XML 467 R87.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
SCHEDULE OF BORROWINGS (Details) - Seamless Group Inc. [Member] - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Short-term borrowings $ 8,744,474 [1] $ 8,772,710 [1],[2] $ 8,978,390 [2]
Long-term borrowings 12,068,807 [3] 11,538,357 [3],[4] 12,305,279 [4]
Less: current maturities (9,207,392) (9,031,383) (4,426,000)
Non-current maturities $ 2,861,415 $ 2,506,974 $ 7,879,279
[1] As of March 31, 2024 and December 31, 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 15.0% to 24.0%   and 15.0% to 24.0% per annum, respectively. As of March 31, 2024 and December 31, 2023, the weighted average interest rate of these borrowings was 22.6% and 22.6% per annum, respectively. The borrowings are denominated in Hong Kong Dollar (“HK$”) and United States Dollar (“US$”).
[2] 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$.
[3] As of March 31, 2024 and December 31, 2023, the Company obtained several unsecured long-term loans for two to five years. Interest rates ranged from 12.0% to 27.6%, and 12.0% to 24.0% per annum, respectively. As of March 31, 2024 and December 31, 2023, the weighted average interest rate of these borrowings was 14.1% and 13.1% per annum, respectively. The borrowings are denominated in HK$ and US$. As of March 31, 2024 and December 31, 2023, the Company obtained loans from three members of management of the Company.
[4] As of December 31, 2023 and 2022, the Company obtained several unsecured long-term loans for two to five years. Interest rates ranged from 12.0% to 24.0% and 2.5% to 24.0% per annum, respectively. As of December 31, 2023 and 2022, the weighted average interest rate of these borrowings was 13.1% and 15.5% per annum, respectively. The borrowings are denominated in HK$ and US$.