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BORROWINGS (Tables) - Seamless Group Inc [Member]
 12 Months Ended
Dec. 31, 2022
SCHEDULE OF 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.
SCHEDULE OF LONG TERM BORROWINGS

As of December 31, 2022, the long-term borrowings will be due according to the following schedule:

 

   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