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Goodwill
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

3 Goodwill

 

   Goodwill 
   Gross   Impairment   Net 
   US$   US$   US$ 
             
Balance as of January 1, 2024   27,001,383    -    27,001,383 
Goodwill impairment during the year   -    (14,941,955)   (14,941,955)
Balance as of December 31, 2024, January 1, 2025, and March 31, 2025   27,001,383    (14,941,955)   12,059,428 

 

 

During the year ended December 31, 2024, the Company determined during its annual assessment that the goodwill associated with the Indonesian airtime business was impaired, and recorded impairment charges of $14.9 million.

 

During the year ended December 31, 2024, the Company recognized a goodwill impairment loss of $5.4 million related to the airtime reporting unit. The impairment was primarily driven by the deterioration of business performance of WalletKu. The impairment was identified following the annual goodwill impairment testing. The WalletKu reporting unit’s financial performance had significantly underperformed expectations due to limited growth in Indonesian market. In addition, the reporting unit’s forecasted growth rates were revised based on current market conditions and customer trends.

 

During the year ended December 31, 2024, the Company recognized a goodwill impairment loss of $9.5 million related to the Remittance reporting unit. The impairment was primarily driven by the slowdown of business growth of Tranglo. The impairment was identified following the annual goodwill impairment testing. The reporting unit’s forecasted growth rates were revised based on current market conditions and customer trends.

 

There is no triggering events for additional impairment testing has occurred in the three months period ended March 31, 2025.

 

The following table sets forth the goodwill by reportable segments:

 

  

March 31,

2025

   December 31, 2024 
    US$    US$ 
Remittance services   12,919,935    12,919,935 
Sales of Airtime   8,639,493    8,639,493 
Goodwill   21,559,428    21,559,428 

 

The goodwill was arising from the acquisition of Tranglo and WalletKu Group in 2018 and 2022 respectively.

 

 

CURRENC GROUP INC. AND SUBSIDIARIES

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS