Condensed Consolidated Statements of Cash Flows - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2025 |
Mar. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Cash flows from operating activities: |
|
|
|
|
|
|
|
| Net loss |
$ (4,487,358)
|
$ (2,631,928)
|
$ (38,826,762)
|
$ (14,417,786)
|
|
|
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
| Non-cash expense for share-based compensation |
2,158,749
|
|
20,869,721
|
|
|
|
|
| Non-cash expense for share issued for service providers |
|
|
1,000,000
|
|
|
|
|
| Non-cash offering costs for convertible note |
|
|
2,512,000
|
|
|
|
|
| Non-cash finance cost for debt conversion |
|
|
340,159
|
|
|
|
|
| Amortization of discount on convertible bonds |
|
|
|
807,860
|
|
|
|
| Depreciation of equipment and software |
123,799
|
142,518
|
525,295
|
607,138
|
|
|
|
| Depreciation of right-of-use assets |
53,712
|
41,981
|
185,107
|
183,198
|
|
|
|
| Amortization of intangible assets |
385,139
|
831,392
|
2,186,175
|
3,200,843
|
|
|
|
| Reversal of provision for doubtful debts |
|
|
143,748
|
|
|
|
|
| Impairment loss on receivables |
|
|
3,158,042
|
|
|
|
|
| Gain on disposal of subsidiaries |
|
|
(21,738,102)
|
|
|
|
|
| Goodwill impairment |
|
|
14,941,955
|
|
|
|
|
| Deferred income taxes |
(92,426)
|
54,704
|
127,660
|
494,737
|
|
|
|
| Gain on disposal of fixed assets |
401
|
|
|
(36,519)
|
|
|
|
| Unrealized foreign exchange loss/(gain) |
328,269
|
(124,690)
|
(659,467)
|
(65,981)
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| Accounts receivable |
33,923
|
(110,270)
|
140,559
|
605,202
|
|
|
|
| Prepayments to remittance agents |
|
|
98,603
|
(45,631)
|
|
|
|
| Amounts due to immediate holding company |
23,766
|
|
(393,227)
|
(391,432)
|
|
|
|
| Amounts due from related parties |
(3,652)
|
|
4,183,438
|
(5,348,525)
|
|
|
|
| Prepayments, receivables and other assets |
(4,918,772)
|
9,477,057
|
7,980,401
|
2,502,972
|
|
|
|
| Escrow money payable |
|
218,542
|
10,386
|
80,006
|
|
|
|
| Client money payable |
|
146,847
|
(416,711)
|
(1,593,194)
|
|
|
|
| Accounts payable, accruals and other payables |
(4,068,655)
|
(7,014,740)
|
14,220,717
|
(4,827,110)
|
|
|
|
| Interest payable on convertible bonds |
|
952,736
|
|
|
|
|
|
| Amount due from a director |
729,198
|
|
|
|
|
|
|
| Amounts due to related parties |
8,245,995
|
(2,205,121)
|
(6,925,748)
|
3,149,825
|
|
|
|
| Lease liabilities |
|
|
(213,709)
|
(192,097)
|
|
|
|
| Net cash (used in)/provided by operating activities |
(1,487,912)
|
(220,972)
|
3,450,240
|
(15,286,494)
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
| Purchases of property, plant and equipment |
(175,158)
|
(12,058)
|
(576,674)
|
(291,856)
|
|
|
|
| Proceed received from disposal of property, plant and equipment |
596
|
|
|
36,679
|
|
|
|
| Decrease in short-term investments |
|
615
|
|
1,700,000
|
|
|
|
| Cash acquired from business combination |
|
|
43,508
|
|
|
|
|
| Acquisition of a subsidiary |
|
|
(31,868)
|
|
|
|
|
| Net cash provided by/(used in) investing activities |
(174,562)
|
(11,443)
|
(565,034)
|
1,444,823
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
| Proceeds from borrowings |
|
639,210
|
640,935
|
1,251,752
|
|
|
|
| Repayment of borrowings |
|
(95,742)
|
(221,258)
|
(2,212,067)
|
|
|
|
| Proceeds from receivable factoring |
433,287
|
586,789
|
2,030,659
|
2,210,415
|
|
|
|
| Repayment of receivable factoring |
(218,974)
|
(610,559)
|
(2,183,787)
|
(2,447,748)
|
|
|
|
| Payment of principal elements of lease liabilities |
(65,286)
|
(46,295)
|
|
|
|
|
|
| Payment of interest elements of lease liabilities |
(7,416)
|
(2,952)
|
|
|
|
|
|
| Proceeds from convertible bonds |
|
|
1,750,000
|
|
|
|
|
| Net cash used in financing activities |
141,611
|
470,451
|
2,016,549
|
(1,197,648)
|
|
|
|
| Net (decrease)/increase in cash and cash equivalents |
(1,520,863)
|
238,036
|
4,901,755
|
(15,039,319)
|
|
|
|
| Cash and cash equivalents, restricted cash and escrow money receivable at beginning of year |
63,862,139
|
58,960,384
|
58,960,384
|
73,999,703
|
|
|
|
| Cash and cash equivalents, restricted cash and escrow money receivable at end of year |
62,341,276
|
59,198,420
|
63,862,139
|
58,960,384
|
|
$ 73,999,703
|
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
| Income taxes received/(paid) |
(140,905)
|
(15,825)
|
(445,530)
|
761,333
|
|
|
|
| Interest paid |
$ (48,773)
|
(346,270)
|
(1,073,407)
|
(1,819,174)
|
|
|
|
| Seamless Group Inc [Member] |
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
| Net loss |
|
|
|
(14,417,786)
|
|
(15,725,713)
|
[1] |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
| Amortization of discount on convertible bonds |
|
|
|
807,860
|
|
3,438,950
|
[1] |
| Depreciation of equipment and software |
|
|
|
607,138
|
|
701,262
|
[1] |
| Depreciation of right-of-use assets |
|
|
|
183,198
|
|
170,443
|
[1] |
| Amortization of intangible assets |
|
|
|
3,200,843
|
|
3,525,388
|
[1] |
| Step acquisition of a subsidiary |
|
|
|
|
|
(2,129,515)
|
[1] |
| Gain on disposal of fixed assets |
|
|
|
(36,519)
|
|
|
[1] |
| Deferred income taxes |
|
|
|
494,737
|
|
113,782
|
[1] |
| Unrealized foreign exchange loss/(gain) |
|
|
|
(65,981)
|
|
543,277
|
[1] |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| Accounts receivable |
|
|
|
605,202
|
|
255,732
|
[1] |
| Prepayments to remittance agents |
|
|
|
(45,631)
|
|
|
[1] |
| Amounts due to immediate holding company |
|
|
|
(391,432)
|
|
|
[1] |
| Amounts due from related parties |
|
|
|
(5,348,525)
|
|
(3,418,880)
|
[1] |
| Prepayments, receivables and other assets |
|
|
|
2,502,972
|
|
(5,796,690)
|
[1] |
| Escrow money payable |
|
|
|
80,006
|
|
94,918
|
[1] |
| Client money payable |
|
|
|
(1,593,194)
|
|
544,998
|
[1] |
| Accounts payable, accruals and other payables |
|
|
|
(4,827,110)
|
|
(12,249,700)
|
[1] |
| Amounts due to related parties |
|
|
|
3,149,825
|
|
38,769,225
|
[1] |
| Lease liabilities |
|
|
|
(192,097)
|
|
(155,561)
|
[1] |
| Net cash (used in)/provided by operating activities |
|
|
|
(15,286,494)
|
|
8,681,916
|
[1] |
| Cash flows from investing activities: |
|
|
|
|
|
|
|
| Purchases of property, plant and equipment |
|
|
|
(291,856)
|
|
(532,332)
|
[1] |
| Proceed received from disposal of property, plant and equipment |
|
|
|
36,679
|
|
|
[1] |
| Decrease in short-term investments |
|
|
|
1,700,000
|
|
|
[1] |
| Acquisition of a subsidiary |
|
|
|
|
|
(200,000)
|
[1] |
| Net cash provided by/(used in) investing activities |
|
|
|
1,444,823
|
|
(732,332)
|
[1] |
| Cash flows from financing activities: |
|
|
|
|
|
|
|
| Dividend paid |
|
|
|
|
|
(1,912,014)
|
[1] |
| Proceeds from borrowings |
|
|
|
1,251,752
|
|
1,481,263
|
[1] |
| (Decrease) increase in bank overdrafts |
|
|
|
|
|
(27,861)
|
[1] |
| Repayment of borrowings |
|
|
|
(2,212,067)
|
|
(2,242,961)
|
[1] |
| Repayment of convertible bonds |
|
|
|
|
|
(3,500,000)
|
[1] |
| Proceeds from receivable factoring |
|
|
|
2,210,415
|
|
3,230,844
|
[1] |
| Repayment of receivable factoring |
|
|
|
(2,447,748)
|
|
(2,796,291)
|
[1] |
| Net cash used in financing activities |
|
|
|
(1,197,648)
|
|
(5,767,020)
|
[1] |
| Net (decrease)/increase in cash and cash equivalents |
|
|
|
(15,039,319)
|
|
2,182,564
|
[1] |
| Cash and cash equivalents, restricted cash and escrow money receivable at beginning of year |
|
58,960,384
|
58,960,384
|
73,999,703
|
[1] |
71,817,139
|
[1] |
| Cash and cash equivalents, restricted cash and escrow money receivable at end of year |
|
|
|
58,960,384
|
|
73,999,703
|
[1] |
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
| Income taxes received/(paid) |
|
|
|
761,333
|
|
(1,203,790)
|
[1] |
| Interest paid |
|
|
|
(1,819,174)
|
|
(1,351,939)
|
[1] |
| InFint Acquisition Corporation [Member] |
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
| Net loss |
|
|
|
3,147,500
|
|
(1,111,964)
|
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
| Interest earned on securities held in Trust Account |
|
|
|
(5,175,207)
|
|
(2,932,192)
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| Prepaid insurance |
|
|
|
94,553
|
|
509,554
|
|
| Accrued expenses |
|
|
|
1,190,376
|
|
2,711,299
|
|
| Accrued expenses - related party |
|
|
|
189,820
|
|
66,587
|
|
| Net cash (used in)/provided by operating activities |
|
|
|
(552,958)
|
|
(756,716)
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
| Cash withdrawn from Trust Account in connection with redemption |
|
|
|
133,124,975
|
|
|
|
| Investment of cash in Trust Account |
|
|
|
(2,540,000)
|
|
(2,999,982)
|
|
| Net cash provided by/(used in) investing activities |
|
|
|
130,584,975
|
|
(2,999,982)
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
| Redemption of Class A ordinary shares |
|
|
|
(133,124,975)
|
|
|
|
| Contribution for extension |
|
|
|
2,540,000
|
|
2,999,982
|
|
| Proceeds from working capital loan- related party |
|
|
|
325,000
|
|
|
|
| Net cash used in financing activities |
|
|
|
(130,259,975)
|
|
2,999,982
|
|
| Net (decrease)/increase in cash and cash equivalents |
|
|
|
(227,958)
|
|
(756,716)
|
|
| Cash and cash equivalents, restricted cash and escrow money receivable at beginning of year |
|
$ 43,509
|
$ 43,509
|
271,467
|
|
1,028,183
|
|
| Cash and cash equivalents, restricted cash and escrow money receivable at end of year |
|
|
|
43,509
|
|
271,467
|
|
| Non-cash investing and financing activities: |
|
|
|
|
|
|
|
| Accretion of Class A ordinary shares to redemption value |
|
|
|
$ 7,715,207
|
|
$ 5,934,098
|
|
|
|