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CONDENSED FINANCIAL INFORMATION OF THE COMPANY | 12 Months Ended
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Dec. 31, 2023
Seamless Group Inc. [Member] |
Condensed Financial Statements, Captions [Line Items] |
CONDENSED FINANCIAL INFORMATION OF THE COMPANY | SCHEDULE 1 Condensed Financial Information of the Company CONDENSED FINANCIAL INFORMATION OF THE COMPANY Condensed balance sheets of the parent company
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 130,634 |  |  |  | 78,968 |
Short-term investments |  |  |  |  |  |  | - |
Prepayments, deposits and other receivables |  |  | 76,492 |  |  |  | 66,245 |
Amounts due from subsidiaries |  |  | 6,155,464 |  |  |  | 6,869,413 |
Amounts due from related parties |  |  | 123,906 |  |  |  | 90,666 |
Total current assets |  |  | 6,486,496 |  |  |  | 7,105,292 |
Investments in subsidiaries |  |  | 20,682,970 |  |  |  | 26,470,719 |
Investment in an equity security |  |  | - |  |  |  | - |
Total assets |  |  | 27,169,466 |  |  |  | 33,576,011 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Borrowings |  |  | 11,162,844 |  |  |  | 11,577,451 |
Accruals and other payables |  |  | 9,621,542 |  |  |  | 5,410,027 |
Amounts due to subsidiaries |  |  | 7,302,130 |  |  |  | 2,640,735 |
Amounts due to related parties |  |  | 49,472,617 |  |  |  | 49,900,344 |
Convertible bonds |  |  | 10,000,001 |  |  |  | 9,192,141 |
Total current liabilities |  |  | 87,559,134 |  |  |  | 78,720,698 |
Borrowings |  |  | - |  |  |  | - |
Convertible bonds |  |  | - |  |  |  | - |
Total liabilities |  |  | 87,559,134 |  |  |  | 78,720,698 |
Shareholders’ deficit: |  |  |  |  |  |  |  |
Common shares (US$0.001 par value; 58,030,000 shares authorized, issued and outstanding as of December 31, 2023 and 2022) |  |  | 58,030 |  |  |  | 58,030 |
Additional paid-in capital |  |  | 29,172,373 |  |  |  | 29,172,373 |
Accumulated deficit |  |  | (89,542,157 | ) |  |  | (74,235,607 | )
Accumulated other comprehensive loss |  |  | (77,914 | ) |  |  | (139,483 | )
Total shareholders’ deficit |  |  | (60,389,668 | ) |  |  | (45,144,687 | )
Total liabilities and shareholders’ deficit |  |  | 27,169,466 |  |  |  | 33,576,011 |
SEAMLESS GROUP INC. SCHEDULE 1 Condensed Financial Information of the Company (Continued) Condensed statements of comprehensive income (loss)
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
General and administrative expenses |  |  | (4,573,125 | ) |  |  | (4,988,848 | )
Other income |  |  | 3 |  |  |  | - |
Finance costs, net |  |  | (4,945,679 | ) |  |  | (7,454,838 | )
Share of results from subsidiaries |  |  | (5,787,749 | ) |  |  | (4,234,448 | )
Loss before income tax |  |  | (15,306,550 | ) |  |  | (16,678,134 | )
Income tax expenses |  |  | — |  |  |  | — |
Net loss |  |  | (15,306,550 | ) |  |  | (16,678,134 | )
Other comprehensive income (loss) |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  |  | 10,608 |  |  |  | 4,529 |
Total comprehensive loss |  |  | (15,295,942 | ) |  |  | (16,673,605 | )
SEAMLESS GROUP INC. SCHEDULE 1 Condensed Financial Information of the Company (Continued) Condensed statements of cash flows
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net loss |  |  | (15,306,550 | ) |  |  | (16,678,134 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Amortization of discount on convertible bonds |  |  | 807,861 |  |  |  | 3,438,951 |
Unrealized foreign exchange gain |  |  | 23,008 |  |  |  | (644 | )
Share of results from subsidiaries |  |  | 5,787,749 |  |  |  | 4,234,448 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
Prepayments, deposits and other receivables |  |  | (30,862 | ) |  |  | (9,900 | )
Accruals and other payables |  |  | 4,206,601 |  |  |  | 3,797,118 |
Net cash used in operating activities |  |  | (4,512,193 | ) |  |  | (5,218,161 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |
Dividend received from a subsidiary |  |  | - |  |  |  | 2,847,309 |
(Increase) decrease in short-term investments |  |  | - |  |  |  | 2,012,562 |
Cash injected into a subsidiary |  |  | - |  |  |  | (2,012,562 | )
Net cash (used in) provided by investing activities |  |  | - |  |  |  | 2,847,309 |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from borrowings |  |  | 1,251,752 |  |  |  | 2,758,213 |
Repayment of borrowings |  |  | (1,663,042 | ) |  |  | (1,276,950 | )
Repayment of convertible bonds |  |  | - |  |  |  | (3,483,133 | )
Amounts due from related parties |  |  | 691,323 |  |  |  | 301,958 |
Amounts due to related parties |  |  | 4,283,780 |  |  |  | 4,123,866 |
Net cash provided by financing activities |  |  | 4,563,813 |  |  |  | 2,423,954 |
Net decrease in cash and cash equivalents |  |  | 51,620 |  |  |  | 53,102 |
Effect of exchange rate changes on cash and cash equivalents |  |  | 46 |  |  |  | 218 |
Cash and cash equivalents at beginning of year |  |  | 78,968 |  |  |  | 25,648 |
Cash and cash equivalents at end of year |  |  | 130,634 |  |  |  | 78,968 |
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:
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
Current assets |  |  | 119,483,614 |  |  |  | 138,666,772 |
Non-current assets |  |  | 8,145,689 |  |  |  | 7,578,365 |
Current liabilities |  |  | (109,261,136 | ) |  |  | (121,931,207 | )
Non-current liabilities |  |  | (2,566,977 | ) |  |  | (3,156,719 | )
Revenue |  |  | 58,493,819 |  |  |  | 60,052,470 |
Net loss |  |  | (3,810,481 | ) |  |  | (2,550,363 | )
Summarized investment activity is as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
Balance at the beginning of year |  |  | 26,470,719 |  |  |  | 26,171,064 |
Allocated loss |  |  | (5,787,749 | ) |  |  | (7,081,757 | )
Balance at the end of year |  |  | 20,682,970 |  |  |  | 19,089,307 |
Commitments The Company does not have significant commitments or long-term obligations as of the period end other than those presented.

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