XML 36 R11.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Property, Equipment and Deposits
 12 Months Ended
Dec. 31, 2023
Property, Equipment and Deposits [Abstract]  
PROPERTY, EQUIPMENT AND DEPOSITS

5 - PROPERTY, EQUIPMENT AND DEPOSITS

 

Property, equipment and deposits, net consisted of the following:

 

   Dec 31,
2023		   Dec 31,
2022		 
Rental vehicles   30,262,689    28,950,519 
Furniture and fixtures   1,175,335    865,753 
Leasehold improvements   671,391    868,243 
Less: Accumulated depreciation   (18,583,416)   (11,356,857)
           
Total property and equipment, net   13,525,999    19,327,658 
           
Vehicle deposits   5,476    95,226 
           
Total property, equipment and deposits, net   13,531,475    19,422,884 

 

As of December 31, 2023, vehicle deposits amounting to US$ 5,476 (December 31, 2022: US$ 95,226), are mainly composed of down payments for electric scooters / electric bikes / electric mopeds.

 

Depreciation expense relating to property and equipment was US$ 9,946,444, US$ 9,018,323 and US$ 5,450,858 for the years ended December 31, 2023, 2022 and 2021 respectively. During the years ended December 31, 2023, 2022 and 2021 the Group recognized US$ 547,665, US$ 143,527 and US$178,619 respectively, in losses related to the disposal of property and equipment.

 

Rental vehicles amounting to US$ 30,262,689 (December 31, 2022: US$ 28,950,519 and December 31, 2021: US$ 16,324,134) pledged to PFG in relation to the loan and security agreements with PFG dated January 2021, October 2022 and December 2022.

 

The following table summarizes the depreciation expenses recorded in the consolidated statement of operations for the years ended at December 31, 2023, 2022 and 2021.

 

   Dec 31,
2023		   Dec 31,
2022		   Dec 31,
2021		 
             
Cost of revenues   9,347,183    8,456,349    5,203,696 
General and administrative expenses   599,261    561,974    247,162 
                
Total depreciation   9,946,444    9,018,323    5,450,858