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Unique Entity Number: 202107180D ASA Ren Pte. Ltd. and its subsidiary Interim Consolidated Financial Statements For the 6 months period ended 30 June 2024
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ASA Ren Pte. Ltd. and its subsidiary
General information
Directors
Billy Boen
Irawan
Liang Jiahao, Aloysius
Teo Teck San
Secretaries
Goh Keng Haw
Registered office
231 Bain Street
#04-49 Bras Basah Complex
Singapore 180231
Banker
United Overseas Bank Limited
Auditor
S.O.Liang & Co
21 Woodlands Close
#06-31 Primz Bizhub
Singapore 737854
Index
Page
Directors’ statement 1
Independent auditor’s report 2
Consolidated statement of comprehensive income 5
Consolidated statement of financial position 6
Consolidated statement of changes in equity 7
Consolidated statement of cash flows 8
Notes to the financial statements 10
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Docusign Envelope ID: 63F03BAD-7193-4B79-81B7-B6D12F619AF1
ASA Ren Pte. Ltd. and its subsidiary
Directors’ statement
In the opinion of the directors,
(i) the consolidated financial statements of the Group are drawn up so as to give a true and fair view
of the financial position of the Group as at 30 June 2024 and of the financial performance,
changes in equity and cash flows of the Group for the financial period from 1 January 2024 to 30
June 2024; and
(ii) at the date of this statement, there are reasonable grounds to believe that the Company will be
able to pay its debts as and when they fall due.
On behalf of the board of directors:
Liang Jiahao, Aloysius
Director
Irawan
Director
9 August 2024
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ASA Ren Pte. Ltd. and its subsidiary
Independent auditor's report
For the financial period from 1 January 2024 to 30 June 2024
Independent auditor's report to the members of ASA Ren Pte. Ltd.
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of ASA Ren Pte. Ltd. (the “Company”) and its subsidiary (the
“Group”), which comprise the consolidated statement of financial position of the Group as at 30 June 2024,
the consolidated statement of comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows of the Group for the financial period from 1 January 2024 to 30 June
2024, and notes to the financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements of the Group are properly drawn up in
accordance with the Financial Reporting Standards in Singapore (“FRSs”) so as to give a true and fair view
of the consolidated financial position of the Group as at 30 June 2024 and the consolidated financial
performance, consolidated changes in equity and consolidated cash flows of the Group for the financial
period from 1 January 2024 to 30 June 2024.
Basis for Opinion
We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Group in accordance with the Accounting and
Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants
and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit
of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ACRA Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter – Basis of Accounting and Restriction on Distribution and Use
The financial statements are prepared to assist the Group in its corporate actions. As a result, the financial
statements may not be suitable for another purpose. Our report is intended solely for the Group and should
not be distributed to or used by parties other than the Group. Our opinion is not modified in respect of this
matter.
Other Information
Management is responsible for the other information. The other information comprises the Director’s
Statement set out on pages 1 to 2.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
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ASA Ren Pte. Ltd. and its subsidiary
Independent auditor's report
For the financial period from 1 January 2024 to 30 June 2024
Independent auditor's report to the members of ASA Ren Pte. Ltd.
Other Information (cont’d)
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Directors for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with the provisions of the FRSs, and for devising and maintaining a system of internal
accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss
from unauthorised use or disposition; and transactions are properly authorised and that they are recorded
as necessary to permit the preparation of true and fair financial statements and to maintain accountability
of assets.
In preparing the financial statements, management is responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
The directors’ responsibilities include overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level assurance, but is not a guarantee that an audit
conducted in accordance with SSAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.
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ASA Ren Pte. Ltd. and its subsidiary
Consolidated statement of comprehensive income
For the financial period from 1 January 2024 to 30 June 2024
Note Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
$ $
Revenue 4 438,821 127,575
Cost of sales 5 (243,340) (116,027)
Gross profit 195,481 11,548
Interest income 110,741 466
Interest expense (5,609) (24,443)
Operating expenses 5 (1,219,193) (1,329,902)
Other income - net 102,655 101,757
Loss before tax (815,925) (1,240,574)
Income tax expense 6 – –
Loss for the period (815,925) (1,240,574)
Other comprehensive loss:
Items that may be reclassified
subsequently to profit or loss
Exchange differences on translation of
foreign operation 108,190 (53,834)
Other comprehensive income/(loss), net of tax 108,190 (53,834)
Total comprehensive loss for the year (707,735) (1,294,408)
Loss attributable to:
Owners of the parents (815,925) (1,240,574)
Non-controlling interests – –
(815,925) (1,240,574)
Total comprehensive loss attributable to:
Owners of the parent (707,735) (1,294,408)
Non-controlling interests – –
(707,735) (1,294,408)
The accompanying accounting policies and explanatory notes form an integral part of the financial
statements.
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ASA Ren Pte. Ltd. and its subsidiary
Consolidated statement of financial position
As at 30 June 2024
Note 30.06.2024 31.12.2023
$ $
Assets
Non-current assets
Property, plant and equipment 7 741,232 816,392
Intangible asset 8 701,747 497,305
Financial asset at fair value through other
comprehensive income (“FVOCI”) 9 – –
Refundable deposits 8,267 8,539
1,451,246 1,322,236
Current assets
Inventories 10 49,516 41,711
Trade receivables 11 2,517,538 962,956
Other receivables 12 33,041 20,143
Advances and prepayments 374,638 50,039
Refundable deposits 2,618 2,849
Cash and bank balances 13 4,534,929 5,689,043
7,512,280 6,766,741
Total assets 8,963,526 8,088,977
Equity and liabilities
Current liabilities
Trade payables 14 244,445 42,155
Other payables and accruals 15 267,255 186,079
Contract liabilities 16 2,176,835 878,917
Lease liabilities 17 50,717 46,818
2,739,252 1,153,969
Net current assets 4,773,028 5,612,772
Non-current liabilities
Lease liabilities 17 13,662 20,810
Employee benefits obligation 18 24,509 20,360
38,171 41,170
Total liabilities 2,777,423 1,195,139
Net assets 6,186,103 6,893,838
Equity
Share capital 19 14,571,953 14,571,953
Additional paid in capital 19 (2,715,423) (2,715,423)
Other comprehensive income 227,916 119,726
Accumulated losses (5,898,437) (5,082,512)
Equity attributable to equity holders
of the parent 6,186,009 6,893,744
Non-controlling interests 94 94
Total equity 6,186,103 6,893,838
Total equity and liabilities 8,963,526 8,088,977
The accompanying accounting policies and explanatory notes form an integral part of the financial
statements.
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ASA Ren Pte. Ltd. and its subsidiary
Consolidated statement of changes in equity
For the financial period from 1 January 2024 to 30 June 2024
Attributable to
Other equity holders Non-
Share Additional comprehensive Accumulated of the controlling
capital paid in capital income losses Company interests Total equity
$ $ $ $ $ $ $
Audited
01.01.2024 to 30.06.2024
Opening balance at 1 January 2024 14,571,953 (2,715,423) 119,726 (5,082,512) 6,893,744 94 6,893,838
Foreign currency translation reserve – – 108,190 – 108,190 – 108,190
Total comprehensive loss for the year – – – (815,925) (815,925) – (815,925)
Closing balance at 30 June 2024 14,571,953 (2,715,423) 227,916 (5,898,437) 6,186,009 94 6,186,103
Unaudited
01.01.2023 to 30.06.2023
Opening balance at 1 January 2023 14,571,953 (2,695,007) 50,384 (2,278,017) 9,649,313 94 9,649,407
Cost of share capital issuance – (20,416) – – (20,416) – (20,416)
Foreign currency translation reserve – – (53,834) – (53,834) – (53,834)
Total comprehensive loss for the year – – – (1,240,574) (1,240,574) – (1,240,574)
Closing balance at 30 June 2023 14,571,953 (2,715,423) (3,450) (3,518,591) 8,334,489 94 8,334,583
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
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ASA Ren Pte. Ltd. and its subsidiary
Consolidated statement of cash flows
For the financial period from 1 January 2024 to 30 June 2024
Note Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
$ $
Cash flows from operating activities
Receipts from customers 169,996 117,205
Payment to suppliers (442,026) (1,154,171)
Payment to employees (823,600) (699,769)
Payment of interest expense (5,609) (27,979)
Interest income received 110,741 466
Net cash flows used in operating activities (990,498) (1,764,248)
Cash flows from investing activities
Acquisition of property, plant and equipment A (9,018) (295,157)
Investment in intangible asset B (39,093) (26,595)
Net cash flows used in investing activities (48,111) (321,752)
Cash flows from financing activities
Proceeds from issuance of share capital – 8,088,259
Payment of lease liabilities 17 (24,031) (925)
Net cash flows (used in)/generated from financing
activities (24,031) 8,087,334
Net (decrease)/increase in cash and cash equivalents (1,062,640) 6,001,334
Effect of exchange differences (91,474) 456,652
Cash and cash equivalents at beginning of period 5,689,043 780,422
Cash and cash equivalents at end of period 13 4,534,929 7,238,408
Notes to statement of cash flows
A. Acquisition of property, plant and equipment
Note Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
$ $
Cash flows from investing activities
Additions to property, plant and equipment 7 71,640 19,981
Add: Payment of prior year additions – 275,176
Less: Non-cash movement for right-of-use assets
under FRS 116 (62,622) –
Net cash outflow for purchase of property, plant and
equipment 9,018 295,157
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ASA Ren Pte. Ltd. and its subsidiary
Consolidated statement of cash flows
For the financial period from 1 January 2024 to 30 June 2024
Notes to statement of cash flows (cont’d)
B. Investment in intangible asset
Note Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
$ $
Cash flows from investing activities
Additions to intangible assets 8 207,424 26,595
Less: Non-cash movement (165,349) –
Exchange difference (2,982) –
Net cash outflow for purchase of intangible assets 39,093 26,595
The accompanying accounting policies and explanatory notes form an integral part of the financial
statements.
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ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
1. Corporate information
ASA Ren Pte. Ltd. (the “Company”) is incorporated and domiciled in Singapore with its
registered office and principal place of business at 231 Bain Street, #04-49 Bras Basah
Complex, Singapore 180231.
The principal activities of the Company are research and experimental development on
biotechnology, life and medical science. The principal activities of the subsidiary are
disclosed in note 20 to the financial statements.
2. Material accounting policy information
2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with
Singapore Financial Reporting Standards (“FRS”).
The financial statements have been prepared on the historical cost basis except as disclosed
in the accounting policies below.
The financial statements are presented in Singapore dollars (“SGD” or “$”) which is also the
Company’s functional currency.
The financial statements of the Group have been prepared on the basis that it will continue
to operate as a going concern.
2.2 Adoption of new and amended standards and interpretations
The accounting policies adopted are consistent with those of the previous financial year
except in the current financial period, the Group has adopted all the new and revised
standards which are effective for annual financial periods beginning on or after 1 January
2024. The adoption of these standards did not have any effect on the financial performance
or position of the Group.
2.3 Standards issued but not yet effective
The Group has not adopted the following standards applicable to the Group that have been
issued but not yet effective:
Effective for annual
periods beginning
Description on or after
Amendments to FRS 21 The Effects of Changes in Foreign 1 January 2025
Exchange Rates: Lack of Exchangeability
Amendments to FRS 110 Consolidated Financial Statements and Date to be
FRS 28 Investments in Associates and Joint Ventures: Sale or determined
Contribution of Assets between an Investor and its Associate
or Joint Venture
The directors expect that the adoption of the standards above will have no material impact
on the financial statements in the period of initial application.
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ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.4 Basis of consolidation and business combination
(a) Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company
and its subsidiary as at the end of the reporting period. The financial statements of the
subsidiary used in the preparation of the consolidated financial statements are prepared
for the same reporting date as the Company. Consistent accounting policies are applied
to like transactions and events in similar circumstances.
All intra-group balances, income and expenses and unrealised gains and losses resulting
from intra-group transactions and dividends are eliminated in full.
Subsidiary is consolidated from the date of acquisition, being the date on which the
Group obtains control, and continues to be consolidated until the date that such control
ceases.
Losses within a subsidiary are attributed to the non-controlling interest even if that results
in a deficit balance.
(b) Business combinations
Business combinations are accounted for by applying the acquisition method. Identifiable
assets acquired and liabilities assumed in a business combination are measured initially
at their fair values at the acquisition date. Acquisition-related costs are recognised as
expenses in the periods in which the costs are incurred and the services are received.
Any contingent consideration to be transferred by the acquirer will be recognised at fair
value at the acquisition date. Subsequent changes to the fair value of the contingent
consideration which is deemed to be an asset or liability, will be recognised in profit or
loss.
Non-controlling interest in the acquiree, that are present ownership interests and entitle
their holders to a proportionate share of net assets in the event of liquidation, is
recognised on the acquisition date at fair value, or at the non-controlling interest's
proportionate share of the acquiree’s identifiable net assets.
Any excess of the sum of the fair value of the consideration transferred in the business
combination, the amount of non-controlling interest in the acquiree (if any), and the fair
value of the Group's previously held equity interest in the acquiree (if any), over the net
fair value of the acquiree's identifiable assets and liabilities is recorded as goodwill. In
instances where the latter amount exceeds the former, the excess is recognised as gain
on bargain purchase in profit or loss on the acquisition date.
2.5 Subsidiary
A subsidiary is an investee that is controlled by the Group. The Group controls an investee
when it is exposed, or has rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over the investee.
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ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.6 Foreign currency
The financial statements are presented in Singapore dollar, which is also the Company’s
functional currency. For each entity, the Group determines the functional currency and items
included in the financial statements of each entity are measured using that functional
currency.
Transactions and balances
Transactions in foreign currencies are measured in the respective functional currencies of
the Company and its subsidiaries and are recorded on initial recognition in the functional
currencies at exchange rates approximating those ruling at the transaction dates. Monetary
assets and liabilities denominated in foreign currencies are translated at the rate of exchange
ruling at the end of the reporting period. Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated using the exchange rates as at the dates
of the initial transactions. Non-monetary items measured at fair value in a foreign currency
are translated using the exchange rates at the date when the fair value was measured.
Exchange differences arising on the settlement of monetary items or on translating monetary
items at the end of reporting period are recognised in profit or loss.
Consolidated financial statements
For consolidation purpose, the assets and liabilities of foreign operations are translated into
Singapore dollar at the rate of exchange ruling at the end of the reporting period and their
profit or loss are translated at the exchange rates prevailing at the date of the transactions.
The exchange differences arising on the translation are recognised in other comprehensive
income. On disposal of a foreign operation, the component of other comprehensive income
relating to that particular foreign operation is recognised in profit or loss.
2.7 Property, plant and equipment
All items of property, plant and equipment are initially recorded at cost. Subsequent to
recognition, property, plant and equipment are measured at cost less accumulated
depreciation and any accumulated impairment losses, if any. The cost of property, plant and
equipment includes its purchase price and any costs directly attributable to bringing the asset
to the location and condition necessary for it to be capable of operating in the manner
intended by management. Dismantlement, removal or restoration costs are included as part
of the cost of property, plant and equipment if the obligation for dismantlement, removal or
restoration is incurred as a consequence of acquiring or using the property, plant and
equipment.
Depreciation is computed on a straight-line basis over the estimated useful lives of the assets
as follows:
Years
Leasehold improvement 10
Machinery and equipment 5 – 16
Furniture and fixture 3–5
Computer 4–5
Right-of-use assets 2–6
The residual value, useful lives and depreciation method are reviewed at least at the end of
each financial period, and adjusted prospectively, if appropriate.
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ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.7 Property, plant and equipment (cont'd)
An item of plant and equipment is derecognised upon disposal or when no future economic
benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset
is included in profit or loss in the period the asset is derecognised.
2.8 Intangible assets
(a) Computer software
Cost incurred in connection with the acquisitions of computer software, including all
costs which are directly associated in preparing such assets until they are ready for use,
is amortised using the straight-line method over four to five years.
(b) Research and development
Expenditure on research activities is recognised as an expense when incurred.
An internally-generated intangible asset arising from development (or from the
development phase of an internal project) is recognised, if, and only if, all the following
have been demonstrated:
• the technical feasibility of completing the intangible asset so that it will be available
for use or sale;
• the intention to complete the intangible asset and use or sell it;
• the ability to use or sell the intangible asset;
• how the intangible asset will generate probable future economic benefits;
• the availability of adequate technical, financial and other resources to complete the
development and to use or sell the intangible assets; and
• the ability to measure reliably the expenditure attributable to the intangible asset
during its development.
The amount initially recognised for internally-generated intangible assets is the sum of
the expenditure incurred from the date when the intangible asset first meets the
recognition criteria listed above.
Subsequent to initial recognition, internally-generated intangible assets are measured
at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is charged using the straight-line method over the estimated useful lives of
related intangible.
The amortisation period and amortisation method of intangible assets other than
goodwill are reviewed at least at the end of each financial year. The effects of any
revisions are recognised in profit or loss when the changes arise.
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ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.9 Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may
be impaired. If any indication exists, (or, where applicable, when an annual impairment
testing for an asset is required), the Group makes an estimate of the asset’s recoverable
amount.
An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value
less costs of disposal and its value in use and is determined for an individual asset, unless
the asset does not generate cash inflows that are largely independent of those from other
assets or group of assets. Where the carrying amount of an asset or cash-generating unit
exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.
Impairment losses of continuing operations are recognised in profit or loss, except for assets
that are previously revalued where the revaluation was taken to other comprehensive
income. In this case, the impairment is also recognised in other comprehensive income up
to the amount of any previous revaluation.
A previously recognised impairment loss is reversed only if there has been a change in the
estimates used to determine the asset’s recoverable amount since the last impairment loss
was recognised. If that is the case, the carrying amount of the asset is increased to its
recoverable amount. That increase cannot exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised previously. Such
reversal is recognised in profit or loss.
2.10 Financial instruments
(a) Financial assets
Initial recognition and measurement
Financial assets are recognised when, and only when the entity becomes party to the
contractual provisions of the instruments.
At initial recognition, the Group measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss (FVPL), transaction costs
that are directly attributable to the acquisition of the financial asset. Transaction costs of
financial assets carried at FVPL are expensed in profit or loss.
Trade receivables are measured at the amount of consideration to which the Group
expects to be entitled in exchange for transferring promised goods or services to a
customer, excluding amounts collected on behalf of third party, if the trade receivables
do not contain a significant financing component at initial recognition.
Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model
for managing the asset and the contractual cash flow characteristics of the asset. The
three measurement categories for classification of debt instruments are amortised cost,
fair value through other comprehensive income (FVOCI) and FVPL. The Group only has
debt instruments at amortised cost.
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ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.10 Financial instruments (cont'd)
(a) Financial assets (cont’d)
Subsequent measurement (cont’d)
Debt instruments (cont’d)
Financial assets that are held for the collection of contractual cash flows where those
cash flows represent solely payments of principal and interest are measured at amortised
cost. Financial assets are measured at amortised cost using the effective interest
method, less impairment. Gains and losses are recognised in profit or loss when the
assets are derecognised or impaired, and through the amortisation process.
Equity instruments
On initial recognition of an investment in equity instrument that is not held for trading, the
Group may irrevocably elect to present subsequent changes in fair value in other
comprehensive income which will not be reclassified subsequently to profit or loss.
Dividends from such investments are to be recognised in profit or loss when the
Company’s right to receive payments is established, except when the Group benefits
from such proceeds as a recovery of part of the cost of the financial asset, in which case,
such gains are recorded in other comprehensive income.
For investments in equity instruments which the Group has not elected to present
subsequent changes in fair value in other comprehensive income, changes in fair value
are recognised in profit or loss.
De-recognition
A financial asset is derecognised where the contractual right to receive cash flows from
the asset has expired. On derecognition of a financial asset in its entirety, the difference
between the carrying amount and the sum of the consideration received and any
cumulative gain or loss that had been recognised in other comprehensive income for
debt instruments is recognised in profit or loss.
(b) Financial liabilities
Initial recognition and measurement
Financial liabilities are recognised when, and only when, the Group becomes a party to
the contractual provisions of the financial instrument. The Group determines the
classification of its financial liabilities at initial recognition.
All financial liabilities are recognised initially at fair value plus in the case of financial
liabilities not at fair value through profit or loss, directly attributable transaction costs.
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ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.10 Financial instruments (cont'd)
(b) Financial liabilities (cont’d)
Subsequent measurement
Amortised cost
After initial recognition, financial liabilities that are not carried at fair value through profit
or loss are subsequently measured at amortised cost using the effective interest method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised,
and through the amortisation process.
De-recognition
A financial liability is de-recognised when the obligation under the liability is discharged
or cancelled or expires. On derecognition, the difference between the carrying amounts
and the consideration paid is recognised in profit or loss.
2.11 Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at FVPL. ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Company
expects to receive, discounted at an approximation of the original effective interest rate. The
expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a
significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL).
For those credit exposures for which there has been a significant increase in credit risk since
initial recognition, a loss allowance is recognised for credit losses expected over the
remaining life of the exposure, irrespective of timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in
calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has
established a provision matrix that is based on its historical credit loss experience, adjusted
for forward-looking factors specific to the debtors and the economic environment.
The Group considers a financial asset in default when contractual payments are 90 days
past due. However, in certain cases, the Group may also consider a financial asset to be in
default when internal or external information indicates that the Group is unlikely to receive
the outstanding contractual amounts in full before taking into account any credit
enhancements held by the Group. A financial asset is written off when there is no reasonable
expectation of recovering the contractual cash flows.
2.12 Cash and cash equivalents
Cash and cash equivalents comprise cash at banks which are subject to an insignificant risk
of changes in value.
- 16 -
Page 19
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.13 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using
the weighted average method and comprises all costs of purchase, costs of conversion and
other costs incurred in bringing the inventories to their present location and condition. Net
realisable value is the estimated selling price in the ordinary course of business, less
estimated costs necessary to make the sale.
When necessary, allowance is provided for damaged, obsolete and slow-moving items to
adjust the carrying value of inventories to the lower of cost and net realisable value.
2.14 Borrowing costs
All borrowing costs that are not directly attributable to the acquisition, construction or
production of a qualifying asset are recognised in profit or loss in the period in which they are
incurred.
2.15 Employee benefits
Pension benefits and other post-employment benefits
The Group recognised an unfunded employee benefits liability in accordance with Omnibus
Law No. 11/2020 dated 5 October 2020.
The pension post-employment benefits are the present value of the post-employment
benefits at the reporting date together with adjustments for actuarial gain or losses. The cost
of providing post-employment benefits obligation is determined using the Projected Unit
Credit method.
Pension benefits and other post-employment benefits (cont'd)
The present value of the post-employment benefits is determined by discounting the
estimated future cash outflows using the yield at the reporting date of long-term government
bonds and that have terms to maturity similar to the related pension obligation.
Actuarial gains or losses arising from experience adjustment and changes in actuarial
assumptions are charged or credited to equity in other comprehensive income in the year in
which they arise.
The past service costs are recognised immediately in the statement of profit or loss and other
comprehensive income. Gains or losses on the curtailment or settlement of the post-
employment benefits are recognised when the curtailment or settlement occurs.
The Group also provides other post-employment benefits, such as service payment, and
separation payment. The service payment benefit vests when the employees reach their
retirement age. The separation payment benefit is paid to employees in the case of voluntary
resignation, subject to a minimum number of years of services. These benefits have been
accounted for using the same methodology to compute post-employment benefits pension
plan.
- 17 -
Page 20
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.16 Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That
is, if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration.
As lessee
The Group applies a single recognition and measurement approach for all leases, except for
short-term leases and leases of low-value assets. The Group recognises lease liabilities
representing the obligations to make lease payments and right-of-use assets representing
the right to use the underlying leased assets.
Right-of-use assets
The Group recognised a right-of-use asset at the commencement date of the lease (i.e. the
date the underlying asset is available for use). Right-of-use assets are measured at cost,
less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of
lease liabilities recognised, initial direct costs incurred, and lease payments made at or before
the commencement date less any lease incentives received. Right-of-use assets are
depreciated on a straight-line basis over the shorter of the lease term and the estimated
useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or the
cost reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset. The right-of-use assets are also subject to impairment. The
accounting policy for impairment is disclosed in Note 2.9.
The Group’s right-of-use assets are presented within property, plant and equipment (Note
7).
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease payments also include the
exercise price of a purchase option reasonably certain to be exercised by the Group and
payments of penalties for terminating the lease, if the lease term reflects the Group exercising
the option to terminate. Variable lease payments that do not depend on an index or a rate
are recognised as expenses (unless they are incurred to produce inventories) in the period
in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing
rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In
addition, the carrying amount of lease liabilities is remeasured if there is a modification, a
change in the lease term, a change in the lease payments (e.g. changes to future payments
resulting from a change in an index or rate used to determine such lease payments) or a
change in the assessment of an option to purchase the underlying asset.
- 18 -
Page 21
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.16 Leases (cont'd)
As lessee (cont’d)
Short term and low value leases
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.
those leases that have a lease term of 12 months or less from the commencement date and
do not contain a purchase option). It also applies the lease of low-value assets recognition
exemption to leases that are considered to be low value. Lease payments on short-term
leases and leases of low value assets are recognised as expense on a straight-line basis
over the lease term.
2.17 Share capital and share issue expenses
Proceeds from issuance of ordinary shares are recognised as share capital in equity.
Incremental costs directly attributable to the issuance of ordinary shares are deducted
against share capital.
2.18 Revenue
Revenue is measured based on the consideration to which the Group expects to be entitled
in exchange for transferring promised goods or services to a customer, excluding amounts
collected on behalf of third parties.
Revenue is recognised when the Group satisfies a performance obligation by transferring a
promised good or service to the customer, which is when the customer obtains control of the
good or service. A performance obligation may be satisfied at a point in time or over time.
The amount of revenue recognised is the amount allocated to the satisfied performance
obligation.
(a) Sales of Deoxyribonucleic acid ("DNA") toolkits and interpretation
Revenue is recognised when the DNA toolkits and interpretation are delivered to the
customer, at a point in time. Revenue from the DNA interpretation report service is
recognised after the completion of the DNA interpretation service, at a point in time.
(b) Research
Revenue is recognised after the completion of the research, and performance obligation
has been satisfied based on the arrangements with customers over time.
(c) Management and maintenance of server platform
Revenue is recognised when it is earned every month, and performance obligation has
been satisfied based on the arrangements with customers, at a point in time.
- 19 -
Page 22
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.19 Taxes
(a) Current income tax
Current income tax assets and liabilities for the current and prior periods are measured
at the amount expected to be recovered from or paid to the taxation authorities. The tax
rates and tax laws used to compute the amount are those that are enacted or
substantively enacted by the end of the reporting period, in the countries where the
Group operates and generates taxable income.
Current income taxes are recognised in profit or loss except to the extent that the tax
relates to items recognised outside profit or loss, either in other comprehensive income
or directly in equity. Management periodically evaluates positions taken in the tax returns
with respect to situations in which applicable tax regulations are subject to interpretation
and establishes provisions where appropriate.
(b) Deferred tax
Deferred tax is provided using the liability method on temporary differences at the end of
the reporting period between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
- Where the deferred income tax liability arises from the initial recognition of goodwill
or of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither accounting profit nor taxable profit or loss;
and
- In respect of taxable temporary differences associated with investments in
subsidiaries, where the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the
foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry
forward of unused tax credits and unused tax losses, to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and
the carry forward of unused tax credits and unused tax losses can be utilised except:
- Where the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither accounting profit nor
taxable profit or loss; and
- In respect of deductible temporary differences associated with investments in
subsidiaries, deferred tax assets are recognised only to the extent that it is probable
that the temporary differences will reverse in the foreseeable future and taxable profit
will be available against which the temporary differences can be utilised.
- 20 -
Page 23
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
2. Material accounting policy information (cont'd)
2.19 Taxes (cont'd)
(b) Deferred tax (cont’d)
The carrying amount of deferred tax assets is reviewed at the end of each reporting
period and reduced to the extent that it is no longer probable that sufficient taxable profit
will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are reassessed at the end of each reporting period and are
recognised to the extent that it has become probable that future taxable profit will allow
the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in the year when the asset is realised or the liability is settled, based on tax rates
(and tax laws) that have been enacted or substantively enacted at the end of each
reporting period.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit
or loss. Deferred tax items are recognised in correlation to the underlying transaction
either in other comprehensive income or directly in equity.
(c) Sales tax
Revenues, expenses and assets are recognised net of the amount of sales tax except:
- Where the sales tax incurred in a purchase of assets or services is not recoverable
from the taxation authority, in which case the sales tax is recognised as part of the
cost of acquisition of the asset or as part of the expense item as applicable; and
- Receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authorities are
included as part of receivables or payables in the statement of financial position.
3. Significant accounting judgements and estimates
The preparation of the Group’s financial statements requires management to make
judgements, estimates and assumptions that affect the reported amounts of the revenues,
expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the
reporting period. Uncertainty about these assumptions and estimates could result in
outcomes that could require a material adjustment to the carrying amount of the asset or
liability affected in the future period.
3.1 Judgements made in applying accounting policies
The following are the critical judgements, apart from those involving estimations (Note 3.2)
that management has made in the process of applying the Group’s accounting policies and
which have a significant effect on the amounts recognised in the consolidated financial
statements:
- 21 -
Page 24
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
3. Significant accounting judgements and estimates (cont’d)
3.1 Judgements made in applying accounting policies (cont’d)
(a) Determination of functional currency
In determining the functional currency of the Company, judgement is used by the
Company to determine the currency of the primary economic environment in which the
Company operates. Consideration factors include the currency that mainly influences
sales prices of goods and services and the currency of the country whose competitive
forces and regulations mainly determines the sales prices of its goods and services.
(b) Recoverability of deferred tax assets
Deferred tax assets are recognised only where it is considered probable that they will be
recovered, which depends on the generation of sufficient future taxable income. Based
on management’s assessment as at 30 June 2024, management is in the opinion that
there is uncertainty that the future taxable income will be available to utilise the deferred
tax assets thus management decided not to recognise the deferred tax assets.
(c) Measurement of lease liabilities
In determining the incremental borrowing rate, there are a number of factors to consider,
many of which need estimate and judgment in order to be able to reliably quantify any
necessary adjustments to arrive at the final discount rates. The Group considers the
following main factors: the Group’s corporate credit risk, the lease term, the economic
environment and the currency in which the lease payments are denominated.
Lease liabilities were measured at the present value of the remaining lease payments
during the lease term, discounted using the incremental borrowing rate. Determination
of the incremental borrowing rate involves significant estimates and judgments.
3.2 Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty
at the end of each reporting period are discussed below. The Group based its assumptions
and estimates on parameters available when the financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may change
due to market changes or circumstances arising beyond the control of the Group. Such
changes are reflected in the assumptions when they occur.
(a) Impairment of non-financial assets
The Group performs annual impairment testing of non-financial assets with indications
of impairment. The impairment testing of non-financial assets with indications of
impairment requires an estimation of the asset’s value in use or fair value less cost to
sell. As at reporting date, the Group non-financial assets as disclosed in Note 7 and
Note 8 to the financial statements. There was no impairment of non-financial assets for
the period ended 30 June 2024.
- 22 -
Page 25
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
3. Significant accounting judgements and estimates (cont’d)
3.2 Key sources of estimation uncertainty (cont’d)
(b) Provision for expected credit losses of trade receivables
The Group uses a provision matrix to calculate ECLs for trade receivables. The provision
rates are based on days past due for groupings of various segments that have similar
loss patterns.
The provision matrix is initially based on the Group’s historical observed default rates.
The Group will calibrate the matrix to adjust historical credit loss experience with
forward-looking information. At every reporting date, historical default rates are updated
and changes in the forward-looking estimates are analysed.
The assessment of the correlation between historical observed default rates, forecast
economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive
to changes in circumstances and of forecast economic conditions. The Group’s historical
credit loss experience and forecast of economic conditions may also not be
representative of customer’s actual default in the future. The information about the ECLs
on the Group’s trade receivables is disclosed in Note 22 to the financial statements.
(c) Employee benefits obligations
The determination of post-employment benefits liabilities depends on selection of certain
assumptions used by actuary for the calculation of the liability. Those assumptions
include among others, discount rate, annual salary increase rate, annual employee turn-
over rate, disability rate, retirement age and mortality rate.
While the Group believes that its assumptions are reasonable and appropriate,
significant differences in the actual results or significant changes in the Group’s
assumptions may materially affect its employee benefits obligations and employee
benefits expense. The information about the employee benefits obligations is disclosed
in Note 18 to the financial statements.
- 23 -
Page 26
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
4. Revenue
Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
$ $
DNA toolkits and interpretation 146,884 111,630
Management and maintenance of server platform 257,660 10,848
Research 30,426 –
Other revenue 3,851 5,097
438,821 127,575
Timing of transfer of goods and services
Point in time 408,395 127,575
Over time 30,426 –
438,821 127,575
The reconciliation of revenue is as follows:
Commercial sales DNA interpretation, toolkits and research 1,535,133 349,074
Unearned revenue (1,326,201) (241,355)
Foreign exchange differences (31,622) 3,911
177,310 111,630
Management and maintenance of server platform 257,660 10,848
Other revenue 3,851 5,097
438,821 127,575
- 24 -
Page 27
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
5. Expenses by nature
Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
$ $
Cost of sales 243,340 116,027
Operating expenses 1,219,193 1,329,902
1,462,533 1,445,929
Including:
Salaries and employees’ benefits 828,510 681,261
Professional fee 190,971 252,578
Purchase of goods 79,523 48,252
Depreciation of property, plant and equipment 81,992 117,031
Accommodation and travel expenses 55,859 115,300
Office expenses 49,845 84,321
Other selling expenses 34,168 20,471
Advertisement expenses 28,159 25,094
Data interpretation costs 17,992 13,607
Other operating expenses 17,831 9,870
Outsource expenses 15,516 17,107
Subscription fees 14,625 7,381
Other cost of revenue 23,268 13,240
Legal expenses 8,540 25,444
Research and development expenses 7,322 4,652
Short-term rental 7,270 9,008
Shipping, freight and delivery charges 1,142 1,312
1,462,533 1,445,929
- 25 -
Page 28
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
6. Income tax expense
Major components of income tax expense
Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
$ $
Current income tax:
- current – –
Relationship between tax expense and loss before tax
A reconciliation between tax expense and the product of loss before tax multiplied by the
applicable corporate tax rate for the periods ended 30 June 2024 and 2023 is as follows:
Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
$ $
Loss before income tax (815,925) (1,240,574)
Income tax calculated at statutory tax rate (138,708) (210,898)
Tax effect of expenses not subject to income tax 2,061 22,988
Deferred tax assets not recognised 142,975 198,129
Effect of different tax rate in other country (6,328) (10,219)
– –
- 26 -
Page 29
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
6. Income tax expense (cont’d)
Deferred tax assets and tax losses
The Subsidiary
As at 30 June 2024, deferred tax assets totalling $834,504 (2023: $660,372) have not been
recognised in respect of unused tax losses and temporary differences as based on its
assessment at period-end, management is in the opinion that there is uncertainty that the
taxable income will be available to utilise the unused tax losses and deductible temporary
differences in the foreseeable future.
As at 30 June 2024 and 2023, the subsidiary has accumulated unused tax losses as follows:
Period incurred Period expired Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
December 2021 2026 293,443 293,443
December 2022 2027 1,171,880 1,171,880
December 2023 2028 1,866,801 1,866,801
June 2024 2029 740,803 –
4,072,927 3,332,124
The Subsidiary is incorporated in Indonesia and accordingly is subject to income tax rate of
22% (2023: 22%). Taxation laws in Indonesia require that each company in Indonesia
submits individual tax returns on the basis of self-assessment. Under prevailing regulations,
the Directorate General of Taxes may assess or amend taxes within five years of the time
the tax becomes due.
- 27 -
Page 30
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
7. Property, plant and equipment
Machinery
Leased and Furniture Leasehold Construction
building equipment and fixture Computer improvement in progress Total
$ $ $ $ $ $ $
30.06.2024
Cost:
At 1 January 2024 158,675 629,486 95,617 66,525 100,809 – 1,051,112
Additions 62,622 – – 9,018 – – 71,640
Disposal / De-recognition (87,732) – – – – – (87,732)
Exchange difference (5,038) (19,984) (3,035) (2,111) (3,200) – (33,368)
At 30 June 2024 128,527 609,502 92,582 73,432 97,609 – 1,001,652
Accumulated depreciation:
At 1 January 2024 (62,404) (103,115) (31,483) (20,155) (17,563) – (234,720)
Depreciation charge for the year (37,494) (22,772) (9,522) (7,207) (4,997) – (81,992)
Disposal / De-recognition 46,931 – – – – – 46,931
Exchange difference 2,854 3,804 1,221 808 674 – 9,361
At 30 June 2024 (50,113) (122,083) (39,784) (26,554) (21,886) – (260,420)
Net carrying amount:
At 30 June 2024 78,414 487,419 52,798 46,878 75,723 – 741,232
- 28 -
Page 31
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
7. Property, plant and equipment (cont’d)
Machinery
Leased and Furniture Leasehold Construction
building equipment and fixture Computer improvement in progress Total
$ $ $ $ $ $ $
31.12.2023
Cost:
At 1 January 2023 691,269 594,919 93,268 41,534 99,737 21,818 1,542,545
Additions 110,205 37,237 2,767 25,177 1,520 – 176,906
Disposal / De-recognition (639,697) – – – – (21,720) (661,417)
Exchange difference (3,102) (2,670) (418) (186) (448) (98) (6,922)
At 31 December 2023 158,675 629,486 95,617 66,525 100,809 – 1,051,112
Accumulated depreciation:
At 1 January 2023 (138,405) (61,717) (12,473) (9,308) (7,554) – (229,457)
Depreciation charge for the year (109,933) (42,981) (19,663) (11,230) (10,358) – (194,165)
Disposal / De-recognition 187,675 – – – – – 187,675
Exchange difference (1,741) 1,583 653 383 349 – 1,227
At 31 December 2023 (62,404) (103,115) (31,483) (20,155) (17,563) – (234,720)
Net carrying amount:
At 31 December 2023 96,271 526,371 64,134 46,370 83,246 – 816,392
Right-of-use asset acquired under leasing arrangement is presented under leased building. Details of such leased assets are disclosed in Note 17.
- 29 -
Page 32
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
8. Intangible assets
Computer software Research and development
Health 360 New PCOS
Passport Traits CDLS Longevity
Tech Stack Phase 1 Development Research Biobank Others Total
$ $ $ $ $ $ $
30.06.2024
Cost:
At 1 January 2024 403,378 15,959 44,761 10,673 – 22,534 497,305
Additions – – – – 165,349 42,075 207,424
Exchange difference – (507) (1,421) (339) – (715) (2,982)
At 30 June 2024 403,378 15,452 43,340 10,334 165,349 63,894 701,747
Accumulated amortisation:
At 1 January 2024 – – – – – – –
Amortisation charge for the year – – – – – – –
At 30 June 2024 – – – – – – –
Net carrying amount:
At 30 June 2024 403,378 15,452 43,340 10,334 165,349 63,894 701,747
- 30 -
Page 33
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
8. Intangible assets (cont’d)
Computer software Research and development
Health 360 New PCOS
Passport Traits CDLS Longevity
Tech Stack Phase 1 Development Research Biobank Others Total
$ $ $ $ $ $ $
31.12.2023
Cost:
At 1 January 2023 403,378 – – – – – 403,378
Additions – 15,959 44,761 10,673 – 22,534 93,927
At 31 December 2023 403,378 15,959 44,761 10,673 – 22,534 497,305
Accumulated amortisation:
At 1 January 2023 – – – – – – –
Amortisation charge for the year – – – – – – –
At 31 December 2023 – – – – – – –
Net carrying amount:
At 31 December 2023 403,378 15,959 44,761 10,673 – 22,534 497,305
- 31 -
Page 34
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
8. Intangible assets (cont’d)
Tech Stack
In 2022, during the shares issue for Pre-series A, Illumin8.ai Pte. Ltd. had transferred
US$1,000,000 consideration to the Group in the form of US$700,000 cash and US$300,000
(or equivalent to $403,378) worth of a telehealth tech stack, which will be utilised by the
Group for Genetic consultation features in the future.
As at 30 June 2024, the Tech stack is not yet utilised.
Health Passport Phase 1
The subsidiary has developed an application for maintaining individual medical records.
Within this application, users can store their medical results over time, and the application
will highlight key points from these results. Additionally, users have the capability to order
and pay for medical checkups directly through the application. This application will be offered
to different customers with minimal modifications.
360 New Traits Development
The subsidiary had appointed Virtus as a vendor to interpret the DNA samples. With a total
of 315 samples to be interpreted, the subsidiary can utilise the DNA interpretation results to
directly interpret DNA samples in Indonesia. The subsidiary is able to map the DNA traits
and use them to interpret the DNA samples in-house. This capability enables the subsidiary
to reduce the cost of interpretation.
CDLS Research
In 2023, the subsidiary obtained exclusive rights from CDLS Foundation for the collection of
DNA samples from children diagnosed with CDLS syndrome and gained ownership and
control over the DNA test results. The result will be used by the subsidiary as a Proof of
Concept ("PoC"). Leveraging on the success of this PoC, the subsidiary plans to advance
the research by collecting more data including phenotype data. The ultimate objective is to
commercialise this research, with the potential to provide treatments for patients affected by
CDLS syndrome and/or offer preventive care for expectant mothers.
PCOS Longevity Biobank
In 2024, the subsidiary obtained exclusive rights from Yayasan Daima Indonesia (“YDI”) for
the research focused in Polycystic Ovary Syndrome (“PCOS”), Ovarian response to
Gonadotropin (treatment) & Metabolic Syndrome Occurrence. The objective of the testing is
to obtain Indonesian based Genetic and clinical data analysis which can be commercialised
by creating an algorithm for Fertility focused genetic testing and providing report which can
be mitigate potential diseases that could disturb the journey such as PCOS to clinicians to
ensure the IVF cycle or pregnancy journey has a high success rate.
- 32 -
Page 35
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
9. Financial asset at fair value through other comprehensive income (“FVOCI”)
30.06.2024 31.12.2023
$ $
Gaemi Corporation Pte. Ltd. 47,005 47,005
Impairment loss (47,005) (47,005)
– –
The Group entered into a Simple Agreement for Future Equity (“SAFE”) with Gaemi
Corporation Pte. Ltd. (“Gaemi Corp”) on 25 October 2021 for $100,000. In exchange for the
payment from the Group, Gaemi Corp issues the right to its company’s capital shares at a
price of $1 per share. As of 31 December 2022, the Group has transferred $47,005.
The Group has designated the financial instrument to be measured at FVOCI.
The investment in Gaemi Corp, has been impaired due to its status of Gazetted to be struck
off in February 2024. As a result, an impairment loss of $47,005 has been recognised in the
income statement for the year ended 31 December 2023. The carrying amount of the
investment has been reduced to $0.
10. Inventories
30.06.2024 31.12.2023
$ $
Consumables 18,886 16,959
Finished goods 30,630 24,752
49,516 41,711
The cost of inventories recognised as expense and included in “cost of sales” amounted to
$54,925 (2023: $111,139).
Based on the result of review of physical condition and net realisable value of inventories at
the reporting date, management believes that there is no indication of decline in value of
inventories, therefore, no allowance for decline in value of inventories was provided.
11. Trade receivables
30.06.2024 31.12.2023
$ $
Third parties 2,531,310 964,567
Impairment loss (13,772) (1,611)
2,517,538 962,956
Trade receivables are non-interest bearing and are generally on 15 days' terms. They are
recognised at their original invoice amounts which represent their fair values on initial
recognition.
- 33 -
Page 36
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
11. Trade receivables (cont’d)
Ageing analysis for trade receivables as at reporting date are as follows:
30.06.2024 31.12.2023
$ $
Not past due 1,386,664 43,292
Past due:
- 1 to 30 days 594,814 4,919
- 31 to 90 days 914 431,672
- More than 90 days 548,918 484,684
2,531,310 964,567
Receivables that are past due but not impaired
The Group has trade receivables amounting to $1,144,646 (2023: $921,275) that are past
due at the end of the reporting period but not impaired.
Trade receivables are denominated in Indonesia rupiah.
12. Other receivables
30.06.2024 31.12.2023
$ $
Prepaid value added tax 9,426 5,816
Others 23,615 14,327
33,041 20,143
Other receivables denominated in foreign currencies are as follows:
Group
30.06.2024 31.12.2023
$ $
Indonesia rupiah 33,041 20,143
13. Cash and bank balances
30.06.2024 31.12.2023
$ $
Cash at banks 493,962 299,240
Short-term deposit – 1 month 4,040,967 5,389,803
4,534,929 5,689,043
- 34 -
Page 37
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
13. Cash and bank balances (cont’d)
Cash and bank balances denominated in foreign currencies are as follows:
30.06.2024 31.12.2023
$ $
Indonesia rupiah 62,500 82,682
United States dollar 4,468,102 5,594,654
14. Trade payables
30.06.2024 31.12.2023
$ $
Third parties 244,445 42,155
These amounts are non-interest bearing and are normally settled on 30 days' terms.
Trade payables denominated in foreign currencies are as follows:
30.06.2024 31.12.2023
$ $
Indonesia rupiah 196,714 40,360
United States dollar 28,744 –
15. Other payables and accruals
30.06.2024 31.12.2023
$ $
Other payables 48,759 29,519
Accruals 198,952 142,708
Other taxes payable 19,544 13,852
267,255 186,079
Other payables and accruals denominated in foreign currencies are as follows:
30.06.2024 31.12.2023
$ $
Indonesia rupiah 249,086 68,958
United States dollar 5,642 2,512
- 35 -
Page 38
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
16. Contract liabilities
30.06.2024 31.12.2023
$ $
Beginning balance – Unearned Revenue 814,485 293,870
Add: Progress billing DNA interpretation, tool kits
and research 1,535,133 823,854
Less: Contract revenue recognised in profit or loss
during the financial period (177,310) (285,568)
Foreign exchange translation (57,479) (17,671)
Ending balance – Unearned Revenue 2,114,829 814,485
Customer deposits 62,006 64,432
2,176,835 878,917
Unearned revenue will be recognised as revenue when DNA report for end customers has
been released.
The customer deposits as at 30 June 2024 solely represent deposit from one customer as
an indicator of commitment to the services to be provided by the subsidiary.
17. Leases
The Group has entered into a lease contract for building. The leases run a period of 24
months, with an option to renew the lease after the expiry date. Lease payments are
renegotiated after expiration to reflect market rental.
Right-of-use assets
Right-of-use assets related to leased building is presented as property, plant and equipment
(Note 7).
Leased building
30.06.2024 31.12.2023
$ $
At beginning of period 96,271 552,864
Additions 62,622 110,205
Depreciation (37,494) (109,933)
De-recognition (40,801) (452,022)
Exchange difference (2,184) (4,843)
At end of period 78,414 96,271
- 36 -
Page 39
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
17. Leases (cont’d)
Lease liabilities
30.06.2024 31.12.2023
$ $
At beginning of period 67,628 491,490
Additions 62,622 110,205
Early termination (40,640) (487,046)
Interest expense 5,609 27,979
Lease payments:
- principal portion (24,031) (44,816)
- interest portion (5,609) (27,979)
Foreign exchange difference (1,200) (2,205)
At end of period 64,379 67,628
The maturity analysis of lease liabilities of the Group as follows:
30.06.2024 31.12.2023
$ $
Contractual undiscounted cash flows:
- within one year 53,662 53,761
- after one year but not more than five years 13,894 22,769
67,556 76,530
Less: future finance charges (3,177) (8,902)
Present value of lease liabilities 64,379 67,628
Presented in lease liabilities:
- current 50,717 46,818
- non-current 13,662 20,810
64,379 67,628
Amounts recognised in profit or loss
Audited Unaudited
01.01.2024 01.01.2023
to to
30.06.2024 30.06.2023
$ $
Depreciation of right-of-use assets 37,494 75,872
Short term leases 7,270 9,008
Finance cost on lease liabilities 5,609 24,443
Total amount recognised in profit or loss 50,373 109,323
Total cash outflow
The Group had total cash outflows for leases of $29,640 (2023: $72,795) in financial period
ended 30 June 2024.
- 37 -
Page 40
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
18. Employee benefits obligation
30.06.2024 31.12.2023
$ $
Non-current
Present value of employee benefits obligation 24,509 20,360
Movement in the present value of retirement benefit obligations
30.06.2024 31.12.2023
$ $
At beginning of period 20,360 9,746
Included in profit or loss 4,910 10,614
Foreign exchange difference (761) –
At end of period 24,509 20,360
The financial assumptions used are as follows:
30.06.2024 31.12.2023
% %
Discount rate 7.07 6.90
Salary growth per annum 2.50 2.10
Sensitivity analysis
The impact to the value of the defined benefit obligation of a reasonably possible change to
one assumption, holding all other assumptions constant, is presented in the table below:
Change in Defined benefit obligation
Assumptions assumption Increase Decrease
$ $
30.06.2024
Discount rate 1% (2,468) 3,184
Salary growth per annum 1% 3,408 (2,958)
31.12.2023
Discount rate 1% (2,466) 2,895
Salary growth per annum 1% 3,009 (2,593)
- 38 -
Page 41
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
19. Share capital
The composition of shareholders as at 30 June 2024 and 31 December 2023 are as follows:
Issued Paid-up Percentage of
Name of shareholders shares shares ownership
$
Founder and Secondary Round
Liang Jiahao, Aloysius 681,000 649 16.99%
PT Royal Arta Jayamanggala 205,000 195 5.11%
Magzhan Kenesbai 164,000 156 4.09%
Subtotal 1,050,000 1,000 26.19%
Seed Round
Kelvin Davis Hardjono 200,000 200,000 4.99%
Prundjaya Capital Pte. Ltd. 200,000 200,000 4.99%
Sastrawan Kamto 200,000 200,000 4.99%
Selina Loh 200,000 200,000 4.99%
Viko Technologies Pte. Ltd. 200,000 200,000 4.99%
Subtotal 1,000,000 1,000,000 24.95%
Pre-series A – Round
Marcy Venture Partners Fund II LP 436,437 3,024,297 10.89%
SBI Kejora Orbit Fund I, L.P. 293,278 2,032,275 7.32%
Illumin8.ai Pte Ltd 195,519 1,354,850 4.88%
Magzhan Kanesbai 178,572 1,237,416 4.45%
Top Harvest Fund I, LP 157,932 1,094,393 3.94%
Naya Investor Holding Limited 136,863 948,395 3.41%
Top Harvest Fund I (Q), LP 115,794 802,398 2.89%
PT Cakrawala Data Integrasi 97,759 677,425 2.44%
NSV Maxwell Limited 97,759 677,425 2.44%
PT Diagnos Laboratorium Utama Tbk 58,656 406,455 1.46%
Marcy Venture Partners Culture Fund
II LP 52,360 362,829 1.31%
Shor Administrative Consultancy LLC 46,045 319,068 1.15%
Orbit Capital (Malaysia) Sdn Bhd 39,104 270,970 0.98%
Ivan Rizal Sini 23,022 159,530 0.57%
Maxime Franzetti 19,552 135,485 0.49%
Stefanus Ade Hadiwidjaja 9,776 67,742 0.24%
Subtotal 1,958,428 13,570,953 48.86%
Total 4,008,428 14,571,953 100.00%
All shareholders are preference shareholders except for Liang Jiahao, Aloysius, who holds
ordinary shares.
Preference shares grant the holders specific privileges, including priority in dividends and
liquidation proceedings. Dividends, non-cumulative and payable on an as-converted basis,
rank equally with ordinary shares. In liquidation, preference shareholders receive either a
fixed liquidation preference or a pro-rata share of remaining assets. Conversion rights permit
preference shares to be converted into ordinary shares at a set ratio, either at the holder’s
discretion or automatically. Conversion prices may adjust for events like share consolidations
or dividend payments in shares. Preference shareholders can participate in general meetings
and vote alongside ordinary shareholders.
- 39 -
Page 42
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
19. Share capital (cont’d)
On 20 December 2022, the Company issued 1,958,428 shares during the pre-series A round
for a total cash consideration of US$10,016,572 (approximately $13,570,953). All pre-series
A round preference shares were fully paid up.
Additional paid in capital
In 2022, the Company transferred shares to eligible advisors on pre-series A round. The
related portion of distribution of shares has been recorded as an additional paid in capital. In
addition, transaction cost on issuance of equity instruments that incurred during the pre-
series A round is also recorded as an additional paid in capital.
20. Investment in subsidiary
Details of the subsidiary company are as follow:
Country of Percentage of equity held
Name of Subsidiary Principal activities business 30.06.2024 31.12.2023
PT ASA Ren Global Scientific and Indonesia 99.99% 99.99%
Nusantara (Indonesia) technical
The subsidiary is audited by KAP Tanubrata, Sutanto, Fahmi, Bambang & Rekan.
21. Significant agreements
(a) Agreement with PT Gaemi Digital Indonesia (“GDI”)
On 3 October 2022, the subsidiary entered into a distributor agreement with GDI. The
subsidiary appointed GDI as an authorised distributor for DNA Test Kit and will provide
activation service genotyping for DNA to GDI. GDI committed to purchase 2,000 DNA
Test Kits which, subsequently based on amendment agreement on 8 February 2023,
was changed to 1,692 DNA Test Kits. The agreed price for the DNA Test Kit is Rp 2,888
per unit and GDI is entitled to obtain 23% commission from the price. The subsidiary has
delivered 1,692 DNA Test Kit on 28 October 2022. The agreement is valid until 3 October
2023. On 3 October 2023, the subsidiary and GDI signed an amendment agreement to
extend the period of agreement until 3 October 2024.
(b) Agreement with Yayasan Daima Indonesia (“YDI”)
On 3 June 2024, the subsidiary entered into agreement with YDI. The subsidiary is
appointed by YDI as a Research Operator on PCOS Longevity Biobank with obligation
to provide service as a contract research operator, processing DNA sample and
laboratory, appoint and manage vendors needed for PCOS project. The project value is
Rp 11 billion.
- 40 -
Page 43
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
22. Financial risk management objectives and policies
The Group is exposed to financial risks arising from its operations and the use of financial
instruments. The key financial risks include liquidity risk, credit risk and foreign currency risk.
The board of directors reviews and agrees policies and procedures for the management of
these risks. It is, and has been throughout the years under review, the Group's policy that no
derivatives shall be undertaken. The Group does not apply hedge accounting.
The following sections provide details regarding the Group’s exposure to the above-
mentioned financial risks and the objectives, policies and processes for the management of
these risks.
There has been no change to the Group’s exposure to these financial risks or the manner in
which it manages and measures the risks.
(a) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash to meet the
operating capital requirement. The Group aims to maintain flexibility through having
adequate cash funds and maintaining the availability of funding in the form of adequate
credit lines.
Analysis of financial instruments by remaining contractual maturities
The table below summarise the maturity profile of the Group’s financial assets and
liabilities at the end of the reporting period based on contractual undiscounted repayment
obligations.
One year or More than
less one year Total
$ $ $
30.06.2024
Financial assets:
Trade receivables 2,517,538 – 2,517,538
Other receivables (excluding prepaid value
added tax) 23,615 – 23,615
Refundable deposits 2,618 8,267 10,885
Cash and bank balances 4,534,929 – 4,534,929
Total undiscounted financial assets 7,078,700 8,267 7,086,967
- 41 -
Page 44
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
22. Financial risk management objectives and policies (cont’d)
(a) Liquidity risk (cont’d)
Analysis of financial instruments by remaining contractual maturities (cont’d)
One year or More than
less one year Total
$ $ $
30.06.2024
Financial liabilities:
Trade payables (244,445) – (244,445)
Other payables and accruals (excluding
other taxes payable) (247,711) – (247,711)
Lease liabilities (53,662) (13,894) (67,556)
Total undiscounted financial liabilities (545,818) (13,894) (559,712)
Total net undiscounted financial
assets/(liabilities) 6,532,882 (5,627) 6,527,255
31.12.2023
Financial assets:
Trade receivables 962,956 – 962,956
Other receivables (excluding prepaid value
added tax) 14,327 – 14,327
Refundable deposits 2,849 8,539 11,388
Cash and bank balances 5,689,043 – 5,689,043
Total undiscounted financial assets 6,669,175 8,539 6,677,714
Financial liabilities:
Trade payables (42,155) – (42,155)
Other payables and accruals (excluding
other taxes payable) (172,227) – (172,227)
Lease liabilities (53,761) (22,769) (76,530)
Total undiscounted financial liabilities (268,143) (22,769) (290,912)
Total net undiscounted financial
assets/(liabilities) 6,401,032 (14,230) 6,386,802
(b) Credit risk
Credit risk is the risk of loss that may arise on outstanding financial instruments should
a counterparty default on its obligations. The Group’s exposure to credit risk arises
primarily from trade receivables. For other financial assets (including cash and cash
equivalents), the Group minimises credit risk by dealing exclusively with high credit rating
counterparties.
The Group has adopted a policy of only dealing with creditworthy counterparties. The
Group performs ongoing credit evaluation of its counterparties’ financial condition and
generally do not require a collateral.
- 42 -
Page 45
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
22. Financial risk management objectives and policies (cont’d)
(b) Credit risk (cont’d)
The Group manages the credit risk of receivables by entering transactions with third
parties, for whom there were no recent history of default. As at 30 June 2024,
approximately 43% and 33% of the Group’s trade receivables are represented by third
party receivables from Yayasan Daima Indonesia (“YDI”) and PT Riset Bioteknologi
Sejahtera (“RBS”), respectively. The Group believes that the trade receivable from YDI
and RBS will be paid subsequently. In respect of credit exposures given to customers
which predominantly resulted from service activities, the Group performs ongoing
portfolio monitoring as well as manages the collection of the receivables in order to
minimise the credit risk exposure.
The Group considers the probability of default upon initial recognition of asset and
whether there has been a significant increase in credit risk on an ongoing basis
throughout each reporting period.
The Group has determined the default event on a financial asset to be when internal
and/or external information indicates that the financial asset is unlikely to be received,
which could include default of contractual payments due for more than 90 days or there
is significant difficulty of the counterparty.
The Group categorises a receivable for potential write-off when a debtor fails to make
contractual payments more than 180 days past due. Financial assets are written off when
there is evidence indicating that the debtor is in severe financial difficulty and the debtor
has no realistic prospect of recovery.
The Group’s current credit risk grading framework comprises the following categories:
Category Definition of category Basis for recognising
expected credit loss
(ECL)
I Counterparty has a low risk of default and does 12-month ECL
not have any past-due amounts.
II Amount is >30 days past due or there has been Lifetime ECL – not
a significant increase in credit risk since initial credit-impaired
recognition.
III Amount is >90 days past due or there is Lifetime ECL – credit -
evidence indicating the asset is credit-impaired impaired
(in default).
IV There is evidence indicating that the debtor is in Amount is written of
severe financial difficulty and the debtor has no
realistic prospect of recovery.
The Group provides for lifetime expected credit losses for all trade receivables using a
provision matrix. The provision rates are determined based on the Group’s historical
observed default rates analysed in accordance to days past due.
Exposure to credit risk
At the end of reporting period, the Group’s maximum exposure to credit risk is
represented by the carrying amount of each class of financial assets recognised in the
statement of financial position.
- 43 -
Page 46
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
22. Financial risk management objectives and policies (cont’d)
(b) Credit risk (cont’d)
Financial assets that are neither past due nor impaired
Trade and other receivables that are neither past due nor impaired are with creditworthy
debtors with good payment record with the Group. Cash and cash equivalents that are
neither past due nor impaired are placed with or entered into with reputable financial
institutions or companies with high credit ratings and no history of default.
Financial assets that are either past due or impaired
Information regarding financial assets that are either past due or impaired is disclosed in
Note 11 (Trade receivables).
Cash and bank balances
Cash and bank balances relate mainly to deposits with banks of high credit-rating
assigned by international credit rating agencies. Impairment on cash and bank balances
has been measured on the 12-month expected loss basis and reflects the short
maturities of the exposures. The Group considers that its cash and cash equivalents has
low credit risk based on the external credit ratings of the counterparties.
(c) Foreign currency risk
The Group maintain funds denominated in Singapore dollar (“SGD”), United States dollar
(“USD”) and Indonesia rupiah (“IDR”) to mitigate the impact of foreign currency
fluctuations.
Sensitivity analysis for foreign currency risk
The following table demonstrates the sensitivity to a reasonably possible change in the
USD and IDR (against SGD), with all other variable held constant, of the Group's
(loss)/profit before tax.
30.06.2024 31.12.2023
$ $
USD – Strengthened 5% +221,686 +279,607
– Weakened 5% -221,686 -279,607
IDR – Strengthened 5% +108,364 +47,823
– Weakened 5% -108,364
________
________ -47,823
________
________
- 44 -
Page 47
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
23. Capital management
The Group’s objectives when managing capital are to safeguard its ability to continue as a
going concern, while seeking to maximise benefits to shareholders and other stakeholders.
The Group actively and regularly reviews and manages its capital structure to ensure an
optimal capital structure, taking into consideration the future capital requirements and capital
use efficiency of the Group, prevailing and projected profitability and projected operating
cash flows. In order to maintain or adjust the capital structure, the Group may adjust the
amounts of dividends paid to shareholders or issue new shares or sell assets to reduce
debts.
The Group is not subject to any externally imposed capital requirements for the financial
period/year ended 30 June 2024 and 31 December 2023.
24. Fair values of assets and liabilities
(a) Fair value hierarchy
The Group categorises fair value measurements using a fair value hierarchy that is
dependent on the valuation inputs used as follows:
• Level 1 – Quoted prices (unadjusted) in active market for identical assets or liabilities
that the Group can access at the measurement date,
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable
for the asset or liability, either directly or indirectly, and
• Level 3 – Unobservable inputs for the asset or liability.
Fair value measurements that use inputs of different hierarchy levels are categorised in
its entirety in the same level of the fair value hierarchy as the lowest level input that is
significant to the entire measurement.
(b) Assets measured at fair value
The fair value of the financial asset at FVOCI is disclosed in Note 9 to the financial
statements.
(c) Assets and liabilities not measured at fair value
The carrying amounts of the financial assets and financial liabilities with maturity less
than one year, including cash and bank balances, trade receivables, other receivables,
current portion of refundable deposits, trade payables, other payables, accruals and
current portion of lease liabilities approximated their fair values due to their short-term
maturities.
The carrying amount of refundable deposits which has maturities more than one year is
considered to approximate their fair value since the impact of the discounting cash flow
is insignificant.
The carrying amount of lease liabilities which has maturities of more than one year is
considered to approximate their fair value since the incremental borrowing rate used
approximate market interest rate.
- 45 -
Page 48
ASA Ren Pte. Ltd. and its subsidiary
Notes to the financial statements
For the financial period from 1 January 2024 to 30 June 2024
25. Events occurring after the reporting period
Subsequent to the financial period ended 30 June 2024, the Group is in the process of being
acquired by PT Diagnos Laboratorium Utama Tbk (“Diagnos”). Once completed, Diagnos
will become the Group’s majority shareholder. The agreed-upon valuation for the acquisition
is 120% of the Group’s valuation based on the latest valuation. The acquisition process is
planned to be completed by December 2024.
26. Authorisation of the financial statements for issue
These interim consolidated financial statements for the financial period from 1 January 2024
to 30 June 2024 were authorised for issue in accordance with a resolution of the directors on
9 August 2024.
- 46 -
Names mentioned 22 people and organisations named in the text · linked when the evidence is strong
unresolved
org
ASA Ren Pte. Ltd.
p.1 ×51
unresolved
org
Banker United Overseas Bank Limited
p.2
unresolved
org
Directorate General of Taxes
p.29
unresolved
org
Pte. Ltd.
p.34 ×2
unresolved
org
Yayasan Daima Indonesia
p.34 ×3
unresolved
org
Gaemi Corporation Pte. Ltd.
p.35 ×2
unresolved
org
Gaemi Corp
p.35 ×3
unresolved
org
PT Royal Arta Jayamanggala
p.41
unresolved
org
Prundjaya Capital Pte. Ltd.
p.41
unresolved
org
Viko Technologies Pte. Ltd.
p.41
unresolved
org
Naya Investor Holding Limited
p.41
unresolved
org
PT Cakrawala Data Integrasi
p.41
unresolved
org
NSV Maxwell Limited
p.41
unresolved
org
Shor Administrative Consultancy LLC
p.41
unresolved
org
PT ASA Ren Global
p.42
unresolved
org
Tanubrata
p.42
unresolved
org
Bambang & Rekan
p.42
unresolved
org
PT Gaemi Digital Indonesia
p.42
unresolved
org
PT Riset Bioteknologi Sejahtera
p.45
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
Rule parser
Needs review
confidence 0.091
11716 ms
12 Sep 2026 22:59
Raw output
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