v3.25.2
Accounts payable, accruals and other payables (Tables)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Schedule of accounts payable and other payables

Accounts payable, accruals and other payables consisted of the following: 

 

Schedule of accounts payable, accruals and other payables

         
   December 31, 
   2024   2023 
   US$   US$ 
         
Accounts payable   13,701    10,541 
Safeguarding liabilities   3,790,176    1,983,116 
Accruals   5,870,005    5,424,194 
Prefunding from remittance customers   44,259,266    35,584,882 
Incentives received for credit card program   -    699,655 
Prefunding from airtime customers   671,214    758,419 
Current portion of finance lease liabilities   -    - 
Cash received for the subscription of Convertible Promissory Note   -    1,056,765 
Accrued interest   3,824,009    7,614,719 
Tax payable   155,641    29,808 
Other payables   535,904    826,132 
Accounts payable, accruals and other payables   59,119,916    53,988,231 
 
Schedule of convertible bonds

 

   2024   2023 
     
   December 31, 
   2024   2023 
   US$   US$ 
         
Convertible Bond E   -    10,000,000 
Convertible Promissory Note   1,750,000    10,000,000 
Total principal   1,750,000    10,000,000 
Less: unamortized debt discount   -    - 
Net carrying amount   1,750,000    10,000,000 
Less: maturing within one year   -    (10,000,000)
Mature after one year   1,750,000    - 
 
Schedule of assumptions used in determining the fair value convertible note

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]    
Schedule of accounts payable and other payables  

Accounts payable, accruals and other payables consisted of the following:

Schedule of accounts payable and other payables

 

           
   December 31, 
   2023   2022 
   US$   US$ 
         
Accounts payable   10,541    17,871 
Safeguarding liabilities   1,983,116    5,787,354 
Accruals   5,424,194    4,878,896 
Prefunding from remittance customers   35,584,882    40,910,632 
Incentives received for credit card program   699,655    700,521 
Prefunding from airtime customers   758,419    874,889 
Current portion of finance lease liabilities   -    - 
Cash received for the subscription of Convertible Promissory Note   1,056,765    1,058,005 
Accrued interest   7,614,719    3,990,177 
Tax payable   29,808    11,102 
Other payables   826,132    716,938 
Accounts payable, accruals and other payables   53,988,231    58,946,385 
Schedule of convertible bonds  
           
   December 31, 
   2023   2022 
   US$   US$ 
         
Convertible Bond A   -    - 
Convertible Bond B   -    - 
Convertible Bond C   -    - 
Convertible Bond D   -    10,000,000 
Convertible Bond E   10,000,000      
Total principal   10,000,000    10,000,000 
Less: unamortized debt discount   -    (807,860)
Net carrying amount   10,000,000    9,192,140 
Less: maturing within one year   (10,000,000)   9,192,140 
Convertible bonds   -    - 
Schedule of debt  

Changes in total principal balance of convertible bond:

 Schedule of debt

 

                
  

Convertible

Bond D

  

Convertible

Bond E

  

 

Total

 
   US$   US$   US$ 
Total principal balance as of December 31, 2022 and January 1, 2023   10,000,000    -    10,000,000 
Repayment during the year   -    -    - 
Conversion to non-convertible loan   -    -    - 
Convertible Bond replacement   (10,000,000)   10,000,000    - 
Total principal balance as of December 31, 2023   -    10,000,000    10,000,000