Borrowings (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Schedule of borrowings |
Schedule
of borrowings
| | |
March 31, 2025 | | |
December 31, 2024 | |
| | |
US$ | | |
US$ | |
| | |
| | |
| |
| Short-term borrowings (i) | |
| 7,551,296 | | |
| 7,565,887 | |
| | |
| | | |
| | |
| Long-term borrowings (ii) | |
| 3,677,066 | | |
| 3,684,171 | |
| Less: current maturities | |
| (3,677,066 | ) | |
| (3,684,171 | ) |
| Non-current maturities | |
| - | | |
| - | |
| | |
| | | |
| | |
| Promissory note | |
| 8,900,000 | | |
| 8,900,000 | |
| Total Borrowings | |
| 20,128,362 | | |
| 20,150,058 | |
| (i) | As
of March 31, 2025, and December 31, 2024, the Company had several unsecured short-term loans
from independent third parties which were repayable within one year and charged interest
rates ranging from Nil to 24.0% and Nil to 24.0% per annum, respectively. As of March 31,
2025, and December 31, 2024, the weighted average interest rate of these borrowings was 13.7%
and 13.7% per annum, respectively. The borrowings are denominated in Hong Kong Dollar (“HK$”)
and United States Dollar (“US$”). |
| (ii) | As
of March 31, 2025, the Company obtained several unsecured long-term loans for two to five
years. Interest rates ranged from 12.0% to 15.0% per annum, respectively. As of March 31,
2025, the weighted average interest rate of these borrowings was 12.6% per annum. The borrowings
are denominated in HK$ and US$. |
|
Schedule
of borrowings
| | |
2024 | | |
2023 | |
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | |
| | |
| | |
| |
| Short-term borrowings (i) | |
| 7,565,887 | | |
| 8,772,710 | |
| | |
| | | |
| | |
| Long-term borrowings (ii) | |
| 3,684,171 | | |
| 11,538,357 | |
| Less: current maturities | |
| (3,684,171 | ) | |
| (9,031,383 | ) |
| Non-current maturities | |
| - | | |
| 2,506,974 | |
| (i) | As
of December 31, 2024 and 2023, the Company had several unsecured short-term loans from independent
third parties which were repayable within one year and charged interest rates ranging from
Nil to 24.0% and 15.0% to 24.0% per annum, respectively. As of December 31, 2024 and December
31, 2023, the weighted average interest rate of these borrowings was 13.7% and 22.6% per
annum, respectively. The borrowings are denominated in Hong Kong Dollar (“HK$”)
and United States Dollar (“US$”). |
| (ii) | As
of December 31, 2023, the Company obtained several unsecured long-term loans for two to five
years. Interest rates ranged from 12.0% to 24.0% per annum, respectively. As of December
31, 2023, the weighted average interest rate of these borrowings was 13.1% per annum. The
borrowings are denominated in HK$ and US$. |
|
|
| Schedule of long term borrowings |
As
of March 31, 2025, the borrowings will be due according to the following schedule:
Schedule
of long term borrowings
| | |
Principal amounts | |
| | |
US$ | |
| For the period ending March 31, | |
| | |
| Within one year | |
| 3,677,066 | |
| Within two years | |
| - | |
| Within three years | |
| - | |
| Total | |
| 3,677,066 | |
|
As
of December 31, 2024, the long-term borrowings will be due according to the following schedule:
Schedule
of long term borrowings
| | |
Principal
amounts | |
| | |
| US$ | |
| For the year ending December 31, | |
| | |
| 2025 | |
| 3,684,171 | |
| 2026 | |
| - | |
| 2027 | |
| - | |
| Total | |
| 3,684,171 | |
|
|
| Seamless Group Inc [Member] |
|
|
|
| Schedule of borrowings |
|
|
Schedule
of borrowings
| | |
| | | |
| | |
| | |
December 31, | |
| | |
2023 | | |
2022 | |
| | |
US$ | | |
US$ | |
| | |
| | |
| |
| Short-term borrowings (i) | |
| 8,772,710 | | |
| 8,978,390 | |
| | |
| | | |
| | |
| Long-term borrowings (ii) | |
| 11,538,357 | | |
| 12,305,279 | |
| Less: current maturities | |
| (9,031,383 | ) | |
| (4,426,000 | ) |
| Non-current maturities | |
| 2,506,974 | | |
| 7,879,279 | |
| (i) | As
of December 31, 2023 and 2022, the Company had several unsecured short-term loans from independent
third parties which were repayable within one year and charged interest rates ranging from
15.0% to 24.0% and 15.0% to 24.0% per annum, respectively. As of December 31, 2023 and 2022,
the weighted average interest rate of these borrowings was 22.6% and 22.4% per annum, respectively.
The borrowings are denominated in HK$ and US$. |
| (ii) | As
of December 31, 2023 and 2022, the Company obtained several unsecured long-term loans for
two to five years. Interest rates ranged from 12.0% to 24.0% and 2.5% to 24.0% per annum,
respectively. As of December 31, 2023 and 2022, the weighted average interest rate of these
borrowings was 13.1% and 15.5% per annum, respectively. The borrowings are denominated in
HK$ and US$. |
As
of December 31, 2023, the Company obtained loans from three members of management of the Company.
A
loan of HK$4.7
million (equivalent to US$0.6
million) has been provided by Mr. Takis Wong,
the Chief Operating Officer, at an interest rate of 12%
per annum. The loan is unsecured and repayable in full on April 4, 2024. Another loan of HK$2.5
million and 9.8
million (equivalent to US$0.3
million and US$1.3
million) has been provided by Mr. Alexander Kong,
the Chairman, at an interest rate of 12%
per annum. The loan is unsecured and repayable in full on March 30 and June 30, 2024, respectively. Another loan of HK$3.6
million (equivalent to US$0.6
million) has been provided by Dr. Ronnie Hui,
the Chief Executive Officer, at an interest rate of 12%
per annum. The loan is unsecured and repayable on demand. The company is in negotiation to extend the above loans.
| (iii) | As
of December 31, 2023, the Company had a loan of US$2.05 million from Noble Tack International
Limited, one of the shareholders of its subsidiary, Dynamic Indonesia Holdings Limited. The
loan is unsecured, interest-free and repayable on demand. |
| | | |
| | (iv) | As of December 31, 2023 and 2022, the Company had obtained a line
of credit of US$5 million from Ripple Labs, Inc., one of the related parties of their subsidiary, Tranglo Sdn. Bhd. The loan is unsecured
and has an interest rate of 12% per annum. Amount drawn down as of December 31, 2023 and 2022, was US$5 million and US$5 million respectively.
The line of credit facility has a maturity of two years from the effective date of September 12, 2022. Ripple has the option of calling
any drawdown on or after the first anniversary. |
|
| Schedule of long term borrowings |
|
|
As
of December 31, 2023, the long-term borrowings will be due according to the following schedule:
Schedule
of long term borrowings
| | |
| | |
| | |
Principal amounts | |
| | |
| US$ | |
| For the year ending December 31, | |
| | |
| Within one year | |
| | |
| 2024 | |
| 9,031,383 | |
| Within two years | |
| 9,031,383 | |
| 2025 | |
| 466,188 | |
| Within three years | |
| 466,188 | |
| 2026 | |
| - | |
| Within four years | |
| - | |
| 2027 | |
| 2,040,786 | |
| Within five years | |
| 2,040,786 | |
| Total | |
| 11,538,357 | |
|