XML 219 R36.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
SCHEDULE OF RECONCILIATION OF ORDINARY SHARE SUBJECT TO POSSIBLE REDEMPTION

The amounts of Class A ordinary shares reflected on the balance sheets are reconciled in the following table:

 

Class A ordinary shares subject to possible redemption at January 1, 2023  $208,932,880 
Accretion of carrying value to initial redemption value   7,715,207 
Redemption of Class A ordinary shares  $(133,124,975)
Class A ordinary shares subject to possible redemption at December 31, 2023  $83,523,112 
Accretion of carrying value to initial redemption value   1,269,100 
Redemption of Class A ordinary shares  $(30,285,815)
Class A ordinary shares subject to possible redemption at March 31, 2024  $54,506,397 

The amount of Class A ordinary shares reflected on the balance sheet are reconciled in the following table:

 

Class A ordinary shares subject to possible redemption at January 1, 2022  $202,998,782 
Accretion of carrying value to initial redemption value   5,934,098 
Class A ordinary shares subject to possible redemption at December 31, 2022  $208,932,880 
Accretion of carrying value to initial redemption value   7,715,207 
Redemption of Class A Ordinary Shares   (133,124,975)
Class A ordinary shares subject to possible redemption at December 31, 2023  $83,523,112 
SCHEDULE OF BASIS AND DILUTED NET LOSS PER ORDINARY SHARES

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):

 

   Class A   Class B   Class A   Class B 
   For the three months ended
March 31		 
   2024   2023 
   Class A   Class B   Class A   Class B 
Basic and diluted net income per ordinary share                    
Numerator:                    
Allocation of net income  $301,466   $288,637   $712,719   $285,519 
Denominator:                    
Basic and diluted weighted average common shares   6,092,346    5,833,083    14,560,700    5,833,083 
Basic and diluted net income per ordinary share  $0.05   $0.05   $0.05   $0.05 

The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts):

 

   Class A   Class B   Class A   Class B 
   For the year ended December 31, 2023   For the year ended December 31, 2022 
   Class A   Class B   Class A   Class B 
Basic and diluted net income (loss) per ordinary share                     
Numerator:                     
Allocation of net income (loss)  $2,003,234   $1,165,646   $(860,883)  $(251,081)
Denominator:                     
Basic and diluted weighted average common shares    10,024,516    5,833,083    19,999,880    5,833,083 
Basic and diluted net income (loss) per ordinary share  $0.20   $0.20   $(0.04)  $(0.04)
Seamless Group Inc. [Member]    
SCHEDULE OF DEPRECIATION OF EQUIPMENT AND SOFTWARE STRAIGHT LINE METHOD  

Depreciation of equipment is calculated using the straight-line method with no residual values over their estimated useful lives, as follows:

 

Office equipment 10%
Furniture and fittings 10%
Renovation 10%
Signboard 10%
Computer peripherals 33%
Electrical installation 10%
Mobile phone 33%
Motor vehicle 20%
Air conditioners 10%
Store equipment 20%
SCHEDULE OF FAIR ASSUMPTIONS OF AWARDS GRANTED  

The Company estimates the fair value of awards using a binomial pricing model. The Company accounts forfeitures as they occur. For the awards granted on July 29, 2022, the following assumptions were used in the model:

 

Expected Volatility (39.84% to 43.74%)

 

Expected Dividend Yield (0%)

 

Expected Time to Liquidity (0.92 years to 2.92 years)

 

Exercise Price ($Nil)

 

Stock price at grant date ($6.55)

 

Weighted Average Fair Value of 1 Share ($5.73)