of the jurisdictions that we operate in or in which we intend to expand our business and operations. Such political and economic uncertainties may include risks of war, terrorism, nationalism, expropriation or nullification of contracts, changes in interest rates, economic growth, national fiscal and monetary policies, inflation, deflation, methods of taxation and tax policy. Negative developments in the socio-political climate of these regions may also adversely affect our business, prospects, financial condition and results of operations. These developments may include, but are not limited to, changes in political leadership, nationalization, price and capital controls, sudden restrictive changes to government policies, introduction of new taxes on goods and services and introduction of new laws, as well as demonstrations, riots, coups and war. These may result in the nullification of contracts and/or prohibit us from continuing our business operations.

The jurisdictions that we operate in or in which we intend to expand our business and operations may be in a state of rapid political, economic and social changes, and may also be subject to unforeseeable circumstances such as natural disasters and other uncontrollable events, which will entail risks to our business and operations if we are to expand in the region in the future. There can also be no assurance that we will be able to adapt to the local conditions, regulations and business practices and customs of the regions in which we operate in the future. Any changes implemented by the government of these regions resulting in, amongst others, currency and interest rate fluctuations, capital restrictions and changes in duties and taxes detrimental to our business could materially and adversely affect our business, prospects, financial condition and results of operations.

***We are exposed to risks in respect of acts of war, terrorist attacks, epidemics, political unrest, natural disasters, adverse weather and other uncontrollable events.***

Our business activities are principally carried out in Singapore and Malaysia, and we intend to expand our operations across new markets in Southeast Asia. Our geographic presence in Southeast Asia may make us vulnerable in the event of increased tension or hostilities in certain countries, including the countries in which our customers operate. In addition, unforeseeable circumstances and other factors such as power outages, labor disputes, severe weather conditions and natural or other catastrophes may disrupt our operations, and terrorist attacks or other acts of violence may further materially and adversely affect the global financial markets and business and consumer confidence. Any such events may cause damage or disruption to our business, markets, customers and suppliers, any of which could materially and adversely affect our business, prospects, financial condition and results of operations.

***We are subject to evolving laws, regulations, standards and policies, and any actual or perceived failure to comply could harm our reputation and brand, subject us to significant fines and liability, or otherwise adversely affect our business.***

The laws, regulations, standards and policies in the jurisdictions in which we operate or may in the future operate are continuously evolving. The costs of compliance, including remediation of any discovered issues and any changes to our operations regulated by new or amended laws, may be significant, and any failures to comply could result in additional expenses, delays or fines. As we expand our business into the new markets, we are in the process of reviewing the applicable laws and regulations in each jurisdiction, including required approvals, licenses and permits. Such laws, regulations, standards and policies continue to rapidly change, which increases the likelihood of a patchwork of complex or conflicting regulations, or which could increase our compliance costs or otherwise affect our business.

***The interpretation and application of laws and regulations in the jurisdictions in which we operate involve uncertainties.***

The courts in certain jurisdictions in which we operate or may in the future operate may offer less certainty as to the judicial outcome or a more protracted judicial process than is the case in more established economies. Businesses can become involved in lengthy court cases over simple issues when rulings are not clearly defined, and the poor drafting of laws and excessive delays in the legal process for resolving issues or disputes compound such problems. Accordingly, we could face risks such as (a) effective legal redress in the courts of such jurisdictions being more difficult to obtain, whether in respect of a breach of law or regulation, or in an ownership dispute; (b) a higher degree of discretion on the part of governmental authorities and therefore less certainty; (c) the lack of judicial or administrative guidance on interpreting applicable rules and regulations; (d) inconsistencies or conflicts between and within various laws, regulations, decrees, orders and resolutions; or (e) relative inexperience or unpredictability of the judiciary and courts in such matters.

Enforcement of laws in some of the jurisdictions in which we operate or may in the future operate may depend on and be subject to the interpretation placed upon such laws by the relevant local authority, and such authority may adopt an interpretation of an aspect of local law which differs from the advice given to us by local lawyers or even previously by the relevant local authority itself. Furthermore, there is limited or no relevant case law providing guidance on how courts would interpret such laws and the application of such laws to our contracts, operations, licenses, license applications or other arrangements.

There can be no assurance that there will be no unfavorable interpretation or application of the laws in the jurisdictions in which we operate or that such interpretation or application will not adversely affect our contracts, operations, licenses, license applications or other legal arrangements. In certain jurisdictions, the commitment of local businesses, government officials and agencies and the judicial system to abide by legal requirements and negotiated agreements may be less certain and more susceptible to revision or cancellation, and legal redress may be uncertain or delayed. If the existing body of laws and regulations in the countries in which we operate are interpreted or applied, or relevant discretions exercised, in an inconsistent manner by the courts or applicable regulatory bodies, this could result in ambiguities, inconsistencies and anomalies in the enforcement of such laws and regulations, which in turn could hinder our long-term planning efforts and may create uncertainties in our operating environment.

***Any limitations on the ability of our subsidiaries to pay dividends to us could have a material adverse effect on our ability to conduct our business.***

We are a holding company incorporated in the Cayman Islands and operate certain parts of our businesses through our Operating Subsidiaries which are incorporated in Singapore and Malaysia. Therefore, the availability of funds to pay dividends to our shareholders depends upon dividends received from our subsidiaries. If our subsidiaries incur debts or losses, such indebtedness or loss may impair their ability to pay dividends or other distributions to us. As a result, our ability to pay dividends to our Shareholders will be restricted. Local laws and regulations have differing requirements and restrictions on the ability of a company to pay dividends to its shareholders. In addition, restrictive covenants in bank credit facilities or other agreements that we or our subsidiaries have entered into or may enter into in the future may also restrict the ability of our subsidiaries to provide capital or declare dividends to us.

***Government regulation of loans and direct investments by our Group to our foreign subsidiaries may delay or prevent us from making loans or additional capital contributions, which could materially and adversely affect our liquidity and ability to expand our business and operations in such jurisdictions.***

Local laws and regulations may also have differing requirements and restrictions on the ability of a foreign holding company to make loans, direct investments or additional capital contribution to our overseas operating subsidiaries. This may impede our ability to expand our business and operations and increase our presence in these jurisdictions where we are seeking to expand our business, and our future plans and growth may be adversely affected.

**Item 4. Information on the GROUP**

**4. A. History and Development of the Group**

**Corporate History and Structure**

Our Group's history can be traced back to 2015 when Ms. Rhonda Wong and Ms. Race Wong saw an opportunity to develop a data and technology-driven property technology platform. Ohmyhome (S) was therefore initially established to carry on the provision of a self-served platform for users to list and search homes. Since then, we have grown into a one-stop-shop property platform covering a comprehensive range of property services and solutions, which comprises brokerage services and emerging and other services, such as home renovation and furnishing services, listing and research, mortgage referral, legal services and insurance referral services.

Our Company was incorporated in the Cayman Islands on July 19, 2022 under the Companies Act as an exempted company with limited liability. On 23 August 2022, our authorized share capital was US$500,000 divided into 500,000,000 Ordinary Shares, with a par value of US$0.001 each. Prior to our Group's reorganization, Ohmyhome (S) was the holding company of our Group. Our subsidiaries in Singapore, namely, Ohmyhome (R), Ohmyhome (I), Cora.Pro and DreamR, are wholly-owned subsidiaries of Ohmyhome (S). Ohmyhome (S) also has a 49% interest in Ohmyhome (M), and an indirect interest of 24% in Ohmyhome (RL) (through the 49% interest in Ohmyhome (RL) held by Ohmyhome (M)).

As part of our Group's internal reorganization for the purposes of the listing, Ohmyhome (BVI) was incorporated in the BVI on July 27, 2022 with limited liability, authorized to issue up to a maximum of 50,000 ordinary shares of a single class without par value. Ohmyhome (BVI) is a wholly-owned subsidiary of our Company.

Pursuant to a restructuring agreement dated November 30, 2022, each of Anthill and the Other Existing Shareholders transferred their respective shares in Ohmyhome (S), representing in aggregate 100% of the issued share capital of Ohmyhome (S), to Ohmyhome (BVI). The consideration for the share transfers was satisfied by the allotment and issuance of 14,999,999 Ordinary Shares in aggregate to Anthill and the Other Existing Shareholders, each credited as fully paid.

Upon completion of the reorganization, our Company became the holding company of our Group.

On March 23, 2023, the Company completed its initial public offering. In this offering, the Company issued 2,800,000 ordinary shares at a price of US$4.00 per share. The Company received gross proceeds in the amount of US$11.2 million before deducting any underwriting discounts or expenses. The Ordinary Shares began trading on March 21, 2023 on the Nasdaq Capital Market under the ticker symbol "OMH."

On October 6, 2023, Ohmyhome (BVI), a wholly owned subsidiary of the Company, entered into a sale and purchase agreement ("SPA") with (i) Sakal Real Estate Partners Pte. Ltd., (ii) Narendra Patel and (iii) Chong Jia Gen, Kenneth (collectively, the "Simply Sellers") pursuant to which Ohmyhome (BVI) agreed to acquire 350,140 issued and fully paid ordinary shares in the capital of Ohmyhome Property Management (S) from the Simply Sellers, representing 100% of the total number of issued shares in the capital of Ohmyhome Property Management (S) ("Simply Sakal Acquisition") for a total consideration of S$4,712,000 (equivalent to approximately US$3,500,000) ("Total Consideration"). Ohmyhome Property Management (S) is a tech-enabled property management company in Singapore. The Total Consideration shall be satisfied by way of S$1,712,000 (equivalent to approximately US$1,300,000) in cash ("Cash Consideration") and S$3,000,000 (equivalent to approximately US$2,200,000) by way of allotment and issuance of new Ordinary Shares ("Consideration Shares"). Pursuant to the terms of the SPA, settlement of the Total Consideration shall take place in four tranches as follows: (a) an amount of S$513,600 in cash (equivalent to 30% of the Cash Consideration) and the satisfaction of S$750,000 by way of the allotment and issuance of Consideration Shares on the date of completion of the Simply Sakal Acquisition ("Completion Date"); (b) an amount of S$513,600 in cash (equivalent to 30% of the Cash Consideration) and the satisfaction of S$750,000 by way of the allotment and issuance of Consideration Shares on the first anniversary of the Completion Date; (c) an amount of S$684,800 in cash (equivalent to 40% of the Cash Consideration) and the satisfaction of S$750,000 by way of the allotment and issuance of Consideration Shares on the second anniversary of the Completion Date; and (d) the satisfaction of S$750,000 by way of the allotment and issuance of Consideration Shares on the third anniversary of the Completion Date. In connection with the completion of the Simply Sakal Acquisition on October 6, 2023, the Company had, on the same date, paid the first tranche of the Cash Consideration and issued 171,384 Ordinary Shares to the Simply Sellers in the proportion set out in the SPA, in satisfaction of the Cash Consideration and the Consideration Shares payable and/or to be allotted and issued on the Completion Date, respectively. The SPA, which has been approved by the Board of Directors of the Company, was negotiated at arm's length between Ohmyhome (BVI) and the Simply Sellers.

On February 16, 2024, the Company completed its upsized public offering of ordinary shares. In this offering, the Company issued 3,555,555 ordinary shares at a public offering price of $1.35 per ordinary share. The Company received gross proceeds in the amount of US$4.8 million before deducting placement agent fees and other offering expenses.

On September 9, 2024, the Company entered into compensation settlement agreements (the "Compensation Settlement Agreements") with two of its former directors, Rhonda Wong and Race Wong. Since January 2024, each director had voluntarily withheld their compensation. Pursuant to the Compensation Settlement Agreements, the Company agreed to settle the outstanding compensation by issuing ordinary shares to each director. Under the terms of the Compensation Settlement Agreements, the Company issued 217,565 ordinary shares to each director. The number of shares was determined based on the market price of the Company's ordinary shares of $0.405 per share, reflecting a total settlement amount of S$114,548 (US$88,114) per director. The shares were issued on October 4, 2024.

On January 24 2025, the Company's shareholders approved a reverse stock split of the Company's ordinary shares, with the split ratio set at 1-for-10. On March 10 2025, Ohmyhome Ltd ordinary shares began trading on an adjusted basis, reflecting the reverse stock split, under the existing ticker symbol "OMH."

On May 19, 2025, the Company entered into a share purchase agreement with certain accredited investors named therein, pursuant to which the Company agreed to sell and issue up to 4,040,000 ordinary shares at a purchase price of US$0.45 per share, in a registered direct offering. On June 11, 2025, the Company entered into a share purchase agreement with certain accredited investors named therein, pursuant to which the Company agreed to sell and issue up to 16,666,667 ordinary shares at a purchase price of US$0.18 per share, in a registered direct offering. The offerings were made pursuant to the Company's shelf registration statement on Form F-3 (File No. 333-285637), which was declared effective on March 26, 2025 by the SEC. In respect of the offering, a prospectus supplement to the Registration Statement was filed with SEC on June 11, 2025.

On July 28, 2025, the Company adopted a re-designation and re-classification of ordinary shares, which was approved by the Company's shareholders at the Company's extraordinary general meeting of the shareholders on June 23, 2025. In the meeting, the shareholders approved that the authorized share capital of the Company was re-designated from US$75,000,000 divided into 7,500,000,000 ordinary shares of a nominal or par value of US$0.01 each into US$75,000,000 divided into 6,750,000,000 class A ordinary shares of a nominal or par value of US$0.01 each ("Class A Ordinary Shares") and 750,000,000 class B ordinary shares of a nominal or par value of US$0.01 each ("Class B Ordinary Shares"); and the issued 6,434,464 ordinary shares of par value of US$0.01 each in the Company were re-designated and re-classified into 5,592,924 Class A Ordinary Shares each with one (1) vote per share to all Shareholders except Anthill and 841,540 Class B Ordinary Shares each with one hundred (100) votes per share to Anthill on a one for one basis. Class A Ordinary Shares began trading on July 28, 2025, reflecting the share reorganization, under the existing ticker symbol "OMH."

On July 21, 2025, the Company established Ohswiftwing Pte. Ltd. in Singapore as a wholly owned subsidiary of the Company to support the development of its digital marketing services business as part of its efforts to explore additional service offerings.

On January 6, 2026, the Company held an extraordinary general meeting of the shareholders, during which the Shareholders approved, inter alia, an increase of the authorized share capital of the Company. The authorized share capital of the Company was increased from US$75,000,000 divided into 6,750,000,000 Class A Ordinary Shares and 750,000,000 Class B Ordinary Shares, to US$7,500,000,000 divided into 675,000,000,000 Class A Ordinary Shares and 75,000,000,000 Class B Ordinary Shares by the creation of an additional 668,250,000,000 Class A Ordinary Shares and 74,250,000,000 Class B Ordinary Shares.

As of the date of this annual report, the Company has a dual-class share structure consisting of 22,259,591 Class A Ordinary Shares and 841,540 Class B Ordinary Shares. Each Class A Ordinary Shares is entitled to one (1) vote per share, and each Class B Ordinary Shares is entitled to one hundred (100) votes per share.

***Organization Chart***

The chart below sets out our corporate structure.

![](ea028645701_img1.jpg)

*\** *Where less than 50% of the equity interest held in the investee, management has exercised significant judgement and determine that the investee should be consolidated as a subsidiary of the Group, as the Group controls the operating and financing activities and decisions that significantly affect performance and distributions of the investee, through control of their board of directors.*

**Entities**

A description of our principal operating subsidiaries is set out below.

**Ohmyhome (S)**

On June 12, 2015, Ohmyhome (S) was incorporated in Singapore as a private company limited by shares. Ohmyhome (S) commenced business on May 21, 2016 and is principally engaged in the provision of a one-stop-shop property platform for its customers. As part of a group reorganization on November 30, 2022, Ohmyhome (S) became an indirect wholly-owned subsidiary of our Company.

**Ohmyhome (I)**

On March 5, 2020, Ohmyhome (I) was incorporated in Singapore as a private company limited by shares. Ohmyhome (I) was initially established to provide home insurance services to house users Ohmyhome (I) does not have operations now. As part of a group reorganization on November 30, 2022, Ohmyhome (I) became an indirect wholly-owned subsidiary of our Company. On April 8, 2025, Ohmyhome (I) (formerly known as Ohmyhome Insurance Pte. Ltd.) changed its name to The DreamR II Pte. Ltd.

**Ohmyhome (R)**

On March 5, 2020, Ohmyhome (R) was incorporated in Singapore as a private company limited by shares. Ohmyhome (R) commenced business on March 6, 2020 and is the renovation arm of our Group principally engaged in design and build, project management for interior decoration projects for residential and commercial units. As part of a group reorganization on November 30, 2022, Ohmyhome (R) became an indirect wholly-owned subsidiary of our Company.

**Cora.Pro**

On May 21, 2020, Cora.Pro was incorporated in Singapore as a private company limited by shares. Cora.Pro was established to distribute a product developed by us which is mainly used as a platform for property management firms and developers to facilitate communication, facility booking, fee and tax payments. As part of a group reorganization on November 30, 2022, Cora.Pro became an indirect wholly-owned subsidiary of our Company.

**DreamR**

On December 7, 2021, DreamR (formerly known as Ganze Pte. Ltd.) was incorporated in Singapore as a private company limited by shares. DreamR was established as the renovation arm of our Group, engaged in interior decoration projects of high-end residential and commercial units. As part of a group reorganization on November 30, 2022, DreamR became an indirect wholly owned subsidiary of our Company.

**Ohmyhome (M)**

On January 17, 2019, Ohmyhome (M) was incorporated in Malaysia as a private company limited by shares. Ohmyhome (M) was established as a subsidiary of Ohmyhome (S), principally engaging in the provision of a one-stop-shop property platform for our customers in Malaysia. As part of a group reorganization on November 30, 2022, Ohmyhome (M) became an indirect 49%-owned subsidiary of our Company.

**Ohmyhome (RL)**

On January 17, 2019, Ohmyhome (M) was incorporated in Malaysia as a private company limited by shares. Ohmyhome (RL) was established as a subsidiary of Ohmyhome (M), mainly providing licensed property brokerage services to our customers in Malaysia. As part of a group reorganization on November 30, 2022, Ohmyhome (RL) became an indirect 24%-owned subsidiary of our Company.

**Ohmyhome Property Management (S)**

On October 6, 2023, Ohmyhome (BVI), a wholly owned subsidiary of the Company acquired 100% of the total number of issued shares in the capital of Ohmyhome Property Management (S). Ohmyhome Property Management (S) was incorporated in Singapore as a private company limited by shares on January 4, 1995 and is a tech-enabled property management company in Singapore.

**Ohswiftwing Pte. Ltd.**

On July 21, 2025, Ohswiftwing Pte. Ltd. was incorporated in Singapore as a private company limited by shares. Ohswiftwing was established as a wholly owned subsidiary of the Company, principally engaging in the provision of digital marketing services, including marketing strategy planning, content development, and digital promotion, as part of the Company's expansion into diversified service offerings.

**Ohmyhome Property Inc.**

On January 23, 2025, Ohmyhome (BVI) Limited, a wholly owned subsidiary of the Company, completed the acquisition of substantially all of the issued and outstanding shares of Ohmyhome Property Inc. (the "OMPH"), a company incorporated in the Philippines, pursuant to a Debt Settlement and Share Purchase Agreement (the "SPA") entered into with the shareholders. OMPH was incorporated in Philippine as a private company limited by shares on September 10, 2020 and is principally engaged in the provision of brokerage service for its customers.

**Corporate Information**

We were incorporated in the Cayman Islands on July 19, 2022. Our registered office in the Cayman Islands is at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111 Cayman Islands. Our principal executive office is at 243 Alexandra Road, #02-01 BS Centre, Singapore 159932. Our telephone number at this location is +65 6886 9009. Our principal website address is <u>https://ohmyhome.com</u>. The information contained on our website does not form part of this annual report. Our agent for service of process in the United States is Cogency Global Inc., 122 E. 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, New York 10168.

**4. B. Business Overview**

**Overview**

We are a data and technology-driven property technology company based in Singapore. Through our subsidiaries, we operate a one-stop-shop property platform which provides end-to-end property solutions and services for our customers, for both the HDB property market and the private property market, which comprises brokerage services and emerging and other services, such as home renovation and furnishing services, listing and research, mortgage referral, legal services and insurance referral services. We operate on a data-driven customer-centric business model and through our platform, we seek to provide a comprehensive suite of property solutions and services to aid our customers in every step of their property transaction journey, with the objective of making property transactions and related services simple, efficient and affordable for all. Since the incorporation of our subsidiary, Ohmyhome (S), in 2015 and the commencement of our business operations in 2016, our platform has facilitated over 7,485 agent brokerage transactions and other property-related services and over 10,212 self-transacted online property transactions, with an aggregate GTV of over US$3.47 billion, as of December 31, 2024, making us one of Singapore's largest integrated property transactions and services platforms, according to Frost & Sullivan. We operate our *Ohmyhome* platform in Singapore and Malaysia. Today, *Ohmyhome* has been ranked Singapore's top mobile application for property listings and transactions by customer ratings and is a leading one-stop property platform for property transactions and property-related services for both the HDB property market and the private property market, according to Frost & Sullivan.

Following a strategic review in 2025, we initiated the provision of digital marketing services to selected clients. Leveraging our operational experience in online user engagement and multi-channel marketing developed through our property platform, we began to expand our service offerings into digital marketing. Our services generally involve providing content promotion services for advertisers, which include supporting clients in the development of digital marketing strategies, the creation of promotional content, and the delivery and monitoring of online advertising campaigns across selected digital channels. This business is at an early stage of development. To date, we have engaged several clients in the telecommunications and entertainment sectors and have generated initial revenues from these activities.

For the financial year ended December 31, 2023, we generated revenue of approximately S$5.0 million, representing an annual growth of 28.3%. Our revenue generated by brokerage services constituted 56.3% of our total revenue for the financial year ended December 31, 2023. Our revenue generated by emerging and other services constituted 26.6% of our total revenue for the financial year ended December 31, 2023. Our revenue generated by newly acquired property management services constituted 16.8% of our total revenue for the financial year ended December 31, 2023.

For the financial year ended December 31, 2024, we generated revenue of approximately S$10.9 million, representing an annual growth of 118%. Our revenue generated by brokerage services constituted 36% of our total revenue for the financial year ended December 31, 2024. Our revenue generated by emerging and other services constituted 26% of our total revenue for the financial year ended December 31, 2024. Our revenue generated by newly acquired property management services constituted 38% of our total revenue for the financial year ended December 31, 2024.

For the financial year ended December 31, 2025, we generated revenue of approximately S$12.2 million, representing an annual growth of 12%. Our revenue generated by brokerage services constituted 22% of our total revenue for the financial year ended December 31, 2025. Our revenue generated by emerging and other services constituted27%of our total revenue for the financial year ended December 31, 2025. Our revenue generated by property management services constituted 49% of our total revenue for the financial year ended December 31, 2025. Our revenue generated by the digital marketing business achieved a revenue of S$323,525 for the financial year ended December 31, 2025.

***Our Technology-Enabled Solutions***

We believe that the use of technology and data is our key edge over our competitors. Our core service offerings are categorized as follows, all of which are offered through our one-stop platform:

● *Brokerage Services.* For clients who wish to engage professional real estate services, we offer brokerage services through our Super Agents to represent customers seeking to purchase, sell, rent, or lease their properties on our platform. We also provide documentation services for clients who have already found a keen counterpart to their transactions and wish to engage us to assist with all necessary paperwork to complete the transaction.

● *Digital Marketing Services.* We leverage technology and data-driven insights to support our digital marketing services, which are offered as part of our broader platform capabilities. We assist clients in planning and executing digital marketing campaigns, including online promotion and performance tracking across selected digital channels. We utilize our experience in user engagement and multi-channel outreach to support clients' marketing initiatives. These services are currently at an early stage of development and are provided to selected clients.

● *Emerging and Other Services.* We offer the following emerging and other services in connection with property transactions, which can each be utilized by our customers as a standalone service or in conjunction with our other service offerings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Listing and Research.* We provide an online platform for home sellers to freely list their properties and for home buyers to freely view such
listings. We also provide online tools and resources, including property transaction guides, automated electronic valuation of listed
properties, and calculators for mortgage affordability and determining the amount of stamp duty payable on any property transaction,
to provide our users with comprehensive resources to aid them in embarking on their property transaction journey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mortgage Referral Services.* Through our online platform, we provide our customers with referrals to experienced financial service providers
from our partner banks, who provide mortgage advice and financing guidance. We also value-add by compiling and comparing the interest
rates across our wide range of partner banks, to provide the financing option best tailored to each individual customer's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Legal Services.* We provide our customers with access to specialized law firms through our online platform, which provide conveyancing services,
legal advice and the preparation of documentation to provide our users with a hassle-free conveyancing process and to better equip them
with sufficient know-how to protect their legal interests while completing their property transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Insurance Referral Services.* We partner with established insurance brokers to provide our customers with access to insurance policies, such
as home insurance and fire insurance, to meet their property transaction needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Renovation and Home Services*. We offer renovation services and partner with trusted brands to help homeowners conceptualize, design, budget
and project manage their renovation projects. We also offer a wide range of home needs services such as cleaning, painting and servicing
to suit the upgrading and maintenance needs of homeowners. As part of our home services, we work with external partners to offer professional
moving services to customers moving to a new residential or commercial property. In addition, we also provide assistance to foreign customers
relocating from overseas to our country of operation, and we also advise such foreign customers on relevant rules and regulations to
ensure compliance with the relevant laws and regulations and if applicable, that the tenancy agreement protects the rights and needs
of the customer.

 **

***Strategic Expansion into Digital Marketing***

 **

In the second half of 2025, following a strategic review conducted by our newly appointed management team, the Company identified increasing demand among corporate entities for integrated online digital marketing solutions, by leveraging its experience in digital engagement and marketing developed through its online property brokerage operations. We began extending these internal marketing strengths to a diverse client base as part of our efforts to broaden our service offerings.

We leverage technology and data-driven insights to support our digital marketing services, which are offered as part of our broader platform capabilities. Under this business, we provide content promotion services for advertisers, including assisting clients in the development of digital marketing strategies, the creation of promotional content, and the execution and monitoring of online advertising campaigns across selected digital channels. The Company intends to utilize operational capabilities developed through its platform operations, including experience in online user engagement and multi-channel marketing, to support these activities.

As of the date of this annual report, the Company has successfully engaged with clients in telecommunication and entertainment industry to provide comprehensive digital marketing solutions, and has generated sizeable revenue of approximately S$323,525 from these services for the year ended December 31, 2025.

**Recent Developments**

On January 23, 2025, the proposed acquisition of Ohmyhome Property Inc. was subsequently completed and Ohmyhome Property Inc. has become a fully owned subsidiary of Ohmyhome (BVI) Limited.

On January 24, 2025, the Company's shareholders approved a reverse stock split of the Company's ordinary shares, with the split ratio set at 1-for-10. On 10 March 2025, Ohmyhome Ltd ordinary shares began trading on an adjusted basis, reflecting the reverse stock split, under the existing ticker symbol "OMH."

On May 19, 2025, the Company entered into a share purchase agreement with certain accredited investors named therein, pursuant to which the Company agreed to sell and issue up to 4,040,000 ordinary shares at a purchase price of US$0.45 per share, in a registered direct offering. On June 9, 2025, the Company entered into a share purchase agreement with certain accredited investors named therein, pursuant to which the Company agreed to sell and issue up to 16,666,667 ordinary shares at a purchase price of US$0.18 per share, in a registered direct offering. The offerings were made pursuant to the Company's shelf registration statement on Form F-3 (File No. 333-285637), which was declared effective on March 26, 2025 by the SEC. In respect of the offering, a prospectus supplement to the Registration Statement was filed with SEC on June 11, 2025.

On July 28, 2025, the Company adopted a re-designation and re-classification of ordinary shares, which was approved by the Company's shareholders at the Company's extraordinary general meeting of the shareholders on June 23, 2025. In the meeting, the shareholders approved that the authorized share capital of the Company was re-designated from US$75,000,000 divided into 7,500,000,000 ordinary shares of a nominal or par value of US$0.01 each into US$75,000,000 divided into 6,750,000,000 class A ordinary shares of a nominal or par value of US$0.01 each and 750,000,000 class B ordinary shares of a nominal or par value of US$0.01; and the issued 6,434,464 ordinary shares of par value of US$0.01 each in the Company were re-designated and re-classified into 5,592,924 Class A Ordinary Shares each with one (1) vote per share to all shareholders except Anthill and 841,540 Class B Ordinary Shares each with one hundred (100) votes per share to Anthill on a one for one basis. Class A Ordinary Shares began trading on July 28, 2025, reflecting the re-designation and re-classification of ordinary shares, under the existing ticker symbol "OMH."

On July 21, 2025, the Company established Ohswiftwing Pte. Ltd. in Singapore as a wholly owned subsidiary of the Company to support the development of its digital marketing services business as part of its efforts to explore additional service offerings.

On January 6, 2026, the Company held an extraordinary general meeting of the shareholders, during which the Shareholders approved an increase of the authorized share capital of the Company. The authorized share capital of the Company was increased from US$75,000,000 divided into 6,750,000,000 Class A Ordinary Shares and 750,000,000 Class B Ordinary Shares, to US$7,500,000,000 divided into 675,000,000,000 Class A Ordinary Shares and 75,000,000,000 Class B Ordinary Shares by the creation of an additional 668,250,000,000 Class A Ordinary Shares and 74,250,000,000Class B Ordinary Shares.

*Nasdaq Notices*

The Company received a written notice from the Listing Qualifications Staff of Nasdaq regarding the Company's failure to comply with Nasdaq Listing Rule 5550(a)(2) on April 30, 2024, which requires listed securities to maintain a minimum bid price of $1.00 per share. A failure to comply with Nasdaq Listing Rule 5550(a)(2) exists when listed securities fail to maintain a closing bid price of at least $1.00 per share for 30 consecutive business days. Based on the closing bid price for the last 30 consecutive business days, the Company failed to meet the aforesaid requirement. The Company was provided a period of 180 calendar days, until October 28, 2024, to regain compliance.

On October 29, 2024, the Company received a written notice from Nasdaq (the "October 2024 Notice") stating that, although the Company had not regained compliance with the minimum bid price requirement by October 28, 2024, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is eligible for an additional 180 calendar day period, or until April 28, 2025, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the closing bid price of the Company's ordinary shares must meet or exceed $1.00 per share for a minimum of 10 consecutive business days during this 180-day period.

On March 24, 2025, Ohmyhome Limited received a letter from Nasdaq (the "March 2025 Notice") stating that because the Company's ordinary shares had a closing bid price at or above $1.00 per share for 10 consecutive days, from March 10 through March 21, 2025, the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2), and that the matter is now closed.

**Our Services**

Through our *Ohmyhome* website and mobile application, we provide end-to-end property-related solutions and services for our customers, which consists of (a) brokerage services; and (b) emerging and other property-related services, such as listing and research services, mortgage referral services, legal services, insurance referral services and renovation and home services.

***Brokerage Services***

We provide brokerage services to customers who wish to engage a professional real estate agent to act as their representative for their property transactions. We will assign one of our Super Agents to our customers based on the location and property in question. Our in-house Super Agents have in-depth knowledge, experience and expertise in the property type and location which they specialize in.

Our brokerage services are delivered through our *Ohmyhome* platform and accessible via our website and mobile application. A dedicated relationship manager is then assigned to the customer.

The Super Agent that is assigned to the customers based on best fit of their needs will provide listing services for home sellers, facilitating sale and purchase transactions, overseeing rental or leasing agreements, and assisting with the documentation and negotiation, to ensure an overall smooth property transaction from the start to end. For customers looking to sell or lease properties, the Super Agent will assist with taking professional photos and videos of the property, as well as a three-dimensional (3D) virtual tour experience for potential buyers. In addition to listing the property on our *Ohmyhome* platform, we will also market our customer's properties on other major advertising platforms, such as Google and Facebook and other online property advertising platforms. We also combine our brokerage services with our advanced property matching technology and extensive database to ensure that homeowners are matched with the most suitable home buyers or renters for their property, allowing for efficient and expedited property transactions.

Apart from full brokerage services, customers who have chosen to self-transact their property transactions can also choose to engage our Super Agents for documentation services, once they have found a buyer, seller or tenant and have negotiated the price for the transaction. In this regard, our in-house Super Agents will assist with all necessary paperwork depending on the property type, such as the drafting and handling of an Option to Purchase (OTP), a tenancy agreement and/or a HDB resale application for HDB properties.

A typical brokerage service relationship lasts around three (3) months, out of which legal and government approval processes would typically take around two (2) months. The length of the brokerage service relationship also depends on whether platform users elect to be matched with an agent for the provision of full brokerage services, or solely for documentation services. Our customers who engage our brokerage services may also end up utilizing our other services, such as moving or renovation services, to meet their post-transaction property needs, which would extend our relationship with such customers to about one (1) year or more. Some of our customers also engage us for other regular day-to-day services, such as air conditioner servicing, cleaning and handyman services, which would mean that our relationship with such customers would extend for a longer period and continue on an ongoing basis.

While our data-driven platform is free to use for customers who wish to self-transact, our full agent service fees are up to 2% for HDB flats and up to 3% for private properties, and we charge a fixed fee for the provision of documentation services. A significant portion of our revenue is derived from our brokerage services, which generated a revenue of S$2,817,930, S$3,906,953 and S$2,633,613representing 56.3%, 35.9% and 21.5% of our total revenue for the years ended December 31, 2023, 2024 and 2025 respectively.

Brokerage services have witnessed slowdown during fiscal year 2025, as we are facing fierce competition from peer online real estate platforms to list and search for properties. On average, in 2025, our Super Agents successfully completed approximately 109 sale, purchase, lease and rental transactions per month through our platform.We are searching for new areas of growth by leveraging our online operational experience.

***Digital Marketing Services***

In 2025, we expanded our service offerings to include digital marketing services, delivered through our newly established subsidiary, Ohswiftwing Pte. Ltd. This business leverages operational capabilities developed through our online property platform, including experience in user engagement, digital content, and multi-channel promotion.

Our digital marketing services are based on a client-focused approach. We engage with corporate clients to understand their marketing objectives, target audience, and budget, and develop tailored digital marketing plans accordingly. These plans may include marketing strategy development, content creation, and digital promotion across relevant online channels. Implementation is carried out in collaboration with external vendors and service providers, with the Company coordinating project execution and related activities.

Revenue from these services is generated on a fee-for-service basis, typically reflecting the scope of the marketing plan and the resources required for execution. Starting from the second half of 2025 the Company has engaged clients in selected industries, including telecommunications and entertainment, and generated approximately a revenue of S $323,525 from digital marketing services.

***Emerging and Other Services***

Our other property-related services include (a) listing and research services, (b) mortgage referral services, (c) legal services, (d) insurance referral services and (e) renovation and home services. These services are offered through our Ohmyhome platform.

Through our platform, users may access property listings, information and tools, and may connect with third-party service providers, including banks, law firms, insurance brokers and home service providers. We receive referral or advertising fees from certain partners, including banks, law firms and insurance providers. For renovation and home services, customers pay fees based on the agreed quotation, while the relevant works are typically carried out by third-party contractors.

**Property Management Services**

Through the acquisition of Ohmyhome Property Management (S), we provide property management services to MCSTs in Singapore to manage the facilities and public spaces within the condominium and executive condominium projects, as well as for commercial and industrial complexes. We provide routine management, administration and secretarial services, accounting and finance management, and the operation and maintenance of the estates.

**Our Platform**

Our one-stop property platform, accessible via our website (*www.ohmyhome.com*) and mobile application, is a rapidly growing online real estate platform in Singapore, Malaysia and the Philippines (by way of our licensed platform in the Philippines) in terms of:

● *Downloads:* According to data from Appstore for iOS devices and Google Playstore for Android devices, our mobile application had close to 488,792 downloads at December 31, 2025.

● *Monthly Active Users:* According to data from Firebase on our mobile application and Google Analytics 4 on our website, we had an average of over 62,756 monthly active users on our website and mobile application in 2025.

● *Visitor Traffic:* According to data from Google Analytics 4, our website received a monthly average of over 63,284 unique visitors as of December 31, 2025.

● *Market Share:* According to HDB Transaction data and platform statistics, we obtained an estimated 223 market share of the public residential property resale market by number of transactions.

● *Property Listings and Transactions:* According to user listings and activities on our website and mobile application, as of December 31, 2025, we had over 393 property transactions on our platform.

Our primary interface with users of our platform is the *Ohmyhome* website. We believe user satisfaction rests on the appeal of the efficiency and functionality of our platform. Our technology and marketing teams dedicate substantial amounts of time and resources upgrading and enhancing our *Ohmyhome* website and mobile application based on market trends and user feedback. We distinguish ourselves from other online property listing portals through the reliability and extensiveness of our up-to-date real estate content as well as the consolidated services listings allowing customers to use the platform for their every real estate and home furnishing and improvement needs. We also maintain various customer interaction avenues, including our centralized customer hotline, live in-portal chatroom, WhatsApp chatroom, e-mail and AI chatbot, through which users can obtain assistance, access more information, or otherwise contact us.

Our property platform covers a wide spectrum of up-to-date real estate and home furnishing and improvement information and serves as a gateway for our primary business activities. Our published content, which is free to our website and mobile application visitors, is designed to assist visitors with each step of the real estate and home furnishing and improvement transaction process and inspire future real estate projects. We believe providing a reliable catalog of high-quality information regarding the real estate market is helpful in guiding our platform users in making informed choices and completing their property transactions hassle-free.

Ohmyhome Property Management operates a proprietary mobile application, *Simple*, for residents to access announcements, book facilities, submit applications, make payments, and provide raise issues with speed, ease and reliability. Ohmyhome Property Management (S) also operates a proprietary backend process and document management system that improves the productivity of the onsite staff as well as improving the accuracy and timeliness of information flow.

**Data Insights and Technologies**

We aspire to spearhead technological innovations across Southeast Asia's property technology industry by leveraging our data insights and technologies. Our platform is built on a robust technology infrastructure with comprehensive functionalities that support the entire life cycle of property transactions, from the initial customer acquisition, agent cooperation and property listing management, to payment, financial services, conveyancing, closing management and post-closing servicing.

***Transactions with a "Human" Touch***

We believe we have a holistic view of the market based on our understanding of the importance of retaining a "human" element amidst growing technological developments, which appeals to a broad range of customers and gives us a competitive edge in terms of brand recognition.

Our *Ohmyhome* platform gives users the choice between engaging traditional agents and a self-service route. Users who opt for the former are guided through their property transactions by paying a fixed fee to the property agent, who will assist the user with the property transaction from the start to end, with the help of our advanced property matching technology to expedite the process. This model integrates elements of the traditional real estate agent service model, to ensure that our platform remains inclusive and provides users with the ability to interface with property agents if so preferred.

***Property Matching Technology (MATCH)***

We have developed MATCH, our own property matching technology and algorithm. When our platform users submit their property preferences on the *Ohmyhome* platform, MATCH's algorithm filters through all the available property listings to produce results matching the users' preferences. Once a match is found, it is sent to users, along with the relevant content which informs the user's home buying decisions and aids in their research.

Through our advanced property matching technology and algorithm, 50% of our property transactions are completed within seven (7) days on average. The fastest time taken to sell a property listing on our *Ohmyhome* platform through our in-house Super Agents has been one (1) day. On average, our Super Agents can complete approximately 76 transactions a year, which is more than 16 times more efficient than the average agent, who closes around 4.6 cases a year, according to CEA and information disclosed by publicly listed brokerage companies in Singapore.

***Home Ownership Management & E-valuation Report AI Tool (HomerAI)***

We have developed and launched HomerAI, our Homer Ownership Management & E-valuation Report AI Tool, in 2023. HomerAI provides homeowners with detailed information regarding the latest fair value of their home, calculations for the cash proceeds from the sale of their property at different prices and the usual costs involved, and allows users to learn the steps and typical timeline required for the sale of their property, without having to go through a third party agent, who may not necessarily be equipped with the same data and tools provided through HomerAI. This will allow homeowners to have access to transparent information at their fingertips and to further solidify our brand as a trusted and comprehensive property platform. It will also allow us to reach a wider audience of customers and shorten the service cycle if customers decide to engage our services.

***Data Processing System***

Our proprietary data processing system is the foundation of our business. Our data processing system delivers speed and scalability, providing data and analytics support across the products and services on our platform to simplify property transactions. We aim to utilize our data processing system to shorten the time taken to sell a home by automatically categorizing listing photos according to room type and systematically accessing and displaying the best performing images to home buyers. We believe this provides an enhanced experience for property buyers browsing our *Ohmyhome* platform. In addition, the smart image classification feature enables home sellers to automatically enhance their listings as the smart algorithms will help to prioritize images based on its viewership numbers. This results in the most popular image being displayed as the listing's thumbnail, which will provide property sellers with the best chance of attracting the right buyers.

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***Real Estate Valuation Tool***

Our Real Estate Valuation Tool is built by *Thinking Machines* and allows users to input a property's details and instantly receive the estimated market value of the property, along with the valuation breakdown and a confidence rating of Low, Medium, or High. The custom machine learning model underlying the Real Estate Valuation Tool consists of:

● *Custom Machine Learning Models* for the Singapore and Malaysia property markets. This predicts property value with as little as 4% deviation as compared to the actual prices for Singapore, and 10% deviation for Malaysia;

● *Automated Machine Learning Training Pipeline.* This enables our database to run on fresh data every week; and

● *API Endpoint Integration* with native platform.

Our custom machine learning model is trained to predict property prices by taking *Ohmyhome*'s dataset of historical transactions and supplementing it with *Thinking Machines*'s extensive database of geospatial points of interest. Our model factors in the distance to the nearest major road or the density of restaurants in the surrounding area to determine the price of a property as affected by its surroundings. The machine learning models were tailored for each of the property markets in Singapore and Malaysia via a series of relevant features and input variables based on the domain knowledge and experience of our Super Agents.

To ensure that the custom machine learning model is robust and usable, a pipeline is created that ingests fresh data every week and retrains the model for the most up-to-date price estimates. The entire pipeline encompassing data storage, data cleaning and transformation, machine learning, and API were built using Google Cloud Platform and connected to our *Ohmyhome*'s existing platform. This ensures that the model is integrated into our workflow and can be connected to other operational APIs within *Ohmyhome*'s infrastructure. This business solution gives us the data we need at an unprecedented speed and scale, freeing up our resources for higher-value tasks and giving us a competitive edge.

***Property Management System***

Through the acquisition of Ohmyhome Property Management (S), we have acquired Ohmyhome Property Management (S)'s property management system as well as the resident-facing mobile application, "*Simple*". With a centralized property management system, we are able to ensure the upkeep of service levels and responsiveness of the services by the onsite management team, and also digitize many traditionally paper-based processes such as facility booking, application submission, or payment of fees.

**Insurance**

In accordance with customary industry practice and applicable regulations, we carry real estate professional indemnity and management liability insurance, as well as hospitalization and employer liability insurance in respect of certain of our foreign employees. We also obtain contractors' all risk insurance in respect of certain assets used in our renovation projects, depending on the size and nature of the project. We do not carry general business interruption or "key person" insurance. We carry Side A Director's and Officer's Liability Insurance effective from March 21, 2026 to March 21, 2027. We will continue to review and assess our risk portfolio and make necessary and appropriate adjustments to our insurance practices to align with our needs and with industry practice in Singapore and in the markets in which we operate.

**Data Privacy**

In the course of our operation, we will collect personal data from our customers in connection with the account opening and our business operations and this information may be subject to data privacy laws in the jurisdiction of Singapore and Malaysia. According to the relevant law in relation to data privacy, it is necessary for customers, or data owners, to provide consent to the data collector for his/her agreement to its usage. Our data privacy statement states that the personal data being collected can be used for purposes of data analysis and supporting us to develop and to improve our products. We believe that we are in compliance with all relevant laws and regulations in all material respects with respect to data privacy.

**Risk Management**

Our business activities expose us to various risks. Identifying and measuring our risks is critical to our ability to manage risk within acceptable tolerance levels in order to minimize the effect on our business, results of operations and financial condition. Our management team is responsible for managing risk. It is overseen by our board of directors. We use risk management processes and have policies and procedures for identifying, measuring and managing risks, including establishing threshold levels for our most significant risks. We have implemented various procedures and measures to ensure rigorous risk management and quality control.

***Quality Control of Super Agents***

To ensure the quality of services of our Super Agents and adherence to the Code of Ethics and Professional Client Care and the Code of Practice for Estate Agents set out under the Estate Agents (Estate Agency Work) Regulations 2010, we conduct rigorous interview processes to assess the fit and quality of prospective agents, based on their technical knowledge, transactional experience, personality and ethics.

We provide onboarding training for our Super Agents for them to familiarize themselves with our work processes given our unique operational model and also equip them with the latest technical and market knowledge. We also conduct regular training sessions and regularly gather questions raised by our Super Agents, which are addressed during each session. We also promote collaborative sharing and learning during our training sessions by analyzing rare, unprecedented or difficult scenarios faced by our Super Agents. In addition, we conduct ad-hoc discussions based on latest developments in the market and regulations, to ensure that our Super Agents are prepared and fully equipped to tackle changes in the industry.

We periodically evaluate the performance of our Super Agents, through both internal and external performance indicators. We evaluate individual agents on a monthly basis, based on various matrices such as performance, customer reviews, teamwork and ethics. In particular, we take customer feedback and complaints very seriously. Customers can provide feedback through our hotline, social media and/or our relationship managers, who are independent from the agent team. The customer feedback received contributes to the overall evaluation of our Super Agents.

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***Quality Control of Third Party Service Providers***

As a one-stop-shop platform, we rely on curated third party service providers to provide various service offerings available on our platform, such as sub-contractors for certain renovation works, partner banks to provide mortgage solutions, partner law firms to provide conveyancing services and professional movers and other home service providers to provide moving and other home services.

In this regard, we have implemented various safeguards to ensure high service standards from such third party service providers. We screen our partners rigorously and constantly seek customer feedback for the services rendered by our service partners, to ensure that the quality of service received by the clients is satisfactory. Should we receive any complaints or delays caused by our service partners, we typically issue a warning notice and seek rectification from such service partners in the first instance. If such complaints and/or lapses in service standards occur more than once, we would discontinue our relationship with the relevant service provider. We periodically review and update our list of suppliers to ensure that the quality of services provided by our partners remain up to standard, thereby maintaining the high rating and reviews of our platform.

For mortgage services by the banks, legal services, and insurance services, we provide advertising or referral services to the third party providers for the provision of marketing and advertising of their services on our platform. We refer our customers to them and the contractual relationship is between our customers and such providers directly. The Group is currently not indemnified by third party service providers listed on our platform against customer claims arising from third party services.

In relation to ad-hoc third-party services such as cleaning, painting, moving, handyman services, the contractual relationship is between us and the individual customers for the provision of such services, and we assign the contractor to serve our customers. The Group is currently not indemnified by the service providers against customer claims.

In relation to the subcontractors we work with for renovation and related home services, the contractual relationship is between us and the customer for the provision of renovation services. The Group is currently not indemnified by the service providers against customer claims. However, to minimize our exposure, we carry a Contractor's All-Risk Insurance coverage for the work done by subcontractors under our employ, and we also hold a retention sum from major subcontractors against the quality and timeliness of their work.

As of the date of this annual report, we are currently not involved in any material legal or arbitral proceedings in relation to services provided by the parties above.

***Authentic Property Listings and Prevention of Fraud***

Our machine learning technology ensures that all listing images that home buyers see on our platform are genuine and real. The technology will be able to detect and flag out images that are likely fake, such as stock images. In addition, we strive to ensure that our *Ohmyhome* platform only hosts genuine, non-duplicated, listings by real homeowners or our in-house Super Agents. We have also integrated our platform with SingPass, the government-administered digital identity platform in Singapore, for verifying the authentic ownership of properties listed on our platform. We will immediately remove listings that are found to be false or duplicates from our platform and inform the responsible users or agents to make necessary corrections. This shortens response time on the platform and increases the efficiency of users' searches.

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***Anti-Corruption Measures***

We have adopted an anti-corruption policy which prohibits, among others, accepting any bribes (whether monetary or in kind, and whether direct or indirect), in order to ensure the integrity of our Super Agents and to protect our brand image.

In order to ensure compliance with our anti-corruption policies, we monitor the compliance of our business activities and handle complaints and whistle-blowing cases through our internal compliance reporting procedures. We post any violations and our decisions via our internal communication channels.

**Competition**

The property technology industry is rapidly growing and increasingly competitive. Although we believe no other industry player in Singapore and Malaysia operates under a comprehensive and integrated platform business model similar to ours, we face competition from players in different segments of the property transactions and services industry. We also compete with offline traditional real estate brokerage firms and property agents in respect of our brokerage services.

We believe we are strategically placed to compete in the property technology industry based on the following factors: (i) the end-to-end property solutions and services provided by us on a single platform, providing a one-stop-shop for our users in their property transactions and allowing us to capture a much higher customer spending per transaction than other market players; (ii) the ability to develop advanced property technology and infrastructure; (iii) our highly scalable business model, which enables us to expand rapidly into new geographies or business segments; (iv) our user-friendly online platform built on powerful data insights; (v) our strategic partnerships with establish market players across the property transaction chain; (vi) the expertise of our senior management team in real estate transactions and investments; and (vii) our superior reputation and branding arising from our track record and past customer satisfactions, which is in turn crucial in building trust for our platform in developing markets.

**Regulation**

This section sets forth a summary of the material laws and regulations that affect our Group's business and operations in Singapore and Malaysia. Information contained in this section should not be construed as a comprehensive summary nor detailed analysis of laws and regulations applicable to the business and operations of our Group. This overview is provided as general information only and not intended to be a substitute for professional advice. You should consult your own advisers regarding the implication of the laws and regulations of Singapore and Malaysia on our business and operations.

LAWS AND REGULATIONS RELATING TO OUR BUSINESS IN SINGAPORE

Our business operations are not subject to any special legislation or regulatory controls other than those generally applicable to companies and businesses incorporated and/or operating in Singapore.

***Estate Agents Act***

Real estate agencies (referred to in the Estate Agents Act as "**estate agents**") and agents (referred to in the Estate Agents Act as "**salespersons**") are regulated by the Estate Agents Act and its subsidiary legislation, including the Estate Agents (Licensing and Registration) Regulations 2010, the Estate Agents (Fees) Regulations 2010 and the Estate Agents (Estate Agency Work) Regulations 2010.

The CEA is a statutory board that was established in October 2010 to administer the Estate Agents Act and its functions and duties are, among others, administering the licensing and registration regimes under the Estate Agents Act, regulating and controlling the practice of estate agents and salespersons, administering examinations and a professional development framework for purposes of licensing and registration under the Estate Agents Act and conducting investigations and disciplinary proceedings in relation to offenses and unsatisfactory conduct or misconduct in relation to estate agency work.

Under the Estate Agents Act, estate agents are required to be licensed and salespersons are required to be registered with the CEA. An estate agent's license may be issued to an individual or an entity subject to fulfillment of the conditions prescribed in the Estate Agents Act, such as the individual or entity being considered a "fit and proper person" by the CEA. An individual will not be registered as a salesperson unless the individual satisfies certain prescribed requirements, including, among other things, being a "fit and proper person", having the prescribed educational qualifications or experience, being employed by a licensed estate agent as a salesperson and that he or she does not hold a license as any other estate agent.

Our subsidiary, Ohmyhome (S), holds an estate agent's license issued by the CEA and all of our real estate agents are registered with the CEA, and are subject to the Estate Agents Act and the relevant subsidiary legislation and any directions or guidelines as may be given or issued from time to time by the CEA.

***Estate Agents (Licensing and Registration) Regulations 2010 and Estate Agents (Fees) Regulations 2010***

The Estate Agents (Licensing and Registration) Regulations 2010 sets out further requirements in respect of any application or renewal of an estate agent license or registration as a salesperson. The fees payable to the CEA in respect of any such application or renewal are prescribed by the Estate Agents (Fees) Regulations 2010.

*Estate Agents*

In the case of estate agents, in order to obtain or renew an estate agent's license, the CEA must be satisfied that (a) the estate agent has, among other things, in place systems and processes to ensure proper management of the business and its salespersons; (b) the estate agent does not hold a license as any other estate agent; and (c) each specified individual (as defined in the Estate Agents (Licensing and Registration) Regulations 2010) has attained the age of 21 years, is not registered as a salesperson with another estate agent, does not hold a license as any other estate agent, has a minimum of four (4) GCE "O" level passes or obtained an equivalent or higher qualification as determined by the CEA, and has, in the two (2) years immediately before the application for a license, passed the Real Estate Salesperson examination.

Every estate agent must also take out and maintain in force at all times during the period in which it carries out estate agency work the relevant professional indemnity insurance.

The Estate Agents (Licensing and Registration) Regulations 2010 also prescribes certain qualifications and requirements for key executive officers of estate agents. A key executive officer must (a) be the sole proprietor, Director or partner of the estate agent; (b) be 21 years of age or older and have a minimum of 4 GCE "O" level passes or obtained an equivalent or higher qualification as determined by the CEA; (c) have at least three (3) years of experience in estate agency work; (d) have completed at least 30 property transactions (acting for any house agent or estate agent or as the holder of a house agent's licence or an estate agent's licence) in the three (3) years immediately before his appointment or have at least three (3) years of experience in managing the business of a house agent or an estate agent as an executive director, a chief executive, key executive officer, partner or sole proprietor; and (e) within 2 years immediately before the appointment as a key executive officer, pass the Real Estate Agency examination.

*Salespersons*

In the case of salespersons, no individual can be registered as a salesperson unless he (a) has a minimum of four (4) GCE "O" level passes or obtained an equivalent or higher qualification as determined by the CEA; and (b) has, in the two (2) years immediately before the application for registration, passed the Real Estate Salesperson examination. Such requirements are subject to certain exemptions as prescribed under the Estate Agents (Licensing and Registration) Regulations 2010. In order to renew his registration, the salesperson must also satisfy the requirements relating to continuing professional education under the Estate Agents (Licensing and Registration) Regulations 2010 for a specified period.

***Estate Agents (Estate Agency Work) Regulations 2010***

The Estate Agents (Estate Agency Work) Regulations 2010 regulates the conduct of estate agency work by prescribing certain rules and practices. For instance, there is a prohibition against dual representation, whereby salespersons or estate agents are disallowed from having as clients, both the vendor and purchaser or both the landlord and tenant in respect of the same property, regardless of whether the consent or agreement of the client or of any or all the parties to the relevant transaction has been obtained. Further, estate agents and salespersons are prohibited from introducing, referring or recommending a client to or receiving any benefit from any money lender or holding money for or on behalf of any party in relation to the sale or purchase of any property situated in Singapore or the lease of HDB property. Any person in breach of such rules shall be guilty of an offense and shall be liable on conviction to a fine and/or imprisonment.

The Estate Agents (Estate Agency Work) Regulations 2010 also prescribes the form of agreements for the sale, purchase or lease of residential property in Singapore. It also requires that every estate agent takes out and maintains in force at all times during the period in which it carries out estate agency work such insurance (of a prescribed minimum amount) in respect of civil liability for negligence in the performance of estate agency work. Generally, no estate agency work may be undertaken without the requisite insurance coverage.

The Estate Agents (Estate Agency Work) Regulations 2010 also sets out the Code of Ethics and Professional Client Care and the Code of Practice for Estate Agents, any breach thereof may result in the estate agent or salesperson (as the case may be) being subject to disciplinary action and/or the imposition of sanctions including financial penalties, demerit points and the suspension or revocation of a license or registration.

***Personal Data Protection Act***

*Data Protection Obligations*

The Personal Data Protection Act 2012 of Singapore ("**PDPA**") establishes the baseline regime for the protection of personal data in Singapore. The PDPA applies to all organizations that collect, use, disclose, and/or process personal data. The PDPA is administered and enforced by the Personal Data Protection Commission ("**PDPC**"). In this regard, "personal data" as defined under the PDPA refers to data, whether true or not, about an individual who can be identified (a) from that data or (b) from that data and other information to which the organization has or is likely to have access to.

An organization is required to comply with, amongst other things, the data protection obligations prescribed by the PDPA, which may be summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Consent obligation* – the consent of individuals must be obtained before collecting, using, disclosing and/or processing their personal data, unless an exception applies. Additionally, an organization must allow the withdrawal of consent by an individual which has been given or is deemed to have been given;

(b) *Purpose limitation obligation* – personal data must be collected, used, disclosed, and/or processed only for purposes that a reasonable person would consider appropriate in the circumstances, and if applicable, have been notified to the individual concerned;

(c) *Notification obligation* – individuals must be notified of the purposes for the collection, use, disclosure, and/or processing of their personal data, prior to such collection, use, disclosure, and/or processing;

(d) *Access and correction obligations* – when requested by an individual and unless an exception applies, an organization must: (i) provide that individual with access to his personal data in the possession or under the control of the organization and information about the ways in which his personal data may have been used or disclosed during the past year, and/or (ii) correct an error or omission in his personal data that is in the possession or under the control of the organization;

(e) *Accuracy obligation* – an organization must make reasonable efforts to ensure that personal data collected by or on its behalf is accurate and complete if such data is likely to be used by the organization to make a decision affecting the individual to whom the personal data relates or if such data is likely to be disclosed to another organization;

(f) *Protection obligation* – an organization must implement reasonable security arrangements to protect personal data in its possession or under its control from (i) unauthorized access, collection, use, disclosure, copying, modification, disposal or similar risks, and (ii) the loss of any storage medium or device on which personal data is stored;

(g) *Retention limitation obligation* – an organization must anonymize or must not keep personal data for longer than it is necessary to fulfill; (i) the purposes for which it was collected, or (ii) a legal or business purpose;

(h) *Transfer limitation obligation* – personal data must not be transferred out of Singapore except in accordance with the requirements prescribed under the PDPA. In this regard, an organization must amongst other things ensure that the recipient of the personal data in that country outside Singapore is bound by legally enforceable obligations to provide the transferred personal data a standard of protection that is at least comparable to the protection under the PDPA;

(i) *Accountability obligation* – an organization must implement the necessary policies and procedures in order to meet its obligations under the PDPA, communicate and inform their staff about these policies and procedures, as well as make information of such policies and procedures available on request. In addition, an organization must develop a process to receive and respond to data-related complaints, and must designate at least one individual as the data protection officer to oversee the organization's compliance with the PDPA;

(j) *Data breach notification obligation* - an organization must notify the PDPC and/or the affected individuals if it has suffered a data breach that meets the notification thresholds prescribed under the PDPA (i.e. the data breach is or is likely to be of significant scale, or has caused or is likely to cause significant harm to the affected individuals). The organization is expected to expeditiously assess the severity of the breach, and the timeline to notify the PDPC is 3 calendar days of the organization assessing that a notification threshold has been met; and

(k) *Data portability obligation* – the data portability obligation (which is not yet in force as at the date of this prospectus) grants individuals with an existing direct relationship with an organization the right to request for a copy of their personal data to be transmitted in a commonly used machine-readable format to another organization which has a business presence in Singapore. The exact scope and applicability of this right will be delineated by the relevant regulations and guidelines to be published by the PDPC.

The maximum financial penalty that can be imposed on organizations is S$1 million, or 10% of the organization's annual turnover in Singapore, whichever is higher. The severity of the penalties will be assessed based on, amongst other things, the personal data involved, and the degree of harm caused to individuals.

*Do-Not-Call Provisions*

In addition to the data protection obligations outlined above, organizations that send marketing messages to Singapore telephone numbers (whether via voice call, SMS or fax) must also comply with the PDPA's Do-Not-Call ("**DNC**") provisions. Before sending any such marketing messages, the organization must check the DNC Registry to ensure that the Singapore telephone numbers that the marketing messages are being sent to are not listed in the DNC Registry, unless the recipient has previously given the organization their clear and unambiguous consent to receiving such marketing messages via voice call, SMS and/or fax (as the case may be). The marketing message sent must also include information specifying the identity of the sender and how the recipient can contact them. The maximum financial penalty that may be imposed on an organization for a breach of the DNC provisions is S$1 million.

*Advisory Guidelines for the Real Estate Agency Sector*

The PDPC has also published a set of advisory guidelines, developed in consultation with the CEA, which are intended to facilitate compliance of organizations in the real estate agency sector with their obligations under the PDPA. Although these guidelines are not legally binding, they are nevertheless helpful on the basis that the guidance and examples therein have been tailored for the real estate agency sector and may thus be indicative of the manner in which the PDPC could interpret certain provisions of the PDPA in the context of the real estate agency sector.

***Regulations on Labor***

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The Employment Act 1968 of Singapore (the "**Employment Act**") sets out the basic terms and conditions of employment and the rights and responsibilities of employers as well as employees. With effect from 1 April 2019, the Employment Act extends to all employees including persons employed in managerial or executive positions, with certain exceptions.

The Employment Act prescribes certain minimum conditions of service that employers are required to provide to their employees, including (i) minimum days of statutory annual and sick leave; (ii) paid public holidays; (iii) statutory protection against wrongful dismissal; (iv) provision of key employment terms in writing; and (v) statutory maternity leave and childcare leave benefits. In addition, certain statutory protections relating to overtime and hours of work are prescribed under the Employment Act, but only apply to limited categories of employees, such as an employee (other than a workman) who is not employed in a managerial or executive position and who receives a salary of up to S$2,600 a month ("relevant employee"). Section 38(8) of the Employment Act provides that a relevant employee is not allowed to work for more than 12 hours in any one day except in specified circumstances, such as where the work is essential to the life of the community, defense or security. In addition, section 38(5) of the Employment Act limits the extent of overtime work that a relevant employee can perform, to 72 hours a month.

Other employment-related benefits which are prescribed by law include (i) contributions to be made by an employer to the Central Provident Fund, under the Central Provident Fund Act 1953 of Singapore in respect of each employee who is a citizen or permanent resident of Singapore; (ii) the provision of statutory maternity, paternity, childcare, adoption, unpaid infant care and shared parental leave benefits (in each case subject to the fulfilment of certain eligibility criteria) under the Child Development Co-savings Act 2001 of Singapore; (iii) statutory protections against dismissal on the grounds of age, and statutory requirements to offer re-employment to an employee who attains the prescribed minimum retirement age, under the Retirement and Re-employment Act 1993 of Singapore; and (iv) statutory requirements relating to work injury compensation, and workplace safety and health, under the Work Injury Compensation Act 2019 of Singapore and the Workplace Safety and Health Act 2006 of Singapore, respectively.

LAWS AND REGULATIONS RELATING TO OUR BUSINESS IN MALAYSIA

***Valuers, Appraisers, Estate Agents and Property Managers Act 1981***

The Valuers, Appraisers, Estate Agents and Property Managers Act 1981 ("**VAEAPM Act**") applies throughout Malaysia and provides for the registration of valuers, appraisers, estate agents and property managers with the Board of Valuers, Appraisers, Estate Agents and Property Managers ("**Board**") and matters connected therewith. The Board also maintains the Register of Valuers, Appraisers, Estate Agents and Property Managers ("**Register**"), Register of Probationers, and Register of Firms.

The VAEAPM Act provides that no person shall practice as a valuer, appraiser, estate agent or property manager unless he has been registered with the Board and has been issued with an authority to practice by the Board. Further, such registered valuer, appraiser, estate agent or property manager shall not practice his profession unless he practices as a sole proprietor of a sole proprietorship, a partner of a partnership, a shareholder or Director of a body corporate registered with the Board, or as an employee of such sole proprietorship, partnership or body corporate. A sole proprietorship, partnership or body corporate may apply to the Board for registration to practice valuation, appraisal, estate agency or property management.

In 2017, the practice of valuation, appraisal, estate agency and property management by a partnership or body corporate was liberalized pursuant to the Valuers, Appraisers and Estate Agents (Amendment) Act 2017 to allow non-registered persons to own equity in such partnerships or bodies corporate. For a practicing body corporate comprising both registered persons and non-registered persons as shareholders, the registered persons shall always hold not less than 51% of the equity interest or ordinary shareholding in the said practicing body corporate. It is also a requirement that the 51% equity held by registered persons in a practicing body corporate shall be held solely by registered valuers in the case of a valuation practice and such requirement applies, *mutatis mutandis,* to the practices of appraisal, estate agency and property management.

Further, registered persons holding equity interest in a practicing body corporate shall incorporate a separate company as an investment holding company ("**Approved Holding Company**") to hold such majority equity interest in the practicing body corporate. An Approved Holding Company's Directors and shareholders shall be registered persons only, with a minimum of two (2) shareholders who must also be Directors at any given time.

Any person who, *inter alia*:-

&nbsp;&nbsp;&nbsp;&nbsp;(a) procures
or attempts to procure registration or an authority to practice under the VAEAPM Act by knowingly making or producing or causing to be
made or produced any false or fraudulent declaration, certificate, application or representation whether in writing or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;(b) not
being a person acting under the immediate personal direction and supervision of a registered valuer, registered appraiser, registered
estate agent or registered property manager carries out or undertakes to carry out any valuation practice, estate agency practice or
property management practice; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) acts
in contravention of restrictions on valuation, estate agency and property management practices provided under the VAEAPM Act,

commits an offense and shall be liable on conviction to a fine not exceeding RM300,000 or to imprisonment for a term not exceeding three (3) years or to both and shall be liable to a further penalty of RM1,000.00 for each day during the continuance of such offense.

Further, any person who:

&nbsp;&nbsp;&nbsp;&nbsp;(a) acts
as a valuer, appraiser, estate agent or property manager for any party or acts in any capacity as a valuer, appraiser, estate agent or
property manager whether the primary or principal object of his business is valuation, appraisal, estate agency or property management
or whether any incidental part of his business is valuation, appraisal, estate agency or property management; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) willfully
or falsely pretends to be, or takes or uses any name, title, addition or description implying that he is duly qualified or authorized
to act as, a valuer, appraiser, estate agent or property manager, or that he is by law so qualified or authorized, commits an offence
and shall be liable on conviction to a fine not exceeding RM300,000 or to imprisonment for a term not exceeding three (3) years or to
both.

***Personal Data Protection Act 2010***

The Personal Data Protection Act 2010 ("**Malaysian PDPA**") regulates the processing of personal data in the course of commercial transactions in Malaysia and is enforced by the Personal Data Protection Commissioner. The Malaysian PDPA sets out seven (7) key data protection principles which must be adhered to by data users (being a person who either alone or jointly or in common with other persons processes any personal data or has control over or authorizes the processing of any personal data, but does not include a processor) in Malaysia when processing personal data. The seven (7) key data protection principles are summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) *The general principle* – The general principle prohibits a data user from processing a data subject's personal data without
her/her consent unless such processing is necessary under the Malaysian PDPA.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *The notice and choice principle* – The Malaysian PDPA requires a data user to inform a data subject by written notice as soon as
practicable, in both the national and English languages of the matters more specifically stated under the Malaysian PDPA;

&nbsp;&nbsp;&nbsp;&nbsp;(c) *The disclosure principle* – Subject to exceptions under the Malaysian PDPA, the disclosure principle prohibits the disclosure of
personal data without the data subject's consent for any purpose other than that for which the data was to be disclosed at the
time of collection or a purpose directly related to it and to any party other than a third party notified to the data user.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *The security principle* – The Malaysian PDPA imposes obligations on the data user to take steps to protect the personal data during
its processing from any loss, misuse, modification, unauthorized or accidental access or disclosure, alteration or destruction.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *The retention principle* – Personal data shall not be retained longer than is necessary for the fulfillment of the purpose for which
it was processed. Once the purpose has been fulfilled, it is the duty of a data user to take reasonable steps to ensure that the personal
data is destroyed or permanently deleted.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *The data integrity principle* – It is the responsibility of a data user to take reasonable steps to ensure that the personal data
is accurate, complete, not misleading and kept-up-to-date, having regard to the purpose (and any directly related purpose) for which
it was collected and processed.

&nbsp;&nbsp;&nbsp;&nbsp;(g) *The access principle* – A data subject is given the right to access his/her personal data and to correct that personal data which
is inaccurate, incomplete, misleading or not up-to-date, except where compliance with a request to such access or correction is refused
under the Malaysian PDPA.

Non-compliance by a data user of any of the above principles constitutes an offense under the Malaysian PDPA and the data user is liable to a fine not exceeding RM300,000 or imprisonment for a term not exceeding 2 years or both. Non-compliance of other provisions of the Malaysian PDPA may also lead to other financial penalties, imprisonment terms or both. The Malaysian Personal Data Protection Commissioner also has broad powers to order the data user to comply with the provisions of the Malaysian PDPA.

***Employment Act 1955***

The Employment Act 1955 and the Employment (Amendment) Act 2022 (together, the "**EA**") governs matters of employment in Peninsular Malaysia and Labuan and regulates all labor relations including contracts of service, payment of wages, employment of women, rest days, hours of work, flexible working arrangements, discrimination in employment, termination, lay-off and retirement benefits and keeping of registers of employees. Following the Employment (Amendment of First Schedule) Order 2022 which will come into force on January 1, 2023, the scope of employees covered under the EA ("**EA Employees**") has been expanded from covering, *inter alia,* employees whose wages do not exceed RM2,000 a month to covering any person who has entered into a contract of service and any person, irrespective of his wage, who is engaged in manual labor or in the operation and maintenance of any mechanically propelled vehicle operated for the transport of passengers or goods or for reward or for commercial purposes, or who supervises or oversees other employees engaged in manual labor employed by the same employer in and throughout the performance of their work, or who is engaged in any capacity in a vessel registered in Malaysia, or who is engaged as a domestic employee. Notwithstanding the expansion of the scope of EA Employees, certain provisions in the EA such as those which govern payment for work on rest days and holidays, overtime pay, and termination, lay-off and retirement benefits shall apply only to persons whose wages do not exceed RM4,000 per month.

Section 99A of the EA provides that any person who commits any offense under, or contravenes any provision of, the EA, or any regulations, order, or other subsidiary legislation whatsoever made thereunder, in respect of which no penalty is provided, shall be liable, on conviction, to a fine not exceeding RM50,000.

***Regulation on Dividend Distributions***

The principal regulation governing distribution of dividends by a company incorporated in Malaysia ("**Malaysian Company**") is the Malaysian Companies Act 2016 ("**CA 2016**"). Under the CA 2016, a Malaysian Company may only make a distribution to the shareholders out of profits of the company available if the company is solvent immediately after the distribution is made.

**C. Organizational structure**

The following is a list of our subsidiaries as of the date of this annual report.

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation or Organization** |
| Ohmyhome (BVI) | British Virgin Islands |
| Ohmyhome (S) (Singapore) | Singapore |
| Ohmyhome (M) (Malaysia) | Malaysia |
| Ohmyhome (RL) (Malaysia) | Malaysia |
| Ohmyhome (I) (Singapore) | Singapore |
| Ohmyhome (R) (Singapore) | Singapore |
| Cora.Pro (Singapore) | Singapore |
| DreamR (Singapore) | Singapore |
| Ohmyhome Property Management (Singapore) | Singapore |
| Ohswiftwing Pte. Ltd. (Singapore) | Singapore |
| Ohmyhome Property Inc. (Philippine) | Philippines |

---

The following diagram illustrates the corporate structure of Ohmyhome Limited and its subsidiaries as of the date of this annual report:

![](ea028645701_img2.jpg)

*\** *Where less than 50% of the equity interest held in the investee, management has exercised significant judgement and determine that the investee should be consolidated as a subsidiary of the Group, as the Group controls the operating and financing activities and decisions that significantly affect performance and distributions of the investee, through control of their board of directors.*

**D. Property, Plant and Equipment**

**Facilities**

Our principal executive office is located at 243 Alexandra Road, #02-01 BS Centre, Singapore 159932 in Singapore, where DreamR, our subsidiary, leased approximately 310 square meters of office space.

We do not own any real property. A description of our leased real properties is set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Location** | **Group Entity** | **Usage** | **Lease Period** | **Approximate area (square meters)** |
| 243 Alexandra Road, #02-01 BS Centre, Singapore 159932 | DreamR | Office | May 1, 2025 to April 30, 2026 | 310 |
| No. 8-1, Jalan Jalil 1 Bumi Bukit Jalil Lebuhraya Puchong – Sg Besi, 57000 WP Kuala Lumpur | Ohmyhome (RL) | Office | July 1, 2025 to June 30, 2026 | 156 |

---

Our leased properties consist of office premises, all of which are leased from independent third parties. We believe our existing leased premises are adequate for our current business operations and that additional space can be obtained on commercially reasonable terms to meet *Ohmyhome's* future needs.

**Intellectual Property**

Our Group's intellectual property rights are important to its business. As of December 31, 2025, the Group has registered the following trademarks:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Design** | **Place of<br> Registration** | **Registered <br> Owner** | **Registration <br> Number** | **Registration <br> Date** | **Expiry Date** |
| ![](ea028645701_img3.jpg) | Singapore | Ohmyhome (S) | 40201620495U 35**<sup>(1)</sup>** and 36**<sup>(2)</sup>** | December 1, 2016 | December 1, 2026 |
| ![](ea028645701_img4.jpg) | Philippines | Ohmyhome (S) | 4/2022/00516417 35**<sup>(1)</sup>** and 36**<sup>(2)</sup>** | October 13, 2022 | October 13, 2032 |

---

**Notes:**

(1) Class 35: Advertising and promotional services; advertising agency services; advertising of real estate; real estate sales management services; compiling real estate brokerage listings; advertising of commercial or residential real estate; organization of housing and real estate displays and exhibitions for promotion or advertising purposes; real estate auctioneering; creating advertising material; dissemination of advertisements and of advertising material flyers, brochures, leaflets and samples; organization of trade fairs for commercial or advertising purposes; online advertising and promotion on a computer network; providing an on-line commercial information directory on the internet.

(2) Class 36: Real estate affairs; real estate agency services; provision of real estate information; providing real estate listings and real estate information via the Internet; advisory services relating to real estate ownership and valuations; agency services for the rental of real estate property; appraisal and evaluation of real estate; arranging of leases and rental agreements for real estate; commercial real estate agency services; residential real estate agency services; real estate licensing; real estate management; real estate lease renewal services; real estate investment services; providing information, including online, about real estate affairs.

As of the date of this annual report, the following trademarks have been applied for by our Group:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trademark** | **Place of<br> Application** | **Applicant** | **Application Number** | **Application Date** | **Status** |
| ![](ea028645701_img5.jpg) | Malaysia | Ohmyhome (S) | TM202201671535**<sup>(1)</sup>**, 36**<sup>(2)</sup>** | July 5, 2022 | Pending |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Class 35: Advertising and promotional services; advertising agency services; advertising of real estate; real estate sales management services; compiling real estate brokerage listings; advertising of commercial or residential real estate; organization of housing and real estate displays and exhibitions for promotion or advertising purposes; real estate auctioneering; creating advertising material; dissemination of advertisements and of advertising material flyers, brochures, leaflets and samples; organization of trade fairs for commercial or advertising purposes; online advertising and promotion on a computer network; providing an on-line commercial information directory on the internet.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Class 36: Real estate affairs; real estate agency services; provision of real estate information; providing real estate listings and real estate information via the Internet; advisory services relating to real estate ownership and valuations; agency services for the rental of real estate property; appraisal and evaluation of real estate; arranging of leases and rental agreements for real estate; commercial real estate agency services; residential real estate agency services; real estate licensing; real estate management; real estate lease renewal services; real estate investment services; providing information, including online, about real estate affairs; Advisory services relating to mortgages; Arranging of mortgages and loans; Mortgage brokerage; Mortgage insurance; Mortgage planning; Mortgage refinancing; Mortgage services; Provision of information relating to mortgages; Financial services; Administration of financial affairs; Financial advice and consultancy services; Financial evaluation and analysis; Financial appraisals; Arranging financial transactions; Providing financial information.

In order to protect our intellectual property rights, we have adopted various measures. For instance, in respect of our employees, their employment agreements generally contain clauses which provide that all the confidential information, such as trade secrets, know-how, business plans, the Group's software and documentation, amongst others, are not to be disclosed. Apart from the employment agreement, our employees are also required to separately sign a confidentiality agreement that contain clauses which provide for the protection of all confidential information, non-competition during the period of employment and non-solicitation for a period of one year after termination of employment, and that all inventions made, conceived, reduced to practice, or learned by the employee are the sole property of the Group and all rights, title and interest to such inventions are assigned by the employee to the Group.

As of the date of this annual report, we were not involved in any proceedings with regard to, and we have not received notice of any claims of infringement of, any intellectual property rights that may be threatened or pending, in which we may be involved either as a claimant or respondent.

**Item 4A. Unresolved Staff Comments**

None.

**Item 5. Operating and Financial Review and Prospects**

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this annual report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Item 3. Key Information — 3.D. Risk Factors" and elsewhere in this annual report.*

**5. A. *Operating Results*.**

**Overview**

Ohmyhome is a data and technology-driven property technology company based in Singapore. Through our subsidiaries, we operate a one-stop-shop property brokerage and services platform which provides end-to-end property solutions and services for our customers, which comprises brokerage services, property management services, and emerging and other services, such as home renovation and furnishing services, listing and research, mortgage referral, legal services and insurance referral service.

![](ea028645701_img6.jpg)

Customer Journey for Selling and Buying Homes

In a commission-driven industry, we put the customers first by transforming the real estate transaction process through a combination of proprietary technology with our in-house Super Agents to bring speed, ease, and reliability to our services. We also provide a comprehensive suite of property solutions and services including property management services for condominiums and renovation services in Singapore to aid our customers in every step of their property transaction journey.

**Key Business Metrics**

In addition to the measures presented in our consolidated financial statements, we use the following key metrics to evaluate our business, develop financial forecasts, and make strategic decisions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **Y-o-Y Growth** | **Y-o-Y Growth** |
| <br>**Business Metrics** | **2023** | **2024** | **2025** | **2023-2024** | **2024-2025** |
| **Real Estate Transactions (Number of transactions)** | **2428** | **2042** | **1700** | **(15.9)%** | **(16.7)%** |
| Online DIY | 1719 | 1130 | 1205 | (34.3)% | 6.6% |
| Agent Brokerage | 568 | 681 | 335 | 19.9% | (49.5)% |
| Emerging and Other Services | 141 | 231 | 160 | 63.8% | (30.7)% |
| **Gross Transaction Values (USD Millions)** | **449.9** | **429.3** | **317.4** | **(4.6)%** | **(26.1)%** |
| Online DIY | 264.2 | 148.6 | 132.0 | (43.8)% | (10.8)% |
| Agent Brokerage | 182.7 | 269.5 | 183.2 | 47.5% | (32.0)% |
| Emerging and Other Services | 3 | 11.2 | 2.2 | 273.3% | (99.7)% |
| **Property Management** |  |  |  |  |  |
| Units under Management | 6746 | 9067 | 12472 | 34.4% | 37.5% |
| **Revenue (SGD)** | **5004493** | **10886035** | **12241483** | **117.5%** | **12.5%** |
| Agent Brokerage | 2817930 | 3906953 | 2633613 | 38.6% | (32.6)% |
| Emerging and Other Services | 1339837 | 2796274 | 3298455 | 108.7% | 18.0% |
| Property Management | 846726 | 4182808 | 5985890 | N.M. \* | 43.1% |
| Digital Marketing Services | **-** | **-** | 323525 |  | 100.0% |
| **Brokerage Revenue per Agent Real Estate Transaction (SGD)** | **4961.14** | **5737.08** | 7861.53 | **15.6%** | **37.0%** |
| **Average Property Transaction per Super Agent per Year** | **63** | **76** | 65 | **20.1%** | 14.5% |

---

*\** *N.M.: not meaningful*

Key Business Metrics

***Real Estate Transactions***

Increasing the number of real estate transactions in which we represent homebuyers and home sellers is critical to increasing our revenue and, in turn, to achieving profitability. Real estate transactions are influenced by pricing for our services as well as market conditions that affect home sales, such as local inventory levels and mortgage interest rates. Real estate transactions are also affected by seasonality and macroeconomic factors.

As we allow users to post listings and enquire listings for free on our DIY platform, we also track transactions that transpire on our platform without engaging our Super Agents, and the user data associated with them, providing us with potential upselling and cross-selling opportunities with our à la carte services such as documentation, mortgage, legal conveyancing, moving, renovation and more to cater to the needs of our DIY users who do not wish to engage an agent.

As a one-stop-shop platform, we provide a myriad of other services to our clients to assist them throughout their transaction journey, including legal conveyancing, mortgage, insurance, renovation, moving, and more. We track transactions that take place on our platform who engage us for the various types of services during their buying or selling journey.

The property transaction market in Singapore has seen a decline in 2023 after a myriad of property cooling measures put in place by the Singapore government in December 2021 and throughout 2022 and a new additional HDB Flat Eligibility (HFE) requirement for HDB buyers in 2023. The new additional HFE requirement for HDB buyers led to a much longer time to transact. This is also against the backdrop of rising interest rates leading to higher cost of homeownership, and thus a slowdown in demand for housing particularly in the private property market.

In 2024, the market recovered from the series of government cooling measures and have witnessed a growth of 8.4% in HDB resale transactions according to HDB resale statistics<sup>1,</sup> and 24.0% growth in private property transactions according to Urban Redevelopment Authority of Singapore<sup>2</sup>.

Comparing our business from 2023 to 2024, our total number of transactions declined by 15.9% primarily due to a 34.3% decline in non-revenue generating DIY transactions, but saw a growth of 19.9% in agent brokerage transactions and a growth of 63.8% in Emerging and Other Services transactions.

In 2025, the market entered a phase of stabilization and divergence, characterized by a 9.7% decline in HDB resale transactions according to HDB resale statistics¹, and a 20.7% growth in private property transactions according to the Urban Redevelopment Authority of Singapore²

Comparing our business from 2024 to 2025, our total number of transactions declined by 16.7% primarily due to a 49.5% decline in agent brokerage transactions and a decline of 30.7% in Emerging and Other Services transactions, but saw a growth of 6.6% in non-revenue generating DIY transactions.

***Gross Transaction Value***

Gross Transaction Value ("**GTV**") refers to the value of properties and partner services transacted through our one-stop-shop platform. The total GTV comprises two (2) components:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Agent-based
GTV (or "**Agent GTV** "), which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) values
of properties transacted by engaging our agent services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) mortgage
value of mortgage referred through our platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) contract
values of legal conveyancing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) contract
values of renovation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) contract
values of general property services; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Online
DIY GTV (or "**Online GTV** "), which is the sum of the values of properties transacted via our platform without
the involvement of our Super Agents.

***Units under management***

Increasing the number of units under management is critical to increasing Ohmyhome Property Management's revenue and, in turn, to achieving profitability. Units under management are influenced by the size of the condominium projects under management, and the additional projects and units that are acquired from time to time.

The primary drivers of growth in units under management for Ohmyhome Property Management (S) include but not limited to the following:

● Growing number of private residential units and executive condominium units as a result of continuous growth of newly completed units that requires managing agent services.

● Increasing customer preference for a more convenient mobile-first lifestyle to allow ease of booking and payment for the use of facilities, and speed of communication with the property manager using mobile application and more provided by Ohmyhome Property Management (S) as compared to the predominantly paper-based and human-dependent workflow many has in the property management industry.

● The property management industry is facing succession challenges with many looking for successors and replacements, making it prime for technology disruption by a mobile-first property management company like Ohmyhome Property Management (S).

The total number of units under management has grown from 2,962 in 2021 to 4,648 in 2022 and subsequently to 6,746 in 2023, representing a growth of 56.9% and 45.1% in the year of 2022 and 2023 respectively.

In 2024, total number of units under management grew by 34.4% from 6,746 in 2023 to 9,067 in 2024.

In 2025, total number of units under management grew by 37.5% from 9,067 in 2024 to 12,472 in 2025.

**Real Estate Revenue per Real Estate Transaction**

Real estate revenue per real estate transaction, together with the number of real estate transactions, is a factor in evaluating business growth and determining pricing. Changes in revenue per real estate transaction can be affected by our pricing, the mix of transactions for homebuyers and home sellers, the mix of transactions for different property types, the mix of service offerings we provide to our customers, changes in the value of homes in the markets we serve, and the geographic mix of our transactions.

In 2023 and 2024, brokerage transactions for home sellers constituted the majority of the brokerage transactions on Ohmyhome's platform. While this segment historically anchored our financial performance, 2025 marked a transition in our revenue profile, with significant top-line contributions shifting toward our Property Management segment and our new Digital Marketing Services business. Even as our primary revenue engines evolve, we expect brokerage transactions for home sellers to remain a vital component of our ecosystem over time. We continue to focus on listings as a strategic asset that provides overarching benefits beyond the immediate revenue we generate from home sellers. For example, we believe that an increased volume of listings naturally draws more homebuyers to our platform, driving user engagement across our wider network of services.

In 2021, our brokerage transaction for private property in our first year of launch into the market consisted of around 10% of the total number of transactions, and it accounts for around 13% of total number of transactions in 2022 and 8% in 2023.

In 2024, private property transactions accounted for around 15% of total number of transactions in 2024.

In 2025, private property transactions accounted for around 49% of total number of transactions in 2025.

**<u>Factors Affecting Performance</u>**

***Seasonality***

Residential real estate is a highly seasonal business. While individual markets may vary, transaction volume typically increases progressively from July through the second half of year and then declines gradually over the first three to four months of the calendar year. We experience the most significant financial effect from this seasonality in the first and second quarters of each year, when our revenue is typically lower relative to the third and fourth quarters. However, because we employ our Super Agents and a portion of their compensation is fixed, we do not experience a proportional decrease in our expenses during such lower seasonal periods, which negatively affects our results of operations.

***Cyclicality***

The residential real estate industry is cyclical and, when economic conditions are favorable, the real estate industry tends to perform well. When the economy is weak, if interest rates dramatically increase, if mortgage lending standards tighten, or if there are economic or political disturbances, the residential real estate industry tends to perform poorly. Talent availability would also be subject to the economic cycles of specific industries, which might affect the cost of acquiring and retaining talents for our business. Our revenue growth rate tends to increase as the real estate industry performs well, and to decrease as it performs poorly.

***Pricing***

Delivering a better-quality customer experience at a lower cost than our competitors is a fundamental tenet of our strategy. We believe that in the long run our technology-powered residential brokerage model will further drive efficiencies that continue to reduce costs. From time to time, we adjust pricing after considering market conditions, the balance of profitability against customer savings, and other factors. Based on prior pricing changes, we believe that home sellers are more sensitive to pricing than homebuyers.

***Changes in Government Policies***

Cooling measures implemented by the Singapore Government that have specifically impacted us are the increasing of the Additional Buyer's Stamp Duty (ABSD) rates thus levying a higher stamp duty on property transactions for buyers of their second property and onwards, and tightening the Total Debt Servicing Ratio (TDSR) threshold and lowering the Loan-to-Value (LTV) limit for loans, which reduces the total quantum of loan a person is able to borrow, thereby affecting buyers across Singapore. Furthermore, in the first half of 2023, the Singapore government introduced additional property cooling measures, including heightened ABSD rates for Singapore citizens, permanent residents and foreigners, thereby increasing the costs associated with property ownership for foreigners buying any residential property in Singapore, and for Singaporeans and permanent residents buying their residential property beyond their first property. Additionally, for HDB properties, Singapore implemented an additional requirement for purchasers to apply for a HDB Flat Eligibility letter before HDB resale purchasers may obtain an option to purchase from a seller, thereby extending the timeframe for prospective buyers to submit offers and causing delays in the transaction process. Any of such measures and/or factors are likely to depress the property market in the jurisdictions we operate in, which may significantly reduce the volume and value of property transactions we broker and correspondingly, our revenue derived from our brokerage services. In August 2024, HDB announced a lowering of Loan-to-Value limit for HDB housing loans by 5% from 80% to 75%, which may impact buyers' ability to afford higher valued homes due to increased cash outlay. This was followed in July 2025 by a tightening of the Seller's Stamp Duty (SSD) framework, which extended the taxable holding period from three to four years and raised tax rates by 4 percentage points across all tiers; these measures aim to curb short-term speculation and are expected to moderate transaction volumes as owners are incentivized to commit to longer holding durations.

***Investments in Technology and Marketing***

We have invested, and intend to continue to invest, in developing technology, tools, features, and products that provide targeted and useful real estate information to customers, manage their real estate transactions, originate mortgages, and make our Super Agents and internal teams more efficient. In addition, we will continue to invest in marketing to increase our market share in the markets we serve.

Key Components of Our Results of Operations

***Revenue***

We derive our revenue when customers engage our services for their property and related transactions and services. Our key revenue components are:

● *Brokerage Services* 

We earn brokerage services revenue from provision of brokerage and documentation services for buying, selling, and leasing and renting properties. Traditional brokerage commissions typically range from 2.0% to 3.0% of a home's sale price, depending on the market. Our commissions are 1.0% for HDB flats and up to 2.0% for private properties when representing sellers, and equally shared from co-broke arrangements with the seller's agents when representing buyers.

● *Emerging and Other Services* 

○ We offer services beyond helping customers buy and sell homes. We also provide mortgage referral services to property buyers from an array of mortgage products from various financial institutions and banks respectively and earn referral fees from these parties. The typical referral fee is 0.2% of the mortgage value. The Group also receives advertising income by providing advertising services for property-related service providers such as legal conveyancing and home insurance.

○ We provide end-to-end solutions for renovation from interior design to alterations and additions, as well as regular and ad-hoc home services such as air conditioner servicing, cleaning, painting, handyman services, moving and relocation based on the needs of customers. The revenue will depend on the scope of services provided.

● *Property Management Services* 

○ We provide estate management services for residential, commercial and industrial real estate in Singapore, and also provide users and staff with a full-stack property management application called 'Simple'.

● *Digital Marketing Services* 

○ We provide internet marketing services by providing content promotion services for advertisers which the Company views as customers, including marketing strategy customization, delivery channel selection, content delivery and other services.

***Cost of Revenue and Gross Margin***

 ****

Cost of revenue consists primarily of staff costs (including base salary and other benefits), transaction bonuses, home touring and field expenses, property listing expenses, business expenses, facilities expenses, and, for emerging and other services, the costs of sub-contractors and the purchase price of materials for our customers. We expect cost of revenue to continue to rise, but more slowly than revenue, as we hire more Super Agents and support staff in response to anticipated customer demand.

Gross profit is revenue less the cost of revenue. Gross margin is gross profit expressed as a percentage of revenue. Our gross margins were 34%, 41% and 49% for the years ended December 31, 2023, 2024 and 2025, respectively. Our gross margin has been and will continue to be affected by a number of factors, including real estate revenue per real estate transaction and the productivity of our Super Agents and support staff, cost of services rendered by our subcontractors, and cost of materials for emerging and other services. We expect gross margin to continue to rise over time to the extent we gain efficiencies through technology and operations.

**Operating Expenses**

*Technology and Development*

 

Technology and development expenses relate primarily to developing new software used by our customers and internal teams, making enhancements to our existing software, and maintaining and improving our website and mobile application. These expenses consist primarily of personnel costs, data licenses, software, and equipment, and infrastructure such as for hosted services.

Our technology and development expenses as a percentage of revenue were 26%, 12% and 4% for the years ended December 31, 2023, 2024 and 2025, respectively. We expect technology and development expenses to continue to reduce in absolute dollars as we streamline our operations. We anticipate technology and development expenses as a percentage of revenue to decrease over time.

*Selling and Marketing*

 

Selling and marketing expenses consist primarily of media costs for online and traditional advertising, as well as staff costs. We expect marketing expenses to increase in absolute dollars as we expand advertising campaigns to gain market share in Singapore as well as to enter overseas markets. Our marketing expenses as a percentage of revenue were 36%, 17% and 4% for the years ended December 31, 2023, 2024 and 2025, respectively. We anticipate marketing expenses as a percentage of revenue to decrease over time.

*General and Administrative*

 

General and administrative expenses consist primarily of staff costs, facilities, and related expenses for our executive, finance, human resources, facilities and legal organizations, and fees for professional services. It also includes the general and administrative expenses of the acquired property management business.

Professional services principally comprised of external legal, audit, and tax services. We expect general and administrative expenses to increase in the short term due to the anticipated growth of our business and to meet the increased compliance requirements associated with our transition to, and operation as, a public company.

Our general and administrative expenses as a percentage of revenue were 58%, 48% and 56% for the years ended December 31, 2023, 2024 and 2025, respectively. We anticipate general and administrative expenses as a percentage of revenue to decrease in the long term.

*COVID-19 Affecting Our Results of Operations*

 

On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 pandemic has resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines, and travel bans, intended to control the spread of the virus. Companies are also taking precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses.

As of the date of this annual report, the daily life of Singapore residents is largely back to pre-COVID-19 levels. We consider that the impact of the COVID-19 pandemic has been and will be further alleviated by the measures announced by the Singapore Government. As the situation continues to evolve, we will continue to closely monitor further effects that could be caused by the COVID-19 pandemic on the Group's operations and financial position.

*Results of Operations*

**Comparison of Results of Operations for the Fiscal Years Ended December 31, 2023, 2024 and 2025**

The following table summarizes the results of our operations in SGD during the fiscal years ended December 31, 2023, 2024 and 2025, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | |
|  | **2023** | *% Rev* | **2024** | *% Rev* | **2025** | *% Rev* |
|  | **SGD** | *%* | **SGD** | *%* | **SGD** | *%* |
| **Revenue** | **5004493** | ***100*** *%*** | **10886035** | ***100*** *%*** | **12241483** | ***100*** *%*** |
| Brokerage Services | 2817930 | *56 %* | 3906953 | *36* *%* | 2633613 | *22* *%* |
| Property Management Services | 846726 | *17 %* | 4182808 | *38* *%* | 5958890 | *49* *%* |
| Emerging and Other Services | 1339837 | *27 %* | 2796274 | *26* *%* | 3298455 | *27* *%* |
| Digital Marketing Services |  |  |  |  | 323525 | *3* *%* |
| **Cost of Revenue** | **(3284841)** | ***(66*** *)%*** | **(6479846)** | ***(60*** *)%*** | **(8332767)** | ***(68*** *)%*** |
| Brokerage Services | (1638368) | *(33)%* | (1722801) | *(16* *)%* | (1762257) | *(14* *)%* |
| Property Management Services | (582582) | *(12)%* | (2816096) | *(26* *)%* | (4312758) | *(35* *)%* |
| Emerging and Other Services | (1063891) | *(21)%* | (1940949) | *(18* *)%* | (1973050) | *(16* *)%* |
| Digital Marketing Services |  |  |  |  | (284702) | *(2* *)%* |
| **Gross Profit** | **1719652** | ***34*** *%*** | **4406189** | ***40*** *%*** | **3980716** | ***32*** *%*** |
| Brokerage Services | 1179562 | *24 %* | 2184152 | *20* *%* | 871356 | *7* *%* |
| Property Management Services | 264144 | *5 %* | 1366712 | *13* *%* | 1673132 | *14* *%* |
| Emerging and Other Services | 275946 | *6 %* | 855325 | *8* *%* | 1325405 | *11* *%* |
| Digital Marketing Services |  |  |  |  | 38823 | *N.M.* *\** |
| Technology and development expenses | (1304914) | *(26)%* | (1265650) | *(12* *)%* | (221069) | *(2* *)%* |
| Selling and marketing expenses | (1797033) | *(36)%* | (1895914) | *(17* *)%* | (706276) | *(6* *)%* |
| General and administrative expenses | (2878273) | *(58)%* | (4492885) | *(48* *)%* | (5195204) | *(56* *)%* |
| Stock-based compensation | (537756) | *(11)* | (93389) | *(1* *)%* | (32477) | *N.M.* *\** |
| Professional Fees related to Listing and Acquisitions | (1082441) | *(22)%* | (1020803) | *(9* *)%* | (2355055) | *(19* *)%* |
| Impairment of intangible assets |  | *-* | (113707) | *N.M.* *\** |  | *-* |
| Impairment of goodwill |  | *-* |  | *-* | (4703996) | *(38* *)%* |
| **Total operating expenses** | **(7600417)** | ***(152*** *)%*** | **(8882348)** | ***(82*** *)%*** | **(13214077)** | ***(108*** *)%*** |
| **Other Income, net** | 364541 | *7 %* | 113885 | ***1*** *%*** | 69160 | *1* *%* |
| **Net Loss** | **(5516224)** | ***(110*** *)%*** | **(4362274)** | ***(40*** *)%*** | **(9236201)** | ***(75*** *)%*** |

---

\* N.M.: Not meaningful.

**Revenue**

***For the years ended December 31, 2024 and 2025***

In 2025, total revenue grew by S$1.4 million, or 13% to S$12.2 million compared to S$10.9 million in 2024.

Revenue from Brokerage Services saw a contraction of S$1.3 million, falling to S$2.6 million from S$3.9 million in the prior year. This was more than offset by gains in our diversified business lines. The Emerging and Other Services segment delivered an 18.0% increase due to higher renovation project volumes and contract sizes. Concurrently, Property Management Services sustained its strong growth momentum, generating S$6.3 million in revenue. Furthermore, 2025 marked the addition of our new Digital Marketing Services segment, which provided a S$0.3 million contribution to our top line.

***For the years ended December 31, 2023 and 2024***

In 2024, total revenue grew by S$5.0 million, or 118% to S10.9 million compared to S$5.0 million in 2023.

Brokerage services revenue grew by S$1.1 million to S$3.9 million compared to S$2.8 million in 2023, Emerging and Other Services saw a growth of 109% due to increased in renovation project volume and value. Property Management Services revenue amounted to S$0.8 million for the post-acquisition period from October 6, 2023 to December 31, 2023, and grew to S$4.2 million in 2024.

 ****

**Cost of Revenue and Gross Margin**

***For the years ended December 31, 2024 and 2025***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended<br> December 31,** | **For the Years Ended<br> December 31,** | **Variance** | **Variance** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | SGD | SGD | SGD | % |
| **Revenue** | **10886035** | **12241483** | **1355448** | **12.5%** |
| Brokerage Services | 3906953 | 2633613 | (1273340) | (32.6)% |
| Property Management Services | 4182808 | 5985890 | 1803082 | 43.1% |
| Emerging and Other Services | 2796274 | 3298455 | 502181 | 18.0% |
| Digital Marketing Services |  | 323525 | 323525 | 100.0% |
| **Cost of Revenue** | **(6479846)** | **(8332767)** | **(1852921)** | **(28.6)%** |
| Brokerage Services | (1722801) | (1762257) | (39456) | 2.3% |
| Property Management Services | (2816096) | (4312758) | (1496662) | 53.1% |
| Emerging and Other Services | (1940949) | (1973050) | (32101) | 1.7% |
| Digital Marketing Services |  | (284702) | (283702) | 100.0% |
| **Gross Profit** | **4406189** | **3908716** | **(497473)** | **(11.3)%** |
| Brokerage Services | 2184152 | 871356 | (1312796) | (60.1)% |
| Property Management Services | 1366712 | 1673132 | 306420 | 22.4% |
| Emerging and Other Services | 855325 | 1325405 | 470080 | 55.0% |
| Digital Marketing Services |  | 38823 | 38823 | 100.0% |
| **Gross Profit Margin** | ***40.5*** *%*** | **48.6%** |  |  |
| Brokerage Services | *55.9 %* | 33.1% |  |  |
| Property Management Services | *32.7 %* | 28.0% |  |  |
| Emerging and Other Services | *30.6 %* | 40.2% |  |  |
| Digital Marketing Services |  | 12.0% |  |  |

---

In 2025, the cost of revenue of Brokerage services increased by 2.3% compared to 2024, despite a decline in brokerage revenue by 32.6%. The gross margin of Brokerage services in 2025 declined to 33.1% as compared to 55.9% in 2024.

The gross margin of Property Management Services contracted from 32.7% in 2024 to 28.0% in 2025. This was primarily driven by higher costs of revenue, which mainly consisted of manpower and administrative costs for on-site staff, alongside the amortization of software used for providing estate management services to the MCSTs.

The cost of revenue of Emerging and Other Services increased by 1.7%, while the revenue of Emerging and Other Services grew by 18.0%. The gross margin of Emerging and Other Services improved from 30.6% in 2024 to 40.2% in 2025.

In 2025, our newly introduced Digital Marketing Services segment began contributing to our top line, achieving a gross margin of 12.0% in its inaugural year. The associated cost of revenue primarily reflects the direct costs incurred for producing content, formulating advertisement campaigns, and acquiring user traffic from online media platforms.

In 2025, total cost of revenue increased by 28.6% compared to cost of revenue incurred in 2024, and the gross margin in 2025 decline to 31.9% as compared to 40.5% in 2024.

***For the years ended December 31, 2023 and 2024***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended<br> December 31,** | **For the Years Ended<br> December 31,** | **Variance** | **Variance** |
|  | **2024** | **2024** | **Amount** | **%** |
|  | SGD | SGD | SGD | % |
| **Revenue** | **5004493** | **10886035** | **5881542** | 117.5% |
| Brokerage Services | 2817930 | 3906953 | 1089023 | 38.6% |
| Property Management Services | 846726 | 4182808 | 3336082 | 394.0% |
| Emerging and Other Services | 1339837 | 2796274 | 1456437 | 108.7% |
| **Cost of Revenue** | **(3284841)** | **(6479846)** | **(3195005)** | **97.3%** |
| Brokerage Services | (1638368) | (1722801) | (84433) | 5.2% |
| Property Management Services | (582582) | (2816096) | (2233514) | 383.4% |
| Emerging and Other Services | (1063891) | (1940949) | (877058) | 82.4% |
| **Gross Profit** | **1719652** | **4406189** | **2686537** | 156.2% |
| Brokerage Services | 1179562 | 2184152 | 1004590 | 85.2% |
| Property Management Services | 264144 | 1366712 | 1102568 | 417.4% |
| Emerging and Other Services | 275946 | 855325 | 579379 | 210.0% |
| **Gross Profit Margin** | ***34.4*** *%*** | ***40.5*** *%*** |  |  |
| Brokerage Services | *41.9 %* | *55.9 %* |  |  |
| Property Management Services | *31.2 %* | *32.7 %* |  |  |
| Emerging and Other Services | *20.6 %* | *30.6 %* |  |  |

---

In 2024, the cost of revenue of Agent Brokerage services increased by 5.2% compared to 2023, mainly due to growth in agent brokerage revenue by 38.6. The gross margin of agent brokerage services in 2024 improved to 55.9% as compared to 41.9% in 2023.

The gross margin of Property Management Services remained high at 32.7% in 2024 as compared to 31.2% in 2023, whereas the cost of revenue mainly consisted of manpower costs and administrative costs for on-site staff as well as amortization of software used for providing the estate management services to the MCSTs.

The cost of revenue of Emerging and Other Services increased by 82.4% mainly due to the growth of revenue of Emerging and Other Services by 108.7%. The gross margin of Emerging and Other Services improved from 20.6% in 2023 to 30.6% in 2024.

In 2024, total cost of revenue increased by 97.3% compared to cost of revenue incurred in 2023, and the gross margin in 2024 improved to 40.5% as compared to 33.0% in 2023.

**Operating Expenses**

***For the years ended December 31, 2024 and 2025***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** | **Variance** | **Variance** |
|  | **2024** | **2025** | **Amount** | **%** |
| Technology and development expenses |  |  |  |  |
| - Tech staff cost and benefits | 734141 | 135223 | (598918) | (81.6)% |
| - Developing tools purchase and maintenance | 531509 | 85846 | (445663) | (83.8)% |
|  | 1265650 | 221069 | (1044581) | (82.5)% |

---

Technology and development expenses decreased significantly by 82.5% to S$0.22 million in 2025, compared to S$1.27 million in 2024, reflecting the success of management's cost optimization initiatives.

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** | **Variance** | **Variance** |
|  | **2024** | **2025** | **Amount** | **%** |
| Selling and marketing expenses |  |  |  |  |
| - Marketing staff cost and benefits | 840137 | 319539 | (520598) | (62.0)% |
| - Marketing expenses | 1055778 | 386737 | (669041) | (63.4)% |
|  | 1895914 | 706276 | (1189638) | (62.7)% |

---

Selling and marketing expenses decreased significantly by 62.7% to S$0.71 million in 2025, compared to S$1.89 million in 2024, reflecting the success of management's cost optimization initiatives.

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** | **Variance** | **Variance** |
|  | **2024** | **2025** | **Amount** | **%** |
| General and administrative expenses |  |  |  |  |
| - General & admin staff cost and benefits | 3163221 | 3805505 | 642284 | 20.3% |
| - Depreciation | 1000126 | 923244 | (76882) | (7.7)% |
| - Professional fees | 1020803 | 2355055 | 1334252 | 130.7% |
| - Travel and transport | 43715 | 84983 | 41268 | 94.4% |
| - Office supplies | 127673 | 243874 | 116201 | 91.0% |
| - Utilities | 54579 | 29653 | (24926) | (45.7)% |
| - Provision of doubtful debts | 50948 | 34155 | (16793) | (33.0)% |
| - Others | 52622 | 73790 | 21168 | *40.2 %* |
| - Impairment of intangible assets | 113707 |  | (113707) | (100)% |
| - Impairment of goodwill | - | 4703996 | 4703996 | 100% |
|  | 5627395 | 12254255 | 6626280 | 117.8% |

---

In 2025, general and administrative expenses increased significantly by S$6.6 million, or 117.8%, to S$12.2 million compared to S$5.6 million in 2024. This surge was primarily driven by a S$4.7 million impairment of goodwill, alongside elevated staff costs and benefits. Additionally, professional fees increased because of corporate exercises, specifically a share consolidation and the issuance of new shares pursuant to a share purchase agreement. Minor increases were also noted across office supplies and travel and transport, though these were partially mitigated by reductions in utilities and the provision for doubtful debts.

***For the years ended December 31, 2023 and 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** | **Variance** | **Variance** |
|  | **2023** | **2024** | **Amount** | **%** |
| Technology and development expenses |  |  |  |  |
| - Tech staff cost and benefits | 909577 | 734141 | (175436) | (19)% |
| - Developing tools purchase and maintenance | 395337 | 531509 | 136172 | 34% |
|  | 1304914 | 1265650 | (39264) | (3)% |

---

In 2024, technology and development expenses reduced slightly by S$0.04 million, or 3.0% to S$1.26 million compared to S$1.30 million in 2023. It is expected to reduce further as the management focuses on cost optimization initiatives.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** | **Variance** | **Variance** |
|  | **2023** | **2024** | **Amount** | **%** |
| Selling and marketing expenses |  |  |  |  |
| - Marketing staff cost and benefits | 885978 | 840137 | (45841) | (5)% |
| - Marketing expenses | 911055 | 1055778 | 144723 | 16% |
|  | 1797033 | 1895914 | 98881 | 6% |

---

In 2024, marketing expenses increased slightly by S$0.1 million, or 6% to S$1.9 million compared to S$1.8 million in 2023. The increase was primarily attributable to a S$0.1 million increase in marketing expenses to fuel organic growth.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** | **Variance** | **Variance** |
|  | **2023** | **2024** | **Amount** | **%** |
| General and administrative expenses |  |  |  |  |
| - General & admin staff cost and benefits | 1945876 | 3163221 | 1217345 | *63 %* |
| - Depreciation | 463142 | 1000126 | 536984 | *116 %* |
| - Professional fees | 1082441 | 1020803 | (61638) | *(6)%* |
| - Travel and transport | 253953 | 43715 | (210238) | *(83)%* |
| - Office supplies | 56983 | 127673 | 70690 | *124 %* |
| - Utilities | 40323 | 54579 | 14256 | *35 %* |
| - Provision of doubtful debts | 7619 | 50948 | 43329 | *569 %* |
| - Others | 110299 | 52622 | (57677) | *(52)%* |
| - Impairment of intangible assets | - | 113707 | 113707 | *N.M.* |
|  | 3960636 | 5627395 | 1666759 | 42% |

---

In 2024, general and administrative expenses increased by S$1.7 million, or 42% to S$5.6 million compared to S$4.0 million in 2023. The increase was primarily attributable to general and administrative expenses from combination of business after acquisition of the property management business, and an increase in depreciation and amortization arising from the amortization of intangible assets recognized in 2023. It is mitigated by decreases in professional fees related to the listed entities, travel and transport, as well as other costs.

**5. B. *Liquidity and Capital Resources*.**

In assessing the Group's liquidity, the Group monitors and evaluates its cash and cash equivalent and its operating and capital expenditure commitments.

The Group's liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements of the Group. For the years ended December 31, 2024 and 2025, the Group had negative cash flow from operating activities of S$3,023,451 and S$4,229,054 (US$3,288,791), respectively The Group's working capital position improved from a deficit of S$152,264 as of December 31, 2024 to a net current asset position of S$1,235,620 (US$960,900) as of December 31, 2025. And the Group had S$1,145,829 and S$4,586,691 (US$3,566,755) in cash and cash equivalents, which is unrestricted as to withdrawal and use as of December 31, 2024 and 2025, respectively.

On March 18, 2025, the Company has filed a registration statement form F-3 that allowed the Company to, from time to time in one or more offerings, offer and sell up to US$300,000,000 in the aggregate of Ordinary Shares, preferred shares, warrants, units and rights to purchase Ordinary Shares, preferred shares, debt securities, rights or any combination of the foregoing, and has received the notice of effectiveness on March 19, 2025. In view of these circumstances, the management of the Group has given consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern.

To sustain its ability to support the Group's operating activities, the Group considered supplementing its sources of funding through the following:

● other available sources of financing from Singapore and Malaysia banks and other financial institutions;

● financial support from the Group's related parties and shareholders;

● issuance of additional convertible notes; and

● obtaining funds through a future public offering.

Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Group's business.

Based on the above considerations, management believes that the Group has sufficient funds to meet its operating and capital expenditure needs and obligations in the next 12 months. However, there is no assurance that the Group will be successful in implementing the foregoing plans or additional financing will be available to the Group on commercially reasonable terms. There are a number of factors that could potentially arise that could undermine the Group's plans such as (i) client's business and areas of operations in Singapore and Malaysia, (ii) changes in the demand for the Group's services, (iii) government policies, and (iv) economic conditions in Singapore, Malaysia and worldwide. The Group's inability to secure needed financing when required may require material changes to the Group's business plan and could have a material impact on the Group's financial conditions and result of operations.

Our main working capital commitments are staff salaries and marketing expenses. In order to reduce our operating expenses, the Group has hired overseas technology staff and has been exploring more overseas hires and outsourcing, with a view to lowering costs. We have also requested a higher prepayment amount from Emerging and Other Services' clients, and to pay our vendors on a back-to-back basis after receipt of payment from these clients.

***Cash Flows***

 

***For the year ended December 31, 2023, 2024 and 2025***

 

The following table summarizes our cash flows for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** | **Variance** | **Variance** |
|  | **2024** | **2025** | **Amount** | **%** |
| Net cash used in operating activities | (3023451) | (4229054) | (1205603) | 40% |
| Net cash used in provided by investing activities | (1277676) | (151685) | 1125991 | (88)% |
| Net cash provided by financing activities | 5124634 | 8158946 | 3034312 | 59% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** | **Variance** | **Variance** |
|  | **2023** | **2024** | **Amount** | **%** |
| Net cash used in operating activities | (4854939) | (3023451) | 1831488 | (38)% |
| Net cash used in provided by investing activities | (4534590) | (1277676) | 3256914 | (72)% |
| Net cash provided by financing activities | 9350155 | 5124634 | (4225521) | (40)% |

---

Note: (1) N.M. means not meaningful.

*Cash Flows from Operating Activities*

Net cash used in operating activities in 2025 consisted of S$9.2 million of net losses, a S$5.7 million positive impact from non-cash items, and a S$0.7 million net cash outflow in change of assets and liabilities due to the timing of when amounts came due.

Net cash used in operating activities in 2024 consisted of S$4.3 million of net losses, a S$1.1 million positive impact from non-cash items, and a S$0.1 million net cash outflow in change of assets and liabilities due to the timing of when amounts came due.

Net cash used in operating activities in 2023 consisted of S$5.5 million of net losses, a S$0.9 million positive impact from non-cash items, and a S$0.3 million net cash outflow in change of assets and liabilities due to the timing of when amounts came due.

*Cash Flows from Investing Activities*

Net cash used in investing activities was S$0.2 million in 2025, a decrease from S$1.1 million in 2024. This decrease in net cash outflows was primarily driven by net cash inflows from an acquisition during the year, which largely offset the cash used for the purchase of property and equipment and investment into research and development of proprietary technology products.

Net cash used in investing activities in 2024 consisted of S$1.3 million, a decrease from S$4.5 million in 2023, primarily arising from the purchase of property and equipment and investment into research and development of proprietary technology products, as well as cash and share consideration payments for acquisitions.

Net cash used in investing activities in 2023 consisted of S$4.5 million, an increase from S$0.01 million in 2022, primarily arising from the purchase of property and equipment as a result of team expansion and replacement of equipment, acquisition of Ohmyhome Property Management (S), capitalized personnel costs in research and development of proprietary technology products, as well as acquisition advances.

 

*Cash Flows from Financing Activities*

Net cash provided by financing activities in 2025 consisted of S$6.2 million in net proceeds from our follow-on offering in March 2025 after offering-related expenses, S$2.7 million advances from related parties, as well as S$0.8 million in repayment of long-term loans and interest-free advances from shareholders.

Net cash provided by financing activities in 2024 consisted of S$5. million in net proceeds from our follow-on offering in February 2024 after offering-related expenses, S$0.4 million from a loan, as well as S$1.0 million in repayment of long-term loans and interest-free advances from shareholders.

Net cash provided by financing activities in 2023 consisted of S$11.2 million in net proceeds from our IPO in March 2023 after IPO-related expenses, S$0.9 million short-term advances from directors, S$0.1 million deferred expenses for secondary follow-on offering, as well as repayment of S$2.3 million overdue interest-free loans to shareholders.

 

**Contractual Obligations**

***For the year ended December 31, 2023, 2024 and 2025***

Contractual obligations are cash amounts that we are obligated to pay as part of certain contracts that we have entered into during the normal course of business. Below are tables that shows the bank loans' obligation and contractual lease obligations as of December 31, 2023, 2024 and 2025:

Outstanding balances of bank loans consist of the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank Name** | **Drawn/<br> Maturities** | **Interest<br> Rate** | **Collateral/Guarantee** | **December 31,<br> 2023<br> SGD** | **December 31,<br> 2024<br> SGD** | **December 31,<br> 2025<br> SGD** | **December 31,<br> 2025<br> USD** |
| DBS Bank Ltd. | June 2020 /June 2025 | 3.00% | Guaranteed by Ms. Rhonda Wong, Co-Chief Executive Officer and Director of the Company and Anthill, major shareholder of the Company | 315878 | 106875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Maybank Singapore Limited | November 2020/November 2025 | 2.75% | Guaranteed by Ms. Rhonda Wong, Co-Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company | 159859 | 77505 |  |  |
| United Overseas Bank Limited | November 2020/November 2025 | 2.25% | Guaranteed by Mr. Kenneth Chong, Chief Executive Officer and Director of Ohmyhome Property Management Pte Ltd, Mr. Cho Ching Joe Kwan and Mr. Kok Wah Ming, former Directors of Ohmyhome Property Management (S) | 82018 | 43439 | 3867 | 3008 |
| ORIX Leasing Singapore Limited | April 2024/April 2029 | 7.50% | Guaranteed by Ms. Rhonda Wong, Co-Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company | - | 425620 | - | - |
| Total |  |  |  | 557755 | 653439 | 3867 | 3008 |
| Bank loans, current portion |  |  |  | 331528 | 238521 | 3867 | 3008 |
| Bank loans, non-current portion |  |  |  | 226227 | 414918 |  |  |

---

Interest expense for the years ended December 31, 2023, 2024 and 2025 amounted S$19,195, S$33,068 and S$15,677 (US$12,191) respectively.

The maturities schedule is as follows:

**Twelve months ending December 31,**

---

| | | |
|:---|:---|:---|
|  | **SGD** | **USD** |
| 2026 | 3867 | 2989 |
| **Total** | 3867 | 2989 |

---

**<u>Lease commitments</u>**

The Group determines if a contract contains a lease at inception. US GAAP requires that the Group's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Group has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Group has two property lease agreements with lease terms of less than one year remaining. The Group's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term of one year.

For the years ended December 31, 2023, 2024 and 2025, there were no rent expenses for the short-term lease.

The Group's commitment for minimum lease payments under the operating lease that is within twelve months as of December 31, 2025 as follow:

---

| | |
|:---|:---|
| **Twelve months ending December 31,** | **Minimum<br> lease<br> payment** |
| 2026 | 10278 |
| 2027 | - |
| **Total future lease payment** | **10278** |
| Amount representing interest | (144) |
| Present value of operating lease liabilities | 10424 |
| Less: current portion | (10424) |
| Long-term portion | - |

---

The following summarizes other supplemental information about the Group's operating lease as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| Weighted average discount rate | 1.79 | % |
| Weighted average remaining lease term (years) | 0.3 years |  |

---

**5. C. Research and Development, Patent and Licenses, etc.**

Please refer to "Item 4. Information on the Group – D. Property, Plant and Equipment – Intellectual Property.

**5. D. Trend Information.**

Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition or results of operations.

**5. E. Critical Accounting Policies and Estimates.**

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These consolidated financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and revenue and expenses, to disclose contingent assets and liabilities on the date of the consolidated financial statements, and to disclose the reported amounts of revenue and expenses incurred during the financial reporting period. The most significant estimates and assumptions include the valuation of accounts receivable, advances to suppliers, useful lives of property and equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities, and revenue recognition. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe critical accounting policies as disclosed in this annual report reflect the more significant judgments and estimates used in preparation of our consolidated financial statements.

We are an "emerging growth company" as defined under the federal securities laws and, as such, will be subject to reduced public company reporting requirements. Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act. As a result of our election, our financial statements may not be comparable to those of companies that comply with public company effective dates.

The following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial statements:

**Cash and cash equivalents**

Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Group's operating revenues which were held at third party platform fund accounts which are unrestricted as to immediate use or withdrawal. The Group maintains most of its bank accounts in Singapore and Malaysia.

**Accounts receivable and allowance for expected credit losses accounts**

Accounts receivable include trade accounts due from customers. Accounts are considered overdue after 30 days. Management reviews its receivables on a regular basis to determine if the allowance for expected credit loss is adequate and provides allowance when necessary. The allowance is based on management's best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. As of December 31, 2023, 2024 and 2025, the Group has S$9,802, S$60,360 and S$94,514 (US$73,501) allowance for expected credit losses for accounts receivable, respectively.

**Prepayments**

Prepayments are mainly payments made to vendors or services providers for future services that have not been provided. These amounts are refundable and bear no interest. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2023 2024 and 2025, no allowance was deemed necessary.

**Deferred IPO and public offering costs**

Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, the SEC filing and print related costs. As of December 31, 2022, the accumulated deferred IPO cost was S$676,321 (US$504,567). As of March 21, 2023 the Group successfully listed in the US Nasdaq. Hence, these deferred IPO costs had charged against the gross proceeds of the offering as a reduction of additional paid-in capital.

The Company has subsequently completed a follow-on public offering of 3,555,555 ordinary shares on February 16, 2024. As of December 31, 2023, the accumulated deferred costs related to the follow-on public offering was S$114,794 (US$87,012), which had charged against the gross proceeds of the offering as a reduction of additional paid-in capital subsequent during the year ended December 31, 2024.

No accumulated deferred public offering cost was recognized for the year ended December 31, 2025.

**Deposits**

Deposits are mainly for rent, utilities and money deposited with certain vendors. These amounts are refundable and bear no interest. The short-term deposits usually have a one-year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers when terms and conditions set forth in the agreements have been satisfied.

**Other current assets, net**

Other current assets, net, primarily consists of other receivables from third parties. These other receivables are unsecured and are reviewed periodically to determine whether their carrying value has become impaired.

**Property and equipment, net**

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

---

| | |
|:---|:---|
|  | **Expected useful lives** |
| Leasehold improvements | lesser of lease term or expected useful life |
| Office furniture and fittings | 3-5 years |
| Office equipment | 3-5 years |
| Computers | 3 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated financial statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Group also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

**Business Combination**

The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Group's consolidated statements of operations. The results of operations of the acquired business are included in the Group's operating results from the date of acquisition.

**Goodwill**

Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. In accordance with ASC Topic 350, Goodwill and Other Intangible Assets ("ASC 350"), recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present.

In accordance with ASC 350, the Group assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. As of December 31, 2023, the Group as a whole is the reporting unit of goodwill.

Pursuant to ASC 350, the Group has an option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value based on discounted cash flow of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. The impairment charge would be recorded in the consolidated statements of income and comprehensive income.

Application of the goodwill impairment test requires judgment, including the determination of the fair value of each reporting unit. Estimating fair value is performed by utilizing various valuation techniques, with a primary technique being a discounted cash flow which requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group's business, estimation of the useful life over which cash flows will occur, and determination of the Group's weighted average cost of capital.

**Intangible Assets**

Intangible assets consist of software and capitalized research and development and customer relationship acquired from a business combination. Intangible assets with finite lives are carried at cost less accumulated amortization and impairment loss, if any. Intangible assets with finite lives are amortized using the straight-line method over the estimated useful lives.

**Impairment for long-lived assets other than goodwill**

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than it was originally estimated. When these events occur, the Company, its wholly-owned subsidiaries evaluate the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, an impairment loss is recognized based on the excess of the carrying value of the assets over the fair value of the assets.

The customer relationship arose from acquisition of Ohmyhome Property Management Pte. Ltd. by the Ohmyhome BVI in 2023. During the year ended December 31, 2024, the Group performed its annual impairment assessment of intangible assets in accordance with ASC 360, *Property, Plant, and Equipment*. As a result of the assessment, the Group recorded an impairment loss of $113,707 related to customer relationship assets. The impairment was recognized due to a decline in the expected future economic benefits from the related customer relationships, and the carrying amount exceeded the asset's fair value. This loss is included in operating expenses in the consolidated statement of operations. For the year ended December 31, 2025, no impairment loss was recognized.

For the years ended December 31, 2023, 2024 and 2025, the Group did not recognize impairment on capitalized software and development costs.

**Fair value measurement**

The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Group.

The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follows:

● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.

**Revenue recognition**

The five-step model defined by ASC Topic 606 requires the Group to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) identify
its contracts with customers;

&nbsp;&nbsp;&nbsp;&nbsp;(2) identify
its performance obligations under those contracts;

&nbsp;&nbsp;&nbsp;&nbsp;(3) determine
the transaction prices of those contracts;

&nbsp;&nbsp;&nbsp;&nbsp;(4) allocate
the transaction prices to its performance obligations in those contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;(5) recognize
revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred
to the client in an amount that reflects the consideration expected in exchange for those services.

We enter into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial substance, and it is probable that the Group will collect considerations from its customers for service components.

We have utilized the allowable practical expedient in the accounting guidance and elected not to capitalize costs related to obtaining contracts with customers with durations of less than one year. We do not have significant remaining performance obligations.

We derive its revenues from three sources: (1) revenue from brokerage services, (2) revenue from emerging and other services, and (3) revenue from property management and other related services.

1) Brokerage services

We earn brokerage services revenue from provision of brokerage and documentation services for buying, selling, and leasing and renting properties. We recognize commission-based brokerage revenue upon closing of a brokerage transaction and concurrently issues invoice. The transaction price is generally calculated by taking the agreed upon commission rate and applying that to the home's selling price. Brokerage revenue primarily contains a single performance obligation that is satisfied upon the closing of a transaction, at which point the entire transaction price is earned. We are not entitled to any commission until the performance obligation is satisfied and are not owed any commission for unsuccessful transactions, even if services have been provided. The Group is considered to be the principal agent as it has the right to determine the service price and to define the service performance obligations, it has control over services provided and it is fully responsible for fulfilling the agency services pursuant to the housing agency service contracts it signed with the housing customers. Accordingly, the Group accounts for the commissions from these agency service contracts on a gross basis, with any commissions paid to other brokerage firms recorded as a cost of revenue. Typical payment terms set forth in the invoice is within 30 days.

2) Emerging and other related services

The Group generates revenues from emerging and other services such as financial services and home renovation and furnishing services. Service fees for emerging and other services are generally recognized as revenues when services are provided.

3) Property management services and other related services

Ohmyhome Property Management Pte. Ltd. earns estate management services revenue from Management Corporate Strata Titles (MCSTs) by being appointed as the Managing Agent for the respective estates to provide routine management, administration and secretarial services, accounting and finance management, and the operation and maintenance of the estates. Management believes that the estate management services are integrated services, and it is impractical to assess standalone value to each service; accordingly, the estate management services should be considered as single performance obligation. In consideration of the services provided by the Group, the MCSTs pay a monthly fee to the Group. The contract is a fixed contract with a fixed fee over the contractual period. The monthly management fee of individual estate varies depending on the size of the estates and the scope of the services required. Estate management revenue primarily contains an ongoing performance obligation that is satisfied upon the end of each calendar month, at which point the monthly fee is earned. The revenue is recognized over time based on the fixed contract fee over the contractual period. The Group is considered to be the principal as it has the right to determine the service price and to define the service performance obligations, it has control over services provided and it is fully responsible for fulfilling the estate management services pursuant to the estate management service contracts it signed with the MCSTs. Typical payment terms set forth in the invoice are within 30 days. The Group also generates revenues from other related services such as providing of additional manpower which are usually in ad-hoc basis, certification of documents, disbursements, marketing initiatives and others that to be completed in a short-term period. Service fees for other services are generally recognized at the point in time when services are provided. Typical payment terms set forth in the invoice are within 30 days.

4) Digital marketing services

The Company generates revenue from internet marketing services by providing content promotion services for advertisers which the Company views as customers, including marketing strategy customization, delivery channel selection, content delivery and other services. The customers continuously consumed economic benefits during the period when the company provided services, so the revenue is recognized over time during the contract period. During the service period, when the agreed services are completed, the customer signs the acceptance confirmation, and the Company recognizes revenue accordingly. Under this business model, the Company is the primary obligor and responsible for (i) identifying and contracting with third-party advertisers, and delivering the specified integrated internet marketing services to the advertisers; (ii) bearing certain risks of loss to the extent that the cost incurred for producing contents, formulating advertisement campaign and acquiring user traffic from online media platforms cannot be compensated by the total consideration received from the advertisers, which is similar to inventory risk; and (iii) performing all the billing and collection activities, including retaining credit risk. The Company assumes ownership of the specified service before it is delivered to the advertiser and acts as the principal of these arrangements and therefore recognizes revenue earned and costs incurred related to these transactions on a gross basis.

**Contract Balances**

Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services such as cleaning, painting and moving services, customers are required to pay before the services are delivered. The Group recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the Group's performance and the customer's payment.

The Group classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its audited condensed consolidated balance sheets when it performs a service in advance of receiving consideration and if it has the unconditional right to receive consideration. The Group did not have any capitalized contract cost as of December 31, 2023, 2024 and 2025.

Contract liabilities are recognized if the Group receives consideration in advance of performance, which is mainly in relation to emerging and other services. The Group expects to recognize a significant majority of this balance as revenue over the next 12 months, and the remainder thereafter. As of December 31, 2023, 2024 and 2025, the contract liabilities of the Group amounted to S$103,655, S$0 and S$24,386 respectively. The revenue recognized for from contract liabilities from the previous periods amounted to S$194,300, S$103,655 and S$0 respectively, for the years ended December 31, 2023, 2024 and 2025.

**Cost of revenue**

Cost of revenue consists primarily of personnel costs (including base pay and benefits), commission fee, property listing fee, referral fee and subcontracting cost.

**Technology and development**

Technology and development expenses primarily include personnel costs (including base pay, bonuses, and benefits), platform development, and maintaining and improving our website and mobile application development costs. We capitalize research and development personnel costs related to the development of our new proprietary software products and features including HomerAI, MATCH and others, as well as acquired carrying value of the proprietary software from the acquisition of Ohmyhome Property Management (S). As of December 31, 2024 and 2025, research and development and software and technology, net amounted to S$1,071,958 and S$221,069 (US$171,918), respectively, and is included in intangible assets. Other costs are expensed off as incurred and record them in technology and development expenses.

**Selling and marketing expenses**

Selling and marketing expenses mainly consist of promotion and marketing expenses, media expenses for online and traditional advertising, as well as labor costs. For the year ended December 31, 2023, 2024 and 2025, the Group's selling and marketing expenses were S$1,797,033, S$1,895,914 and S$706,276 (US$549,246), respectively.

**Employee compensation**

*Singapore* 

(1) Defined
contribution plan

The Group participates in the national pension schemes as defined by the laws of Singapore's jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

(2) Employees
leave entitlement

Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly within the reporting period.

*Malaysia*

The full-time employees of the Group are entitled to the government mandated defined contribution plan. The Group is required to accrue and pay for these benefits based on certain percentages of the employees' respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan.

**Government Grant**

Government grants as compensation for expenses already incurred or for the purpose of giving immediate financial support to the Group during the COVID-19 pandemic. The government also periodically provides various grants for childcare and parental leaves taken by eligible employees for social and family development purposes, as well as for employment of senior employees and for development of specialized skills paid by the employer for the benefits of the employees. The government evaluates the Group's eligibility for the grants on a consistent basis, and then makes the payment. Therefore, there are no restrictions on the grants.

Government grants are recognized when received and all the conditions for their receipt have been met and are recorded as part of Other Income. The grants received were S$25,769, S$68,114 and S$90,670 (US$70,511) for the year ended December 31, 2023, 2024 and 2025, respectively from the Singapore Government.

**Segment reporting**

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Group's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Group's business segments. The Group uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group's Chief Operating Decision Maker ("CODM") for making operating decisions and assessing performance as the source for determining the Group's reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products or services. Based on management's assessment, the Group has determined that it has two operating segments, which are (i) Brokerage, emerging and another related service; and (ii) Estate management services and other related services in Singapore. All assets of the Group are located in Singapore and all revenue is generated in Singapore. The Group has disclosed the relevant metrics for measurement of performance in "ITEM 5. Operating and Financial Review and Prospects".

Information reported internally for performance assessment as follows:

**Year ended December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Brokerage, emerging and another related service** | **Estate management services and other related services** | **Digital marketing services** | **Total** | **Total** |
|  | **S$** | **S$** | **S$** | **S$** | **US$** |
| Revenue – external parties | 5932068 | 5985890 | 323525 | 12241483 | 9519777 |
| Revenue – related parties | - | - | - | - | - |
| **Total revenue** | **5932068** | **5985890** | **323525** | **12241483** | **9519777** |
| Total cost of revenue | (3735307) | (4312758) | (284702) | (8332767) | (6480106) |
| **Gross profit** | **2196761** | **1673132** | **38823** | **3908716** | **3039670** |
| **Operating expenses** | **(11124596)** | **(2055572)** | **(1432)** | **(13181600)** | **(10250875)** |
| Share-based compensation | (32477) |  |  | (32477) | (25256) |
| Interest income | 2218 |  |  | 2218 | 1725 |
| Interest expense | (15033) | (644) |  | (15677) | (12191) |
| Foreign exchange loss | (21605) | (98) |  | (21703) | (16878) |
| Government grants | 20447 | 70223 |  | 90670 | 70511 |
| Others | 13652 | - | - | 13652 | 10617 |
| **Other (expense) income, net** | (32798) | 69481 | - | 36683 | 28528 |
| (Loss) income before income tax expenses | (8960632) | (312960) | 37391 | (9236201) | (7182677) |
| **Segment (loss) income** | **(8960632)** | **(312960)** | 37391 | **(9236201)** | **(7182677)** |
| Total assets | 7740669 | 1083826 | 323525 | 9148020 | 7114099 |
| Total liabilities | 2754397 | 1814746 | 287723 | 4856866 | 3777016 |
| **Net assets (liabilities)** | 4986272 | **(730920)** | 35802 | **4291154** | **3337083** |

---

**Year ended December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brokerage,<br> emerging and<br> another<br> related<br> service** | **Estate<br> management <br> services and <br> other related services** | **Total** | **Total** |
|  | **S$** | **S$** | **S$** | **US$** |
| Revenue – external parties | 6696107 | 4182808 | 10878915 | 7962901 |
| Revenue – related parties | 7120 | - | 7120 | 5212 |
| **Total revenue** | **6703227** | **4182808** | **10886035** | **7968113** |
| Total cost of revenue | (3663750) | (2816096) | (6479846) | (4742970) |
| **Gross profit** | **3039477** | **1366712** | **4406189** | **3225143** |
| **Operating expenses** | **(6823320)** | **(1965639)** | **(8788959)** | **(6433143)** |
| Share-based compensation | (93389) |  | (93389) | (68357) |
| Interest income | 76054 |  | 76054 | 55668 |
| Interest expense | (36818) | (1700) | (38518) | (28194) |
| Foreign exchange loss | (43923) | (250) | (44173) | (32333) |
| Government grants | 53987 | 14127 | 68114 | 49857 |
| **Other income, net** | 41880 | 10528 | 52408 | 38361 |
| Loss before income tax expenses | (3786050) | (576224) | (4362274) | (3192998) |
| **Segment loss** | **(3786050)** | **(576224)** | **(4362274)** | **(3192998)** |
| Total assets | 10083418 | 711804 | 10795222 | 7901642 |
| Total liabilities | 3444467 | 1051416 | 4495883 | 3290796 |
| **Net assets (liabilities)** | **6638951** | **(339612)** | **6299339** | **4610846** |

---

**Year ended December 31, 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brokerage,<br> emerging<br> and another<br> related service** | **Estate<br> management<br> services and<br> other related <br> services** | **Total** | **Total** |
|  | **S$** | **S$** | **S$** | **US$** |
| Revenue – external parties | 3635439 | 846726 | 4482165 | 3397380 |
| Revenue – related parties | 522328 | - | 522328 | 395913 |
| **Total revenue** | **4157767** | **846726** | **5004493** | **3793293** |
| Total cost of revenue | (2702259) | (582582) | (3284841 | (2489836) |
| **Gross profit** | **1455508** | **264144** | **1719652** | **1303457** |
| **Operating expenses** | **(6692028)** | **(370555)** | **(7062583)** | **(5353281)** |
| Share-based compensation | (537756) |  | (537756) | (407607) |
| Interest income | 106023 |  | 106023 | 80363 |
| Interest expense | (29431) | (2265) | (31696) | (24025) |
| Foreign exchange gain | 264367 |  | 264367 | 200384 |
| Government grants | 25769 | - | 25769 | 19532 |
| **Other expense, net** | **(171028)** | **(2265)** | **(173293)** | **(131353)** |
| Loss before income tax expenses | (5407548) | (108676) | (5516224) | (4181177) |
| **Segment loss** | **(5407548)** | **(108676)** | **(5516224)** | **(4181177)** |
| Total assets | 9436152 | 865788 | 10301940 | 7808643 |
| Total liabilities | 5670189 | 629176 | 6299365 | 4774779 |
| **Net assets** | **3765963** | **236612** | **4002575** | **3033864** |

---

**<u>Leases</u>**

The Group adopted ASC 842 on January 1, 2019. The Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liability, and operating lease liability, non-current in the Group's consolidated balance sheets. ROU assets represent the Group's right to use an underlying asset for the lease term and lease liabilities represent the Group's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Group's leases do not provide an implicit rate, the Group used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Group elected not to apply ASC 842 recognition requirements; and (ii) the Group elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs.

**Income taxes**

The Group accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the year ended December 31, 2023, 2024 and 2025. The Group had no uncertain tax positions for the year ended December 31, 2023, 2024 and 2025. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**Comprehensive loss**

Comprehensive loss consists of two components, net loss and other comprehensive loss. Other comprehensive loss refers to revenues, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded from net loss. Other comprehensive loss consists of a foreign currency translation adjustment resulting from the Group not using the United States dollar as its functional currencies.

**Loss per share**

The Group computes loss per share ("EPS") in accordance with ASC 260, "Earnings per Share". ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the year ended December 31, 2023, the total diluted ordinary share was 1,846,134 as compared to the basic number of ordinary share issued at 1,786,062 as of December 31, 2023. For the year ended December 31, 2024, the total diluted ordinary share was 2,372,962 as compared to the basic number of ordinary share issued at 2,250,337 as of December 31, 2024. For the year ended December 31, 2025, the total diluted ordinary share was 14,138,744 as compared to the basic number of ordinary share issued at 14,138,744 as of December 31, 2025.

**Related party transactions**

Parties, which can be a corporation or individual, are considered to be related if the Group has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

**Commitments and Contingencies**

In the normal course of business, the Group is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Group recognizes its liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

**Concentration of risk** 

***For the years ended December 31, 2023, 2024 and 2025***

*Concentration of credit risk* 

Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable. The Group place our cash and cash equivalents with financial institutions with high credit ratings and quality.

Accounts receivable primarily comprise of amounts receivable from the service customers. The Group conducts credit evaluations of customers, and generally does not require collateral or other security from our customers. The Group establish an allowance for doubtful accounts primarily based upon the factors surrounding the credit risk of specific customers.

*Concentration of customers* 

As of December 31, 2025, no customer accounted for more than 10% of the Group's total revenue for the year or accounts receivables as of December 31, 2025.

As of December 31, 2024, no customer accounted for more than 10% of the Group's total revenue for the year or accounts receivables as of December 31, 2024.

As of December 31, 2023, two customers, one is a provider of general insurance and another is a property consultancy firm, accounted for 10.0% and 25.85% of the account receivables respectively. None of the customers consisted of more than 10% of account receivables as of December 31, 2021 and 2022, respectively.

*Concentration of vendors*

For the year ended December 31, 2025, no vendor accounted for more than 10% of total purchases. One vendor who was a provider of technical manpower for MCSTs accounted for 26.0% of accounts payable, and another vendor who was a co-broke agency accounted for 10.0% of accounts payable.

For the year ended December 31, 2024, no vendor accounted for more than 10% of total purchases. One vendor who was a provider of technical manpower for MCSTs accounted for 16.8% of accounts payable, and another vendor who was a co-broke agency accounted for 11.7% of accounts payable.

For the year ended December 31, 2023, no vendor accounted for more than 10% of total purchases. One vendor, who is providing search engines and on-line advertising, accounted for 29% of the Group's account payable.

**Stock-based compensation**

On December 19, 2023, the Board of Directors adopted the 2023 Equity Incentive Plan (the "2023 Incentive Plan"). Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. The Group estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Group's common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, the illiquidity of the option given its non-transferability, and the expected dividend yield of the Group's common stock. The Group derives its volatility from the average historical stock volatilities of the Group over a period equivalent to the expected term of the awards. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. The expected dividend yield is 0.0% as the Group has not paid and does not currently anticipate paying dividends on its common stock. Details can be found in "Note 11 – Stock-based compensation" in the financial statements and accompanying notes.

Stock-based compensation expense is classified in the accompanying consolidated statement of operations.

**Recently adopted accounting pronouncements**

The Group considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued. Under the Jump start Our Business Start-ups Act of 2012, as amended (the "JOBS Act"), the Group meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments — Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments — Credit Losses — Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders' concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-02 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. The Group adopted the ASU on January 1, 2023 and the adoption of this ASU did not have a material effect on the Group's consolidated financial statements.

<u>Recently issued accounting pronouncements</u>

In December 2025, the FASB issued ASU 2025-12, which is to correct, clarify, and otherwise improve U.S. GAAP. ASU 2025-12 includes 33 improvements that span a wide range of topics, including Clarifying diluted earnings per share (EPS) calculation when a loss from continuing operations exists, Clarifying disclosure requirements for lease receivables from sales-type or direct financing leases, Revising the calculation of the reference amount for beneficial interests to prevent double counting credit losses, Clarifying the permissible methods to account for treasury stock retirements, and Clarifying the guidance for transfers of receivables from contracts with customers. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. If an entity adopts the amendments in this Update in an interim period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. An entity may elect to early adopt the amendments on an issue-by-issue basis. For example, an entity may decide to early adopt certain amendments and adopt the remaining amendments at the effective date. An entity should apply the amendments in this Update (except for the amendments to Topic 260, Earnings Per Share, related to Issue 4) using one of the following transition methods: (i) Prospectively to all transactions recognized on or after the date that the entity first applies the amendments, or (ii) Retrospectively to the beginning of the earliest comparative period presented. An entity should adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In December 2025, the FASB issued ASU 2025-11, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. As the Board stated in the proposed guidance and reiterates in the ASU, the amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. For public business entities, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. For entities other than public business entities, for interim reporting periods within annual reporting periods beginning after December 15, 2028. Early adoption is permitted for all entities. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The ASU establishes authoritative guidance on the accounting for government grants received by business entities. This update is effective beginning with annual reporting period beginning after December 15, 2029, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its combined financial statements.

On September 18, 2025, the FASB issued Accounting Standards Update (ASU) 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software (the existing internal-use software guidance does not contemplate more current methods of software development). The amendments in ASU 2025-06 are limited and focused on the key challenge that entities face in applying FASB Accounting Standards Codification (FASB ASC) 350-40—applying that guidance to software that is developed using modern, iterative approaches such as Agile, DevOps, and continuous-deployment models that do not fit neatly into the legacy "preliminary-project / application-development / post-implementation" stages described in today's Subtopic 350-40.The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company expects the adoption on this ASU will not have a material effect on the Company's consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05 - Financial Instruments—Credit Losses (Topic 326). The amendments in this Update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity that elects the practical expedient and the accounting policy election, if applicable, should apply the amendments in this Update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is evaluating the impact of the adoption of this guidance. We believe the future adoption of this ASU is not expected to have a material impact on its financial statements.

In January 2025, the FASB issued ASU 2025-01, "Income Statement – Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Clarifying the Effective Date." This pronouncement revises the effective date of ASU 2024-03 and clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU's scope are permitted to early adopt the accounting standard update. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In November 2024, the FASB issued ASU 2024-03, "Income Statement — Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses." This pronouncement introduces new disclosure requirements aimed at enhancing transparency in financial reporting by requiring disaggregation of specific income statement expense captions. Under the new guidance, entities are required to disclose a breakdown of certain expense categories, such as: employee compensation; depreciation; amortization, and other material components. The disaggregated information can be presented either on the face of the income statement or in the notes to the financial statements, often using a tabular format. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. In January 2025, the FASB issued ASU 2025-01, "Income Statement – Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Clarifying the Effective Date." This pronouncement revises the effective date of ASU 2024-03 and clarifies that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU's scope are permitted to early adopt the accounting standard update. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements — Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative which amend the disclosure or presentation requirements of codification subtopic 230-10 Statement of Cash Flows — Overall, 250-10 Accounting Changes and Error Corrections — Overall, 260-10 Earnings Per Share — Overall, 270-10 Interim Reporting — Overall, 440-10 Commitments — Overall, 470-10 Debt — Overall, 505-10 Equity — Overall, 815-10 Derivatives and Hedging — Overall, 860-30 Transfers and Servicing — Secured Borrowing and Collateral, 932-235 Extractive Activities — Oil and Gas — Notes to Financial Statements, 946-20 Financial Services — Investment Companies — Investment Company Activities, and 974-10 Real Estate — Real Estate Investment Trusts — Overall. The amendments represent changes to clarify or improve disclosure and presentation requirements of the above subtopics. Many of the amendments allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements. Also, the amendments align the requirements in the codification with the SEC's regulations. For entities subject to existing SEC disclosure requirements or those that must provide financial statements to the SEC for securities purposes without contractual transfer restrictions, the effective date aligns with the date when the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is not allowed. For all other entities, the amendments will be effective two years later from the date of the SEC's removal.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the consolidated financial position, statements of operations and cash flows.

**Holding Company Structure**

Ohmyhome Limited is a holding company incorporated in the Cayman Islands with no material operations of its own. We conduct our operations primarily in Singapore and Malaysia through our subsidiaries in Singapore and Malaysia.

As a result, Ohmyhome Limited's ability to pay dividends may depend upon dividends paid by our Singapore and Malaysian subsidiaries. If our existing Singapore and Malaysian subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

**Inflation**

In accordance with the Monetary Authority of Singapore, the year-over-year percentage changes in the consumer price index for 2021 and 2020 were 2.3% and -0.2%, respectively. rate of inflation in Singapore for 2023 was 4.0%. The rate of inflation in Singapore for 2024 was 2.4%. The rate of inflation in Singapore for 2025 was 0.9%.

Inflation in Singapore has not materially affected our profitability and operating results. However, we can provide no assurance that we will not be affected by such inflationary pressures in Singapore or globally in the future. If the inflationary pressures continue to increase to any material extent, we may pass along increased costs to our customers, which could result in loss of sales and loss of customers, and adversely impact our margins and results of operations.

**Item 6. Directors, Senior Management and Employees**

**6. A. Directors and Senior Management**

The following table provides information regarding our executive officers and directors as of the date hereof:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Agus Prasetyo | 50 | Chairman of the Board of Directors, Chief Executive Officer, Acting Chief Financial Officer Director |
| Chin Chee Yen <sup>(1)(2)(3)</sup> | 48 | Independent Director, Chair of Audit Committee |
| Henliyanto Ngadini<sup>(1)(2)(3)</sup> | 43 | Independent Director, Chair of Nomination Committee |
| Liu Wen Tao<sup>(1)(2)(3)</sup> | 40 | Independent Director, Chair of Compensation Committee |

---

<sup>(1)</sup> Member of the Audit Committee

<sup>(2)</sup> Member of the Compensation Committee

<sup>(3)</sup> Member of the Nomination Committee

**<u>Executive Directors and Officers:</u>**

***Mr. Agus Prasetyo*** is currently the Chairman of the Board of Directors, Chief Executive Officer, Acting Chief Financial Officer and a Director of our Company where he is primarily responsible for strategic development and day-to-day operations since the founding of our Group. Mr. Prasetyo has over 10 years of experience in internet marketing and promotion, specializing in developing and executing data-driven digital strategies for real estate-related and multi-sector clients. Mr. Prasetyo has served as the Regional General Manager of PT Smartit Mantap Digital Indonesia since September 2021. From November 2015 to April 2021, Mr. Prasetyo was the Business Director of Doxadigital Creative Digital Agency. Mr. Prasetyo obtained a Bachelor of Economics (S.E.) from Universitas Muhammadiyah Jakarta in 2000.

**<u>Independent Directors:</u>**

***Mr. Chin Chee Yen*** has over 25 years of experience in financial management, compliance governance, and operational optimization across Malaysian small and medium-sized enterprises (SMEs). Since April 2022, Mr. Chin has served as the Independent Consultant of Great CFO Sdn Bhd, where he supports audit projects for local SMEs, conducts financial statement verification, internal control testing, and compliance checks. From January 2017 to May 2021. Mr. Chin was a Financial Manager of Land & Mine Sdn Bhd., where he was responsible for preparing audit working papers and reports, identifying financial process loopholes for clients and proposing improvement plans. Mr. Chin obtained a Bachelor of Accounting and Finance from University of Malaya in 1999.

***Mr. Henliyanto Ngadini*** has extensive experience in software development and project management, leveraging his decades of expertise to guide strategic and operational decisions. Since 2020, he has been the Technical Director at Qurinom Solutions, where he oversees software development cycles, resource allocation, and risk assessments. From 2017 to 2020, he worked as a Senior Software Engineer at PT IDstar Cipta Teknologi, leading a team to optimize backend architecture and performance. Between 2013 and 2017, he was a Software Developer at Badr Interactive, focusing on the design and maintenance of distributed SaaS systems.

Mr. Ngadini holds a Bachelor's Degree in Computer Science from Universitas Indonesia.

***Mr. Liu Wen Tao*** is a seasoned executive with extensive expertise in strategic operations, organizational leadership, and transformative business growth. Renowned for his strategic acumen, he excels in driving cross-functional initiatives across strategic planning and execution, resource optimization, and corporate culture development. Since 2018, he has served as General Manager of Shenzhen Dingxin Investment & Development Limited, where he spearheads investment decisions, oversees asset management portfolios and champion innovations on resource integration. Previously, as Deputy General Manager of Beijing Feitian Zhaoye Technology Co., Limited (2010–2018), Mr. Liu orchestrated the company's day-to-day operations, optimizing sales strategies and streamlining business processes to enhance profitability and operational efficiency.

Mr. Liu holds a Bachelor's Degree in Business Administration from Hunan University (2009).

**Family Relationships**

No director has a family relationship with any director or executive officer of the Company.

**6. B. Compensation**

**Compensation of Directors and Executive Officers**

The following table summarizes all compensation received by our Directors, our executive officers and our key employees during the years ended December 31, 2023, 2024 and 2025.

**Summary Compensation Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Compensation Paid** | **Compensation Paid** | **Compensation Paid** | **Compensation Paid** | **Compensation Paid** |
| <br>**Name and Principal Position** | **Year** | **Salary<br> (SGD)** | **Bonus<br> (SGD)** | **Other<br> Compensation <sup>(1)</sup> (SGD)** | **Total<br> (SGD)** |
| Mr. Agus Prasetyo | 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Co-Chief Executive Officer, Acting Chief Financial Officer, | 2024 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;Chairman of the board of Directors, Director | 2025 | -<sup>(7)(8)</sup> |  |  |  |
| Mr. Chin Chee Yen | 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Independent Director | 2024 |  |  |  |  |
|  | 2025 | -<sup>(7)</sup> |  |  |  |
| Mr. Henliyanto Ngadini | 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Independent Director | 2024 |  |  |  |  |
|  | 2025 | 45887<sup>(5)</sup> |  | 19666 | 65552 |
| Mr. Liu Wen Tao | 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Independent Director | 2024 |  |  |  |  |
|  | 2025 | -<sup>(6)</sup> |  |  |  |
| Mr. Cui Kewei Joshua, | 2023 | 64048 |  | 7457 | 71505 |
| &nbsp;&nbsp;&nbsp;Former Chief Financial Officer | 2024 |  |  |  |  |
|  | 2025 |  |  |  |  |
| Mr. Loh Kim Kang David, | 2023 | -<sup>(4)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Former Chairman of the board of Directors, Director | 2024 | -<sup>(4)</sup> |  |  |  |
|  | 2025 |  |  |  |  |
| Ms. Rhonda Wong, | 2023 | 282800 |  | 12444<sup>(2)</sup> | 295244 |
| &nbsp;&nbsp;&nbsp;Former Co-Chief Executive Officer, Chief Financial Officer and Director | 2024 | 360000 |  | 13872 | 373872 |
|  | 2025 | 360000 | 21500 | 17340 | 398840 |
| Ms. Race Wong | 2023 | 282800 |  | 12444<sup>(3)</sup> | 295244 |
| &nbsp;&nbsp;&nbsp;Former Chief Operating Officer and Director | 2024 | 360000 |  | 13872 | 373872 |
|  | 2025 | 360000 | 1000 | 20366 | 381366 |
| Mr. Novianto Tjhin | 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Former Co-Chief Executive Officer | 2024 |  |  |  |  |
|  | 2025 | 222878 |  | 39331 | 262209 |
| Ms. Wong Wun Wun Daisy | 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Former Co-Chief Executive Officer, Chairman of the board of Directors, Director | 2024 |  |  |  |  |
|  | 2025 |  |  | 17699 | 17669 |
| Mr. Lee Wei Loon, | 2023 | 20000 |  |  | 20000 |
| &nbsp;&nbsp;&nbsp;Former Independent Director | 2024 | 20000 |  |  | 20000 |
|  | 2025 |  |  |  |  |
| Mr. Lim Khoon, | 2023 | 20000 |  |  | 20000 |
| &nbsp;&nbsp;&nbsp;Former Independent Director | 2024 | 20000 |  |  | 20000 |
|  | 2025 |  |  |  |  |
| Mr. Tan Wei Reng, Galven, | 2023 | 20000 |  |  | 20000 |
| &nbsp;&nbsp;&nbsp;Former Independent Director | 2024 | 20000 |  |  | 20000 |
|  | 2025 |  |  |  |  |
| Mr. Ji Gang | 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Former Independent Director | 2024 |  |  |  |  |
|  | 2025 |  |  | 17699 | 17699 |

---

<sup>(1)</sup> Other compensation includes allowances and the employer's contribution to the Central Provident Fund ("CPF"), Singapore's mandatory social security savings scheme, and incentives earned from client referral as stipulated in their employment contracts.

<sup>(2)</sup> On December 19, 2023, 344,326 options were granted to Ms. Rhonda Wong with 336,155 options at an exercise price of $1.6062 per Ordinary Share, and 8,171 options at an exercise price of $0.0122 per Ordinary Share.

<sup>(3)</sup> On December 19, 2023, 344,326 options were granted to Ms. Race Wong with 336,155 options at an exercise price of $1.6062 per Ordinary Share, and 8,171 options at an exercise price of $0.0122 per Ordinary Share.

<sup>(4)</sup> S$30,000 director fee payable to Mr. Loh has been voluntarily waived by Mr. Loh and has been agreed by the board of directors for the year ended December 31, 2024 and 2025.

<sup>(5)</sup> On January 17, 2025, Mr. Henliyanto Ngadini was appointed as the director and the Chair of Nomination Committee of the Company.

<sup>(6)</sup> On March 7, 2025, Mr. Liu Wen Tao was appointed as the director and the Chair of Nomination Committee of the Company.

<sup>(7)</sup> On January 9, 2026, Mr. Agus Prasetyo was appointed as the Chief Executive Officer, Director and the Chairman of the Company, and Mr. Chin Chee Yen was appointed as the Independent Director and Chair of Audit Committee of the Company.

<sup>(8)</sup> On April 23, 2026, Mr. Agus Prasetyo was appointed as the Acting Chief Financial Officer of the Company.

We have an equity incentive plan in place as of this annual report.

**Share Incentive Plan**

In December 2023, the Group adopted the 2023 Equity Incentive Plan (the "2023 Incentive Plan"), for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with ours. Under the 2023 Incentive Plan, we are authorized to issue an aggregate of 2,000,000 ordinary shares. As of the date of this annual report, no ordinary shares and 102,553 options (including 68,865 options granted to certain management members and directors) are granted and outstanding, after giving effect to the 1-for-10 reverse share split effective on March 10, 2025.

The following summarize the terms of the 2023 Incentive Plan.

***Types of Awards.*** The 2023 Incentive Plan permits the awards of options, stock appreciation rights, restricted stock, restricted stock units, stock bonus awards and/or performance compensation awards.

***Plan Administration****.* The 2023 Incentive Plan is administered by the Compensation Committee of the Board or any other committee appointed by the Board to administer this Plan (or if no Committee is appointed, the Board). The plan administrator is entitled to determine the participants who are to receive awards, the number of awards to be granted, and the terms and conditions of each award grant.

***Eligibility****.* Employees, directors and officers and the consultants of our company are eligible to participate pursuant to the terms of the 2023 Incentive Plan.

***Conditions of Award****.* The plan administrator shall determine the participants, types of awards, numbers of shares to be covered by awards, terms and conditions of each award, and provisions with respect to the vesting schedule, settlement, exercise, repurchase, cancellation, forfeiture, restrictions, limitations or suspension of awards.

***Term of Award***. The term of each award shall be fixed by the administrator and is stated in the award agreement between recipient of an award and us. No award shall be granted under the 2023 Incentive Plan after ten years from the date the 2023 Incentive Plan was approved by the board.

***Vesting Schedule***. In general, the plan administrator determines the vesting schedule, which is set forth in the award agreement. Except for 75,986 has vesting period of 1 year, all option has vested immediately from the date of grant.

***Transfer Restrictions***. Unless otherwise determined by the administrator of the 2023 Incentive Plan, no award and no right under any such award shall be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment, or similar process.

The following summarizes, as of the date of this annual report, the number of the outstanding awards granted under the 2023 Incentive Plan to our directors and executive officers.

On December 19, 2023, 344,326 options were granted to Ms. Rhonda Wong with 336,155 options at an exercise price of $1.6062 per Ordinary Share, and 8,171 options at an exercise price of $0.0122 per Ordinary Share.

On December 19, 2023, 344,326 options were granted to Ms. Race Wong with 336,155 options at an exercise price of $1.6062 per Ordinary Share, and 8,171 options at an exercise price of $0.0122 per Ordinary Share.

On November 27, 2024, 91,171 shares were granted to Ms. Rhonda Wong at $0.38 per Ordinary Share. On November 27, 2024, 91,171 shares were granted to Ms. Race Wong at $0.38 per Ordinary Share.

**<u>Employment Agreements</u>**

***Employment Agreement with Mr. Agus Prasetyo***

 ****

Effective as of January 9, 2026, the Company entered into an employment agreement with Mr. Agus Prasetyo pursuant to which he was employed as Chief Executive Officer of the Company. The agreement provides for an annual base salary, the amount of which may be adjusted from time to time at the discretion of the Company. Under the terms of the agreement. Mr. Agus Prasetyo's employment will continue indefinitely, subject to termination by either party to the agreement upon 1 months' prior written notice or the equivalent salary in lieu of such notice. The agreement also contains non-compete and non-disclosure provisions and restrictions against the unauthorized use of the Group's intellectual property.

 

**<u>Directors' Offer Letter</u>**

Each of our Directors has entered into a Director's Offer Letter with our Company. The terms and conditions of such Directors' Offer Letter are similar in all material aspects. Each Director's Offer Letter is for an initial term of one year and will continue until the Director's successor is duly elected and qualified. Each Director will be up for re-election each year at the annual shareholders' meeting and, upon re-election, the terms and provisions of his or her Director's Offer Letter will remain in full force and effect. Any Director's Offer Letter may be terminated for any or no reason by the Director or at a meeting called expressly for that purpose by a vote of the shareholders holding more than 50% of our Company's issued and outstanding Class A Ordinary Shares entitled to vote.

Under the Directors' Offer Letter, the annual salary that is payable to each of our Directors is as follows:

---

| | | |
|:---|:---|:---|
| Mr. Agus Prasetyo | US$ | 0 |
| Mr. Chin Chee Yen | US$ | 0 |
| Mr. Henliyanto Ngadini | US$ | 15000 |
| Mr. Liu Wen Tao | US$ | 10000 |

---

In addition, our Directors will be entitled to participate in such share option schemes as may be adopted by our Company, from time to time. The number of options granted, and the terms of those options will be determined from time to time by a vote of the board of Directors; provided that each Director shall abstain from voting on any such resolution or resolutions relating to the grant of options to that Director.

Other than as disclosed above, none of our Directors has entered into a service agreement with our Company or any of our subsidiaries that provides for benefits upon termination of employment.

**Clawback Policy adopted by the Board**

On December 1, 2023, the Board adopted an Executive Compensation Recovery Policy (the "Clawback Policy") providing for the recovery of certain incentive-based compensation from current and former executive officers of the Group in the event the Group is required to restate any of its financial statements filed with the SEC under the Exchange Act in order to correct an error that is material to the previously-issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. Adoption of the Clawback Policy was mandated by new Nasdaq listing standards introduced pursuant to Exchange Act Rule 10D-1. The Clawback Policy is in addition to Section 304 of the Sarbanes-Oxley Act of 2002 which permits the SEC to order the disgorgement of bonuses and incentive-based compensation earned by a registrant issuer's chief executive officer and chief financial officer in the year following the filing of any financial statement that the issuer is required to restate because of misconduct, and the reimbursement of those funds to the issuer. A copy of the Clawback Policy has been filed herewith as Exhibit 97.1.

**6. C. Board Practices**

**Board of Directors**

Our board of Directors consists of four Directors, three of them are independent Directors. The Company intends to follow its Cayman Islands practices in lieu of the requirements of the Rule 5605 of the Nasdaq Stock Market LLC Rules. The Company's practices with regard to these requirements are not prohibited by the Companies Act (as amended) of the Cayman Islands.

**Committees of the Board of Directors**

Our board of Directors has established an audit committee, a compensation committee and a nomination committee, each of which operates pursuant to a charter adopted by our board of Directors. The board of Directors may also establish other committees from time to time to assist our company and the board of Directors. The composition and functioning of all of our committees comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, Nasdaq and SEC rules and regulations, if applicable. Each committee's charter is available on our website at <u>https://ir.ohmyhome.com/governance</u>/. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this annual report.

***Audit committee***

Mr. Chin Chee Yen, Mr. Henliyanto Ngadini and Mr. Liu Wen Tao serve on the audit committee, which is chaired by Mr. Chin Chee Yen. Our board of Directors has determined that each are "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of Directors has designated Mr. Chin Chee Yen as an "audit committee financial expert", as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

● appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

● coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

● establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 20-F;

● monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

● preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

● reviewing earnings releases.

 ****

***Compensation committee***

Mr. Chin Chee Yen, Mr. Henliyanto Ngadini and Mr. Liu Wen Tao Khoon serve on the compensation committee, which is chaired by Mr. Liu Wen Tao. Our board of Directors has determined that each such member satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The compensation committee's responsibilities include:

● evaluating the performance of our chief executive officer in light of our company's corporate goals and objectives and, based on such evaluation: (i) recommending to the board of Directors the cash compensation of our chief executive officer, and (ii) reviewing and approving grants and awards to our chief executive officer under equity-based plans;

● reviewing and recommending to the board of Directors the cash compensation of our other executive officers;

● reviewing and establishing our overall management compensation, philosophy and policy;

● overseeing and administering our compensation and similar plans;

● reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable Nasdaq rules;

● retaining and approving the compensation of any compensation advisors;

● reviewing and approving our policies and procedures for the grant of equity-based awards;

● reviewing and recommending to the board of Directors the compensation of our Directors; and

● preparing the compensation committee report required by SEC rules, if and when required.

***Nomination committee***

Mr. Chin Chee Yen, Mr. Henliyanto Ngadini and Mr. Liu Wen Tao serve on the Nomination committee, which is chaired by Mr. Henliyanto Ngadini. Our board of Directors has determined that each member of the nomination committee is "independent" as defined in the applicable Nasdaq rules. The nomination committee's responsibilities include:

● developing and recommending to the board of Directors criteria for board and committee membership;

● establishing procedures for identifying and evaluating Director candidates, including nominees recommended by stockholders; and

● reviewing the composition of the board of Directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us.

While we do not have a formal policy regarding board diversity, our nomination committee and board of Directors will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender or national origin). Our nomination committee's and board of Directors' priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to us, including a duty of loyalty, a duty to act honestly, in good faith and with a view to our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our company a duty to act with skill and care. English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance with our Amended and Restated Memorandum and Articles of Association and the class rights vested thereunder in the holders of the shares. A shareholder may in certain limited exceptional circumstances have the right to seek damages in our name if a duty owed by our directors is breached.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

● convening shareholders' annual general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of the officers;

● exercising the borrowing powers of our company and mortgaging the property of our company; and

● approving the transfer of shares in our company, including the registration of such shares in our share register.

**Terms of Directors and Officers**

Our directors may be elected by and serve at the discretion of the board or at the discretion of our shareholders as detailed in the Amended and Restated Articles of Association. Each director is not subject to a term of office and holds office until such time as his successor takes office or until the earlier of his death, resignation or removal from office by ordinary resolution or the affirmative vote of a simple majority of the other directors present and voting at a board meeting.

**6. D. Employees**

We employed 150 persons as of December 31, 2025, 108 persons as of December 31, 2024, and 112 persons as of December 31, 2023, who were mostly located in Singapore. Our employees are not covered by collective bargaining agreements. We consider our labor practices and employee relations to be good.

**6. E. Share Ownership**

The following table sets forth information regarding beneficial ownership of our share capital by:

● each person, or group of affiliated persons, known by us to beneficially own more than 5% of our shares;

● each of our named executive officers;

● each of our Directors; and

● all of our current executive officers and Directors as a group.

The calculations in the table below are based on 22,259,591 Class A Ordinary Shares issued and outstanding as December 31, 2025.

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security, warrant, option or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A Ordinary<br> Shares** | **Class A Ordinary<br> Shares** | **Class B Ordinary<br> Shares** | **Class B Ordinary<br> Shares** | **Aggregate<br> Voting Power** |
| <br>**Name of Beneficial Owners** | **Number** | **% <sup>(1)</sup>** | **Number** | **% <sup>(1)</sup>** | **% <sup>(1)</sup>** |
| **Officers and Directors:** |  |  |  |  |  |
| Agus Prasetyo |  |  |  | -% | -% |
| Chin Chee Yen |  | -% |  |  | -% |
| Henliyanto Ngadini |  |  |  |  |  |
| Liu Wen Tao |  |  |  |  |  |
| **All directors and executive officers as a group** |  | -% |  | -% | -% |
| **5% shareholders:** |  |  |  |  |  |
| Anthill <sup>(2)</sup> |  |  | 841540 | 100% | 79.08% |

---

(1) Applicable percentage of ownership is based on 22,259,591 Class A Ordinary Shares and 841,540 Class B Ordinary Shares outstanding as of the date of this annual report. Each Class A Ordinary Share shall, on a poll, be entitled to one (1) vote per share, and each Class B Ordinary Share shall, on a poll, be entitled to one hundred (100) votes per share.

(2) Mrs. Lee Tsin Hau beneficially owns in aggregate 100% of the outstanding Class B Ordinary Shares of the Company and in aggregate 79.08% voting power before the Offering, through her 100% ownership of Anthill. The voting rights and dispositive control over the Ordinary Shares held by Anthill are held by Mr. Lee Tsin Hau.

**6. F. Disclosure of Action to Recover Erroneously Awarded Compensation** 

There was no erroneously awarded compensation that was required to be recovered pursuant to the Group's Executive Compensation Recovery Policy during the fiscal year ended December 31, 2025.

**Item 7. Major Shareholders and Related Party Transactions**

**7. A. Major Shareholders**

Please refer to "Item 6. Directors, Senior Management and Employees — 6.E. Share Ownership."

**7. B. Related Party Transactions**

**Terms of Directors and Officers**

See "Item 6. Directors, Senior Management and Employees—6.C. Board Practices—Terms of Directors and Officers."

**Employment Agreements and Indemnification Agreements**

See "Item 6. Directors, Senior Management and Employees—6.B. Compensation—Employment Agreements

**Other Related Party Transactions**

We have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee.

Set forth below are related-party transactions of our Group for the financial years ended December 31, 2025, 2024 and 2023, which are identified in accordance with the rules prescribed under Form F-1 and Form 20-F and may not be considered as related-party transactions under Singapore law.

In the ordinary course of business, during the financial years ended December 31, 2025, 2024 and 2023, the Group involved with certain transactions, either at cost or current market prices, and on the normal commercial terms among related parties. The following table provides the transactions with these parties for the years as presented (for the portion of such period that they were considered related):

Nature of relationships with related parties

---

| | |
|:---|:---|
| **Related parties** | **Relationship** |
| Ms. Rhonda Wong | Shareholder, former Director, Co-Chief Executive Officer |
| Vienna Management Ltd | Shareholder, wholly-owned by the former Chairman of the board of Directors |
| Mr. Loh Kim Kang David ("Mr. Loh") | Shareholder, the former Chairman of the board of Directors |
| Anthill Corporation Pte. Ltd. | Owned by Ms. Rhonda Wong, former Co-Chief Executive Officer and Director of the Group and Ms. Race Wong, Chief Operating Officer and Director of the Group |

---

**For the years ended December 31, 2023, 2024 and 2025**

Related party balances

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transaction nature** | **Name** | **2023** | **2024** | **2025** | **2025** |
|  |  | **SGD** | **SGD** | **SGD** | **USD** |
| **Amount due from** | Anthill Corp | 3495 | 4795 | 43456 | 33794 |
| **Contract liability** | Mr. Loh |  |  |  |  |
| **Amount due to** | Ms. Rhonda Wong | 240000 | 27674 | 1677440 | 1304487 |
| **Amount due to** | Ms. Race Wong | 188425 | 27674 | 842120 | 654888 |
| **Amount due to** | Ms. Christine Lee |  |  | 46667 | 36291 |

---

Related party transactions

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transaction nature** | **Name** | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  |  | **SGD** | **SGD** | **SGD** | **USD** |
| **Brokerage services provided to** | Ms. Rhonda Wong |  | &nbsp;&nbsp;&nbsp;&nbsp;2100 |  |  |
| **Brokerage services provided to** | Mr. David Loh | 11000 |  |  |  |
| **Emerging and other services to** | Mr. David Loh | 511040 |  |  |  |
| **Emerging and other services to** | Ms. Rhonda Wong | 288 | 250 |  |  |
| **Emerging and other services to** | Ms. Race Wong |  | 4770 |  |  |

---

**Item 8. Financial Information**

**A. Consolidated Statements and Other Financial Information**

Please refer to "Item 18. Financial Statements."

**Legal and Administrative Proceedings**

We may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of our business. We are currently not a party to any pending any material legal or administrative proceedings and are not aware of any events that are likely to lead to any such proceedings.

As of the date of this annual report, we are not a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our business, financial condition or operations, nor have we experienced any incident of non-compliance which, in the opinion of our directors, is likely to materially and adversely affect our business, financial condition or operations.

Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial costs and diversion of our resources, including our management's time and attention. For potential impact of legal or administrative proceedings on us, see "Item 3. Key Information — 3.D. Risk Factors—Risks Relating to Our Business and Industry—*We may be from time to time be subject to legal and regulatory proceedings and administrative investigations*".

**Dividend Policy**

We have never declared or paid any cash dividends on our Ordinary Shares. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future.

**8. B. Significant Changes**

Except as otherwise disclosed in this report, we have not experienced any significant changes since the date of our audited consolidated financial statements included herein.

**Item 9. The Offer and Listing**

**9. A. Offer and listing details**

Not applicable for annual reports on Form 20-F.

**9. B. Plan of distribution**

Not applicable for annual reports on Form 20-F.

**9. C. Markets**

Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbol "OMH."

**9. D. Selling shareholders**

Not applicable for annual reports on Form 20-F.

**9. E. Dilution**

Not applicable for annual reports on Form 20-F.

**9. F. Expenses of the issue**

Not applicable for annual reports on Form 20-F.

**Item 10. Additional Information**

**10. A. Share capital**

Not applicable for annual reports on Form 20-F.

**10. B. Memorandum and articles of association**

The following are summaries of the material provisions of our Amended and Restated Memorandum and Articles of Association and the Companies Act, insofar as they relate to the material terms of our Ordinary Shares. They do not purport to be complete. Reference is made to our amended and restated memorandum and articles of association, a copy of which is filed as an exhibit to the annual report.

*Objects of Our Company*. Under our Amended and Restated Memorandum, the objects of our Company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

*Ordinary Shares*. Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our Shareholders who are non-residents of the Cayman Islands may freely hold and vote their Ordinary Shares.

*Dividends*. The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. The Amended and Restated Articles of Association provides that dividends may be declared and paid out of the funds of our Company lawfully available therefor. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights*. Each Class A ordinary share of the Group shall entitle its holder to one (1) vote and each Class B ordinary share of the Group shall entitle its holder to one hundred (100) votes. Voting at any meeting of Shareholders is by way of a poll save that in the case of a physical meeting, the chairman of the meeting may decide that a vote be on a show of hands unless a poll is demanded by:

● at least three Shareholders present in person or by proxy or (in the case of a Shareholder being a corporation) by its duly authorized representative for the time being entitled to vote at the meeting;

● Shareholder(s) present in person or by proxy or (in the case of a Shareholder being a corporation) by its duly authorized representative representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; and

● Shareholder(s) present in person or by proxy or (in the case of a Shareholder being a corporation) by its duly authorized representative and holding Ordinary Shares in us conferring a right to vote at the meeting being Ordinary Shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all Ordinary Shares conferring that right.

An ordinary resolution to be passed at a meeting by the Shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding Ordinary Shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to Ordinary Shares, a reduction of our share capital and the winding up of our Company. Our Shareholders may, among other things, divide or combine their Ordinary Shares by ordinary resolution.

*General Meetings of Shareholders*. As a Cayman Islands exempted company, we are not obliged by the Companies Act to call Shareholders' annual general meetings. The Amended and Restated Articles of Association provides that we shall, if required by the Companies Act, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our Directors. All general meetings (including an annual general meeting, any adjourned general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations, as a hybrid meeting or as an electronic meeting, as may be determined by our board of Directors in its absolute discretion.

Shareholders' general meetings may be convened by the chairperson of our board of Directors or by a majority of our board of Directors. Advance notice of not less than five clear days is required for the convening of our Shareholders' annual general meeting (if any) and any other general meeting of our Shareholders. A quorum required for any general meeting of Shareholders consists of, at the time when the meeting proceeds to business, two Shareholders holding Ordinary Shares entitled to vote and present throughout the meeting in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorised representative representing not less than one-fifth of the total voting rights of all shareholders having the right to vote at the general meeting shall form a quorum for all purposes.

The Companies Act does not provide Shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. The Amended and Restated Articles of Association provide that upon the requisition of any one or more of our Shareholders holding Ordinary Shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding Ordinary Shares of our Company entitled to vote at general meetings, our board of Directors will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However, the Amended and Restated Articles of Association does not provide our Shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such Shareholders.

*Transfer of Ordinary Shares*. Subject to the restrictions set out below, any of our Shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form or in a form designated by the relevant stock exchange or any other form approved by our board of Directors. Notwithstanding the foregoing, Ordinary Shares may also be transferred in accordance with the applicable rules and regulations of the relevant stock exchange.

Our board of Directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share which is not fully paid up or on which we have a lien. Our board of Directors may also decline to register any transfer of any Ordinary Share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other evidence as our board of Directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of Ordinary Shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the Ordinary Share is to be transferred does not exceed four; and

● a fee of such maximum sum as the relevant stock exchange may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our Directors refuse to register a transfer they shall, within two (2) months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required in accordance with the rules of the relevant stock exchange, be suspended and the register closed at such times and for such periods as our board of Directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board of Directors may determine. The period of thirty (30) days may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by the shareholders by ordinary resolution.

*Liquidation*. On the winding up of our Company, if the assets available for distribution amongst our Shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our Shareholders in proportion to the amount paid up of the Ordinary Shares held by them at the commencement of the winding up, subject to a deduction from those Ordinary Shares in respect of which there are monies due, of all monies payable to our Company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, such the assets will be distributed so that, as nearly as may be, the losses are borne by our Shareholders in proportion to capital paid up of the Ordinary Shares held by them.

*Calls on Shares and Forfeiture of Ordinary Shares*. Our board of Directors may from time to time make calls upon Shareholders for any amounts unpaid on their shares in a notice served to such Shareholders at least 14 days prior to the specified time and place of payment. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares*. We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of Directors. Our Company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of Directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits, share premium account or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares other than treasury shares remain outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

 

*Variations of Rights of Shares.* Whenever the capital of our Company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking *pari passu* with such existing class of shares.

 

*Issuance of Additional Shares.* The Amended and Restated Articles of Association authorizes our board of Directors to issue additional Ordinary Shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

The Amended and Restated Articles of Association also authorizes our board of Directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including, among other things:

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights and voting rights; and

● the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our Shareholders to the extent of available authorized but unissued shares. Issuance of these shares may dilute the voting power of holders of Ordinary Shares.

*Inspection of Books and Records*. Unless otherwise provided by our Amended and Restated Articles of Association, holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of Shareholders or our corporate records (other than the memorandum and articles of association, any special resolutions passed and the registers of mortgages). However, the Amended and Restated Articles of Association have provisions that provide our Shareholders the right to inspect our register of shareholders without charge, and to receive our annual audited financial statements. See "*Where You Can Find Additional Information*".

*Anti-Takeover Provisions.* Some provisions of the Amended and Restated Articles of Association may discourage, delay or prevent a change of control of our company or management that Shareholders may consider favorable, including provisions that:

● authorizing our board of Directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our Shareholders; and

● limiting the ability of Shareholders to requisition and convene general meetings of Shareholders.

However, under Cayman Islands law, our Directors may only exercise the rights and powers granted to them under the Amended and Restated Articles of Association for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

*Exempted Company*. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four (4) months, the offeror may, within a two (2)-month period commencing on the expiration of such four (4)-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than the number of votes which have actually been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

*Indemnification of Directors and Executive Officers and Limitation of Liability*. Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against fraud, dishonesty or willful default . Our Amended and Restated Articles of Association provide that we shall indemnify our directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, wilful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our Amended and Restated Articles of Association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Directors' Fiduciary Duties*. Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent*. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our Amended and Restated Articles of Association provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our Amended and Restated Articles of Association and may not be taken by written consent of the shareholders without a meeting.

*Shareholder Proposals*. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Amended and Restated Articles of Association provide that general meetings shall be convened on the written requisition of one or more of the shareholders holding not less than one-third of all votes attaching to the total issued and paid up share capital of the Company at the date of deposit of the requisition to require an extraordinary general meeting to be called by the board of directors of the Company for transaction of any business specified in such requisition. . If the directors do not convene such meeting for a date not later than twenty-one days after the date of receipt of the written requisition, the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the board of directors shall be reimbursed to the requisitionist(s) by the Company. . As an exempted Cayman Islands company, we are not obliged by law to call Shareholders' annual general meetings.

*Cumulative Voting*. Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our Amended and Restated Articles of Association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors*. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Amended and Restated Articles of Association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our Amended and Restated Articles of Association, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of Amended and Restated Articles of Association.

*Transactions with Interested Shareholders*. The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up*. Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, (if permissible) by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares*. Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our Amended and Restated Articles of Association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class.

*Amendment of Governing Documents*. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our Amended and Restated Memorandum and Articles of Association may only be amended with a special resolution of our shareholders.

*Rights of Non-resident or Foreign Shareholders*. There are no limitations imposed by our Amended and Restated Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended and Restated Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

**10. C. Material contracts**

Other than those described in this annual report, we have not entered into any material agreements other than in the ordinary course of business.

**10. D. Exchange controls**

The Cayman Islands, British Virgin Islands and Singapore currently have no exchange control regulations or currency restrictions.

**10. E**. **Taxation**

**Cayman Islands Taxation**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

We have received an undertaking issued pursuant to the Tax Concessions Act to the effect that, for a period of 20 years from the date of the undertaking, no law that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation shall apply to our Company or its operations; and that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable (a) on or in respect of the shares, debentures or other obligations of our Company; or (b) by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act of the Cayman Islands.

Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in respect of our Class A Ordinary Shares.

**Singapore Taxation**

***Dividend Distributions***

All Singapore-tax resident companies are currently under the one-tier corporate tax system, or one-tier system.

Under the one-tier system, the income tax paid by a tax resident company is a final tax and its distributable profits can be distributed to shareholders as tax exempt (one-tier) dividends. Such dividends are tax exempt in the hands of a shareholder, regardless of the tax residence status, shareholding level or legal form of the shareholder.

Accordingly, dividends received in respect of the Class A Ordinary Shares by either a resident or non-resident of Singapore are not subject to Singapore income tax (whether by withholding or otherwise), on the basis that we are a tax resident of Singapore and under the one-tier system.

Foreign shareholders are advised to consult their own tax advisers to take into account the tax laws of their respective countries of residence and the existence of any agreement for the avoidance of double taxation which their country of residence may have with Singapore.

***Corporate Income Tax***

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A corporate taxpayer is regarded as a tax resident in Singapore if the control and management of its business is exercised in Singapore. Broadly, "control and management" is defined as the making of decisions on strategic matters, such as those concerning our Company's policy and strategy. Generally, the location of a company's board of directors' meetings, where strategic decisions are made, determines where the control and management of that company is exercised. However, under certain scenarios, holding board meetings in Singapore may not be sufficient, and other factors will be considered to determine if the control and management of the business is indeed exercised in Singapore.

A Singapore tax resident corporate taxpayer is subject to Singapore income tax on:

● income accruing in or derived from Singapore; or

● income derived from outside Singapore (i.e. foreign-sourced income) which is received or deemed received in Singapore, unless otherwise exempted.

A non-Singapore tax resident corporate taxpayer is liable to Singapore income tax on income accruing in or derived from Singapore. A non-Singapore tax resident corporate taxpayer is also liable to Singapore income tax on income derived from outside Singapore, which is received or deemed to have been received in Singapore.

Foreign-sourced income is deemed to be received in Singapore when it is:

&nbsp;&nbsp;&nbsp;&nbsp;(a) remitted to, transmitted or brought into Singapore;

(b) used to pay off any debt incurred in respect of a trade or business carried on in Singapore; or

(c) used to purchase any movable property brought into Singapore.

Foreign-sourced income in the form of branch profits, dividends and service fee income ("specified foreign income") received or deemed received in Singapore by a Singapore tax resident company are exempted from Singapore tax provided that the following qualifying conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;(a) such income is subject to tax of a similar character to income tax (by whatever name called) under the law of the territory from which such income is received;

(b) at the time such income is received in Singapore by the person resident in Singapore, the highest rate of tax of a similar character to income tax (by whatever name called) levied under the law of the territory from which such income is received on any gains or profits from any trade or business carried on by any company in that territory at that time is at least 15.0%; and

(c) the Comptroller of Income Tax ("the Comptroller") is satisfied that the tax exemption would be beneficial to the person resident in Singapore who is receiving or deemed to be receiving the specified foreign income.

Certain concessions and clarifications have also been announced by the Inland Revenue Authority of Singapore with respect to such conditions.

The prevailing corporate income tax rate in Singapore for both resident and non-resident companies is 17.0%, with the first S$200,000 of chargeable income of a company being partially exempt from tax as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) 75.0% of the first S$10,000 of chargeable income; and

(b) 50.0% of the next S$190,000 of chargeable income.

New companies will also, subject to certain conditions and exceptions, be eligible for tax exemption for each of our Company's first three (3) years of assessment as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) 75.0% of the first S$100,000 of chargeable income; and

(b) 50.0% of the next S$100,000 of chargeable income.

The remaining chargeable income (after the tax exemption scheme for new companies or the partial tax exemption scheme for companies) will be fully taxable at the prevailing corporate tax rate.

It is announced in the Budget 2026 by the Minister for Finance that all taxpaying companies (whether resident or not) will be granted a 40% Corporate Income Tax ("**CIT**") rebate, capped at S$30,000 for the Year of Assessment ("**YA**") 2026. Active companies<sup>1</sup> that have employed at least one (1) local employee (referred to as "local employee condition")<sup>2</sup> in 2025 will receive a minimum benefit of S$1,500 in the form of a CIT Rebate Cash Grant. The total maximum benefits of CIT Rebate and CIT Rebate Cash Grant that a company may receive isS$30,000.

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<sup>1</sup> An active company refers to one that is carrying on a trade or business (including the activity of holding any investments) at the point of disbursement of the CIT Rebate Cash Grant. On the other hand, inactive companies include: (i) Companies that are not carrying on any trade or business (including the activity of holding any investments); (ii) Companies that are under liquidation; (iii) Companies that are under receivership in respect of all of their properties; and (iv) Companies that have ceased to exist such as amalgamating companies that are removed from the register by the Registrar of Companies upon an amalgamation coming into effect.

<sup>2</sup> A company is considered to have met the local employee condition if it has made CPF contributions to at least one (1) local (Singapore citizen or permanent resident) employee, not including shareholders who are also directors of our Company, in the calendar year 2024.

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Class A Ordinary Shares by U.S. Holders (as defined below) that acquire our Class A Ordinary Shares hold our Class A Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Class A Ordinary Shares.

**General**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Class A Ordinary Shares.

**Dividends**

The entire amount of any cash distribution paid with respect to our Class A Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Class A Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Class A Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Class A Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

**Sale or Other Disposition of** Class A **Ordinary Shares**

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Class A Ordinary Shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such Class A Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the Class A Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives Singapore dollars or another currency other than U.S. dollars on the disposition of our Class A Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Class A Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

**Passive Foreign Investment Company Considerations**

For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets (including goodwill), we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Class A Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Class A Ordinary Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in our initial price offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Class A Ordinary Shares. Under the PFIC rules:

● such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

● such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

● such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

● an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. We cannot guarantee that, our Class A Ordinary Shares will continue to be listed and regularly traded on the Nasdaq Capital Market. U.S. Holders are advised to consult their tax advisors as to whether the Class A Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Class A Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Class A Ordinary Shares held at the end of the taxable year over the fair market value of such Class A Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Class A Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Class A Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

**10. F. Dividends and paying agents**

Not applicable for annual reports on Form 20-F.

**10. G. Statement by experts**

Not applicable for annual reports on Form 20-F.

**10. H. Documents on display**

We are subject to the information requirements of the Exchange Act. In accordance with these requirements, the Company files reports and other information with the SEC. You may read and copy any materials filed with the SEC at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a web site at http://www.sec.gov that contains reports and other information regarding registrants that file electronically with the SEC.

**10. I. Subsidiary Information**

For a list of our subsidiaries, see "Item 4. Information of the Group – C. Organizational Structure."

**10. J. Annual Report to Security Holders.**

Not applicable.

**Item 11. Quantitative and Qualitative Disclosures About Market Risk**

**Interest Rate Risk**

The Group is currently not subject to significant interest rate risk due to its lack of outstanding loans on variable interest rates.

**Foreign Currency Exchange Rates**

Our business is not exposed to significant foreign currency exchange risks as our reporting currency is Singapore dollars and our overseas sales and procurement were less than 10% of total sales and procurement are denominated in Malaysia ringgit during the years ended December 31, 2025, 2024, and 2023.

**Item 12. Description of Securities Other than Equity Securities**

**12. A. Debt Securities**

Not applicable.

**12. B. Warrants and Rights**

Not applicable.

**12. C. Other Securities**

Not applicable.

**12. D. American Depositary Shares**

Not applicable.

**PART II**

**Item 13. Defaults, Dividend Arrearages and Delinquencies**

We do not have any material defaults in the payment of principal, interest, or any installments under a sinking or purchase fund.

**Item 14. Material Modifications to the Rights of Securities Holders and Use of Proceeds**

**14. A. – 14.D. Material Modifications to the Rights of Security Holders**

See "Item 10. Additional Information" for a description of the rights of shareholders, which remain unchanged.

**14. E. Use of Proceeds**

The following "Use of Proceeds" information relates to the registration statement on Form F-1 (File No. 333- 268691), as amended, which was declared effective by the SEC on March 20, 2023, with respect to the Company's initial public offering completed on March 23, 2023 (the "IPO"), and the registration statement on Form F-1 (File No. 333-275987), as amended, which was declared effective by the SEC on February 13, 2024, with respect to the Company's follow on offering completed on February 16, 2024 (the "Follow On Offering").

In the IPO, the Company issued 2,800,000 Ordinary Shares at a price of US$4.00 per share. Prime Number Capital, LLC was the representative of the underwriters. The Company received gross proceeds in the amount of US$11.2 million and net proceeds of approximately US$9.7 million after deducting underwriting discounts and expenses. As of the date of this annual report, we used US$9.7 million of the net proceeds received from the IPO for remaining payments to professional parties in relations to the IPO and ongoing listing as well as repayment of interest-free loans. We used the remainder of the proceeds from our initial public offering as disclosed in our IPO registration statements on Form F-1 for strategic acquisitions of Ohmyhome Property Management (S) to enter into the property management business as well as potential acquisition of Ohmyhome Property Inc to enter into the Philippines market, as well as working capital purposes.

In the Follow On Offering, the Company issued 3,555,555 Ordinary Shares at a price of US$1.35 per share. Maxim Group LLC was the exclusive placement agent. The Company received gross proceeds in the amount of US$4.8 million and net proceeds of approximately US$4.1 million after deducting placement agent fees and expenses. As of the date of this annual report, we used US$1.5 million of the net proceeds received from the Follow On Offering for working capital purposes. We still intend to use the remainder of the proceeds from Follow On Offering as disclosed in our Follow On Offering registration statements on Form F-1.

During the fiscal year ended December 31, 2025, the Company conducted two registered direct offerings pursuant to its shelf registration statement on Form F-3 (File No. 333-285637), which was declared effective on March 26, 2025 by the SEC. Pursuant to the share purchase agreement entered on May 19, 2025, the Company issued an aggregate of 4,040,000 ordinary shares at a purchase price of $0.45 per share, resulting in gross proceeds of approximately $1.82 million. Pursuant to the share purchase agreement entered on June 11, 2025, the Company issued an aggregate of 16,666,667 ordinary shares at a purchase price of $0.18 per share, resulting in gross proceeds of approximately $3.0 million. The Company intends to use the net proceeds from the foregoing offerings for the following purposes: (i) approximately 50% for supplementing its operating cash flow and general corporate purposes; and (ii) approximately 50% for overseas investments and potential mergers and acquisitions in the future.

None of these net proceeds from our initial public offering and the optional offering was paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates or others.

**Item 15. Controls and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure
 Controls and Procedures.

Our management, with the participation of our Co-Chief Executive Officers and Chief Financial Officer, has performed an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report, as required by Rule 13a-15(b) under the Exchange Act.

Based upon that evaluation, our management has concluded that, as of December 31, 2024, our disclosure controls and procedures were not effective as our management has identified a material weakness that is related to our lack of sufficient financial reporting and accounting personnel with appropriate knowledge of the generally accepted accounting principles in the United States ("U.S. GAAP") and SEC reporting requirements to properly address complex U.S. GAAP accounting issues and to prepare and review our consolidated financial statements and related disclosures to fulfill U.S. GAAP and SEC financial reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Management's
 annual report on internal control over financial reporting.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act. Our management evaluated the effectiveness of our internal control over financial reporting, as required by Rule 13a-15(c) of the Exchange Act, based on criteria established in the framework in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that our internal control over financial reporting was not effective as of December 31, 2024 due to a material weakness identified in our internal control over financial reporting as described above.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Attestation
 report of the registered public accounting firm.

This annual report on Form 20-F does not include an attestation report of our registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Changes
 in internal control over financial reporting.

There have been no changes in our internal controls over financial reporting occurred during the fiscal year ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 16A. Audit Committee Financial Expert**

Our audit committee consists of Mr. Chin Chee Yen, Mr. Henliyanto Ngadini and Mr. Liu Wen Tao, and is chaired by Mr. Chin Chee Yen. Mr. Chin Chee Yen, Mr. Henliyanto Ngadini and Mr. Liu Wen Tao each satisfies the "independence" requirements of Rule 5605 of the Corporate Governance Rules of Nasdaq Stock Market and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Chin Chee Yen qualifies as an "audit committee financial expert."

**Item 16B. Code of Ethics**

The Company has adopted a Code of Business Conduct and Ethics that applies to the Directors, officers and employees, including our co-chief executive officers, chief financial officer, principal accounting officer or controller or persons performing similar functions. A copy of the Code of Business Conduct and Ethics is attached as an exhibit to this annual report. A copy of the Code of Business Conduct and Ethics is also available on our website at https://ir.ohmyhome.com/governance/.

**Item 16C. Principal Accountant Fees and Services**

Enrome LLP was appointed by the Company to serve as its independent registered public accounting firm for fiscal years ended December 31, 2025 and 2024. Prior to Enrome LLP's appointment, WWC, P. C. was appointed by the Company to serve as its independent registered public accounting firm for fiscal year ended December 31, 2023. Audit services provided by Enrome LLP for the fiscal years ended December 31, 2025 and 2024 and WWC, P. C. for fiscal year ended December 31, 2023 included the examination of the consolidated financial statements of the Company; and services related to periodic filings made with the SEC.

**Fees Paid to Independent Registered Public Accounting Firm**

**Auditor Fees**

The following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Enrome LLP and WWC, P.C., our independent registered public accounting firms, for the periods indicated.

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Services** | **2023** | **2024** | **2025** |
|  | **US$** | **US$** | **US$** |
| Audit Fees(1) – Enrome LLP |  | 180000 | 155000 |
| Audit Fees(1) – WWC, P.C. | 334888 |  |  |
| **Total** | **334888** | **180000** | **155000** |

---

Note 1: Audit fees include the aggregate fees billed in each of the fiscal years for professional services rendered by our independent registered public accounting firm for the audit of our annual financial statements, review of the interim financial statements and for the audits of our financial statements in connection with our initial public offering, as well as audit fees related to acquisitions, and comfort letter in connection with the underwritten public offering.

The policy of our audit committee is to pre-approve all audit and non-audit services provided by our independent registered public accounting firm, including audit services and audit-related services as described above, other than those for de minimus services which are approved by the audit committee prior to the completion of the audit.

**Item 16D. Exemptions from the Listing Standards for Audit Committees**

Not applicable.

**Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

Not applicable.

**Item 16F. Change in Registrant's Certifying Accountant**

Not applicable.

**Item 16G. Corporate Governance**

As a Cayman Islands company listed on the Nasdaq Capital Market, we are subject to Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Currently, we have elected to follow home country practice in Cayman Islands in lieu of Nasdaq Listing Rule 5600, including Rule 5605(b)(1), Rule 5605(b)(2), Rule 5605(e), Rule 5620(a), Rule 5620(b), Rule 5620(c), Rule 5630(a), Rule 5635(a), Rule 5635(b), Rule 5635(c), and Rule 5635(d), with the exception of those rules which are required to be followed pursuant to the provisions of Listing Rule 5615(a)(3). Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from Nasdaq corporate governance listing standards.

As a foreign private issuer, we are permitted to, and did, follow certain home country corporate governance practices instead of otherwise applicable Nasdaq Capital Market requirements, which may result in less protection than is accorded to investors under rules applicable to domestic U.S. issuers.

Nasdaq Listing Rule 5635(c)

In December 2023, the board of directors of the Company adopted the 2023 Equity Incentive Plan, for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with ours. As a company incorporated in the Cayman Islands, the Company has elected to rely on the home county exemption pursuant to Nasdaq Rule 5615(a)(3)(A), which provides that (with certain exceptions not relevant to the conclusions expressed herein) a Foreign Private Issuer may follow its home country practice in lieu of the requirements of the Nasdaq Rule 5600 Series. The Company has elected to be exempt from the Nasdaq Rule 5635(c) which provides that shareholder approval is required prior to the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees, or consultants, subject to certain exceptions.

**Item 16H. Mine Safety Disclosure**

Not applicable.

**Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

**Item 16J. Insider trading policies**

We have adopted insider trading policies governing the purchase, sale, and other dispositions of our securities by directors, senior management, and employees. A copy of the insider trading policies is attached as an exhibit to this annual report.

**Item** **16K. Cybersecurity**

***Risk Management and Strategy***

As a provider of brokerage, property management and emerging and other services, we recognize the importance of developing, implementing, and maintaining appropriate and adequate administrative and technical measures to safeguard our information management security systems and protect the confidentiality, integrity, and availability of data. Therefore, we have developed and maintain a comprehensive cybersecurity risk management program that focuses on monitoring, risk mitigation and risk response, in order to ensure the security and safety of our computer systems, networks, cloud services, software, and all data stored therein.

We have implemented protocols to protect against cybersecurity threats and prevent unauthorized access to sensitive data. We conduct regular assessment of the Group's cybersecurity risks and vulnerabilities, by identifying potential threats, assessing the likelihood and potential impact of cyberattacks. We also conduct ongoing evaluation of the industry trends and regulatory environments to ensure we are in full compliance with applicable cybersecurity laws and regulations in all jurisdictions where we operate. We have set in place an efficient risk mitigation and control and incident response protocols to identify potential risks, detect, effectively respond to, and recover from cybersecurity breaches.

Overall, we believe that we have established a robust framework to protect against cybersecurity threats, mitigate risks, preserve customer trust and reputation, and support the sustainable growth of our Group.

**PART III**

**Item 17. Financial Statements**

See "Item 18. Financial Statements."

**Item 18. Financial Statements**

Our consolidated financial statements are included at the end of this annual report, beginning with page F-1.

**Item 19. Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 1.1 | [The Third Amended and Restated Memorandum and Articles of Association of Ohmyhome Limited (incorporated by reference to Exhibit 3.1 to our report of foreign private issuer on Form 6-K (File No. 001-41647), as amended, initially filed with the SEC on January 9, 2026)](https://www.sec.gov/Archives/edgar/data/1944902/000121390026002707/ea027236701ex3-1_ohmyhome.htm) |
| 2.1\* | [Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](ea028645701ex2-1.htm) |
| 4.1 | [Director Offer Letter (incorporated by reference to Exhibit 10.1 to our registration statement on Form F-1 (File No. 333-268691), as amended, initially filed with the SEC on December 6, 2022)](https://www.sec.gov/Archives/edgar/data/1944902/000149315222034606/ex10-1.htm) |
| 4.2 | [Director Offer Letter by and between the Company and Henliyanto Ngadini dated January 17, 2025 (incorporated by reference to exhibit 10.2 to the Company's Current Report on form 6-K (File No. 001-41647), filed with the SEC on January 21, 2025)](https://www.sec.gov/Archives/edgar/data/1944902/000149315225002944/ex10-2.htm) |
| 4.3 | [Director Offer Letter by and between the Company and Liu Wen Tao, dated March 7, 2025 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 6-K (File No. 001-41647), filed with the SEC on March 7, 2025)](https://www.sec.gov/Archives/edgar/data/1944902/000149315225009476/ex10-1.htm) |
| 4.4 | [Employment Agreement by and between the Company and Agus Prasetyo, dated January 9, 2026 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 6-K (File No. 001-41647), filed with the SEC on January 9, 2026)](https://www.sec.gov/Archives/edgar/data/1944902/000121390026002706/ea027225801ex10-1_ohmyhome.htm) |
| 4.5 | [Director Offer Letter by and between the Company and Agus Prasetyo, dated January 9, 2026 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 6-K (File No. 001-41647), filed with the SEC on January 9, 2026)](https://www.sec.gov/Archives/edgar/data/1944902/000121390026002706/ea027225801ex10-2_ohmyhome.htm) |
| 4.6 | [Director Offer Letter by and between the Company and Chin Chee Yen, dated January 9, 2026 (incorporated by reference to Exhibit 10.3 to our Current Report on Form 6-K (File No. 001-41647), filed with the SEC on January 9, 2026)](https://www.sec.gov/Archives/edgar/data/1944902/000121390026002706/ea027225801ex10-3_ohmyhome.htm) |
| 4.7 | [Form of Compensation Settlement Agreement (incorporated by reference to exhibit 99.1 to the Company's Current Report on form 6-K (File No. 001-41647), filed with the SEC on October 10, 2024)](http://www.sec.gov/Archives/edgar/data/1944902/000149315224040828/ex99-1.htm) |
| 8.1\* | [List of Subsidiaries](ea028645701ex8-1.htm) |
| 11.1 | [Code of Ethics and Business Conduct (incorporated by reference to Exhibit 14.1 to our registration statement on Form F-1 (File No. 333-268691), as amended, initially filed with the SEC on December 6, 2022)](https://www.sec.gov/Archives/edgar/data/1944902/000149315222034606/ex14-1.htm) |
| 11.2\*\* | [Insider Trading Policies](http://www.sec.gov/Archives/edgar/data/1944902/000149315224015731/ex11-2.htm) |

---

---

| | |
|:---|:---|
| 12.1\* | [Certification of Principal Executive Officer Required by Rule 13a-14(a)](ea028645701ex12-1.htm) |
| 12.2\* | [Certification of Principal Financial Officer Required by Rule 13a-14(a)](ea028645701ex12-2.htm) |
| 13.1\* | [Certification of Principal Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](ea028645701ex13-1.htm) |
| 13.2\* | [Certification of Principal Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](ea028645701ex13-2.htm) |
| 15.1\* | [Consent of Enrome LLP](ea028645701ex15-1.htm) |
| 15.2\* | [Consent of WWC. P.C.](ea028645701ex15-2.htm) |
| 97.1\*\* | [Executive Compensation Recovery Policy](http://www.sec.gov/Archives/edgar/data/1944902/000149315224015731/ex97-1.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith. <br>\*\* Previously filed with the annual report on Form 20-F dated April 29, 2025.

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | |
|:---|:---|
| **Ohmyhome Limited** | **Ohmyhome Limited** |
| By: | */s/ Agus Prasetyo* |
| Name: | Agus Prasetyo |
| Title: | Chief Executive Officer, Acting Chief Financial Officer and Director |

---

Date: April 28, 2026

**OHMYHOME LIMITED**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm (Enrome LLP, Singapore PCAOB ID:6907)](#f_001) | F-2 |
| [Report of Independent Registered Public Accounting Firm (WWC., P.C, PCAOB ID No. 1171)](#f_002) | F-3 |
| [Consolidated Balance Sheets as of December 31, 2024 and 2025](#f_003) | F-4 |
| [Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2023, 2024 and 2025](#f_004) | F-5 |
| [Consolidated Statements of Change in Shareholders' Equity for the Years Ended December 31, 2023, 2024 and 2025](#f_005) | F-6 |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2024 and 2025](#f_006) | F-7 |
| [Notes to Consolidated Financial Statements](#f_007) | F-8 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of Ohmyhome Limited

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated balance sheets of Ohmyhome Limited (the "Company") and its subsidiaries (the "Group") as of December 31, 2025 and 2024, the related consolidated statements of operations and Comprehensive Loss, statements of changes in shareholders' equity, and statements of cash flows for the year ended December 31, 2025 and 2024 and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the year ended December 31, 2025 and 2024, in conformity with accounting principles generally accepted in the United States of America ("US GAAP").

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of Ameria. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated financial statements. Our audits also included evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Enrome LLP

PCAOB ID:6907

We have served as the Company's auditor since 2025.

Singapore

April 28, 2026

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Ohmyhome Limited and its subsidiaries (collectively the "Company") as of December 31, 2023, and the related consolidated statement of operations and comprehensive loss, changes in shareholders' equity, and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the "financial statements"), before the effects of the adjustments to retrospectively apply the change in accounting related to the share consolidation. In our opinion, except for the effects of the adjustments to retrospectively apply the change in accounting related to the share consolidation, the financial statements present fairly, in all material respects, the results of its operations and its cash flows for year in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

We were not engaged to audit, review or apply any procedures to the adjustments to retrospectively apply the change in accounting related to the share consolidation accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditors.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit 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 audit 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 audit provides a reasonable basis for our opinion.

WWC, P.C.

Certified Public Accountants

PCAOB ID No. 1171

We have served as the Company's auditor since 2022.

San Mateo, California

April 23, 2024

**OHMYHOME LIMITED**

**CONSOLIDATED BALANCE SHEETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **SGD** | **SGD** | **USD** |
| **ASSETS** | | | |
| **Current assets** | | | |
| Cash and cash equivalents | 1145829 | 4586491 | 3566755 |
| Accounts receivable, net | 514176 | 738418 | 574243 |
| Prepayments | 264638 | 716845 | 557465 |
| Other current assets, net | 28465 | 50732 | 39453 |
| **Total current assets** | **1953108** | **6092486** | **4737916** |
| **Non-current assets** |  |  |  |
| Deposits | 114680 | 106447 | 82780 |
| Property and equipment, net | 63703 | 64908 | 50477 |
| Operating lease right-of-use assets | 107836 | - | - |
| Deposit for an acquisition | 3920925 | - | - |
| Other receivables | - | 130356 | 101374 |
| Intangible assets | 2421510 | 1837351 | 1428844 |
| Goodwill | 2213460 | 916472 | 712708 |
| **Total non-current assets** | **8842114** | **3055534** | **2376183** |
| **Total assets** | **10795222** | **9148020** | **7114099** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable | 343597 | 1156144 | 899092 |
| Contract liabilities | - | 24386 | 18964 |
| Accrued liabilities and other payables | 1290742 | 3513117 | 2732029 |
| Bank loans, current portion | 238521 | 3867 | 3008 |
| Operating lease obligation | 121407 | 10424 | 8107 |
| Taxes payable | 111105 | 148928 | 115816 |
| **Total current liabilities** | **2105372** | **4856866** | **3777016** |
| **Non-current liabilities:** |  |  |  |
| Bank loans, non-current portion | 414918 | - | - |
| Consideration payables | 1975593 | - | - |
| **Total non-current liabilities** | **2390511** | **-**  | **-**  |
| **Total liabilities** | **4495883** | **4856866** | **3777016** |
| **COMMITMENTS AND CONTINGENCIES (Note 17)** |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Ordinary Shares, US$0.001 par value, 7,500,000,000 shares authorized, 1,922,138 shares issued and outstanding as of December 31, 2023, and 2,359,030 shares issued and outstanding as of December 31, 2024, 22,259,591 and 841,540 shares issued and outstanding for Class A and Class B as of December 31, 2025, respectively\* | 32229 | 298951 | 232484 |
| Additional paid-in capital | 29044790 | 36311152 | 28237929 |
| Stock-based compensation reserve | 537756 | 570233 | 443451 |
| Accumulated other comprehensive (loss)/income | 96416 | (241129) | (187518) |
| Accumulated deficit | (22936714) | (32137426) | (24992166) |
| **Total OHMYHOME LIMITED shareholders' equity** | **6774477** | 4801781 | 3734180 |
| Non-controlling interests | (475138) | (510627) | (397097) |
| **Total shareholders' equity** | **6299339** | **4291154** | **3337083** |
| **Total liabilities and shareholders' equity** | **10795222** | 9148020 | 7114099 |

---

\* The shares and per share information are presented on a retroactive basis to reflect the reverse stock split of 10-to-1 on March 10, 2025

The accompanying notes are an integral part of these consolidated financial statements

**OHMYHOME LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| **Operating revenues** |  |  |  |  |
| - Brokerage services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Independent Third Parties* | 2806930 | 3904853 | 2633613 | 2048069 |
| &nbsp;&nbsp;&nbsp;*Related Parties* | 11000 | 2100 | - | - |
|  | **2817930** | **3906953** | **2633613** | **2048069** |
| - Property Management |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Independent Third Parties* | **846726** | **4182808** | **5985890** | **4655020** |
| - Emerging and other services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Independent Third Parties* | 828509 | 2791254 | 3298455 | 2565094 |
| &nbsp;&nbsp;&nbsp;*Related Parties* | 511328 | 5020 | - | - |
|  | **1339837** | **2796274** | **3298455** | **2565094** |
| - Digital Marketing Services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Independent Third Parties* | **-**  | **-**  | **323525** | **251594** |
| **Total operating revenues** | **5004493** | **10886035** | **12241483** | **9519777** |
| **Cost of revenues** |  |  |  |  |
| - Brokerage services | (1638368) | (1722801) | (1762257) | (1370447) |
| - Property management | (582582) | (2816096) | (4312758) | (3353883) |
| - Emerging and other services | (1063891) | (1940949) | (1973050) | (1534374) |
| - Digital Marketing Services | - | - | (284702) | (221403) |
| **Total cost of revenues** | **(3284841)** | **(6479846)** | **(8332767)** | **(6480107)** |
| - Brokerage services | 1179562 | 2184152 | 871356 | 677622 |
| - Property management | 264144 | 1366712 | 1673132 | 1301137 |
| - Emerging and other services | 275946 | 855325 | 1325405 | 1030720 |
| - Digital Marketing Services | - | - | 38823 | 30191 |
| **Gross profit** | **1719652** | **4406189** | **3908716** | **3039670** |
| **Operating expenses** |  |  |  |  |
| Technology and development expenses | (1304914) | (1265650) | (221069) | (171918) |
| Selling and marketing expenses | (1797033) | (1895914) | (706276) | (549246) |
| General and administrative expenses | (3960636) | (5513688) | (7550259) | (5871576) |
| Impairment of intangible assets | - | (113707) | - | - |
| Impairment of goodwill | **-**  | - | (4703996) | (3658135) |
| **Total operating expenses** | **(7062583)** | **(8788959)** | **(13181600)** | **(10250875)** |
| **Loss from operations** | **(5342931)** | **(4382770)** | **(9272884)** | **(7211205)** |
| **Other income (expense):** |  |  |  |  |
| Stock-based compensation | (537756) | (93389) | (32477) | (25256) |
| Interest income | 106023 | 76054 | 2218 | 1725 |
| Interest expense | (31696) | (38518) | (15677) | (12191) |
| Government grants | 25769 | 68114 | 90670 | 70511 |
| Foreign exchange income (loss) | 264367 | (44173) | (21703) | (16878) |
| Other income, net | - | 52408 | 13652 | 10617 |
| **Total other (expense)/income, net** | **(173293)** | **20496** | **36683** | **28528** |
| **LOSS BEFORE INCOME TAXES** | **(5516224)** | **(4362274)** | **(9236201)** | **(7182677)** |
| Income tax expense | - | - | - | - |
| **NET LOSS** | **(5516224)** | **(4362274)** | **(9236201)** | **(7182677)** |
| Less: Net loss attributable to non-controlling interests | (46494) | (26803) | (35489) | (27598) |
| **Net loss attributable to shareholders of OHMYHOME LIMITED** | **(5469730)** | **(4335471)** | **(9200712)** | **(7155079)** |
| **NET LOSS** | **(5516224)** | **(4362274)** | **(9236201)** | **(7182677)** |
| OTHER COMPREHENSIVE LOSS |  |  |  |  |
| Foreign currency translation adjustment | (70252) | 130515 | (337545) | (262497) |
| TOTAL COMPREHENSIVE LOSS | **(5586476)** | **(4231759)** | **(9573746)** | **(7445174)** |
| Less: Comprehensive loss attributable to non-controlling interests | (46494) | (26803) | (35489) | (27598) |
| &nbsp;&nbsp;&nbsp;**COMPREHENSIVE LOSS ATTRIBUTABLE TO shareholders of OHMYHOME LIMITED** | **(5539982)** | **(4204956)** | **(9538257)** | **(7417576)** |
| Weighted average number of ordinary shares: |  |  |  |  |
| Basic\* | 1786062 | 2250337 | 14138744 | 14138744 |
| Diluted\* | 1846134 | 2372962 | 14138744 | 14138744 |
| **LOSS PER SHARE – BASIC AND DILUTED** |  |  |  |  |
| Basic | (3.1) | (1.9) | (0.67) | (0.67) |
| Diluted | (3.0) | (1.8) | (0.67) | (0.67) |

---

\* The shares and per share information are presented on a retroactive basis to reflect the reverse stock split of 10-to-1 on March 10, 2025

The accompanying notes are an integral part of these consolidated financial statements

**OHMYHOME LIMITED**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | | | | | | |
|  | **No. of shares** | **Amount** | **Additional**<br>**paid-in <br> capital** | **Stock-based**<br>**compensation<br> reserve** | **Accumulated<br> other**<br>**comprehensive<br> income** |<br>**Accumulated<br> deficit** | **Non-**<br>**controlling<br> Interests** | **Total**<br>**shareholders' Equity** |
|  | | **SGD** | **SGD** | **SGD** | **SGD** | **SGD** | **SGD** | **SGD** |
| **Balance as of January 1, 2023** | **1625000** | **21970** | **11292123** | **-**  | **36153** | **(13131513)** | **(401841)** | **(2183108)** |
| Issuance of new shares | 297138 | 3956 | 11230447 | - | - | - | - | 11234403 |
| Stock-based compensation |  | - | - | 537756 | - | - | - | 537756 |
| Net loss |  | - | - | - | - | (5469730) | (46494) | (5516224) |
| Foreign currency translation adjustment | - | - | - | - | (70252) | - | - | (70252) |
| **Balance as of December 31, 2023** | **1922138** | **25926** | **22522570** | **537756** | **(34099)** | **(18601243)** | **(448335)** | **4002575** |
| Issuance of new shares | 436893 | 6303 | 6428831 | - | - | - | - | 6435134 |
| Stock-based compensation |  | - | 93389 | - | - | - | - | 93389 |
| Net loss |  | - | - |  | - | (4335471) | (26803) | (4362274) |
| Foreign currency translation adjustment | - | - | - | - | 130515 | - | - | 130515 |
| **Balance as of December 31, 2024** | **2359031** | **32229** | **29044790** | **537756** | **96416** | **(22936714)** | **(475138)** | **6299339** |
| Issue of new shares | 20742100 | 266722 | 7266362 | - | - | - | - | 7533084 |
| Stock-based compensation |  | - | - | 32477 | - | - | - | 32477 |
| Net loss |  | - | - |  | - | (9200712) | (35489) | (9236201) |
| Foreign currency translation adjustment | - | - | - | - | (337545) | - | - | (337545) |
| **Balance as of December 31, 2025** | **23101131** | **298951** | **36311152** | **570233** | **(241129)** | **(32137426)** | **(510627)** | **4291154** |
| **Balance as of December 31, 2025 (USD)** | **23101131** | **232484** | **28237929** | **443451** | **(187518)** | **(24992166)** | **(397097)** | **3337083** |

---

\* The shares and per share information are presented on a retroactive basis to reflect the reverse stock split of 10-to-1 on March 10, 2025

The accompanying notes are an integral part of these consolidated financial statements.

**OHMYHOME LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year<br> ended<br> December 31,<br> 2023** | **For the year<br> ended<br> December 31,<br> 2024** | **For the year<br> ended <br> December 31,<br> 2025** | **For the year<br> ended <br> December 31,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |  |
| Net loss | (5516224) | (4362274) | (9236201) | (7182677) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |
| Stock-based compensation | 537756 | 93389 | 32477 | 25256 |
| Depreciation of property and equipment | 34448 | 42066 | 136619 | 106244 |
| Amortization of operating lease right-of-use assets | 327389 | 323507 | 107836 | 83860 |
| Amortization of intangible assets | 123848 | 629207 | 678789 | 527871 |
| Impairment of intangible assets | - | 113707 | - | - |
| Impairment of goodwill | - | - | 4703996 | 3658135 |
| Allowance for expected credit losses | 7619 | 50948 | 34155 | 26561 |
| Loss of disposal of property and equipment | 453 | - | - | - |
| Interest income | (81568) | (76054) | (2218) | (1725) |
| *Changes in assets and liabilities:* |  |  |  |  |
| Accounts receivable | (154509) | (10477) | (254958) | (198271) |
| Prepayments | (157953) | (41985) | (472019) | (367073) |
| Other current assets, net | 41431 | 158804 | 3904393 | 3036312 |
| Deposits | 14281 | 8851 | 27045 | 21032 |
| Accounts payable | 294503 | (79192) | 812547 | 631890 |
| Contract liabilities | (171980) | (103655) | 24386 | 18964 |
| Accrued liabilities and other payables | 167407 | 539331 | (4652654) | (3618208) |
| Other taxes payable | 1536 | 24660 | 37735 | 29345 |
| Operating lease obligation | (323376) | (334284) | (110982) | (86307) |
| **NET CASH USED IN OPERATING ACTIVITIES** | **(4854939)** | **(3023451)** | **(4229054)** | **(3288791)** |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |  |
| Purchases of property and equipment | (50415) | (27047) | (91913) | (71478) |
| Purchases of intangible assets | (737203) | (186861) | (94630) | (73590) |
| Acquisition of subsidiary, net of cash acquired | (309311) | (513600) | 34858 | 27108 |
| Deposit for an acquisition | (3437661) | (550168) | - | - |
| **NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES** | **(4534590)** | **(1277676)** | **(151685)** | **(117960)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |  |
| Proceeds from Ordinary share issued for cash | 3722 | 6069 | 6242291 | 4854415 |
| Net proceeds from initial public offering | 11157002 | 5679065 | - | - |
| Advances from/(to) a shareholder, net | (2290044) | - | - | - |
| Proceeds from loans | - | 427216 | - | - |
| Deferred public offering costs | (114794) | - | - | - |
| Advances from related parties | 909532 | - | 2722337 | 2117067 |
| Repayment from related parties | - | - | (156110) | (121401) |
| Repayment of long-term loans | (315263) | (987716) | (649572) | (505150) |
| **NET CASH PROVIDED BY FINANCING ACTIVITIES** | **9350155** | **5124634** | **8158946** | **6344931** |
| **Effect of exchange rate changes on cash and cash equivalents** | (70252) | 130515 | (337545) | (262497) |
| **NET CHANGE IN CASH AND CASH EQUIVALENTS** | **(109626)** | **954022** | **3440662** | **2675683** |
| **CASH, CASH EQUIVALENTS AT BEGINNING OF THE YEAR** | **301433** | **191807** | **1145829** | **891072** |
| **CASH, CASH EQUIVALENTS AT YEAR END** | **191807** | **1145829** | **4586491** | **3566755** |
| **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |  |  |
| Cash paid for: |  |  |  |  |
| Bank Loan Interest | 19105 | 33068 | 15677 | 12191 |
| Operating Lease Interest | 11159 | 5450 | - | - |
| **SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES:** |  |  |  |  |
| Issue of ordinary shares against consideration payable (Note 10) | - | - | 1290793 | 1003805 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**OHMYHOME LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 – Nature of business and organization**

Ohmyhome Limited (the "Company") is a holding company incorporated on July 19, 2022, under the laws of the Cayman Islands. The Company has no substantial operations other than holding all of the outstanding share capital of Ohmyhome (BVI) Limited ("Ohmyhome BVI") established under the laws of the British Virgin Islands ("BVI") on July 27, 2022. Ohmyhome BVI has no substantial operations other than holding all of the equity interest of Ohmyhome Pte. Ltd. ("Ohmyhome (S)"), a Singapore company incorporated on June 12, 2015, as well as all the equity interest of Ohmyhome Property Management Pte. Ltd. ("Ohmyhome Property Management (S)"), a Singapore company acquired on Oct 6, 2023.

The Company, through its wholly-owned subsidiary, Ohmyhome (S), and its subsidiaries, provides end-to-end property solutions and services for its customers such as brokerage services and emerging and other services, such as home renovation and furnishing services, listing and research, mortgage referral, legal services and insurance referral services.

On November 30, 2022, the Group completed a reorganization of Ohmyhome (S) under common control of its then existing shareholders, who collectively owned all the equity interests of Ohmyhome (S) prior to the reorganization. Prior to the re-organization, Ohmyhome (S) was directly owned and controlled by Anthill and the Other Existing Shareholders with 57.79% and 42.21% beneficial ownership interest, respectively. As a result of certain share swaps and related issuances by and among, Anthill and the Other Existing Shareholders, the Group, Ohmyhome (BVI) Limited, and Ohmyhome (S) whereby Ohmyhome (S) ultimately became a wholly-owned subsidiary of Ohmyhome (BVI) Limited, and Ohmyhome (BVI) Limited became a wholly owned subsidiary of the Group, and Anthill and the Other Existing Shareholders became the beneficial owners of the Group with percentage ownerships of 57.79% and 42.21%. The Group has accounted for these re-organizations as a transfer of assets between entities under common control in accordance with ASC 805-50-50-3 to 4 because the economic interests of Anthill and the Other Existing Shareholders remained the same immediately before and immediately after the re-organization, as such, the accompanying consolidated financial statements include the results of operations of Ohmyhome (S) for two operating periods in accordance with guidance set forth in ASC 805-50-45-2 to 5. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of the Group.

On March 23, 2023, the Group completed its initial public offering. In this offering, the Group issued 2,800,000 Ordinary Shares at a price of US$4.00 per share. The Group received gross proceeds in the amount of US$11.2 million before deducting any underwriting discounts or expenses. The Ordinary Shares began trading on March 21, 2023 on the Nasdaq Capital Market under the ticker symbol "OMH."

On October 6, 2023, Ohmyhome (BVI), a wholly owned subsidiary of the Group, completed the acquisition of 100% of the issued share capital of Ohmyhome Property Management (S) that provides estate management services for residential, commercial and industrial real estate in Singapore. Subsequent to the completion of the acquisition, the company has changed its name from Ohmyhome Property Management (S) (formerly known as Simply Sakal Pte. Ltd.) to Ohmyhome Property Management Pte. Ltd. on November 8, 2023.

On January 23, 2025, Ohmyhome (BVI) Limited, a wholly owned subsidiary of the Group, completed the acquisition of 100% of the issued share capital of Ohmyhome Property Inc., which is principally engaged in the provision of brokerage services to customers in the Philippines.

The accompanying consolidated financial statements reflect the activities of the Group and each of the following entities:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Background** | **Ownership %** | **Principal of activity** |
| **Ohmyhome (BVI) Limited** | ● A BVI company<br> ● Incorporated on July 27, 2022 | 100% owned by the Company | Investment holding |
| **Ohmyhome (S)** | ● A Singapore company<br> ● Incorporated on June 12, 2015 | 100% owned by Ohmyhome BVI | Principally engaged in the provision of a one-stop-shop property platform for its customers |
| **Ohmyhome Property Management Pte. Ltd. (Formerly known as Simply Sakal Pte. Ltd.)** | ● A Singapore company<br> ● Incorporated on January 4, 1995<br> ● Acquired by Ohmyhome (BVI) on <br> October 6, 2023<br> ● Changed its entity name to Ohmyhome<br> Property Management Pte. Ltd. on<br> November 8, 2023 | 100% owned by Ohmyhome (BVI) | Principally engaged in the provision of estate management services for residential, commercial and industrial real estate in Singapore. |
| **Ohmyhome Property Inc.** | ● A Philippine company<br> ● Incorporated on September 10, 2020 | 100% owned by Ohmyhome BVI | Principally engaged in the provision of brokerage service for its customers. |
| **Ohmyhome Renovation Pte. Ltd.** | ● A Singapore company<br> ● Incorporated on March 5, 2020 | 100% owned by Ohmyhome (S) | Principally engaged in design and build, project management for interior decoration projects for residential and commercial units. |
| **The DreamR II Pte. Ltd. (Formerly known as Ohmyhome Insurance Pte. Ltd.)** | ● A Singapore company<br> ● Incorporated on March 5, 2020<br> ● Changed its entity name from Ohmyhome<br> Insurance Pte. Ltd. to The DreamR II Pte. <br> Ltd. on April 8, 2025 | 100% owned by Ohmyhome (S) | Dormant |
| **Cora.Pro Pte. Ltd.** | ● A Singapore company<br> ● Incorporated on May 31, 2020 | 100% owned by Ohmyhome (S) | Principally engaged in distributing technology platform product for property management firms and developers to facilitate communication, facility booking, fee and tax payments. |
| **DreamR Project Pte. Ltd. (formerly known as Ganze Pte. Ltd.)** | ● A Singapore company<br> ● Incorporated on December 7, 2021<br> ● Changed its entity name from Ganze Pte.<br> &nbsp;&nbsp;&nbsp;&nbsp;Ltd. To DreamR Project Pte. Ltd. on <br> &nbsp;&nbsp;&nbsp;&nbsp;June 5, 2023 | 100% owned by Ohmyhome (S) | Principally engaged in interior decoration projects of high-end residential and commercial units. |
| **Ohmyhome Sdn. Bhd. ("Ohmyhome (M)")** | ● A Malaysia company<br> ● Incorporated on January 17, 2019 | 49% owned by Ohmyhome (S)\* | Principally engaged in the provision of a one-stop-shop property platform for its customers in Malaysia |
| **Ohmyhome Realtors Sdn. Bhd.** | ● A Malaysia company<br> ● Incorporated on January 17, 2019 | 49% owned by Ohmyhome (M)\* | Principally engaged in the provision of brokerage service for its customers |
| **Ohswiftwing Pte. Ltd.** | ● A Singapore company<br> ● Incorporated on July 21, 2025 | 100% owned by the Company | principally engaging in the provision of digital marketing services |

---

\* Where less than 50% of the equity interest held in the investee, management has exercised significant judgement and determine that the investee should be consolidated as a subsidiary of the Group, as the Group controls the operating and financing activities and decisions that significantly affect performance and distributions of the investee, through control of their board of directors.

**Note 2 – Liquidity** 

In assessing the Group's liquidity, the Group monitors and evaluates its cash and cash equivalent and its operating and capital expenditure commitments.

The Group's liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements of the Group. For the years ended December 31, 2024 and 2025, the Group had negative cash flow from operating activities of S$3,023,451 and S$4,229,054 (US$3,288,791), respectively. The Group's working capital position improved from a deficit of S$152,264 as of December 31, 2024 to a net current asset position of S$1,235,620 (US$960,900) as of December 31, 2025. And the Group had S$1,145,829 and S$4,586,491 (US$3,566,755) in cash and cash equivalents, which is unrestricted as to withdrawal and use as of December 31, 2024 and 2025, respectively.

On March 18, 2025, the Group has filed a registration statement form F-3 that allowed the Group to, from time to time in one ore more offerings, offer and sell up to US$300,000,000 in the aggregate of Ordinary Shares, preferred shares, warrants, units and rights to purchase Ordinary Shares, preferred shares, debt securities, rights or any combination of the foregoing, and has received the notice of effectiveness on March 19, 2025. In view of these circumstances, the management of the Group has given consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern.

To sustain its ability to support the Group's operating activities, the Group considered supplementing its sources of funding through the following:

● other available sources of financing from Singapore and Malaysia banks and other financial institutions;

● financial support from the Group's related parties and shareholders;

● issuance of additional convertible notes; and

● obtaining funds through a future public offering.

Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Group's business.

Based on the above considerations, management believes that the Group has sufficient funds to meet its operating and capital expenditure needs and obligations in the next 12 months. However, there is no assurance that the Group will be successful in implementing the foregoing plans or additional financing will be available to the Group on commercially reasonable terms. There are a number of factors that could potentially arise that could undermine the Group's plans such as (i) client's business and areas of operations in Singapore and Malaysia, (ii) changes in the demand for the Group's services, (iii) government policies, and (iv) economic conditions in Singapore, Malaysia and worldwide. The Group's inability to secure needed financing when required may require material changes to the Group's business plan and could have a material impact on the Group's financial conditions and result of operations.

**Note 3 – Summary of significant accounting policies**

<u>Basis of presentation</u>

The accompanying consolidated financial statement have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC").

<u>Principles of consolidation</u>

The consolidated financial statements include the financial statements of the Group and its subsidiaries. All transactions and balances among the Group and its subsidiaries have been eliminated upon consolidation.

Subsidiaries are those entities in which the Group, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of Directors, or to cast a majority of votes at the meeting of Directors.

Non-controlling interest represents the portion of the net assets of a subsidiary attributable to interests that are not owned by the Group. The non-controlling interest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Group. Non-controlling interest's operating result is presented on the face of the consolidated statements of operations and comprehensive loss as an allocation of the total comprehensive loss for the year between non-controlling shareholders and the shareholders of the Group.

<u>Use of estimates and assumptions</u>

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Group's consolidated financial statements include, but not limited to, estimates for useful lives of intangible assets, impairment of long-lived assets and goodwill and allowance for expected credit loss and revenue recognition. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the financial statements.

<u>Risks and uncertainties</u>

The main operations of the Group are in Singapore. Accordingly, the Group's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Group's results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. The Group believes that it is following existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.

The Group's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Group's operations.

<u>Foreign currency translation and transactions</u> 

The accompanying consolidated financial statements are presented in the Singapore Dollars ("SGD" or "S$"), which is the reporting currency of the Group. The functional currency of the Group and its subsidiary in the British Virgin Islands is United States Dollars ("USD" or "US$"), its other subsidiaries which are incorporated in Singapore, Malaysia and the Philippines are SGD, Malaysia ringgit ("RM") and Philippine Peso ("PHP"), respectively, which are their respective local currencies based on the criteria of ASC 830, "Foreign Currency Matters".

In the consolidated financial statements, the financial information of the Group and other entities located outside of Singapore has been translated into SGD. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period.

The following table outlines the currency exchange rates that were used in creating the financial statements in this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2024** | **December 31, 2025** |
| Year-end spot rate | SGD1.00 = RM3.4819 | SGD1.00 = RM3.2862 | SGD1.00 = RM3.1596 |
| Average rate | SGD1.00 = RM3.40002 | SGD1.00 = RM3.4112 | SGD1.00 = RM3.2661 |
| Year-end spot rate | SGD1.00 = USD0.7580 | SGD1.00 = USD0.7320 | SGD1.00 = USD0.7727 |
| Average rate | SGD1.00 = USD0.7447 | SGD1.00 = USD0.7482 | SGD1.00 = USD0.7627 |
| Year-end spot rate |  |  | SGD1.00 = PHP45.8484 |
| Average rate |  |  | SGD1.00 = PHP44.0038 |

---

<u>Convenience translation</u>

Translations of balances in the consolidated balance sheets, consolidated statements of operations and comprehensive loss, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows from SGD into USD as of December 31, 2025 are solely for the convenience of the readers and are calculated at the rate of SGD1.00 = USD0.77766, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.

<u>Cash and cash equivalents</u> 

Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Group's operating revenues which were held at third party platform fund accounts which are unrestricted as to immediate use or withdrawal. The Group maintains most of its bank accounts in Singapore and Malaysia.

<u>Accounts receivable and allowance for expected credit losses</u> 

Accounts receivable include trade accounts due from customers. Accounts are considered overdue after 30 days. Management reviews its receivables on a regular basis to determine if the allowance for expected credit loss is adequate and provides allowance when necessary. The allowance is based on management's best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. As of December 31, 2023, 2024 and 2025, the Group has S$9,802, S$60,360 and S$94,515 (US$73,501) allowance for expected credit losses for accounts receivable, respectively.

<u>Prepayments</u>

Prepayments are mainly payments made to vendors or services providers for future services that have not been provided. These amounts are refundable and bear no interest. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2023, 2024 and December 31, 2025, no allowance was deemed necessary.

<u>Deferred IPO costs</u>

Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, the SEC filing and print related costs. As of December 31, 2022, the accumulated deferred IPO cost was S$676,321 (US$504,567). As of March 21, 2023 the Group successfully listed in the US Nasdaq. Therefore, these deferred IPO costs had charged against the gross proceeds of the offering as a reduction of additional paid-in capital.

The Company has subsequently completed a follow-on public offering of 3,555,555 ordinary shares on February 16, 2024. As of December 31, 2023, the accumulated deferred costs related to the follow-on public offering was S$114,794 (US$87,012), which had charged against the gross proceeds of the offering as a reduction of additional paid-in capital subsequent during the year ended December 31, 2024.

No accumulated deferred public offering cost was recognized for the year ended December 31, 2025.

<u>Deposits</u>

Deposits are mainly for rent, utilities and money deposited with certain vendors. These amounts are refundable and bear no interest. The short-term deposits usually have a one-year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers when terms and conditions set forth in the agreements have been satisfied.

<u>Other current assets, net</u> 

Other current assets, net, primarily consists of other receivables from third parties. These other receivables are unsecured and are reviewed periodically to determine whether their carrying value has become impaired.

<u>Property and equipment, net</u>

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

---

| | |
|:---|:---|
|  | Expected useful lives |
| Leasehold improvements | lesser of lease term or expected useful life |
| Office furniture and fittings | 3-5 years |
| Office equipment | 3-5 years |
| Computers | 3 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive loss. Expenditure for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u>Business combination</u>

The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Group's consolidated statements of operations. The results of operations of the acquired business are included in the Group's operating results from the date of acquisition.

<u>Goodwill</u>

Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. In accordance with ASC Topic 350, Goodwill and Other Intangible Assets ("ASC 350"), recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present.

In accordance with ASC 350, the Group assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. As of December 31, 2025, Ohmyhome Property Management Pte. Ltd. and Ohmyhome Property Inc. were the reporting units for goodwill.

Pursuant to ASC 350, the Group has an option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value based on discounted cash flow of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. The impairment charge would be recorded in the consolidated statements of income and comprehensive income.

Application of the goodwill impairment test requires judgment, including the determination of the fair value of each reporting unit. Estimating fair value is performed by utilizing various valuation techniques, with a primary technique being a discounted cash flow which requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group's business, estimation of the useful life over which cash flows will occur, and determination of the Group's weighted average cost of capital.

<u>Intangible Assets</u>

Intangible assets consist of software and capitalized research and development and customer relationship acquired from a business combination. Intangible assets with finite lives are carried at cost less accumulated amortization and impairment loss, if any. Intangible assets with finite lives are amortized using the straight-line method over the estimated useful lives.

<u>Capitalized Software and research and development costs</u>

The Group capitalizes certain eligible software development costs incurred in connection with its internal use software in accordance with ASC 350-40, Internal-use Software and ASC 985, Software. These capitalized costs also relate to the Group's development of a proprietary software, HomerAI as well as a few ongoing development technology software. Capitalized software costs are amortized over the estimated useful life of 5 years. Capitalization begins once the application development stage begins, management has authorized and committed to funding the project, it is probable the project will be completed, and the software will be used to perform the function intended. Internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. The Company expenses all costs incurred that relate to planning and post-implementation phases of development. Intangible assets are assessed for impairment when events or circumstances indicate the existence of a possible impairment, and none were identified in the years ended December 31, 2024 and 2025.

During the years ended December 31, 2024 and 2025 the Group capitalized S$0.2 million and S$94,630, respectively, under ASC 350 included in intangible assets.

Intangible assets that have determinable lives continue to be amortized over their estimated useful lives as follows:

Software and research and development costs 5 years <br> Customer relationships 5 years

<u>Impairment for long-lived assets other than goodwill</u>

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than it was originally estimated. When these events occur, the Group, its wholly-owned subsidiaries evaluate the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, an impairment loss is recognized based on the excess of the carrying value of the assets over the fair value of the assets.

The customer relationship arose from acquisition of Ohmyhome Property Management Pte. Ltd. by the Ohmyhome BVI in 2023. During the year ended December 31, 2024, the Group performed its annual impairment assessment of intangible assets in accordance with ASC 360, *Property, Plant, and Equipment*. As a result of the assessment, the Group recorded an impairment loss of $113,707 related to customer relationship assets. The impairment was recognized due to a decline in the expected future economic benefits from the related customer relationships, and the carrying amount exceeded the asset's fair value. This loss is included in operating expenses in the consolidated statement of operations. For the year ended December 31, 2025, no impairment loss was recognized.

For the years ended December 31, 2023, 2024 and 2025, the Group did not recognize impairment on capitalized software and development costs.

<u>Fair value measurement</u>

The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Group.

The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follows:

● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.

<u>Stock-based compensation</u>

On December 19, 2023, the Board of Directors adopted the 2023 Equity Incentive Plan (the "2023 Incentive Plan"). Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Group's common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, the illiquidity of the option given its non-transferability, and the expected dividend yield of the Group's common stock. The Group derives its volatility from the average historical stock volatilities of the Group over a period equivalent to the expected term of the awards. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. The expected dividend yield is 0.0% as the Group has not paid and does not currently anticipate paying dividends on its common stock.

Stock-based compensation expense is classified in the accompanying consolidated statement of operations.

During the years ended December 31, 2024 and 2025, the Group recognized stock-based compensation expense of S$93,389 and S$32,477 (US$25,256), respectively.

<u>Revenue recognition</u>

The five-step model defined by ASC Topic 606 requires the Group to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) identify its contracts with customers;

&nbsp;&nbsp;&nbsp;&nbsp;(2) identify its performance obligations under those contracts;

&nbsp;&nbsp;&nbsp;&nbsp;(3) determine the transaction prices of those contracts;

&nbsp;&nbsp;&nbsp;&nbsp;(4) allocate the transaction prices to its performance obligations
in those contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;(5) recognize revenue when each performance obligation under those
contracts is satisfied. Revenue is recognized when promised services are transferred to the client in an amount that reflects the consideration
expected in exchange for those services.

The Group enters into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial substance, and it is probable that the Group will collect considerations from its customers for service component.

The Group has utilized the allowable practical expedient in the accounting guidance and elected not to capitalize costs related to obtaining contracts with customers with durations of less than one year. We do not have significant remaining performance obligations.

The Group derives its revenues from three sources: (1) revenue from brokerage services, (2) revenue from emerging and other related services, and (3) revenue from estate management services and other related services.

1) Brokerage services

The Group earns brokerage services revenue from provision of brokerage and documentation services for buying, selling, and leasing and renting properties. For entities other than Philippine, the Company recognizes commission-based brokerage revenue upon closing of a brokerage transaction and concurrently issues invoice. The transaction price is generally calculated by taking the agreed upon commission rate and applying that to the home's selling price. Brokerage revenue primarily contains a single performance obligation that is satisfied upon the closing of a transaction, at which point the entire transaction price is earned. We are not entitled to any commission until the performance obligation is satisfied and are not owed any commission for unsuccessful transactions, even if services have been provided.

For the Philippines operations, brokerage services are recognized over time as the services are rendered, as the performance obligation is satisfied progressively.

The Group is considered to be the principal agent as it has the right to determine the service price and to define the service performance obligations, it has control over services provided and it is fully responsible for fulfilling the agency services pursuant to the housing agency service contracts it signed with the housing customers. Accordingly, the Group accounts for the commissions from these agency service contracts on a gross basis, with any commissions paid to other brokerage firms recorded as a cost of revenue. Typical payment terms set forth in the invoice is within 30 days.

2) Emerging and other related services

The Group generates revenues from emerging and other services such as mortgage referral services and home renovation and furnishing services.

Revenue from mortgage referral services is recognized at a point in time when the referral is successfully completed and the Group's performance obligation is satisfied.

Revenue from home renovation and furnishing services is recognized over time as the services are rendered, as the performance obligation is satisfied progressively.

3) Estate management services and other related services

Ohmyhome Property Management Pte. Ltd. earns estate management services revenue from Management Corporate Strata Titles (MCSTs) by being appointed as the Managing Agent for the respective estates to provide routine management, administration and secretarial services, accounting and finance management, and the operation and maintenance of the estates. Management believes that the estate management services are integrated services, and it is impractical to assess standalone value to each service; accordingly, the estate management services should be considered as single performance obligation. In consideration of the services provided by the Group, the MCSTs pay a monthly fee to the Group. The contract is a fixed contract with a fixed fee over the contractual period. The monthly management fee of individual estate varies depending on the size of the estates and the scope of the services required. Estate management revenue primarily contains an ongoing performance obligation that is satisfied upon the end of each calendar month, at which point the monthly fee is earned. The revenue is recognized over time based on the fixed contract fee over the contractual period. The Group is considered to be the principal as it has the right to determine the service price and to define the service performance obligations, it has control over services provided and it is fully responsible for fulfilling the estate management services pursuant to the estate management service contracts it signed with the MCSTs. Typical payment terms set forth in the invoice are within 30 days. The Group also generates revenues from other related services such as providing of additional manpower which are usually in ad-hoc basis, certification of documents, disbursements, marketing initiatives and others that to be completed in a short-term period. Service fees for other services are generally recognized at the point in time when services are provided. Typical payment terms set forth in the invoice are within 30 days.

4) Digital marketing services

The Company generates revenue from internet marketing services by providing content promotion services for advertisers which the Company views as customers, including marketing strategy customization, delivery channel selection, content delivery and other services. The customers continuously consumed economic benefits during the period when the company provided services, so the revenue is recognized over time during the contract period. During the service period, when the agreed services are completed, the customer signs the acceptance confirmation, and the Company recognizes revenue accordingly. Under this business model, the Company is the primary obligor and responsible for (i) identifying and contracting with third-party advertisers, and delivering the specified integrated internet marketing services to the advertisers; (ii) bearing certain risks of loss to the extent that the cost incurred for producing contents, formulating advertisement campaign and acquiring user traffic from online media platforms cannot be compensated by the total consideration received from the advertisers, which is similar to inventory risk; and (iii) performing all the billing and collection activities, including retaining credit risk. The Company assumes ownership of the specified service before it is delivered to the advertiser and acts as the principal of these arrangements and therefore recognizes revenue earned and costs incurred related to these transactions on a gross basis.

<u>Contract balances</u>

Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services such as cleaning, painting and moving services, customers are required to pay before the services are delivered. The Group recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the Group's performance and the customer's payment.

The Group classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its audited condensed consolidated balance sheets when it performs a service in advance of receiving consideration and if it has the unconditional right to receive consideration. The Group did not have any capitalized contract cost as of December 31, 2023, 2024 and 2025.

Contract liabilities are recognized if the Group receives consideration in advance of performance, which is mainly in relation to emerging and other services. The Group expects to recognize a significant majority of this balance as revenue over the next 12 months, and the remainder thereafter. As of December 31, 2023, 2024 and 2025, the contract liabilities of the Group amounted to S$103,655, NIL and S$24,386, respectively. The revenue recognized for from contract liabilities from the previous periods amounted to S$194,300, S$103,655 and NIL, respectively, for the years ended December 31, 2023, 2024 and 2025.

<u>Cost of revenue</u>

Cost of revenue consists primarily of personnel costs (including base pay and benefits), commission fee, property listing fee, referral fee and subcontracting cost.

<u>Technology and development</u>

Technology and development expenses primarily include personnel costs (including base pay, bonuses, and benefits), platform development, and maintaining and improving our website and mobile application development costs. We capitalize research and development personnel costs related to the development of our new proprietary software products and features including HomerAI, MATCH and others, as well as acquired carrying value of the proprietary software from the acquisition of Ohmyhome Property Management (S). As of December 31, 2024 and 2025, research and development and software and technology, net amounted to S$1,071,958 and S$220,791 (US$171,702), respectively, and is included in intangible assets. Other costs are expensed off as incurred and record them in technology and development expenses.

<u>Selling and marketing expenses</u>

Selling and marketing expenses mainly consist of promotion and marketing expenses, media expenses for online and traditional advertising, as well as labor costs. For the year ended December 31, 2023, 2024 and 2025, the Group's selling and marketing expenses were S$1,797,033, S$1,895,914 and S$706,276 (US$549,246), respectively.

<u>Employee compensation</u> 

*Singapore* 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Defined contribution plan

The Group participates in the national pension schemes as defined by the laws of Singapore's jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Employees leave entitlement

Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly within the reporting period.

*Malaysia* 

The full-time employees of the Group are entitled to the government mandated defined contribution plan. The Group is required to accrue and pay for these benefits based on certain percentages of the employees' respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan.

<u>Government Grant</u>

Government grants as compensation for expenses already incurred or for the purpose of giving immediate financial support to the Group during the COVID-19 pandemic. The government also periodically provides various grants for childcare and parental leaves taken by eligible employees for social and family development purposes, as well as for employment of senior employees and for development of specialized skills paid by the employer for the benefits of the employees. The government evaluates the Group's eligibility for the grants on a consistent basis, and then makes the payment. Therefore, there are no restrictions on the grants.

Government grants are recognized when received and all the conditions for their receipt have been met and are recorded as part of Other Income. The grants received were S$25,769, S$68,114 and S$90,670 (US$70,511) for the year ended December 31, 2023, 2024 and 2025, respectively from the Singapore Government.

<u>Segment reporting</u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Group's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Group's business segments. The Group uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group's Chief Operating Decision Maker ("CODM") for making operating decisions and assessing performance as the source for determining the Group's reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products or services. Based on management's assessment, the Group has determined that it has two operating segments, which are (i) Brokerage, emerging and another related service; and (ii) Estate management services and other related services in Singapore. Majority assets of the Group are located in Singapore and majority revenue is generated in Singapore. The Group has disclosed the relevant metrics for measurement of performance in "ITEM 5. Operating and Financial Review and Prospects".

Information reported internally for performance assessment as follows:

**Year ended December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Brokerage, emerging and another related service** | **Estate management services and other related services** | **Digital marketing services** | **Total** | **Total** |
|  | **S$** | **S$** | **S$** | **S$** | **US$** |
| Revenue – external parties | 5932068 | 5985890 | 323525 | 12241483 | 9519777 |
| Revenue – related parties | - | - | - | - | - |
| **Total revenue** | **5932068** | **5985890** | **323525** | **12241483** | **9519777** |
| Total cost of revenue | (3735307) | (4312758) | (284702) | (8332767) | (6480106) |
| **Gross profit** | **2196761** | **1673132** | **38823** | **3908716** | **3039670** |
| **Operating expenses** | **(11124596)** | **(2055572)** | **(1432)** | **(13181600)** | **(10250875)** |
| Share-based compensation | (32477) | - | - | (32477) | (25256) |
| Interest income | 2218 | - | - | 2218 | 1725 |
| Interest expense | (15033) | (644) | - | (15677) | (12191) |
| Foreign exchange loss | (21605) | (98) | - | (21703) | (16878) |
| Government grants | 20447 | 70223 | - | 90670 | 70511 |
| Others | 13652 | - | - | 13652 | 10617 |
| **Other (expense) income, net** | (32798) | 69481 | - | 36683 | 28528 |
| (Loss) income before income tax expenses | (8960632) | (312960) | 37391 | (9236201) | (7182677) |
| **Segment (loss) income** | **(8960632)** | **(312960)** | 37391 | **(9236201)** | **(7182677)** |
| Total assets | 7740669 | 1083826 | 323525 | 9148020 | 7114099 |
| Total liabilities | 2754397 | 1814746 | 287723 | 4856866 | 3777016 |
| **Net assets (liabilities)** | 4986272 | **(730920)** | 35802 | **4291154** | **3337083** |

---

**Year ended December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brokerage, emerging and another related service** | **Estate management services and other related services** | **Total** | **Total** |
|  | **S$** | **S$** | **S$** | **US$** |
| Revenue – external parties | 6696107 | 4182808 | 10878915 | 7962901 |
| Revenue – related parties | 7120 | - | 7120 | 5212 |
| **Total revenue** | **6703227** | **4182808** | **10886035** | **7968113** |
| Total cost of revenue | (3663750) | (2816096) | (6479846) | (4742970) |
| **Gross profit** | **3039477** | **1366712** | **4406189** | **3225143** |
| **Operating expenses** | **(6823320)** | **(1965639)** | **(8788959)** | **(6433143)** |
| Share-based compensation | (93389) | - | (93389) | (68357) |
| Interest income | 76054 | - | 76054 | 55668 |
| Interest expense | (36818) | (1700) | (38518) | (28194) |
| Foreign exchange loss | (43923) | (250) | (44173) | (32333) |
| Government grants | 53987 | 14127 | 68114 | 49857 |
| **Other income, net** | 41880 | 10528 | 52408 | 38361 |
| Loss before income tax expenses | (3786050) | (576224) | (4362274) | (3192998) |
| **Segment loss** | **(3786050)** | **(576224)** | **(4362274)** | **(3192998)** |
| Total assets | 10083418 | 711804 | 10795222 | 7901642 |
| Total liabilities | 3444467 | 1051416 | 4495883 | 3290796 |
| **Net assets (liabilities)** | **6638951** | **(339612)** | **6299339** | **4610846** |

---

**Year ended December 31, 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brokerage, emerging and another related service** | **Estate management services and other related services** | **Total** | **Total** |
|  | **S$** | **S$** | **S$** | **US$** |
| Revenue – external parties | 3635439 | 846726 | 4482165 | 3397380 |
| Revenue – related parties | 522328 | - | 522328 | 395913 |
| **Total revenue** | **4157767** | **846726** | **5004493** | **3793293** |
| Total cost of revenue | (2702259) | (582582) | (3284841) | (2489836) |
| **Gross profit** | **1455508** | **264144** | **1719652** | **1303457** |
| **Operating expenses** | **(6692028)** | **(370555)** | **(7062583)** | **(5353281)** |
| Share-based compensation | (537756) | - | (537756) | (407607) |
| Interest income | 106023 | - | 106023 | 80363 |
| Interest expense | (29431) | (2265) | (31696) | (24025) |
| Foreign exchange gain | 264367 | - | 264367 | 200384 |
| Government grants | 25769 | - | 25769 | 19532 |
| **Other expense, net** | **(171028)** | **(2265)** | **(173293)** | **(131353)** |
| Loss before income tax expenses | (5407548) | (108676) | (5516224) | (4181177) |
| **Segment loss** | **(5407548)** | **(108676)** | **(5516224)** | **(4181177)** |
| Total assets | 9436152 | 865788 | 10301940 | 7808643 |
| Total liabilities | 5670189 | 629176 | 6299365 | 4774779 |
| **Net assets** | **3765963** | **236612** | **4002575** | **3033864** |

---

<u>Leases</u>

The Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liability, and operating lease liability, non-current in the Group's consolidated balance sheets. ROU assets represent the Group's right to use an underlying asset for the lease term and lease liabilities represent the Group's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Group's leases do not provide an implicit rate, the Group used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Group elected not to apply ASC 842 recognition requirements; and (ii) the Group elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs.

<u>Income taxes</u>

The Group accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the year ended December 31, 2023, 2024 and 2025. The Group had no uncertain tax positions for the year ended December 31, 2023, 2024 and 2025. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

<u>Comprehensive loss</u>

Comprehensive loss consists of two components, net loss and other comprehensive loss. Other comprehensive loss refers to revenues, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded from net loss. Other comprehensive loss consists of a foreign currency translation adjustment resulting from the Group not using the United States dollar as its functional currencies.

<u>Loss per share</u>

The Group computes loss per share ("EPS") in accordance with ASC 260, "Earnings per Share". ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the year ended December 31, 2023, the total diluted ordinary share was 1,846,134 as compared to the basic number of ordinary share issued at 1,786,062 as of December 31, 2023. For the year ended December 31, 2024, the total diluted ordinary share was 2,372,962 as compared to the basic number of ordinary share issued at 2,250,337 as of December 31, 2024. For the year ended December 31, 2025, the total diluted ordinary share was 14,138,744 as compared to the basic number of ordinary share issued at 14,138,744 as of December 31, 2025.

<u>Related party transactions</u>

Parties, which can be a corporation or individual, are considered to be related if the Group has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

<u>Commitments and Contingencies</u>

In the normal course of business, the Group is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Group recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

<u>Concentration of Risks</u>

*Concentration of credit risk* 

Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable. The Group place our cash and cash equivalents with financial institutions with high credit ratings and quality.

Accounts receivable primarily comprise of amounts receivable from the service customers. The Group conducts credit evaluations of customers, and generally does not require collateral or other security from our customers. The Group establish an allowance for doubtful accounts primarily based upon the factors surrounding the credit risk of specific customers.

*Concentration of customers* 

 

As of December 31, 2025, no customer accounted for more than 10% of the Group's total revenue for the year or accounts receivables as of December 31, 2025.

As of December 31, 2024, no customer accounted for more than 10% of the Group's total revenue for the year or accounts receivables as of December 31, 2024.

As of December 31, 2023, two customers, one is a provider of general insurance and another is a property consultancy firm, accounted for 10.0% and 25.85% of the account receivables respectively. None of the customers consisted of more than 10% of account receivables as of December 31, 2021 and 2022, respectively.

*Concentration of vendors*

 

For the year ended December 31, 2025, no vendor accounted for more than 10% of total purchases. One vendor who was a provider of technical manpower for MCSTs accounted for 26% of accounts payable, and another vendor who was a co-broke agency accounted for 10% of accounts payable.

 

For the year ended December 31, 2024, no vendor accounted for more than 10% of total purchases. One vendor who was a provider of technical manpower for MCSTs accounted for 16.8% of accounts payable, and another vendor who was a co-broke agency accounted for 11.7% of accounts payable.

For the year ended December 31, 2023, no vendor accounted for more than 10% of total purchases. One vendor, who is providing search engines and on-line advertising, accounted for 29% of the Group's account payable.

<u>Recently adopted accounting pronouncements</u>

The Group considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued. Under the Jump start Our Business Start-ups Act of 2012, as amended (the "JOBS Act"), the Group meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments — Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments — Credit Losses — Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders' concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-02 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. The Group adopted the ASU on January 1, 2023 and the adoption of this ASU did not have a material effect on the Group's consolidated financial statements.

<u>Recently issued accounting pronouncements</u>

In December 2025, the FASB issued ASU 2025-12, which is to correct, clarify, and otherwise improve U.S. GAAP. ASU 2025-12 includes 33 improvements that span a wide range of topics, including Clarifying diluted earnings per share (EPS) calculation when a loss from continuing operations exists, Clarifying disclosure requirements for lease receivables from sales-type or direct financing leases, Revising the calculation of the reference amount for beneficial interests to prevent double counting credit losses, Clarifying the permissible methods to account for treasury stock retirements, and Clarifying the guidance for transfers of receivables from contracts with customers. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. If an entity adopts the amendments in this Update in an interim period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. An entity may elect to early adopt the amendments on an issue-by-issue basis. For example, an entity may decide to early adopt certain amendments and adopt the remaining amendments at the effective date. An entity should apply the amendments in this Update (except for the amendments to Topic 260, Earnings Per Share, related to Issue 4) using one of the following transition methods: (i) Prospectively to all transactions recognized on or after the date that the entity first applies the amendments, or (ii) Retrospectively to the beginning of the earliest comparative period presented. An entity should adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In December 2025, the FASB issued ASU 2025-11, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. As the Board stated in the proposed guidance and reiterates in the ASU, the amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. For public business entities, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. For entities other than public business entities, for interim reporting periods within annual reporting periods beginning after December 15, 2028. Early adoption is permitted for all entities. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The ASU establishes authoritative guidance on the accounting for government grants received by business entities. This update is effective beginning with annual reporting period beginning after December 15, 2029, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its combined financial statements.

On September 18, 2025, the FASB issued Accounting Standards Update (ASU) 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software (the existing internal-use software guidance does not contemplate more current methods of software development). The amendments in ASU 2025-06 are limited and focused on the key challenge that entities face in applying FASB Accounting Standards Codification (FASB ASC) 350-40—applying that guidance to software that is developed using modern, iterative approaches such as Agile, DevOps, and continuous-deployment models that do not fit neatly into the legacy "preliminary-project / application-development / post-implementation" stages described in today's Subtopic 350-40.The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company expects the adoption on this ASU will not have a material effect on the Company's consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05 - Financial Instruments—Credit Losses (Topic 326). The amendments in this Update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity that elects the practical expedient and the accounting policy election, if applicable, should apply the amendments in this Update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is evaluating the impact of the adoption of this guidance. We believe the future adoption of this ASU is not expected to have a material impact on its financial statements.

In January 2025, the FASB issued ASU 2025-01, "Income Statement – Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Clarifying the Effective Date." This pronouncement revises the effective date of ASU 2024-03 and clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU's scope are permitted to early adopt the accounting standard update. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In November 2024, the FASB issued ASU 2024-03, "Income Statement — Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses." This pronouncement introduces new disclosure requirements aimed at enhancing transparency in financial reporting by requiring disaggregation of specific income statement expense captions. Under the new guidance, entities are required to disclose a breakdown of certain expense categories, such as: employee compensation; depreciation; amortization, and other material components. The disaggregated information can be presented either on the face of the income statement or in the notes to the financial statements, often using a tabular format. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. In January 2025, the FASB issued ASU 2025-01, "Income Statement – Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Clarifying the Effective Date." This pronouncement revises the effective date of ASU 2024-03 and clarifies that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU's scope are permitted to early adopt the accounting standard update. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements — Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative which amend the disclosure or presentation requirements of codification subtopic 230-10 Statement of Cash Flows — Overall, 250-10 Accounting Changes and Error Corrections — Overall, 260-10 Earnings Per Share — Overall, 270-10 Interim Reporting — Overall, 440-10 Commitments — Overall, 470-10 Debt — Overall, 505-10 Equity — Overall, 815-10 Derivatives and Hedging — Overall, 860-30 Transfers and Servicing — Secured Borrowing and Collateral, 932-235 Extractive Activities — Oil and Gas — Notes to Financial Statements, 946-20 Financial Services — Investment Companies — Investment Company Activities, and 974-10 Real Estate — Real Estate Investment Trusts — Overall. The amendments represent changes to clarify or improve disclosure and presentation requirements of the above subtopics. Many of the amendments allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements. Also, the amendments align the requirements in the codification with the SEC's regulations. For entities subject to existing SEC disclosure requirements or those that must provide financial statements to the SEC for securities purposes without contractual transfer restrictions, the effective date aligns with the date when the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is not allowed. For all other entities, the amendments will be effective two years later from the date of the SEC's removal.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the consolidated financial position, statements of operations and cash flows.

**Note 4 - Revenues** 

The following table presents the Group's revenues disaggregated by service lines for the years ended December 31, 2023, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| **Operating revenues** |  |  |  |  |
| - Brokerage services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Independent Third Parties* | 2806930 | 3904853 | 2633613 | 2048069 |
| &nbsp;&nbsp;&nbsp;*Related Parties* | 11000 | 2100 | - | - |
|  | **2817930** | **3906953** | **2633613** | **2048069** |
| - Property Management |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Independent Third Parties* | **846726** | **4182808** | **5985890** | **4655020** |
| - Emerging and other services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Independent Third Parties* | 828509 | 2791254 | 3298455 | 2565094 |
| &nbsp;&nbsp;&nbsp;*Related Parties* | 511328 | 5020 | - | - |
|  | **1339837** | **2796274** | **3298455** | **2565094** |
| - Digital Marketing Services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Independent Third Parties* | **-**  | **-**  | **323525** | **251594** |
| **Total operating revenues** | **5004493** | **10886035** | **12241483** | **9519777** |

---

The Group elected to utilize practical expedients to exclude from this disclosure the remaining performance obligations that have an original expected duration of one year or less.

***Note 5 – Accounts receivable, net***

Accounts receivable, net consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| Accounts receivable | 590691 | 574536 | 832933 | 647744 |
| Less: Allowance for expected credit losses | (9802) | (60360) | (94515) | (73501) |
| **Total accounts receivable, net** | **580889** | **514176** | **738418** | **574243** |

---

Movements of allowance for expected credit losses accounts are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| Allowance for expected credit losses, beginning balance | 9102 | 9802 | 60360 | 46940 |
| Addition | 7619 | 50948 | 34155 | 26561 |
| Write-off | (6919) | (390) | - | - |
| Allowance for expected credit losses, ending balance | 9802 | 60360 | 94515 | 73501 |

---

As of the end of each of the financial year, the aging analysis of accounts receivable, net of allowance for expected credit losses accounts, based on the invoice date is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| **Within 30 days** | 521337 | 427346 | 128767 | 100139 |
| **Between 31 and 60 days** | 5698 | 45916 | 489083 | 380343 |
| **Between 61 and 90 days** | 10405 | 10563 | 25205 | 19601 |
| **More than 90 days** | 43449 | 30351 | 95363 | 74160 |
| **Total accounts receivable, net** | **580889** | **514176** | **738418** | **574243** |

---

**Note 6 - Deposit for an acquisition** 

Deposit for an acquisition consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| Deposit for an acquisition <sup>i</sup> | 3370757 | 3920925 |  |  |
| Less: Long term portion | - | - |  |  |
| Deposit for an acquisition – current portion | 3370757 | 3920925 |  |  |

---

---

| | |
|:---|:---|
| <sup>i</sup> | As at December 31, 2023, the Group had a deposit for an acquisition include the amounts of S$618,286 which is the outstanding balance of a loan facility that the Group, on May 26, 2023, offered to Ohmyhome Property Inc. to support working capital for budding real estate agency Ohmyhome Property Inc., with interest charged at 5% per annum and repayment term of 1 year or 14 days from the date of demand, and S$2,686,340 (US$1,986,288) which is the debt purchased from the debt seller on July 3, 2023 and its interest that is owed by Ohmyhome Property Inc. |
|  | As at December 31, 2024, the deposit increased to S$3,920,925 due to additional advances and accrued interest during the year. The deposit is related to the proposed acquisition of Ohmyhome Property Inc. |
|  | On January 23, 2025, the Group completed the acquisition of Ohmyhome Property Inc., and this acquisition deposit was transferred to the purchase consideration in the computation of goodwill (see Note 10). |

---

**Note 7 – Property and equipment, net**

Property and equipment, net consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| **At cost:** | | | | |
| Office furniture and fittings | 166901 | 38753 | 49372 | 38093 |
| Office equipment | 211066 | 380096 | 450712 | 350806 |
| Leasehold improvements | 10260 | 11102 | 67691 | 52641 |
| **Total** | **388227** | **429951** | **567775** | **441540** |
| Accumulated depreciation | (309959) | (366248) | (502867) | (391063) |
| Loss of disposal of property and equipment | 453 | - | - | - |
| **Property and equipment, net** | **78721** | **63703** | **64908** | **50477** |

---

Depreciation expenses for the years ended December 31, 2023, 2024 and 2025 amounted to S$34,448, S$42,066 and S$136,619 (US$106,244) respectively.

No impairment loss had been recognized for the years ended December 31, 2023, 2024 and 2025, respectively.

**Note 8 - Intangible Assets**

Intangible assets, stated at cost less accumulated amortization, consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| At Cost: | - | **-** | **-** | **-** |
| Customer relationships | 1944044 | 1944044 | 1944044 | 1511816 |
| Software | 271693 | 473356 | 567986 | 441703 |
| Research and development | 885675 | 1024638 | 1024638 | 796825 |
| Less: accumulated impairment | - | (113707) | (113707) | (88426) |
| Less: accumulated amortization | (123848) | (906821) | (1585610) | (1233074) |
| Intangible Assets, net | **2977564** | **2421510** | **1837351** | **1428844** |

---

No impairment loss had been recognized for the years ended December 31, 2025.

During the year ended December 31, 2024, the Group performed its annual impairment assessment of intangible assets. As a result of the assessment, the Group recorded an impairment loss of S$113,707 related to customer relationship that was recognized in 2024. The impairment was recognized due to a decline in the expected future economic benefits from the related customer relationships. This loss is included in operating expenses in the consolidated statement of operations.

Amortization expense of intangible assets for the years ended December 31, 2023, 2024 and 2025 amounted to $123,848, S$629,207 and S$678,789 (U$527,871), respectively.

Estimated amortization expense for each of the next five years:

---

| |
|:---|
| 2026.0) |
| 2027.0) |
| 2028.0) |
| 2029.0) |
| 2030.0 |

---

**Note 9 – Goodwill**

Changes in the carrying amount of goodwill were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| Beginning of year | - | **2213460** | **2213460** | **1721330** |
| Acquisition (Note 10) | **2213460** | **-**  | **3407008** | **2649513** |
| Impairment of goodwill | **-**  | **-**  | **(4703996)** | **(3658135)** |
| End of year | **2213460** | **2213460** | **916472** | **712708** |

---

As at 31 December 2025, the Group performed an assessment of the recoverable amount of its reporting units. Based on this assessment, the Group recognized an impairment loss of SGD 4,703,996 (USD 3,658,135) during the financial year. The impairment is attributable to the respective reporting units as disclosed in Note 10.

**Note 10 – Business combination**

***Acquisition of Ohmyhome Property Inc*.**

On January 23, 2025, Ohmyhome (BVI) Limited, a wholly owned subsidiary of the Company, completed the acquisition of substantially all of the issued and outstanding shares of Ohmyhome Property Inc. (the "OMPH"), a company incorporated in the Philippines, pursuant to a Debt Settlement and Share Purchase Agreement (the "SPA") entered into with the shareholders.

The total consideration for the acquisition was satisfied through the settlement of outstanding debts owed by the shareholders to the Company, amounting to approximately US$2,064,378.53 and S$655,044.28, including accrued interest (the "Debt"). Upon completion of the acquisition, the Debt was fully settled and extinguished in accordance with the terms of the SPA.

Pursuant to the SPA, the Sellers agreed to transfer their respective shareholdings in the OMPH to the Group, resulting in the Company acquiring substantially 100% equity interest of Ohmyhome Property Inc., except for one (1) ordinary share retained by a nominee shareholder in accordance with the agreement.

Upon completion of the acquisition, Ohmyhome Property Inc. became an indirect wholly-owned subsidiary of the Company.

The acquisition was approved by the Board of Directors of the Company in May 2024, and the purchase consideration was structured as a non-cash transaction through the settlement of intercompany debt.

Goodwill of S$3,407,008 (US$2,649,512) arising from the acquisition consisted largely of synergies resulting from the combining of the operations of the companies.

The following table summarizes the consideration for the acquisition was satisfied through the capitalization and settlement of outstanding intercompany debts owed by Ohmyhome Property Inc. to the Group:

---

| | | |
|:---|:---|:---|
|  | **January 23,<br> 2025** | **January 23,<br> 2025** |
|  | **SGD** | **SGD** |
| Consideration | | |
| &nbsp;&nbsp;&nbsp;Settlement of USD-denominated debt |  | 2820354 |
| &nbsp;&nbsp;&nbsp;Settlement of SGD-denominated debt | | 655,044 |
| **Fair value of total consideration transferred** | | **3,475,398** |

---

---

| | |
|:---|:---|
|  | **SGD** |
| **ASSETS** | |
| Cash and bank balances | 34858 |
| Accounts receivable | 3440 |
| Other receivables | 99082 |
| Fixed Assets | 45911 |
| Other non-current assets | 33789 |
| **Total assets** | **217080** |
| **LIABILITIES** |  |
| Total Current Liabilities | 25170 |
| Total Non-current Liabilities | 123520 |
| **Total liabilities** | **148690** |
| **Total identifiable net assets** | **68390** |
| Goodwill | 3407008 |
| **Fair value of total consideration transferred** | **3475398** |

---

For the year ended December 31, 2025, the Group assessed that it is more likely than not that the fair value of Ohmyhome Property Inc is less than its carrying amount due to the deterioration in operating performance of the entity. A quantitative impairment test was therefore performed and concluded that the carrying amounts of Ohmyhome Property Inc. exceeded its fair value and recorded impairment loss of S$3,407,008. The impairment loss was fully allocated to goodwill. The fair value of Ohmyhome Property Inc. was determined based on the discounted cash flow analysis using the assumption included internal cash flows forecasts, long-term future growth rates and profitability and discount rate, among others.

 ****

***Acquisition of Ohmyhome Property Management (S)***

On October 6, 2023, Ohmyhome (BVI), a wholly owned subsidiary of the Company, acquired 100% of the total number of issued shares in the capital of Ohmyhome Property Management (S), a tech-enabled property management company in Singapore, for the total consideration of S$4,712,000, consisting of S$1,712,000 in cash and S$3,000,000 in the form of consideration shares, which shall be satisfied by way of the Cash Consideration and the allotment and issuance of the Consideration Shares in four (4) tranches in accordance with the Sale and Purchase Agreement ("SPA").

On October 6, 2023, the Group paid the first tranche of the S$513,600 in Cash Consideration and issued 171,384 Ordinary Shares "to the Simply Sellers in the proportion set out in the SPA, in satisfaction of the Cash Consideration and the Consideration Shares payable and/or to be allotted and issued on the Completion Date, respectively. Upon completion of the Simply Sakal Acquisition, Ohmyhome Property Management (S) became an indirect wholly-owned subsidiary of the Company.

With the acquisition of Ohmyhome Property Management (S), Ohmyhome has expanded its services to include property management services, to provide residents of private condominiums and executive condominiums in Singapore with quality estate management services and a technology platform for users to access the services and provide feedback with ease.

Acquisition-related costs of S$90,375 (US$68,502) are included in general and administrative expenses in the Group's income statement for the year ended December 31, 2023. The fair value of the common shares issued as part of the consideration paid for Ohmyhome Property Management (S) was determined on the basis of the value of the consideration at each issuance as specified in the SPA.

Goodwill of S$2,213,460 (US$1,677,753) arising from the acquisition consisted largely of synergies resulting from the combining of the operations of the companies. The fair value of S$1,944,044 (US$1,473,542) of intangible assets was related to potential customer relationships derived from existing customers. The following table summarizes the consideration paid for Ohmyhome Property Management (S) and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date:

---

| | | |
|:---|:---|:---|
|  | **October 6,<br> 2023** | **October 6,<br> 2023** |
|  | **SGD** | **SGD** |
| Consideration | | |
| &nbsp;&nbsp;&nbsp;Cash |  | 513600 |
| &nbsp;&nbsp;&nbsp;Equity instruments |  | 750000 |
| &nbsp;&nbsp;&nbsp;Consideration payables | | 3,239,193 |
| **Fair value of total consideration transferred** | | **4,502,793** |

---

---

| | |
|:---|:---|
|  | **SGD** |
| **ASSETS** | |
| Cash and bank balances | 204289 |
| Accounts receivable | 190283 |
| Prepayments | 12926 |
| Deposits | 16160 |
| Property and equipment, net | 27845 |
| Intangible assets | 271693 |
| Operating lease right-of-use assets, net | 14817 |
| Other assets | 43235 |
| **Total assets** | **781248** |
| **LIABILITIES** |  |
| Accounts payable | 86798 |
| Accrued liabilities and other payables | 242604 |
| Bank loans, current portion | 43413 |
| Operating lease obligation, current | 15241 |
| Bank loans, non-current portion | 47903 |
| **Total liabilities** | **435959** |
| **Total identifiable net assets** | **345289** |
| Intangible asset (customer relationship) | 1944044 |
| Goodwill | 2213460 |
| **Fair value of total consideration transferred** | **4502793** |

---

For the year ended December 31, 2025, the Group performed an assessment of the recoverable amount of its reporting unit, taking into consideration factors such as macroeconomic conditions, industry and market developments, the financial performance of the reporting unit, as well as its strategic plans and outlook. Based on this assessment, the Group determined that the carrying amount of the reporting unit exceeded its fair value, and accordingly, an impairment loss of S$1,296,988 was recognized during the financial year.

**Note 11 – Stock-based compensation**

The Company has one share-based compensation plan as describe below. Total compensation cost that has been recognized in profit or loss for the plan was S$537,756, S$93,389 and S$32,477 (US$25,256) during the year ended December 31, 2023, 2024 and 2025 respectively. No stock options or share awards were granted or exercised during the year ended December 31, 2025. The stock-based compensation expense recognized in 2025 related solely to the continued recognition of compensation cost for awards granted in prior years.

<u>Stock Option Plan</u>

In December 2023, the Company adopted the 2023 Equity Incentive Plan (the "2023 Incentive Plan"), for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with ours. Under the 2023 Incentive Plan, we are authorized to issue an aggregate of 2,000,000 ordinary shares. As of the date of this annual report, no ordinary shares have been granted and outstanding, 1,025,527 options have been granted and outstanding, of which 688,652 options were granted to certain of our management members and directors.

The following summarize the terms of the 2023 Incentive Plan.

***Types of Awards.*** The 2023 Incentive Plan permits the awards of options, stock appreciation rights, restricted stock, restricted stock units, stock bonus awards and/or performance compensation awards.

***Plan Administration****.* The 2023 Incentive Plan is administered by the Compensation Committee of the Board or any other committee appointed by the Board to administer this Plan (or if no Committee is appointed, the Board). The plan administrator is entitled to determine the participants who are to receive awards, the number of awards to be granted, and the terms and conditions of each award grant.

***Eligibility****.* Employees, directors and officers and the consultants of our company are eligible to participate pursuant to the terms of the 2023 Incentive Plan.

***Conditions of Award****.* The plan administrator shall determine the participants, types of awards, numbers of shares to be covered by awards, terms and conditions of each award, and provisions with respect to the vesting schedule, settlement, exercise, repurchase, cancellation, forfeiture, restrictions, limitations or suspension of awards.

***Term of Award***. The term of each award shall be fixed by the administrator and is stated in the award agreement between recipient of an award and us. No award shall be granted under the 2023 Incentive Plan after ten years from the date the 2023 Incentive Plan was approved by the board.

***Vesting Schedule***. In general, the plan administrator determines the vesting schedule, which is set forth in the award agreement. Except for 69,061 has vesting period of 1 year and 6,925 has vesting period of 2 year, all option has vested immediately from the date of grant.

***Transfer Restrictions***. Unless otherwise determined by the administrator of the 2023 Incentive Plan, no award and no right under any such award shall be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment, or similar process.

The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company's common stock. An illiquidity discount was estimated which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant.

The fair value of options granted was determined using the following weighted-average assumptions as of grant date.

---

| | |
|:---|:---|
|  | **2023** |
| Risk-free interest rate | **3.93%** |
| Illiquidity Discount | **30%** |
| Expected stock price volatility | **62.3%** |
| Dividend yield | **-%** |

---

A summary of the activity in the 2023 Equity Incentive Plan follows:

For the year ended December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Options**<br> **Shares** | **Weighted Average Exercise Price** | **Weighted Average Remining Contractual Term (Year)** | **Aggregate Intrinsic Value** |
|  | | **USD** | | **USD** |
| Outstanding at beginning of year | **1025527** | **1.67** | **9.3** | **429388** |
| Granted | **-**  | **-**  |  | **-**  |
| Exercised | **24513** | **0.01** | **-** | **16401** |
| Forfeited or expired | **138329** | **1.94** |  | **30866** |
| Outstanding at end of year | **862685** | 1.67 | 9.0 | **382121** |
| Fully vested and expected to vest | 862685 | 1.67 | 9.0 | 382121 |
| Exercisable at end of year of 2024 | 862685 | 1.67 | 9.0 | 382121 |

---

A summary of the activity in the 2023 Equity Incentive Plan follows:

For the year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Options**<br> **Shares** | **Weighted Average Exercise Price** | **Weighted Average Remining Contractual Term (Year)** | **Aggregate Intrinsic Value** |
|  | | **USD** | | **USD** |
| Outstanding at beginning of year | **862685** | **1.67** | **9.0** | **382121** |
| Granted | **-**  | **-**  |  | **-**  |
| Exercised | **-**  | **-**  | **-** | **-**  |
| Forfeited or expired | **-**  | **-**  |  | **-**  |
| Outstanding at end of year | **862685** | 1.67 | 9.0 | **382121** |
| Fully vested and expected to vest | 862685 | 1.67 | 9.0 | 382121 |
| Exercisable at end of year of 2025 | 862685 | 1.67 | 9.0 | 382121 |

---

There was no activity under the 2023 Equity Incentive Plan during the year ended December 31, 2025, and no equity awards were granted or shares issued. Accordingly, the stock-based compensation expense recognized during 2025 arose solely from awards granted in prior years.

Information related to the stock option plan during each year follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** |
|  | **USD** | **USD** | **USD** |
| Intrinsic value of options exercised | **-** | **16401** | **-**  |
| Intrinsic value of options expired/forfeited | **-**  | **30866** | **-**  |
| Cash received from option exercises | **-**  | **300** | **-**  |
| Tax benefit from option exercises | **-**  | **-**  | **-**  |
| Weighted average fair value of options granted | **429388** | **429388** | **429388** |

---

Information related to the stock award during each year follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Shares** | **Shares** | **Value of Shares <br> (SGD)** | **Value of Shares <br> (SGD)** | **Value of Shares <br> (USD)** | **Value of Shares <br> (USD)** |
| Share award issued |  | - |  | - |  | - |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Shares** | **Shares** | **Value of Shares <br> (SGD)** | **Value of Shares <br> (SGD)** | **Value of Shares <br> (USD)** | **Value of Shares <br> (USD)** |
| Share award issued |  | 182432 |  | 93389 |  | 68357 |

---

**Note 12 – Bank loans**

Outstanding balances of bank loans consist of the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank Name** | **Drawn/ Maturities** | **Interest Rate** | **Collateral/Guarantee** | **December 31,<br> 2023 <br> SGD** | **December 31,<br> 2024 <br> SGD** | **December 31,<br> 2025<br> SGD** | **December 31,<br> 2025 <br> USD** |
| DBS Bank Ltd. | June 2020 /June 2025 | 3.00% | Guaranteed by Ms. Rhonda Wong, Co-Chief Executive Officer and Director of the Company and Anthill, major shareholder of the Company | 315878 | 106875 |  |  |
| Maybank Singapore Limited | November 2020/November 2025 | 2.75% | Guaranteed by Ms. Rhonda Wong, Co-Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company | 159859 | 77505 |  |  |
| United Overseas Bank Limited | November 2020/November 2025 | 2.25% | Guaranteed by Mr. Kenneth Chong, Chief Executive Officer and Director of Ohmyhome Property Management Pte Ltd, Mr. Cho Ching Joe Kwan and Mr. Kok Wah Ming, former Directors of Ohmyhome Property Management (S) | 82018 | 43439 | 3867 | 3008 |
| ORIX Leasing Singapore Limited | April 2024/April 2029 | 7.50% | Guaranteed by Ms. Rhonda Wong, Co-Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company | - | 425620 | - | - |
| Total |  |  |  | 557755 | 653439 | 3867 | 3008 |
| Bank loans, current portion |  |  |  | 331528 | 238521 | 3867 | 3008 |
| Bank loans, non-current portion |  |  |  | 226227 | 414918 |  |  |

---

Interest expense for the years ended December 31, 2023, 2024 and 2025 amounted to S$19,105, S$33,068 and S$15,677 (US$12,191) respectively.

The maturities schedule is as follows:

**Twelve months ending December 31,**

---

| | | |
|:---|:---|:---|
|  | **SGD** | **USD** |
| 2026 | 3867 | 2989 |
| **Total** | **3867** | **2989** |

---

**Note 13 – Accrued liabilities and other payables** 

The components of accrued expenses and other payables are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| Accrued payroll and welfare\* | 491009 | 55691 | 509350 | 396104 |
| Accrued expenses\*\* | 319486 | 1159049 | 549536 | 427354 |
| Other payable\*\*\* | 596757 | 76002 | 397099 | 308810 |
| Amount due to related parties\*\*\*\* | - | - | 2057132 | 1599761 |
| Total accrued liabilities and other payables | **1407252** | **1290742** | **3513117** | **2732029** |

---

\* Includes salary and fees due to directors amounting to S$427,896 as of December 31, 2023, which was repaid in 2024, and S$55,348 (US$40,512) as of December 31, 2024 which was repaid in 2025, and S$509,095 (US$395,906) as of December 31, 2025 which shall be repaid in 2026, whereas the salaries were due and payout was postponed as agreed with the directors.

\*\* Accrued expenses mainly consist of accruals of estimated supplier costs for renovation projects, professional service fees and other costs incurred yet to bill. It also included the audit fee of US$155,000 that was expected to be paid in early 2026.

\*\*\* Other payable mainly consists of payable for other services and credit card balances for short-term operating expense payments made on behalf by the directors.

---

| | |
|:---|:---|
| \*\*\*\* | Amounts due to related parties amounted to S$2,057,132 (US$1,599,760), which consist of payments made on behalf of the Company of S$331,517 (US$257,809) and shareholder loans of S$1,725,615 (US$1,341,951). The shareholder loans are unsecured and repayable on demand. |

---

**Note 14 – Related party balances and transactions**

Nature of relationships with related parties

---

| | |
|:---|:---|
| **Related parties** | **Relationship** |
| Ms. Rhonda Wong | Shareholder, Director, Co-Chief Executive Officer |
| Vienna Management Ltd | Shareholder, wholly-owned by the former Chairman of the board of Directors |
| Mr. Loh Kim Kang David ("Mr. Loh") | Shareholder, the former Chairman of the board of Directors |
| Anthill Corporation Pte. Ltd. | Owned by Ms. Rhonda Wong, Co-Chief Executive Officer and Director of the Company and Ms. Race Wong, Chief Operating Officer and Director of the Company |
| Christine Lee | Immediate family member of Ms. Rhonda Wong (Shareholder, Director, Co-Chief Executive Officer) |

---

 ****

**For the years ended December 31, 2023, 2024 and 2025**

<u>Related party balances</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Transaction nature** | **Name** | **2023** | **2024** | **2025** |  | **2025** |  |
|  |  | **SGD** | **SGD** | **SGD** |  | **USD** |  |
| **Amount due from** | Anthill Corp | 3495 <sup>i</sup> | 4795 <sup>i</sup> | 43456 | <sup>i</sup> | 33794 |  |
| **Contract liability** | Mr. David Loh | - | - | - |  | - |  |
| **Amount due to** | Ms. Rhonda Wong | 240000 <sup>ii</sup> | 27674 <sup>ii</sup> | 1677440 | <sup>ii</sup> | 1304487 | <sup>ii</sup> |
| **Amount due to** | Ms. Race Wong | 188425 <sup>iii</sup> | 27674 <sup>iii</sup> | &nbsp;&nbsp;&nbsp;&nbsp;842120 | <sup>iii</sup> | &nbsp;&nbsp;&nbsp;&nbsp;654888 | <sup>iii</sup> |
| **Amount due to** | Ms. Christine Lee | - | - | 46667 | <sup>iv</sup> | 36291 | <sup>iv</sup> |

---

---

| | |
|:---|:---|
| <sup>i</sup> | On June 22, 2023, the Group extended payment for Notarization services for Anthill Corp and On November 12, 2024, the Group paid on behalf of Anthill Corp for corporate secretary services. |
| <sup>ii</sup> | On December 28, 2023, Ms. Rhonda Wong made short-term advances to the Group S$240,000 for general working capital and general corporate purposes. |
|  | During the year ended December 31, 2024, Ms. Rhonda Wong voluntarily withheld part of her salary for working capital use by the Group amounting to a total of S$27,674. |
|  | As at December 31, 2025, the amount due to Ms. Rhonda Wong comprised shareholder loans of S$1,203,207, salary voluntarily withheld for working capital of S$256,050, and payments made on behalf of the Group of S$218,183. The shareholder loans are unsecured and repayable on demand. |
| <sup>iii</sup> | On March 10 and September 12, 2023, Ms. Race Wong paid on behalf of the Group using her credit card facility for PropertyGuru advertisement packages for the amounts of S$169,817 and S$110,000, respectively, while the Group repaid the monthly instalments. During the year, the accumulated credit card settlements amounted to S$291,392 and resulted an overpayment of S$11,575. On November 30, 2023, Ms. Race Wong made short-term advances to the Group S$200,000 for general working capital and general corporate purposes. |
|  | During the year ended December 31, 2024, Ms. Race Wong voluntarily withheld part of her salary for working capital use by the Group amounting to a total of S$27,674. |
|  | As at December 31, 2025, the amount due to Ms. Race Wong comprised shareholder loans of S$522,408, salary voluntarily withheld for working capital of S$253,045, and payments made on behalf of the Group of S$66,667. The shareholder loans are unsecured and repayable on demand. |
| <sup>iv</sup> | As at December 31, 2025, the amount due to Ms. Christine Lee arose from payments made on behalf of the Group and are unsecured, interest-free and repayable on demand. |

---

<u>Related party transactions</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transaction nature** | **Name** | **December 31, 2023** | **December 31, 2024** | **December 31, 2025** | **December 31, 2025** |
|  |  | **SGD** | **SGD** | **SGD** | **USD** |
| **Brokerage services provided to** | Ms. Rhonda Wong |  | 2100<sup>(4)</sup> |  |  |
| **Brokerage services provided to** | Mr. David Loh | 11000<sup>(1)</sup> | - |  |  |
| **Emerging and other services to** | Mr. David Loh | 511040<sup>(2)</sup> | - |  |  |
| **Emerging and other services to** | Ms. Rhonda Wong | 288<sup>(3)</sup> | 250<sup>(3)</sup> |  |  |
| **Emerging and other services to** | Ms. Race Wong |  | 4770<sup>(5)</sup> |  |  |

---

(1) Mr. David Loh engaged the Group to look for a tenant for a property and was completed during the year ended December 31, 2023. Mr. David Loh paid a service fee of S$11,000 (US$8,338) to the Group.

(2) On February 25, 2022, the Group entered into a services agreement with subsequent various orders with Mr. Loh., with a term from February 25, 2022, to complete a renovation project in total consideration S$3,492,997 (US$2,612,033). For the year ended December 31, 2022, the project was not completed and Mr. Loh. paid to the Group in consideration S$3,085,865 (US$2,302,197). The Group received in advance of completion of performance obligations under an agreement amounted to S$103,908 (US$77,520) as of December 31, 2022. During the year ended December 31, 2022, the Group recognized revenue S$2,981,957 (US$2,224,676) for the project. During the year ended December 31, 2023, revenue recognized for the services agreement with Mr. David Loh for S$511,040 (US$387,357).

(3) Ms. Rhonda Wong engaged the Group to move and clean her house in April 2022. The project was completed during year ended December 31, 2022, and Ms. Rhonda Wong paid a service fee of S$1,199 (US$896) to the Group. Ms. Rhonda Wong engaged the Group to perform aircon cleaning for her house and the project was completed during the year ended December 31, 2023, and Ms. Rhonda Wong paid a service fee of S$288 (US$218) to the Group. Ms. Rhonda Wong engaged the Group to perform curtain cleaning for her house and the project was completed during the year ended December 31, 2024, and Ms. Rhonda Wong paid a service fee of S$250 (US$183) to the Group.

(4) Ms. Rhonda Wong engaged the Group to look for tenant for a property in March 2022 and April 2024. The respective project was completed during year ended December 31, 2022 and 2024, and Ms. Rhonda Wong paid the rental commission to the Group, being S$2,900 and S$2,100 (US$1,537) respectively.

(5) Ms. Race Wong engaged the Group to perform cleaning services multiple times for the year ended December 31, 2024, and Ms. Race Wong paid a total of service fees of S$4,770 (US$3,491) to the Group.

**Note 15 – Income taxes**

***Caymans and BVIs***

The Company and its subsidiary are domiciled in the Cayman Islands and the British Virgin Islands, respectively. Both localities currently enjoy permanent income tax holidays; accordingly, the Company and Ohmyhome BVI do not accrue income taxes.

***Singapore***

Ohmyhome (S), Ohmyhome Renovation Pte Ltd, Ohmyhome Insurance Pte Ltd, Cora Pro Pte Ltd and DreamR Projects Pte. Ltd., Ohmyhome Property Management Pte. Ltd. are incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

Net operating loss will be carried forward indefinitely under Singapore profits tax regulation. As of December 31, 2022, 2023 and 2024, the Group did not generate net taxable income to utilize net operating loss, which will carry forwards to offset future taxable income.

***Malaysia***

Ohmyhome Sdn Bhd and Ohmyhome Realtors Sdn Bhd are subject to Malaysia Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%. However, if the company has a paid-up capital of MYR 2.5 million or less, and gross income from business of not more than MYR 50 million, the tax rate will be 17% on the first MYR 600,000 and 24% on amount exceeding MYR 600,000.

The operations in Malaysia incurred cumulative net operating losses which can be carried forward for a maximum period of seven consecutive years to offset future taxable income.

***Philippines***

Ohmyhome Property Inc. is subject to Philippines corporate income tax on its taxable income as reported in its statutory financial statements, as adjusted in accordance with relevant Philippines tax laws. The standard corporate income tax rate in the Philippines is 25%. However, for domestic corporations with net taxable income not exceeding PHP 5 million and total assets not exceeding PHP 100 million (excluding land), a reduced corporate income tax rate of 20% may apply.

The components of loss before income taxes were comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| **Tax jurisdiction from:** | | | | |
| **Singapore** | (5434925) | (4321476) | (8891675) | (6914752) |
| **Malaysia** | (81299) | (40798) | (60417) | (46984) |
| **Philippines** | - | - | (284109) | (220941) |
| **Loss before income taxes provision** | **(5516224)** | **(4362274)** | **(9236201)** | **(7182677)** |

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The provision for income taxes consisted of the following

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| **Deferred tax assets:** | | | | |
| **Singapore** | 924114 | 734651 | 1433507 | 1114789 |
| **Malaysia** | 13644 | 6936 | 10271 | 7987 |
| **Philippines** | - | - | 48299 | 37560 |
| **Less: valuation allowance** |  |  |  |  |
| **Singapore** | (924114) | (734651) | (1433507) | (1114789) |
| **Malaysia** | (13644) | (6936) | (10271) | (7987) |
| **Philippines** | - | - | (48299) | (37560) |
| **Deferred tax assets** | - | - | - | - |

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<u>Uncertain tax positions</u>

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2023, 2024 and 2025, the Group did not have any significant unrecognized uncertain tax positions. The Group did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2023, 2024 and 2025 and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2025.

**Note 16 – Equity**

*Ordinary shares*

For the sake of undertaking a public offering of the Company's ordinary shares, the Company has performed a series of re-organizing transactions resulting in 16,250,000 shares of ordinary shares outstanding that have been retroactively restated to the beginning of the first period presented. A further 2,800,000 shares were issued by March 23, 2023, and 171,384 shares were issued on October 6, 2023, resulting in 19,221,384 shares of ordinary shares outstanding as at December 31, 2023.

On February 16, 2024, 3,555,555 shares were issued as a result of a follow-on offering. During the year ended December 31, 2024, an additional 813,369 shares were issued pursuant to the acquisition of Ohmyhome Property Management (S), S-8, and compensation settlements, 23,590,308 resulting in 19,221,384 shares of ordinary shares outstanding as at December 31, 2024.

In February 2025, the Company issued 354,644 ordinary shares as acquisition consideration. On March 10, 2025, the Company effected a 10-for-1 share consolidation, resulting in 2,394,464 ordinary shares outstanding. The shares and per share information in the Consolidated Statements of Operations and Comprehensive loss and Consolidated Statements of Changes in Shareholders' Equity are presented on a retroactive basis to reflect this share consolidation.

Subsequently, the Company issued 4,040,000 and 16,666,667 ordinary shares on May 21, 2025 and June 11, 2025, respectively, pursuant to share purchase agreements.

As of December 31, 2025, the Company's issued share capital comprised 23,101,131 ordinary shares, consisting of 22,259,591 Class A ordinary shares and 841,540 Class B ordinary shares.

All ordinary shares are classified as permanent equity.

**Note 17 – Commitment and Contingencies**

<u>Lease commitments</u>

The Group determines if a contract contains a lease at inception. US GAAP requires that the Group's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Group has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Group has two property lease agreements with lease terms ranging for one year and two years, respectively. The Group's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term with one year.

For the years ended December 31, 2023, 2024 and 2025, there were no rent expenses for the short-term lease.

The Group's commitment for minimum lease payments under the operating lease that is within twelve months as of December 31, 2025 as follow:

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| | |
|:---|:---|
| **Twelve months ending December 31,** | **Minimum lease <br> payment** |
| 2026 | 10278 |
| 2027 | - |
| **Total future lease payment** | **10278** |
| Amount representing interest | (144) |
| Present value of operating lease liabilities | 10424 |
| Less: current portion | (10424) |
| Long-term portion | - |

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The following summarizes other supplemental information about the Group's operating lease as of December 31, 2025:

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| | | |
|:---|:---|:---|
| Weighted average discount rate | 1.79 | % |
| Weighted average remaining lease term (years) | 0.3 years |  |

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**Note 18 – Subsequent events**

The Group has assessed all events from December 31, 2025, up through the date that these consolidated financial statements are available to be issued.

On January 6, 2026, the Company held an Extraordinary General Meeting at which shareholders approved the adoption of a Third Amended and Restated Memorandum and Articles of Association. The amended constitutional documents introduced a dual-class share structure and revised the Company's authorized share capital.

Aside to the above, there are no material subsequent events that require disclosure in these consolidated financial statements.

## Exhibit 2.1

**Exhibit 2.1**

**DESCRIPTION OF THE REGISTRANT'S SECURITIES** 

**REGISTERED PURSUANT TO SECTION 12 OF THE** 

**SECURITIES EXCHANGE ACT OF 1934, AS AMENDED** 

As of the date of the Annual Report on Form 20-F (the "Form 20-F") of which this Exhibit 2.1 is a part, Ohmyhome Limited (the "Company", "we", "us" or "our") has only one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: the Company's class A ordinary shares (the "Class A Ordinary Shares").

***Type and Class of Securities (Item 9.A.5 of Form 20-F)***

Each Class A Ordinary Share has US$0.01 par value. The number of our Class A Ordinary Share that have been issued as of the last day of the financial year ended December 31, 2025 is provided on the cover of the Form 20-F filed on April 27, 2026.

***Preemptive Rights (Item 9.A.3 of Form 20-F)***

Our shareholders do not have pre-emptive rights.

***Limitations or Qualifications (Item 9.A.6 of Form 20-F)***

Not applicable.

***Rights of Other Types of Securities (Item 9.A.7 of Form 20-F)***

Not applicable.

***Rights of Ordinary Shares (Item 10.B.3 of Form 20-F)***

*Class of Ordinary Shares* 

As of the date of this annual report, our authorized share capital is US$7,500,000,000 divided into 675,000,000,000 Class A Ordinary Shares with a par value of US$0.01 each and 75,000,000,000 class B ordinary shares with a par value of US$0.01 each ("Class B Ordinary Shares," together with Class A Ordinary Shares, the "Ordinary Shares"). All of our shares issued and outstanding are validly issued, fully paid and non-assessable.

 

*Dividends*

The holders of our Class A Ordinary Shares and Class B Ordinary Shares are entitled to such dividends as may be declared by our board of directors, subject to the Companies Act. Our Amended and Restated Articles of Association provide that the directors may from time to time declare dividends (including interim dividends) and other distributions on shares of the Company in issue and authorize payment of the same out of the funds of the Company lawfully available therefor. No dividend shall be paid otherwise than out of profits or, subject to the restrictions of the Companies Act, the share premium account.

*Voting Rights*

At each general meeting, each holder of Class A Ordinary Share who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one (1) vote for each Class A Ordinary Share and each holder of Class B Ordinary Share who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one hundred (100) vote for each Class B Ordinary Share.

An ordinary resolution to be passed by the shareholders requires the affirmative vote of a simple majority of the votes attached to the Ordinary Shares cast by those shareholders entitled to vote who are present in person or by proxy (or, in the case of corporations, by their duly authorized representatives) at a general meeting, while a special resolution requires the affirmative vote of a majority of not less than two-thirds of the votes attached to the Ordinary Shares cast by those shareholders who are present in person or by proxy (or, in the case of corporations, by their duly authorized representatives) at a general meeting. A special resolution will be required for important matters such as a change of name or making changes to our Amended and Restated Memorandum and Articles of Association.

 

*Cumulative Voting*

Delaware law permits cumulative voting for the election of directors only if expressly authorized in the certificate of incorporation. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our Amended and Restated Memorandum and Articles of Association do not provide for cumulative voting.

*Pre-emptive Rights*

There are no pre-emptive rights applicable to the issue by us of Ordinary Shares under our Amended and Restated Memorandum and Articles of Association.

*Meetings of Shareholders*

The directors may convene a meeting of shareholders whenever they think necessary or desirable. We must provide notice counting from the date service is deemed to take place, stating the place (if required), the day and the hour of the general meeting and, in the case of special business, the general nature of that business, to such persons who are entitled to receive such notices from the Company. Our board of directors must convene a general meeting upon the written requisition of any one or more shareholders holding not less than one-third of all votes attaching to the total issued and paid up share capital of the Company at the date of deposit of the requisition.

No business may be transacted at any general meeting unless a quorum is present at the time the meeting proceeds to business. Two shareholders entitled to vote and present throughout the meeting in person or by proxy or (in the case of a Member being a corporation) by its duly authorized representative representing not less than one-fifth of the total voting rights of all shareholders having the right to vote at the general meeting shall form a quorum for all purposes. If, within half an hour from the time appointed for the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved. In any other case, it shall stand adjourned to the same day in the next week, at the same time and (if required) place and if, at the adjourned meeting, a quorum is not present within half an hour from the time appointed for the meeting, the shareholders present and entitled to vote shall be a quorum. On certain occasion, the shareholders present may choose someone of their number to be the chairman.

A corporation that is a shareholder shall be deemed for the purpose of our Amended and Restated Memorandum and Articles of Association to be present at a general meeting in person if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.

*Meetings of Directors*

The business of our company is managed by the directors. Our directors are free to meet at such times and in such manner and places within or outside the Cayman Islands as the directors determine to be necessary or desirable. The quorum necessary for the transaction of the business of the directors may be fixed by the directors, and unless so fixed, if there be more than two directors shall be two. An action that may be taken by the directors at a meeting may also be taken by a resolution of directors consented to in writing by all of the directors.

*Winding Up*

If we are wound up and the assets available for distribution among our shareholders are more than sufficient to repay the whole of the paid up capital at the commencement of the winding up, the excess shall be distributable among those shareholders in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively. If we are wound up and the assets available for distribution among the shareholders as such are insufficient to repay the whole of the paid up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the shareholders in proportion to the capital paid up at the commencement of the winding up on the shares held by them, respectively. If we are wound up, the liquidator may with the sanction of a special resolution and any other sanction required by the Companies Act, divide among our shareholders in specie or kind the whole or any part of our assets (whether they shall consist of property of the same kind or not), and may, for such purpose, set such value as the liquidator deems fair upon any property to be divided and may determine how such division shall be carried out as between the shareholders or different classes of shareholders.

The liquidator may also vest the whole or any part of these assets in trusts for the benefit of the shareholders as the liquidator shall think fit, but so that no shareholder will be compelled to accept any assets, shares or other securities upon which there is a liability.

*Calls on Ordinary Shares and forfeiture of Ordinary Shares*

Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares in a notice served to such shareholders at least fourteen clear days' notice prior to the specified time of payment. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Ordinary Shares*

We may issue shares on terms that such shares are subject to redemption, at our option, on such terms and in such manner as may be determined, before the issue of such shares, by primarily our board of directors of our shareholders. The Companies Act and our Amended and Restated Memorandum and Articles of Association permits us to purchase our own shares, subject to certain restrictions and requirements. Subject to the Companies Act, our third amended and restated memorandum and articles of association and to any applicable requirements imposed from time to time by the Nasdaq, the U.S. Securities and Exchange Commission, or by any other recognized stock exchange on which our securities are listed, we may purchase our own shares (including any redeemable shares) on such terms and in such manner as has been approved by the directors or (where required) by an ordinary resolution of our shareholders. Under the Companies Act, the repurchase of any share may be paid out of our Company's profits, or out of the share premium account, or out of the proceeds of a fresh issue of shares made for the purpose of such repurchase, or out of capital. If the repurchase proceeds are paid out of our Company's capital, our Company must, immediately following such payment, be able to pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act, no such share may be repurchased (1) unless it is fully paid up, and (2) if such repurchase would result in there being no shares outstanding other than shares held as treasury shares. The repurchase of shares may be effected in such manner and upon such terms as may be authorized by or pursuant to the Amended and Restated Articles of Association. If the articles do not authorize the manner and terms of the purchase, a company shall not repurchase any of its own shares unless the manner and terms of purchase have first been authorized by a resolution of the company. In addition, under the Companies Act and our Amended and Restated Memorandum and Articles of Association, our Company may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, the surrender would result in there being no shares outstanding (other than shares held as treasury shares).

*Inspection of Books and Records*

Unless otherwise provided by our Amended and Restated Articles of Association and the Companies Act, holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records (other than the memorandum and articles of association, any special resolutions and the registers of mortgages). However, we will provide our shareholders with annual audited financial statements. See "Where You Can Find Additional Information" in our annual report.

*Issuance of additional Ordinary Shares*

Our Amended and Restated Memorandum and Articles of Association authorizes our board of directors to issue additional Ordinary Shares from authorized but unissued shares, to the extent available, from time to time as our board of directors shall determine.

***Requirements to Change the Rights of Holders of Ordinary Shares (Item 10.B.4 of Form 20-F)***

*Variations of Rights of Shares*

If at any time, our share capital is divided into different classes of shares, all or any of the rights attached to any class of our shares may (unless otherwise provided by the terms of issue of the shares of that class) be varied with the sanction of a special passed at a separate general meeting of the holders of shares of that class.

 ****

***Limitations on the Rights to Own Ordinary Shares (Item 10.B.6 of Form 20-F)***

*Rights of Non-Resident or Foreign Shareholders*

There are no limitations imposed by our Amended and Restated Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended and Restated Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

***Ownership Threshold (Item 10.B.8 of Form 20-F)***

There are no provisions under the laws of the Cayman Islands which are applicable to our company or under our Amended and Restated Memorandum and Articles of Association that require our company to disclose shareholder ownership above any particular ownership threshold.

***Differences Between the Law of Different Jurisdictions (Item 10.B.9 of Form 20-F)***

The Companies Act is derived, to a large extent, from the older Companies Acts of England and Wales but does not follow recent United Kingdom statutory enactments, and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the comparable laws applicable to companies incorporated in the State of Delaware in the United States.

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|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
| *Title of Organizational Documents* | Certificate of Incorporation and Bylaws | Certificate of Incorporation and Memorandum and Articles of Association |
| *Duties of Directors* | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that directors act in an informed and deliberative manner and inform themselves, prior to making a business decision, of all material information reasonably available to them. The duty of care also requires that directors exercise care in overseeing and investigating the conduct of the corporation's employees. The duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest, and in a manner which the director reasonably believes to be in the best interests of the shareholders. | As a matter of Cayman Islands law, a director owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion and (d) a duty to avoid conflicts of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure compliance with our Amended and Restated Articles of Association, as amended and restated from time to time. We have the right to seek damages if a duty owed by any of our directors is breached.' |

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| *Limitations on Personal Liability of Directors* | Subject to the limitations described below, a certificate of incorporation may provide for the elimination or limitation of the personal liability of a director to the corporation or its shareholders for monetary damages for a breach of fiduciary duty as a director. Such provision cannot limit liability for breach of loyalty, bad faith, intentional misconduct, unlawful payment of dividends or unlawful share purchase or redemption. In addition, the certificate of incorporation cannot limit liability for any act or omission occurring prior to the date when such provision becomes effective. | The Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against fraud, dishonesty or willful default . |

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| *Indemnification of Directors, Officers, Agents, and Others* | A corporation has the power to indemnify any director, officer, employee, or agent of corporation who was, is, or is threatened to be made a party who acted in good faith and in a manner he believed to be in the best interests of the corporation, and if with respect to a criminal proceeding, had no reasonable cause to believe his conduct would be unlawful, against amounts actually and reasonably incurred. | Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the consequences of committing a crime, or against the indemnified person's own fraud, dishonesty or willful default<br>Our Amended and Restated Articles of Association provide to the extent permitted by law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against: (a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director (including alternate director), secretary's or officer's duties, powers, authorities or discretions; and (b) without limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.<br>No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty, willful default and fraud.<br>To the extent permitted by law, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs. |

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| *Interested Directors* | Under Delaware law, a transaction in which a director who has an interest in such transaction would not be voidable if (i) the material facts as to such interested director's relationship or interests are disclosed or are known to the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors are less than a quorum, (ii) such material facts are disclosed or are known to the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith by vote of the shareholders, or (iii) the transaction is fair as to the corporation as of the time it is authorized, approved or ratified. Under Delaware law, a director could be held liable for any transaction in which such director derived an improper personal benefit. | Interested director transactions are governed by the terms of a company's memorandum and articles of association. |
| *Voting Requirements* | The certificate of incorporation may include a provision requiring supermajority approval by the directors or shareholders for any corporate action.<br>In addition, under Delaware law, certain business combinations involving interested shareholders require approval by a supermajority of the non-interested shareholders. | For the protection of shareholders, certain matters must be approved by special resolution of the shareholders as a matter of Cayman Islands law, including alteration of the memorandum or articles of association, reduction of share capital (subject, in relevant circumstances, to court approval), change of name, authorization of a plan of merger or transfer by way of continuation to another jurisdiction or consolidation or voluntary winding up of the company.<br>The Companies Act requires that a special resolution be passed by a majority of at least two-thirds or such higher percentage as set forth in the memorandum and articles of association, of shareholders being entitled to vote and do vote in person or by proxy at a general meeting, or by unanimous written consent of shareholders entitled to vote at a general meeting. |

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| *Voting for Directors* | Under Delaware law, unless otherwise specified in the certificate of incorporation or bylaws of the corporation, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. | According to our Amended and Restated Articles of Association, our directors may be elected by and serve at the discretion of the board or at the discretion of our shareholders as detailed therein |

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*Cumulative Voting* No cumulative voting for the election of directors unless so provided in the certificate of incorporation. No cumulative voting for the election of directors unless so provided in the Amended and Restated Memorandum and Articles of Association.

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|:---|:---|:---|
| *Directors' Powers Regarding Bylaws* | The certificate of incorporation may grant the directors the power to adopt, amend or repeal bylaws. | The Amended and Restated Memorandum and Articles of Association may only be amended by a special resolution of the shareholders. |
| *Nomination and Removal of Directors and Filling Vacancies on Board* | Shareholders may generally nominate directors if they comply with advance notice provisions and other procedural requirements in company bylaws. Holders of a majority of the shares may remove a director with or without cause, except in certain cases involving a classified board or if the company uses cumulative voting. Unless otherwise provided for in the certificate of incorporation, directorship vacancies are filled by a majority of the directors elected or then in office. | Nomination and removal of directors and filling of board vacancies are governed by the terms of Amended and Restated Articles of Association. |

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|:---|:---|:---|
| *Mergers and Similar Arrangements* | Under Delaware law, with certain exceptions, a merger, consolidation, exchange or sale of all or substantially all the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction.<br>Delaware law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90% of each class of capital stock without a vote by shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights. | The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the shareholders and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.<br>A merger between a Cayman Islands parent company and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.<br>The consent of each holder of a fixed or floating security interest of a constituent company is required unless this requirement is waived by a court in the Cayman Islands.<br>Except in certain limited circumstances, a dissenting shareholder of a Cayman Islands constituent company is entitled to payment of the fair value of his or her shares upon dissenting from a merger or consolidation. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, except for the right to seek relief on the grounds that the merger or consolidation is void or unlawful. |

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|  |  | In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must, in addition, represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that: (a) the statutory provisions as to the required majority vote have been met; (b) the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class; (c) the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and (d) the arrangement is not one that would more properly be sanctioned under some other provision of the Cayman Companies Act.<br>When a takeover offer is made and accepted by holders of 90% of the shares affected within four months the offeror may, within a two-month period commencing on the expiration of such four month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.<br>If an arrangement and reconstruction is thus approved, or if a takeover offer is made and accepted, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares. |
| *Shareholder Suits* | Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court generally has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action. | In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge: (a) an act which is illegal or ultra vires with respect to the company and is therefore incapable of ratification by the shareholders; (b) an act which, although not ultra vires, requires authorization by a qualified (or special) majority (that is, more than a simple majority) which has not been obtained; and (c) an act which constitutes a "fraud on the minority" where the wrongdoers are themselves in control of the company. |

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| | | |
|:---|:---|:---|
| *Inspection of Corporate Records* | Under Delaware law, shareholders of a Delaware corporation have the right during normal business hours to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | Shareholders of a Cayman Islands exempted company have no general right under Cayman Islands law to inspect or obtain copies of a list of shareholders or other corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the registers of mortgages of such companies) of the company. However, these rights may be provided in the Amended and Restated Memorandum and Articles of Association. |

---

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| | | |
|:---|:---|:---|
| *Shareholder Proposals* | Unless provided in the corporation's certificate of incorporation or bylaws, Delaware law does not include a provision restricting the manner in which shareholders may bring business before a meeting. | The Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Amended and Restated Articles of Association provide that general meetings shall be convened on the written requisition of one or more of the shareholders) holding not less than one-third of all votes attaching to the total issued and paid up share capital of the Company at the date of deposit of the requisition to require an extraordinary general meeting to be called by the board of directors of the Company for transaction of any business specified in such requisition. If the directors do not convene such meeting for a date not later than twenty-one days after the date of receipt of the written requisition, the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the board of directors shall be reimbursed to the requisitionist(s) by the Company. As a Cayman Islands exempted company, we are not obligated by law to call shareholders' annual general meetings. However, our corporate governance guidelines require us to call such meetings every year. |
| *Approval of Corporate Matters by Written Consent* | Delaware law permits shareholders to take action by written consent signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting of shareholders. | The Companies Act allows a special resolution to be passed in writing if signed by all the voting shareholders (if authorized by the memorandum and articles of association).<br>Our Amended and Restated Articles of Association provide that any action required or permitted to be taken at any annual or extraordinary general meetings of the Company may be taken only upon the vote of the shareholders at an annual or extraordinary general meeting duly noticed and convened in accordance with these Amended and Restated Articles of Association and the Act and may not be taken by written resolution of shareholders without a meeting. |

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| | | |
|:---|:---|:---|
| *Calling of Special Shareholders Meetings* | Delaware law permits the board of directors or any person who is authorized under a corporation's certificate of incorporation or bylaws to call a special meeting of shareholders. | The Companies Act does not have provisions governing the proceedings of shareholders meetings which are usually provided in the memorandum and articles of association. Please see above. |
| *Dissolution; Winding Up* | Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board of directors. | Under the Companies Act and our Amended and Restated Articles of Association, the Company may be wound up by a special resolution of our shareholders, or if the winding up is initiated by our board of directors, by either a special resolution of our members or, if our Company is unable to pay its debts as they fall due, (if permissible under the Companies Act) by an ordinary resolution of our members. In addition, a company may be wound up by an order of the courts of the Cayman Islands. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. |

---

***Changes in Capital (Item 10.B.10 of Form 20-F)***

We may from time to time by an ordinary resolution of our shareholders:

● increase the share capital of our Company by new shares of such amount as it thinks expedient;

● consolidate and divide all or any of our share capital into shares of larger amount than its existing shares of shares;

● subdivide its existing shares, or any of them, into shares of a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; and

● cancel any shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.

Our shareholders may reduce its share capital in any way by special resolution and confirmation by the Grand Court of the Cayman Islands or by special resolution supported by a solvency statement, as detailed in the Companies Act.

**Debt Securities (Item 12.A of Form 20-F)**

Not applicable.

**Warrants and Rights (Item 12.B of Form 20-F)**

Not applicable.

**Other Securities (Item 12.C of Form 20-F)**

Not applicable.

**Description of American Depositary Shares (Items 12.D.1 and 12.D.2 of Form 20-F)**

Not applicable.

## Exhibit 8.1

**Exhibit 8.1**

**SUBSIDIAIRES OF** 

**OHMYHOME LIMITED**

---

| | |
|:---|:---|
| **Subsidiaries** | **Place of Incorporation** |
| Ohmyhome (BVI) Limited | British Virgin Islands |
| Ohmyhome Pte. Ltd. | Singapore |
| Ohmyhome Insurance Pte. Ltd. | Singapore |
| Ohmyhome Renovation Pte. Ltd. | Singapore |
| Cora.Pro Pte. Ltd. | Singapore |
| The DreamR Project Pte. Ltd. | Singapore |
| Ohmyhome Property Management Pte. Ltd. | Singapore |
| Ohswiftwing Pte. Ltd. | Singapore |
| Ohmyhome Sdn. Bhd. | Malaysia |
| Ohmyhome Realtors Sdn. Bhd. | Malaysia |
| Ohmyhome Property Inc. | Philippines |

---

## Exhibit 12.1

**Exhibit 12.1**

**Certification by the Principal Executive Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Agus Prasetyo, Chief Executive Officer of Ohmyhome Limited (the "Company"), certify that:

1. I have reviewed this annual report on Form 20-F of the Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c. evaluated
the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d. disclosed
in this report any change in the Company's internal control over financial reporting that occurred during the period covered by
the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over
financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b. any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal
control over financial reporting.

---

| | |
|:---|:---|
| Date: April 28, 2026 | Date: April 28, 2026 |
| *By:* | */s/ Agus Prasetyo* |
| Name: | Agus Prasetyo |
| Title: | Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 12.2

**Exhibit 12.2**

**Certification by the Principal Financial Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Agus Prasetyo, Acting Chief Financial Officer of Ohmyhome Limited (the "Company"), certify that:

1. I have reviewed this annual report on Form 20-F of the Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15I and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c. evaluated
the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d. disclosed
in this report any change in the Company's internal control over financial reporting that occurred during the period covered by
the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over
financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b. any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal
control over financial reporting.

---

| | |
|:---|:---|
| Date: April 28, 2026 | Date: April 28, 2026 |
| By: | */s/ Agus Prasetyo* |
| Name: | Agus Prasetyo |
| Title: | Acting Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 13.1

**Exhibit 13.1**

**Certification by the Principal Executive Officer**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

I, Agus Prasetyo, Chief Executive Officer of Ohmyhome Limited (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Company's annual report on Form 20-F for the fiscal year ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

---

| | |
|:---|:---|
| Date: April 28, 2026 | Date: April 28, 2026 |
| By: | */s/ Agus Prasetyo* |
| Name: | Agus Prasetyo |
| Title: | Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 13.2

**Exhibit 13.2**

**Certification by the Principal Financial Officer**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

I, Agus Prasetyo, Acting Chief Financial Officer of Ohmyhome Limited (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Company's annual report on Form 20-F for the fiscal year ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

---

| | |
|:---|:---|
| Date: April 28, 2026 | Date: April 28, 2026 |
| By: | */s/ Agus Prasetyo* |
| Name: | Agus Prasetyo |
| Title: | Acting Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 15.1

**Exhibit 15.1**

![](ea028645701_ex15-1img1.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Registration Statement on Form F-3 (File Nos. 333-285637) and Form S-8 (File Nos. 333-276016) of Ohmyhome Limited (the "Company") and its subsidiaries (the "Group") of our report dated April 28, 2026, relating to the audit of the consolidated financial statements of the Group as of December 31, 2025, and the related consolidated statements of operations and comprehensive loss, changes in shareholders' equity, and cash flows for the year ended December 31, 2025, and the related notes appearing in this Form 20-F.

/s/ Enrome LLP

Singapore

April 28, 2026

## Exhibit 15.2

**Exhibit 15.2**

![](ea028645701_ex15-2img1.jpg)

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in the Registration Statement on Form F-3 (Registration No. 333-285637) of Ohmyhome Limited and its subsidiaries (collectively the "Company") of our report dated April 23, 2024 with respect to our audit of the consolidated financial statements of the Company as of December 31, 2023, and for years ended December 31, 2023 which is included in its Annual Report on Form 20-F, filed with the Securities and Exchange Commission.

We also consent to the reference of WWC, P.C. as an independent registered public accounting firm, as experts in the Annual Report.

---

| | |
|:---|:---|
|  | /s/ WWC, P.C. |
| San Mateo, California | WWC, P.C. |
| April 28, 2026 | Certified Public Accountants |
|  | PCAOB ID: 1171 |

---

![](ea028645701_ex15-2img2.jpg)