v3.25.2
Summary of significant accounting policies (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Schedule of basic and diluted net loss per ordinary shares

   2025   2024 
   Three months ended March 31, 
   2025   2024 
         
Numerator:          
Net loss  $(4,674,358)  $(3,034,984)
           
Denominator:          
Weighted average ordinary shares outstanding   35,374,891    33,980,753 
           
Basic and diluted net (loss) per share  $(0.13)  $(0.09)

The following tables provide the calculation of basic and diluted net loss per ordinary share for the year ended December 31, 2024, and December 31, 2023:

 

   2024   2023 
   Year ended December 31, 
   2024   2023 
         
Numerator:          
Net loss  $(39,475,321)  $(15,306,550)
           
Denominator:          
Weighted average ordinary shares outstanding   38,163,168    33,980,753 
           
Basic and diluted net (loss) per share  $(1.03)  $(0.45)
           
  
Schedule of Fair Value Assumptions of Awards

The Company estimates the fair value of awards using an Income Approach (Finnerty method). 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)

 

 

CURRENC GROUP INC. AND SUBSIDIARIES

 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

2 Summary of significant accounting policies (continued)

 

Weighted Average Fair Value of 1 Share ($5.73)

 

The fair value of the awards granted on July 29, 2022 is $33,284,970.

The Company estimates the fair value of awards using an Income Approach (Finnerty method). 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)

  
Schedule of Fair Assumptions of Awards Granted

For the awards granted on August 21, 2024, the following assumptions were used in the model:

 

Expected Volatility (26.65% to 42.32%)

 

Expected Dividend Yield (0%)

 

Expected Time to Liquidity (0.03 years to 2.03 years)

 

Exercise Price ($Nil)

 

Stock price at grant date ($6.22)

 

Weighted Average Fair Value of 1 Share ($5.75)

For the awards granted on August 21, 2024, the following assumptions were used in the model:

 

Expected Volatility (26.65% to 42.32%)

 

Expected Dividend Yield (0%)

 

Expected Time to Liquidity (0.03 years to 2.03 years)

 

Exercise Price ($Nil)

 

Stock price at grant date ($6.22)

 

Weighted Average Fair Value of 1 Share ($5.75)

  
Schedule of restatement of each financial statement

The following tables summarize the effect of the restatement on each financial statement line item as of the date, and for the periods indicated.

 

Schedule of restatement of each financial statement 

   Previously Reported   Adjustments   As Restated 
   December 31, 2024 
   Previously Reported   Adjustments   As Restated 
   US$   US$   US$ 
Consolidated Balance Sheets as of December 31, 2024            
Prepayments, receivables and other assets   24,738,392    (3,790,176)   20,948,216 
Accounts payable, accruals and other payables   59,119,916    (3,790,176)   55,329,740 
    
Schedule of computation of diluted loss per share

The following table sets forth the total number of shares that may potentially be dilutive ordinary shares in the future. The holders of these shares do not have a contractual obligation to share in the Company’s losses. The Company excluded the following potential ordinary shares, presented based on amounts outstanding at each period end, from the computation of diluted loss per share:

 

   March 31, 2025   March 31, 2024 
         
Warrants   17,796,765    - 
Convertible bonds (treasury stock method)   1,027,997    2,604,554 

The following table conveys the number of shares that may potentially be dilutive ordinary shares in the future. The holders of these shares do not have a contractual obligation to share in the Company’s losses. The Company excluded the following potential ordinary shares, presented based on amounts outstanding at each period end, from the computation of diluted loss per share:

 

   December 31, 2024   December 31, 2023 
         
Warrants   17,796,765    - 
Convertible bonds (treasury stock method)   244,515    2,523,557 
  
Schedule of Depreciation of Equipment Estimated Useful lives  

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 Key Assumptions Used in Valuation  

As of August 31, 2024, and December 31, 2024, the key assumptions used in the valuation were as follows:

 

Key Assumptions  August 31, 2024   December 31, 2024 
Stock Price (USD)   6.28    1.80 
Risk-Free Rate (%)   4.11    4.09 
Volatility Rate (%)   36.86    47.23 
Bond Yield (%)   15.55    13.90 
  
Seamless Group Inc [Member]      
Restructuring Cost and Reserve [Line Items]      
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)
Schedule of restatement of each financial statement    

The following tables summarize the effect of the restatement on each financial statement line item as of the date, and for the periods indicated.

 

Schedule of effect of restatement

   Previously Reported   Adjustments   As Restated 
   December 31, 2022 
   Previously Reported   Adjustments   As Restated 
   US$   US$   US$ 
Consolidated Balance Sheets as of December 31, 2022               
Prepayments, receivables and other assets   31,776,196    5,787,354    37,563,550 
Accounts payable, accruals and other payables   53,159,031    5,787,354    58,946,385 
                
Consolidated Statement of Cash Flows for the year ended December 31, 2022               
Prepayments, receivables and other assets   (8,433,545)   2,636,855    (5,796,690)
Accounts payable, accruals and other payables   (9,612,845)   (2,636,855)   (12,249,700)
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%
InFint Acquisition Corporation [Member]      
Restructuring Cost and Reserve [Line Items]      
Schedule of reconciliation of ordinary share subject to possible redemption    

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 basic and diluted net loss per ordinary shares    

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)