v3.25.2
Leases
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases

10 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.

 

 

CURRENC GROUP INC. AND SUBSIDIARIES

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

10Leases (Continued)

 

Right-of-use assets and lease liabilities, as of December 31, 2024 and 2023, are as follows:

 

   Line Items  2024   2023 
   Financial Statement  December 31, 
   Line Items  2024   2023 
      US$   US$ 
            
Right-of-use assets:             
Operating lease  Right-of-use assets   349,240    154,234 
Total right-of-use assets      349,240    154,234 
              
Lease liabilities:             
Current liabilities             
Operating lease  Current portion of lease liabilities   171,909    152,325 
Total operating lease      171,909    152,325 
              
Non-current liabilities             
Operating lease  Other payables   156,647    - 
Total non-current operating lease      156,647    - 

 

The components of lease costs are as follows:

 

   2024   2023 
   Years ended December 31, 
   2024   2023 
   US$   US$ 
         
Operating lease costs   644,730    1,123,046 
Short-term lease costs   82,596    141,889 
Finance lease costs:          
Depreciation   -    - 
Interest on finance lease liabilities   -    - 
Total lease costs   727,326    1,264,935 

 

Other information related to leases is as follows:

 

   December 31, 
   2024 
   US$ 
     
Weighted Average Remaining Lease Term     
Operating lease   16.5 
Weighted Average Discount Rate     
Operating lease   8.6%

 

Cash flows related to leases are as follows:

 

   2024   2023 
   Years ended December 31, 
   2024   2023 
   US$   US$ 
         
Cash flows from operating activities:          
Payments for operating lease liabilities   213,708    199,447 
Cash flows from financing activities:          
Principal payments on finance lease obligation   -    - 
Supplemental Cash Flow Data:          
Right-of-use assets obtained in exchange for new operating lease obligations   388,020    7,350 

 

Future minimum lease payments under non-cancellable operating leases as of December 31, 2024 are as follows:

 

   Operating lease 
   US$ 
     
For the year ending December 31,    
2025   194,984 
2026   162,487 
Total future minimum lease payment   357,471 
Less: imputed interest   (28,915)
Total lease liabilities   328,556 

 

 

CURRENC GROUP INC. AND SUBSIDIARIES

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

  
Seamless Group Inc [Member]    
Leases  

10 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:

 

   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:

 

   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:

 

   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:

 

   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:

 

   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