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LEASES

12 Months Ended

Dec. 31, 2022

Seamless Group Inc [Member]

LEASES

9  Leases

LEASES 

The Company entered into operating leases for computer peripherals and office properties in Malaysia and Indonesia. The leases in Malaysia included an option to renew for a one year term. None of the renewal options have been included in the measurement of the leases.

The Company also entered into finance lease for computer peripherals.

Right-of-use assets and lease liabilities, as of December 31, 2022 and 2021, are as follows:

 SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITIES

		Line Items		2022				2021
		Financial Statement		December 31,
		Line Items		2022				2021
				US$				US$
Right-of-use assets:
Operating lease		Right-of-use assets			342,432				116,777
Finance lease		Equipment and software, net			-				64,991
Total right-of-use assets					342,432				181,768
Lease liabilities:
Current liabilities
Operating lease		Current portion of lease liabilities			174,061				117,203
Finance lease		Accounts payable, accruals and other payables			-				38,437
Total current operating lease liabilities					174,061				155,640
Non-current liabilities
Operating lease		Other payables			158,895
Finance lease		Other payables			-				23,758
Total non- current operating liabilities					158,895				179,398

SEAMLESS GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

9 Leases (Continued)

The components of lease costs are as follows:

 SCHEDULE OF LEASE COSTS

		2022				2021
		Years ended December 31,
		2022				2021
		US$				US$
Operating lease costs			1,168,188				1,292,634
Short-term lease costs			80,217				72,931
Finance lease costs:
Depreciation			2,938				35,651
Interest on finance lease liabilities			406				5,801
Total lease costs			1,251,749				1,407,017

Other information related to leases is as follows:

 SCHEDULE OF OTHER INFORMATION RELATED TO LEASES

		December 31,
		2022
		US$
Weighted Average Remaining Lease Term
Operating lease			16.2
Finance lease			N/A
Weighted Average Discount Rate
Operating lease			8.6	%
Finance lease			N/A

Cash flows related to leases are as follows:

 SCHEDULE OF CASHFLOWS RELATED TO LEASES

		2022				2021
		Years ended December 31,
		2022				2021
		US$				US$
Cash flows from operating activities:
Payments for operating lease liabilities			172,711				176,408
Cash flows from financing activities:
Principal payments on finance lease obligation			61,048				35,434
Supplemental Cash Flow Data:
Right-of-use assets obtained in exchange for new operating lease obligations			376,428				240,569

Future minimum lease payments under non-cancelable operating leases as of December 31, 2022 are as follows:

 SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON CANCELABLE OPERATING LEASES

		Operating lease
		US$
For the year ending December 31,
2022			197,616
2023			164,681
Lease liabilities (Gross)			362,297
Less: imputed interest			(29,341	)
Total lease liabilities			332,956

SEAMLESS GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

X

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 840
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//840/tableOfContent

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- Details

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