Acquisition of dynamic indonesia holdings limited (Tables)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Schedule of purchase price of acquisition

The net liabilities of INFINT were recognized at their carrying value immediately prior to the Closing with no goodwill or other intangible assets recorded and were as follows:

Schedule other intangible assets


Cash overdraft		$	(187	)
Accrued expenses			(5,364,533	)
Accrued expenses - Sponsor (1)			(278,623	)
Accrued expenses			(278,623	)
Deferred underwriter fee payable			(5,699,964	)
Promissory note - Sponsor			(325,000	)
Promissory note - Seamless (2)			(500,291	)
Promissory note			(500,291	)
Net liabilities assumed		$	(12,168,598	)

	(1)	Converted into new promissory note - Sponsor upon the Closing of the Business Combination.
	(2)	Eliminates against the corresponding receivable reflected by Seamless.

Seamless Group Inc [Member]

Schedule of purchase price of acquisition

The allocation of the purchase price as of the date of acquisition is summarized as follows:


		US$
Net assets acquired (i)			(1,510,899	)
Goodwill (Note 9) (ii)			7,771,855
Goodwill			7,771,855
Non-controlling interests (iii)			(3,931,441	)
Total			2,329,515

Total purchase price is comprised of:
Cash consideration			200,000
Fair value of previously held equity interests			2,129,515
Total			2,329,515

(i)

Net assets acquired primarily included accounts receivables and other receivables of approximately US$0.6 million, property and equipment of approximately US$0.2 million, operating lease right-of-use assets relating to land use rights of approximately US$0.1 million and other assets of approximately US$1.6 million and liabilities of approximately US$4.1 million as of the date of acquisition.

SEAMLESS GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

20	Acquisition of Dynamic Indonesia Holdings Limited (Continued)

(ii)

Goodwill arose on the acquisition from the expected synergies from combining our existing airtime operations with those of Dynamic Indonesia Holdings Limited.

(iii)

An independent valuation firm was hired by Noble Tack International Limited to value it shares in Dynamic Indonesia at approximately the date of the acquisition. The firm used market approach Price-to-Sales multiple-based methodology to determine the value.

Schedule of acquisition of consolidated statements of operations

The following amounts of the acquiree since the acquisition date are included in the December 2023 consolidated statement of operations. Comparable information for 2021 is not available.


		2023				2022
		US$				US$
Revenue			14,211,091				10,110,839
Loss after tax			(836,874	)			(498,424	)