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SCHEDULE 1

12 Months Ended

Dec. 31, 2022

Seamless Group Inc [Member]

Condensed Financial Statements, Captions [Line Items]

SCHEDULE 1

SCHEDULE 1

Condensed Financial Information of the Company

Condensed balance sheets of the parent company

SCHEDULE OF CONDENSED BALANCE SHEETS OF THE PARENT COMPANY

		December 31,
		2022				2021
		US$				US$
ASSETS
Current assets:
Cash and cash equivalents			78,968				25,648
Short-term investments			-				2,012,562
Prepayments, deposits and other receivables			66,245				2,751,066
Amounts due from subsidiaries			6,869,413				5,610,972
Amounts due from related parties			90,666				1,857,039
Total current assets			7,105,292				12,257,287
Investments in subsidiaries			26,470,719				26,171,064
Investment in an equity security			-				100,000
Total assets			33,576,011				38,528,351
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Borrowings			11,577,451				1,666,989
Accruals and other payables			5,410,027				1,596,197
Amounts due to subsidiaries			2,640,735				215,889
Amounts due to related parties			49,900,344				48,338,222
Convertible bonds			9,192,141				7,561,050
Total current liabilities			78,720,698				59,378,347
Borrowings			-				923,256
Convertible bonds			-				9,192,140
Total liabilities			78,720,698				69,493,743
Shareholders’ deficit:
Common shares (US$0.001 par value; 58,030,000 shares authorized, issued and outstanding as of December 31, 2022 and 2021)			58,030				58,030
Additional paid-in capital			29,172,373				29,172,373
Accumulated deficit			(74,235,607	)			(60,105,962	)
Accumulated other comprehensive loss			(139,483	)			(89,833	)
Total shareholders’ deficit			(45,144,687	)			(30,965,392	)
Total liabilities and shareholders’ deficit			33,576,011				38,528,351

SEAMLESS GROUP INC.

SCHEDULE 1

Condensed Financial Information of the Company (Continued)

Condensed statements of comprehensive income (loss)

SCHEDULE OF CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 

		Years ended December 31,
		2022				2021
		US$				US$
General and administrative expenses			(4,988,848	)			(639,125	)
Finance costs, net			(7,454,838	)			(10,636,110	)
Share of results from subsidiaries			(4,234,448	)			(3,573,964	)
Loss before income tax			(16,678,134	)			(14,849,199	)
Income tax expenses			—				—
Net loss			(16,678,134	)			(14,849,199	)
Other comprehensive income (loss)
Foreign currency translation adjustments			4,529				26,245
Total comprehensive loss			(16,673,605	)			(14,822,954	)

Condensed statements of cash flows

SCHEDULE OF CONDENSED STATEMENTS OF CASH FLOWS 

		Years ended December 31,
		2022				2021
		US$				US$
Cash flows from operating activities:
Net loss			(16,678,134	)			(14,849,199	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of discount on convertible bonds			3,438,951				2,814,474
Share of results from subsidiaries			4,234,448				3,573,964
Unrealized foreign exchange gain			(644	)			(144,611	)
Changes in operating assets and liabilities:
Prepayments, deposits and other receivables			(9,900	)			(13,246	)
Accruals and other payables			3,797,118				5,667,902
Net cash used in operating activities			(5,218,161	)			(2,950,716	)
Cash flows from investing activities:
Dividend received from a subsidiary			2,847,309				-
(Increase) decrease in short-term investments			2,012,562				(458	)
Cash injected into a subsidiary			(2,012,562	)
Net cash (used in) provided by investing activities			2,847,309				(458	)
Cash flows from financing activities:
Proceeds from borrowings			2,758,213				2,590,245
Repayment of borrowings			(1,276,950	)			(1,225,381	)
Repayment of convertible bonds			(3,483,133	)			(10,500,000	)
Amounts due from related parties			301,958				1,593,193
Amounts due to related parties			4,123,866				10,453,690
Net cash provided by financing activities			2,423,954				2,911,747
Net decrease in cash and cash equivalents			53,102				(39,427	)
Effect of exchange rate changes on cash and cash equivalents			218				(27,961	)
Cash and cash equivalents at beginning of year			25,648				93,036
Cash and cash equivalents at end of year			78,968				25,648

SEAMLESS GROUP INC.

SCHEDULE 1

Condensed Financial Information of the Company (Continued)

Basis of presentation

Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries.

The parent company records its investment in its subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investments in subsidiaries” and their respective results as “Share of results from subsidiaries” on the condensed statements of comprehensive income (loss). Equity method accounting ceases when the carrying amount of the investment, including any additional financial support, in subsidiaries, is reduced to zero unless the parent company has guaranteed obligations of the subsidiaries or is otherwise committed to provide further financial support. If the subsidiaries report net income, the parent company shall resume applying the equity method only after its share of that net income equals the share of net income (loss) not recognized during the period the equity method was suspended.

The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

Summarized financial information for the significant subsidiaries is as follows:

SCHEDULE OF FINANCIAL INFORMATION FOR THE SIGNIFICANT SUBSIDIARIES 

		December 31,
		2022				2021
		US$				US$
Current assets			138,666,772				108,129,821
Non-current assets			7,578,365				9,223,582
Current liabilities			121,931,207				(89,952,880	)
Non-current liabilities			3,156,719				(1,320,025	)
Revenue			60,052,470				61,128,972
Net loss			(2,550,363	)			(137,004	)

Summarized investment activity is as follows:

SCHEDULE OF INVESTMENT ACTIVITY 

		December 31,
		2022				2021
		US$				US$
Balance at the beginning of year			26,171,064				29,745,028
Allocated loss			(7,081,757	)			(3,573,964	)
Balance at the end of year			19,089,307				26,171,064

Commitments

The Company does not have significant commitments or long-term obligations as of the period end other than those presented.

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Number 210
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-Paragraph c
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-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 7
-Subsection 05
-Paragraph c
-Subparagraph Schedule II
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 9
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-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-SubTopic 10
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-Paragraph 11
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The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
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-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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