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SCHEDULE 1 (Tables) - Seamless Group Inc [Member]
 12 Months Ended
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]  
SCHEDULE OF FINANCIAL INFORMATION FOR THE SIGNIFICANT SUBSIDIARIES

Summarized financial information for the significant subsidiaries is as follows:

 

         
   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)
SCHEDULE OF INVESTMENT ACTIVITY

Summarized investment activity is as follows:

 

         
   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 
Parent Company [Member]  
Condensed Financial Statements, Captions [Line Items]  
SCHEDULE OF CONDENSED BALANCE SHEETS OF THE PARENT COMPANY

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 
SCHEDULE OF CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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)
SCHEDULE OF CONDENSED STATEMENTS OF CASH FLOWS

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