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SUBSEQUENT EVENTS
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
SUBSEQUENT EVENTS

NOTE 10. SUBSEQUENT EVENTS

 

In accordance with ASC 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred up to the date the audited financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements.

 

On May 1, 2023, the Company issued an unsecured promissory note (the “Note”) in the principal amount of up to $150,000 to the Sponsor which may be drawn down from time to time prior to the Maturity Date (defined below) upon request by the Company. The Note does not bear interest and the principal balance will be payable on the date on which the Company consummates its initial business combination (such date, the “Maturity Date”). In the event the Company consummates its initial business combination, the Sponsor has the option on the Maturity Date to convert the principal outstanding under the Note into that number of private placement warrants (“Working Capital Warrants”) equal to the portion of the principal amount of the Note being converted divided by $1.00, rounded up to the nearest whole number. The terms of the Working Capital Warrants, if any, would be identical to the terms of the Private Placement Warrants. The Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. As of August 8, 2023, $150,000 is outstanding under the Note.

 

From April 2023 until July 2023, in accordance with the Business Combination Agreement, as amended, additional funds in the amount of $290,000 were deposited by Seamless, each month, to the Trust Account.

NOTE 9. SUBSEQUENT EVENTS

 

In accordance with ASC 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred up to the date the audited financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements.

 

On February 14, 2023, the Company held the Extraordinary General Meeting. The shareholders approved the Extension Proposal. Under Cayman Islands law, the amendment to the Charter took effect upon approval of the Extension Proposal. Accordingly, the Company now has until August 23, 2023 to consummate its initial business combination. In connection with the votes to approve the Extension Proposal, the holders of 10,415,452 Class A ordinary shares of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.49 per share, for an aggregate redemption amount of approximately $109.31 million, leaving approximately $100.59 million in the Trust Account.

 

In accordance with the provisions of the Business Combination Agreement, as amended, additional fund in the amount of $290,000 were deposited by Seamless to the Trust Account on February 21, 2023, and the required contributions will continue to be deposited on or before the 23rd day of each subsequent calendar month into the Trust Account until August 23, 2023 or such earlier date that the board determines to liquidate INFINT or the date an initial business combination is completed.

 

 

INFINT ACQUISITION CORPORATION

CONDENSED BALANCE SHEETS

 

  

March 31,

2023

  

December 31,

2022

 
   (Unaudited)     
ASSETS          
Current Assets          
Cash  $141,549   $271,467 
Prepaid expenses   -    94,553 
Total Current Assets   141,549    366,020 
           
Cash and marketable securities held in Trust Account   101,834,184    208,932,880 
TOTAL ASSETS  $101,975,733   $209,298,900 
           
LIABILITIES AND SHAREHOLDERS’ DEFICIT          
Current Liabilities          
Accrued expenses  $3,125,503   $2,787,773 
Accrued expenses – related party   137,306    66,587 
Total current liabilities   3,262,809    2,854,360 
           
Deferred underwriter fee payable   5,999,964    5,999,964 
TOTAL LIABILITIES   9,262,773    8,854,324 
           
Commitments and Contingencies (Note 6)   -    - 
Class A ordinary shares subject to possible redemption; 9,584,428 and 19,999,880 shares at redemption value, respectively   101,834,184    208,932,880 
           
Shareholders’ Deficit          
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding   -    - 
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued and outstanding (excluding the 9,584,428 and 19,999,880 shares subject to redemption as of March 31, 2023 and December 31, 2022, respectively)   -    - 
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,833,083 issued and outstanding   583    583 
Additional paid-in capital   -    - 
Accumulated deficit   (9,121,807)   (8,488,887)
Total Shareholders’ Deficit   (9,121,224)   (8,488,304)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT  $101,975,733   $209,298,900 

 

The accompanying notes are an integral part of these financial statements.

 

 

INFINT ACQUISITION CORPORATION

CONDENSED STATEMENT OF OPERATIONS (UNAUDITED)

 

         
  

For the

Three Months Ended

March 31,

 
   2023   2022 
         
Formation and operating costs  $577,950   $431,549 
Administrative expenses from related party   54,970    51,460 
Loss from operation costs   (632,920)   (483,009)
Other income:          
Interest earned on marketable securities held in Trust Account   1,631,158    20,442 
Net Income (Loss)  $998,238   $(462,567)
           
Weighted average shares outstanding of Class A ordinary share subject to redemption   14,560,700    19,999,880 
Basic and diluted net income (loss) per ordinary share subject to redemption  $0.05   $(0.02)
Weighted average shares outstanding of Class B non-redeemable ordinary share   5,833,083    5,833,083 
Basic and diluted net income (loss) per ordinary share not subject to redemption  $0.05   $(0.02)

 

The accompanying notes are an integral part of these financial statements.

 

 

INFINT ACQUISITION CORPORATION

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT (UNAUDITED)

 

FOR THE THREE MONTHS ENDED MARCH 31, 2023

 

   Shares   Amount   Shares   Amount   Capital   Deficit   Deficit 
   Ordinary Shares   Additional       Total 
   Class A   Class B   Paid in   Accumulated   Shareholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Deficit 
Balance – December 31, 2022 (audited)   -   $-    5,833,083   $583   $-   $(8,488,887)  $    (8,488,304)
Accretion of Class A ordinary shares to redemption value   -    -    -    -    (580,000)   (1,631,158)   (2,211,158)
Contribution for extension   -    -    -    -    580,000    -    580,000 
Net income         -              -    -    -    -    998,238    998,238 
Balance – March 31, 2023 (unaudited)   -   $-    5,833,083   $583   $-   $(9,121,807)  $(9,121,224)

 

FOR THE THREE MONTHS ENDED MARCH 31, 2022

 

   Ordinary Shares   Additional       Total 
   Class A   Class B   Paid in   Accumulated   Shareholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Deficit 
Balance – December 31, 2021 (audited)         -   $         -    5,833,083   $583   $           -   $(4,442,807)  $     (4,442,224)
Net loss   -    -    -    -    -    (462,567)   (462,567)
Balance – March 31, 2022(unaudited)   -   $-    5,833,083   $583   $-   $(4,905,374)  $(4,904,791)

 

The accompanying notes are an integral part of these condensed financial statements.

 

 

INFINT ACQUISITION CORPORATION

CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)

 

   2023   2022 
  

For the

Three Months Ended

March 31,

 
   2023   2022 
   (restated)     
Cash flows from operating activities:          
Net income (loss)  $998,238   $(462,567)
Adjustments to reconcile net loss to net cash used in operating activities:          
Interest earned on securities held in Trust Account   (1,631,158)   (20,442)
Changes in operating assets and liabilities:          
Prepaid insurance   94,553    166,750 
Accrued expenses   337,730    206,535 
Accrued expenses – related party   70,719    - 
Net cash used in operating activities   (129,918)   (109,724)
           
Cash flows from investing activities:          
Cash withdrawn from Trust Account in connection with redemption   109,309,854    - 
Investment of cash in Trust Account   (580,000)   - 
Net cash used in investing activities   108,729,854   - 
           
Cash flows from financing activities:          
Contribution for extension   580,000    - 
Redemption of Class A ordinary shares   (109,309,854)   - 
Net cash provided by financing activities   (108,729,854)   - 
           
Net change in cash   (129,918)   (109,724)
Cash at beginning of period   271,467    1,028,183 
Cash at end of period  $141,549   $918,459 
           
Non-cash investing and financing activities:          
Accretion of Class A ordinary shares to redemption value  $2,211,158   $- 
Deferred underwriting fee payable  $-   $5,999,964 

 

The accompanying notes are an integral part of these financial statements.

 

 

INFINT ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 
Seamless Group Inc [Member]    
SUBSEQUENT EVENTS  

22 Subsequent events

 

The Loan of HK$2.5 million (equivalent to US$0.3 million) due and payable on March 28, 2023 has been extended to March 30, 2024 via an agreement signed on March 30, 2023.

 

The Loan of HK$4.7 million (equivalent to US$0.6 million) due and payable on March 20, 2023   are in negotiation for an extension as of the date of this report.