Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 16, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-39732 | |
Entity Registrant Name | Alset EHome International Inc. | |
Entity Central Index Key | 0001750106 | |
Entity Tax Identification Number | 83-1079861 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 4800 Montgomery Lane | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 301 | |
Local Phone Number | 971-3940 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | AEI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,149,228 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 59,529,026 | $ 24,965,946 |
Restricted Cash | 7,396,111 | 6,769,533 |
Account Receivables, Net | 1,180,881 | 1,366,194 |
Other Receivables | 746,506 | 644,576 |
Note Receivables - Related Parties | 906,369 | 649,569 |
Prepaid Expenses | 2,938,695 | 1,470,680 |
Inventory | 53,423 | 90,068 |
Investment in Securities at Fair Value | 30,125,431 | 49,172,457 |
Investment in Securities at Cost | 99,997 | 280,516 |
Deposits | 25,528 | 48,820 |
Total Current Assets | 103,001,967 | 85,458,359 |
Real Estate | ||
Rental Properties | 6,810,685 | |
Properties under Development | 16,279,723 | 20,505,591 |
Operating Lease Right-Of-Use Asset | 728,828 | 574,754 |
Deposit | 271,167 | 249,676 |
Loan Receivable - Related Parties | 840,000 | |
Property and Equipment, Net | 246,177 | 85,365 |
Total Assets | 127,338,547 | 107,713,745 |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 1,845,157 | 1,671,265 |
Deferred Revenue | 2,919,283 | 2,867,226 |
Builder Deposits | 541,349 | 1,262,336 |
Operating Lease Liability | 147,135 | 381,412 |
Notes Payable | 236,683 | 172,706 |
Notes Payable - Related Parties | 5,989,374 | 2,534,281 |
Total Current Liabilities | 11,678,981 | 8,889,226 |
Long-Term Liabilities: | ||
Operating Lease Liability | 594,780 | 193,342 |
Note Payable, Net of Discount | 636,362 | |
Total Liabilities | 12,273,761 | 9,718,930 |
Stockholders’ Equity: | ||
Preferred Stock Value | ||
Common Stock, $0.001 par value; 250,000,000 shares authorized; 28,265,289 and 8,570,000 shares issued and outstanding on June 30, 2021 and December 31, 2020, respectively | 28,265 | 8,570 |
Additional Paid in Capital | 204,762,770 | 102,729,944 |
Accumulated Other Comprehensive Income (Loss) | (40,823) | 2,143,338 |
Accumulated Deficit | (117,799,610) | (44,910,297) |
Total Alset EHome International Stockholders’ Equity | 86,950,602 | 59,971,555 |
Non-controlling Interests | 28,114,184 | 38,023,260 |
Total Stockholders’ Equity | 115,064,786 | 97,994,815 |
Total Liabilities and Stockholders’ Equity | 127,338,547 | 107,713,745 |
Series A Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred Stock Value | ||
Total Stockholders’ Equity | ||
Series B Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred Stock Value | ||
Total Stockholders’ Equity |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2020$ / sharesshares |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 |
Preferred Stock, Shares Authorized | 25,000,000 |
Preferred Stock, Shares Outstanding | 0 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 |
Common Stock, Shares Authorized | 250,000,000 |
Common Stock, Shares, Outstanding | 8,570,000 |
Series A Preferred Stock [Member] | |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 |
Preferred Stock, Shares Authorized | 6,380 |
Preferred Stock, Shares Outstanding | 0 |
Series B Preferred Stock [Member] | |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 |
Preferred Stock, Shares Authorized | 2,132 |
Preferred Stock, Shares Outstanding | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||||
Total Revenue | $ 6,543,432 | $ 2,065,825 | $ 12,150,346 | $ 5,030,996 |
Operating Expenses | ||||
Cost of Sales | 2,607,950 | 1,609,223 | 6,305,804 | 3,992,926 |
General and Administrative | 8,611,512 | 2,582,881 | 10,926,830 | 3,588,524 |
Inventory Written Off | (2,009) | |||
Total Operating Expenses | 11,219,462 | 4,190,095 | 17,232,634 | 7,581,450 |
Operating Losses from Operations | (4,676,030) | (2,124,270) | (5,082,288) | (2,550,454) |
Other Income (Expense) | ||||
Interest Income | 25,656 | 14,609 | 56,288 | 34,027 |
Interest Expense | (262,703) | (79,585) | (316,285) | (140,516) |
Foreign Exchange Rate Transaction Gain (Loss) | 958,334 | (796,709) | 2,421,031 | 1,463,773 |
Unrealized (Loss) Gain on Securities Investment | (21,168,905) | 1,103,064 | (30,703,914) | 1,561,486 |
Realized Gain on Securities Investment | 555,206 | 26,395 | 296,961 | 26,395 |
Loss on Investment on Security by Equity Method | (77,459) | (140,740) | (102,306) | (140,740) |
Finance Income (Costs) | (50,261,203) | 347 | (50,844,071) | (4,890) |
Other Income | 19,044 | 38,413 | 30,300 | 43,884 |
Total Other Income (Expense), Net | (70,212,030) | 165,794 | (79,161,996) | 2,843,419 |
Net (Loss) Income Before Income Taxes | (74,888,060) | (1,958,476) | (84,244,284) | 292,965 |
Income Tax Expense | (1,264) | (114,653) | (452,601) | (114,653) |
Net (Loss) Income | (74,889,324) | (2,073,129) | (84,696,885) | 178,312 |
Loss from Discontinued Operations, Net of Tax | (361,385) | (361,385) | ||
Net Loss | (74,889,324) | (2,434,514) | (84,696,885) | (183,073) |
Net Loss Attributable to Non-Controlling Interest | (8,238,460) | (1,269,460) | (11,807,572) | (633,021) |
Net (Loss) Income Attributable to Common Stockholders | (66,650,864) | (1,165,054) | (72,889,313) | 449,948 |
Other Comprehensive Income (Loss), Net | ||||
Unrealized Gain (Loss) on Securities Investment | (35,922) | 13,115 | (37,909) | 516 |
Foreign Currency Translation Adjustment | (1,070,191) | 626,872 | (2,839,631) | (1,047,149) |
Comprehensive Loss | (75,995,437) | (1,433,142) | (87,574,425) | (1,229,706) |
Comprehensive Loss Attributable to Non-controlling Interests | (8,584,838) | (1,054,420) | (12,913,762) | (1,001,551) |
Comprehensive Loss Attributable to Common Stockholders | $ (67,410,599) | $ (378,722) | $ (74,660,663) | $ (228,155) |
Net (Loss) Income Per Share - Basic and Diluted | ||||
Continuing Operations | $ (6.03) | $ (0.08) | $ (7.42) | $ 0.08 |
Discontinued Operations | (0.04) | (0.03) | ||
Net Income (Loss) Per Share | $ (6.03) | $ (0.12) | $ (7.42) | $ 0.05 |
Weighted Average Common Shares Outstanding - Basic and Diluted | 11,056,534 | 9,758,236 | 9,824,059 | 9,880,967 |
Property Sales [Member] | ||||
Revenue | ||||
Total Revenue | $ 4,584,542 | $ 2,047,405 | $ 8,478,673 | $ 5,001,794 |
Biohealth Property Sales [Member] | ||||
Revenue | ||||
Total Revenue | $ 1,958,890 | $ 18,420 | $ 3,671,673 | $ 29,202 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, amount at Dec. 31, 2019 | $ 10,001 | $ 56,772,175 | $ 1,458,289 | $ (42,089,625) | $ 16,150,839 | $ 7,067,596 | $ 23,218,435 | ||
Beginning balance, shares at Dec. 31, 2019 | 10,001,000 | ||||||||
Subsidiary’s Issuance of Stock | 2,025,807 | 2,025,807 | 353,537 | 2,379,344 | |||||
Proceeds from Selling Subsidiary Equity | 3,270 | 3,270 | 1,730 | 5,000 | |||||
Change in Unrealized Loss on Investment | (8,240) | (8,240) | (4,359) | (12,599) | |||||
Foreign Currency Translations | (1,094,810) | (1,094,810) | (579,211) | (1,674,021) | |||||
Distribution to Non-Controlling Shareholders | (197,400) | (197,400) | |||||||
Net Income (Loss) | 1,615,002 | 1,615,002 | 636,439 | 2,251,441 | |||||
Ending balance, amount at Mar. 31, 2020 | $ 10,001 | 58,801,252 | 355,239 | (40,474,623) | 18,691,868 | 7,278,332 | 25,970,200 | ||
Ending balance, shares at Mar. 31, 2020 | 10,001,000 | ||||||||
Beginning balance, amount at Dec. 31, 2019 | $ 10,001 | 56,772,175 | 1,458,289 | (42,089,625) | 16,150,839 | 7,067,596 | 23,218,435 | ||
Beginning balance, shares at Dec. 31, 2019 | 10,001,000 | ||||||||
Net Income (Loss) | (183,073) | ||||||||
Ending balance, amount at Jun. 30, 2020 | $ 6,400 | 59,638,866 | 734,482 | (41,639,677) | 18,740,070 | 7,496,049 | 26,236,119 | ||
Ending balance, shares at Jun. 30, 2020 | 6,400,000 | ||||||||
Beginning balance, amount at Mar. 31, 2020 | $ 10,001 | 58,801,252 | 355,239 | (40,474,623) | 18,691,868 | 7,278,332 | 25,970,200 | ||
Beginning balance, shares at Mar. 31, 2020 | 10,001,000 | ||||||||
Cancellation of Outstanding Stock | $ (3,601) | 3,601 | |||||||
Cancellation of Outstanding Stock, shares | (3,601,000) | ||||||||
Change in Minority Interest | (445,936) | (18,317) | (464,253) | 464,253 | |||||
Subsidiary’s Issuance of Stock | 1,262,990 | 1,262,990 | 770,156 | 2,033,146 | |||||
Proceeds from Selling Subsidiary Equity | 16,959 | 16,959 | 10,341 | 27,300 | |||||
Change in Unrealized Loss on Investment | 8,147 | 8,147 | 4,968 | 13,115 | |||||
Foreign Currency Translations | 389,413 | 389,413 | 237,459 | 626,872 | |||||
Net Income (Loss) | (1,165,054) | (1,165,054) | (1,269,460) | (2,434,514) | |||||
Ending balance, amount at Jun. 30, 2020 | $ 6,400 | 59,638,866 | 734,482 | (41,639,677) | 18,740,070 | 7,496,049 | 26,236,119 | ||
Ending balance, shares at Jun. 30, 2020 | 6,400,000 | ||||||||
Beginning balance, amount at Dec. 31, 2020 | $ 8,570 | 102,729,944 | 2,143,338 | (44,910,297) | 59,971,555 | 38,023,260 | 97,994,815 | ||
Beginning balance, shares at Dec. 31, 2020 | 8,570,000 | ||||||||
Issuance of Stock for Services | $ 10 | 60,890 | 60,900 | 60,900 | |||||
Issuance of Stock for Services, shares | 10,000 | ||||||||
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 Loss 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 Income (Loss) | (6,238,449) | (6,238,449) | (3,569,112) | (9,807,561) | |||||
Ending balance, amount at Mar. 31, 2021 | $ 8,580 | 102,189,645 | 1,092,609 | (51,148,746) | 52,142,088 | 33,716,790 | 85,858,878 | ||
Ending balance, shares at Mar. 31, 2021 | 8,580,000 | ||||||||
Beginning balance, amount at Dec. 31, 2020 | $ 8,570 | 102,729,944 | 2,143,338 | (44,910,297) | 59,971,555 | 38,023,260 | 97,994,815 | ||
Beginning balance, shares at Dec. 31, 2020 | 8,570,000 | ||||||||
Net Income (Loss) | (84,696,885) | ||||||||
Ending balance, amount at Jun. 30, 2021 | $ 28,265 | 204,762,770 | (40,823) | (117,799,610) | 86,950,602 | 28,114,184 | 115,064,786 | ||
Ending balance, shares at Jun. 30, 2021 | 28,265,289 | ||||||||
Beginning balance, amount at Mar. 31, 2021 | $ 8,580 | 102,189,645 | 1,092,609 | (51,148,746) | 52,142,088 | 33,716,790 | 85,858,878 | ||
Beginning balance, shares at Mar. 31, 2021 | 8,580,000 | ||||||||
Issuance of Common Stock | $ 8,389 | 39,260,191 | 39,268,580 | 39,268,580 | |||||
Issuance of Common Stock, shares | 8,389,324 | ||||||||
Convert Common stock to Series A Preferred Stock | $ 6 | $ (6,380) | 6,374 | ||||||
Change Common stock to Series A Preferred Stock, shares | 6,380 | (6,380,000) | |||||||
Convert Related Party Note Payable to Series B Preferred Stock | 2 | 12,999,998 | 13,000,000 | 13,000,000 | |||||
Issuance of Series B Prefered Stock, shares | 2,132 | ||||||||
Convert Series A and B Preferred Stock to Common Stock | $ (6) | $ (2) | $ 8,512 | (8,504) | |||||
Convert Preferred Stock Series A and B to Common, shares | (6,380) | (2,132) | 8,512,000 | ||||||
Convert Related Party Note Payable to Common Stock | $ 9,164 | 51,217,402 | 51,226,566 | 51,226,566 | |||||
Convertible Note to Stock, shares | 9,163,965 | ||||||||
Subsidiary’s Issuance of Stock | 1,961,349 | 1,961,349 | 784,100 | 2,745,449 | |||||
Proceeds from Selling Subsidiary Equity | 21,432 | 21,432 | 8,568 | 30,000 | |||||
Change in Non-Controlling Interest | (2,885,117) | (343,225) | (3,228,342) | 3,228,342 | |||||
Change in Unrealized Loss on Investment | (25,663) | (25,663) | (10,259) | (35,922) | |||||
Foreign Currency Translations | (764,544) | (764,544) | (305,647) | (1,070,191) | |||||
Distribution to Non-Controlling Shareholders | (1,069,250) | (1,069,250) | |||||||
Net Income (Loss) | (66,650,864) | (66,650,864) | (8,238,460) | (74,889,324) | |||||
Ending balance, amount at Jun. 30, 2021 | $ 28,265 | $ 204,762,770 | $ (40,823) | $ (117,799,610) | $ 86,950,602 | $ 28,114,184 | $ 115,064,786 | ||
Ending balance, shares at Jun. 30, 2021 | 28,265,289 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) from Operations | $ (84,696,885) | $ 178,312 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: | ||
Depreciation | 34,164 | 13,062 |
Amortization of Right -Of - Use Asset | 259,691 | 141,097 |
Amortization of Debt Discount | 50,813,099 | 3,777 |
Shared-based Compensation | 133,983 | 1,564,376 |
Foreign Exchange Rate Transaction Gain | (2,421,031) | (1,375,471) |
Unrealized Loss (Gain) on Securities Investment | 30,703,914 | (1,561,486) |
Loss on Equity Method Investment | 102,306 | 140,740 |
Changes in Operating Assets and Liabilities | ||
Real Estate | (2,584,817) | (2,387,115) |
Account Receivables | (6,503) | 497,845 |
Prepaid Expense | (1,480,203) | (411,057) |
Investment in Securities | (952,509) | |
Inventory | 33,236 | (17,231) |
Accounts Payable and Accrued Expenses | 173,892 | 3,011,179 |
Accrued Interest - Related Parties | 73,903 | 100,324 |
Deferred Revenue | 52,057 | 940,699 |
Operating Lease Liability | (167,161) | (147,231) |
Builder Deposits | (720,987) | (249,145) |
Income Tax Payable | 114,653 | |
Net Cash Provided by (Used in) Operating Activities | (10,649,851) | 557,328 |
Net Cash Used in Discontinued Operating Activities | (353,123) | |
Net Cash Provided by (Used in) Operating Activities | (10,649,851) | 204,205 |
Cash Flows from Investing Activities | ||
Purchase of Fixed Assets | (87,044) | (4,182) |
Proceeds from Global Opportunity Fund Liquidation | 301,976 | |
Purchase of Investment Securities | (758,208) | |
Sales of Investment Securities to Related Party | 2,480,000 | |
Issuing Loan Receivable - Related Parties | (240,129) | (200,000) |
Proceed from Loan Receivable - Related Parties | 840,000 | 123,185 |
Net Cash Provided by Investing Activities | 2,234,619 | 220,979 |
Net Cash Provided by Discontinued Investing Activities | ||
Net Cash Provided by Investing Activities | 2,234,619 | 220,979 |
Cash Flows from Financing Activities | ||
Proceeds from Common stock Issuance | 39,268,580 | 615,623 |
Proceeds from Exercise of Subsidiary Warrants | 2,753,203 | |
Proceeds Received in Advance of Warrant Exercise | 1,419,605 | |
Proceeds from Sale of Subsidiary Shares | 280,000 | 2,264,791 |
Dividend Paid on Subsidiary Preferred Stock | (73,750) | (4,861) |
Proceed from Note Payable | 671,634 | |
Proceed from PPP Loan | 68,502 | |
Distribution to Non-controlling Interest Shareholders | (1,151,500) | (197,400) |
Repayment to Notes Payable | (690,035) | (265,367) |
Proceeds from Notes Payable - Related Parties | 5,545,495 | |
Repayment to Notes Payable - Related Parties | (2,102,400) | 202,167 |
Net Cash Provided by Financing Activities | 43,898,095 | 4,706,192 |
Net Cash Provided by Discontinued Financing Activities | ||
Net Cash Provided by Financing Activities | 43,898,095 | 4,706,192 |
Net Increase in Cash and Restricted Cash | 34,482,863 | 5,131,376 |
Effects of Foreign Exchange Rates on Cash | (293,205) | 14,844 |
Cash and Restricted Cash - Beginning of Period | 31,735,479 | 8,552,744 |
Cash and Restricted Cash- End of Period | 66,925,137 | 13,698,964 |
Supplementary Cash Flow Information | ||
Cash Paid for Interest | 14,454 | 8,031 |
Cash Paid for Taxes | 451,410 | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Unrealized Loss on Investment | (37,909) | |
Initial Recognition of ROU / Lease Liability | 256,928 | |
Acquiring True Partner Stock by Issuing Promissory Note | 10,003,689 | |
Sale of Investment in Vivacitas to Related Party | 2,279,872 | |
Transactions under Common Control | 57,190,499 | |
Beneficial Conversion Feature | (50,770,192) | |
Convert Related Party Note Payable to Common Stock | $ 64,226,566 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 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 offered. These include the three principal businesses that have been the majority of our operations – real estate, digital transformation technology and biohealth – as well as a fourth category consisting of certain other business activities. At the present time, our financial services activities are reported under our other business activities. Our biohealth activities include the sale of consumer products. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 2. GOING CONCERN The accompanying consolidated financial statements have been prepared on the basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has experienced losses from operations over the past six months. As of and for the six months ended June 30, 2021, the Company had an accumulated deficit of $ 117,799,610 and a loss of $ 5,082,288 from operations. As a result, these conditions may raise substantial doubt regarding our ability to continue as a going concern twelve months from the date of issuance of our consolidated financial statements. However, the Company expects to have high volume of cash in hand and strong operating cash inflows for at least the next twelve months. As of June 30, 2021, the Company had cash $ 59,529,026 and restricted cash $ 7,396,111 compared to cash $ 24,965,946 and restricted cash $ 6,769,533 as of December 31, 2020. SeD Maryland Development LLC has an $ 8 million credit line from Manufacturers and Traders Trust Company (“M&T Bank”) and the loan balance with M&T Bank was $ 0 as of June 30, 2021. Management has evaluated the conditions in relation to the Company’s ability to meet its obligations and plans to continue borrowing funds from third party financial institutions in order to meet the operating cash requirements. As of June 30, 2021 and December 31, 2020, the loans from related party were $ 5,989,374 and $ 2,534,281 . Funding the Company’s operations is our first priority, before repaying related party debtors. Therefore, available cash will be used to fund the Company’s operations before related party debtor repayments. At the same time management will concurrently work with the related party debtors on a plan to repay the related party loans, which are repayable on demand. During the six months ended June 30, 2021, the revenue from lot sales was approximately $ 8.5 million and revenue from our biohealth business was approximately $ 3.7 million. Furthermore, the Company had not defaulted on any principal and interest repayment on its loans and borrowings and had repaid one of its bank loans during the year. As a result of management’s plans, high volume cash in bank accounts, favorable cash revenue from real estate and biohealth operations in six months ended on June 30, 2021, and availability of $ 8 million line of credit under M&T Bank loan agreement, the Company believes the initial conditions which raised substantial doubt regarding the ability to continue as a going concern have been alleviated. However, we cannot predict, with certainty, the outcome of our actions to generate liquidity and the failure to do so could negatively impact our future operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The Company’s 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, 2021 or any other interim periods or for any other future years. These unaudited 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, 2020 filed on April 14, 2021. The 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 consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of June 30, 2021 and December 31, 2020, as follows: Schedule of Subsidiaries Attributable interest as of, Name of subsidiary consolidated under AEI State or other jurisdiction of incorporation or organization June 30, December 31, 2020 % % Hengfai International Pte. Ltd Singapore 100 100 Hengfai Business Development Pte. Ltd Singapore 100 100 Heng Fai Enterprises Pte. Ltd. Singapore - 100 Global eHealth Limited Hong Kong 100 100 Alset International Limited (f.k.a. Singapore eDevelopment Limited) Singapore 71.4 57.1 Singapore Construction & Development Pte. Ltd. Singapore 71.4 57.1 Art eStudio Pte. Ltd. Singapore 36.4 * 29.1 * Singapore Construction Pte. Ltd. Singapore 71.4 57.1 Global BioMedical Pte. Ltd. Singapore 71.4 57.1 Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) Singapore 71.4 57.1 Health Wealth Happiness Pte. Ltd. Singapore 71.4 57.1 SeD Capital Pte. Ltd. Singapore 71.4 57.1 LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) Singapore 76.6 46.9 * SeD Home Limited Hong Kong 71.4 57.1 SeD Management Pte. Ltd. (f.k.a. SeD Reits Management Pte. Ltd.) Singapore 71.4 57.1 Global TechFund of Fund Pte. Ltd. Singapore 71.4 57.1 Singapore eChainLogistic Pte. Ltd. Singapore 71.4 57.1 BMI Capital Partners International Limited. Hong Kong 71.4 57.1 SeD Perth Pty. Ltd. Australia 71.4 57.1 SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) United States of America 71.4 57.1 LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) United States of America 71.4 57.1 Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) United States of America 71.4 57.1 SeD USA, LLC United States of America 71.4 57.1 150 Black Oak GP, Inc. United States of America 71.4 57.1 SeD Development USA Inc. United States of America 71.4 57.1 150 CCM Black Oak, Ltd. United States of America 71.4 57.1 SeD Texas Home, LLC United States of America 71.4 57.1 SeD Ballenger, LLC United States of America 71.4 57.1 SeD Maryland Development, LLC United States of America 59.7 47.8 * SeD Development Management, LLC United States of America 60.7 48.6 * SeD Builder, LLC United States of America 71.4 57.1 GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) United States of America 71.2 57.0 HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 71.2 57.0 HotApp International Limited Hong Kong 71.2 57.0 HWH International, Inc. United States of America 71.4 57.1 Health Wealth & Happiness Inc. United States of America 71.4 57.1 HWH Multi-Strategy Investment, Inc. United States of America 71.4 57.1 SeD REIT Inc. United States of America 71.4 57.1 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 71.2 57.0 HWH World Inc. United States of America 71.2 57.0 HWH World Pte. Ltd. Singapore 71.2 57.0 UBeauty Limited Hong Kong 71.4 57.1 WeBeauty Korea Inc Korea 71.4 57.1 HWH World Limited Hong Kong 71.4 57.1 HWH World Inc. Korea 71.4 57.1 Alset BioHealth Pte. Ltd. Singapore 71.4 57.1 Alset Energy Pte. Ltd. Singapore 71.4 57.1 Alset Payment Inc. United States of America 71.4 57.1 Alset World Pte. Ltd. Singapore 71.4 57.1 BioHealth Water Inc. United States of America 71.4 57.1 Impact BioHealth Pte. Ltd. Singapore 71.4 57.1 American Home REIT Inc. United States of America 76.6 46.9 * Alset Solar Inc. United States of America 57.1 45.7 * HWH KOR Inc. United States of America 71.4 57.1 Open House Inc. United States of America 71.4 57.1 Open Rental Inc. United States of America 71.4 57.1 Hapi Cafe Inc. (Nevada) United States of America 71.4 57.1 Global Solar REIT Inc. United States of America 71.4 57.1 OpenBiz Inc. United States of America 71.4 57.1 Hapi Cafe Inc. (Texas) United States of America 100 100 HWH (S) Pte. Ltd. Singapore 71.4 - American Pacific Bancorp Inc. United States of America 86.4 - HengFeng Finance Limited Hong Kong 86.4 - Decentralize Finance Inc. United States of America 86.4 - True Partner International Limited Hong Kong 100 - LiquidValue Development Pte. Ltd. Singapore 100 - LiquidValue Development Limited. Hong Kong 100 - EPowerTech Inc. United States of America 100 - Alset EPower Inc. United States of America 100 - * 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. 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 (“Alset International”), 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 are 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 were under common control and is 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 discounted 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. 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 June 30, 2021 and December 31, 2020. Restricted Cash As a condition to the loan agreement with the Manufacturers and Traders Trust Company (“M&T Bank”), the Company is required to maintain a minimum of $ 2,600,000 in an interest-bearing account maintained by the lender as additional security for the loans. These funds are required to remain as collateral for the loan until the loan is paid off in full and the loan agreement is terminated. The Company also has an escrow account with M&T Bank to deposit a portion of cash proceeds from lot sales. The funds in the escrow account are specifically used for the payment of the loan from M&T Bank. These funds are required to remain in the escrow account for the loan payment until the loan agreement terminates. As of June 30, 2021 and December 31, 2020, the total balance of these two accounts was $ 4,757,477 and $ 5,729,067 , 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 June 30, 2021 and December 31, 2020, the account balance was $ 37,540 and $ 38,550 , 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 June 30, 2021 and December 31, 2020, the cash balance in these brokerage accounts was $ 2,601,096 and $ 1,001,916 , 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 June 30, 2021 and December 31, 2020, the balance of account receivables was $ 1,180,881 and $ 1,366,194 , respectively. Approximately $ 1 million and $ 1.3 million of account receivables as of June 30, 2021 and December 31, 2020, 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 monthly 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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, inventory consisted of finished goods from HWH World 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 Investments represent equity investments with readily determinable fair values, equity-method investments, equity investments without readily determinable fair values and debt 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 Ture 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 5.3 % 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 six months ended June 30, 2021, the Company 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”), Document Securities Systems Inc. (“DSS”), OptimumBank Holdings, Inc. (“OptimumBank”) 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 June 30, 2021 and December 31, 2020, the Company owned approximately 11.7 % of the common stock of DSS. 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 16.8 % of the outstanding shares of Holista and our CEO held a position on Holista’s Board of Directors. ● The Company has significant influence over OptimumBank. Our CEO is the beneficial owner of approximately 3.9 % of the outstanding shares of OptimumBank and holds a position on OptimumBank’s Board of Directors. ● The Company has significant influence over APW as the Company is the beneficial owner of approximately 8.7 % 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, 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 a $ 200,000 promissory note. For further details on this transaction, refer to Note 10 - Related Party Transactions, Note Receivable from a Related Party Company 0 as of June 30, 2021 and December 31, 2020. 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 10 - Related Party Transactions, Sale of Investment in Vivacitas to DSS 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. The Company had an equity holding in Vivacitas Oncology Inc. (“Vivacitas”), a private company that is currently not listed on an exchange. We measure 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 10 – Related Party Transactions. 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 20,000 shares, approximately 19 % ownership, from Hyten Global (Thailand) Co., Ltd (“Hyten”), a private company, at a purchase price of $ 42,562 . Hyten is a direct sales company in Thailand. The Company does not have significant influence over Hyten and applied ASC 321 and measured Hyten 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. During the six months ended June 30, 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. Investment Securities under Equity Method Accounting 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 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 Company continues to report its share of equity method losses in the statements of comprehensive income to the extent and as an adjustment to the carrying amount of its other investments in the investee. 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 less than 1 % of American Medical REIT Inc. (“AMRE”) as of June 30, 2021, 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 to Note 10, Related Party Transactions). On balance sheet, the prorate loss from AMRE was recorded as a liability, accumulated losses on equity method investment. During three months ended June 30, 2021 and 2020, the investment losses from AMRE were $ 77,459 and $ 140,740 , respectively. During six months ended June 30, 2021 and 2020, the investment losses from AMRE were $ 102,306 and $ 140,740 , respectively. As of June 30, 2021 and December 31, 2020, the accumulated losses on equity method investment were $ 368,235 and $ 265,929 , respectively. Sweet Sense, Inc. BioLife Sugar, Inc. (“BioLife’), a subsidiary consolidated under Alset International, entered into a joint venture agreement on April 25, 2018 with Quality Ingredients, LLC (“QI”). The agreement created an entity called Sweet Sense, Inc. (“Sweet Sense”) which is 50 % owned by BioLife and 50 % owned by QI. Management believes its 50 % investment represents significant influence over Sweet Sense and accounts for the investment under the equity method of accounting. On November 8, 2019, Impact BioMedical Inc., a subsidiary of the Company, purchased 50 % of Sweet Sense from QI for $ 91,000 and recorded a loss from acquisition of $ 90,001 . As of November 8, 2019, the total investment in joint venture was equal to $ 91,000 and the proportionate losses totaled $ 90,001 . The transaction was not in the scope of ASC 805 Business Combinations since the acquisition was accounted for an asset purchase instead of a business combination. As an asset acquisition, the Company recorded the transaction at cost and applied ASC 730 to expense in-process research and development cost, the major cost of Sweet Sense. Consequently, Sweet Sense was an 81.8 % owned subsidiary of Impact BioMedical Inc. and therefore, was consolidated into the Company’s condensed consolidated financial statements as of June 30, 2020. As a subsidiary of Impact BioMedical Inc., Sweet Sense was in the discontinued operations of Impact BioMedical Inc. (See Note 13 Discontinued Operations). 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 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. Credas intends to develop and launch its maiden digital assets-based Exchange-Traded Product in the fourth quarter of 2021 on the SIX Swiss Exchange, Switzerland’s principal stock exchange and one of Europe’s largest stock exchanges. 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. The Company invested $ 50,000 in a convertible promissory note of Sharing Services, Inc. (“Sharing Services Convertible Note”), a company quoted on the US OTC market. The value of the convertible note was estimated by management using a Black-Scholes valuation model. The fair value of the note was $ 29,069 and $ 66,978 on June 30, 2021 and December 31, 2020, 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 June 30, 2021, the Management estimated that the fair value of the note to be $ 88,599 , the initial transaction price. 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”, The Company capitalized construction costs of approximately $ 0.2 million and $ 3.7 million for the three months ended June 30, 2021 and 2020, respectively. The Company capitalized construction costs of approximately $ 1.4 million and $ 6.1 million for the six months ended June 30, 2021 and 2020, 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 The Company did not record impairment on any of its projects during the three and six months ended on June 30, 2021 and 2020. 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. On March 15, 2021 and May 11, 2021 Alset EHome, Inc. signed purchase agreements to acquire 30 homes in Montgomery County, Texas. By June 30, 2021, all of the 30 homes were closed for an aggregate purchase price of $ 6,825,907 . 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 the six months ended on June 30, 2021. Revenue Recognition and Cost of Sales ASC 606 - Revenue from Contracts with Customers 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 a sales contract with the Company before they take the lots. The prices and timeline are determined and agreed |
CONCENTRATIONS
CONCENTRATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | 4. 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 June 30, 2021 and December 31, 2020, uninsured cash and restricted cash balances were $ 63,973,230 and $ 25,752,637 , respectively. For the three months ended June 30, 2021, two customers accounted for approximately 97 %, and 3 % of the Company’s property and development revenue. For the three months ended June 30, 2020, two customers accounted for approximately 96 %, and 4 % of the Company’s property and development revenue. For the six months ended June 30, 2021, two customers accounted for approximately 97 %, and 3 % of the Company’s property and development revenue. For the six months ended June 30, 2020, two customers accounted for approximately 98 %, and 2 % of the Company’s property and development revenue. |
SEGMENTS
SEGMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTS | 5. 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. At the present time, our financial services activities are reported under our other business activities. Our biohealth revenues include the sale of consumer products. 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 six months ended June 30, 2021 and 2020: SCHEDULE OF SEGMENT INFORMATION Real Estate Digital Transformation Technology Biohealth Business Other Total Six Months Ended June 30, 2021 Revenue $ 8,478,673 $ - $ 3,671,673 $ - $ 12,150,346 Cost of Sales (6,125,201 ) - (180,603 ) - (6,305,804 ) Gross Margin 2,353,472 - 3,491,070 - 5,844,542 Operating Expenses (625,555 ) (69,375 ) (1,910,582 ) (8,321,318 ) (10,926,830 ) Operating Income (Loss) 1,727,917 (69,375 ) 1,580,488 (8,321,318 ) (5,082,288 ) Other Income (Expense) (9,177 ) 617,562 (28,743,495 ) (51,026,886 ) (79,161,996 ) Net Income (Loss) Before Income Tax 1,718,740 548,187 (27,163,007 ) (59,348,204 ) (84,244,284 ) Real Estate Digital Transformation Technology Biohealth Business Other Total Six Months ended June 30, 2020 Revenue $ 5,001,794 $ - $ 29,202 $ - $ 5,030,996 Cost of Sales (3,992,926 ) - - - (3,992,926 ) Gross Margin 1,008,868 - 29,202 - 1,038,070 Operating Expenses (502,928 ) (95,261 ) (213,800 ) (2,776,535 ) (3,588,524 ) Operating Income (Loss) 505,940 (95,261 ) (184,598 ) (2,776,535 ) (2,550,454 ) Other Income (Expense) 6,894 3 (17,208 ) 2,853,730 2,843,419 Net Income (Loss) Before Income Tax 512,834 (95,258 ) (201,806 ) 77,195 292,965 June 30, 2021 Cash and Restricted Cash $ 9,842,218 $ 154,738 $ 3,251,622 $ 53,676,559 $ 66,925,137 Total Assets 30,877,470 154,840 43,241,793 53,064,444 127,338,547 December 31, 2020 Cash and Restricted Cash $ 8,150,769 $ 158,058 $ 1,590,265 $ 21,836,387 $ 31,735,479 Total Assets 28,954,484 158,160 524,603 78,076,498 107,713,745 |
BUSINESS UNDER COMMON CONTROL
BUSINESS UNDER COMMON CONTROL | 6 Months Ended |
Jun. 30, 2021 | |
Business Under Common Control | |
BUSINESS UNDER COMMON CONTROL | 6. BUSINESS UNDER COMMON CONTROL Due to the transactions with Chan Heng Fai on March 12, 2021 and acquisition of HengFeng Finance Limited (“HFL”) on April 21, 2021, transactions between entities under common control (for further details on these transactions, refer to Note 3 – Summary of Significant Accounting Policies), the Company has disclosed the Consolidated Statement of Operations and Other Comprehensive Income for the Six Months Ended on June 30, 2020 and Consolidated Balance Sheet as of December 31, 2020, to adjust the information on a consolidated basis as follows: SCHEDULE OF ADJUSTMENT INFORMATION Consolidated Statement of Operations and Other Comprehensive Income for the Six Months Ended on June 30, 2020 As Previously Reported Acquisition of APB and HFL under Common Control Acquisition of LVD Ltd under Common Control As Combined Revenue Real Estate $ 5,001,794 $ - $ - $ 5,001,794 Biohealth 29,202 - - 29,202 Revenue 5,030,996 - - 5,030,996 Operating Expenses Cost of Sales 3,992,926 - - 3,992,926 General and Administrative 3,398,753 183,903 5,868 3,588,524 Total Operating Expenses 7,391,679 183,903 5,868 7,581,450 Loss From Operations (2,360,683 ) (183,903 ) (5,868 ) (2,550,454 ) Other Income (Expense) Interest Income 12,491 21,485 51 34,027 Interest Expense (140,516 ) - - (140,516 ) Foreign Exchange Transaction Gain 1,375,471 - 88,302 1,463,773 Unrealized Gain (Loss) on Securities Investment 1,592,647 (31,259 ) 98 1,561,486 Realized Gain on Securities Investment 2,281 24,114 26,395 Loss on Investment on Security by Equity Method (140,740 ) (140,740 ) Finance Costs - (4,890 ) - (4,890 ) Other Income 42,002 1,882 - 43,884 Total Other Income (Expense), Net 2,743,636 (12,782 ) 112,565 2,843,419 Net Income (Loss) from Continuing Operations Before Income Taxes 382,953 (196,685 ) 106,967 292,965 Income Tax Expense from Continuing Operations (114,653 ) - - (114,653 ) Net Income (Loss) from Continuing operations 268,300 (196,685 ) 106,697 178,312 Loss from Discontinued Operations, Net of Tax (361,385 ) - - (361,385 ) Net Income (Loss) (93,085 ) (196,685 ) 106,697 (183,073 ) Net Loss Attributable to Non-Controlling Interest (620,433 ) (12,588 ) - (633,021 ) Net Income (Loss) Attributable to Common Stockholders $ 527,348 $ (184,097 ) $ 106,697 $ 449,948 Other Comprehensive Loss, Net Unrealized Gain on Securities Investment 516 - - 516 Foreign Currency Translation Adjustment (1,047,149 ) - - (1,047,149 ) Comprehensive Income (Loss) (1,139,718 ) (196,685 ) 106,697 (1,229,706 ) Comprehensive Loss Attributable to Non-controlling Interests (988,963 ) (12,588 ) - (1,001,551 ) Comprehensive Income (Loss) Attributable to Common Stockholders $ (150,755 ) $ (184,097 ) $ 106,697 $ (228,155 ) Net Income (Loss) Per Share - Basic and Diluted Continuing Operations $ 0.08 $ 0.08 Discontinued Operations $ (0.03 ) $ (0.03 ) Net Income Per Share $ 0.05 $ 0.05 Weighted Average Common Shares Outstanding - Basic and Diluted 9,880,967 9,880,967 Consolidated Balance Sheet as of December 31, 2020 As Previously Reported Acquisition of APB and HFL under Common Control Acquisition of LVD Ltd under Common Control Eliminations As Assets: Current Assets: Cash $ 22,124,491 $ 2,348,478 $ 492,977 $ - $ 24,965,946 Restricted Cash 6,769,533 - - - 6,769,533 Account Receivables, Net 1,366,194 - - - 1,366,194 Other Receivables 270,222 279,177 95,177 - 644,576 Note Receivables - Related Party 624,986 24,583 - - 649,569 Prepaid Expenses 1,470,680 - - - 1,470,680 Inventory 90,068 - - - 90,068 Investment in Securities at Fair Value 48,857,483 313,343 1,631 - 49,172,457 Investment in Securities at Cost 280,516 - - - 280,516 Investment in Securities on Equity Method - - 74,535 (74,535 ) - Deposits 47,019 1,801 - - 48,820 Total Current Assets 81,901,192 2,967,382 664,320 (74,535 ) 85,458,359 Real Estate Properties under Development 20,505,591 - - - 20,505,591 Operating Lease Right-Of-Use Asset 574,754 - - - 574,754 Deposit 249,676 - - - 249,676 Loan Receivable - 840,000 - - 840,000 Property and Equipment, Net 85,365 - - - 85,365 Total Assets $ 103,316,578 $ 3,807,382 $ 664,320 $ (74,535 ) $ 107,713,745 Liabilities and Stockholders’ Equity: Current Liabilities: Accounts Payable and Accrued Expenses $ 1,553,132 $ 118,133 $ - $ - $ 1,671,226 Deferred Revenue 2,867,226 - - - 2,867,226 Builder Deposits 1,262,336 - - - 1,262,336 Operating Lease Liability 381,412 - - - 381,412 Note Payable 172,706 - - - 172,706 Note Payable- Related Parties 1,526,208 184,250 823,823 - 2,534,281 Total Current Liabilities 7,763,020 302,383 823,823 - 8,889,226 Long-Term Liabilities: Builder Deposits - - - - - Operating Lease Liability 193,342 - - - 193,342 Notes Payable 636,362 - - - 636,362 Total Liabilities 8,592,724 302,383 823,823 - 9,718,930 Stockholders’ Equity: Common Stock 8,570 47,756 - (47,756 ) 8,570 Additional Paid in Capital 97,950,440 3,975,261 756,487 47,756 102,729,944 Accumulated Deficit (43,010,991 ) (993,296 ) (906,010 ) - (44,910,297 ) Accumulated Other Comprehensive Income (Loss) 2,153,318 - (9,980 ) - 2,143,338 Total Stockholders’ Equity 57,101,337 3,029,721 (159,503 ) - 59,971,555 Non-controlling Interests 37,622,517 475,278 - (74,535 ) 38,023,260 Total Stockholders’ Equity 94,723,854 3,504,999 (159,503 ) (74,535 ) 97,994,815 Total Liabilities and Stockholders’ Equity $ 103,316,578 $ 3,807,382 $ 664,320 $ (74,535 ) $ 107,713,745 |
REAL ESTATE ASSETS
REAL ESTATE ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate [Abstract] | |
REAL ESTATE ASSETS | 7. REAL ESTATE ASSETS As of June 30, 2021 and December 31, 2020, real estate assets consisted of the following: SCHEDULE OF REAL ESTATE ASSETS June 30, 2021 December 31, 2020 Construction in Progress $ 6,498,049 $ 9,567,841 Land Held for Development 9,781,674 10,937,750 Rental Properties, net 6,810,685 - Total Real Estate Assets $ 23,090,408 $ 20,505,591 Single family residential properties As of June 30, 2021, the Company owns 30 Single Family Residential Properties (“SFRs”) in Montgomery County, Texas. The Company’s aggregate investment in those SFRs was $ 6.8 million. Depreciation expense was $ 15,222 and $ 0 in three months ended June 30, 2021 and 2020, respectively. Depreciation expense was $ 15,222 and $ 0 in six months ended June 30, 2021 and 2020, respectively. The following table presents the summary of our SRFs as of June 30, 2021: SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES Number of Homes Aggregate investment Average Investment per Home SFRs 30 $ 6,825,907 $ 227,530 |
BUILDER DEPOSITS
BUILDER DEPOSITS | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Builder Deposits Abstract | |
BUILDER DEPOSITS | 8. BUILDER DEPOSITS In November 2015, SeD Maryland Development, LLC (“SeD Maryland”) entered into lot purchase agreements with NVR, Inc. (“NVR”) relating to the sale of single-family home and townhome lots to NVR in the Ballenger Run Project. The purchase agreements were amended three times thereafter. Based on the agreements, NVR is entitled to purchase 479 lots for a price of approximately $ 64,000,000 , which escalates 3 % annually after June 1, 2018. As part of the agreements, NVR was required to give a deposit in the amount of $ 5,600,000 . Upon the sale of lots to NVR, 9.9 % of the purchase price is taken as payback of the deposit. A violation of the agreements by NVR would cause NVR to forfeit the deposit. On January 3, 2019 and April 28, 2020, NVR gave SeD Maryland two more deposits in the amounts of $ 100,000 and $ 220,000 , respectively, based on the 3rd Amendment to the Lot Purchase Agreement. On June 30, 2021 and December 31, 2020, there were $ 541,349 and $ 1,262,336 held on deposit, respectively. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 9. NOTES PAYABLE As of June 30, 2021 and December 31, 2020, notes payable consisted of the following: SCHEDULE OF NOTES PAYABLE June 30, 2021 December 31, 2020 M&T Bank Loan, Net of Debt Discount - 636,362 PPP Loan 68,502 - Australia Loan 168,181 172,706 Total notes payable $ 236,683 $ 809,068 M&T Bank Loan On April 17, 2019, SeD Maryland Development LLC entered into a Development Loan Agreement with Manufacturers and Traders Trust Company (“M&T Bank”) in the principal amount not to exceed at any one time outstanding the sum of $ 8,000,000 , with a cumulative loan advance amount of $ 18,500,000 . The line of credit bears interest rate on LIBOR plus 375 basis points. SeD Maryland Development LLC was also provided with a Letter of Credit (“L/C”) Facility in an aggregate amount of up to $ 900,000 . The L/C commission will be 1.5 % per annum on the face amount of the L/C. Other standard lender fees will apply in the event L/C is drawn down. The loan is a revolving line of credit. The L/C Facility is not a revolving loan, and amounts advanced and repaid may not be re-borrowed. Repayment of the Loan Agreement is secured by $ 2,600,000 collateral fund and a Deed of Trust issued to the Lender on the property owned by SeD Maryland. As of June 30, 2021, the outstanding balance of the revolving loan was $0 . As part of the transaction, the Company incurred loan origination fees and closing fees in the amount of $ 381,823 and capitalized it into construction in process. On June 18, 2020, Alset EHome Inc. (“Alset EHome”), a wholly owned subsidiary of LiquidValue Development Inc., entered into a Loan Agreement with Manufacturers and Traders Trust Company (the “Lender”). Pursuant to the Loan Agreement, the Lender provided a non-revolving loan to Alset EHome in an aggregate amount of up to $ 2,990,000 (the “Loan”). The line of credit bears interest rate on LIBOR plus 375 basis points. Repayment of the Loan is secured by a Deed of Trust issued to the Lender on the property owned by certain subsidiaries of Alset EHome. The maturity date of this Loan is July 1, 2022 . LiquidValue Development Inc. and one of its subsidiaries are guarantors of this Loan. The guarantors are required to maintain during the term of the loan a combined minimum net worth in an aggregate amount equal to not less than $ 20,000,000 . The Company was in compliance with this covenant as of December 31, 2020. During the year ended December 31, 2020 Alset EHome borrowed $ 664,810 from M&T Bank, incurring at the same time a loan origination fees of $ 61,679 which were amortized over the term of the loan. As of December 31, 2020, the remaining unamortized debt discount was $ 42,906 . The loan in the amount of $ 664,810 , together with all accrued interests of $ 25,225 , was paid off on May 28, 2021. The loan was closed in June 2021. Additionally, the debt discount of $ 42,907 was fully amortized during the six months ended June 30, 2021. Paycheck Protection Program Loan On February 11, 2021, the Company entered into a five year note with M&T Bank with a principal amount of $ 68,502 pursuant to the Paycheck Protection Program (“PPP Term Note”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan is evidenced by a promissory note. The PPP Term Note bears interest at a fixed annual rate of 1.00 %, with the first sixteen months of principal and interest deferred or until we apply for the loan forgiveness. The PPP Term Note may be accelerated upon the occurrence of an event of default. The PPP Term Note is unsecured and guaranteed by the United States Small Business Administration. The Company may apply to M&T Bank for forgiveness of the PPP Term Note, with the amount which may be forgiven equal to at least 60 % of payroll costs and other eligible payments incurred by the Company, calculated in accordance with the terms of the CARES Act. At this time, we are not in a position to quantify the portion of the PPP Term Note that will be forgiven. As of June 30, 2021, we owed $ 68,502 to M&T Bank. Australia Loan On January 7, 2017, SeD Perth Pty Ltd (“SeD Perth”) entered into a loan agreement with National Australian Bank Limited (the “Australia Loan”) for the purpose of funding land development. The loan facility provides SeD Perth with access to funding of up to approximately $ 460,000 and matures on December 31, 2018 . The Australia Loan is secured by both the land under development and a pledged deposit of $ 35,276 . This loan is denominated in AUD. Personal guarantees amounting to approximately $500,000 have been provided by our CEO, Chan Heng Fai and by Rajen Manicka, the CEO of Holista CollTech and Co-founder of iGalen Inc. The interest rate on the Australia Loan is based on the weighted average interest rates applicable to each of the business markets facility components as defined within the loan agreement, ranging from 4.12 % to 4.86 % per annum for the six months ended June 30, 2021 and from 4.36 % to 5.57 % per annum for the six months ended June 30, 2020. On September 7, 2017 the Australia Loan was amended to reduce the maximum borrowing capacity to approximately $ 179,000 . During 2020, the terms of the Australia Loan were amended to reflect an extended maturity date of April 30, 2022 . This was accounted for as a debt modification. The Company did not pay fees to the National Australian Bank Limited for the modification of the loan agreement. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS Personal Guarantees by Directors As of June 30, 2021 and December 31, 2020, a director of the Company had provided personal guarantees amounting to approximately $ 500,000 , to secure external loans from financial institutions for AEI and the consolidated entities. Sale of Investment in Vivacitas to DSS On March 18, 2021, the Company sold equity investment in Vivacitas, a U.S.-based biopharmaceutical company, equaling to 2,480,000 shares of common stock and 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, to a subsidiary of DSS for $ 2,480,000 . Chan Heng Fai, CEO and the founder of the Company, holds a director position on both Vivacitas and DSS. After this transaction, we do not own any investment in Vivacitas. Our original cost of common stock and stock option of Vivacitas was $ 200,128 . We did not recognize gain or loss in this transaction. The difference of $ 2,279,872 between the selling price and our original investment cost was recorded as additional paid capital considering it was a related party transaction. Purchase of stock in True Partners Capital Holding Limited On March 12, 2021, the Company purchased 62,122,908 ordinary shares of True Partners Capital Holding Limited for $ 6,729,629 from a related party. The fair market value of stock on acquisition date was $ 10,003,689 . The difference between purchase price and fair market value of $ 3,274,060 was recorded as equity transaction on Company’s consolidated statement of stockholders’ equity. Notes Payable Chan Heng Fai provided an interest-free, due on demand advance to LiquidValue Development Pte. Ltd. and its subsidiary LiquidValue Development Limited for the general operations. As of June 30, 2021 and December 31, 2020, the outstanding balance was approximately $ 836,198 and $ 823,823 , respectively. Chan Heng Fai provided an interest-free, due on demand advance to Alset EHome International for the Company’s general operations. The advance was paid back during the six months ended June 30, 2021 and as of June 30, 2021 and December 31, 2020, the outstanding balance was $ 0 and $ 178,400 , respectively. Chan Heng Fai provided an interest-free, due on demand advance to SeD Perth Pty. Ltd. for its general operations. As of June 30, 2021 and December 31, 2020, the outstanding balance was $ 14,002 and $ 14,379 , respectively. On August 20, 2020, the Company acquired 30,000,000 common shares from Chan Heng Fai in exchange for a two-year non-interest bearing note of $ 1,333,429 . During the six months ended June 30, 2021, the Company paid back $ 1,321,600 and as of June 30, 2021 and December 31, 2020 the amount outstanding was $ 11,829 and $ 1,333,429 , respectively. 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 (“Alset International”), 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 Partners Capital Holding Limited (HKG: 8657) (“True Partners”), 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”), at par value of $ 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 Common Stock preceding January 4, 2021 as quoted by Bloomberg L.P. 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 the transaction. On May 13 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. On May 14, 2021, Alset EHome International Inc., a Delaware corporation (the “Company”), borrowed S$ 7,395,472 Singapore Dollars (equal to approximately $ 5,545,495 U.S. Dollars) from Chan Heng Fai. The unpaid principal amount of the Loan shall be due and payable on May 14, 2022 and the Loan shall have no interest. As of June 30, 2021 the outstanding balance was $ 4,943,095 . Chan Heng Fai provided an interest-free, due on demand advance to HengFeng Finance Limited for the general operations. As of June 30, 2021 and December 31, 2020, the outstanding balance was $ 184,250 and $ 0 , respectively. Management Fees MacKenzie Equity Partners, owned by Charles MacKenzie, a Director of the Company’s subsidiary LiquidValue Development, has had a consulting agreement with the Company since 2015. Per the terms of the agreement, as amended on January 1, 2018, the Company has paid a monthly fee of $ 20,000 for these consulting services. The Company incurred expenses of $ 60,000 and $ 60,000 for the three months ended June 30, 2021 and 2020, respectively. Company incurred expenses of $ 120,000 and $ 120,000 for the six months ended June 30, 2021 and 2020, respectively, which were capitalized as part of Real Estate on the Company’s Consolidated Balance Sheet as the services relate to property and project management. In June 2021, MacKenzie Equity Partners was granted an additional $ 60,000 bonus payment. On June 30, 2021 and December 31, 2020, the Company owed this related party $ 20,000 and $ 0 , respectively. Consulting Services Chan Tung Moe was engaged as a consultant by the Company through Pop Motion Consulting Pte. Ltd. Chan Tung Moe is the son of Chan Heng Fai, the Chairman and CEO of our Company. In August of 2020, this consulting agreement was terminated, and Chan Tung Moe became an employee of Alset International as Chief Development Officer. Chan Tung Moe was appointed as Executive Director of Alset International Limited on December 11, 2020 and on March 1, 2021, he was appointed as Co-Chief Executive Officer of Alset International Limited. Chan Tung Moe was appointed as Co-Chief Executive Officer of Alset EHome International on July 1, 2021. The Company incurred expense of $ 0 and $ 59,144 for the three months ended June 30, 2021 and 2020, respectively. The Company incurred expense of $ 0 and $ 118,288 for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021 and December 31, 2020, the Company owed Pop Motion a consulting fee of $ 0 . Notes Receivable from Related Party Companies On March 2, 2020 LiquidValue Asset Management Pte. Ltd. (“LiquidValue”) received a $ 200,000 Promissory Note from American Medical REIT Inc. (“AMRE”), a company which is less than 1 8 % and is payable in two years . LiquidValue also received warrants to purchase AMRE shares at the Exercise Price $ 5.00 per share. The amount of the warrants equals to the note principle divided by the Exercise Price. If AMRE goes to IPO in the future and IPO price is less than $10.00 per share, the Exercise price shall be adjusted downward to fifty percent (50%) of the IPO price. As of June 30, 2021 and December 31, 2020, the fair market value of the warrants was $ 0 . The Company accrued $ 21,366 and $ 13,431 interest income as of June 30, 2021 and December 31, 2020, respectively. On January 24, 2017, SeD Capital Pte Ltd, a 100% owned subsidiary of Alset International lent $ 350,000 to iGalen. The term of the loan was two years , with an interest rate of 3% per annum for the first of year and 5% per annum for the second year. The expiration term was renewed as due on demand after two years with 5% per annum interest rate. As of June 30, 2021 and December 31, 2020, the outstanding principle was $ 350,000 and accrued interest was $ 70,291 and $ 61,555 , respectively. As of June 30, 2021, the Company provided advances for operation of $ 234,744 to Hyten, a direct sales company in Thailand of which the Company holds approximately 19 % ownership. The Company provided advances for operation of $ 29,968 to APW, a related party company of which the Company holds 8.7 % ownership. Loan to Employees On November 24, 2020, American Pacific Bancorp. Inc. lent $ 560,000 to Chan Tung Moe, an officer of one of the subsidiaries of the Company and son of Chan Heng Fai, Chairman and Chief Executive Officer of the Company, bearing interest at 6 %, with a maturity date of November 23, 2023 . This loan was secured by an irrevocable letter of instruction on 80,000 shares of Alset EHome International. On November 24, 2020, American Pacific Bancorp. Inc. lent $ 280,000 to Lim Sheng Hon Danny, an employee of one of the subsidiaries of the Company, bearing interest at 6%, with a maturity date of November 23, 2023. This loan was secured by an irrevocable letter of instruction on 40,000 shares of Alset EHome International. Subsequent to the making of these loans, the Company acquired the majority of the issued and outstanding common stock of American Pacific Bancorp. As of June 30, 2021, both principal and interest, $ 840,000 and $ 28,031 , of both loans to Chan Tung Moe and Lim Sheng Hong, were fully paid off. |
EQUITY
EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
EQUITY | 11. EQUITY On June 14, 2021, the Company filed an amendment (the “Amendment”) to its Third Amended and Restated Certificate of Incorporation, as amended, to increase the Company’s authorized share capital. The Amendment increased the Company’s authorized share capital to 250,000,000 common shares and 25,000,000 preferred shares, from 20,000,000 common shares and 5,000,000 preferred shares, respectively. The Company has designated 6,380 preferred shares as Series A Preferred Stock and 2,132 as Series B Preferred Stock. Holders of the Series A Preferred Stock shall be entitled to receive dividends equal, on an as-if-converted basis, to and in the same form as dividends actually paid on shares of the Company’s common stock, par value $ 0.001 per share (“Common Stock”) when, as and if paid on shares of Common Stock. Each holder of outstanding Series A Preferred Stock is entitled to vote equal to the number of whole shares of Common Stock into which each share of the Series A Preferred Stock is convertible. Holders of Series A Preferred Stock are entitled, upon liquidation of the Company, to receive the same amount that a holder of Series A Preferred Stock would receive if the Series A Preferred Stock were fully converted into Common Stock. Holders of the Series B Preferred Stock shall be entitled to receive dividends equal, on an as-if-converted basis, to and in the same form as dividends actually paid on shares of the Company’s common stock par value $ 0.001 per share (“Common Stock”) when, as and if paid on shares of Common Stock. Each holder of outstanding Series B Preferred Stock is entitled to vote equal to the number of whole shares of Common Stock into which each share of the Series B Preferred Stock is convertible. Holders of Series B Preferred Stock are entitled, upon liquidation of the Company, to receive the same amount that a holder of Series B Preferred Stock would receive if the Series B Preferred Stock were fully converted into Common Stock. The Company analyzed the Preferred stock and the embedded conversion option for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging” and determined that the conversion option should be classified as equity. On January 19, 2021, the Company issued 10,000 shares of its common stock as compensation for public relations services at a fair value of $ 60,900 . On May 3, 2021, the Company entered into a Loan and Exchange Agreement with its Chief Executive Officer, Chan Heng Fai pursuant to which he loaned the Company his shares of Common Stock of the Company by exchanging 6,380,000 shares of common stock which he owned for an aggregate of 6,380 shares of the Company’s newly designated Series A Convertible Preferred Stock. Effective upon the filing of the Amendment in June 2021, the Company issued an entity owned by Chan Heng Fai 6,380,000 shares of common stock upon the automatic conversion of all 6,380 outstanding shares of the Company’s Series A Convertible Preferred Stock. On May 12, 2021 the Company entered into an Exchange Agreement with Chan Heng Fai, pursuant to which he converted $ 13,000,000 of note payable for 2,132 shares of the Company’s newly designated Series B Preferred Stock. Effective upon the filing of the Amendment in June 2021, the Company issued Chan Heng Fai 2,132,000 shares of common stock upon the automatic conversion of all 2,132 outstanding shares of the Company’s Series B Convertible Preferred Stock. On May 10, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Aegis Capital Corp., as the sole book-running manager and representative of the underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “Offering”) of (i) 4,700,637 common units (the “Common Units”), at a price to the public of $ 5.07 per Common Unit, with each Common Unit consisting of (a) one share of common stock, par value $ 0.001 per share (the “Common Stock”), (b) one Series A warrant (the “Series A Warrant” and collectively, the “Series A Warrants”) to purchase one share of Common Stock with an initial exercise price of $ 5.07 per whole share, exercisable until the fifth anniversary of the issuance date, and (c) one Series B warrant (the “Series B Warrant” and collectively, the “Series B Warrants” and together with the Series A Warrants, the “Warrants”) to purchase one-half share of Common Stock with an initial exercise price of $ 6.59 per whole share, exercisable until the fifth anniversary of the issuance date and (ii) 1,611,000 pre-funded units (the “Pre-funded Units”), at a price to the public of $ 5.06 per Pre-funded Unit, with each Pre-funded Unit consisting of (a) one pre-funded warrant (the “Pre-funded Warrant” and collectively, the “Pre-funded Warrants”) to purchase one share of Common Stock, (b) one Series A Warrant and (c) one Series B Warrant. The shares of Common Stock, the Pre-funded Warrants, and the Warrants were offered together, but the securities contained in the Common Units and the Pre-funded Units were issued separately. Following the offering, all the investors exercised their Pre-funded Units and additional 1,611,000 shares of common stock and Series A and Series B Warrants were issued. The Company also granted the Underwriters a 45-day over-allotment option to purchase up to 808,363 additional shares of Common Stock and/or up to 808,363 additional Series A Warrants to purchase 808,363 shares of Common Stock, and/or up to 808,363 additional Series B warrants to purchase 404,181 shares of Common Stock. The Offering, including the partial exercise of the Underwriters’ over-allotment option to purchase 808,363 Series A Warrants and 808,363 Series B Warrants, closed on May 13, 2021. During the month of June, 2021, Aegis exercised its option to purchase an additional 808,363 common shares at a price of $ 5.07 per common share and as of June 30, 2021 still holds 808,363 Series B Warrants. During the month of June, 2021, investors exercised 1,266,025 of Series A Warrants and 6,598 of Series B Warrants. As a result of the offering and subsequent exercise notice received for the pre-funded units and warrants, the Company issued 8,389,324 common shares As a result of the offering and subsequent exercise notice received for the pre-funded units and warrants, and the net proceeds to the Company were $ 39,268,580 . The Company incurred approximately $ 88,848 in expenses related to the Offering and subsequent warrants exercises, including SEC fees, FINRA fees, auditor fees and filing fees. The following table presents net funds received from the May 2021 offering and warrants exercised as of June 30, 2021. SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED Shares Par value Amount received Offering 4,700,637 $ 4,701 $ 29,145,056 Exercise of Pre-Funded Units 1,611,000 $ 1,611 $ 16,110 Exercise of Underwriter’s Series A Warrants 808,363 $ 808 $ 3,755,774 Exercise of Series A and Series B Warrants 1,269,324 $ 1,269 $ 6,440,487 Offering Expenses - $ - $ (88,848 ) Total 8,389,324 $ 8,389 $ 39,268,580 On June 30, 2021, there were 28,265,289 common shares issued and outstanding. The following table summarizes the warrant activity for the six months ended June 30, 2021. SCHEDULE OF WARRANT ACTIVITY Warrant for Common Shares Weighted Average Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value Warrants Outstanding as of December 31, 2020 108,000 $ 9.80 2.91 $ - Warrants Vested and exercisable at December 31, 2020 108,000 $ 9.80 2.91 $ - Granted 14,240,000 4.18 Exercised (2,080,986 ) 5.06 Forfeited, cancelled, expired - - Warrants Outstanding as of June 30, 2021 12,267,014 $ 4.08 4.85 $ 3,077,823 Warrants Vested and exercisable at June 30, 2021 12,267,014 $ 4.08 4.85 $ 3,077,823 GigWorld Inc. Sale of Shares During the six months ended, June 30, 2021, the Company sold 280,000 shares of GigWorld to international investors for the amount of $ 280,000 , which was booked as addition paid-in capital. The Company held 505,381,376 shares of the total outstanding shares 506,898,576 before the sale. After the sale, the Company still owns approximately 99 % of GigWorld’s total outstanding shares. During the six months ended, June 30, 2020, the Company sold 37,300 shares of GigWorld to international investors for the amount of $32,300 , which was booked as addition paid-in capital. The Company held 500,821,889 shares of the total outstanding shares 506,898,576 before the sale. After the sale, the Company still owns approximately 99 % of GigWorld’s total outstanding shares. During the six months ended June 30, 2021 and 2020, the sales of GigWorld’s shares were de minimis compared to its outstanding shares and did not change the minority interest. Distribution to Minority Shareholder During six months ended June 30, 2021, SeD Maryland Development LLC Board approved the payment distribution plan to members and paid $1,151,500 in distribution to the minority shareholder. During six months ended June 30, 2020, SeD Maryland Development LLC Board approved the payment distribution plan to members and paid $197,400 in distribution to the minority shareholder. Changes of Ownership of Alset International In the six months ended June 30, 2021, Alset International issued 1,160,581,454 common shares through warrants exercise with exercise price of approximately $0.03 per share and received $35,878,698 cash, which included approximately $33 million from Alset EHome International to exercise its warrants to purchase Alset International common shares. The warrant exercise transactions between Alset EHome International and Alset International were intercompany transactions and only affected change in non-controlling interest on the consolidated statements of stockholders’ equity. During the six months ended June 30, 2021, the stock-based compensation expense of Alset International was $73,292 with the issuance of 1,500,000 shares to an officer. The Company’s ownership of Alset International changed from 57.1 % as of December 31, 2020 to 71.4 % as of June 30, 2021. A subsidiary Issuing Stock In March, 2020, American Pacific Bancorp. (which subsequently became a majority-owned subsidiary of the Company) commenced a private offering of units of its securities. Each unit was comprised of one share of its Class A Common Stock with par value of $0.01 per share and its one share of Series A 5 % Cumulative Preferred Stock with a par value of $0.01 per share, at a subscription price of $ 6 per unit. The net proceeds from investors from this private offering were $2,232,491 as of June 30, 2020. |
LEASE INCOME
LEASE INCOME | 6 Months Ended |
Jun. 30, 2021 | |
Lease Income | |
LEASE INCOME | 12. LEASE INCOME The Company generally rents its SFRs under lease agreements with a term of one year . Future minimum rental revenue under existing leases on our properties at June 30, 2021 in each calendar year through the end of their terms are as follows: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS 2021 $ 97,350 2022 75,403 Total Future Receipts $ 172,753 Property Management Agreements The Company has entered into property management agreement with the property managers under which the property managers generally oversee and direct the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. The Company pays its property managers a property management fee of $ 90 per month per property unit and a leasing fee equal to one month of each lease’s annual rent. For the three months ended June 30, 2021 and 2020, property management fees incurred by the property managers were $ 2,740 and $ 0 , respectively. For the six months ended June 30, 2021 and 2020, property management fees incurred by the property managers were $ 2,740 and $ 0 , respectively. For the three months ended June 30, 2021 and 2020, leasing fees incurred by the property managers were $ 14,475 and $ 0 , respectively. For the six months ended June 30, 2021 and 2020, leasing fees incurred by the property managers were $ 14,475 and $ 0 , respectively. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 13. DISCONTINUED OPERATIONS On April 27, 2020, Global BioMedical Pte Ltd (“GBM”), one of our subsidiaries, entered into a share exchange agreement with DSS BioHealth Security, Inc. (“DBHS”), a wholly owned subsidiary of Document Securities Systems Inc. (“DSS”), pursuant to which, DBHS agreed to acquire all of the outstanding capital stock of Impact BioMedical Inc, a wholly owned subsidiary of GBM, through a share exchange. It was agreed that the aggregate consideration to be issued to GBM for the Impact BioMedical shares would be the following: (i) 483,334 newly issued shares of DSS common stock; and (ii) 46,868 newly issued shares of a new series of DSS perpetual convertible preferred stock with a stated value of $ 46,868,000 ($ 1,000 per share). The convertible preferred stock will be convertible into shares of DSS common stock at a conversion price of $ 6.48 of preferred stock stated value per share of common stock, subject to a 19.9 % beneficial ownership conversion limitation (a so-called “blocker”) based on the total issued outstanding shares of common stock of DSS beneficially owned by GBM. Holders of the convertible preferred stock will have no voting rights, except as required by applicable law or regulation, and no dividends will accrue or be payable on the convertible preferred stock. The holders of convertible preferred stock will be entitled to a liquidation preference of $ 1,000 per share, and DSS will have the right to redeem all or any portion of the then outstanding shares of convertible preferred stock, pro rata among all holders, at a redemption price per share equal to such liquidation value per share. Under ASU 2014-08, a disposal transaction meets the definition of a discontinued operation if all of the following criteria are met: 1. The disposal group constitutes a component of an entity or a group of components of an entity. 2. The component of an entity (or group of components of an entity) meets the held-for-sale classification criteria, is disposed of by sale, or is disposed of other than by sale (e.g., “by abandonment, in an exchange measured based on the recorded amount of the nonmonetary asset relinquished, or in a distribution to owners in a spinoff”). 3. The disposal of a component of an entity (or group of components of an entity) “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results”. Impact BioMedical Inc and its subsidiaries have financial reporting. The transaction is a disposal by sale and has a major effect on our financial results. Since it meets all of the test criteria set forth above, we have treated this disposal transaction as a discontinued operations in our consolidated financial statements. On August 21, 2020, the transaction closed and Impact BioMedical Inc became a direct wholly owned subsidiary of DBHS. GBM received 483,334 shares of DSS common stock and 46,868 shares of DSS preferred stock, which preferred shares could be converted to 7,232,716 common shares (however, any conversion will be subject to the blocker GBM has agreed to, as described above). After this transaction, we held 500,001 shares of the common stock of DSS, representing 9.7 % of the outstanding common stock of DSS. Our CEO, Chan Heng Fai owned an additional 14.5 % of the common stock of DSS (not including any common or preferred shares we held) and is the executive chairman of the board of directors of DSS. The Company has elected the fair value option for the DSS common stock that would otherwise be accounted for under the equity method of accounting. ASC 820, Fair Value Measurement and Disclosures, defines the fair value of the financial assets. We value DSS common stock under level 1 category through quoted prices and preferred stock under level 2 category through the value of the common shares into which the preferred shares are convertible. The quoted price of DSS common stock was $ 6.95 as of August 21, 2020. The total fair value of DSS common and preferred stocks GBM received as consideration for the disposal of Impact BioMedical was $ 53,626,548 . As of August 21, 2020, the net asset value of Impact BioMedical was $ 57,143 . The difference of $ 53,569,405 was recorded as additional paid in capital. We did not recognize gain or loss from this transaction as it was a related party transaction. During the three months ended June 30, 2021 and 2020, the discontinued operation loss from Impact BioMedical Inc was $ 0 and $ 361,385 , respectively. During the six months ended June 30, 2021 and 2020 the discontinued operation loss from Impact BioMedical Inc was $ 0 and $ 361,385 , respectively. On October 16, 2020, GBM converted an aggregate of 4,293 shares of Series A Convertible Preferred Stock into 662,500 shares of the common stock of DSS. On May 25, 2021 and again on June 21, 2021, GBM converted an aggregate of 42,575 shares of Series A Convertible Preferred Stock into 6,570,170 shares of the common stock of DSS. We now own approximately 11.8 % of the common stock of DSS, and our CEO, Chan Heng Fai, owns an additional 3.1 % of the common stock of DSS (not including any common shares we hold). |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | 14. ACCUMULATED OTHER COMPREHENSIVE INCOME Following is a summary of the changes in the balances of accumulated other comprehensive income, net of tax: SCHEDULE OF CHANGES IN THE BALANCES OF ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2021 $ (48,758 ) $ 2,258,017 $ (65,921 ) $ 2,143,338 Other Comprehensive Income (1,135 ) (1,010,527 ) (39,067 ) (1,050,729 ) Balance at March 31, 2021 $ (49,893 ) $ 1,247,490 $ (104,988 ) $ 1,092,609 Other Comprehensive Income (25,663 ) (764,544 ) (343,225 ) (1,133,432 ) Balance at June 30, 2021 $ (75,556 ) $ 482,946 $ (448,213 ) $ (40,823 ) Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2020 $ (59,888 ) $ 1,603,145 $ (84,968 ) $ 1,458,289 Other Comprehensive Income (8,240 ) (1,094,810 ) - (1,103,050 ) Balance at March 31, 2020 $ (68,128 ) $ 508,335 $ (84,968 ) $ 355,239 Other Comprehensive Income 8,147 389,413 (18,317 ) 379,243 Balance at June 30, 2020 $ (59,981 ) $ 897,748 $ (103,285 ) $ 734,482 |
INVESTMENTS MEASURED AT FAIR VA
INVESTMENTS MEASURED AT FAIR VALUE | 6 Months Ended |
Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS MEASURED AT FAIR VALUE | 15. INVESTMENTS MEASURED AT FAIR VALUE Financial assets measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of June 30, 2021 and December 31, 2020: SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value June 30, 2021 Assets Investment Securities- Fair Value $ 14,784,540 $ 27,004,907 $ - $ - $ 27,004,907 Investment Securities- Trading 968,525 954,109 - - 954,109 Convertible Preferred Stock 42,889,000 - - - - Convertible Note Receivable 138,599 - - 117,668 117,668 Warrants - American Premium Water 860,342 - - 2,048,747 2,048,747 Warrants - AMRE - - - - - Total Investment in securities at Fair Value $ 59,641,006 $ 27,959,016 $ - $ 2,166,415 $ 30,125,431 Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value December 31, 2020 Assets Investment securities- Fair Value Option $ 7,404,911 $ 10,549,102 $ - $ - $ 10,549,102 Investment securities- Trading 17,650 18,654 - - 18,654 Convertible preferred stock 42,889,000 - - 37,675,000 37,675,000 Convertible note receivable 50,000 - - 66,978 66,978 Warrants - American Premium Water 860,342 - - 862,723 862,723 Warrants - AMRE - - - - - Stock Options - Vivacitas - - - - - Total Investment in securities at Fair Value $ 51,221,903 $ 10,567,756 $ - $ 38,604,701 $ 49,172,457 Realized gain on investment securities for the six months ended June 30, 2021 and 2020 was $ 296,961 and $ 26,395 , respectively. Unrealized loss on securities investment was $ 30,703,914 in the six months ended June 30, 2021 and unrealized gain on securities investment was $ 1,561,486 in the six months ended on June 30, 2020. These gains and losses were recorded directly to net income (loss). The change in fair value of the convertible note receivable in the six months ended June 30, 2021 and 2020 was $ 37,909 and $ 516 , respectively, and was recorded in consolidated statements of stockholders’ equity. For U.S. trading stocks, we use Bloomberg Market stock prices as the share prices to calculate fair value. For overseas stock, we use the stock price from local stock exchange to calculate fair value. The following chart shows details of the fair value of equity security investment at June 30, 2021 and December 31, 2020, respectively. SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT Share price Market Value 6/30/2021 Shares 6/30/2021 Valuation DSS (Related Party) $ 1.790 7,732,671 * $ 13,841,481 Investment in Securities at Fair Value AMBS (Related Party) $ 0.008 20,000,000 $ 150,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.044 46,226,673 $ 2,047,424 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.007 122,039,000 $ 817,661 Investment in Securities at Fair Value OptimumBank (Related Party) $ 4.820 92,980 $ 448,164 Investment in Securities at Fair Value True Partners $ 0.135 62,122,908 $ 8,400,177 Investment in Securities at Fair Value Value Exchange $ 0.200 6,500,000 $ 1,300,000 Investment in Securities at Fair Value Trading Stocks $ 954,109 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 27,959,016 Nervotech N/A 1,666 $ 37,826 Investment in Securities at Cost Hyten Global N/A 20,000 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 19,609 Investment in Securities at Cost Total Equity Securities $ 28,059,013 Share price Market Value 12/31/2020 Shares 12/31/2020 Valuation DSS (Related Party) $ 6.240 1,162,501 * $ 7,254,006 Investment in Securities at Fair Value AMBS (Related Party) $ 0.008 20,000,000 $ 160,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.055 46,226,673 $ 2,565,469 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.002 122,039,000 $ 256,284 Investment in Securities at Fair Value OptimumBank (Related Party) $ 3.370 92,980 $ 313,343 Investment in Securities at Fair Value Trading Stocks $ 18,654 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 10,567,756 Vivacitas (Related Party) N/A 2,480,000 $ 200,128 Investment in Securities at Cost Nervotech N/A 1,666 $ 37,826 Investment in Securities at Cost Hyten Global N/A 20,000 $ 42,562 Investment in Securities at Cost Total Equity Securities $ 10,848,272 * Ratio of 1-for-30 (the “Reverse Split”) was effective at 5:01 p.m. Eastern Time on May 7, 2020 (the “Effective Time”) DSS convertible preferred stock In six months ended June 30, 2021 Global BioMedical Pte Ltd. converted 42,575 preferred stock of DSS into 6,570,170 common shares of DSS. Sharing Services Convertible Note The fair value of the Sharing Services Convertible Note under level 3 category as of June 30, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS June 30, 2021 December 31, 2020 Dividend yield 0.00 % 0.00 % Expected volatility 158.61 % 210.07 % Risk free interest rate 3.25 % 0.13 % Contractual term (in years) 1.26 11.76 Exercise price $ 0.15 $ 0.15 We assumed dividend yield rate is 0.00 % in Sharing Services. The volatility is based on the historical volatility of the Sharing Services’ common stock. Risk-free interest rates were obtained from U.S. Treasury rates for the applicable periods. Changes in the observable input values would likely cause material changes in the fair value of the Company’s Level 3 financial instruments. A significant increase (decrease) in this likelihood would result in a higher (lower) fair value measurement. The table below provides a summary of the changes in fair value which are recorded as other comprehensive income (loss), including net transfers in and/or out of all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2021 and 2020: SCHEDULE OF CHANGE IN FAIR VALUE Total Balance at January 1, 2021 $ 66,978 Total losses (1,987 ) Balance at March 31, 2021 $ 64,991 Total losses (35,922 ) Balance at June 30, 2021 $ 29,069 Total Balance at January 1, 2020 $ 26,209 Total losses (12,599 ) Balance at March 31, 2020 $ 13,610 Total gain 13,115 Balance at June 30, 2020 $ 26,725 Vector Com Convertible Bond On February 26, 2021, the Company invested approximately $ 88,599 in the convertible bond 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 June 30, 2021, the management estimated that the fair value of this note remained unchanged from its initial purchase price Warrants On March 2, 2020, the Company received warrants to purchase shares of AMRE, a related party private startup company, in conjunction with the Company lending a $ 200,000 promissory note. For further details on this transaction, refer to Note 10 Related Party Transactions, Note Receivable from a Related Party Company. 0 as of June 30, 2021 and December 31, 2020. On July 17, 2020, the Company purchased 122,039,000 shares, approximately 9.99 % ownership, and 122,039,000 warrants with an exercise price of $ 0.0001 per share, from APW, for an aggregated purchase price of $ 122,039 . We value APW warrants under level 3 category through a Black-Scholes option pricing model and the fair value of the warrants from APW were $ 862,723 as of December 31, 2020 and $ 2,048,747 as of June 30, 2021. The fair value of the APW warrants under level 3 category as of June 30, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS June 30, 2021 December 31, 2020 Stock Price $ 0.0067 $ 0.0021 Exercise price 0.001 0.001 Risk free interest rate 1.40 % 0.88 % Annualized volatility 205.71 % 178.86 % Year to maturity 9.07 9.58 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES Lots Sales Agreement On November 23, 2015, SeD Maryland Development LLC completed the $ 15,700,000 acquisition of Ballenger Run, a 197 -acre land sub-division development located in Frederick County, Maryland. Previously, on May 28, 2014, the RBG Family, LLC entered into a $ 15,000,000 assignable real estate sales contract with NVR, by which RBG Family, LLC would facilitate the sale of the 197 acres of Ballenger Run to NVR. On December 10, 2014, NVR assigned this contract to SeD Maryland Development, LLC through execution of an assignment and assumption agreement and entered into a series of lot purchase agreements by which NVR would purchase 443 subdivided residential lots from SeD Maryland Development, LLC. On December 31, 2018, SeD Maryland entered into the Third Amendment to the Lot Purchase Agreement for Ballenger Run with NVR. Pursuant to the Third Amendment, SeD Maryland will convert the 5.9 acre CCRC parcel to 36 lots (the 28 feet wide villa lot) and sell to NVR. SeD Maryland pursued the required zoning approval to change the number of such lots from 85 to 121, which was approved in July 2019. Subsequently, SeD Maryland Development signed Fourth Amendment to the Lot Purchase Agreement, pursuant to which NVR agreed to purchase all of the new 121 lots. During the three months ended on June 30, 2021 and 2020, NVR purchased 31 lots and 19 lots, respectively. During the six months ended on June 30, 2021 and 2020, NVR purchased 58 lots and 46 lots, respectively. Through June 30, 2021 and December 31, 2020, NVR had purchased a total of 446 and 388 lots, respectively. Leases The Company leases offices in Maryland, Singapore, Magnolia, Texas, Hong Kong and South Korea through leased spaces aggregating approximately 15,811 square feet, under leases expiring on various dates from December 2020 to March 2024. The leases have rental rates ranging from $ 2,265 to $ 23,297 per month. Our total rent expense under these office leases was $ 140,271 and $ 85,558 in the three months ended June 30, 2021 and 2020, respectively. Our total rent expense under these office leases was $ 272,985 and $ 171,116 in the six months ended June 30, 2021 and 2020, respectively. The following table outlines the details of lease terms: Schedule of operating and renewed lease terms rental Office Location Lease Term as of December 31, 2020 Renewed Lease term in 2021 Singapore June 2020 to May 2021 June 2021 to May 2022 Hong Kong October 2020 to October 2022 South Korea August 2020 to August 2022 Magnolia, Texas, USA November 2019 to April 2021 May 2021 to October 2021 Bethesda, Maryland, USA August 2015 to December 2020 January 2021 to March 2024 The Company adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) to recognize a right-of-use asset and a lease liability for all the leases with terms greater than twelve months. We elected the practical expedient to not recognize operating lease right-of-use assets and operating lease liabilities for lease agreements with terms less than 12 months. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As our leases do not provide a readily determinable implicit rates, we estimate our incremental borrowing rates to discount the lease payments based on information available at lease commencement. Our incremental borrowings rates are 3.9% in 2021 and at a range from 0.5% to 4.5% per annum in 2020, which were used as the discount rates. The balances of operating lease right-of-use assets and operating lease liabilities as of June 30, 2021 were $ 728,828 and $ 741,915 , respectively. The balances of operating lease right-of-use assets and operating lease liabilities as of December 31, 2020 were $ 574,754 and $ 574,754 , respectively. The table below summarizes future payments due under these leases as of June 30, 2021. For the Years Ended December 31: Schedule of Lease Payments 2021 $ 280,947 2022 361,405 2023 95,104 2024 24,430 Total Minimum Lease Payments 761,886 Less: Effect of Discounting (19,971 ) Present Value of Future Minimum Lease Payments 741,915 Less: Current Obligations under Leases (147,135 ) Long-term Lease Obligations $ 594,780 |
DIRECTORS AND EMPLOYEES_ BENEFI
DIRECTORS AND EMPLOYEES’ BENEFITS | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
DIRECTORS AND EMPLOYEES’ BENEFITS | 17. DIRECTORS AND EMPLOYEES’ BENEFITS Stock Option plans AEI The Company reserves 500,000 shares of common stock under the Incentive Compensation Plan for high-quality executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its related entities. This plan is meant to enable such persons to acquire or increase a proprietary interest in the Company in order to strengthen the mutuality of interests between such persons and the Company’s shareholders, and providing such persons with performance incentives to expand their maximum efforts in the creation of shareholder value. As of June 30, 2021 and December 31, 2020, there have been no options granted. Alset International Stock Option plans On November 20, 2013, Alset International approved a Stock Option Plan (the “2013 Plan”). Employees, executive directors, and non-executive directors (including the independent directors) are eligible to participate in the 2013 Plan. The following tables summarize stock option activity under the 2013 Plan for the six months ended June 30, 2021: SCHEDULE OF OPTION ACTIVITY Options for Common Shares Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2020 1,061,333 $ 0.09 3.00 $ - Vested and exercisable at December 31, 2020 1,061,333 $ 0.09 3.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of June 30, 2021 1,061,333 $ 0.09 2.50 $ - Vested and exercisable at June 30, 2021 1,061,333 $ 0.09 2.50 $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS Public Offering On July 27, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Aegis Capital Corp., as the sole book-running manager and representative of the underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “Offering”) of (i) 5,324,139 shares of common stock, par value $ 0.001 per share (the “Common Stock”), at a price to the public of $ 2.12 per share of Common Stock and (ii) 9,770,200 pre-funded warrants (the “Pre-funded Warrants”) to purchase 9,770,200 shares of Common Stock, at a price to the public of $ 2.11 per Pre-funded Warrant. The Offering closed on July 30, 2021. The Company granted the Underwriters a 45-day over-allotment option to purchase up to 2,264,150 additional shares of Common Stock. The Company also paid the Underwriters an underwriting discount equal to 7.0 % of the gross proceeds of the Offering and a non-accountable expense fee equal to 1.5 % of the gross proceeds of the Offering. In addition, the Company agreed to issue to the representative warrants (the “Representative’s Warrants”) to purchase a number of shares equal to 3.0 % of the aggregate number of shares (including shares underlying the Pre-funded Warrants) sold under in the Offering, or warrants to purchase up to an aggregate of 520,754 shares, assuming the Underwriters exercise their over-allotment option in full. The Representative’s Warrants have an exercise price equal to 125 % of the public offering price, or $ 2.65 per share, with an exercise period of 24 months from issuance. The Company and its directors and executive officers also agreed that, for a period of one (1) year and ninety (90) days, respectively, after the date of the offering, subject to certain limited exceptions, not to directly or indirectly, without the prior written consent of the Underwriters, (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or caused to be filed any registration statement with the Securities and Exchange Commission (the “SEC”) relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company. The Pre-funded Warrants were offered and sold to purchasers whose purchase of Common Stock in the Offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99 % (or, at the election of the purchaser, 9.99%) of the Company’s outstanding Common Stock immediately following the consummation of the Offering in lieu of Common Stock that would otherwise result in the purchaser’s beneficial ownership exceeding 4.99% of the Company’s outstanding Common Stock (or, at the election of the purchaser, 9.99 %). Each Pre-funded Warrant is exercisable for one share of Common Stock at an exercise price of $ 0.01 per share. The Pre-funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-funded Warrants are exercised in full. The net proceeds to the Company from the Offering were approximately $ 28.8 million, after deducting underwriting discounts and commissions and the payment of other estimated offering expenses associated with the Offering that are payable by the Company. The Company intends to use the net proceeds of the Offering for the following purposes: (i) to fund possible acquisitions of new companies and additional properties; (ii) to fund the further development of properties, including services and infrastructure; (iii) to develop rental opportunities at properties; (iv) to exercise warrants of our subsidiaries to accomplish the items in (i) – (iii); and (v) for working capital and general corporate purposes. A registration statement on Form S-1 relating to the Offering was declared effective by the SEC on July 27, 2021. As of August 16, 2021 investors who purchased the pre-funded warrants in this offering exercised 6,461,800 warrants to purchase 6,461,800 shares of the Company’s common stock and the Company received $ 64,618 from these exercises. Series A Warrants exercise From July 1, 2021 through August 16, 2021 investors who purchased Series A Warrants in the Company’s May 2021 offering exercised warrants to purchase 98,000 shares of the Company’s common stock. The Company received $ 496,860 from these exercises. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Company’s 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, 2021 or any other interim periods or for any other future years. These unaudited 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, 2020 filed on April 14, 2021. The 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 consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of June 30, 2021 and December 31, 2020, as follows: Schedule of Subsidiaries Attributable interest as of, Name of subsidiary consolidated under AEI State or other jurisdiction of incorporation or organization June 30, December 31, 2020 % % Hengfai International Pte. Ltd Singapore 100 100 Hengfai Business Development Pte. Ltd Singapore 100 100 Heng Fai Enterprises Pte. Ltd. Singapore - 100 Global eHealth Limited Hong Kong 100 100 Alset International Limited (f.k.a. Singapore eDevelopment Limited) Singapore 71.4 57.1 Singapore Construction & Development Pte. Ltd. Singapore 71.4 57.1 Art eStudio Pte. Ltd. Singapore 36.4 * 29.1 * Singapore Construction Pte. Ltd. Singapore 71.4 57.1 Global BioMedical Pte. Ltd. Singapore 71.4 57.1 Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) Singapore 71.4 57.1 Health Wealth Happiness Pte. Ltd. Singapore 71.4 57.1 SeD Capital Pte. Ltd. Singapore 71.4 57.1 LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) Singapore 76.6 46.9 * SeD Home Limited Hong Kong 71.4 57.1 SeD Management Pte. Ltd. (f.k.a. SeD Reits Management Pte. Ltd.) Singapore 71.4 57.1 Global TechFund of Fund Pte. Ltd. Singapore 71.4 57.1 Singapore eChainLogistic Pte. Ltd. Singapore 71.4 57.1 BMI Capital Partners International Limited. Hong Kong 71.4 57.1 SeD Perth Pty. Ltd. Australia 71.4 57.1 SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) United States of America 71.4 57.1 LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) United States of America 71.4 57.1 Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) United States of America 71.4 57.1 SeD USA, LLC United States of America 71.4 57.1 150 Black Oak GP, Inc. United States of America 71.4 57.1 SeD Development USA Inc. United States of America 71.4 57.1 150 CCM Black Oak, Ltd. United States of America 71.4 57.1 SeD Texas Home, LLC United States of America 71.4 57.1 SeD Ballenger, LLC United States of America 71.4 57.1 SeD Maryland Development, LLC United States of America 59.7 47.8 * SeD Development Management, LLC United States of America 60.7 48.6 * SeD Builder, LLC United States of America 71.4 57.1 GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) United States of America 71.2 57.0 HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 71.2 57.0 HotApp International Limited Hong Kong 71.2 57.0 HWH International, Inc. United States of America 71.4 57.1 Health Wealth & Happiness Inc. United States of America 71.4 57.1 HWH Multi-Strategy Investment, Inc. United States of America 71.4 57.1 SeD REIT Inc. United States of America 71.4 57.1 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 71.2 57.0 HWH World Inc. United States of America 71.2 57.0 HWH World Pte. Ltd. Singapore 71.2 57.0 UBeauty Limited Hong Kong 71.4 57.1 WeBeauty Korea Inc Korea 71.4 57.1 HWH World Limited Hong Kong 71.4 57.1 HWH World Inc. Korea 71.4 57.1 Alset BioHealth Pte. Ltd. Singapore 71.4 57.1 Alset Energy Pte. Ltd. Singapore 71.4 57.1 Alset Payment Inc. United States of America 71.4 57.1 Alset World Pte. Ltd. Singapore 71.4 57.1 BioHealth Water Inc. United States of America 71.4 57.1 Impact BioHealth Pte. Ltd. Singapore 71.4 57.1 American Home REIT Inc. United States of America 76.6 46.9 * Alset Solar Inc. United States of America 57.1 45.7 * HWH KOR Inc. United States of America 71.4 57.1 Open House Inc. United States of America 71.4 57.1 Open Rental Inc. United States of America 71.4 57.1 Hapi Cafe Inc. (Nevada) United States of America 71.4 57.1 Global Solar REIT Inc. United States of America 71.4 57.1 OpenBiz Inc. United States of America 71.4 57.1 Hapi Cafe Inc. (Texas) United States of America 100 100 HWH (S) Pte. Ltd. Singapore 71.4 - American Pacific Bancorp Inc. United States of America 86.4 - HengFeng Finance Limited Hong Kong 86.4 - Decentralize Finance Inc. United States of America 86.4 - True Partner International Limited Hong Kong 100 - LiquidValue Development Pte. Ltd. Singapore 100 - LiquidValue Development Limited. Hong Kong 100 - EPowerTech Inc. United States of America 100 - Alset EPower Inc. United States of America 100 - * 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 | 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. |
Transactions between Entities under Common Control | 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 (“Alset International”), 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 are 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 were under common control and is 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 discounted 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. |
Cash and Cash Equivalents | 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 June 30, 2021 and December 31, 2020. |
Restricted Cash | Restricted Cash As a condition to the loan agreement with the Manufacturers and Traders Trust Company (“M&T Bank”), the Company is required to maintain a minimum of $ 2,600,000 in an interest-bearing account maintained by the lender as additional security for the loans. These funds are required to remain as collateral for the loan until the loan is paid off in full and the loan agreement is terminated. The Company also has an escrow account with M&T Bank to deposit a portion of cash proceeds from lot sales. The funds in the escrow account are specifically used for the payment of the loan from M&T Bank. These funds are required to remain in the escrow account for the loan payment until the loan agreement terminates. As of June 30, 2021 and December 31, 2020, the total balance of these two accounts was $ 4,757,477 and $ 5,729,067 , 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 June 30, 2021 and December 31, 2020, the account balance was $ 37,540 and $ 38,550 , 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 June 30, 2021 and December 31, 2020, the cash balance in these brokerage accounts was $ 2,601,096 and $ 1,001,916 , respectively. |
Account Receivables and Allowance for Doubtful Accounts | 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 June 30, 2021 and December 31, 2020, the balance of account receivables was $ 1,180,881 and $ 1,366,194 , respectively. Approximately $ 1 million and $ 1.3 million of account receivables as of June 30, 2021 and December 31, 2020, 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 monthly 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 June 30, 2021 and December 31, 2020, the allowance was $ 0 . |
Inventories | 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 June 30, 2021 and December 31, 2020, inventory consisted of finished goods from HWH World 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 Investments represent equity investments with readily determinable fair values, equity-method investments, equity investments without readily determinable fair values and debt 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 Ture 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 5.3 % 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 six months ended June 30, 2021, the Company 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”), Document Securities Systems Inc. (“DSS”), OptimumBank Holdings, Inc. (“OptimumBank”) 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 June 30, 2021 and December 31, 2020, the Company owned approximately 11.7 % of the common stock of DSS. 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 16.8 % of the outstanding shares of Holista and our CEO held a position on Holista’s Board of Directors. ● The Company has significant influence over OptimumBank. Our CEO is the beneficial owner of approximately 3.9 % of the outstanding shares of OptimumBank and holds a position on OptimumBank’s Board of Directors. ● The Company has significant influence over APW as the Company is the beneficial owner of approximately 8.7 % 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, 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 a $ 200,000 promissory note. For further details on this transaction, refer to Note 10 - Related Party Transactions, Note Receivable from a Related Party Company 0 as of June 30, 2021 and December 31, 2020. 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 10 - Related Party Transactions, Sale of Investment in Vivacitas to DSS 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. The Company had an equity holding in Vivacitas Oncology Inc. (“Vivacitas”), a private company that is currently not listed on an exchange. We measure 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 10 – Related Party Transactions. 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 20,000 shares, approximately 19 % ownership, from Hyten Global (Thailand) Co., Ltd (“Hyten”), a private company, at a purchase price of $ 42,562 . Hyten is a direct sales company in Thailand. The Company does not have significant influence over Hyten and applied ASC 321 and measured Hyten 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. During the six months ended June 30, 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. Investment Securities under Equity Method Accounting 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 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 Company continues to report its share of equity method losses in the statements of comprehensive income to the extent and as an adjustment to the carrying amount of its other investments in the investee. 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 less than 1 % of American Medical REIT Inc. (“AMRE”) as of June 30, 2021, 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 to Note 10, Related Party Transactions). On balance sheet, the prorate loss from AMRE was recorded as a liability, accumulated losses on equity method investment. During three months ended June 30, 2021 and 2020, the investment losses from AMRE were $ 77,459 and $ 140,740 , respectively. During six months ended June 30, 2021 and 2020, the investment losses from AMRE were $ 102,306 and $ 140,740 , respectively. As of June 30, 2021 and December 31, 2020, the accumulated losses on equity method investment were $ 368,235 and $ 265,929 , respectively. Sweet Sense, Inc. BioLife Sugar, Inc. (“BioLife’), a subsidiary consolidated under Alset International, entered into a joint venture agreement on April 25, 2018 with Quality Ingredients, LLC (“QI”). The agreement created an entity called Sweet Sense, Inc. (“Sweet Sense”) which is 50 % owned by BioLife and 50 % owned by QI. Management believes its 50 % investment represents significant influence over Sweet Sense and accounts for the investment under the equity method of accounting. On November 8, 2019, Impact BioMedical Inc., a subsidiary of the Company, purchased 50 % of Sweet Sense from QI for $ 91,000 and recorded a loss from acquisition of $ 90,001 . As of November 8, 2019, the total investment in joint venture was equal to $ 91,000 and the proportionate losses totaled $ 90,001 . The transaction was not in the scope of ASC 805 Business Combinations since the acquisition was accounted for an asset purchase instead of a business combination. As an asset acquisition, the Company recorded the transaction at cost and applied ASC 730 to expense in-process research and development cost, the major cost of Sweet Sense. Consequently, Sweet Sense was an 81.8 % owned subsidiary of Impact BioMedical Inc. and therefore, was consolidated into the Company’s condensed consolidated financial statements as of June 30, 2020. As a subsidiary of Impact BioMedical Inc., Sweet Sense was in the discontinued operations of Impact BioMedical Inc. (See Note 13 Discontinued Operations). 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 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. Credas intends to develop and launch its maiden digital assets-based Exchange-Traded Product in the fourth quarter of 2021 on the SIX Swiss Exchange, Switzerland’s principal stock exchange and one of Europe’s largest stock exchanges. 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. The Company invested $ 50,000 in a convertible promissory note of Sharing Services, Inc. (“Sharing Services Convertible Note”), a company quoted on the US OTC market. The value of the convertible note was estimated by management using a Black-Scholes valuation model. The fair value of the note was $ 29,069 and $ 66,978 on June 30, 2021 and December 31, 2020, 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 June 30, 2021, the Management estimated that the fair value of the note to be $ 88,599 , the initial transaction price. |
Real Estate Assets | 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”, The Company capitalized construction costs of approximately $ 0.2 million and $ 3.7 million for the three months ended June 30, 2021 and 2020, respectively. The Company capitalized construction costs of approximately $ 1.4 million and $ 6.1 million for the six months ended June 30, 2021 and 2020, 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 The Company did not record impairment on any of its projects during the three and six months ended on June 30, 2021 and 2020. 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. On March 15, 2021 and May 11, 2021 Alset EHome, Inc. signed purchase agreements to acquire 30 homes in Montgomery County, Texas. By June 30, 2021, all of the 30 homes were closed for an aggregate purchase price of $ 6,825,907 . 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 the six months ended on June 30, 2021. |
Revenue Recognition and Cost of Sales | Revenue Recognition and Cost of Sales ASC 606 - Revenue from Contracts with Customers 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 a sales contract with the Company before they take the lots. The prices and timeline are determined and agreed upon in the contract. 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 70 % and 99 %, respectively, of the Company’s revenue in the six months ended on June 30, 2021 and 2020, 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. 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, the Company’s leases provide the tenant with one or more multi-year renewal options, 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 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 six months ended June 30, 2021, 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 June 30, 2021 and 2020, we recognized revenue $ 141,575 and $ 74,879 from FFB assessment, respectively. During the six months ended on June 30, 2021 and 2020, we recognized revenue $ 248,646 and $ 115,202 from FFB assessment, respectively. Cost of Sales 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. 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, use 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 $ 2,919,283 and $ 2,867,226 at June 30, 2021 and December 31, 2020, respectively. Other Businesses Remaining performance obligations As of June 30, 2021 and December 31, 2020, there were no remaining performance obligations or continuing involvement, as all service obligations within the other business activities segment have been completed. |
Foreign currency | 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 $ 958,334 and $ 796,709 loss during the three months ended on June 30, 2021 and 2020, respectively. The Company recorded foreign exchange gain of $ 2,421,031 and $ 1,463,773 during the six months ended on June 30, 2021 and 2020, 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 Singapore Dollar, Hong Kong Dollar, 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). For the three months ended on June 30, 2021, the Company recorded other comprehensive loss from foreign currency translation of $ 1,070,191 and a $ 626,872 gain in the three months ended June 30, 2020, in accumulated other comprehensive loss. For the six months ended on June 30, 2021, the Company recorded other comprehensive loss from foreign currency translation of $ 2,839,631 and a $ 1,047,149 loss in the six months ended June 30, 2020, in accumulated other comprehensive loss. |
Non-controlling interests | 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 consolidated statements of operation and comprehensive income, and within equity in the Consolidated Balance Sheets, separately from equity attributable to owners of the Company. On June 30, 2021 and December 31, 2020, the aggregate non-controlling interests in the Company were $ 28,114,184 and $ 38,023,260 , respectively. |
Capitalized Financing Costs | 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 June 30, 2021 and December 31, 2020, the capitalized financing costs were $ 3,257,033 and $ 3,513,535 , respectively. |
Beneficial Conversion Features | 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 | Recent Accounting Pronouncements 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 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Subsidiaries | The Company’s consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of June 30, 2021 and December 31, 2020, as follows: Schedule of Subsidiaries Attributable interest as of, Name of subsidiary consolidated under AEI State or other jurisdiction of incorporation or organization June 30, December 31, 2020 % % Hengfai International Pte. Ltd Singapore 100 100 Hengfai Business Development Pte. Ltd Singapore 100 100 Heng Fai Enterprises Pte. Ltd. Singapore - 100 Global eHealth Limited Hong Kong 100 100 Alset International Limited (f.k.a. Singapore eDevelopment Limited) Singapore 71.4 57.1 Singapore Construction & Development Pte. Ltd. Singapore 71.4 57.1 Art eStudio Pte. Ltd. Singapore 36.4 * 29.1 * Singapore Construction Pte. Ltd. Singapore 71.4 57.1 Global BioMedical Pte. Ltd. Singapore 71.4 57.1 Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) Singapore 71.4 57.1 Health Wealth Happiness Pte. Ltd. Singapore 71.4 57.1 SeD Capital Pte. Ltd. Singapore 71.4 57.1 LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) Singapore 76.6 46.9 * SeD Home Limited Hong Kong 71.4 57.1 SeD Management Pte. Ltd. (f.k.a. SeD Reits Management Pte. Ltd.) Singapore 71.4 57.1 Global TechFund of Fund Pte. Ltd. Singapore 71.4 57.1 Singapore eChainLogistic Pte. Ltd. Singapore 71.4 57.1 BMI Capital Partners International Limited. Hong Kong 71.4 57.1 SeD Perth Pty. Ltd. Australia 71.4 57.1 SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) United States of America 71.4 57.1 LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) United States of America 71.4 57.1 Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) United States of America 71.4 57.1 SeD USA, LLC United States of America 71.4 57.1 150 Black Oak GP, Inc. United States of America 71.4 57.1 SeD Development USA Inc. United States of America 71.4 57.1 150 CCM Black Oak, Ltd. United States of America 71.4 57.1 SeD Texas Home, LLC United States of America 71.4 57.1 SeD Ballenger, LLC United States of America 71.4 57.1 SeD Maryland Development, LLC United States of America 59.7 47.8 * SeD Development Management, LLC United States of America 60.7 48.6 * SeD Builder, LLC United States of America 71.4 57.1 GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) United States of America 71.2 57.0 HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 71.2 57.0 HotApp International Limited Hong Kong 71.2 57.0 HWH International, Inc. United States of America 71.4 57.1 Health Wealth & Happiness Inc. United States of America 71.4 57.1 HWH Multi-Strategy Investment, Inc. United States of America 71.4 57.1 SeD REIT Inc. United States of America 71.4 57.1 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 71.2 57.0 HWH World Inc. United States of America 71.2 57.0 HWH World Pte. Ltd. Singapore 71.2 57.0 UBeauty Limited Hong Kong 71.4 57.1 WeBeauty Korea Inc Korea 71.4 57.1 HWH World Limited Hong Kong 71.4 57.1 HWH World Inc. Korea 71.4 57.1 Alset BioHealth Pte. Ltd. Singapore 71.4 57.1 Alset Energy Pte. Ltd. Singapore 71.4 57.1 Alset Payment Inc. United States of America 71.4 57.1 Alset World Pte. Ltd. Singapore 71.4 57.1 BioHealth Water Inc. United States of America 71.4 57.1 Impact BioHealth Pte. Ltd. Singapore 71.4 57.1 American Home REIT Inc. United States of America 76.6 46.9 * Alset Solar Inc. United States of America 57.1 45.7 * HWH KOR Inc. United States of America 71.4 57.1 Open House Inc. United States of America 71.4 57.1 Open Rental Inc. United States of America 71.4 57.1 Hapi Cafe Inc. (Nevada) United States of America 71.4 57.1 Global Solar REIT Inc. United States of America 71.4 57.1 OpenBiz Inc. United States of America 71.4 57.1 Hapi Cafe Inc. (Texas) United States of America 100 100 HWH (S) Pte. Ltd. Singapore 71.4 - American Pacific Bancorp Inc. United States of America 86.4 - HengFeng Finance Limited Hong Kong 86.4 - Decentralize Finance Inc. United States of America 86.4 - True Partner International Limited Hong Kong 100 - LiquidValue Development Pte. Ltd. Singapore 100 - LiquidValue Development Limited. Hong Kong 100 - EPowerTech Inc. United States of America 100 - Alset EPower Inc. United States of America 100 - * 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 . |
SEGMENTS (Tables)
SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT INFORMATION | The following table summarizes the Company’s segment information for the following balance sheet dates presented, and for the six months ended June 30, 2021 and 2020: SCHEDULE OF SEGMENT INFORMATION Real Estate Digital Transformation Technology Biohealth Business Other Total Six Months Ended June 30, 2021 Revenue $ 8,478,673 $ - $ 3,671,673 $ - $ 12,150,346 Cost of Sales (6,125,201 ) - (180,603 ) - (6,305,804 ) Gross Margin 2,353,472 - 3,491,070 - 5,844,542 Operating Expenses (625,555 ) (69,375 ) (1,910,582 ) (8,321,318 ) (10,926,830 ) Operating Income (Loss) 1,727,917 (69,375 ) 1,580,488 (8,321,318 ) (5,082,288 ) Other Income (Expense) (9,177 ) 617,562 (28,743,495 ) (51,026,886 ) (79,161,996 ) Net Income (Loss) Before Income Tax 1,718,740 548,187 (27,163,007 ) (59,348,204 ) (84,244,284 ) Real Estate Digital Transformation Technology Biohealth Business Other Total Six Months ended June 30, 2020 Revenue $ 5,001,794 $ - $ 29,202 $ - $ 5,030,996 Cost of Sales (3,992,926 ) - - - (3,992,926 ) Gross Margin 1,008,868 - 29,202 - 1,038,070 Operating Expenses (502,928 ) (95,261 ) (213,800 ) (2,776,535 ) (3,588,524 ) Operating Income (Loss) 505,940 (95,261 ) (184,598 ) (2,776,535 ) (2,550,454 ) Other Income (Expense) 6,894 3 (17,208 ) 2,853,730 2,843,419 Net Income (Loss) Before Income Tax 512,834 (95,258 ) (201,806 ) 77,195 292,965 June 30, 2021 Cash and Restricted Cash $ 9,842,218 $ 154,738 $ 3,251,622 $ 53,676,559 $ 66,925,137 Total Assets 30,877,470 154,840 43,241,793 53,064,444 127,338,547 December 31, 2020 Cash and Restricted Cash $ 8,150,769 $ 158,058 $ 1,590,265 $ 21,836,387 $ 31,735,479 Total Assets 28,954,484 158,160 524,603 78,076,498 107,713,745 |
BUSINESS UNDER COMMON CONTROL (
BUSINESS UNDER COMMON CONTROL (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Under Common Control | |
SCHEDULE OF ADJUSTMENT INFORMATION | SCHEDULE OF ADJUSTMENT INFORMATION Consolidated Statement of Operations and Other Comprehensive Income for the Six Months Ended on June 30, 2020 As Previously Reported Acquisition of APB and HFL under Common Control Acquisition of LVD Ltd under Common Control As Combined Revenue Real Estate $ 5,001,794 $ - $ - $ 5,001,794 Biohealth 29,202 - - 29,202 Revenue 5,030,996 - - 5,030,996 Operating Expenses Cost of Sales 3,992,926 - - 3,992,926 General and Administrative 3,398,753 183,903 5,868 3,588,524 Total Operating Expenses 7,391,679 183,903 5,868 7,581,450 Loss From Operations (2,360,683 ) (183,903 ) (5,868 ) (2,550,454 ) Other Income (Expense) Interest Income 12,491 21,485 51 34,027 Interest Expense (140,516 ) - - (140,516 ) Foreign Exchange Transaction Gain 1,375,471 - 88,302 1,463,773 Unrealized Gain (Loss) on Securities Investment 1,592,647 (31,259 ) 98 1,561,486 Realized Gain on Securities Investment 2,281 24,114 26,395 Loss on Investment on Security by Equity Method (140,740 ) (140,740 ) Finance Costs - (4,890 ) - (4,890 ) Other Income 42,002 1,882 - 43,884 Total Other Income (Expense), Net 2,743,636 (12,782 ) 112,565 2,843,419 Net Income (Loss) from Continuing Operations Before Income Taxes 382,953 (196,685 ) 106,967 292,965 Income Tax Expense from Continuing Operations (114,653 ) - - (114,653 ) Net Income (Loss) from Continuing operations 268,300 (196,685 ) 106,697 178,312 Loss from Discontinued Operations, Net of Tax (361,385 ) - - (361,385 ) Net Income (Loss) (93,085 ) (196,685 ) 106,697 (183,073 ) Net Loss Attributable to Non-Controlling Interest (620,433 ) (12,588 ) - (633,021 ) Net Income (Loss) Attributable to Common Stockholders $ 527,348 $ (184,097 ) $ 106,697 $ 449,948 Other Comprehensive Loss, Net Unrealized Gain on Securities Investment 516 - - 516 Foreign Currency Translation Adjustment (1,047,149 ) - - (1,047,149 ) Comprehensive Income (Loss) (1,139,718 ) (196,685 ) 106,697 (1,229,706 ) Comprehensive Loss Attributable to Non-controlling Interests (988,963 ) (12,588 ) - (1,001,551 ) Comprehensive Income (Loss) Attributable to Common Stockholders $ (150,755 ) $ (184,097 ) $ 106,697 $ (228,155 ) Net Income (Loss) Per Share - Basic and Diluted Continuing Operations $ 0.08 $ 0.08 Discontinued Operations $ (0.03 ) $ (0.03 ) Net Income Per Share $ 0.05 $ 0.05 Weighted Average Common Shares Outstanding - Basic and Diluted 9,880,967 9,880,967 Consolidated Balance Sheet as of December 31, 2020 As Previously Reported Acquisition of APB and HFL under Common Control Acquisition of LVD Ltd under Common Control Eliminations As Assets: Current Assets: Cash $ 22,124,491 $ 2,348,478 $ 492,977 $ - $ 24,965,946 Restricted Cash 6,769,533 - - - 6,769,533 Account Receivables, Net 1,366,194 - - - 1,366,194 Other Receivables 270,222 279,177 95,177 - 644,576 Note Receivables - Related Party 624,986 24,583 - - 649,569 Prepaid Expenses 1,470,680 - - - 1,470,680 Inventory 90,068 - - - 90,068 Investment in Securities at Fair Value 48,857,483 313,343 1,631 - 49,172,457 Investment in Securities at Cost 280,516 - - - 280,516 Investment in Securities on Equity Method - - 74,535 (74,535 ) - Deposits 47,019 1,801 - - 48,820 Total Current Assets 81,901,192 2,967,382 664,320 (74,535 ) 85,458,359 Real Estate Properties under Development 20,505,591 - - - 20,505,591 Operating Lease Right-Of-Use Asset 574,754 - - - 574,754 Deposit 249,676 - - - 249,676 Loan Receivable - 840,000 - - 840,000 Property and Equipment, Net 85,365 - - - 85,365 Total Assets $ 103,316,578 $ 3,807,382 $ 664,320 $ (74,535 ) $ 107,713,745 Liabilities and Stockholders’ Equity: Current Liabilities: Accounts Payable and Accrued Expenses $ 1,553,132 $ 118,133 $ - $ - $ 1,671,226 Deferred Revenue 2,867,226 - - - 2,867,226 Builder Deposits 1,262,336 - - - 1,262,336 Operating Lease Liability 381,412 - - - 381,412 Note Payable 172,706 - - - 172,706 Note Payable- Related Parties 1,526,208 184,250 823,823 - 2,534,281 Total Current Liabilities 7,763,020 302,383 823,823 - 8,889,226 Long-Term Liabilities: Builder Deposits - - - - - Operating Lease Liability 193,342 - - - 193,342 Notes Payable 636,362 - - - 636,362 Total Liabilities 8,592,724 302,383 823,823 - 9,718,930 Stockholders’ Equity: Common Stock 8,570 47,756 - (47,756 ) 8,570 Additional Paid in Capital 97,950,440 3,975,261 756,487 47,756 102,729,944 Accumulated Deficit (43,010,991 ) (993,296 ) (906,010 ) - (44,910,297 ) Accumulated Other Comprehensive Income (Loss) 2,153,318 - (9,980 ) - 2,143,338 Total Stockholders’ Equity 57,101,337 3,029,721 (159,503 ) - 59,971,555 Non-controlling Interests 37,622,517 475,278 - (74,535 ) 38,023,260 Total Stockholders’ Equity 94,723,854 3,504,999 (159,503 ) (74,535 ) 97,994,815 Total Liabilities and Stockholders’ Equity $ 103,316,578 $ 3,807,382 $ 664,320 $ (74,535 ) $ 107,713,745 |
REAL ESTATE ASSETS (Tables)
REAL ESTATE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate [Abstract] | |
SCHEDULE OF REAL ESTATE ASSETS | As of June 30, 2021 and December 31, 2020, real estate assets consisted of the following: SCHEDULE OF REAL ESTATE ASSETS June 30, 2021 December 31, 2020 Construction in Progress $ 6,498,049 $ 9,567,841 Land Held for Development 9,781,674 10,937,750 Rental Properties, net 6,810,685 - Total Real Estate Assets $ 23,090,408 $ 20,505,591 |
SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES | The following table presents the summary of our SRFs as of June 30, 2021: SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES Number of Homes Aggregate investment Average Investment per Home SFRs 30 $ 6,825,907 $ 227,530 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF NOTES PAYABLE | As of June 30, 2021 and December 31, 2020, notes payable consisted of the following: SCHEDULE OF NOTES PAYABLE June 30, 2021 December 31, 2020 M&T Bank Loan, Net of Debt Discount - 636,362 PPP Loan 68,502 - Australia Loan 168,181 172,706 Total notes payable $ 236,683 $ 809,068 |
EQUITY (Tables)
EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED | The following table presents net funds received from the May 2021 offering and warrants exercised as of June 30, 2021. SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED Shares Par value Amount received Offering 4,700,637 $ 4,701 $ 29,145,056 Exercise of Pre-Funded Units 1,611,000 $ 1,611 $ 16,110 Exercise of Underwriter’s Series A Warrants 808,363 $ 808 $ 3,755,774 Exercise of Series A and Series B Warrants 1,269,324 $ 1,269 $ 6,440,487 Offering Expenses - $ - $ (88,848 ) Total 8,389,324 $ 8,389 $ 39,268,580 |
SCHEDULE OF WARRANT ACTIVITY | The following table summarizes the warrant activity for the six months ended June 30, 2021. SCHEDULE OF WARRANT ACTIVITY Warrant for Common Shares Weighted Average Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value Warrants Outstanding as of December 31, 2020 108,000 $ 9.80 2.91 $ - Warrants Vested and exercisable at December 31, 2020 108,000 $ 9.80 2.91 $ - Granted 14,240,000 4.18 Exercised (2,080,986 ) 5.06 Forfeited, cancelled, expired - - Warrants Outstanding as of June 30, 2021 12,267,014 $ 4.08 4.85 $ 3,077,823 Warrants Vested and exercisable at June 30, 2021 12,267,014 $ 4.08 4.85 $ 3,077,823 |
LEASE INCOME (Tables)
LEASE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lease Income | |
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS | SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS 2021 $ 97,350 2022 75,403 Total Future Receipts $ 172,753 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income | |
SCHEDULE OF CHANGES IN THE BALANCES OF ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX | Following is a summary of the changes in the balances of accumulated other comprehensive income, net of tax: SCHEDULE OF CHANGES IN THE BALANCES OF ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2021 $ (48,758 ) $ 2,258,017 $ (65,921 ) $ 2,143,338 Other Comprehensive Income (1,135 ) (1,010,527 ) (39,067 ) (1,050,729 ) Balance at March 31, 2021 $ (49,893 ) $ 1,247,490 $ (104,988 ) $ 1,092,609 Other Comprehensive Income (25,663 ) (764,544 ) (343,225 ) (1,133,432 ) Balance at June 30, 2021 $ (75,556 ) $ 482,946 $ (448,213 ) $ (40,823 ) Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2020 $ (59,888 ) $ 1,603,145 $ (84,968 ) $ 1,458,289 Other Comprehensive Income (8,240 ) (1,094,810 ) - (1,103,050 ) Balance at March 31, 2020 $ (68,128 ) $ 508,335 $ (84,968 ) $ 355,239 Other Comprehensive Income 8,147 389,413 (18,317 ) 379,243 Balance at June 30, 2020 $ (59,981 ) $ 897,748 $ (103,285 ) $ 734,482 |
INVESTMENTS MEASURED AT FAIR _2
INVESTMENTS MEASURED AT FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS | Financial assets measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of June 30, 2021 and December 31, 2020: SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value June 30, 2021 Assets Investment Securities- Fair Value $ 14,784,540 $ 27,004,907 $ - $ - $ 27,004,907 Investment Securities- Trading 968,525 954,109 - - 954,109 Convertible Preferred Stock 42,889,000 - - - - Convertible Note Receivable 138,599 - - 117,668 117,668 Warrants - American Premium Water 860,342 - - 2,048,747 2,048,747 Warrants - AMRE - - - - - Total Investment in securities at Fair Value $ 59,641,006 $ 27,959,016 $ - $ 2,166,415 $ 30,125,431 Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value December 31, 2020 Assets Investment securities- Fair Value Option $ 7,404,911 $ 10,549,102 $ - $ - $ 10,549,102 Investment securities- Trading 17,650 18,654 - - 18,654 Convertible preferred stock 42,889,000 - - 37,675,000 37,675,000 Convertible note receivable 50,000 - - 66,978 66,978 Warrants - American Premium Water 860,342 - - 862,723 862,723 Warrants - AMRE - - - - - Stock Options - Vivacitas - - - - - Total Investment in securities at Fair Value $ 51,221,903 $ 10,567,756 $ - $ 38,604,701 $ 49,172,457 |
SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT | SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT Share price Market Value 6/30/2021 Shares 6/30/2021 Valuation DSS (Related Party) $ 1.790 7,732,671 * $ 13,841,481 Investment in Securities at Fair Value AMBS (Related Party) $ 0.008 20,000,000 $ 150,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.044 46,226,673 $ 2,047,424 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.007 122,039,000 $ 817,661 Investment in Securities at Fair Value OptimumBank (Related Party) $ 4.820 92,980 $ 448,164 Investment in Securities at Fair Value True Partners $ 0.135 62,122,908 $ 8,400,177 Investment in Securities at Fair Value Value Exchange $ 0.200 6,500,000 $ 1,300,000 Investment in Securities at Fair Value Trading Stocks $ 954,109 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 27,959,016 Nervotech N/A 1,666 $ 37,826 Investment in Securities at Cost Hyten Global N/A 20,000 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 19,609 Investment in Securities at Cost Total Equity Securities $ 28,059,013 Share price Market Value 12/31/2020 Shares 12/31/2020 Valuation DSS (Related Party) $ 6.240 1,162,501 * $ 7,254,006 Investment in Securities at Fair Value AMBS (Related Party) $ 0.008 20,000,000 $ 160,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.055 46,226,673 $ 2,565,469 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.002 122,039,000 $ 256,284 Investment in Securities at Fair Value OptimumBank (Related Party) $ 3.370 92,980 $ 313,343 Investment in Securities at Fair Value Trading Stocks $ 18,654 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 10,567,756 Vivacitas (Related Party) N/A 2,480,000 $ 200,128 Investment in Securities at Cost Nervotech N/A 1,666 $ 37,826 Investment in Securities at Cost Hyten Global N/A 20,000 $ 42,562 Investment in Securities at Cost Total Equity Securities $ 10,848,272 * Ratio of 1-for-30 (the “Reverse Split”) was effective at 5:01 p.m. Eastern Time on May 7, 2020 (the “Effective Time”) |
Sharing Services Convertible Note [Member] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS | The fair value of the Sharing Services Convertible Note under level 3 category as of June 30, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS June 30, 2021 December 31, 2020 Dividend yield 0.00 % 0.00 % Expected volatility 158.61 % 210.07 % Risk free interest rate 3.25 % 0.13 % Contractual term (in years) 1.26 11.76 Exercise price $ 0.15 $ 0.15 |
SCHEDULE OF CHANGE IN FAIR VALUE | The table below provides a summary of the changes in fair value which are recorded as other comprehensive income (loss), including net transfers in and/or out of all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2021 and 2020: SCHEDULE OF CHANGE IN FAIR VALUE Total Balance at January 1, 2021 $ 66,978 Total losses (1,987 ) Balance at March 31, 2021 $ 64,991 Total losses (35,922 ) Balance at June 30, 2021 $ 29,069 Total Balance at January 1, 2020 $ 26,209 Total losses (12,599 ) Balance at March 31, 2020 $ 13,610 Total gain 13,115 Balance at June 30, 2020 $ 26,725 |
APW Warrants [Member] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS | The fair value of the APW warrants under level 3 category as of June 30, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS June 30, 2021 December 31, 2020 Stock Price $ 0.0067 $ 0.0021 Exercise price 0.001 0.001 Risk free interest rate 1.40 % 0.88 % Annualized volatility 205.71 % 178.86 % Year to maturity 9.07 9.58 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of operating and renewed lease terms rental | Schedule of operating and renewed lease terms rental Office Location Lease Term as of December 31, 2020 Renewed Lease term in 2021 Singapore June 2020 to May 2021 June 2021 to May 2022 Hong Kong October 2020 to October 2022 South Korea August 2020 to August 2022 Magnolia, Texas, USA November 2019 to April 2021 May 2021 to October 2021 Bethesda, Maryland, USA August 2015 to December 2020 January 2021 to March 2024 |
Schedule of Lease Payments | The table below summarizes future payments due under these leases as of June 30, 2021. For the Years Ended December 31: Schedule of Lease Payments 2021 $ 280,947 2022 361,405 2023 95,104 2024 24,430 Total Minimum Lease Payments 761,886 Less: Effect of Discounting (19,971 ) Present Value of Future Minimum Lease Payments 741,915 Less: Current Obligations under Leases (147,135 ) Long-term Lease Obligations $ 594,780 |
DIRECTORS AND EMPLOYEES_ BENE_2
DIRECTORS AND EMPLOYEES’ BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SCHEDULE OF OPTION ACTIVITY | The following tables summarize stock option activity under the 2013 Plan for the six months ended June 30, 2021: SCHEDULE OF OPTION ACTIVITY Options for Common Shares Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2020 1,061,333 $ 0.09 3.00 $ - Vested and exercisable at December 31, 2020 1,061,333 $ 0.09 3.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of June 30, 2021 1,061,333 $ 0.09 2.50 $ - Vested and exercisable at June 30, 2021 1,061,333 $ 0.09 2.50 $ - |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2021shares | |
Chan Heng Fai [Member] | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |
Stock Issued During Period, Shares, New Issues | 1,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | $ 117,799,610 | $ 117,799,610 | $ 44,910,297 | ||
Operating Income (Loss) | 4,676,030 | $ 2,124,270 | 5,082,288 | $ 2,550,454 | |
Cash | 59,529,026 | 59,529,026 | 24,965,946 | ||
Restricted Cash, Current | 7,396,111 | 7,396,111 | 6,769,533 | ||
Notes Payable, Related Parties, Current | 5,989,374 | 5,989,374 | $ 2,534,281 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,543,432 | 2,065,825 | 12,150,346 | 5,030,996 | |
Property Sales [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,584,542 | 2,047,405 | 8,478,673 | 5,001,794 | |
Biohealth Property Sales [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,958,890 | $ 18,420 | 3,671,673 | $ 29,202 | |
Manufacturers And Traders Trust Company [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Loans Payable to Bank | 8,000,000 | 8,000,000 | |||
Notes and Loans Payable | $ 0 | 0 | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 8 |
Schedule of Subsidiaries (Detai
Schedule of Subsidiaries (Details) | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | ||
Liquid Value Development Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 100.00% | (0.00%) | |
Hengfai International Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Hengfai International Pte. Ltd | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 100.00% | 100.00% | |
Hengfai Business Development Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Hengfai Business Development Pte. Ltd | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 100.00% | 100.00% | |
Heng Fai Enterprises Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Heng Fai Enterprises Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | (0.00%) | 100.00% | |
Global EHealth Limited [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Global eHealth Limited | ||
State or other jurisdiction of incorporation or organization | Hong Kong | ||
Attributable interest | 100.00% | 100.00% | |
Alset International Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Alset International Limited (f.k.a. Singapore eDevelopment Limited) | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Singapore Construction & Development Pte. Ltd. [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Singapore Construction & Development Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Art EStudio Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Art eStudio Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 36.40% | 29.10% | |
Singapore Construction Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Singapore Construction Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Global Bio Medical Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Global BioMedical Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Alset Innovation Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Health Wealth Happiness Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Health Wealth Happiness Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
SeD Capital Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Capital Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Liquid Value Asset Management Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 76.60% | 46.90% | |
SeD Home Limited [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Home Limited | ||
State or other jurisdiction of incorporation or organization | Hong Kong | ||
Attributable interest | 71.40% | 57.10% | |
SeD Management Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Management Pte. Ltd. (f.k.a. SeD Reits Management Pte. Ltd.) | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Global Tech Fund Of Fund Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Global TechFund of Fund Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Singapore EChain Logistic Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Singapore eChainLogistic Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
BMI Capital Partners International Limited [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | BMI Capital Partners International Limited. | ||
State or other jurisdiction of incorporation or organization | Hong Kong | ||
Attributable interest | 71.40% | 57.10% | |
SeD Perth Pty Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Perth Pty. Ltd. | ||
State or other jurisdiction of incorporation or organization | Australia | ||
Attributable interest | 71.40% | 57.10% | |
SeD Intelligent Home Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Liquid Value Development Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Alset EHome Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
SeD USALLC [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD USA, LLC | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
150 Black Oak GP Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | 150 Black Oak GP, Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
SeD Development USA Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Development USA Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
150 CCM Black Oak Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | 150 CCM Black Oak, Ltd. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
SeD Texas Home LLC [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Texas Home, LLC | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
SeD Ballenger LLC [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Ballenger, LLC | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
SeD Maryland Development LLC [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Maryland Development, LLC | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 59.70% | 47.80% | |
SeD Development Management LLC [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Development Management, LLC | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 60.70% | 48.60% | |
SeD Builder LLC [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD Builder, LLC | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Gig World Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.20% | 57.00% | |
Hot App Block Chain Pte .Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.20% | 57.00% | |
Hot App International Limited [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HotApp International Limited | ||
State or other jurisdiction of incorporation or organization | Hong Kong | ||
Attributable interest | 71.20% | 57.00% | |
HWH International Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HWH International, Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Health Wealth Happiness Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Health Wealth & Happiness Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
HWH Multi Strategy Investment Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HWH Multi-Strategy Investment, Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
SeD REIT Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | SeD REIT Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Gig Stablecoin Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.20% | 57.00% | |
HWH World Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HWH World Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.20% | 57.00% | |
HWH World Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HWH World Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.20% | 57.00% | |
U Beauty Limited [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | UBeauty Limited | ||
State or other jurisdiction of incorporation or organization | Hong Kong | ||
Attributable interest | 71.40% | 57.10% | |
We Beauty Korea Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | WeBeauty Korea Inc | ||
State or other jurisdiction of incorporation or organization | Korea | ||
Attributable interest | 71.40% | 57.10% | |
HWH World Limited [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HWH World Limited | ||
State or other jurisdiction of incorporation or organization | Hong Kong | ||
Attributable interest | 71.40% | 57.10% | |
HWH World Inc One [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HWH World Inc. | ||
State or other jurisdiction of incorporation or organization | Korea | ||
Attributable interest | 71.40% | 57.10% | |
Alset Bio Health Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Alset BioHealth Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Alset Energy Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Alset Energy Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Alset Payment Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Alset Payment Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Alset World Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Alset World Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
Bio Health Water Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | BioHealth Water Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Impact Bio Health Pte.Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Impact BioHealth Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | 57.10% | |
American Home REIT Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | American Home REIT Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 76.60% | 46.90% | [1] |
Alset Solar Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Alset Solar Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 57.10% | 45.70% | [1] |
HWHKOR Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HWH KOR Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Open House Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Open House Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Open Rental Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Open Rental Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Hapi Cafe Inc Nevada [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Hapi Cafe Inc. (Nevada) | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Global Solar REIT Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Global Solar REIT Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Open Biz Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | OpenBiz Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 71.40% | 57.10% | |
Hapi Cafe Inc Texas [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Hapi Cafe Inc. (Texas) | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 100.00% | 100.00% | |
HWHS Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HWH (S) Pte. Ltd. | ||
State or other jurisdiction of incorporation or organization | Singapore | ||
Attributable interest | 71.40% | (0.00%) | |
American Pacific Bancorp Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | American Pacific Bancorp Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 86.40% | (0.00%) | |
Hengfeng Finance Limited [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | HengFeng Finance Limited | ||
State or other jurisdiction of incorporation or organization | Hong Kong | ||
Attributable interest | 86.40% | (0.00%) | |
Decentralize Finance Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Decentralize Finance Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 86.40% | (0.00%) | |
True Partner International Limited [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | True Partner International Limited | ||
State or other jurisdiction of incorporation or organization | Hong Kong | ||
Attributable interest | 100.00% | (0.00%) | |
Liquid Value Development Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | LiquidValue Development Pte. Ltd. | ||
Liquid Value Development Limited [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | LiquidValue Development Limited. | ||
State or other jurisdiction of incorporation or organization | Hong Kong | ||
Attributable interest | 100.00% | (0.00%) | |
EPower Tech Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | EPowerTech Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 100.00% | (0.00%) | |
Alset EPower Inc [Member] | |||
Entity Listings [Line Items] | |||
Name of subsidiary consolidated under AEI | Alset EPower Inc. | ||
State or other jurisdiction of incorporation or organization | United States of America | ||
Attributable interest | 100.00% | (0.00%) | |
[1] | 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 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jun. 14, 2021 | Apr. 12, 2021 | Mar. 18, 2021 | Mar. 18, 2021 | Mar. 12, 2021 | Feb. 26, 2021 | Oct. 15, 2020 | Sep. 30, 2020 | Sep. 08, 2020 | Nov. 08, 2019 | Jun. 14, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 27, 2021 | May 17, 2021 | Apr. 20, 2021 | Jul. 17, 2020 | Mar. 02, 2020 | Apr. 25, 2018 |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Common Stock, Voting Rights | more than 50% of the voting common stock | |||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,389,324 | 8,389,324 | ||||||||||||||||||||
Warrants and Rights Outstanding | $ 8,389 | $ 8,389 | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||||||||||||
Shares Issued, Price Per Share | $ 10.03 | |||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 50,770,192 | |||||||||||||||||||||
Cash Equivalents, at Carrying Value | $ 0 | |||||||||||||||||||||
Cash | 24,965,946 | 59,529,026 | 59,529,026 | |||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 1,366,194 | 1,180,881 | 1,180,881 | |||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss | 1,300,000 | |||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | 0 | |||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 77,459 | $ 140,740 | 102,306 | $ 140,740 | ||||||||||||||||||
Retained Earnings (Accumulated Deficit) | (44,910,297) | (117,799,610) | (117,799,610) | |||||||||||||||||||
[custom:CapitalizedConstructionCosts] | 200,000 | 3,700,000 | 1,400,000 | 6,100,000 | ||||||||||||||||||
Payments for Rent | 140,271 | 85,558 | 6,825,907 | |||||||||||||||||||
Contract with Customer, Liability | 2,867,226 | 2,919,283 | 2,919,283 | |||||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 0 | |||||||||||||||||||||
Foreign Currency Transaction Gain, before Tax | 958,334 | 2,421,031 | 1,375,471 | |||||||||||||||||||
Foreign Currency Transaction Loss, before Tax | 796,709 | |||||||||||||||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 958,334 | (796,709) | 2,421,031 | 1,463,773 | ||||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 1,070,191 | 626,872 | 2,839,631 | $ 1,047,149 | ||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 38,023,260 | 28,114,184 | 28,114,184 | |||||||||||||||||||
[custom:CapitalizedFinancingCosts-0] | 3,513,535 | 3,257,033 | 3,257,033 | |||||||||||||||||||
Sharing Services Convertible Note [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Debt Instrument, Face Amount | 66,978 | 29,069 | 29,069 | |||||||||||||||||||
Convertible Debt | 50,000 | 50,000 | ||||||||||||||||||||
Value Exchange International Inc [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 18.00% | |||||||||||||||||||||
AUSTRALIA | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Noninterest-bearing Deposit Liabilities | 50,000 | $ 50,000 | ||||||||||||||||||||
Ballenger Projects [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
[custom:ConcentrationRiskPercentage] | 70.00% | |||||||||||||||||||||
Black Oak Projects [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
[custom:ConcentrationRiskPercentage] | 99.00% | |||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Payments for Rent | $ 2,265 | |||||||||||||||||||||
Minimum [Member] | Building Improvements [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Payments for Rent | $ 23,297 | |||||||||||||||||||||
Maximum [Member] | Building Improvements [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Property, Plant and Equipment, Useful Life | 27 years 6 months | |||||||||||||||||||||
Manufacturers And Traders Trust Company [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Escrow Deposit | $ 5,729,067 | 4,757,477 | $ 4,757,477 | |||||||||||||||||||
Manufacturers And Traders Trust Company [Member] | Minimum [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,600,000 | $ 2,600,000 | ||||||||||||||||||||
Hengfeng Finance Limited [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | (0.00%) | 86.40% | 86.40% | |||||||||||||||||||
Alset CPN [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 63,920,128 | $ 63,920,128 | ||||||||||||||||||||
Interest Payable | $ 306,438 | $ 306,438 | ||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 9,163,965 | 9,163,965 | ||||||||||||||||||||
Alset CPN [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 2,123 | 2,123 | ||||||||||||||||||||
Brokerage [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Cash | $ 1,001,916 | $ 2,601,096 | $ 2,601,096 | |||||||||||||||||||
Amarantus Bio Science Holdings [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 5.30% | 5.30% | ||||||||||||||||||||
Trust Partner [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 15.50% | 15.50% | ||||||||||||||||||||
Document Securities Systems Inc. [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 11.70% | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,480,000 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 250,000 | |||||||||||||||||||||
Gain on Sale of Investments | $ 2,480,000 | $ 2,480,000 | ||||||||||||||||||||
Cost Method Investments, Original Cost | $ 2,279,872 | $ 2,279,872 | ||||||||||||||||||||
Holista Coll Tech Limited [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 16.80% | |||||||||||||||||||||
Optimum Bank Holdings Inc [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 3.90% | 3.90% | ||||||||||||||||||||
American Premium Water Corp [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 8.70% | 8.70% | 8.70% | |||||||||||||||||||
American Medical REIT Inc. [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Warrants and Rights Outstanding | $ 0 | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 9.99% | |||||||||||||||||||||
Interest Payable | 13,431 | $ 21,366 | $ 21,366 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 200,000 | |||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | 265,929 | $ 368,235 | $ 368,235 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||||||
American Medical REIT Inc. [Member] | Maximum [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 1.00% | 1.00% | ||||||||||||||||||||
Vivacitas [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 250,000 | |||||||||||||||||||||
Fair value of warrants and stock option | $ 0 | |||||||||||||||||||||
Nervotec Pte Ltd [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 1.45% | |||||||||||||||||||||
Cost Method Investments, Original Cost | $ 37,826 | |||||||||||||||||||||
[custom:NumberOfInvestmentAcquired] | 1,666 | |||||||||||||||||||||
Hyten Global (Thailand) Co., Ltd [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 19.00% | 19.00% | 19.00% | |||||||||||||||||||
Cost Method Investments, Original Cost | $ 42,562 | |||||||||||||||||||||
[custom:NumberOfInvestmentAcquired] | 20,000 | |||||||||||||||||||||
K Beauty Research Lab Co., Ltd [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 18.00% | 18.00% | ||||||||||||||||||||
Cost Method Investments, Original Cost | $ 19,609 | $ 19,609 | ||||||||||||||||||||
SeD Capital Pte Ltd [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 57.10% | 71.40% | 71.40% | |||||||||||||||||||
SeD Capital Pte Ltd [Member] | Novum Alpha Pte Ltd [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
[custom:JointVenturePaidUpCapital-0] | 50.00% | |||||||||||||||||||||
SeD Capital Pte Ltd [Member] | Credas Capital Pte Ltd [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
[custom:JointVenturePaidUpCapital-0] | 50.00% | |||||||||||||||||||||
Vector Com co. Ltd [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 88,599 | $ 88,599 | ||||||||||||||||||||
Convertible Debt | $ 88,599 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||||||||||||||||
Debt Instrument, Term | 2 years | |||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 21.26 | |||||||||||||||||||||
Alset International Limited [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 4.99% | |||||||||||||||||||||
Liquid Value Development Pte Ltd [Member] | Maximum [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 1.00% | |||||||||||||||||||||
American Pacific Bancorp [Member] | Hengfeng Finance Limited [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
[custom:StockPurchasedUponAcquisitions] | 3,500,001 | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 1.50% | ||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 1,500,000 | |||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 250,000 | |||||||||||||||||||||
Gig World Inc [Member] | Value Exchange International Inc [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 6,500,000 | |||||||||||||||||||||
Equity Method Investment, Aggregate Cost | $ 650,000 | |||||||||||||||||||||
Sweet Sense [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||||
Sweet sense purchase | $ 91,000 | |||||||||||||||||||||
Acquisition Costs, Period Cost | 90,001 | |||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | 91,000 | |||||||||||||||||||||
Income (Loss) from Equity Method Investments | $ 90,001 | |||||||||||||||||||||
Subsidary impact | 81.80% | 81.80% | ||||||||||||||||||||
Bio Life [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||||||||
Quality Ingredients [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Accounts Payable, Current | $ 63,920,129 | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||||||||||||
Shares Issued, Price Per Share | $ 5.59 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | Alset International Limited [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,500,000,000 | |||||||||||||||||||||
Warrants and Rights Outstanding | $ 28,363,966 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | Liquid Value Development Pte Ltd [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Stock Repurchased During Period, Value | 173,395 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | True Partner Capital Holding Limited [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 6,729,629 | |||||||||||||||||||||
Stock Repurchased During Period, Shares | 62,122,908 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | American Pacific Bancorp Inc [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 28,653,138 | |||||||||||||||||||||
Stock Repurchased During Period, Shares | 4,775,523 | |||||||||||||||||||||
Loan Agreement [Member] | National Australian Bank Limited [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Escrow Deposit | $ 38,550 | $ 37,540 | $ 37,540 | |||||||||||||||||||
Front Foot Benefit Assessments [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 141,575 | $ 74,879 | 248,646 | $ 115,202 | ||||||||||||||||||
Front Foot Benefit Assessments [Member] | Minimum [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 3,000 | |||||||||||||||||||||
Front Foot Benefit Assessments [Member] | Maximum [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 4,500 |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | |||||
Restricted Cash and Cash Equivalents | $ 63,973,230 | $ 63,973,230 | $ 25,752,637 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 97.00% | 96.00% | 97.00% | 98.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 3.00% | 4.00% | 300.00% | 2.00% |
SCHEDULE OF SEGMENT INFORMATION
SCHEDULE OF SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue from External Customer [Line Items] | |||||
Revenues | $ 6,543,432 | $ 2,065,825 | $ 12,150,346 | $ 5,030,996 | |
Cost of sales | (6,305,804) | (3,992,926) | |||
Gross margin | 5,844,542 | 1,038,070 | |||
Operating expenses | (10,926,830) | (3,588,524) | |||
Operating income (loss) | (4,676,030) | (2,124,270) | (5,082,288) | (2,550,454) | |
Other income (expense) | (70,212,030) | $ 165,794 | (79,161,996) | 2,843,419 | |
Net income (loss) before income tax | (84,244,284) | 292,965 | |||
Cash and restricted cash | 66,925,137 | 66,925,137 | $ 31,735,479 | ||
Total assets | 127,338,547 | 127,338,547 | 107,713,745 | ||
Real Estate [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 8,478,673 | 5,001,794 | |||
Cost of sales | (6,125,201) | (3,992,926) | |||
Gross margin | 2,353,472 | 1,008,868 | |||
Operating expenses | (625,555) | (502,928) | |||
Operating income (loss) | 1,727,917 | 505,940 | |||
Other income (expense) | (9,177) | 6,894 | |||
Net income (loss) before income tax | 1,718,740 | 512,834 | |||
Cash and restricted cash | 9,842,218 | 9,842,218 | 8,150,769 | ||
Total assets | 30,877,470 | 30,877,470 | 28,954,484 | ||
Digital Transformation Technology [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | |||||
Cost of sales | |||||
Gross margin | |||||
Operating expenses | (69,375) | (95,261) | |||
Operating income (loss) | (69,375) | (95,261) | |||
Other income (expense) | 617,562 | 3 | |||
Net income (loss) before income tax | 548,187 | (95,258) | |||
Cash and restricted cash | 154,738 | 154,738 | 158,058 | ||
Total assets | 154,840 | 154,840 | 158,160 | ||
Biohealth Business [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 3,671,673 | 29,202 | |||
Cost of sales | (180,603) | ||||
Gross margin | 3,491,070 | 29,202 | |||
Operating expenses | (1,910,582) | (213,800) | |||
Operating income (loss) | 1,580,488 | (184,598) | |||
Other income (expense) | (28,743,495) | (17,208) | |||
Net income (loss) before income tax | (27,163,007) | (201,806) | |||
Cash and restricted cash | 3,251,622 | 3,251,622 | 1,590,265 | ||
Total assets | 43,241,793 | 43,241,793 | 524,603 | ||
Other [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | |||||
Cost of sales | |||||
Gross margin | |||||
Operating expenses | (8,321,318) | (2,776,535) | |||
Operating income (loss) | (8,321,318) | (2,776,535) | |||
Other income (expense) | (51,026,886) | 2,853,730 | |||
Net income (loss) before income tax | (59,348,204) | $ 77,195 | |||
Cash and restricted cash | 53,676,559 | 53,676,559 | 21,836,387 | ||
Total assets | $ 53,064,444 | $ 53,064,444 | $ 78,076,498 |
SCHEDULE OF ADJUSTMENT INFORMAT
SCHEDULE OF ADJUSTMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | $ 6,543,432 | $ 2,065,825 | $ 12,150,346 | $ 5,030,996 | |||||
Cost of Sales | 6,305,804 | 3,992,926 | |||||||
General and Administrative | 8,611,512 | 2,582,881 | 10,926,830 | 3,588,524 | |||||
Total Operating Expenses | 11,219,462 | 4,190,095 | 17,232,634 | 7,581,450 | |||||
Loss From Operations | (4,676,030) | (2,124,270) | (5,082,288) | (2,550,454) | |||||
Interest Expense | (262,703) | (79,585) | (316,285) | (140,516) | |||||
Foreign Exchange Transaction Gain | 958,334 | (796,709) | 2,421,031 | 1,463,773 | |||||
Realized Gain on Securities Investment | 555,206 | 26,395 | 296,961 | 26,395 | |||||
Loss on Investment on Security by Equity Method | (77,459) | (140,740) | (102,306) | (140,740) | |||||
Finance Costs | (50,261,203) | 347 | (50,844,071) | (4,890) | |||||
Other Income | 19,044 | 38,413 | 30,300 | 43,884 | |||||
Total Other Income (Expense), Net | (70,212,030) | 165,794 | (79,161,996) | 2,843,419 | |||||
Net Income (Loss) from Continuing Operations Before Income Taxes | (74,888,060) | (1,958,476) | (84,244,284) | 292,965 | |||||
Income Tax Expense from Continuing Operations | 1,264 | 114,653 | 452,601 | 114,653 | |||||
Net (Loss) Income | (74,889,324) | (2,073,129) | (84,696,885) | 178,312 | |||||
Loss from Discontinued Operations, Net of Tax | (361,385) | (361,385) | |||||||
Net Income (Loss) | (74,889,324) | $ (9,807,561) | (2,434,514) | $ 2,251,441 | (84,696,885) | (183,073) | |||
Net Loss Attributable to Non-Controlling Interest | (8,238,460) | (1,269,460) | (11,807,572) | (633,021) | |||||
Net (Loss) Income Attributable to Common Stockholders | (66,650,864) | (1,165,054) | (72,889,313) | 449,948 | |||||
Unrealized Gain on Securities Investment | (35,922) | 13,115 | (37,909) | 516 | |||||
Foreign Currency Translation Adjustment | 1,070,191 | (626,872) | 2,839,631 | 1,047,149 | |||||
Comprehensive Income (Loss) | (75,995,437) | (1,433,142) | (87,574,425) | (1,229,706) | |||||
Comprehensive Loss Attributable to Non-controlling Interests | (8,584,838) | (1,054,420) | (12,913,762) | (1,001,551) | |||||
Comprehensive Income (Loss) Attributable to Common Stockholders | $ (67,410,599) | $ (378,722) | $ (74,660,663) | $ (228,155) | |||||
Continuing Operations | $ (6.03) | $ (0.08) | $ (7.42) | $ 0.08 | |||||
Discontinued Operations | (0.04) | (0.03) | |||||||
Net Income Per Share | $ (6.03) | $ (0.12) | $ (7.42) | $ 0.05 | |||||
Weighted Average Common Shares Outstanding - Basic and Diluted | 11,056,534 | 9,758,236 | 9,824,059 | 9,880,967 | |||||
Cash | $ 59,529,026 | $ 59,529,026 | $ 24,965,946 | ||||||
Restricted Cash | 7,396,111 | 7,396,111 | 6,769,533 | ||||||
Account Receivables, Net | 1,180,881 | 1,180,881 | 1,366,194 | ||||||
Other Receivables | 746,506 | 746,506 | 644,576 | ||||||
Note Receivables - Related Party | 906,369 | 906,369 | 649,569 | ||||||
Prepaid Expenses | 2,938,695 | 2,938,695 | 1,470,680 | ||||||
Inventory | 53,423 | 53,423 | 90,068 | ||||||
Investment in Securities at Fair Value | 30,125,431 | 30,125,431 | 49,172,457 | ||||||
Investment in Securities at Cost | 99,997 | 99,997 | 280,516 | ||||||
Deposits | 25,528 | 25,528 | 48,820 | ||||||
Total Current Assets | 103,001,967 | 103,001,967 | 85,458,359 | ||||||
Operating Lease Right-Of-Use Asset | 728,828 | 728,828 | 574,754 | ||||||
Deposit | 271,167 | 271,167 | 249,676 | ||||||
Property and Equipment, Net | 246,177 | 246,177 | 85,365 | ||||||
Total Assets | 127,338,547 | 127,338,547 | 107,713,745 | ||||||
Accounts Payable and Accrued Expenses | 1,845,157 | 1,845,157 | 1,671,265 | ||||||
Deferred Revenue | 2,919,283 | 2,919,283 | 2,867,226 | ||||||
Builder Deposits | 541,349 | 541,349 | 1,262,336 | ||||||
Operating Lease Liability | 147,135 | 147,135 | 381,412 | ||||||
Note Payable | 236,683 | 236,683 | 172,706 | ||||||
Note Payable- Related Parties | 5,989,374 | 5,989,374 | 2,534,281 | ||||||
Total Current Liabilities | 11,678,981 | 11,678,981 | 8,889,226 | ||||||
Operating Lease Liability | 594,780 | 594,780 | 193,342 | ||||||
Notes Payable | 636,362 | ||||||||
Total Liabilities | 12,273,761 | 12,273,761 | 9,718,930 | ||||||
Common Stock | 28,265 | 28,265 | 8,570 | ||||||
Additional Paid in Capital | 204,762,770 | 204,762,770 | 102,729,944 | ||||||
Accumulated Deficit | (117,799,610) | (117,799,610) | (44,910,297) | ||||||
Accumulated Other Comprehensive Income (Loss) | (40,823) | 1,092,609 | $ 734,482 | 355,239 | (40,823) | $ 734,482 | 2,143,338 | $ 1,458,289 | |
Total Stockholders’ Equity | 86,950,602 | 86,950,602 | 59,971,555 | ||||||
Non-controlling Interests | 28,114,184 | 28,114,184 | 38,023,260 | ||||||
Total Stockholders’ Equity | 115,064,786 | $ 85,858,878 | 26,236,119 | $ 25,970,200 | 115,064,786 | 26,236,119 | 97,994,815 | $ 23,218,435 | |
Total Liabilities and Stockholders’ Equity | 127,338,547 | 127,338,547 | 107,713,745 | ||||||
As Combined [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cost of Sales | 3,992,926 | ||||||||
General and Administrative | 3,588,524 | ||||||||
Total Operating Expenses | 7,581,450 | ||||||||
Loss From Operations | (2,550,454) | ||||||||
Interest Income | 34,027 | ||||||||
Interest Expense | (140,516) | ||||||||
Foreign Exchange Transaction Gain | 1,463,773 | ||||||||
Unrealized Gain (Loss) on Securities Investment | 1,561,486 | ||||||||
Realized Gain on Securities Investment | 26,395 | ||||||||
Loss on Investment on Security by Equity Method | (140,740) | ||||||||
Finance Costs | (4,890) | ||||||||
Other Income | 43,884 | ||||||||
Total Other Income (Expense), Net | 2,843,419 | ||||||||
Net Income (Loss) from Continuing Operations Before Income Taxes | 292,965 | ||||||||
Income Tax Expense from Continuing Operations | (114,653) | ||||||||
Net (Loss) Income | 178,312 | ||||||||
Loss from Discontinued Operations, Net of Tax | (361,385) | ||||||||
Net Income (Loss) | (183,073) | ||||||||
Net Loss Attributable to Non-Controlling Interest | (633,021) | ||||||||
Net (Loss) Income Attributable to Common Stockholders | 449,948 | ||||||||
Unrealized Gain on Securities Investment | 516 | ||||||||
Foreign Currency Translation Adjustment | (1,047,149) | ||||||||
Comprehensive Income (Loss) | (1,229,706) | ||||||||
Comprehensive Loss Attributable to Non-controlling Interests | (1,001,551) | ||||||||
Comprehensive Income (Loss) Attributable to Common Stockholders | $ (228,155) | ||||||||
Continuing Operations | $ 0.08 | ||||||||
Discontinued Operations | (0.03) | ||||||||
Net Income Per Share | $ 0.05 | ||||||||
Weighted Average Common Shares Outstanding - Basic and Diluted | 9,880,967 | ||||||||
Cash | 24,965,946 | ||||||||
Restricted Cash | 6,769,533 | ||||||||
Account Receivables, Net | 1,366,194 | ||||||||
Other Receivables | 644,576 | ||||||||
Note Receivables - Related Party | 649,569 | ||||||||
Prepaid Expenses | 1,470,680 | ||||||||
Inventory | 90,068 | ||||||||
Investment in Securities at Fair Value | 49,172,457 | ||||||||
Investment in Securities at Cost | 280,516 | ||||||||
Investment in Securities on Equity Method | |||||||||
Deposits | 48,820 | ||||||||
Total Current Assets | 85,458,359 | ||||||||
Properties under Development | 20,505,591 | ||||||||
Operating Lease Right-Of-Use Asset | 574,754 | ||||||||
Deposit | 249,676 | ||||||||
Loan Receivable | 840,000 | ||||||||
Property and Equipment, Net | 85,365 | ||||||||
Total Assets | 107,713,745 | ||||||||
Accounts Payable and Accrued Expenses | 1,671,226 | ||||||||
Deferred Revenue | 2,867,226 | ||||||||
Builder Deposits | 1,262,336 | ||||||||
Operating Lease Liability | 381,412 | ||||||||
Note Payable | 172,706 | ||||||||
Note Payable- Related Parties | 2,534,281 | ||||||||
Total Current Liabilities | 8,889,226 | ||||||||
Builder Deposits | |||||||||
Operating Lease Liability | 193,342 | ||||||||
Notes Payable | 636,362 | ||||||||
Total Liabilities | 9,718,930 | ||||||||
Common Stock | 8,570 | ||||||||
Additional Paid in Capital | 102,729,944 | ||||||||
Accumulated Deficit | (44,910,297) | ||||||||
Accumulated Other Comprehensive Income (Loss) | 2,143,338 | ||||||||
Total Stockholders’ Equity | 59,971,555 | ||||||||
Non-controlling Interests | 38,023,260 | ||||||||
Total Stockholders’ Equity | 97,994,815 | ||||||||
Total Liabilities and Stockholders’ Equity | 107,713,745 | ||||||||
American Pacific Bancorp Inc and Heng Feng Finance Limited [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cost of Sales | |||||||||
General and Administrative | 183,903 | ||||||||
Total Operating Expenses | 183,903 | ||||||||
Loss From Operations | (183,903) | ||||||||
Interest Income | 21,485 | ||||||||
Interest Expense | |||||||||
Foreign Exchange Transaction Gain | |||||||||
Unrealized Gain (Loss) on Securities Investment | (31,259) | ||||||||
Finance Costs | (4,890) | ||||||||
Other Income | 1,882 | ||||||||
Total Other Income (Expense), Net | (12,782) | ||||||||
Net Income (Loss) from Continuing Operations Before Income Taxes | (196,685) | ||||||||
Income Tax Expense from Continuing Operations | |||||||||
Net (Loss) Income | (196,685) | ||||||||
Loss from Discontinued Operations, Net of Tax | |||||||||
Net Income (Loss) | (196,685) | ||||||||
Net Loss Attributable to Non-Controlling Interest | (12,588) | ||||||||
Net (Loss) Income Attributable to Common Stockholders | (184,097) | ||||||||
Unrealized Gain on Securities Investment | |||||||||
Foreign Currency Translation Adjustment | |||||||||
Comprehensive Income (Loss) | (196,685) | ||||||||
Comprehensive Loss Attributable to Non-controlling Interests | (12,588) | ||||||||
Comprehensive Income (Loss) Attributable to Common Stockholders | (184,097) | ||||||||
Cash | 2,348,478 | ||||||||
Restricted Cash | |||||||||
Account Receivables, Net | |||||||||
Other Receivables | 279,177 | ||||||||
Note Receivables - Related Party | 24,583 | ||||||||
Prepaid Expenses | |||||||||
Inventory | |||||||||
Investment in Securities at Fair Value | 313,343 | ||||||||
Investment in Securities at Cost | |||||||||
Investment in Securities on Equity Method | |||||||||
Deposits | 1,801 | ||||||||
Total Current Assets | 2,967,382 | ||||||||
Properties under Development | |||||||||
Operating Lease Right-Of-Use Asset | |||||||||
Deposit | |||||||||
Loan Receivable | 840,000 | ||||||||
Property and Equipment, Net | |||||||||
Total Assets | 3,807,382 | ||||||||
Accounts Payable and Accrued Expenses | 118,133 | ||||||||
Deferred Revenue | |||||||||
Builder Deposits | |||||||||
Operating Lease Liability | |||||||||
Note Payable | |||||||||
Note Payable- Related Parties | 184,250 | ||||||||
Total Current Liabilities | 302,383 | ||||||||
Builder Deposits | |||||||||
Operating Lease Liability | |||||||||
Notes Payable | |||||||||
Total Liabilities | 302,383 | ||||||||
Common Stock | 47,756 | ||||||||
Additional Paid in Capital | 3,975,261 | ||||||||
Accumulated Deficit | (993,296) | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
Total Stockholders’ Equity | 3,029,721 | ||||||||
Non-controlling Interests | 475,278 | ||||||||
Total Stockholders’ Equity | 3,504,999 | ||||||||
Total Liabilities and Stockholders’ Equity | 3,807,382 | ||||||||
Liquid Value Development Pte Ltd [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cost of Sales | |||||||||
General and Administrative | 5,868 | ||||||||
Total Operating Expenses | 5,868 | ||||||||
Loss From Operations | (5,868) | ||||||||
Interest Income | 51 | ||||||||
Interest Expense | |||||||||
Foreign Exchange Transaction Gain | 88,302 | ||||||||
Unrealized Gain (Loss) on Securities Investment | 98 | ||||||||
Realized Gain on Securities Investment | 24,114 | ||||||||
Finance Costs | |||||||||
Other Income | |||||||||
Total Other Income (Expense), Net | 112,565 | ||||||||
Net Income (Loss) from Continuing Operations Before Income Taxes | 106,967 | ||||||||
Income Tax Expense from Continuing Operations | |||||||||
Net (Loss) Income | 106,697 | ||||||||
Loss from Discontinued Operations, Net of Tax | |||||||||
Net Income (Loss) | 106,697 | ||||||||
Net Loss Attributable to Non-Controlling Interest | |||||||||
Net (Loss) Income Attributable to Common Stockholders | 106,697 | ||||||||
Unrealized Gain on Securities Investment | |||||||||
Foreign Currency Translation Adjustment | |||||||||
Comprehensive Income (Loss) | 106,697 | ||||||||
Comprehensive Loss Attributable to Non-controlling Interests | |||||||||
Comprehensive Income (Loss) Attributable to Common Stockholders | 106,697 | ||||||||
Cash | $ 492,977 | ||||||||
Restricted Cash | |||||||||
Account Receivables, Net | |||||||||
Other Receivables | 95,177 | ||||||||
Note Receivables - Related Party | |||||||||
Prepaid Expenses | |||||||||
Inventory | |||||||||
Investment in Securities at Fair Value | 1,631 | ||||||||
Investment in Securities at Cost | |||||||||
Investment in Securities on Equity Method | 74,535 | ||||||||
Deposits | |||||||||
Total Current Assets | 664,320 | ||||||||
Properties under Development | |||||||||
Operating Lease Right-Of-Use Asset | |||||||||
Deposit | |||||||||
Loan Receivable | |||||||||
Property and Equipment, Net | |||||||||
Total Assets | 664,320 | ||||||||
Accounts Payable and Accrued Expenses | |||||||||
Deferred Revenue | |||||||||
Builder Deposits | |||||||||
Operating Lease Liability | |||||||||
Note Payable | |||||||||
Note Payable- Related Parties | 823,823 | ||||||||
Total Current Liabilities | 823,823 | ||||||||
Builder Deposits | |||||||||
Operating Lease Liability | |||||||||
Notes Payable | |||||||||
Total Liabilities | 823,823 | ||||||||
Common Stock | |||||||||
Additional Paid in Capital | 756,487 | ||||||||
Accumulated Deficit | (906,010) | ||||||||
Accumulated Other Comprehensive Income (Loss) | (9,980) | ||||||||
Total Stockholders’ Equity | (159,503) | ||||||||
Non-controlling Interests | |||||||||
Total Stockholders’ Equity | (159,503) | ||||||||
Total Liabilities and Stockholders’ Equity | $ 664,320 | ||||||||
Real Estate [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | 8,478,673 | 5,001,794 | |||||||
Cost of Sales | 6,125,201 | 3,992,926 | |||||||
Loss From Operations | 1,727,917 | 505,940 | |||||||
Total Other Income (Expense), Net | (9,177) | 6,894 | |||||||
Total Assets | 30,877,470 | 30,877,470 | 28,954,484 | ||||||
Real Estate [Member] | As Combined [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | 5,001,794 | ||||||||
Real Estate [Member] | American Pacific Bancorp Inc and Heng Feng Finance Limited [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | |||||||||
Real Estate [Member] | Liquid Value Development Pte Ltd [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | |||||||||
Biohealth Property Sales [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | $ 1,958,890 | $ 18,420 | 3,671,673 | $ 29,202 | |||||
Biohealth Property Sales [Member] | As Combined [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | 29,202 | ||||||||
Biohealth Property Sales [Member] | American Pacific Bancorp Inc and Heng Feng Finance Limited [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | |||||||||
Biohealth Property Sales [Member] | Liquid Value Development Pte Ltd [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | |||||||||
Previously Reported [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cost of Sales | 3,992,926 | ||||||||
General and Administrative | 3,398,753 | ||||||||
Total Operating Expenses | 7,391,679 | ||||||||
Loss From Operations | (2,360,683) | ||||||||
Interest Income | 12,491 | ||||||||
Interest Expense | (140,516) | ||||||||
Foreign Exchange Transaction Gain | 1,375,471 | ||||||||
Unrealized Gain (Loss) on Securities Investment | 1,592,647 | ||||||||
Realized Gain on Securities Investment | 2,281 | ||||||||
Loss on Investment on Security by Equity Method | (140,740) | ||||||||
Finance Costs | |||||||||
Other Income | 42,002 | ||||||||
Total Other Income (Expense), Net | 2,743,636 | ||||||||
Net Income (Loss) from Continuing Operations Before Income Taxes | 382,953 | ||||||||
Income Tax Expense from Continuing Operations | (114,653) | ||||||||
Net (Loss) Income | 268,300 | ||||||||
Loss from Discontinued Operations, Net of Tax | (361,385) | ||||||||
Net Income (Loss) | (93,085) | ||||||||
Net Loss Attributable to Non-Controlling Interest | (620,433) | ||||||||
Net (Loss) Income Attributable to Common Stockholders | 527,348 | ||||||||
Unrealized Gain on Securities Investment | 516 | ||||||||
Foreign Currency Translation Adjustment | (1,047,149) | ||||||||
Comprehensive Income (Loss) | (1,139,718) | ||||||||
Comprehensive Loss Attributable to Non-controlling Interests | (988,963) | ||||||||
Comprehensive Income (Loss) Attributable to Common Stockholders | $ (150,755) | ||||||||
Continuing Operations | $ 0.08 | ||||||||
Discontinued Operations | (0.03) | ||||||||
Net Income Per Share | $ 0.05 | ||||||||
Weighted Average Common Shares Outstanding - Basic and Diluted | 9,880,967 | ||||||||
Cash | 22,124,491 | ||||||||
Restricted Cash | 6,769,533 | ||||||||
Account Receivables, Net | 1,366,194 | ||||||||
Other Receivables | 270,222 | ||||||||
Note Receivables - Related Party | 624,986 | ||||||||
Prepaid Expenses | 1,470,680 | ||||||||
Inventory | 90,068 | ||||||||
Investment in Securities at Fair Value | 48,857,483 | ||||||||
Investment in Securities at Cost | 280,516 | ||||||||
Investment in Securities on Equity Method | |||||||||
Deposits | 47,019 | ||||||||
Total Current Assets | 81,901,192 | ||||||||
Properties under Development | 20,505,591 | ||||||||
Operating Lease Right-Of-Use Asset | 574,754 | ||||||||
Deposit | 249,676 | ||||||||
Loan Receivable | |||||||||
Property and Equipment, Net | 85,365 | ||||||||
Total Assets | 103,316,578 | ||||||||
Accounts Payable and Accrued Expenses | 1,553,132 | ||||||||
Deferred Revenue | 2,867,226 | ||||||||
Builder Deposits | 1,262,336 | ||||||||
Operating Lease Liability | 381,412 | ||||||||
Note Payable | 172,706 | ||||||||
Note Payable- Related Parties | 1,526,208 | ||||||||
Total Current Liabilities | 7,763,020 | ||||||||
Builder Deposits | |||||||||
Operating Lease Liability | 193,342 | ||||||||
Notes Payable | 636,362 | ||||||||
Total Liabilities | 8,592,724 | ||||||||
Common Stock | 8,570 | ||||||||
Additional Paid in Capital | 97,950,440 | ||||||||
Accumulated Deficit | (43,010,991) | ||||||||
Accumulated Other Comprehensive Income (Loss) | 2,153,318 | ||||||||
Total Stockholders’ Equity | 57,101,337 | ||||||||
Non-controlling Interests | 37,622,517 | ||||||||
Total Stockholders’ Equity | 94,723,854 | ||||||||
Total Liabilities and Stockholders’ Equity | 103,316,578 | ||||||||
Previously Reported [Member] | Real Estate [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | $ 5,001,794 | ||||||||
Previously Reported [Member] | Biohealth Property Sales [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total Revenue | $ 29,202 | ||||||||
Eliminations [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cash | |||||||||
Restricted Cash | |||||||||
Account Receivables, Net | |||||||||
Other Receivables | |||||||||
Note Receivables - Related Party | |||||||||
Prepaid Expenses | |||||||||
Inventory | |||||||||
Investment in Securities at Fair Value | |||||||||
Investment in Securities at Cost | |||||||||
Investment in Securities on Equity Method | (74,535) | ||||||||
Deposits | |||||||||
Total Current Assets | (74,535) | ||||||||
Properties under Development | |||||||||
Operating Lease Right-Of-Use Asset | |||||||||
Deposit | |||||||||
Loan Receivable | |||||||||
Property and Equipment, Net | |||||||||
Total Assets | (74,535) | ||||||||
Accounts Payable and Accrued Expenses | |||||||||
Deferred Revenue | |||||||||
Builder Deposits | |||||||||
Operating Lease Liability | |||||||||
Note Payable | |||||||||
Note Payable- Related Parties | |||||||||
Total Current Liabilities | |||||||||
Builder Deposits | |||||||||
Operating Lease Liability | |||||||||
Notes Payable | |||||||||
Total Liabilities | |||||||||
Common Stock | (47,756) | ||||||||
Additional Paid in Capital | 47,756 | ||||||||
Accumulated Deficit | |||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
Total Stockholders’ Equity | |||||||||
Non-controlling Interests | (74,535) | ||||||||
Total Stockholders’ Equity | (74,535) | ||||||||
Total Liabilities and Stockholders’ Equity | $ (74,535) |
SCHEDULE OF REAL ESTATE ASSETS
SCHEDULE OF REAL ESTATE ASSETS (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Construction in Progress | $ 6,498,049 | $ 9,567,841 |
Land Held for Development | 9,781,674 | 10,937,750 |
Rental Properties, net | 6,810,685 | |
Total Real Estate Assets | $ 23,090,408 | $ 20,505,591 |
SUMMARY OF SINGLE FAMILY RESIDE
SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES (Details) - Single Family [Member] | 6 Months Ended |
Jun. 30, 2021USD ($)Integer | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Number of Homes | Integer | 30 |
Aggregate investment | $ 6,825,907 |
Average Investment per Home | $ 227,530 |
REAL ESTATE ASSETS (Details Nar
REAL ESTATE ASSETS (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)Integer | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Integer | Jun. 30, 2020USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Depreciation | $ 34,164 | $ 13,062 | ||
Single Family [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Real Estate Properties | Integer | 30 | 30 | ||
Real Estate Investment Property, Net | $ 6,825,907 | $ 6,825,907 | ||
Depreciation | $ 15,222 | $ 0 | $ 15,222 | $ 0 |
BUILDER DEPOSITS (Details Narra
BUILDER DEPOSITS (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Apr. 28, 2020 | Jan. 03, 2019 |
Entity Listings [Line Items] | ||||
[custom:NumberOfBuilderDepositsShares-0] | 479 | |||
Inventory, Land Held-for-sale | $ 64,000,000 | |||
Security Deposit Liability | $ 541,349 | $ 1,262,336 | ||
SeD Maryland Development LLC [Member] | Lot Purchase Agreements [Member] | ||||
Entity Listings [Line Items] | ||||
[custom:PercentageOfIncreaseInPriceOfLots-0] | 3.00% | |||
Security Deposit Liability | $ 5,600,000 | $ 220,000 | $ 100,000 | |
Retail Land Sales Receivables, Stated Interest Rate | 9.90% |
SCHEDULE OF NOTES PAYABLE (Deta
SCHEDULE OF NOTES PAYABLE (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Total notes payable | $ 236,683 | $ 809,068 |
M&T Bank Loan, Net of Debt Discount [Member} | ||
Short-term Debt [Line Items] | ||
Total notes payable | 636,362 | |
PPP Loan [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable | 68,502 | |
Australia Loan [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable | $ 168,181 | $ 172,706 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Feb. 11, 2021 | Jun. 18, 2020 | Apr. 17, 2019 | Jan. 07, 2017 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 07, 2017 |
Debt Instrument [Line Items] | ||||||||
Notes Payable | $ 236,683 | $ 809,068 | ||||||
Loan Processing Fee | 381,823 | |||||||
Amortization of Debt Discount (Premium) | 50,813,099 | $ 3,777 | ||||||
Paycheck Protection Program Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 68,502 | |||||||
Notes Payable | 68,502 | |||||||
Debt Instrument, Term | 5 years | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||
[custom:PercentageOfForgivenDebtAmount-0] | 60.00% | |||||||
Australia Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes Payable | $ 168,181 | 172,706 | ||||||
SeD Maryland Development LLC [Member] | Loan Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 8,000,000 | |||||||
Notes Payable | 18,500,000 | |||||||
Long-term Line of Credit | $ 900,000 | |||||||
Line of Credit Facility, Interest Rate During Period | 1.50% | |||||||
Line of Credit Facility, Collateral Fees, Amount | $ 2,600,000 | |||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description | the outstanding balance of the revolving loan was $0 | |||||||
SeD Maryland Development LLC [Member] | Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) Swap Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Interest Rate Description | The line of credit bears interest rate on LIBOR plus 375 basis points. | |||||||
Alset EHome Inc [Member] | Loan Agreement [Member] | Manufacturers And Traders Trust Company [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | $ 2,990,000 | |||||||
Loan Processing Fee | 61,679 | |||||||
Line of Credit Facility, Expiration Date | Jul. 1, 2022 | |||||||
Proceeds from Lines of Credit | $ 664,810 | 664,810 | ||||||
Debt Instrument, Unamortized Discount | $ 42,906 | |||||||
Line of Credit Facility, Increase, Accrued Interest | $ 25,225 | |||||||
Amortization of Debt Discount (Premium) | $ 42,907 | |||||||
Alset EHome Inc [Member] | Loan Agreement [Member] | Manufacturers And Traders Trust Company [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | $ 20,000,000 | |||||||
SeD Perth Pty Ltd [Member] | Australia Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 460,000 | |||||||
Debt Instrument, Maturity Date | Dec. 31, 2018 | Apr. 30, 2022 | ||||||
Deposits | $ 35,276 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 179,000 | |||||||
SeD Perth Pty Ltd [Member] | Minimum [Member] | Australia Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.12% | 4.36% | ||||||
SeD Perth Pty Ltd [Member] | Maximum [Member] | Australia Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.86% | 5.57% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Jun. 15, 2021USD ($) | Jun. 14, 2021USD ($)shares | May 12, 2021shares | May 03, 2021shares | Mar. 18, 2021USD ($)$ / sharesshares | Mar. 18, 2021USD ($) | Mar. 12, 2021USD ($)$ / sharesshares | Nov. 24, 2020USD ($) | Aug. 20, 2020USD ($)shares | Mar. 02, 2020USD ($)$ / shares | Jan. 01, 2018USD ($) | Jan. 24, 2017USD ($) | Jun. 30, 2021USD ($)shares | Jun. 14, 2021USD ($)shares | Jun. 30, 2021USD ($)shares | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2021USD ($) | May 17, 2021 | May 14, 2021USD ($) | May 14, 2021SGD ($) | Sep. 30, 2020 | Jul. 17, 2020$ / shares |
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Additional Paid in Capital | $ 204,762,770 | $ 204,762,770 | $ 204,762,770 | $ 102,729,944 | ||||||||||||||||||||||
[custom:AdjustmentsToAdditionalPaidInCapitalPurchaseStockOfTruePartnerFromRelatedParty] | $ 3,274,060 | |||||||||||||||||||||||||
Notes Payable, Related Parties | $ 0 | $ 0 | $ 0 | $ 178,400 | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 8,389,324 | 8,389,324 | 8,389,324 | |||||||||||||||||||||||
Warrants and Rights Outstanding | $ 8,389 | $ 8,389 | $ 8,389 | |||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | |||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 10.03 | |||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 50,770,192 | |||||||||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
[custom:AdjustmentsToAdditionalPaidInCapitalPurchaseStockOfTruePartnerFromRelatedParty] | ||||||||||||||||||||||||||
Alset International Limited [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 4.99% | |||||||||||||||||||||||||
Liquid Value Development Pte Ltd [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 1.00% | |||||||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Accounts Payable, Current | $ 63,920,129 | |||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | |||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 5.59 | |||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Alset International Limited [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,500,000,000 | |||||||||||||||||||||||||
Warrants and Rights Outstanding | $ 28,363,966 | |||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Liquid Value Development Pte Ltd [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 173,395 | |||||||||||||||||||||||||
Securities Purchase Agreement [Member] | True Partner Capital Holding Limited [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 62,122,908 | |||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 6,729,629 | |||||||||||||||||||||||||
Securities Purchase Agreement [Member] | American Pacific Bancorp Inc [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 4,775,523 | |||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 28,653,138 | |||||||||||||||||||||||||
True Partners Capital Holding Limited [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 62,122,908 | |||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 6,729,629 | |||||||||||||||||||||||||
Equity, Fair Value Disclosure | 10,003,689 | |||||||||||||||||||||||||
[custom:AdjustmentsToAdditionalPaidInCapitalPurchaseStockOfTruePartnerFromRelatedParty] | $ 3,274,060 | |||||||||||||||||||||||||
Document Securities Systems Inc. [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,480,000 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | shares | 250,000 | |||||||||||||||||||||||||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerSharePurchasedForAward] | $ / shares | $ 1 | |||||||||||||||||||||||||
Gain on Sale of Investments | $ 2,480,000 | $ 2,480,000 | ||||||||||||||||||||||||
[custom:OriginalCostOfCommonStockAndStockOptions] | 200,128 | |||||||||||||||||||||||||
Additional Paid in Capital | $ 2,279,872 | $ 2,279,872 | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 11.70% | |||||||||||||||||||||||||
Liquid Value Development Pte Ltd [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Notes Payable, Related Parties | 836,198 | 836,198 | 836,198 | $ 823,823 | ||||||||||||||||||||||
SeD Perth Pty Ltd [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Notes Payable, Related Parties | $ 14,002 | $ 14,002 | $ 14,002 | $ 14,379 | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 71.40% | 71.40% | 71.40% | 57.10% | ||||||||||||||||||||||
Chan Heng Fai [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Notes Payable, Related Parties | $ 1,333,429 | $ 11,829 | $ 11,829 | $ 11,829 | $ 1,333,429 | |||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 30,000,000 | |||||||||||||||||||||||||
Repayment of Notes Receivable from Related Parties | 1,321,600 | |||||||||||||||||||||||||
Alset CPN [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 63,920,128 | $ 63,920,128 | ||||||||||||||||||||||||
Interest Payable | $ 306,438 | $ 306,438 | ||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 9,163,965 | 9,163,965 | ||||||||||||||||||||||||
Alset CPN [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,123 | 2,123 | ||||||||||||||||||||||||
MacKenzie Equity Partners [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Professional Fees | $ 20,000 | 60,000 | $ 60,000 | 120,000 | $ 120,000 | |||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 60,000 | |||||||||||||||||||||||||
Due to Related Parties | 20,000 | 20,000 | 20,000 | 0 | ||||||||||||||||||||||
Pop Motion Consulting Pte. Ltd [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Notes Payable, Related Parties | $ 0 | |||||||||||||||||||||||||
American Medical REIT Inc. [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Warrants and Rights Outstanding | 0 | |||||||||||||||||||||||||
Interest Payable | $ 21,366 | $ 21,366 | $ 21,366 | 13,431 | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 200,000 | |||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 9.99% | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | payable in two years | |||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 5 | $ 0.0001 | ||||||||||||||||||||||||
[custom:IpoPriceDescription] | The amount of the warrants equals to the note principle divided by the Exercise Price. If AMRE goes to IPO in the future and IPO price is less than $10.00 per share, the Exercise price shall be adjusted downward to fifty percent (50%) of the IPO price. | |||||||||||||||||||||||||
Fair Value Adjustment of Warrants | 0 | |||||||||||||||||||||||||
American Medical REIT Inc. [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 1.00% | 1.00% | 1.00% | |||||||||||||||||||||||
iGalen International [Member] | SeD Capital Pte Ltd [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Interest Payable | $ 70,291 | $ 70,291 | $ 70,291 | 61,555 | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 350,000 | $ 350,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | The term of the loan was two years | |||||||||||||||||||||||||
Debt Instrument, Description | with an interest rate of 3% per annum for the first of year and 5% per annum for the second year. The expiration term was renewed as due on demand after two years with 5% per annum interest rate. | |||||||||||||||||||||||||
Hyten Global (Thailand) Co., Ltd [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 19.00% | 19.00% | 19.00% | 19.00% | ||||||||||||||||||||||
[custom:AdvancesForOperations-0] | $ 234,744 | $ 234,744 | $ 234,744 | |||||||||||||||||||||||
American Premium Water Corp [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 8.70% | 8.70% | 8.70% | 8.70% | ||||||||||||||||||||||
[custom:AdvancesForOperations-0] | $ 29,968 | $ 29,968 | $ 29,968 | |||||||||||||||||||||||
Directors [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
[custom:PersonalGuarantees] | $ 500,000 | |||||||||||||||||||||||||
Chan Heng Fai [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 1,000 | |||||||||||||||||||||||||
Notes Payable, Related Parties | 4,943,095 | 4,943,095 | $ 4,943,095 | $ 5,545,495 | $ 7,395,472 | |||||||||||||||||||||
Due from Related Parties | $ 184,250 | 184,250 | 184,250 | $ 0 | ||||||||||||||||||||||
Chan Heng Fai [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,132 | 6,380 | ||||||||||||||||||||||||
Chan Tung Moe [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Professional Fees | $ 0 | $ 59,144 | $ 0 | $ 118,288 | ||||||||||||||||||||||
Chan Tung Moe [Member] | American Pacific Bancorp Inc [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||||||||||||
Debt Instrument, Description | This loan was secured by an irrevocable letter of instruction on 80,000 shares of Alset EHome International. | |||||||||||||||||||||||||
Due to Officers or Stockholders | $ 560,000 | |||||||||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 23, 2023 | |||||||||||||||||||||||||
Interest Expense, Related Party | $ 840,000 | |||||||||||||||||||||||||
Lim Sheng Hon Danny [Member] | American Pacific Bancorp Inc [Member] | ||||||||||||||||||||||||||
Entity Listings [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Description | This loan was secured by an irrevocable letter of instruction on 40,000 shares of Alset EHome International. | |||||||||||||||||||||||||
Due to Officers or Stockholders | $ 280,000 | |||||||||||||||||||||||||
Interest Expense, Related Party | $ 28,031 |
SCHEDULE OF NET FUNDS RECEIVED
SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 8,389,324 | |
Number of offering and warrants exercised, par value | $ 8,389 | |
Total | $ 39,268,580 | $ 615,623 |
Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 4,700,637 | |
Number of offering and warrants exercised, par value | $ 4,701 | |
Total | $ 29,145,056 | |
Exercise Of Pre Funded Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 1,611,000 | |
Number of offering and warrants exercised, par value | $ 1,611 | |
Total | $ 16,110 | |
Exercise Of Underwriters Series A Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 808,363 | |
Number of offering and warrants exercised, par value | $ 808 | |
Total | $ 3,755,774 | |
Exercise Of Series A And Series B Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 1,269,324 | |
Number of offering and warrants exercised, par value | $ 1,269 | |
Total | $ 6,440,487 | |
Offering Expenses [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | ||
Number of offering and warrants exercised, par value | ||
Total | $ (88,848) |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of common shares warrants outstanding, beginning balance | shares | 108,000 |
Exercise price, beginning balance | $ / shares | $ 9.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 10 months 28 days |
Aggregate intrinsic value, beginning | $ | |
Number of common shares warrants vested and exercisable, beginning | shares | 108,000 |
Exercise price, vested and exercisable beginning balance | $ / shares | $ 9.80 |
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVetsedAndExercisableBeginningWeightedAverageRemainingContractualTerms] | 2 years 10 months 28 days |
Aggregate intrinsic value, vested and exercisable beginning | $ | |
Number of common shares warrants granted | shares | 14,240,000 |
Exercise price, granted | $ / shares | $ 4.18 |
Number of common shares warrants exercised | shares | (2,080,986) |
Exercise price, exercised | $ / shares | $ 5.06 |
Number of common shares warrants forfeited, cancelled, expired | shares | |
Exercise price, forfeited, cancelled, expired | $ / shares | |
Number of common shares warrants outstanding ending balance | shares | 12,267,014 |
Exercise price, ending balance | $ / shares | $ 4.08 |
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerm1] | 4 years 10 months 6 days |
Aggregate intrinsic value, ending | $ | $ 3,077,823 |
Number of common shares warrants vested and exercisable ending | shares | 12,267,014 |
Exercise price, vested and exercisable ending balance | $ / shares | $ 4.08 |
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionVetsedAndExercisableBeginningWeightedAverageRemainingContractualTerms] | 4 years 10 months 6 days |
Aggregate intrinsic value, vested and exercisable ending | $ | $ 3,077,823 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | May 12, 2021 | May 10, 2021 | May 03, 2021 | Jan. 19, 2021 | Jun. 30, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 17, 2021 | Jun. 13, 2021 | May 17, 2021 | May 13, 2021 | Mar. 12, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 | 20,000,000 | 250,000,000 | ||||||||||||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | 25,000,000 | 5,000,000 | 25,000,000 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 10,000 | ||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 60,900 | $ 60,900 | |||||||||||||||
Shares Issued, Price Per Share | $ 10.03 | ||||||||||||||||
Number of warrants issued | 8,389,324 | 8,389,324 | 8,389,324 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,389,324 | 8,389,324 | 8,389,324 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 39,268,580 | $ 615,623 | |||||||||||||||
Common Stock, Shares, Outstanding | 28,265,289 | 28,265,289 | 28,265,289 | 8,570,000 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 39,268,580 | ||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 1,151,500 | 197,400 | |||||||||||||||
Proceeds from Issuance of Warrants | $ 1,419,605 | ||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||||||||||||||||
Private Offer [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 2,232,491 | ||||||||||||||||
Alset International Limited [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
[custom:PaymentsForWarrantExercises] | $ 88,848 | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 4.99% | ||||||||||||||||
Gig World [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 280,000 | 37,300 | |||||||||||||||
Common Stock, Shares, Outstanding | 505,381,376 | 505,381,376 | 500,821,889 | 505,381,376 | 500,821,889 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 280,000 | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 99.00% | 99.00% | 99.00% | 99.00% | 99.00% | ||||||||||||
Proceeds from Issuance or Sale of Equity | $ 32,300 | ||||||||||||||||
Alset International Limited [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.03 | $ 0.03 | $ 0.03 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,160,581,454 | 1,160,581,454 | 1,160,581,454 | ||||||||||||||
Equity Method Investment, Ownership Percentage | 71.40% | 71.40% | 71.40% | 57.10% | |||||||||||||
Proceeds from Issuance of Warrants | $ 35,878,698 | ||||||||||||||||
Share-based Payment Arrangement, Expense | $ 73,292 | ||||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 1,500,000 | ||||||||||||||||
Underwritten Public Offering [Member] | Series A Warrant [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.07 | ||||||||||||||||
Underwritten Public Offering [Member] | Series B Warrant [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.59 | ||||||||||||||||
Over-Allotment Option [Member] | Series A Warrant [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of warrants issued | 808,363 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 808,363 | 808,363 | |||||||||||||||
Over-Allotment Option [Member] | Series B Warrant [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of warrants issued | 808,363 | 808,363 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 404,181 | ||||||||||||||||
Over-Allotment Option [Member] | Series B Warrant [Member] | Aegis Capital Corp [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of warrants issued | 808,363 | 808,363 | 808,363 | ||||||||||||||
Common Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 10,000 | ||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 10 | ||||||||||||||||
Stock Issued During Period, Shares, Other | (3,601,000) | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 8,389,324 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 8,389 | ||||||||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,700,637 | ||||||||||||||||
Shares Issued, Price Per Share | $ 5.07 | ||||||||||||||||
Common Stock [Member] | Over-Allotment Option [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of warrants issued | 808,363 | ||||||||||||||||
Common Stock [Member] | Over-Allotment Option [Member] | Aegis Capital Corp [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Shares Issued, Price Per Share | $ 5.07 | ||||||||||||||||
Number of warrants issued | 808,363 | ||||||||||||||||
Pre Funded Units [Member] | Underwritten Public Offering [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,611,000 | ||||||||||||||||
Shares Issued, Price Per Share | $ 5.06 | ||||||||||||||||
Class A Common Stock [Member] | Private Offer [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Series A 5% Cumulative Preferred Stock [Member] | Private Offer [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | 0.01 | 0.01 | 0.01 | ||||||||||||||
Share Price | $ 6 | $ 6 | $ 6 | ||||||||||||||
Chan Heng Fai [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,000 | ||||||||||||||||
Investors [Member] | Series A Warrant [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of warrants issued | 1,266,025 | 1,266,025 | 1,266,025 | ||||||||||||||
Investors [Member] | Series B Warrant [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of warrants issued | 6,598 | ||||||||||||||||
Investors [Member] | Pre Funded Units [Member] | Underwritten Public Offering [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,611,000 | ||||||||||||||||
International Investors [Member] | Gig World [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, Shares, Outstanding | 506,898,576 | 506,898,576 | 506,898,576 | 506,898,576 | 506,898,576 | ||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Shares Authorized | 6,380 | 6,380 | 6,380 | 6,380 | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||||
Stock Issued During Period, Value, Issued for Services | |||||||||||||||||
Stock Issued During Period, Value, New Issues | |||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Shares Authorized | 2,132 | 2,132 | 2,132 | 2,132 | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||||||||||
Stock Issued During Period, Value, Issued for Services | |||||||||||||||||
Stock Issued During Period, Value, New Issues | |||||||||||||||||
Series B Preferred Stock [Member] | Chan Heng Fai [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Conversion of Stock, Shares Converted | 2,132,000 | 6,380,000 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 2,132 | 6,380 | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 13,000,000 | ||||||||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||||
[custom:StockPurchased] | 6,380,000 | ||||||||||||||||
Stock Issued During Period, Shares, Other | 6,380 |
SCHEDULE OF FUTURE MINIMUM RENT
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS (Details) | Jun. 30, 2021USD ($) |
Lease Income | |
2021 | $ 97,350 |
2022 | 75,403 |
Total Future Receipts | $ 172,753 |
LEASE INCOME (Details Narrative
LEASE INCOME (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lease Income | ||||
Lessor, Operating Lease, Term of Contract | 1 year | 1 year | ||
Payment for Management Fee | $ 90 | |||
Management Fee Expense | $ 2,740 | $ 0 | 2,740 | $ 0 |
Leasing Fees Incurred | $ 14,475 | $ 0 | $ 14,475 | $ 0 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details Narrative) - USD ($) | Jun. 21, 2021 | Mar. 18, 2021 | Oct. 16, 2020 | Aug. 21, 2020 | Apr. 27, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 12, 2021 | Dec. 31, 2020 |
Entity Listings [Line Items] | |||||||||||
Stock Issued During Period, Value, New Issues | $ 39,268,580 | ||||||||||
Shares Issued, Price Per Share | $ 10.03 | ||||||||||
Chan Heng Fai [Member] | |||||||||||
Entity Listings [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 1,000 | ||||||||||
Document Securities Systems Inc. [Member] | |||||||||||
Entity Listings [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 2,480,000 | ||||||||||
Equity Method Investment, Ownership Percentage | 11.70% | ||||||||||
Global Bio Medical Pte Ltd [Member] | |||||||||||
Entity Listings [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 71.40% | 71.40% | 57.10% | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 0 | $ 361,385 | $ 0 | $ 361,385 | |||||||
Conversion of Stock, Shares Issued | 6,570,170 | 662,500 | 6,570,170 | ||||||||
Global Bio Medical Pte Ltd [Member] | Series A Convertible Preferred Stock [Member] | |||||||||||
Entity Listings [Line Items] | |||||||||||
Conversion of Stock, Shares Converted | 42,575 | 4,293 | 42,575 | ||||||||
Share Exchange Agreement [Member] | Document Securities Systems Inc. [Member] | |||||||||||
Entity Listings [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 483,334 | ||||||||||
Number of common stock shares held | 500,001 | ||||||||||
Common stock outstanding percentage. | 11.80% | 9.70% | |||||||||
Share Price | $ 6.95 | ||||||||||
Share Exchange Agreement [Member] | Document Securities Systems Inc. [Member] | Chan Heng Fai [Member] | |||||||||||
Entity Listings [Line Items] | |||||||||||
Number of common stock owned percentage | 3.10% | 14.50% | |||||||||
Share Exchange Agreement [Member] | Document Securities Systems Inc. [Member] | Convertible Preferred Stock [Member] | |||||||||||
Entity Listings [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 46,868 | 46,868 | |||||||||
Stock Issued During Period, Value, New Issues | $ 46,868,000 | ||||||||||
Shares Issued, Price Per Share | $ 1,000 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ 6.48 | ||||||||||
Equity Method Investment, Ownership Percentage | 19.90% | ||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 7,232,716 | ||||||||||
Share Exchange Agreement [Member] | Global Bio Medical Pte Ltd [Member] | |||||||||||
Entity Listings [Line Items] | |||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 483,334 | ||||||||||
Sale of Stock, Consideration Received on Transaction | $ 53,626,548 | ||||||||||
Disposal Group, Including Discontinued Operation, Assets | 57,143 | ||||||||||
Additional paid in capital | $ 53,569,405 |
SCHEDULE OF CHANGES IN THE BALA
SCHEDULE OF CHANGES IN THE BALANCES OF ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Beginning Balance | $ 1,092,609 | $ 2,143,338 | $ 355,239 | $ 1,458,289 |
Other Comprehensive Income | (1,133,432) | (1,050,729) | 379,243 | (1,103,050) |
Ending Balance | (40,823) | 1,092,609 | 734,482 | 355,239 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Beginning Balance | (49,893) | (48,758) | (68,128) | (59,888) |
Other Comprehensive Income | (25,663) | (1,135) | 8,147 | (8,240) |
Ending Balance | (75,556) | (49,893) | (59,981) | (68,128) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Beginning Balance | 1,247,490 | 2,258,017 | 508,335 | 1,603,145 |
Other Comprehensive Income | (764,544) | (1,010,527) | 389,413 | (1,094,810) |
Ending Balance | 482,946 | 1,247,490 | 897,748 | 508,335 |
AOCI Attributable to Noncontrolling Interest [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Beginning Balance | (104,988) | (65,921) | (84,968) | (84,968) |
Other Comprehensive Income | (343,225) | (39,067) | (18,317) | |
Ending Balance | $ (448,213) | $ (104,988) | $ (103,285) | $ (84,968) |
SCHEDULE OF FINANCIAL ASSETS ME
SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, Cost | $ 59,641,006 | $ 51,221,903 |
Assets, Fair Value | 30,125,431 | 49,172,457 |
Vivacitas [Member] | Options Held [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, Cost | ||
Assets, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | 27,959,016 | 10,567,756 |
Fair Value, Inputs, Level 1 [Member] | Vivacitas [Member] | Options Held [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Vivacitas [Member] | Options Held [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | 2,166,415 | 38,604,701 |
Fair Value, Inputs, Level 3 [Member] | Vivacitas [Member] | Options Held [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Equity Method Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, Cost | 14,784,540 | 7,404,911 |
Assets, Fair Value | 27,004,907 | 10,549,102 |
Equity Method Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | 27,004,907 | 10,549,102 |
Equity Method Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Equity Method Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Investment Securities- Trading [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, Cost | 968,525 | 17,650 |
Assets, Fair Value | 954,109 | 18,654 |
Investment Securities- Trading [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | 954,109 | 18,654 |
Investment Securities- Trading [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Investment Securities- Trading [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Convertible Preferred Stock [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, Cost | 42,889,000 | 42,889,000 |
Assets, Fair Value | 37,675,000 | |
Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | 37,675,000 | |
Notes Receivable [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, Cost | 138,599 | 50,000 |
Assets, Fair Value | 117,668 | 66,978 |
Notes Receivable [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Notes Receivable [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Notes Receivable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | 117,668 | 66,978 |
Warrant [Member] | American Premium Water Corp [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, Cost | 860,342 | 860,342 |
Assets, Fair Value | 2,048,747 | 862,723 |
Warrant [Member] | American Medical REIT Inc. [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset, Cost | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | American Premium Water Corp [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | American Medical REIT Inc. [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | American Premium Water Corp [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | American Medical REIT Inc. [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | American Premium Water Corp [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value | 2,048,747 | 862,723 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | American Medical REIT Inc. [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value |
SCHEDULE OF FAIR VALUE OF EQUIT
SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | ||
Entity Listings [Line Items] | |||
Market Value | $ 28,059,013 | $ 10,848,272 | |
Fair Value, Inputs, Level 1 [Member] | |||
Entity Listings [Line Items] | |||
Market Value | 27,959,016 | 10,567,756 | |
Fair Value, Inputs, Level 1 [Member] | Trading Stocks [Member] | |||
Entity Listings [Line Items] | |||
Market Value | $ 954,109 | $ 18,654 | |
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Fair Value, Inputs, Level 1 [Member] | True Partner Capital Holding Limited [Member] | |||
Entity Listings [Line Items] | |||
Share price | $ 0.135 | ||
Shares | 62,122,908 | ||
Market Value | $ 8,400,177 | ||
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Fair Value | ||
Document Securities Systems Inc. [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Entity Listings [Line Items] | |||
Share price | $ 1.790 | $ 6.240 | |
Shares | [1] | 7,732,671 | 1,162,501 |
Market Value | $ 13,841,481 | $ 7,254,006 | |
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Amarantus Bio Science Holdings [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Entity Listings [Line Items] | |||
Share price | $ 0.008 | $ 0.008 | |
Shares | 20,000,000 | 20,000,000 | |
Market Value | $ 150,000 | $ 160,000 | |
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Holista Coll Tech Limited [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Entity Listings [Line Items] | |||
Share price | $ 0.044 | $ 0.055 | |
Shares | 46,226,673 | 46,226,673 | |
Market Value | $ 2,047,424 | $ 2,565,469 | |
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
American Premium Water Corp [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Entity Listings [Line Items] | |||
Share price | $ 0.007 | $ 0.002 | |
Shares | 122,039,000 | 122,039,000 | |
Market Value | $ 817,661 | $ 256,284 | |
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Optimum Bank Holdings Inc [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Entity Listings [Line Items] | |||
Share price | $ 4.820 | $ 3.370 | |
Shares | 92,980 | 92,980 | |
Market Value | $ 448,164 | $ 313,343 | |
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Value Exchange International Inc [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Entity Listings [Line Items] | |||
Share price | $ 0.200 | ||
Shares | 6,500,000 | ||
Market Value | $ 1,300,000 | ||
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Fair Value | ||
Nervotec Pte Ltd [Member] | |||
Entity Listings [Line Items] | |||
Shares | 1,666 | 1,666 | |
Market Value | $ 37,826 | $ 37,826 | |
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Cost | Investment in Securities at Cost | |
Hyten Global (Thailand) Co., Ltd [Member] | |||
Entity Listings [Line Items] | |||
Shares | 20,000 | 20,000 | |
Market Value | $ 42,562 | $ 42,562 | |
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Cost | Investment in Securities at Cost | |
U Beauty Limited [Member] | |||
Entity Listings [Line Items] | |||
Shares | 3,600 | ||
Market Value | $ 19,609 | ||
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Cost | ||
Vivacitas [Member] | |||
Entity Listings [Line Items] | |||
Shares | 2,480,000 | ||
Market Value | $ 200,128 | ||
Fair Value Measurements, Valuation Processes, Description | Investment in Securities at Cost | ||
[1] | was effective at 5:01 p.m. Eastern Time on May 7, 2020 (the “Effective Time”) |
SCHEDULE OF SIGNIFICANT INPUTS
SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS (Details) - Fair Value, Inputs, Level 3 [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021$ / shares | Dec. 31, 2020$ / shares | |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Entity Listings [Line Items] | ||
Convertible Note, Measurement Input | 0 | 0 |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Price Volatility [Member] | ||
Entity Listings [Line Items] | ||
Convertible Note, Measurement Input | 158.61 | 210.07 |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Entity Listings [Line Items] | ||
Convertible Note, Measurement Input | 3.25 | 0.13 |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Expected Term [Member] | ||
Entity Listings [Line Items] | ||
Convertible Note, Measurement Input | 1 year 3 months 4 days | 11 years 9 months 3 days |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Exercise Price [Member] | ||
Entity Listings [Line Items] | ||
Convertible Note, Measurement Input | 0.15 | 0.15 |
American Medical REIT Inc. [Member] | Warrant [Member] | ||
Entity Listings [Line Items] | ||
Warrants and Rights Outstanding, Term | 9 years 25 days | 9 years 6 months 29 days |
American Medical REIT Inc. [Member] | Warrant [Member] | Measurement Input, Price Volatility [Member] | ||
Entity Listings [Line Items] | ||
Warrants, Measurement Input | 205.71 | 178.86 |
American Medical REIT Inc. [Member] | Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Entity Listings [Line Items] | ||
Warrants, Measurement Input | 1.40 | 0.88 |
American Medical REIT Inc. [Member] | Warrant [Member] | Measurement Input, Exercise Price [Member] | ||
Entity Listings [Line Items] | ||
Warrants, Measurement Input | 0.001 | 0.001 |
American Medical REIT Inc. [Member] | Warrant [Member] | Measurement Input, Share Price [Member] | ||
Entity Listings [Line Items] | ||
Warrants, Measurement Input | 0.0067 | 0.0021 |
SCHEDULE OF CHANGE IN FAIR VALU
SCHEDULE OF CHANGE IN FAIR VALUE (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Investments, All Other Investments [Abstract] | ||||
Ending Balance | $ 64,991 | $ 66,978 | $ 13,610 | $ 26,209 |
Total gain (losses) | (35,922) | (1,987) | 13,115 | (12,599) |
Ending Balance | $ 29,069 | $ 64,991 | $ 26,725 | $ 13,610 |
INVESTMENTS MEASURED AT FAIR _3
INVESTMENTS MEASURED AT FAIR VALUE (Details Narrative) - USD ($) | Jun. 21, 2021 | Feb. 26, 2021 | Oct. 16, 2020 | Jul. 17, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 02, 2020 |
Entity Listings [Line Items] | ||||||||
Realized Investment Gains (Losses) | $ 296,961 | $ 26,395 | ||||||
Unrealized Loss on Securities | 30,703,914 | |||||||
Unrealized Gain on Securities | 1,561,486 | |||||||
[custom:ChangeInFairValueOfConvertibleNoteReceivable] | $ 37,909 | 516 | ||||||
Stockholders' Equity, Reverse Stock Split | Ratio of 1-for-30 (the “Reverse Split”) | |||||||
Notes Receivable, Related Parties | $ 906,369 | $ 649,569 | ||||||
Warrants and Rights Outstanding | $ 8,389 | |||||||
Global Bio Medical Pte Ltd [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Conversion of Stock, Shares Issued | 6,570,170 | 662,500 | 6,570,170 | |||||
Equity Method Investment, Ownership Percentage | 71.40% | 57.10% | ||||||
Global Bio Medical Pte Ltd [Member] | Series A Convertible Preferred Stock [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Conversion of Stock, Shares Converted | 42,575 | 4,293 | 42,575 | |||||
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Expected Dividend Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Debt Securities, Trading, Measurement Input | 0 | 0 | ||||||
Vector Com co. Ltd [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Convertible Debt | $ 88,599 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||
Debt Instrument, Term | 2 years | |||||||
Debt Instrument, Convertible, Conversion Price | $ 21.26 | |||||||
American Medical REIT Inc. [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||
Notes Receivable, Related Parties | $ 200,000 | |||||||
Fair value of stock option | $ 0 | |||||||
[custom:ClassOfWarrantOrRightPurchased] | 122,039,000 | |||||||
Equity Method Investment, Ownership Percentage | 9.99% | |||||||
[custom:EquityMethodInvestmentNumberOfSharesAcquired] | 122,039,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0001 | $ 5 | ||||||
Payments to Acquire Equity Securities, FV-NI | $ 122,039 | |||||||
Warrants and Rights Outstanding | $ 0 | |||||||
American Medical REIT Inc. [Member] | Warrant [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Warrants and Rights Outstanding | $ 2,048,747 | $ 862,723 |
Schedule of operating and renew
Schedule of operating and renewed lease terms rental (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
SINGAPORE | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | June 2020 to May 2021 | |
Lessor, Operating Lease, Option to Extend | June 2021 to May 2022 | |
HONG KONG | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | October 2020 to October 2022 | |
KRW [Member] | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | August 2020 to August 2022 | |
TX [Member] | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | November 2019 to April 2021 | |
Lessor, Operating Lease, Option to Extend | May 2021 to October 2021 | |
MOLDOVA | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | August 2015 to December 2020 | |
Lessor, Operating Lease, Option to Extend | January 2021 to March 2024 |
Schedule of Lease Payments (Det
Schedule of Lease Payments (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 280,947 | |
2022 | 361,405 | |
2023 | 95,104 | |
2024 | 24,430 | |
Total Minimum Lease Payments | 761,886 | |
Less: Effect of Discounting | (19,971) | |
Present Value of Future Minimum Lease Payments | 741,915 | $ 574,754 |
Less: Current Obligations under Leases | (147,135) | (381,412) |
Long-term Lease Obligations | $ 594,780 | $ 193,342 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Dec. 31, 2018 | Nov. 23, 2015USD ($)a | May 28, 2014USD ($)a | Jun. 30, 2021USD ($)a | Jun. 30, 2020USD ($)a | Jun. 30, 2021USD ($)a | Jun. 30, 2020USD ($)a | Dec. 31, 2020USD ($)a |
Loss Contingencies [Line Items] | ||||||||
Area of Land | a | 15,811 | 15,811 | ||||||
Payments for Rent | $ 140,271 | $ 85,558 | $ 6,825,907 | |||||
Operating Leases, Rent Expense | $ 272,985 | $ 171,116 | ||||||
Lessee, Operating Lease, Description | As our leases do not provide a readily determinable implicit rates, we estimate our incremental borrowing rates to discount the lease payments based on information available at lease commencement. Our incremental borrowings rates are 3.9% in 2021 and at a range from 0.5% to 4.5% per annum in 2020, which were used as the discount rates. | |||||||
Operating Lease, Right-of-Use Asset | 728,828 | $ 728,828 | $ 574,754 | |||||
Operating Lease, Liability | $ 741,915 | 741,915 | $ 574,754 | |||||
Minimum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments for Rent | 2,265 | |||||||
Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments for Rent | $ 23,297 | |||||||
Lots Sales Agreement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Description of real estate improvements | On December 31, 2018, SeD Maryland entered into the Third Amendment to the Lot Purchase Agreement for Ballenger Run with NVR. Pursuant to the Third Amendment, SeD Maryland will convert the 5.9 acre CCRC parcel to 36 lots (the 28 feet wide villa lot) and sell to NVR. SeD Maryland pursued the required zoning approval to change the number of such lots from 85 to 121, which was approved in July 2019. Subsequently, SeD Maryland Development signed Fourth Amendment to the Lot Purchase Agreement, pursuant to which NVR agreed to purchase all of the new 121 lots. | |||||||
Purchase Of Land Lots | a | 31 | 19 | 58 | 46 | ||||
Purchase Of Land Lots Net | a | 446 | 388 | ||||||
Lots Sales Agreement [Member] | SeD Maryland Development LLC [Member] | Ballenger Run [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 15,700,000 | |||||||
Area of Land | a | 197 | |||||||
Lots Sales Agreement [Member] | NVR Inc. [Member] | Ballenger Run [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 15,000,000 | |||||||
Area of Land | a | 197 |
SCHEDULE OF OPTION ACTIVITY (De
SCHEDULE OF OPTION ACTIVITY (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Options for common shares, Outstanding at beginning | shares | 1,061,333 |
Exercise price, outstanding at beginning | $ / shares | $ 0.09 |
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm] | 3 years |
Aggregate intrinsic value, outstanding at beginning | $ | |
Options for common shares, vested and exercisable at beginning | shares | 1,061,333 |
Exercise price, vested and exercisable at beginning | $ / shares | $ 0.09 |
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm] | 3 years |
Aggregate intrinsic value, vested and exercisable at beginning | $ | |
Options for common shares, granted | shares | |
Exercise price, granted | $ / shares | |
Options for common shares, exercised | shares | |
Exercise price, exercised | $ / shares | |
Options for common shares, forfeited, cancelled, expired | shares | |
Exercise price, forfeited, cancelled, expired | $ / shares | |
Options for common shares, Outstanding at end | shares | 1,061,333 |
Exercise price, outstanding at end | $ / shares | $ 0.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 6 months |
Aggregate intrinsic value, outstanding at end | $ | |
Options for common shares, vested and exercisable at end | shares | 1,061,333 |
Exercise price, vested and exercisable at end | $ / shares | $ 0.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years 6 months |
Aggregate intrinsic value, vested and exercisable at end | $ |
DIRECTORS AND EMPLOYEES_ BENE_3
DIRECTORS AND EMPLOYEES’ BENEFITS (Details Narrative) | 6 Months Ended |
Jun. 30, 2021shares | |
Share-based Payment Arrangement [Abstract] | |
[custom:StockReservedDuringPeriodSharesIncentiveCompensationPlan] | 500,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Aug. 16, 2021 | Jul. 27, 2021 | May 10, 2021 | Aug. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | May 17, 2021 | May 13, 2021 | Mar. 12, 2021 | Dec. 31, 2020 | Oct. 15, 2020 |
Subsequent Event [Line Items] | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||
Shares Issued, Price Per Share | $ 10.03 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,389,324 | 8,389,324 | ||||||||||
Proceeds from Issuance of Warrants | $ 1,419,605 | |||||||||||
Hengfeng Finance Limited [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 86.40% | 86.40% | (0.00%) | |||||||||
American Pacific Bancorp [Member] | Hengfeng Finance Limited [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 1.50% | 100.00% | ||||||||||
Alset International Limited [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 4.99% | |||||||||||
Underwritten Public Offering [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
[custom:PercentageOfNonAccountableExpenseFee-0] | 9.99% | 9.99% | ||||||||||
Underwritten Public Offering [Member] | Series A Warrant [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.07 | |||||||||||
Over-Allotment Option [Member] | Series A Warrant [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 808,363 | 808,363 | ||||||||||
Common Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 8,389,324 | |||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 4,700,637 | |||||||||||
Shares Issued, Price Per Share | $ 5.07 | |||||||||||
Pre Funded Units [Member] | Underwritten Public Offering [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 1,611,000 | |||||||||||
Shares Issued, Price Per Share | $ 5.06 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | |||||||||||
Subsequent Event [Member] | Alset International Limited [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 3.00% | |||||||||||
Subsequent Event [Member] | Underwritten Public Offering [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Shares Issued, Price Per Share | $ 2.65 | |||||||||||
[custom:PercentageOfUnderwritingDiscount-0] | 7.00% | |||||||||||
Payments of Stock Issuance Costs | $ 520,754 | |||||||||||
[custom:PercentageOfNonAccountableExpenseFee-0] | 125.00% | |||||||||||
Proceeds from Issuance or Sale of Equity | $ 28,800,000 | |||||||||||
Subsequent Event [Member] | Over-Allotment Option [Member] | Series A Warrant [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,264,150 | |||||||||||
Subsequent Event [Member] | Common Stock [Member] | Underwritten Public Offering [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 5,324,139 | |||||||||||
Shares Issued, Price Per Share | $ 2.12 | |||||||||||
Subsequent Event [Member] | Pre Funded Units [Member] | Underwritten Public Offering [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 9,770,200 | |||||||||||
Shares Issued, Price Per Share | $ 2.11 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 9,770,200 | |||||||||||
Subsequent Event [Member] | Warrant [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 6,461,800 | |||||||||||
Class of Warrant or Right, Outstanding | 6,461,800 | |||||||||||
Proceeds from Issuance of Warrants | $ 64,618 | |||||||||||
Subsequent Event [Member] | Series A Warrant [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 98,000 | |||||||||||
Proceeds from Issuance of Warrants | $ 496,860 |