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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, 2022

 

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 EHome International Inc.

(Exact name of registrant as specified in its charter)

 

nevada   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 13, 2022, there were 113,187,898 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, 2022 and December 31, 2021 F-1
   
Condensed Consolidated Statements of Operations and Other Comprehensive Loss - Three Months Ended March 31, 2022 and 2021 F-2
   
Condensed Consolidated Statements of Stockholders’ Equity – Three Months Ended March 31, 2022 and 2021 F-3
   
Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2022 and 2021 F-4
   
Notes to Condensed Consolidated Financial Statements F-5 – F-33
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 3
   
Item 3. Quantitative and Qualitative Disclosure About Market Risk 10
   
Item 4. Controls and Procedures 10
   
PART II OTHER INFORMATION 10
   
Item 1. Legal Proceedings 10
   
Item 1A. Risk Factors 10
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 11
   
Item 3. Defaults Upon Senior Securities 11
   
Item 4. Mine Safety Disclosures 11
   
Item 5. Other Information 11
   
Item 6. Exhibits 11
   
SIGNATURES 13

 

 
 

 

Part I. Financial Information

 

Item 1. Financial Statements.

 

Alset EHome International Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

 

    March 31, 2022     December 31, 2021  
Assets:                
Current Assets:                
Cash   $ 51,520,971     $ 56,061,309  
Restricted Cash     2,525,182       4,740,870  
Account Receivables, Net     90,407       39,622  
Other Receivables     264,587       334,788  
Note Receivables - Related Parties     13,281,867       12,792,671  
Prepaid Expense     523,382       1,202,451  
Inventory     35,582       47,290  
Investment in Securities at Fair Value     50,791,684       36,337,023  
Investment in Securities at Cost     99,216       99,216  
Investment in Securities at Equity Method     31,766,187       30,801,129  
Deposit     257,452       275,204  
Total Current Assets     151,156,517       142,731,573  
                 
Real Estate                
Rental Properties     25,402,436       24,820,253  
Properties under Development     15,449,370       15,695,127  
Operating Lease Right-Of-Use Asset     502,552       659,620  
Deposit     39,653       39,653  
Property and Equipment, Net     280,059       263,917  
Total Assets   $ 192,830,587     $ 184,210,143  
                 
Liabilities and Stockholders’ Equity:                
Current Liabilities:                
Accounts Payable and Accrued Expenses   $ 2,501,071     $ 11,341,789  
Deferred Revenue     220,015       728,343  
Builder Deposits     -       31,553  
Operating Lease Liability     168,145       283,989  
Notes Payable     151,310       317,671  
Notes Payable - Related Parties     950,459       833,658  
Total Current Liabilities     3,991,000       13,537,003  
                 
Long-Term Liabilities:                
Operating Lease Liability     345,506       383,354  
Total Liabilities     4,336,506       13,920,357  
               
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; 113,187,898 and 87,368,446 shares issued and outstanding on March 31, 2022 and December 31, 2021, respectively     113,188       87,368  
Additional Paid in Capital     320,404,965       296,181,977  
Accumulated Deficit     (154,700,759 )     (148,233,473 )
Accumulated Other Comprehensive Income     293,721       341,646  
Total Alset EHome International Stockholders’ Equity     166,111,115       148,377,518  
Non-controlling Interests     22,382,966       21,912,268  
Total Stockholders’ Equity     188,494,081       170,289,786  
                 
Total Liabilities and Stockholders’ Equity   $ 192,830,587     $ 184,210,143  

 

See accompanying notes to condensed consolidated unaudited financial statements.

 

F- 1
 

 

Alset EHome International Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Other Comprehensive Loss

For the Three Months Ended March 31, 2022 and 2021

(Unaudited)

 

    2022     2021  
             
Revenue                
Rental   $ 232,582     $ -  
Property     1,041,524       3,894,131  
Biohealth     617,471       1,712,783  
Other     60,660       -  
Total Revenue     1,952,237       5,606,914  
Operating Expenses                
Cost of Revenue     1,114,550       3,697,854  
General and Administrative     2,491,228       2,312,505  
Total Operating Expenses     3,605,778       6,010,359  
                 
Operating Losses from Operations     (1,653,541 )     (403,445 )
                 
Other Income (Expense)                
Interest Income     172,400       30,632  
Interest Expense     -       (53,582 )
Foreign Exchange Transaction Gain     408,095       1,462,697  
Unrealized Loss on Securities Investment     (3,899,015 )     (9,535,009 )
Realized Loss on Securities Investment     (3,436,783 )     (258,245 )
Loss on Investment on Security by Equity Method     (136,380 )     (24,847 )
Finance Costs     (448,008 )     (582,868 )
Other Income     1,284,893       11,256  
Total Other Expense, Net     (6,054,798 )     (8,949,966 )
                 
Net Loss Income Before Income Taxes     (7,708,339 )     (9,353,411 )
                 
Income Tax Expense     (222,114 )     (451,337 )
                 
Net Loss     (7,930,453 )     (9,804,748 )
                 
Net Loss Attributable to Non-Controlling Interest     (1,463,167 )     (3,569,112 )
                 
Net Loss Attributable to Common Stockholders   $ (6,467,286 )   $ (6,235,636 )
                 
Other Comprehensive Loss, Net                
Unrealized Loss on Securities Investment     (9,123 )     (1,987 )
Foreign Currency Translation Adjustment     (649,140 )     (1,769,440 )
Comprehensive Loss     (8,588,716 )     (11,576,175 )
                 
Comprehensive Loss Attributable to Non-controlling Interests     (1,085,395 )     (4,328,924 )
                 
Comprehensive Loss Attributable to Common Stockholders   $ (7,503,321 )   $ (7,247,251 )
                 
Net Loss Per Share - Basic and Diluted   $ (0.07 )   $ (0.73 )
                 
Weighted Average Common Shares Outstanding - Basic and Diluted     99,184,657       8,572,222  

 

See accompanying notes to condensed consolidated unaudited financial statements.

 

F- 2
 

 

Alset EHome International Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

For the Three Months Ended March 31, 2022

(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 EHome International Stockholders’ Equity     Non-Controlling Interests     Total Stockholders’ Equity  
Balance at January 1, 2022     -     $ -       -     $ -       87,368,446     $ 87,368     $ 296,181,977     $ 341,646     $ (148,233,473 )   $ 148,377,518     $ 21,912,268     $ 170,289,786  
                                                                                                 
Issuance of Stock by Exercising Warrants     -       -       -       -       15,819,452       15,820       (11,925 )     -       -       3,895       -       3,895  
                                                                                                 
Convert Related Party Note to Common Stock     -       -       -       -       10,000,000       10,000       6,203,000       -       -       6,213,000       -       6,213,000  
                                                                                                 
Deconsolidate Alset Capital Acquisition     -       -       -       -       -       -       17,160,800       -       -       17,160,800       2,227,744       19,388,544  
                                                                                                 
Gain from Purchase of DSS Stock     -       -       -       -       -       -       737,572       -       -       737,572       -       737,572  
                                                                                                 
Beneficial Conversion Feature Intrinsic Value, Net     -       -       -       -       -       -       450,000       -       -       450,000       -       450,000  
                                                                                                 
Change in Non-Controlling Interests     -       -       -       -       -       -       (316,459 )     459,069       -       142,610       (142,610 )     -  
                                                                                                 
Change in Unrealized Loss on Investment     -       -       -       -       -       -       -       (7,027 )     -       (7,027 )     (2,096 )     (9,123 )
                                                                                                 
Foreign Currency Translations     -       -       -       -       -       -       -       (499,967 )     -       (499,967 )     (149,173 )     (649,140 )
                                                                                                 
Net Loss     -       -       -       -       -       -       -       -       (6,467,286 )     (6,467,286 )     (1,463,167 )     (7,930,453 )
                                                                                                 
Balance at March 31, 2022     -     $ -       -     $ -       113,187,898     $ 113,188     $ 320,404,965     $ 293,721     $ (154,700,759 )   $ 166,111,115     $ 22,382,966     $ 188,494,081  

 

Alset EHome International Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

For the Three Months Ended March 31, 2021

(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 EHome International Stockholders’ Equity     Non-Controlling Interests     Total Stockholders’ Equity  
Balance at January 1, 2021 (As Combined)     -     $ -       -     $ -       8,570,000     $ 8,570     $ 102,339,666     $ 2,143,338     $ (44,793,713 )   $ 59,697,861     $ 37,980,325     $ 97,678,186  
                                                                                                 
Issuance of Stock for Services     -                -                10,000       10       60,890                       60,900               60,900  
                                                                                                 
Transactions under Common Control     -                -                -                (57,190,499 )                     (57,190,499 )             (57,190,499 )
                                                                                                 
Sale of Vivacitas to Related Party     -                -                -                2,279,872                       2,279,872               2,279,872  
                                                                                                 
Purchase Stock of True Partner from Related Party     -                -                -                3,274,060                       3,274,060               3,274,060  
                                                                                                 
Beneficial Conversion Feature Intrinsic Value, Net     -                -                -                50,770,192                       50,770,192               50,770,192  
                                                                                                 
Subsidiary’s Issuance of Stock     -                -                -                46,099                       46,099       34,677       80,776  
                                                                                                 
Proceeds from Selling Subsidiary Equity     -                                                142,675                       142,675       107,325       250,000  
                                                                                                 
Change in Non-Controlling Interest     -                                                76,412       (39,067 )             37,345       (37,345 )     -  
                                                                                                 
Change in Unrealized Gain on Investment     -                                                        (1,135 )             (1,135 )     (852 )     (1,987 )
                                                                                                 
Foreign Currency Translations     -                                                        (1,010,527 )             (1,010,527 )     (758,913 )     (1,769,440 )
                                                                                                 
Distribution to Non-Controlling Shareholders     -                                                                                (82,250 )     (82,250 )
                                                                                                 
Net Loss     -                -        -        -                -        -        (6,235,636 )     (6,235,636 )     (3,569,112 )     (9,804,748 )
                                                                                                 
Balance at March 31, 2021     -     $ -       -     $ -       8,580,000     $ 8,580     $ 101,799,367     $ 1,092,609     $ (51,029,349 )   $ 51,871,207     $ 33,673,855     $ 85,545,062  

 

See accompanying notes to condensed consolidated unaudited financial statements.

 

F- 3
 

 

Alset EHome International Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2022 and 2021

(Unaudited)

 

    2022     2021  
             
Cash Flows from Operating Activities                
Net Loss from Operations   $ (7,930,453 )   $ (9,804,748 )
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:                
Depreciation     13,580       7,873  
Amortization of Right-Of-Use Asset     157,068       81,013  
Amortization of Debt Discount     450,000       553,961  
Shared-based Compensation & Expense     -       134,192  
Foreign Exchange Transaction Gain     (408,630 )     (1,462,697 )
Unrealized Loss on Securities Investment     3,899,015       9,548,251  
Realized Loss on Securities Investment     3,436,783       -  
Loss on Equity Method Investment     133,983       24,847  
Changes in Operating Assets and Liabilities                
Real Estate     (336,426 )     441,764  
Account Receivables     19,416       203,816  
Prepaid Expense     679,069       (1,458,620 )
Trading Securities     4,068,011       (2,452,754 )
Inventory     10,902       77,709  
Accounts Payable and Accrued Expenses     (8,792,327 )     596,355  
Accrued Interest - Related Parties     -       41,239  
Deferred Revenue     (508,328 )     563,667  
Operating Lease Liability     (153,692 )     (66,954 )
Builder Deposits     (31,553 )     (333,771 )
Net Cash Used in Operating Activities     (5,293,582 )     (3,304,857 )
                 
Cash Flows from Investing Activities                
Purchase of Fixed Assets     (3,665 )     (3,767 )
Purchase of Real Estate Properties     (722,817 )     -  
Purchase of Investment Securities     (6,585,294 )     (108,208 )
Sales of Investment Securities to Related Party     -       2,480,000  
Promissory Note to Related Party     -       (15,489 )
Net Cash (Used in) Provided by Investing Activities     (7,311,776 )     2,352,536  
                 
Cash Flows from Financing Activities                
Conversion of Related Party Note to Common Stock     6,213,000       -  
Proceeds from Exercise of Subsidiary Warrants     -       7,484  
Proceeds from Sale of Subsidiary Shares     -       250,000  
Borrowing from PPP Loan     -       68,502  
Distribution to Non-controlling Interest Shareholders     -       (82,250 )
Repayment to Notes Payable     (168,360 )     -  
Repayment to Notes Payable - Related Parties     -       (1,200,000 )
Net Cash Provided by (Used in) Financing Activities     6,044,640       (956,264 )
                 
Net Decrease in Cash and Restricted Cash     (6,560,718 )     (1,908,585 )
Effects of Foreign Exchange Rates on Cash     (195,308 )     (31,788 )
Cash and Restricted Cash - Beginning of Year     60,802,179       31,235,456  
Cash and Restricted Cash- End of Period   $ 54,046,153     $ 29,295,083  
                 
Supplementary Cash Flow Information                
Cash Paid for Interest   $ 1,524     $ 6,627  
Cash Paid for Taxes   $ -     $ 45,410  
                 
Supplemental Disclosure of Non-Cash Investing and Financing Activities                
Unrealized Gain (Loss) on Investment   $ 728,449     $ (1,987 )
Initial Recognition of ROU / Lease Liability   $ -     $ 256,928  
Acquiring True Partner Stock   $ -     $ 10,003,689  
Sale of Investment in Vivacitas to Related Party   $ -     $ 2,279,872  
Deconsolidate Alset Capital Acquisition   $ 19,388,544     $ -  
Intrinsic Value of BCF   $ 450,000     $ -  
Issuance of Stock by Exercising Warrants   $ 3,895     $ -  
Transactions under Common Control   $ -     $ 57,190,499  

 

See accompanying notes to condensed consolidated unaudited financial statements.

 

F- 4
 

 

Alset EHome International Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

For the Three Months Ended March 31, 2022 and 2021

(Unaudited)

 

1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Operations

 

Alset EHome International Inc. (the “Company” or “AEI”), formerly known as HF Enterprises Inc., was incorporated in the State of Delaware on March 7, 2018 and 1,000 shares of common stock was issued to Chan Heng Fai, the founder, Chairman and Chief Executive Officer of the Company. 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 and South Korea. The Company manages its principal businesses primarily through its subsidiary, Alset International Limited (“Alset International”, f.k.a. Singapore eDevelopment Limited), a company publicly 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, 2022 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, 2021 filed on March 31, 2022.

 

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.

 

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, 2022 and December 31, 2021, as follows:

 

        Attributable interest as of,  
Name of subsidiary consolidated under AEI   State or other jurisdiction of incorporation or organization   March 31, 2022     December 31, 2021  
          %       %  
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     77.0       76.8  
Singapore Construction & Development Pte. Ltd.   Singapore     77.0       76.8  
Art eStudio Pte. Ltd.   Singapore     39.3 *     39.2 *
Singapore Construction Pte. Ltd.   Singapore     77.0       76.8  
Global BioMedical Pte. Ltd.   Singapore     77.0       76.8  
Alset Innovation Pte. Ltd.   Singapore     77.0       76.8  
Health Wealth Happiness Pte. Ltd.   Singapore     77.0       76.8  
SeD Capital Pte. Ltd.   Singapore     77.0       76.8  
LiquidValue Asset Management Pte. Ltd.   Singapore     77.0       76.8  
Alset Solar Limited   Hong Kong     77.0       76.8  
Alset F&B One Pte. Ltd   Singapore     69.3       69.2  
Global TechFund of Fund Pte. Ltd.   Singapore     77.0       76.8  
Singapore eChainLogistic Pte. Ltd.   Singapore     77.0       76.8  
BMI Capital Partners International Limited.   Hong Kong     77.0       76.8  
SeD Perth Pty. Ltd.   Australia     77.0       76.8  
SeD Intelligent Home Inc.   United States of America     77.0       76.8  
LiquidValue Development Inc.   United States of America     77.0       76.8  
Alset EHome Inc.   United States of America     77.0       76.8  
SeD USA, LLC   United States of America     77.0       76.8  
150 Black Oak GP, Inc.   United States of America     77.0       76.8  
SeD Development USA Inc.   United States of America     77.0       76.8  
150 CCM Black Oak, Ltd.   United States of America     77.0       76.8  
SeD Texas Home, LLC   United States of America     77.0       76.8  
SeD Ballenger, LLC   United States of America     77.0       76.8  
SeD Maryland Development, LLC   United States of America     64.3       64.2  
SeD Development Management, LLC   United States of America     65.5       65.3  
SeD Builder, LLC   United States of America     77.0       76.8  
GigWorld Inc.   United States of America     76.8       76.6  
HotApp BlockChain Pte. Ltd.   Singapore     76.8       76.6  
HotApp International Limited   Hong Kong     76.8       76.6  
HWH International, Inc. (Delaware)   United States of America     77.0       76.8  
Health Wealth & Happiness Inc.   United States of America     77.0       76.8  

 

F- 5
 

 

HWH Multi-Strategy Investment, Inc.   United States of America     77.0       76.8  
SeD REIT Inc.   United States of America     77.0       76.8  
Gig Stablecoin Inc.   United States of America     76.8       76.6  
HWH World Inc.   United States of America     76.8       76.6  
HWH World Pte. Ltd.   Singapore     76.8       76.6  
UBeauty Limited   Hong Kong     77.0       76.8  
WeBeauty Korea Inc   Korea     77.0       76.8  
HWH World Limited   Hong Kong     77.0       76.8  
HWH World Inc.   Korea     77.0       76.8  
Alset BioHealth Pte. Ltd.   Singapore     77.0       76.8  
Alset Energy Pte. Ltd.   Singapore     77.0       76.8  
Alset Payment Inc. (now known as GDC REIT Inc.)   United States of America     77.0       76.8  
Alset World Pte. Ltd.   Singapore     77.0       76.8  
BioHealth Water Inc.   United States of America     77.0       76.8  
Impact BioHealth Pte. Ltd.   Singapore     77.0       76.8  
American Home REIT Inc.   United States of America     77.0       76.8  
Alset Solar Inc.   United States of America     61.6       61.5  
HWH KOR Inc.   United States of America     77.0       76.8  
Open House Inc.   United States of America     77.0       76.8  
Open Rental Inc.   United States of America     77.0       76.8  
Hapi Cafe Inc. (Nevada)   United States of America     77.0       76.8  
Global Solar REIT Inc.   United States of America     77.0       76.8  
OpenBiz Inc.   United States of America     77.0       76.8  
Hapi Cafe Inc. (Texas)   United States of America     100       100  
HWH (S) Pte. Ltd.   Singapore     77.0       76.8  
True Partner International Limited   Hong Kong     100       100  
LiquidValue Development Pte. Ltd.   Singapore     100       100  
LiquidValue Development Limited   Hong Kong     100       100  
EPowerTech Inc.   United States of America     100       100  
Alset EPower Inc.   United States of America     100       100  
AHR Asset Management Inc.   United States of America     77.0       76.8  
HWH World Inc. (Nevada)   United States of America     77.0       76.8  
Alset F&B Holdings Pte. Ltd.   Singapore     77.0       76.8  
Credas Capital Pte. Ltd.   Singapore     38.5 *     38.4 *
Credas Capital GmbH   Switzerland     38.5 *     38.4 *
Smart Reward Express Limited   Hong Kong     38.4 *     38.3 *
Partners HWH Pte. Ltd.   Singapore     77.0       76.8  
AHR Texas Two LLC   United States of America     77.0       76.8  
AHR Black Oak One LLC   United States of America     77.0       76.8  
Hapi Air Inc.   United States of America     88.5       88.4  
AHR Texas Three, LLC   United States of America     77.0       76.8  
Alset Capital Pte. Ltd.   Singapore     100       100  
Hapi Cafe Korea, Inc.   Korea     100       100  
Green Energy Inc.   United States of America     100       100  
Green Energy Management Inc.   United States of America     100       100  
Alset Metaverse Inc.   United States of America     95.6       95.6  
Alset Management Group Inc.   United States of America     79.7       88.2  
Alset Acquisition Sponsor, LLC   United States of America     79.7       79.6  
Alset Capital Acquisition Corp.   United States of America     23.4       79.6  
Alset Spac Group Inc.   United States of America     79.7       79.6  
Alset Mining Pte. Ltd.   Singapore     77.0       -  
Alset Inc.   United States of America     100       -  
Hapi Travel Pte. Ltd.   Singapore     77.0       -  
Hapi WealthBuilder Pte. Ltd.   Singapore     77.0       -  

 

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

 

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.

 

F- 6
 

 

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.

 

Transactions between Entities under Common Control

 

On March 12, 2021, the Company entered into a Securities Purchase Agreement (the “SPA”) with Chan Heng Fai, the founder, Chairman and Chief Executive Officer of the Company, for four proposed transactions, consisting of (i) purchase of certain warrants (the “Warrants”) to purchase 1,500,000,000 shares of Alset International Limited, which was valued at $28,363,966; (ii) purchase of all of the issued and outstanding stock of LiquidValue Development Pte Ltd. (“LVD”), which was valued at $173,395; (iii) purchase of 62,122,908 ordinary shares in True Partner Capital Holding Limited (HKG: 8657) (“True Partner”), which was valued at $6,729,629; and (iv) purchase of 4,775,523 shares of the common stock of American Pacific Bancorp Inc. (“APB”), which was valued at $28,653,138. The total amount of above four transactions was $63,920,129, payable on the Closing Date by the Company, in the convertible promissory notes (“Alset CPNs”), which, subject to the terms and conditions of the Alset CPNs and the Company’s shareholder approval, shall be convertible into shares of the Company’s common stock (“AEI Common Stock”), par value $0.001 per share, at the conversion price of AEI’s Stock Market Price. AEI’s Stock Market Price shall be $5.59 per share, equivalent to the average of the five closing per share prices of AEI’s Common Stock preceding January 4, 2021 as quoted by Bloomberg L.P. The above four acquisitions from Chan Heng Fai were transactions between entities under common control.

 

On October 15, 2020, American Pacific Bancorp (which subsequently became a majority-owned subsidiary of the Company) entered into an acquisition agreement to acquire 3,500,001 common shares of HengFeng Finance Limited (“HFL”), representing 100% of the common shares of HFL, in consideration for $1,500,000, to be satisfied by the issuance and allotment of 250,000 shares of the Class A Common Stock of American Pacific Bancorp. HFL is incorporated in Hong Kong with limited liability. The principal activities of HFL are money lending, securities trading and investment. This transaction closed on April 21, 2021. This transaction between the Company and Chan Heng Fai is under common control of Chan Heng Fai.

 

The common control transactions resulted in the following basis of accounting for the financial reporting periods:

 

  The acquisition of the Warrants and True Partner stock were accounted for prospectively as of March 12, 2021 and they did not represent a change in reporting entity.
  The acquisition of LVD, APB and HFL was under common control and was consolidated in accordance with ASC 850-50. The consolidated financial statements were retrospectively adjusted for the acquisition of LVD, APB and HFL, and the operating results of LVD, APB and HFL as of January 1, 2020 for comparative purposes.

 

AEI’s stock price was $10.03 on March 12, 2021, the commitment date. The Beneficial Conversion Feature (“BCF”) intrinsic value was $50,770,192 for the four convertible promissory notes and was recorded as debt discount of convertible notes after these transactions. The debt discount attributable to the BCF is amortized over period from issuance to the date that the debt becomes convertible using the effective interest method. If the debt is converted, the discount is amortized to finance cost in full immediately. On May 13, 2021 and June 14, 2021 all Alset CPNs of $63,920,128 and accrued interests of $306,438 were converted into 2,123 shares of series B preferred stock and 9,163,965 shares of common stock of the Company.

 

F- 7
 

 

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, 2022 and December 31, 2021.

 

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 until the loan is paid off in full and the loan agreement terminated. In March 2022 approximately $2.3 million was released from the account as the loan was fully paid off and partially closed. The remaining $300,000 still remains in the restricted account as a collateral for outstanding letters of credit. The Company also maintained an escrow account with M&T Bank to deposit a portion of cash proceeds from lot sales. The fund in the escrow account was specifically used for the payment of the loan from M&T Bank. The fund was required to remain in the escrow account for the loan payment until the loan agreement terminates. These funds are now freely accessible to the Company. As of March 31, 2022 and December 31, 2021, the total balance of these two accounts was $2,082,860 and $4,399,984, respectively.

 

As a condition to the loan agreement with National Australian Bank Limited in conjunction with the Perth project, an Australian real estate development project, the Company is required to maintain Australian Dollar 50,000, in a non-interest-bearing account. As of March 31, 2022 and December 31, 2021, the account balance was $37,580 and $36,316, respectively. These funds will remain as collateral for the loans until paid in full.

 

The Company puts money into brokerage accounts specifically for equity investment. As of March 31, 2022 and December 31, 2021, the cash balance in these brokerage accounts was $404,742 and $304,570, respectively.

 

Account Receivables and Allowance for Doubtful Accounts

 

Account receivables is stated at amounts due from buyers, contractors, and all third parties, net of an allowance for doubtful accounts. As of March 31, 2022 and December 31, 2021, the balance of account receivables was $90,407 and $39,622, respectively. Approximately $0 and $2,500 of account receivables as of March 31, 2022 and December 31, 2021, respectively, was from DSS with a merchant agreement, under which the Company uses DSS credit card platform to collect money from our direct sales.

 

The Company monitors its account receivables balances on a monthly basis to ensure that they are collectible. On a quarterly basis, the Company uses its historical experience to estimate its allowance for doubtful account receivables. The Company’s allowance for doubtful accounts represents an estimate of the losses expected to be incurred based on specifically identified accounts as well as nonspecific amount, when determined appropriate. Generally, the amount of the allowance is primarily decided by division management’s historical experience, the delinquency trends, the resolution rates, the aging of receivables, the credit quality indicators and financial health of specific customers. As of March 31, 2022 and December 31, 2021, the allowance was $0.

 

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 December 31, 2021, inventory consisted of finished goods from HWH World Inc. As of March 31, 2022, inventory consisted of finished goods from HWH World Inc. and Hapi Cafe Korea Inc. The Company continuously evaluates the need for reserve for obsolescence and possible price concessions required to write-down inventories to net realizable value.

 

F- 8
 

 

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 True Partner Capital Holding Limited (“True Partner”) are publicly traded companies. The Company does not have significant influence over AMBS and True Partner, as the Company is the beneficial owner of approximately 4.3% of the common shares of AMBS and 15.5% of True Partner. The stock’s fair value is determined by quoted stock prices.

 

On April 12, 2021 the Company acquired 6,500,000 common shares of Value Exchange International, Inc. (“Value Exchange International”), an OTC listed company, for an aggregate subscription price of $650,000. After the transaction the Company owns approximately 18% of Value Exchange International and does not have significant influence on it. The stock’s fair value is determined by quoted stock prices.

 

During the year ended December 31, 2021, the Company’s subsidiaries established 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. Holista CollTech Limited (“Holista”), DSS, Inc. (“DSS”) and American Premium Water Corp (“APW”) 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, 2022 and December 31, 2021, the Company owned approximately 28.21% and 24.9% 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.
     
  The Company has significant influence over Holista as the Company and its CEO are the beneficial owner of approximately 15.8% of the outstanding shares of Holista and our CEO held a position on Holista’s Board of Directors until June of 2021.
     
  The Company has significant influence over APW as the Company is the beneficial owner of approximately 7.7% of the common shares of APW and one officer from the Company holds a director position on APW’s Board of Directors.

 

On March 2, 2020 and October 29, 2021, the Company received warrants to purchase shares of American Medical REIT Inc. (“AMRE”), a related party private startup company, in conjunction with the Company lending two $200,000 promissory notes. For further details on this transaction, refer to Note 8 - Related Party Transactions, Note Receivable from a Related Party Company. As of March 31, 2022 and December 31, 2021, AMRE was a private company. Based on management’s analysis, the fair value of the AMRE warrants was $0 as of March 31, 2022 and December 31, 2021. In March 2022 both loans, together with warrants were converted into common shares of AMRE. After the conversion, the Company owns approximately 15.8% of AMRE.

 

The Company held a stock option to purchase 250,000 shares of Vivacitas common stock at $1 per share at any time prior to the date of a public offering by Vivacitas. As of December 31, 2020, Vivacitas was a private company. Based on management’s analysis, the fair value of the Vivacitas stock option was $0 as of December 31, 2020. On March 18, 2021 the Company sold the subsidiary holding the ownership and stock option in Vivacitas to an indirect subsidiary of DSS. For further details on this transaction, refer to Note 8 - Related Party Transactions, Sale of Investment in Vivacitas to DSS.

 

The Company accounts for certain of its investments in funds without readily determinable fair values in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“2015-07”). In the first quarter of 2022 the Company invested $100,000 in Class A Shares of Novum Alpha Global Opportunity Digital Asset Fund I SP, a segregated portfolio of Novum Alpha SPC (“Novum Alpha Fund”). This fund invests in long-short digital assets. The Company subscribed in participating shares which are redeemable and non-voting.

 

F- 9
 

 

On February 3, 2022 Alset Capital Acquisition Corp. (“Alset Capital”), a special purpose acquisition company sponsored by the Company and certain affiliates, closed its initial public offering of 7,500,000 units at $10 per unit. As a result of the offering, the Company lost its majority ownership in Alset Capital and deconsolidated it. Upon deconsolidation, the Company elected to apply fair value accounting to measure the stocks and units’ value it owns. At March 31, 2022 the Company owned 23.4% of Alset Capital.

 

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 condensed consolidated statements of comprehensive income equal to the amount by which the carrying value exceeds the fair value of the investment.

 

The Company had an equity holding in Vivacitas Oncology Inc. (“Vivacitas”), a private company that is currently not listed on an exchange. We measured Vivacitas 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. Our ownership in Vivacitas was sold on March 18, 2021 to DSS for $2,480,000. The difference of $2,279,872 between the selling price and our original investment cost was recorded as additional paid capital considering a related party transaction. For further details on this transaction, refer to Note 8 – Related Party Transactions, Sale of Investment in Vivacitas to DSS.

 

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.

 

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.

 

F- 10
 

 

American Medical REIT Inc.

 

LiquidValue Asset Management Pte. Ltd. (“LiquidValue”), a subsidiary of the Company owns less than 3.4% of American Medical REIT Inc. (“AMRE”) as of March 31, 2022, a startup REIT 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 CEO, is the executive chairman and director of AMRE. LiquidValue did not invest equity but provided a loan to AMRE (for further details on this transaction, refer Note 8, Related Party Transactions). On balance sheet, the prorate loss from AMRE was not recorded as a liability because to the Company is not liable for the obligations of AMRE and also not committed to provide additional financial support.

 

Joint Venture with Novum

 

On April 20, 2021, one of Company’s indirect subsidiaries, SeD Capital Pte. Ltd. (“SeD Capital”), entered into joint venture agreement with a digital asset management firm Novum Alpha Pte Ltd (“Novum”). Pursuant to this agreement, SeD Capital will own 50% of the issued and paid-up capital in the joint venture company, Credas Capital Pte. Ltd. (“Credas”) with the remaining 50% shareholding stake held by Novum. On the condensed consolidated balance sheet, the prorate loss from Credas was not recorded as a liability because the Company is not liable for the obligations of Credas and has not committed to provide additional financial support.

 

American Pacific Bancorp, Inc.

 

Pursuant to Securities Purchase Agreement from March 12, 2021 the Company purchased of 4,775,523 shares of the common stock of American Pacific Bancorp Inc. (“APB”) and gained majority ownership in that entity. APB was consolidated into the Company under common control accounting (See Transactions between Entities under Common Control for details). On September 8, 2021 APB 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 APB fell below 50% to 41.3% 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. As a result of the deconsolidation, the Company recognized gain of approximately $28.2 million. The gain represents the difference between the fair value of retained equity method investment of $30.8 million and $2.6 million, the Company’s investment percentage of carrying amount of APB’s net assets of $2.9 million. Considering the transaction was between related parties, the Company recorded the gain as additional paid in capital in its equity. From September 8 to December 31, 2021, the investment loss was $51,999. During three months ended March 31, 2022 the investment gain was $141,343. As of March 31, 2022 and December 31, 2021, the investment in APB was $30,942,472 and $30,801,129, respectively.

 

Ketomei Pte Ltd

 

On June 10, 2021 the Company’s indirect subsidiary Hapi Cafe Inc. (“Hapi Cafe”) lent $76,723 to Ketomei Pte Ltd (“Ketomei”). On March 21, 2022 Hapi Cafe entered into an agreement pursuant to which the principle of the loan together with accrued interest were converted into an investment in Ketomei. At the same time, Hapi Cafe invested additional $179,595 in Ketomei. After the conversion and fund investment the Company holds 28% of Ketomei. Ketomei is in the business of selling cooked food and drinks. As of March 31, 2022 the Company recognized investment loss of $3,273 and investment in Ketomei was $253,045 at March 31, 2021.

 

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 condensed 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.

 

F- 11
 

 

The Company invested $50,000 in a convertible promissory note of Sharing Services Global Corporation (“Sharing Services Convertible Note”), a company quoted on the US OTC market. The value of the convertible note is estimated by management using a Black-Scholes valuation model. The fair value of the note was $676 and $9,799 on March 31, 2022 and December 31, 2021, respectively.

 

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 and maturity is two years. The conversion price is approximately $21.26 per common share of Vector Com. As of March 31, 2022, the Management estimated the fair value of the note to be $88,599, the initial transaction price.

 

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.

 

HWH World Company Limited

 

HWH World Co. is a direct sales company in Thailand. The Company has a 19% ownership and lent a loan of $187,500 with zero interest and due on demand, to HWH World Co. The current level of equity in HWH World Co. is not sufficient to determine if HWH World Co. can operate on its own without additional subordinated financial support. The Company has a variable interest in HWH World Co. However, The Company is not deemed to absorb losses or receive benefits that could potentially be significant to HWH World Co. Ltd. The Company does not also have the ultimate power over the activities which can impact VIE’s economic performance, like developing company budgets or overseeing and controlling the management. The power to direct the activities are held by the manager in Thailand who owns 51% of the HWH World Co. Therefore, the Company is not a primary beneficiary of this VIE and does not consolidate it. On March 31, 2022 and December 31, 2021 variable interest and amount receivable in the non-consolidated VIE was $236,699 and $236,699, respectively, which represents the Company’s maximum risk of loss from non-consolidated VIE. The Company applied ASC 321 and measured HWH World Co. investment 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.

 

American Medical REIT Inc.

 

The Company had 3.4% ownership in AMRE and lent AMRE two loans of $200,000 each and one loan of $8,350,000, all with 8% per annum interest rate. One of the $200,000 loans was due on March 3, 2022, the other one is due on October 29, 2024. The $8,350,000 loan is due on November 29, 2023. The Company has a variable interest in AMRE. However, the Company is not deemed to absorb losses or receive benefits that could potentially be significant to AMRE. The Company does not also have the ultimate power over the activities which can impact VIE’s economic performance, like developing company budgets or overseeing and controlling the management. The power to direct these activities are held by the AMRE’s largest shareholder which owns approximately 93% of AMRE and AMRE’s management team. Therefore, the Company is not a primary beneficiary of this VIE and does not consolidate it. In March 2022, the Company converted both $200,000 loans, together with accompanying warrants into AMRE common shares. After the conversion the Company owns 15.8% of AMRE. On March 31, 2022 and December 31, 2021 variable interest and amount receivable in the non-consolidated VIE was $8,350,000 and $8,901,285, respectively, which represents the Company’s maximum risk of loss from non-consolidated VIE.

 

F- 12
 

 

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 Financial Accounting Standards Board (“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.

 

The Company capitalized construction costs of approximately $0.4 million and $1.2 million for the three months ended March 31, 2022 and 2021, 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, such as the project in Perth, Australia. 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, 2022 and 2021.

 

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.

 

Rental Properties

 

Rental properties are acquired with the intent to be rented to tenants. During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company signed multiple purchase agreements to acquire 3 and 109 homes in Montgomery and Harris Counties, Texas, respectively. By March 31, 2022, all of the 112 homes were closed with an aggregate purchase cost of $25,663,582. All of these purchased homes are properties of our rental business.

 

Investments in Single-Family Residential Properties

 

The Company accounts for its investments in single-family residential properties as asset acquisitions and records these acquisitions at their purchase price. The purchase price is allocated between land, building, improvements and existing leases based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, title fees, property inspection and valuation fees, as well as other closing costs.

 

Building improvements and buildings are depreciated over estimated useful lives of approximately 10 to 27.5 years, respectively, using the straight-line method.


 

The Company assesses its investments in single-family residential properties for impairment whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset’s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company did not recognize any impairment losses during three months end March 31, 2022 and 2021.

 

F- 13
 

 

Revenue Recognition and Cost of Revenue

 

ASC 606 - Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The Company adopted this new standard on January 1, 2018 under the modified retrospective method. The adoption of this new standard did not have a material effect on our financial statements.

 

In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. The provisions of ASC 606 include a five-step process by which the determination of revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which the Company expects to be entitled in exchange for those goods or services. ASC 606 requires the Company to apply the following steps:

 

(1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, performance obligations are satisfied.

 

The following represents the Company’s revenue recognition policies by Segments:

 

Real Estate

 

Property Sales

 

The Company’s main business is land development. The Company purchases land and develops it for building into residential communities. The developed lots are sold to builders (customers) for the construction of new homes. The builders enter into sales contracts with the Company before they take the lots. The prices and timeline are determined and agreed upon in the contracts. The builders do the inspections to make sure all conditions and requirements in contracts are met before purchasing the lots. A detailed breakdown of the five-step process for the revenue recognition of the Ballenger project, which represented approximately 32% and 69%, respectively, of the Company’s revenue in the three months ended on March 31, 2022 and 2021, is as follows:

 

  Identify the contract with a customer.

 

The Company has signed agreements with the builders for developing the raw land to ready to build lots. The contract has agreed upon prices, timelines, and specifications for what is to be provided.

 

  Identify the performance obligations in the contract.

 

Performance obligations of the Company include delivering developed lots to the customer, which are required to meet certain specifications that are outlined in the contract. The customer inspects all lots prior to accepting title to ensure all specifications are met.

 

  Determine the transaction price.

 

The transaction price per lot is fixed and specified in the contract. Any subsequent change orders or price changes are required to be approved by both parties.

 

  Allocate the transaction price to performance obligations in the contract.

 

Each lot or a group of lots is considered to be a separate performance obligation, for which the specified price in the contract is allocated to.

 

  Recognize revenue when (or as) the entity satisfies a performance obligation.

 

The builders do the inspections to make sure all conditions/requirements are met before taking title of lots. The Company recognizes revenue at a point in time when title is transferred. The Company does not have further performance obligations or continuing involvement once title is transferred.

 

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Rental Revenue

 

The Company leases real estate properties to its tenants under leases that are predominately classified as operating leases, in accordance with ASC 842, Leases (“ASC 842”). Real estate rental revenue is comprised of minimum base rent and revenue from the collection of lease termination fees.

 

Rent from tenants is recorded in accordance with the terms of each lease agreement on a straight-line basis over the initial term of the lease. Rental revenue recognition begins when the tenant controls the space and continues through the term of the related lease. Generally, at the end of the lease term, the Company provides the tenant with a one year renewal option, including mostly the same terms and conditions provided under the initial lease term, subject to rent increases.

 

The Company defers rental revenue related to lease payments received from tenants in advance of their due dates. These amounts are presented within deferred revenues and other payables on the Company’s condensed consolidated balance sheets.

 

Rental revenue is subject to an evaluation for collectability on several factors, including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, and current economic conditions. If our evaluation of these factors indicates that it is not probable that we will recover substantially all of the receivable, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis (as applicable) or the lease payments that have been collected from the lessee. Differences between rental revenue recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable or straight-line rent liability, as applicable. For the three months ended March 31, 2022, the Company didn’t recognize any deferred revenue and collected all rents due.

 

Sale of the Front Foot Benefit Assessments

 

We have established a front foot benefit (“FFB”) assessment on all of the NVR lots. This is a 30-year annual assessment allowed in Frederick County which requires homeowners to reimburse the developer for the costs of installing public water and sewer to the lots. These assessments become effective as homes are settled, at which time we can sell the collection rights to investors who will pay an upfront lump sum, enabling us to realize the revenue more quickly. The selling prices range from $3,000 to $4,500 per home depending on the type of the home. Our total revenue from the front foot benefit assessment is approximately $1 million. To recognize revenue of FFB assessment, both our and NVR’s performance obligation must be satisfied. Our performance obligation is completed once we complete the construction of water and sewer facility and close the lot sales with NVR, which inspects these water and sewer facility prior to close lot sales to ensure all specifications are met. NVR’s performance obligation is to sell homes they build to homeowners. Our FFB revenue is recognized on quarterly basis after NVR closes sales of homes to homeowners. The agreement with these FFB investors is not subject to amendment by regulatory agencies and thus our revenue from FFB assessment is not either. During the three months ended on March 31, 2022 and 2021, we recognized revenue of $77,012 and $107,071 from FFB assessment, respectively.

 

Cost of Revenues

 

Real Estate

 

  Cost of Real Estate Sale

 

All of the costs of real estate sales are from our land development business. Land acquisition costs are allocated to each lot based on the area method, the size of the lot comparing 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 comparing to the total size of all lots in the project.

 

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  Cost of Rental Revenue

 

Cost of rental revenue consists primarily of the costs associated with management and leasing fees to our management company, repairs and maintenance, depreciation and other related administrative costs. Utility expenses are paid directly by tenants.

 

Biohealth

 

  Product Direct Sales

 

The Company’s net sales consist of product sales. The Company’s performance obligation is to transfer its products to its third-party independent distributors (“Distributors”). The Company generally recognizes revenue when product is shipped to its Distributors.

 

The Company’s Distributors may receive distributor allowances, which are comprised of discounts, rebates and wholesale commission payments from the Company. Distributor allowances resulting from the Company’s sales of its products to its Distributors are recorded against net sales because the distributor allowances represent discounts from the suggested retail price.

 

In addition to distributor allowances, the Company compensates its sales leader Distributors with leadership incentives for services rendered, relating to the development, retention, and management of their sales organizations. Leadership incentives are payable based on achieved sales volume, which are recorded in general and administrative expenses. The Company recognizes revenue when it ships products. The Company receives the net sales price in cash or through credit card payments at the point of sale.

 

If a Distributor returns a product to the Company on a timely basis, he/she may obtain a replacement product from the Company for such returned products. In addition, the Company maintains a buyback program pursuant to which it will repurchase products sold to a Distributor who has decided to leave the business. Allowances for product returns, primarily in connection with the Company’s buyback program, are provided at the time the sale is recorded. This accrual is based upon historical return rates for each country and the relevant return pattern, which reflects anticipated returns to be received over a period of up to 12 months following the original sale.

 

  Annual Membership

 

The Company collects an annual membership fee from its Distributors. The fee is fixed, paid in full at the time of joining the membership and non-refundable. The membership provides the member access to purchase products at a discount, access to certain back-office services, receive commissions for signing up new members, and attend corporate events. The Company recognizes revenue associated with the membership over the period of the membership. Before the membership fee is recognized as revenue, it is recorded as deferred revenue. Deferred revenue relating to membership was $220,015 and $728,343 at March 31, 2022 and December 31, 2021, respectively.

 

Other Businesses

 

Killiney Koptiam’s Franchise

 

The Company, through Alset F&B One Pte. Ltd. (“Alset F&B”), acquired a restaurant franchise license at the end of 2021 and has since commenced operations. This license will allow Alset F&B to operate a Killiney Kopitiam restaurant in Singapore. Killiney Kopitiam is a Singapore-based chain of mass-market, traditional kopitiam style service cafes selling toast products, soft-boiled eggs and coffee.

 

  Remaining performance obligations

 

As of March 31, 2022 and December 31, 2021, there were no remaining performance obligations or continuing involvement, as all service obligations within the other business activities segment have been completed.

 

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Stock-Based Compensation

 

The Company accounts for stock-based compensation to employees in accordance with ASC 718, “Compensation-Stock Compensation”. ASC 718 requires companies to measure the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant date fair value of the award and to recognize it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. Stock option forfeitures are recognized at the date of employee termination. Effective January 1, 2019, the Company adopted ASU 2018-07 for the accounting of share-based payments granted to non-employees for goods and services. During the three months ended on March 31, 2022 and 2021, the Company recorded $0 and $73,292 as stock-based compensation expense.

 

Foreign currency

 

Functional and reporting currency

 

Items included in the financial statements of each entity in the Company are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The financial statements of the Company are presented in U.S. dollars (the “reporting currency”).

 

The functional and reporting currency of the Company is the United States dollar (“U.S. dollar”). The financial records of the Company’s subsidiaries located in Singapore, Hong Kong, Australia and South Korea are maintained in their local currencies, the Singapore Dollar (S$), Hong Kong Dollar (HK$), Australian Dollar (“AUD”) and South Korean Won (“KRW”), which are also the functional currencies of these entities.

 

Transactions in foreign currencies

 

Transactions in currencies other than the functional currency during the periods are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statement of operations.

 

The majority of the Company’s foreign currency transaction gains or losses come from the effects of foreign exchange rate changes on the intercompany loans between Singapore entities and U.S. entities. The Company recorded foreign exchange gain of $408,095 and $1,462,697 during the three months ended on March 31, 2022 and 2021, respectively. The foreign currency transactional gains and losses are recorded in operations.

 

Translation of consolidated entities’ financial statements

 

Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. The Company’s entities with functional currency of S$, HK$, AUD and KRW, translate their operating results and financial positions into the U.S. dollar, the Company’s reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenue, expense, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of comprehensive income (loss).

 

The Company recorded other comprehensive loss of $649,140 from foreign currency translation for the three months ended March 31, 2022 and $1,769,440 loss for the three months ended March 31, 2021, in accumulated other comprehensive loss.

 

Non-controlling interests

 

Non-controlling interests represent the equity in subsidiary not attributable, directly or indirectly, to owners of the Company, and are presented separately in the condensed consolidated statements of operation and comprehensive income, and within equity in the Condensed Consolidated Balance Sheets, separately from equity attributable to owners of the Company.

 

On March 31, 2022 and December 31, 2021, the aggregate non-controlling interests in the Company were $22,382,966 and $21,912,268, respectively.

 

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Capitalized Financing Costs

 

Financing costs, such as loan origination fee, administration fee, interests, and other related financing costs should be capitalized and recorded on the balance sheet, if these financing activities are directly associated with the development of real estates.

 

Capitalized financing costs 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 the allocation of capitalized financing costs based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on an area method, which uses the size of the lots compared to the total project area and allocates costs based on their size.

 

As of March 31, 2022 and December 31, 2021, the capitalized financing costs were $3,247,739.

 

Beneficial Conversion Features

 

The Company evaluates the conversion feature for whether it was beneficial as described in ASC 470-30. The intrinsic value of a beneficial conversion feature inherent to a convertible note payable, which is not bifurcated and accounted for separately from the convertible note payable and may not be settled in cash upon conversion, is treated as a discount to the convertible note payable. This discount is amortized over the period from the date of issuance to the date the note is due using the effective interest method. If the note payable is retired prior to the end of its contractual term, the unamortized discount is expensed in the period of retirement to interest expense. In general, the beneficial conversion feature is measured by comparing the effective conversion price, after considering the relative fair value of detachable instruments included in the financing transaction, if any, to the fair value of the shares of common stock at the commitment date to be received upon conversion.

 

Recent Accounting Pronouncements

 

Accounting pronouncement adopted

 

In October 2021, the FASB issued ASU No. 202108, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” ASU 202108 requires the company acquiring contract assets and contract liabilities obtained in a business combination to recognize and measure them in accordance with ASC 606, “Revenue from Contracts with Customers”. At the acquisition date, the company acquiring the business should record related revenue, as if it had originated the contract. Before the update such amounts were recognized by the acquiring company at fair value. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The Company adopted these requirements prospectively, effective on the first day of year 2022.

 

Accounting pronouncement not yet adopted

 

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, and a modified retrospective approach is required, with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. In November of 2019, the FASB issued ASU 2019-10, which delayed the implementation of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies. The Company is currently evaluating the impact of ASU 2016-13 on its future consolidated financial statements.

 

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The Company’s line of credit agreement provides procedures for determining a replacement or alternative rate in the event that LIBOR is unavailable. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04 on its future consolidated financial statements.

 

In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) which simplifies the accounting for convertible instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2023 for smaller reporting companies, including interim periods within those fiscal years. Early adoption is permitted no earlier than the fiscal year beginning after December 15, 2020. The Company is currently evaluating the impact of ASU 2020-06 on its future consolidated financial statements.

 

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3. CONCENTRATIONS

 

The Company maintains cash balances at various financial institutions in different countries. These balances are usually secured by the central banks’ insurance companies. At times, these balances may exceed the insurance limits. As of March 31, 2022 and December 31, 2021, uninsured cash and restricted cash balances were $51,171,108 and $57,905,303, respectively.

 

For the three months ended March 31, 2022, three customers accounted for approximately 41%, 52%, and 7% of the Company’s property development revenue. For the three months ended March 31, 2021, two customers accounted for approximately 97%, and 3% of the Company’s property development revenue.

 

4. SEGMENTS

 

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision–making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision-maker is the CEO. The Company operates in and reports four business segments: real estate, digital transformation technology, biohealth, and other business activities. The Company’s reportable segments are determined based on the services they perform and the products they sell, not on the geographic area in which they operate. The Company’s chief operating decision maker evaluates segment performance based on segment revenue. Costs excluded from segment income (loss) before taxes and reported as “Other” consist of corporate general and administrative activities which are not allocable to the four reportable segments.

 

The following table summarizes the Company’s segment information for the following balance sheet dates presented, and for the three months ended March 31, 2022 and 2021:

 

                               
    Real Estate     Digital Transformation Technology     Biohealth Business     Other     Total  
                               
Three Months Ended on March 31, 2022                                        
Revenue   $ 1,274,106     $ -     $ 617,471     $ 60,660     $ 1,952,237  
Cost of Sales     (1,093,709 )     -       (12,038 )     (8,803 )     (1,114,550 )
Gross Margin     180,397       -       605,433       51,857       837,687  
Operating Expenses     (536,765 )     (114,263 )     (620,342 )     (1,219,858 )     (2,491,228 )
Operating Loss     (356,368 )     (114,263 )     (14,909 )     (1,168,001 )     (1,653,541 )
Other Income (Expense)     98       (455,000 )     (1,205,349 )     (4,394,547 )     (6,054,798 )
Net Loss Before Income Tax     (356,270 )     (569,263 )     (1,220,258 )     (5,562,548 )     (7,708,339 )

 

                               
    Real Estate     Digital Transformation Technology     Biohealth Business     Other     Total  
                               
Three Months Ended on March 31, 2021                                        
Revenue   $ 3,894,131     $ -     $ 1,712,783     $ -     $ 5,606,914  
Cost of Sales     (3,614,832 )     -       (83,022 )     -       (3,697,854 )
Gross Margin     279,299       -       1,629,761       -       1,909,060  
Operating Expenses     (359,489 )     (30,128 )     (846,480 )     (1,076,408 )     (2,312,505 )
Operating (Loss) Income     (80,190 )     (30,128 )     783,281       (1,076,408 )     (403,445 )
Other Expense     (9,873 )     (36,471 )     (8,371,117 )     (532,505 )     (8,949,966 )
Net Loss Before Income Tax     (90,063 )     (66,599 )     (7,587,836 )     (1,608,913 )     (9,353,411 )
                                         
March 31, 2022                                        
Cash and Restricted Cash   $ 4,613,299     $ 210,576     $ 2,443,494     $ 46,778,784     $ 54,046,153  
Total Assets     53,290,942       1,708,769       9,199,987       128,630,889       192,830,587  
                                         
                                         
December 31, 2021                                        
Cash and Restricted Cash   $ 7,493,921     $ 245,780     $ 2,629,464     $ 50,433,014     $ 60,802,179  
Total Assets     55,465,600       2,199,466       11,056,779       115,488,298       184,210,143  

 

5. REAL ESTATE ASSETS

 

As of March 31, 2022 and December 31, 2021, real estate assets consisted of the following:

 

    March 31, 2022     December 31, 2021  
             
Construction in Progress   $ 7,319,106     $ 8,597,023  
Land Held for Development     8,130,264       7,098,104  
Rental Properties, net     25,402,436       24,820,253  
Total Real Estate Assets   $ 40,851,806     $ 40,515,380  

 

Single family residential properties

 

As of March 31, 2022 and December 31, 2021, the Company owned 112 and 109 Single Family Residential Properties (“SFRs”) in Montgomery and Harris Counties, Texas, respectively. The Company’s aggregate investment in those SFRs was $25.7 million. Depreciation expense was $140,635 and $0 in three months ended March 31, 2022 and 2022, respectively.

 

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