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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Significant Accounting Policies [Abstract] |
Schedule of currency exchange rates impact | The currency exchange rates that impact our business are shown in the following table:
|  | Year End Rate |  |  | Average Rate |
|  | As of December 31, |  |  | For the Years Ended |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Thai Baht |  |  | 0.0292 |  |  |  | 0.0289 |  |  |  | 0.0300 |  |  |  | 0.0288 |  |  |  | 0.0286 |  |  |  | 0.0313 |
Hong Kong Dollar |  |  | 0.1282 |  |  |  | 0.1282 |  |  |  | 0.1282 |  |  |  | 0.1282 |  |  |  | 0.1282 |  |  |  | 0.1282 |
Chinese Renminbi |  |  | 0.1409 |  |  |  | 0.1447 |  |  |  | N/A |  |  |  | 0.1414 |  |  |  | 0.1446 |  |  |  | N/A |
Schedule of non-derivative financial liabilities | The amounts disclosed in the table are the contractual undiscounted cash flows, including interest if applicable.
Year ended December 31, 2023 |  | Within 1 year |  |  | 1 to 5 years |  |  | >5 years |  |  | Total |
Trade and other payables |  | $ | 3,016,850 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,016,850 |
Borrowings |  |  | 337,241 |  |  |  | 44,410 |  |  |  | - |  |  |  | 381,651 |
Borrowings from related parties |  |  | 3,104,149 |  |  |  | - |  |  |  | - |  |  |  | 3,104,149 |
Amount due to related parties |  |  | 2,898,506 |  |  |  | - |  |  |  |  |  |  |  | 2,898,506 |
Other liabilities |  |  | 3,171,643 |  |  |  | - |  |  |  | - |  |  |  | 3,171,643 |
Operating lease liabilities |  |  | 1,239,066 |  |  |  | 1,455,857 |  |  |  | - |  |  |  | 2,694,923 |
Finance lease liabilities |  |  | 108,597 |  |  |  | 218,996 |  |  |  | - |  |  |  | 327,593 |
Provision for employee benefits |  |  | 362,284 |  |  |  | 1,460,434 |  |  |  | 23,059,674 |  |  |  | 24,882,392 |
Liabilities directly associated with the assets held for sale |  |  | 130,876 |  |  |  | - |  |  |  | - |  |  |  | 130,876 |
|  | $ | 14,369,212 |  |  | $ | 3,179,697 |  |  | $ | 23,059,674 |  |  | $ | 40,608,583 |
Year ended December 31, 2022 |  | Within 1 year |  |  | 1 to 5 years |  |  | >5 years |  |  | Total |
Trade and other payables |  | $ | 2,633,995 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,633,995 |
Borrowings |  |  | 3,181,616 |  |  |  | 13,899,818 |  |  |  | - |  |  |  | 17,081,434 |
Borrowings from related parties |  |  | 3,148,500 |  |  |  | 1,455,649 |  |  |  | - |  |  |  | 4,604,149 |
Amount due to related parties |  |  | 3,868,691 |  |  |  | - |  |  |  |  |  |  |  | 3,868,691 |
Other liabilities |  |  | 2,477,369 |  |  |  | 43,200 |  |  |  | - |  |  |  | 2,520,569 |
Operating lease liabilities |  |  | 1,774,192 |  |  |  | 2,340,075 |  |  |  | - |  |  |  | 4,114,267 |
Finance lease liabilities |  |  | 398,136 |  |  |  | 233,550 |  |  |  | - |  |  |  | 631,686 |
Convertible note payables |  |  | 1,730,267 |  |  |  | - |  |  |  | - |  |  |  | 1,730,267 |
Provision for employee benefits |  |  | 457,315 |  |  |  | 1,554,322 |  |  |  | 23,302,600 |  |  |  | 25,314,237 |
|  | $ | 19,670,081 |  |  | $ | 19,526,614 |  |  | $ | 23,302,600 |  |  | $ | 62,499,295 |
Schedule of Net Equity (Debt) Analysis | Net Equity (Debt) Analysis
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Cash, cash equivalents, and restricted cash (Note 4) |  | $ | 21,973,395 |  |  | $ | 8,230,644 |
Borrowings – repayable within one year |  |  | (3,441,390 | ) |  |  | (6,330,116 | )
Borrowings – repayable after one year |  |  | (44,410 | ) |  |  | (15,355,467 | )
Net equity (debt) |  | $ | 18,487,595 |  |  | $ | (13,454,939 | )
Schedule of Estimated Useful Lives of Property and Equipment | Depreciation is calculated using the straight-line method over the following estimated useful lives.
|  | Estimated useful life
Leasehold improvements |  | Lesser of useful life or remaining lease term
Tools and equipment |  | 5 years
Furniture, fixtures and office equipment |  | 5 years
Vehicles |  | 5,10 years
GDM machines |  | 5 years
Robots |  | 5 years
Schedule of Cost of the Intangible Assets | The cost of intangible assets is being amortized using straight-line amortization method based on the following estimated useful lives:.
|  | Estimated useful life
Computer software |  | 5 years
Intelligent Cloud Platform |  | 10 years
Right-of-use Platform |  | 10 years
Customer base |  | 1 – 3 years
Technical know-how |  | 8 – 10 years
Security Surveillance system |  | 10 years
Schedule of Disaggregation Information of Revenue by Service Type | Disaggregation information of revenue by service type which was recognition based on the nature of performance obligation disclosed above is as follows:
|  | For the year ended December 31, |
Service Type |  | 2023 |  |  | Percentage of Total Revenue |  |  | 2022 |  |  | Percentage of Total Revenue |  |  | 2021 |  |  | Percentage of Total Revenue |
Cash-In-Transit – Non-Dedicated Vehicles (CIT Non-DV) |  | $ | 11,882,370 |  |  |  | 32.8 | % |  | $ | 10,693,948 |  |  |  | 31.5 | % |  | $ | 11,205,580 |  |  |  | 32.3 | %
Cash-In-Transit - Dedicated Vehicle to Banks (CIT DV) |  |  | 3,814,604 |  |  |  | 10.5 | % |  |  | 4,074,052 |  |  |  | 12.0 | % |  |  | 4,556,538 |  |  |  | 13.1 | %
ATM Management |  |  | 7,579,774 |  |  |  | 20.9 | % |  |  | 8,897,939 |  |  |  | 26.2 | % |  |  | 10,809,497 |  |  |  | 31.2 | %
Cash Processing (CPC) |  |  | 3,265,052 |  |  |  | 9.0 | % |  |  | 2,789,818 |  |  |  | 8.2 | % |  |  | 3,034,360 |  |  |  | 8.8 | %
Cash Center Operations (CCT) |  |  | 1,824,381 |  |  |  | 5.0 | % |  |  | 2,209,055 |  |  |  | 6.5 | % |  |  | 2,802,171 |  |  |  | 8.1 | %
Consolidate Cash Center (CCC) |  |  | 726,599 |  |  |  | 2.0 | % |  |  | 456,720 |  |  |  | 1.3 | % |  |  | 182,263 |  |  |  | 0.5 | %
Cheque Center Service (CDC) |  |  | - |  |  |  | - | % |  |  | 4,562 |  |  |  | 0.0 | % |  |  | 59,923 |  |  |  | 0.2 | %
Cash Deposit Management Solutions (GDM) |  |  | 2,794,708 |  |  |  | 7.7 | % |  |  | 1,771,380 |  |  |  | 5.2 | % |  |  | 1,644,611 |  |  |  | 4.8 | %
Others ** |  |  | 5,062 |  |  |  | 0.0 | % |  |  | 10,149 |  |  |  | 0.1 | % |  |  | 5,270 |  |  |  | 0.0 | %
Robotic AI solutions |  |  | 757,284 |  |  |  | 2.1 | % |  |  | 1,272,236 |  |  |  | 3.7 | % |  |  | 368,659 |  |  |  | 1.0 | %
General security solutions |  |  | 3,630,668 |  |  |  | 10.0 | % |  |  | 1,785,789 |  |  |  | 5.3 | % |  |  | - |  |  |  | - | %
Total |  | $ | 36,280,502 |  |  |  | 100 | % |  | $ | 33,965,648 |  |  |  | 100 | % |  | $ | 34,668,872 |  |  |  | 100 | %
** | Others includes revenues from express cash, coin processing services and international shipment.

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