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LEASES | 12 Months Ended
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Dec. 31, 2023
Seamless Group Inc. [Member] |
LEASES | 10 Leases LEASES The Company entered into operating leases for computer peripherals and office properties in Malaysia and Indonesia. The leases in Malaysia included an option to renew for a one year term. None of the renewal options have been included in the measurement of the leases. The Company also entered into finance lease for computer peripherals. Right-of-use assets and lease liabilities, as of December 31, 2023 and 2022, are as follows: SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITIES
|  | Line Items |  | 2023 |  |  | 2022 |
|  | Financial Statement |  | December 31, |
|  | Line Items |  | 2023 |  |  | 2022 |
|  |  |  | US$ |  |  | US$ |
Right-of-use assets: |  |  |  |  |  |  |  |  |  |
Operating lease |  | Right-of-use assets |  |  | 154,234 |  |  |  | 342,432 |
Total right-of-use assets |  |  |  |  | 154,234 |  |  |  | 342,432 |
Lease liabilities: |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |
Operating lease |  | Current portion of lease liabilities |  |  | 152,325 |  |  |  | 174,061 |
Total current operating lease liabilities |  |  |  |  | 152,325 |  |  |  | 174,061 |
Non-current liabilities |  |  |  |  |  |  |  |  |  |
Operating lease |  | Other payables |  |  | - |  |  |  | 158,895 |
Total non- current operating liabilities |  |  |  |  | - |  |  |  | 158,895 |
SEAMLESS GROUP INC. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10 | Leases (Continued)
The components of lease costs are as follows: SCHEDULE OF LEASE COSTS
|  | 2023 |  |  | 2022 |
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
Operating lease costs |  |  | 1,123,046 |  |  |  | 1,168,188 |
Short-term lease costs |  |  | 141,889 |  |  |  | 80,217 |
Finance lease costs: |  |  |  |  |  |  |  |
Depreciation |  |  | - |  |  |  | 2,938 |
Interest on finance lease liabilities |  |  | - |  |  |  | 406 |
Total lease costs |  |  | 1,264,935 |  |  |  | 1,251,749 |
Other information related to leases is as follows: SCHEDULE OF OTHER INFORMATION RELATED TO LEASES
|  | December 31, |
|  | 2023 |
|  | US$ |
Weighted Average Remaining Lease Term |  |  |  |
Operating lease |  |  | 10.5 |
Weighted Average Discount Rate |  |  |  |
Operating lease |  |  | 8.6 | %
Cash flows related to leases are as follows: SCHEDULE OF CASHFLOWS RELATED TO LEASES
|  | 2023 |  |  | 2022 |
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
Cash flows from operating activities: |  |  |  |  |  |  |  |
Payments for operating lease liabilities |  |  | 199,447 |  |  |  | 172,711 |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Principal payments on finance lease obligation |  |  | - |  |  |  | 61,048 |
Supplemental Cash Flow Data: |  |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  |  | 7,350 |  |  |  | 376,428 |
Future minimum lease payments under non-cancelable operating leases as of December 31, 2023 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON CANCELABLE OPERATING LEASES
|  | Operating lease |
|  |  | US$ |
For the year ending December 31, |  |  |  |
2024 |  |  | 157,991 |
2025 |  |  | - |
Lease liabilities (Gross) |  |  | 157,991 |
Less: imputed interest |  |  | (5,666 | )
Total lease liabilities |  |  | 152,325 |
SEAMLESS GROUP INC. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/840/tableOfContent + Details
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- Details
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