Currenc Group Inc 2025年季度报告

OR Item 1A. Risk Factors. Purchases of property, plant and equipmentProceed received from disposal of PPE Net cash used in investing activities Cash flows from financing activities:Proceeds from borrowings-Repayment of borrowings- Payment of principal elements of lease liabilities(65,286)Payment of interest elements of lease liabilities(7,416)Net cash generated from/(used in) financing activities141,611 PT Walletku Indompet IndonesiaIndonesiafor commercial purposes, and (iii)software publisher—2Summary of significant accounting policies(a)Basis of presentation and principles of consolidation Company’s annual financial statements. Accordingly, these unaudited condensed consolidated financial statements should be read inconjunction with the consolidated financial statements and notes thereto of the Company for the fiscal year ended December 31, 2024. (b)Emerging Growth CompanyThe Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart OurBusiness Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revisedfinancial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declaredeffective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revisedfinancial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period andcomply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. TheCompany has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it hasdifferent application dates for public or private companies, the Company, as an emerging growth company, can adopt the new orrevised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s 2Summary of significant accounting policies (continued) The accompanying unaudited condensed consolidated financial statements have been prepared using the going concern basis of As of March 31, 2025, the Company had cash balances of $62.3million, a working capital deficit of $59.8million and net capitaldeficit $43.9million. For the three months ended March 31, 2025, the Company had a net loss of $4.5million and net cash used inoperating activities of $1.5million. Net cash used in investing activities was $0.2million. These conditions cast substantial doubt that it will be able to achieve these goals. As a result, the Company continually monitors its capital structure and operating plans andevaluates various potential funding alternatives that may be needed to finance the Company’s business development activities, generaland administrative expenses and growth strategy. In addition, on February 10, 2025, the Company entered into the ELOC PurchaseAgreement with a third party. Under the ELOC scheme, the company will have the capacity to issue additional shares and dispose inthe market for extra liquidity, up to $10,000,000worth of ordinary shares. contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expensesduring the reporting periods. Certain accounting estimates of the Company require a higher degree of judgment than others in their application. These include valuation of goodwill, provision for credit losses, impairment of long-lived assets, valuation of convertiblebonds, income tax, valuation of employee stock options and estimates related to lease accounting involving discount rates used in leasecalculations (if estimate using incremental borrowing rate) and lease term assumptions considering exercise of renewal or terminationoptions. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonableunder the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.Actual results may differ from these estimates, and such differences may be material.(e)Revenue recognition satisfied, which may be at a point in time or over time. Contract assets represent the Company’s right to consideration for performance obligations that have been fulfilled but for which thecustomer has not been billed as of the balance sheet date. 10 2Summary of significant accounting policies (continued) Remittance services revenue Revenue from contracts with customers on service charges and gain/loss on foreign exchange arising from remittance activities arerecognized upon the processing and execution of the international money transfer transactions. Remittance services are further divided