v3.25.2
Schedule of borrowings (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Short-term borrowings $ 7,551,296 [1] $ 7,565,887 [1],[2] $ 8,772,710 [2]  
Long-term borrowings 3,677,066 [3] 3,684,171 [3],[4] 11,538,357 [4]  
Less: current maturities (3,677,066) (3,684,171) (9,031,383)  
Non-current maturities 2,506,974  
Promissory note 8,900,000 8,900,000    
Total Borrowings 20,128,362 20,150,058 17,804,093  
Long-term borrowings $ 3,677,066 $ 3,684,171    
Seamless Group Inc [Member]        
Short-term borrowings [5]     8,772,710 $ 8,978,390
Less: current maturities     (9,031,383) (4,426,000)
Non-current maturities     2,506,974 7,879,279
Total Borrowings     17,804,093 13,404,390 [6]
Long-term borrowings [7]     $ 11,538,357 $ 12,305,279
[1] 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$”) and United States Dollar (“US$”).
[2] 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$”) and United States Dollar (“US$”).
[3] 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$.
[4] As of December 31, 2023, the Company obtained several unsecured long-term loans for two to five years. Interest rates ranged from 12.0% to 24.0% per annum, respectively. As of December 31, 2023, the weighted average interest rate of these borrowings was 13.1% per annum. The borrowings are denominated in HK$ and US$.
[5] As of December 31, 2023 and 2022, the Company had several unsecured short-term loans from independent third parties which were repayable within one year and charged interest rates ranging from 15.0% to 24.0% and 15.0% to 24.0% per annum, respectively. As of December 31, 2023 and 2022, the weighted average interest rate of these borrowings was 22.6% and 22.4% per annum, respectively. The borrowings are denominated in HK$ and US$.
[6] Periods presented have been adjusted. Additional information regarding the adjustment may be found in Note 3 - Restatement of Previously Issued Financial Statements, included elsewhere in the notes to the financial statements.
[7] As of December 31, 2023 and 2022, the Company obtained several unsecured long-term loans for two to five years. Interest rates ranged from 12.0% to 24.0% and 2.5% to 24.0% per annum, respectively. As of December 31, 2023 and 2022, the weighted average interest rate of these borrowings was 13.1% and 15.5% per annum, respectively. The borrowings are denominated in HK$ and US$.