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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________to _________

 

001-39732

Commission File Number

 

Alset Inc.

(Exact name of registrant as specified in its charter)

 

texas   83-1079861

State or other jurisdiction of

incorporation or organization

 

(I.R.S. Employer

Identification No.)

 

4800 Montgomery Lane, Suite 210,

Bethesda, Maryland

  20814
(Address of principal executive offices)   (Zip Code)

 

301-971-3940

Registrant’s telephone number, including area code

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which Registered
Common Stock, $0.001 par value   AEI   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

As of May 15, 2024, there were 9,235,119 shares of the registrant’s common stock $0.001 par value per share, issued and outstanding.

 

 

 

 
 

 

Table of Contents

 

PART I FINANCIAL INFORMATION F-1
   
Item 1. Financial Statements (Unaudited) F-1
   
Condensed Consolidated Balance Sheets – March 31, 2024 and December 31, 2023 (Unaudited) F-1
   
Condensed Consolidated Statements of Operations and Other Comprehensive Loss - Three Months Ended March 31, 2024 and 2023 (Unaudited) F-2
   
Condensed Consolidated Statements of Stockholders’ Equity – Three Months Ended March 31, 2024 and 2023 (Unaudited) F-3
   
Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023 (Unaudited) F-5
   
Notes to Unaudited Condensed Consolidated Financial Statements F-6 –F-34
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 3
   
Item 3. Quantitative and Qualitative Disclosure About Market Risk 12
   
Item 4. Controls and Procedures 12
   
PART II OTHER INFORMATION 12
   
Item 1. Legal Proceedings 12
   
Item 1A. Risk Factors 12
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 12
   
Item 3. Defaults Upon Senior Securities 12
   
Item 4. Mine Safety Disclosures 12
   
Item 5. Other Information 12
   
Item 6. Exhibits 13
   
SIGNATURES 14

 

2
 

 

Part I. Financial Information

 

Item 1. Financial Statements.

 

Alset Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

   March 31, 2024   December 31, 2023 
Assets:          
Current Assets:          
Cash and Cash Equivalents  $23,727,542   $26,921,727 
Restricted Cash   965,334    967,566 
Account Receivables, Net   85,427    77,517 
Other Receivables, Net   2,835,289    2,576,454 
Note Receivables - Related Parties, Net   1,820,476    1,693,946 
Convertible Loan Receivables at Fair Value - Related Party   939,692    1,207,627 
Prepaid Expense   156,768    253,689 
Advance to Related Party   550,000    - 
Inventory   6,413    5,561 
Investment in Securities at Fair Value   2,982,255    2,148,500 
Investment in Securities at Fair Value - Related Party   7,411,596    11,869,920 
Investment in Securities at Cost   53,601    54,512 
Investment in Equity Method Securities   6,444,660    7,551,153 
Deposits   153,337    133,063 
Total Current Assets   48,132,390    55,461,235 
           
Real Estate          
Rental Properties   31,501,707    31,770,386 
Properties under Development   8,381,922    10,366,766 
Operating Lease Right-Of-Use Assets, Net   1,514,903    1,467,372 
Deposits   429,150    337,606 
Other Receivables - Long Term, Net   6,008,080    4,855,609 
Cash and Marketable Securities Held in Trust Account   -    21,252,639 
Goodwill   60,149    60,343 
Property and Equipment, Net   681,987    742,072 
Total Assets  $96,710,288   $126,314,028 
           
Liabilities and Stockholders’ Equity:          
Current Liabilities:          
Accounts Payable and Accrued Expenses  $3,675,428   $4,372,792 
Deferred Underwriting Compensation   -    3,018,750 
Deferred Revenue   2,100    2,100 
Operating Lease Liabilities   577,836    673,049 
Notes Payable   364,067    30,744 
Notes Payable - Related Parties   16,309    16,869 
Total Current Liabilities   4,635,740    8,114,304 
           
Long-Term Liabilities:          
Operating Lease Liabilities   971,067    826,214 
Notes Payable   1,063,325    126,182 
Total Liabilities   6,670,132    9,066,700 
           
Temporary Equity          
Class A Common Stock of Alset Capital Acquisition Corp subject to possible redemption; 1,976,036 shares at approximately $10.35 per share as of December 31, 2023   -    20,457,011 
           
Stockholders’ Equity:          
Preferred Stock, $0.001 par value; 25,000,000 shares authorized, none issued and outstanding   -    - 
Common Stock, $0.001 par value; 250,000,000 shares authorized; 9,235,119 and 9,235,119 shares issued and outstanding on March 31, 2024 and December 31, 2023, respectively         9,235              9,235    
Additional Paid in Capital   333,711,811    332,455,457 
Accumulated Deficit   (254,655,314)   (247,885,656)
Accumulated Other Comprehensive Income   2,602,960    3,609,719 
Total Alset Inc. Stockholders’ Equity   81,668,692    88,188,755 
Non-controlling Interests   8,371,464    8,601,562 
Total Stockholders’ Equity   90,040,156    96,790,317 
           
Total Liabilities and Stockholders’ Equity  $96,710,288   $126,314,028 

 

See accompanying notes to condensed consolidated financial statements.

 

F-1
 

 

Alset Inc. and Subsidiaries

Consolidated Statements of Operations and Other Comprehensive Loss

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

 

   2024   2023 
         
Revenue          
Rental  $720,494   $633,811 
Property   5,032,500    - 
Biohealth   535    12,786 
Other   332,678    280,339 
Total Revenue   6,086,207    926,936 
Operating Expenses          
Cost of Sales   4,658,367    689,281 
General and Administrative   3,250,854    2,327,385 
Impairment of Goodwill and Investment   443,499    - 
Total Operating Expenses   8,352,720    3,016,666 
           
Loss from Operations   (2,266,513)   (2,089,730)
           
Other Income (Expense)          
Interest Income   220,740    39,278 
Interest Income - Related Party   28,589    - 
Interest Expense   (19,123)   - 
Foreign Exchange Transaction Gain (Loss)   1,193,636    (788,302)
Unrealized Gain (Loss) on Securities Investment   176,634    (2,484,117)
Unrealized (Loss) Gain on Securities Investment - Related Party   (5,442,451)   1,296,271 
Realized Loss on Securities Investment   (152,468)   (131,313)
Loss on Equity Method Investment   (1,121,418)   (268,276)
Other Expense   (1,571)   - 
Other Income   70,153    103,007 
Total Other Income (Expense), Net   (5,047,279)   (2,233,452)
           
Net Loss Before Income Taxes   (7,313,792)   (4,323,182)
           
Income Tax Expense   -    - 
           
Net Loss   (7,313,792)   (4,323,182)
           
Net Loss Attributable to Non-Controlling Interest   (544,134)   (465,296)
           
Net Loss Attributable to Common Stockholders  $(6,769,658)  $(3,857,886)
           
Net Loss  $(7,313,792)  $(4,323,182)
Other Comprehensive Loss          
Foreign Currency Translation Adjustment   (1,161,932)   1,095,943 
Total Comprehensive Loss   (8,475,724)   (3,227,239)
           
Less Comprehensive Loss Attributable to Non-controlling Interests   (713,195)   (305,617)
Total Comprehensive Loss Attributable to Common Shareholders   (7,762,529)   (2,921,622)
           
Net Loss Per Share - Basic and Diluted  $(0.73)  $(0.46)
           
Weighted Average Common Shares Outstanding - Basic and Diluted   9,235,119    8,451,048 

 

See accompanying notes to condensed consolidated financial statements.

 

F-2
 

 

Alset Inc. and Subsidiaries

Consolidated Statements of Stockholders’ Equity

For the Three Months Ended March 31, 2024

(Unaudited)

 

                                                 
   Series A Preferred Stock   Series B Preferred Stock   Common Stock                         
   Shares   Par Value $0.001   Shares   Par Value $0.001   Shares   Par Value $0.001   Additional Paid in Capital   Accumulated Other Comprehensive Income   Accumulated Deficit   Total Alset Stockholders’ Equity   Non-Controlling Interests   Total Stockholders’ Equity 
Balance at January 1, 2024   -   $-    -   $-    9,235,119   $9,235   $332,455,457   $3,609,719   $(247,885,656)  $88,188,755   $8,601,562   $96,790,317 
                                                             
Issuance of HWH Common Stock to EF Hutton for Deferred Underwriting Compensation   -    -    -    -    -    -    1,098,952    -    -    1,098,952    410,423    1,509,375 
                                                             
Gain from SHRG Convertible Note and Warrants   -    -    -    -    -    -    157,402    -    -    157,402    58,786    216,188 
                                                             
Change in Non-Controlling Interest after HWH De SPAC   -    -    -    -    -    -    -    (13,888)   -    (13,888)   13,888    - 
                                                             
Foreign Currency Translations   -    -    -    -    -    -    -    (992,871)   -    (992,871)   (169,061)   (1,161,932)
                                                             
Net Loss   -    -    -    -    -    -    -    -    (6,769,658)   (6,769,658)   (544,134)   (7,313,792)
                                                             
Balance at March 31, 2024   -   $-    -   $-    9,235,119   $9,235   $333,711,811   $2,602,960   $(254,655,314)  $81,668,692   $8,371,464   $90,040,156 

  

F-3
 

 

Alset Inc. and Subsidiaries

Consolidated Statements of Stockholders’ Equity

For the Three Months Ended March 31, 2023

(Unaudited)

 

   Series A Preferred Stock   Series B Preferred Stock   Common Stock                         
   Shares   Par Value $0.001   Shares   Par Value $0.001   Shares   Par Value $0.001   Additional Paid in Capital   Accumulated Other Comprehensive Income   Accumulated Deficit   Total Alset Stockholders’ Equity   Non-Controlling Interests   Total Stockholders’ Equity 
Balance at January 1, 2023   -   $-    -   $-    7,422,846   $7,423   $322,534,891   $3,836,063   $(188,724,411)  $137,653,966   $11,009,149   $148,663,115 
                                                             
Issuance of Common Stock   -    -    -    -    1,812,273    1,812    3,432,109    -    -    3,433,921    -    3,433,921 
                                                             
Foreign Currency Translations   -    -    -    -    -    -    -    936,265    -    936,265    159,678    1,095,943 
                                                             
Net Loss   -    -    -    -    -    -    -    -    (3,857,886)   (3,857,886)   (465,296)   (4,323,182)
                                                             
Balance at March 31, 2023   -   $-    -   $-    9,235,119   $9,235   $325,967,000   $4,772,328   $(192,582,297)  $138,166,266   $10,703,531   $148,869,797 

 

See accompanying notes to condensed consolidated financial statements.

 

F-4
 

 

Alset Inc. and Subsidiaries

Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

 

   2024   2023 
         
Cash Flows from Operating Activities          
Net Loss from Operations  $(7,313,792)  $(4,323,182)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:          
Depreciation   308,695    288,100 
Non-Cash Lease Expenses   307,001    199,193 
Impairment of Goodwill and Investment   443,499    - 
Foreign Transaction (Gain) Loss   (1,193,636)   788,302 
Unrealized (Gain) Loss on Securities Investment   (176,634)   2,484,117 
Unrealized Loss (Gain) on Securities Investment - Related Party   5,442,451    (1,296,271)
Realized Loss on Securities Investment   152,468    131,313 
Loss on Equity Method Investment   1,121,418    268,276 
Changes in Operating Assets and Liabilities, net of acquisitions          
Real Estate   1,984,844    (3,192,223)
Real Estate Reimbursement Receivable   (960,996)   - 
Account Receivables   98,812    108,771 
Prepaid Expense   (20,578)   42,330 
Advances to Related Party   (550,000)   - 
Deposits   (111,609)   - 
Trading Securities   (531,385)   (550,307)
Inventory   (1,620)   555 
Accounts Payable and Accrued Expenses   (210,430)   2,028,362 
Other Receivables - Related Parties   -    (57,500)
Deferred Revenue   -    (21,198)
Operating Lease Liabilities   (297,755)   (187,721)
Net Cash Used in Operating Activities   (1,509,247)   (3,289,083)
           
Cash Flows from Investing Activities          
Purchase of Fixed Assets   (2,072)   (8,277)
Purchase of Investment Securities   (646,785)   (412,500)
Issuing Loan Receivable   (511,234)   - 
Issuing Loan Receivable - Related Party   (633,083)   (1,521,368)
Proceeds from Loan Receivable - Related Party   34,671    2,613,629 
Net Cash (Used in) Provided by Investing Activities   (1,758,503)   671,484 
           
Cash Flows from Financing Activities          
Proceeds from Common Stock Issuance   -    3,433,921 
Borrowing from a Commercial Loan   119,621    - 
Repayment to Notes Payable   (359,803)   - 
Net Cash (Used in) Provided by Financing Activities   (240,182)   3,433,921 
           
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash   (3,507,932)   816,322 
Effects of Foreign Exchange Rates on Cash and Cash Equivalents   311,515    (59,129)
Cash and Cash Equivalents and Restricted Cash - Beginning of Year   27,889,293    18,521,903 
Cash and Cash Equivalents and Restricted Cash- End of Period  $24,692,876   $19,279,096 
           
Cash  $23,727,542   $18,675,450 
Restricted Cash  $965,334   $603,646 
Total Cash and Restricted Cash  $24,692,876   $19,279,096 
           
Supplementary Cash Flow Information          
Cash Paid for Interest  $992   $1,003 
Cash Paid for Taxes  $-   $- 
           
Supplemental Disclosure of Non-Cash Investing and Financing Activities          
Initial Recognition of ROU / Lease Liability  $209,931   $157,647 
Issuance of Shares to EF Hutton to Satisfy Deferred Underwriting Compensation  $1,509,375    - 
Promissory Notes Received in Exchange for Sale of HWH Common Stock to Investors  $16,160,000   $- 
Conversion of Ketomei Note Payable to Common Stock  $310,796   $- 
Gain from SHRG Convertible Notes  $216,188   $- 

 

See accompanying notes to condensed consolidated financial statements.

 

F-5
 

 

Alset Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

 

1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Operations

 

Alset Inc. (the “Company” or “AEI”), formerly known as Alset EHome International Inc. and HF Enterprises Inc., was incorporated in the State of Delaware on March 7, 2018. On October 4, 2022, through a merger transaction, the Company was reincorporated in Texas. AEI is a diversified holding company principally engaged through its subsidiaries in the development of EHome communities and other real estate, financial services, digital transformation technologies, biohealth activities and consumer products with operations in the United States, Singapore, Hong Kong, Australia, South Korea and China. We manage a significant portion of our businesses through our 85.5% owned subsidiary, Alset International Limited (“Alset International”), a public company traded on the Singapore Stock Exchange.

 

The Company has four operating segments based on the products and services we offer, which include three of our principal businesses – real estate, digital transformation technology and biohealth – as well as a fourth category consisting of certain other business activities.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation and Principles of Consolidation

 

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. These interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or any other interim periods or for any other future years. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2023 filed on April 1, 2024.

 

The condensed consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than 50% of the voting common stock and controls operations. All intercompany transactions and balances among consolidated subsidiaries have been eliminated.

 

F-6
 

 

The Company’s condensed consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of March 31, 2024 and December 31, 2023, as follows:

 

Name of subsidiary 

State or other jurisdiction of incorporation or

  Attributable interest as of, 
consolidated under AEI  organization  March 31, 2024   December 31, 2023 
      %   % 
Alset Global Pte. Ltd.  Singapore   100    100 
Alset Business Development Pte. Ltd.  Singapore   100    100 
Global eHealth Limited  Hong Kong   100    100 
Alset International Limited  Singapore   85.5    85.5 
Singapore Construction & Development Pte. Ltd.  Singapore   85.5    85.5 
Singapore Construction Pte. Ltd.  Singapore   85.5    85.5 
Global BioMedical Pte. Ltd.  Singapore   85.5    85.5 
Health Wealth Happiness Pte. Ltd.  Singapore   73.6    74.6 
SeD Capital Pte. Ltd.  Singapore   85.5    85.5 
LiquidValue Asset Management Pte. Ltd.  Singapore   85.5    85.5 
Alset Solar Limited  Hong Kong   85.5    85.5 
Alset F&B One Pte. Ltd  Singapore   66.2    67.1 
BMI Capital Partners International Limited.  Hong Kong   85.5    85.5 
SeD Perth Pty. Ltd.  Australia   85.5    85.5 
SeD Intelligent Home Inc.  United States of America   85.5    85.5 
LiquidValue Development Inc.  United States of America   85.4    85.4 
Alset EHome Inc.  United States of America   85.4    85.4 
SeD USA, LLC  United States of America   85.4    85.4 
150 Black Oak GP, Inc.  United States of America   85.4    85.4 
SeD Development USA Inc.  United States of America   85.4    85.4 
150 CCM Black Oak, Ltd.  United States of America   85.4    85.4 
SeD Texas Home, LLC  United States of America   100    100 
SeD Ballenger, LLC  United States of America   85.4    85.4 
SeD Maryland Development, LLC  United States of America   71.4    71.4 
SeD Development Management, LLC  United States of America   72.6    72.6 
SeD Builder, LLC  United States of America   85.4    85.4 
Hapi Metaverse Inc.  United States of America   99.6    99.6 
HotApp BlockChain Pte. Ltd.  Singapore   99.6    99.6 
HotApp International Limited  Hong Kong   99.6    99.6 
SeD REIT Inc.  United States of America   85.4    85.4 
HWH World Inc.  United States of America   73.6    74.6 
HWH World Pte. Ltd.  Singapore   73.6    74.6 
UBeauty Limited  Hong Kong   85.5    85.5 
HWH World Limited  Hong Kong   73.6    74.6 
HWH World Inc.  Korea   73.6    74.6 
Alset Energy Inc.  United States of America   85.5    85.5 
NewRetail-AI Inc.  United States of America   99.6    99.6 
BioHealth Water Inc.  United States of America   85.5    85.5 
Impact BioHealth Pte. Ltd.  Singapore   85.5    85.5 
American Home REIT Inc.  United States of America   100    100 
Alset Solar Inc.  United States of America   68.3    68.3 
HWH KOR Inc.  United States of America   73.6    74.6 
Alset Capital Inc.  United States of America   100    100 
Hapi Cafe Inc. (Texas)  United States of America   73.6    74.6 
HWH (S) Pte. Ltd.  Singapore   85.5    85.5 
LiquidValue Development Pte. Ltd.  Singapore   100    100 
LiquidValue Development Limited  Hong Kong   100    100 
Alset F&B Holdings Pte. Ltd.  Singapore   73.6    74.6 
Credas Capital Pte. Ltd.  Singapore   64.1    64.1 
Credas Capital GmbH  Switzerland   64.1    64.1 
Smart Reward Express Limited  Hong Kong   74.1    74.1 
AHR Texas Two LLC  United States of America   100    100 
AHR Black Oak One LLC  United States of America   85.4    85.4 
AHR Texas Three, LLC  United States of America   100    100 
Hapi Cafe Korea, Inc.  Korea   73.6    74.6 
Alset Management Group Inc.  United States of America   83.5    83.5 
Alset Acquisition Sponsor, LLC  United States of America   93.5    93.5 
HWH International Inc. (f.k.a. Alset Capital Acquisition Corp.)  United States of America   73.6    53.7 
Alset Spac Group Inc.  United States of America   93.5    93.5 
Alset eVehicle Pte. Ltd. (f.k.a. Alset Mining Pte. Ltd.)  Singapore   85.5    85.5 
Hapi Travel Pte. Ltd.  Singapore   73.6    74.6 
Hapi WealthBuilder Pte. Ltd.  Singapore   73.6    74.6 
HWH Marketplace Pte. Ltd.  Singapore   73.6    74.6 
HWH International Inc. (Nevada)  United States of America   73.6    74.6 
Hapi Cafe SG Pte. Ltd.  Singapore   73.6    74.6 
Alset Reits Inc.  United States of America   100    100 
Hapi Metaverse Inc. (Texas)  United States of America   99.6    99.6 
Hapi Cafe Limited  Hong Kong   99.6    99.6 
MOC HK Limited  Hong Kong   99.6    99.6 
AHR Texas Four, LLC  United States of America   100    100 
Alset F&B (PLQ) Pte. Ltd.  Singapore   73.6    74.6 
Hapi Cafe Sdn. Bhd.  Malaysia   73.6    74.6 
Shenzhen Leyouyou Catering Management Co., Ltd.  China   99.6    99.6 
Dongguan Leyouyou Catering Management Co., Ltd.  China   99.6    99.6 
Guangzho Leyouyou Catering Management Co., Ltd.  China   99.6    99.6 
Hapi Travel Ltd.  Hong Kong   99.6    99.6 
Hapi Acquisition Pte. Ltd.  Singapore   99.6    99.6 
Robotic Ai Trade Pte. Ltd.  Singapore   85.5    85.5 
Ketomei Pte Ltd  Singapore   41.0*   - 
Hapi MarketPlace Inc.  United States of America   71.2    - 
Hapi Cafe Co., Ltd.  Taiwan   99.6    - 

 

* Although the Company indirectly holds less than 50% of shares of these entities, the subsidiaries of the Company directly hold more than 50% of shares of these entities, and therefore, they are still consolidated into the Company.

 

F-7
 

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include, but are not limited to, allowance for doubtful accounts, valuation of real estate assets, allocation of development costs and capitalized interest to sold lots, fair value of the investments, the valuation allowance of deferred taxes, and contingencies. Actual results could differ from those estimates.

 

In our property development business, land acquisition costs are allocated to each lot based on the area method, the size of the lot compared to the total size of all lots in the project. Development costs and capitalized interest are allocated to lots sold based on the total expected development and interest costs of the completed project and allocating a percentage of those costs based on the selling price of the sold lot compared to the expected sales values of all lots in the project.

 

If allocation of development costs and capitalized interest based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on area method, the size of the lot compared to the total size of all lots in the project.

 

When the Company purchases properties but does not receive the assessment information from the county, the Company allocates the values between land and building based on the data of similar properties. The Company makes appropriate adjustments once the assessment from the county is received. At the same time, any necessary adjustments to depreciation expense are made in the income statement. On March 31, 2024 and December 31, 2023, the Company adjusted $0 and $951,349 between building and land, respectively. During the three months ended March 31, 2024 and 2023, the Company adjusted depreciation expenses of $0 and $0, respectively.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with a maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents include cash on hand and at the bank and short-term deposits with financial institutions that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in values. There were no cash equivalents as of March 31, 2024 and December 31, 2023.

 

Restricted Cash

 

As a condition to the loan agreement with the Manufacturers and Traders Trust Company (“M&T Bank”), the Company was required to maintain a minimum of $2,600,000 in an interest-bearing account maintained by the lender as additional security for the loans. The fund was required to remain as collateral for the loan and outstanding letters of credit until the loan and letters of credit are paid off in full and the loan agreement is terminated. The loan has expired during 2022 and only letters of credit were outstanding as of March 31, 2024 and December 31, 2023. On March 15, 2022 approximately $2,300,000 was released from collateral. On December 14, 2023 additional $201,751 was released from collateral. As of March 31, 2024 and December 31, 2023, the total balance of this account was $107,793 and $107,767, respectively.

 

The Company puts money into brokerage accounts specifically for equity investment. As of March 31, 2024 and December 31, 2023, the cash balance in these brokerage accounts was $857,541 and $859,799, respectively.

 

Investments held in Trust Account

 

At March 31, 2024 and December 31, 2023, the Company had approximately $0 and $21.0 million, respectively, in investments in treasury securities held in the Trust Account. The funds in the Trust Account were subject to redemption by investors of HWH International Inc. (formerly known as Alset Capital Acquisition Corp.)

 

F-8
 

 

Account Receivables and Allowance for Credit Losses

 

Account receivables is recorded at invoiced amounts net of an allowance for credit losses and do not bear interest. The allowance for credit losses is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The measurement and recognition of credit losses involves the use of judgment. Management’s assessment of expected credit losses includes consideration of current and expected economic conditions, market and industry factors affecting the Company’s customers (including their financial condition), the aging of account balances, historical credit loss experience, customer concentrations, customer creditworthiness, and the existence of sources of payment The Company also establishes an allowance for credit losses for specific receivables when it is probable that the receivable will not be collected and the loss can be reasonably estimated. Account receivables considered uncollectible are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of March 31, 2024 and December 31, 2023, the allowance for credit losses was an immaterial amount. The Company does not have any off-balance sheet credit exposure related to its customers. As of March 31, 2024 and December 31, 2023, the balance of account receivables was $85,427 and $77,517, respectively.

 

Other Receivables

 

Other receivables include developer reimbursements for Lakes at Black Oak project. The Company records an allowance for credit losses based on previous collection experiences, the creditability of the organizations that are supposed to reimburse us, the forecasts from the third-party engineering company and Moody’s credit ratings. The allowance amount for these reimbursements was immaterial at March 31, 2024 and December 31, 2023.

 

On January 9, 2024, the Company sold 1,600,000 shares of HWH International Inc. (“HWH”) to two investors (800,000 shares to each). The consideration for each of the two purchases of stock is $8,000,000 to be paid through the issuance of a promissory note at the purchase price of $10 per share. These promissory notes carry interest of 1.5% and have maturity dates two years from the date of the notes. Each investor also entered into a Security Agreement. Security interest in the brokerage account into which each investor deposited the Shares (the “Collateral”) shall in each case serve as security for the Company’s repayment of their respective promissory note, and repossession of such Collateral by the Company shall be the sole recourse for non-payment. As of March 31, 2023, the share price of HWH’s stock is $0.95. The Company does not expect that investors will repay the promissory notes when due, as the value of the shares is significantly lower than the original purchase price of $10 per share. The Company expects that all the shares will be returned to the Company at the notes’ maturity date and the notes will be canceled as well. Accordingly, the Company has not recognized the receivable or any gain or loss related to the transaction.

 

Inventories

 

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method and includes all costs in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. As of March 31, 2024 and December 31, 2023, inventory consisted of finished goods from subsidiaries of HWH International Inc. and Hapi Metaverse Inc. The Company continuously evaluates the need for reserve for obsolescence and possible price concessions required to write-down inventories to net realizable value.

 

Investment Securities

 

Investment Securities at Fair Value

 

The Company records all equity investments with readily determinable fair values at fair value calculated by the publicly traded stock price at the close of the reporting period. Amarantus BioScience Holdings (“AMBS”) and Holista CollTech Limited (“Holista”) are publicly traded companies. The Company does not have significant influence over AMBS and Holista, as the Company holds approximately 4.3% and 13% of the common shares of AMBS and Holista, respectively.

 

On April 12, 2021 the Company acquired 6,500,000 common shares of Value Exchange International, Inc. (“Value Exchange International” or “VEII”), an OTC listed company, for an aggregate subscription price of $650,000. On October 17, 2022 the Company purchased additional 7,276,163 common shares of Value Exchange International for an aggregate purchase price of $1,743,734. On September 6, 2023 the Company converted $1,300,000 of VEII loan into 7,344,632 common shares. After these transactions the Company owns approximately 48.7% of Value Exchange International and exercises significant influence over it. Our Chief Executive Officer, Chan Heng Fai, is also an owner of the common stock of Value Exchange International (not including any common shares we hold). Additionally, certain members of our board of directors serve as directors of Value Exchange International. The stock’s fair value is determined by quoted stock prices.

 

F-9
 

 

On March 20, 2024, HWH International Inc., a subsidiary of the Company (“HWH”), entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with SHRG, pursuant to which HWH purchased from SHRG a (i) Convertible Promissory Note in the amount of $250,000, convertible into 208,333,333 shares of SHRG’s common stock at the option of HWH, and (ii) certain warrants exercisable into 208,333,333 shares of SHRG’s common stock at an exercise price of $0.0012 per share, the exercise period of the warrant being five (5) years from the date of the Securities Purchase Agreement, for an aggregate purchase price of $250,000. At the time of filing, HWH has not converted any of the debt contemplated by the Convertible Note nor exercised any of the warrants.

 

The Company has a portfolio of trading securities. The objective is to generate profits on short-term differences in market prices. The Company does not have significant influence over any trading securities in our portfolio and fair value of these trading securities are determined by quoted stock prices.

 

The Company has elected the fair value option for the equity securities noted below that would otherwise be accounted for under the equity method of accounting. DSS, Inc. (“DSS”), New Electric CV Corporation (“NECV”), Value Exchange International Inc. and Sharing Services Global Corp. (“SHRG”) are publicly traded companies and fair value is determined by quoted stock prices. The Company has significant influence but does not have a controlling interest in these investments, and therefore, the Company’s investment could be accounted for under the equity method of accounting or elect fair value accounting.

 

  The Company has significant influence over DSS. As of March 31, 2024 and December, 2023, the Company owned approximately 44.4% and 44.4% of the common stock of DSS, respectively. Our CEO is a stockholder and the Chairman of the Board of Directors of DSS. Chan Tung Moe, our Co-Chief Executive Officer and the son of Chan Heng Fai, is also a director of DSS. William Wu, Wong Shui Yeung and Joanne Wong Hiu Pan, directors of the Company, are each also directors of DSS.
     
  The Company has significant influence over NECV as the Company holds approximately 0.5% of the common shares of NECV and one employee from the Company holds a director position on NECV’s Board of Directors.
     
  The Company has significant influence over Value Exchange International as the Company holds approximately 48.7% of the common shares of VEII. Mr. Chan and another member of the Board of Directors of Hapi Metaverse Inc., Lum Kan Fai Vincent, are both members of the Board of Directors of VEII. In addition to Mr. Chan, two other members of the Board of Directors of Alset Inc. are also members of the Board of Directors of VEII (Wong Shui Yeung and Wong Tat Keung).
     
  The Company has significant influence over SHRG as the Company holds approximately 33.4% of the common shares of SHRG and our CEO holds a director position on SHRG’s Board of Directors. Additionally, our CEO is a significant stockholder of SHRG shares.

 

On August 8, 2023, DSS Inc. distributed shares of Impact Biomedical Inc. (“Impact”), beneficially held by DSS, in the form of a dividend to the shareholders of DSS common stock. As a result of this distribution, the Company and its majority owned subsidiaries received 4,568,165 shares of Impact, representing 6.5% of the issued and outstanding shares of Impact Common Stock. Each share of Impact distributed as part of the distribution is not eligible for resale until 180 days from the date Impact’s initial public offering becomes effective under the Securities Act, subject to the discretion of DSS to lift the restriction sooner. As of March 31, 2024 and December 31, 2023, Impact was a startup private company. Based on the management’s analysis, the fair value of Impact shares was approximately $0 at the distribution date and as of March 31, 2024 and December 31, 2023.

 

F-10
 

 

Investment Securities at Cost

 

Investments in equity securities without readily determinable fair values are measured at cost minus impairment adjusted by observable price changes in orderly transactions for the identical or a similar investment of the same issuer. These investments are measured at fair value on a nonrecurring basis when there are events or changes in circumstances that may have a significant adverse effect. An impairment loss is recognized in the consolidated statements of comprehensive income equal to the amount by which the carrying value exceeds the fair value of the investment.

 

On September 8, 2020, the Company acquired 1,666 shares, approximately 1.45% ownership, from Nervotec Pte Ltd (“Nervotec”), a private company, at the purchase price of $37,826. The Company applied ASC 321 and measured Nervotec at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

 

On September 30, 2020, the Company acquired 3,800 shares, approximately 19% ownership, from HWH World Company Limited (f.k.a. Hyten Global (Thailand) Co., Ltd.) (“HWH World Co.”), a private company, at a purchase price of $42,562. The Company’s subsidiary holding equity in HWH World Co. was sold on December 31, 2023.

 

During 2021, the Company invested $19,609 in K Beauty Research Lab Co., Ltd (“K Beauty”) for 18% ownership. K Beauty was established for sourcing, developing and producing variety of Korea-made beauty products as well as Korea - originated beauty contents for the purpose of distribution to HWH’s membership distribution channel.

 

There has been no indication of impairment or changes in observable prices via transactions of similar securities and investments are still carried at cost.

 

Equity Method Investment

 

The Company accounts for equity investment in entities with significant influence under equity-method accounting. Under this method, the Group’s pro rata share of income (loss) from investment is recognized in the condensed consolidated statements of comprehensive income. Dividends received reduce the carrying amount of the investment. When the Company’s share of loss in an equity-method investee equals or exceeds its carrying value of the investment in that entity, the equity method investment can be reduced below zero based on losses, if the Company either is liable for the obligations of the investee or provides for losses in excess of the investment when imminent return to profitable operations by the investee appears to be assured. Otherwise, the Company does not recognize its share of equity method losses exceeding its carrying amount of the investment, but discloses the losses in the footnotes. Equity-method investment is reviewed for impairment by assessing if the decline in market value of the investment below the carrying value is other-than-temporary. In making this determination, factors are evaluated in determining whether a loss in value should be recognized. These include consideration of the intent and ability of the Group to hold investment and the ability of the investee to sustain an earnings capacity, justifying the carrying amount of the investment. Impairment losses are recognized in other expense when a decline in value is deemed to be other-than-temporary.

 

American Medical REIT Inc.

 

LiquidValue Asset Management Pte. Ltd. (“LiquidValue”), a subsidiary of the Company, owns 15.8% of American Medical REIT Inc. (“AMRE”) as of March 31, 2024, a company concentrating on medical real estate. AMRE acquires state-of-the-art, purpose-built healthcare facilities and leases them to leading clinical operators with dominant market share under secure triple net leases. AMRE targets hospitals (both Critical Access and Specialty Surgical), Physician Group Practices, Ambulatory Surgical Centers, and other licensed medical treatment facilities. Chan Heng Fai, our Chairman and CEO, is the executive chairman and director of AMRE. DSS, of which we own 44.4% and have significant influence over, owns 80.8% of AMRE. Therefore, the Company has significant influence on AMRE.

 

American Pacific Financial, Inc.

 

Pursuant to Securities Purchase Agreement from March 12, 2021 the Company purchased 4,775,523 shares of the common stock of American Pacific Financial, Inc., formerly known as American Pacific Bancorp, Inc. (“APF”) and gained majority ownership in that entity. APF was consolidated into the Company under common control accounting. On September 8, 2021 APF sold 6,666,700 shares Series A Common Stock to DSS, Inc. for $40,000,200 cash. As a result of the new share issuances, the Company’s ownership percentage of APF fell below 50% to 41.3% (and subsequently to 36.9%) and the entity was deconsolidated in accordance with ASC 810-10. Upon deconsolidation the Company elected to apply the equity method accounting as the Company still retained significant influence over APF. During the three months ended March 31, 2024 and 2023, the investment loss was $1,079,937 and $17,749, respectively. As of March 31, 2024 and December 31, 2023, the investment in APF was $6,346,453 and $7,426,390, respectively.

 

F-11
 

 

Ketomei Pte Ltd

 

On June 10, 2021 the Company’s indirect subsidiary Hapi Café Inc. (“HCI-T” or “Hapi Café”) lent $76,723 to Ketomei Pte. Ltd. (“Ketomei”). On March 21, 2022 HCI-T entered into an agreement pursuant to which the principal of the loan together with accrued interest were converted into an investment in Ketomei. At the same time, Hapi Cafe invested an additional $179,595 in Ketomei. After the conversion and fund investment HCI-T held 28% of Ketomei as of December 31, 2023. Ketomei is in the business of selling cooked food and drinks. At December 31, 2023, the Company wrote off the investment in Ketomei of $121,471, as the Company does not believe it will be able to recover this investment. On February 20, 2024, Hapi Cafe invested $312,064 for an additional 38.41% ownership interest in Ketomei by converting $312,064 of convertible loan. The loan was impaired at the year ended of December 31, 2023, therefore, $312,064 was transferred from impairment of convertible loan to impairment of equity method investment. After this additional investment, Hapi Cafe owns 55.65% (the Company owns indirectly 41%) of Ketomei’s outstanding shares and Ketomei is consolidated into the financial statements of the Company beginning on February 20, 2024.

 

Sentinel Brokers Company Inc.

 

On May 22, 2023 the Company’s indirect subsidiary, SeD Capital Pte Ltd (“SeD Capital”), entered into a Stock Purchase Agreement, pursuant to which SeD Capital purchased 39.8 shares (11.6%) of the Common Stock of Sentinel Brokers Company Inc. (“Sentinel”) for the aggregate purchase price of $279,719. Sentinel is a broker-dealer operating primarily as a fiduciary intermediary, facilitating institutional trading of municipal and corporate bonds as well as preferred stock, and is registered with the Securities and Exchange Commission, is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”), and is a member of the Securities Investor Protection Corporation (“SIPC”). The Company has significant influence over Sentinel as its CEO holds a director position on Sentinel’s Board of Directors. Additionally, DSS, of which we own 44.4% and have significant influence over, owns 80.1% of Sentinel. During the three months ended March 31, 2024 and 2023 the investment loss in Sentinel was $26,737 and $0, respectively. Investment in Sentinel was $98,027 and $124,763 at March 31, 2024 and December 31, 2023, respectively.

 

Investment in Debt Securities

 

Debt securities are reported at fair value, with unrealized gains and losses (other than impairment losses) recognized in accumulated other comprehensive income or loss. Realized gains and losses on debt securities are recognized in the net income in the consolidated statements of comprehensive income. The Company monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information.

 

On February 26, 2021, the Company invested approximately $88,599 in the convertible note of Vector Com Co., Ltd (“Vector Com”), a private company in South Korea. The interest rate is 2% per annum. The conversion price is approximately $21.26 per common share of Vector Com. As of December 31, 2023, the Management estimated the fair value of the note to be $88,599. The Company wrote off this loan at March 31, 2024.

 

Variable Interest Entity

 

Under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810, Consolidation, when a reporting entity is the primary beneficiary of an entity that is a variable interest entity (“VIE”), as defined in ASC 810, the VIE must be consolidated into the financial statements of the reporting entity. The determination of which owner is the primary beneficiary of a VIE requires management to make significant estimates and judgments about the rights, obligations, and economic interests of each interest holder in the VIE.

 

The Company evaluates its interests in VIEs on an ongoing basis and consolidates any VIE in which it has a controlling financial interest and is deemed to be the primary beneficiary. A controlling financial interest has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact its economic performance; and (ii) the obligation to absorb losses of the VIE that could potentially be significant to it or the right to receive benefits from the VIE that could be significant to the VIE.

 

Real Estate Assets

 

Real estate assets are recorded at cost, except when real estate assets are acquired that meet the definition of a business combination in accordance with FASB ASC 805 - “Business Combinations”, which acquired assets are recorded at fair value. Interest, property taxes, insurance and other incremental costs (including salaries) directly related to a project are capitalized during the construction period of major facilities and land improvements. The capitalization period begins when activities to develop the parcel commence and ends when the asset constructed is completed. The capitalized costs are recorded as part of the asset to which they relate and are reduced when lots are sold.

 

F-12
 

 

The Company capitalized construction costs of approximately $3 million and $2.5 million for the three months ended March 31, 2024 and 2023, respectively.

 

The Company’s policy is to obtain an independent third-party valuation for each major project in the United States as part of our assessment of identifying potential triggering events for impairment. Management may use the market comparison method to value other relatively small projects. In addition to the annual assessment of potential triggering events in accordance with ASC 360 – Property Plant and Equipment (“ASC 360”), the Company applies a fair value-based impairment test to the net book value assets on an annual basis and on an interim basis if certain events or circumstances indicate that an impairment loss may have occurred.

 

The Company did not record impairment on any of its projects during the three months ended on March 31, 2024 and 2023.

 

Properties under development

 

Properties under development are properties being constructed for sale in the ordinary course of business, rather than to be held for the Company’s own use, rental or capital appreciation.