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BORROWINGS | 12 Months Ended
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Dec. 31, 2022
Seamless Group Inc [Member] |
BORROWINGS | 10 Borrowings BORROWINGS SCHEDULE OF BORROWINGS
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | US$ |  |  | US$ |
Short-term borrowings (i) |  |  | 8,978,390 |  |  |  | 3,799,427 |
Long-term borrowings (ii) |  |  | 12,305,279 |  |  |  | 2,449,318 |
Less: current maturities |  |  | (4,426,000 | ) |  |  | (344,975 | )
Non-current maturities |  |  | 7,879,279 |  |  |  | 2,104,343 |
| (i) | As of December 31, 2022 and 2021, the Company had several unsecured short-term loans from independent third parties which were repayable within one year and charged interest rates ranging from 15.0% to 24.0% and 15.0% to 17.0% per annum, respectively. As of December 31, 2022 and 2021, the weighted average interest rate of these borrowings was 22.4% and 15.9% per annum, respectively. The borrowings are denominated in HK$ and US$.
| (ii) | As of December 31, 2022 and 2021, the Company obtained several unsecured long-term loans for two to five years. Interest rates ranged from 2.5% to 24.0% per annum. As of December 31, 2022 and 2021, the weighted average interest rate of these borrowings was 15.5% and 18.0% per annum, respectively. The borrowings are denominated in HK$ and US$.
As of December 31, 2022, the Company obtained loans from three members of management of the Company. A loan of HK$4.7 million (equivalent to US$0.6 million) has been provided by Mr. Takis Wong, the Chief Operating Officer, at an interest rate of 12% per annum. The loan is unsecured and repayable in full on March 20, 2023. Another loan of HK$2.5 million (equivalent to US$0.3 million) has been provided by Mr. Alexander Kong, the Chairman, at an interest rate of 12% per annum. The loan is unsecured and repayable in full on March 28, 2023. Another loan of HK$4.7 million (equivalent to US$0.6 million) has been provided by Dr. Ronnie Hui, the Chief Executive Officer, at an interest rate of 12% per annum. The loan is unsecured and repayable in full on April 11, 2023.
| (iii) | As of December 31, 2022, the Company had a loan of US$2.05 million from Noble Tack International Limited, one of the shareholders of its subsidiary, Dynamic Indonesia Holdings Limited. The loan is unsecured, interest-free and repayable on demand.
As of December 31, 2022, loans of US$9.3 million were guaranteed by Mr. Alexander Kong (2021: US$4.1 million). Interest expense during the years ended December 31, 2022 and 2021 was US$4,591,803 and US$8,603,623, respectively. SEAMLESS GROUP INC. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10 | Borrowings (continued)
As of December 31, 2022, the long-term borrowings will be due according to the following schedule: SCHEDULE OF LONG TERM BORROWINGS
|  | Principal amounts |
|  | US$ |
For the year ending December 31, |  |  |  |
2023 |  |  | 4,426,000 |
2024 |  |  | 5,368,971 |
2025 |  |  | 466,735 |
2026 |  |  | 2,043,573 |
Total |  |  | 12,305,279 |
The carrying values of short-term borrowings approximate their fair values due to their short-term maturities. The Company’s long-term borrowing are subject to both fixed and floating interest rates. The carrying values of each type of these borrowings approximate their fair values as the interest rates reflect the rates offered to other entities with similar characteristics to Seamless. The borrowings fall into level 2 of the fair value hierarchy.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1 + Details
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