Item 3. Legal Proceedings
Item 3. Legal Proceedings
From time to time, the Company is party to certain
legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount of reasonably possible
losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements.
On March 30, 2022, the State
Courts of the Republic of Singapore had reached a verdict that the Company’s subsidiaries, Healthcare Singapore Pte Ltd. and Melana
International Pte. Ltd. (Defendants) are liable to compensate Jamie Fan Wei Zhi (Plaintiff), the Company’s related party for failing
to procure the release of the Plaintiff from the guarantees to secure a credit line from United Overseas Bank before December 31, 2020.
The Defendants agreed to compensate the Plaintiff the sum of $3,704 (SGD 5,000) per month as guarantor fee starting from January 1, 2021
until the Defendants procured the release of the Plaintiff as the guarantor of the loan. The Defendants released the Jamie Fan Wei Zhi
as the guarantor of the loan on October 31, 2022. As of December 31, 2022, the Company has paid Jamie Fan Wei Zhi $74,966 (SGD 100,500),
and no more balance outstanding.
Item 4. Mine Safety Disclosures
Not applicable.
32
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.