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ACQUISITION OF DYNAMIC INDONESIA HOLDINGS LIMITED | 12 Months Ended
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Dec. 31, 2023
Seamless Group Inc [Member] |
ACQUISITION OF DYNAMIC INDONESIA HOLDINGS LIMITED | 20 Acquisition of Dynamic Indonesia Holdings Limited ACQUISITION OF DYNAMIC INDONESIA HOLDINGS LIMITED On June 2, 2022, Dynamic Indonesia Holdings Limited and its two shareholders, Dynamic Investment Holdings Limited and Noble Tack International Limited, entered into a Subscription Agreement (“Subscription”) whereby Dynamic Indonesia Holdings Limited will offer the shareholders to subscribe to 5,000 shares of the Company in five equal tranches. Only Dynamic Investment Holdings Limited subscribed to the first tranche, and upon completion of its purchase of 1,000 shares on June 2, 2022 for $200,000, Dynamic Investments Holdings Limited increased its ownership of Dynamic Indonesia Holdings Limited from 49% to approximately 51%. As a subsidiary of the Company, Dynamic Indonesia Holdings Limited’s financial performance has been included in the Company’s interim condensed consolidated financial statements from the date of acquisition. The allocation of the purchase price as of the date of acquisition is summarized as follows: SCHEDULE OF PURCHASE PRICE OF ACQUISITION
|  | US$ |
Net assets acquired (i) |  |  | (1,510,899 | )
Goodwill (Note 9) (ii) |  |  | 7,771,855 |
Non-controlling interests (iii) |  |  | (3,931,441 | )
Total |  |  | 2,329,515 |
Total purchase price is comprised of: |  |  |  |
Cash consideration |  |  | 200,000 |
Fair value of previously held equity interests |  |  | 2,129,515 |
Total |  |  | 2,329,515 |
| (i) | Net assets acquired primarily included accounts receivables and other receivables of approximately US$0.6 million, property and equipment of approximately US$0.2 million, operating lease right-of-use assets relating to land use rights of approximately US$0.1 million and other assets of approximately US$1.6 million and liabilities of approximately US$4.1 million as of the date of acquisition.
SEAMLESS GROUP INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
20 | Acquisition of Dynamic Indonesia Holdings Limited (Continued)
| (ii) | Goodwill arose on the acquisition from the expected synergies from combining our existing airtime operations with those of Dynamic Indonesia Holdings Limited.
| (iii) | An independent valuation firm was hired by Noble Tack International Limited to value it shares in Dynamic Indonesia at approximately the date of the acquisition. The firm used market approach Price-to-Sales multiple-based methodology to determine the value.
On June 2, 2022, in conjunction with the share purchase described above, the Company granted a put option to Noble Tack International Limited. The put option grants the holder the right to convert its equity interest in and loan to Dynamic Indonesia Holdings Limited into equity of the Company as defined in the agreement. The option is valid for two years. On October 3, 2022 only Dynamic Investment Holdings Limited subscribed to the second tranche, and upon completion of its purchase of 1,000 shares for $200,000, Dynamic Investments Holdings Limited increased its ownership of Dynamic Indonesia Holdings Limited from approximately 51% to approximately 54%. On February 3, 2023 only Dynamic Investment Holdings Limited subscribed to the third tranche, and upon completion of its purchase of 1,000 shares for $200,000, Dynamic Investments Holdings Limited increased its ownership of Dynamic Indonesia Holdings Limited from approximately 54% to approximately 56%. On June 5, 2023 only Dynamic Investment Holdings Limited subscribed to the fourth tranche, and upon completion of its purchase of 1,000 shares for $200,000, Dynamic Investments Holdings Limited increased its ownership of Dynamic Indonesia Holdings Limited from approximately 56% to approximately 57%. On October 5, 2023 only Dynamic Investment Holdings Limited subscribed to the fourth tranche, and upon completion of its purchase of 1,000 shares for $200,000, Dynamic Investments Holdings Limited increased its ownership of Dynamic Indonesia Holdings Limited from approximately 57% to approximately 59%. The following amounts of the acquiree since the acquisition date are included in the December 2023 consolidated statement of operations. Comparable information for 2021 is not available. SCHEDULE OF ACQUISITION OF CONSOLIDATED STATEMENTS OF OPERATIONS
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
Revenue |  |  | 14,211,091 |  |  |  | 10,110,839 |
Loss after tax |  |  | (836,874 | ) |  |  | (498,424 | )

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