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PROPERTY AND EQUIPMENT, NET
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
PROPERTY AND EQUIPMENT, NET

5. PROPERTY AND EQUIPMENT, NET

Table 5: Details of Property and Equipment, Net

 

 

   September 30, 2025   December 31, 2024 
   Gross Carrying Amount   Accumulated Depreciation and Amortization   Net Carrying Amount   Gross Carrying Amount   Accumulated Depreciation and Amortization   Net Carrying Amount 
Equipment  $-   $-   $-   $125,546   $(121,869)  $3,677 
Furniture and fixtures   -    -    -    26,339    (19,396)   6,943 
Leasehold improvements   -    -    -    62,721    (62,721)   - 
Capital lease   -    -    -    23,004    (19,897)   3,107 
Software   -    -    -    13,500    (6,906)   6,594 
Property and equipment, net  $-   $-   $-   $251,110   $(230,789)  $20,321 

 

During the three and nine months ended September 30, 2025 and 2024, the Company recorded immaterial amounts of depreciation expense in cost of revenue and selling, general and administrative expenses. Additionally, during the three months ended September 30, 2025, as part of the annual review of property and equipment, the Company disposed of all assets categorized as property and equipment, which were fully depreciated already or had an immaterial acceleration of depreciation and amortization.

 

NOTE 5 — FIXED ASSETS, SOFTWARE DEVELOPMENT COSTS, AND INTANGIBLE ASSET

 

Fixed assets consisted of the following as of December 31, 2024 and 2023:

 

   December 31,   December 31, 
   2024   2023 
At Cost:          
Equipment  $125,546   $125,546 
Furniture and fixtures   26,339    26,339 
Leasehold improvements   62,721    62,721 
Capital lease   23,004    23,004 
Software   13,500    13,500 
Property plant and equipment, gross   251,110    251,110 
           
Less: Accumulated depreciation          
Equipment   121,869    107,977 
Furniture and fixtures   19,396    24,446 
Leasehold improvements   62,721    62,721 
Capital lease   19,897    19,897 
Software   6,906    2,407 
Less: Accumulated depreciation   230,789    217,448 
           
Property plant and equipment, net  $20,321   $33,662 

 

During the years ended December 31, 2024 and 2023, the Company recorded depreciation expenses in cost of revenue of $3,937 and $3,899, respectively, and selling, general and administrative expenses of $9,404 and $21,923, respectively.

 

Software development costs consisted of the following as of December 31, 2024 and 2023:

 

   December 31,   December 31, 
   2024   2023 
At Cost:          
Software development cost   4,151,981    3,703,981 

 

During the years ended December 31, 2024 and 2023, the Company incurred software development costs of $448,000 and $493,933, respectively.

 

In 2024, the Company reclassed software development costs from fixed asset to software development costs. The Company continuing incurs costs to develop new modules, functionalities, and integrations on previous purchased SaaS platform in order to develop a new product with differentiated offering. As of December 31, 2024, the SaaS platform is still undergoing development stage and not ready for external sales. No amortization has been recorded during the years ended December 31, 2024 and 2023.

 

In 2024, the Company reclassed a part of software from fixed asset to software development costs. 

 

Intangible assets consisted of the following as of December 31, 2024 and 2023:

 

 

   December 31,   December 31, 
   2024   2023 
At Cost:          
Contractual relationship  $66,361   $66,361 
Implementation   28,099    28,099 
Software   100,000    100,000 
Intangible assets, gross   194,460    194,460 
Less: Accumulated amortization          
Contractual relationship   66,361    66,361 
Implementation   28,099    28,099 
Software   75,000    58,333 
Accumulated amortization   169,460    152,793 
           
Intangible assets, net  $25,000   $41,667 

 

During the years ended December 31, 2024 and 2023, the Company recorded amortization expenses in selling, general and administrative expenses of $16,667 and $16,667, respectively.