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Significant Accounting Policies (Tables)
12 Months Ended
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.