Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-39732 | ||
Entity Registrant Name | ALSET INC. | ||
Entity Central Index Key | 0001750106 | ||
Entity Tax Identification Number | 83-1079861 | ||
Entity Incorporation, State or Country Code | TX | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 20,298,644 | ||
Entity Common Stock, Shares Outstanding | 9,235,119 | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 606 | ||
Auditor Location | Jericho, New York | ||
Auditor Name | Grassi & Co., CPAs, P.C. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Current Assets: | |||
Cash | $ 17,827,383 | $ 56,061,309 | |
Restricted Cash | 694,520 | 4,740,870 | |
Account Receivables, Net | 46,522 | 39,622 | |
Other Receivables | 446,798 | 334,788 | |
Note Receivables - Related Parties | 3,617,176 | 12,792,671 | |
Prepaid Expense | 188,070 | 1,202,451 | |
Inventory | 35,020 | 47,290 | |
Investment in Securities at Fair Value | 6,288,236 | 19,211,582 | |
Investment in Securities at Fair Value - Related Party | 13,193,089 | 17,125,441 | |
Investment in Securities at Cost | 98,129 | 99,216 | |
Investment in Securities at Equity Method | 52,987,224 | 30,801,129 | |
Deposit | 275,204 | ||
Total Current Assets | 95,422,167 | 142,731,573 | |
Real Estate | |||
Rental Properties | 31,169,031 | 24,820,253 | |
Properties under Development | 23,449,698 | 15,695,127 | |
Operating Lease Right-Of-Use Asset | 1,614,159 | 659,620 | |
Deposit | 536,947 | 39,653 | |
Property and Equipment, Net | 1,298,334 | 263,917 | |
Total Assets | 153,490,336 | 184,210,143 | |
Current Liabilities: | |||
Accounts Payable and Accrued Expenses | 2,983,470 | 11,341,789 | |
Deferred Revenue | 21,198 | 728,343 | |
Builder Deposits | 31,553 | ||
Operating Lease Liability | 45,556 | 283,989 | |
Notes Payable | 181,846 | 317,671 | |
Notes Payable - Related Parties | 12,668 | 833,658 | |
Total Current Liabilities | 3,244,738 | 13,537,003 | |
Long-Term Liabilities: | |||
Operating Lease Liability | 1,582,483 | 383,354 | |
Total Liabilities | 4,827,221 | 13,920,357 | |
Stockholders’ Equity: | |||
Common Stock, $0.001 par value; 250,000,000 shares authorized; 7,422,846 and 4,368,422 shares issued and outstanding on December 31, 2022 and December 31, 2021, respectively | [1] | 7,423 | 87,368 |
Additional Paid in Capital | 322,534,891 | 296,181,977 | |
Accumulated Deficit | (188,724,411) | (148,233,473) | |
Accumulated Other Comprehensive Income | 3,836,063 | 341,646 | |
Total Alset Inc. Stockholders’ Equity | 137,653,966 | 148,377,518 | |
Non-controlling Interests | 11,009,149 | 21,912,268 | |
Total Stockholders’ Equity | 148,663,115 | 170,289,786 | |
Total Liabilities and Stockholders’ Equity | $ 153,490,336 | $ 184,210,143 | |
[1]The common stock share amounts were adjusted retrospectively to reflect the 20-for-1 reverse stock split on December 28, 2022 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 7,422,846 | 4,368,422 |
Common stock, shares outstanding | 7,422,846 | 4,368,422 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | ||
Total Revenue | $ 4,480,442 | $ 19,798,822 |
Operating Expenses | ||
Cost of Sales | 3,731,990 | 11,301,814 |
General and Administrative | 7,837,826 | 23,491,130 |
Total Operating Expenses | 11,569,816 | 34,792,944 |
Operating Losses from Operations | (7,089,374) | (14,994,122) |
Other Income (Expense) | ||
Interest Income | 67,470 | 183,636 |
Interest Expense | (1,853) | (317,281) |
Foreign Exchange Transaction (Loss) Gain | (547,845) | 1,363,061 |
Unrealized Loss on Securities Investment | (7,794,139) | (1,959,664) |
Unrealized Loss on Securities Investment - Related Party | (23,556,219) | (47,231,084) |
Realized Loss on Securities Investment | (7,308,580) | (4,698,078) |
Loss on Investment on Security by Equity Method | (685,533) | (51,999) |
Finance Costs | (450,000) | (50,871,869) |
Other Income | 1,153,568 | 93,823 |
Total Other Expense, Net | (39,123,131) | (103,489,455) |
Net Loss Income Before Income Taxes | (46,212,505) | (118,483,577) |
Income Tax Expense | (534,014) | |
Net Loss | (46,212,505) | (119,017,591) |
Net Loss Attributable to Non-Controlling Interest | (5,721,567) | (15,694,415) |
Net Loss Attributable to Common Stockholders | (40,490,938) | (103,323,176) |
Other Comprehensive Loss, Net | ||
Unrealized Gain (Loss) on Securities Investment | 40,201 | (57,179) |
Foreign Currency Translation Adjustment | 508,277 | (3,974,966) |
Comprehensive Loss | (45,664,027) | (123,049,736) |
Comprehensive Loss Attributable to Non-controlling Interests | (5,620,606) | (16,933,170) |
Comprehensive Loss Attributable to Common Stockholders | $ (40,043,421) | $ (106,116,566) |
Net Loss Per Share - Basic and Diluted | $ (6.22) | $ (73.85) |
Weighted Average Common Shares Outstanding - Basic and Diluted | 6,513,453 | 1,399,144 |
Rental [Member] | ||
Revenue | ||
Total Revenue | $ 1,810,011 | $ 327,296 |
Property [Member] | ||
Revenue | ||
Total Revenue | 1,278,617 | 13,886,083 |
Biohealth [Member] | ||
Revenue | ||
Total Revenue | 753,651 | 5,543,066 |
Digital Transformation Technology [Member] | ||
Revenue | ||
Total Revenue | 69,915 | |
Other [Member] | ||
Revenue | ||
Total Revenue | $ 568,248 | $ 42,377 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | 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 |
Balance at Dec. 31, 2020 | $ 8,570 | $ 102,729,944 | $ 2,143,338 | $ (44,910,297) | $ 59,971,555 | $ 38,023,260 | $ 97,994,815 | ||
Balance, shares at Dec. 31, 2020 | 8,570,000 | ||||||||
Transactions under Common Control | (57,190,499) | (57,190,499) | (57,190,499) | ||||||
Issuance of Common Stock by Exercising Warrants | $ 67,502 | 104,498,157 | 104,565,659 | 104,565,659 | |||||
Issuance of Common Stock, shares | 67,502,481 | ||||||||
Convert Common Stock to Series A Preferred Stock | $ 6 | $ (6,380) | 6,374 | ||||||
Convert 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 | |||||
Convert Related Party Note Payable to Series B Preferred Stock, shares | 2,132 | ||||||||
Convert Preferred Stock Series A and B 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 | ||||||
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 | ||||||
Convert Related Party Note to Common Stock | $ 9,164 | 51,217,402 | 51,226,566 | 51,226,566 | |||||
Convert Related Party Note Payable to Common Stock, shares | 9,163,965 | ||||||||
Subsidiary’s Issuance of Stock | 2,328,707 | 2,328,707 | 920,632 | 3,249,339 | |||||
Proceeds from Selling Subsidiary Equity | 164,107 | 164,107 | 115,893 | 280,000 | |||||
Change in Non-Controlling Interest | (5,729,539) | 865,493 | (4,864,046) | 2,664,056 | (2,199,990) | ||||
Deconsolidate American Pacific Bancorp | 28,287,920 | 28,287,920 | (383,063) | 27,904,857 | |||||
Exercise American Premium Water Warrant to Purchase Stock | 553,786 | 553,786 | 180,614 | 734,400 | |||||
Change in Unrealized Loss on Investment | (41,273) | (41,273) | (15,906) | (57,179) | |||||
Foreign Currency Translations | (2,625,912) | (2,625,912) | (1,349,054) | (3,974,966) | |||||
Distribution to Non-Controlling Shareholders | (2,549,750) | (2,549,750) | |||||||
Net Loss | (103,323,176) | (103,323,176) | (15,694,415) | (119,017,591) | |||||
Balance at Dec. 31, 2021 | $ 87,368 | 296,181,977 | 341,646 | (148,233,473) | 148,377,518 | 21,912,268 | 170,289,786 | ||
Balance, shares at Dec. 31, 2021 | 87,368,446 | ||||||||
Issuance of Common Stock by Exercising Warrants | $ 15,820 | (11,925) | 3,895 | 3,895 | |||||
Issuance of Common Stock, shares | 15,819,452 | ||||||||
Beneficial Conversion Feature Intrinsic Value, Net | 450,000 | 450,000 | 450,000 | ||||||
Convert Related Party Note to Common Stock | $ 10,000 | 6,203,000 | 6,213,000 | 6,213,000 | |||||
Convert Related Party Note Payable to Common Stock, shares | 10,000,000 | ||||||||
Change in Unrealized Loss on Investment | 35,110 | 35,110 | 5,091 | 40,201 | |||||
Foreign Currency Translations | 489,167 | 489,167 | 19,110 | 508,277 | |||||
Net Loss | (40,490,938) | (40,490,938) | (5,721,567) | (46,212,505) | |||||
Issuance of Common Stock to Purchase Alset International Stock | $ 35,319 | (35,319) | |||||||
Issuance of Common Stock to Purchase Alset International Stock, shares | 35,319,290 | ||||||||
Reverse Stock Split 1 for 20 | $ (141,084) | 141,084 | |||||||
Reverse Stock Split 1 for 20, shares | (141,084,342) | ||||||||
Deconsolidate Alset Capital Acquisition | 14,536,215 | 14,536,215 | 2,021,367 | 16,557,582 | |||||
Gain from Purchase of DSS Stock | 737,572 | 737,572 | 737,572 | ||||||
Change in Non-Controlling Interests | 4,256,980 | 2,970,140 | 7,227,120 | (7,227,120) | |||||
Gain from Purchasing Value Exchange Stock from Related Party | 75,307 | 75,307 | 75,307 | ||||||
Balance at Dec. 31, 2022 | $ 7,423 | $ 322,534,891 | $ 3,836,063 | $ (188,724,411) | $ 137,653,966 | $ 11,009,149 | $ 148,663,115 | ||
Balance, shares at Dec. 31, 2022 | 7,422,846 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net Loss from Operations | $ (46,212,505) | $ (119,017,591) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Depreciation | 963,077 | 166,451 |
Amortization of Right-Of-Use Asset | 747,975 | 611,253 |
Amortization of Debt Discount | 450,000 | 50,871,869 |
Share-based Compensation and Expense | 134,192 | |
Impairment of Promissory Note | 421,754 | |
Foreign Exchange Transaction Loss (Gain) | 547,845 | (1,403,859) |
Unrealized Loss on Securities Investment | 7,794,139 | 1,959,664 |
Unrealized Loss on Securities Investment – Related Party | 23,556,219 | 47,231,084 |
Realized Loss on Securities Investment | 7,308,580 | 4,698,078 |
Loss on Exchange of Investment Securities | 417,468 | |
PPP Loan Forgiveness | (68,502) | |
Director Compensation Adjustment | (1,185,251) | |
Loss on Equity Method Investment | 685,533 | 51,999 |
Changes in Operating Assets and Liabilities | ||
Real Estate | (8,241,487) | 4,810,464 |
Account Receivables | (221,869) | 849,413 |
Prepaid Expense | 400,154 | 399,442 |
Deposits | (295,585) | (16,361) |
Trading Securities | (7,510,442) | (14,426,785) |
Inventory | 13,164 | 34,991 |
Accounts Payable and Accrued Expenses | (9,535,319) | 9,663,367 |
Other Receivables - Related Parties | (91,925) | |
Deferred Revenue | (707,145) | (2,199,477) |
Operating Lease Liability | (638,006) | (293,525) |
Builder Deposits | (31,553) | (1,230,783) |
Net Cash Used in Operating Activities | (31,855,435) | (16,684,360) |
Cash Flows from Investing Activities | ||
Purchase of Fixed Assets | (599,650) | (227,821) |
Purchase of Real Estate Properties | (6,057,493) | (25,362,146) |
Real Estate Improvements | (767,237) | |
Purchase of Investment Securities | (8,429,620) | (19,390,318) |
Proceeds from Investment Securities | 103,809 | 110,718 |
Sales of Investment Securities to Related Party | 2,480,000 | |
Cash Loss of Deconsolidation of American Pacific Bancorp Inc. | (1,235,953) | |
Issuing Loan Receivable - Related Party | (377,864) | (11,878,605) |
Proceeds from Loan Receivable - Related Party | 1,005,014 | (539,876) |
Net Cash Used in Investing Activities | (15,123,041) | (56,044,001) |
Cash Flows from Financing Activities | ||
Proceeds from Common Stock Issuance | 6,213,000 | 104,565,659 |
Proceeds from Exercise of Subsidiary Warrants | 3,249,339 | |
Proceeds from Sale of Subsidiary Shares | 280,000 | |
Dividend Paid on Subsidiary Preferred Stock | (73,750) | |
Borrowing from PPP Loan | 68,502 | |
Borrowing from a Commercial Loan | 123,633 | |
Distribution to Non-controlling Interest Shareholders | (2,549,750) | |
Repayment to Notes Payable | (279,152) | (610,767) |
Proceeds from Note Payable - Related Parties | 5,545,495 | |
Repayment to Notes Payable - Related Parties | (7,057,324) | |
Net Cash Provided by Financing Activities | 6,057,481 | 103,417,404 |
Net (Decrease) Increase in Cash and Restricted Cash | (40,920,995) | 30,689,043 |
Effects of Foreign Exchange Rates on Cash | (1,359,281) | (1,622,343) |
Cash and Restricted Cash - Beginning of Year | 60,802,179 | 31,735,479 |
Cash and Restricted Cash- End of Year | 18,521,903 | 60,802,179 |
Cash | 17,827,383 | 56,061,309 |
Restricted Cash | 694,520 | 4,740,870 |
Total Cash and Restricted Cash | 18,521,903 | 60,802,179 |
Supplementary Cash Flow Information | ||
Cash Paid for Interest | 1,853 | 20,154 |
Cash Paid for Taxes | 446,757 | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Unrealized Gain (Loss) on Investment | 777,773 | (57,179) |
Initial Recognition of ROU / Lease Liability | 1,702,514 | 256,928 |
Acquiring True Partner Stock by Issuing Promissory Note | 10,003,689 | |
Sale of Investment in Vivacitas to Related Party | 2,279,872 | |
Deconsolidate Alset Capital Acquisition | 16,557,582 | |
Intrinsic Value of BCF | 450,000 | (50,770,192) |
Issuance of Stock by Exercising Warrants | 3,895 | |
Transactions under Common Control | 57,190,499 | |
Convert Related Party Note Payable to Common Stock | 6,213,000 | 64,226,566 |
Deconsolidate American Pacific Bancorp Inc. | 27,904,857 | |
Gain from Exercise of American Premium Water Warrant | 734,400 | |
Purchase of Fixed Asset by Issuing Promissory Note | $ 95,000 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
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 Inc. (the “Company” or “AEI”), formerly known as Alset EHome International Inc. and HF Enterprises Inc., was incorporated in the State of Delaware on March 7, 2018 and 50 On October 1, 2018, Chan Heng Fai transferred his 100 425,000 100 2,983,918,265 0 2,810,999,176 10,000,000 85.4 76.8 Also, on October 1, 2018, Chan Heng Fai transferred his 100 25,000 50,000 The contributions to AEI on October 1, 2018 of Alset Global, Impact Oncology, and Global eHealth from Chan Heng Fai represented transactions under common control with a related party. On June 24, 2020, HFE Holdings Limited surrendered 180,000 50 On November 24, 2020 the Company held its initial public offering and the Company’s common stock began trading on Nasdaq Capital Market. As a result, 108,000 13.2 On May 13, 2021, July 30, 2021 and December 8, 2021 the Company held follow up offerings of its common shares. As a result of the offerings, the Company issued a total of 3,374,624 105 On December 13, 2021 the Company entered into a Securities Purchase Agreement with Chan Heng Fai for the issuance and sale of a convertible promissory note in favor of Chan Heng Fai, in the principal amount of $ 6,250,000 3 December 31, 2024 12.50 500,000 On January 17, 2022 the Company entered into a securities purchase agreement with Chan Heng Fai, pursuant to which the Company agreed to purchase from Chan Heng Fai 293,428,200 1,473,449 293,428,200 1,765,964 293,428,200 8.4 3,492,713,362 On December 6, 2022, the Company filed a Certificate of Amendment to the Company’s Certificate of Formation with the Texas Secretary of State to effect a 1-for-20 reverse stock split. The Reverse Stock Split was effective as of December 28, 2022. The par value of the common stock following the reverse stock split remains at $0.001 per share. The reverse stock split has been retroactively applied to all financial statements presented. As of December 31, 2022 and 2021, the total outstanding common shares of the Company were 7,422,846 4,368,422 The Company has four Real Estate The Company’s real estate segment is comprised of LiquidValue Development Inc. (“LiquidValue Development”) and SeD Perth Pty Ltd. In 2014, Alset International commenced operations developing property projects and participating in third-party property development projects. LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.), a 99.9 Development activities are generally contracted out, including planning, design and construction, as well as other work with engineers, surveyors, architects and general contractors. The developed lots are then sold to builders for the construction of new homes. LiquidValue Development’s primary real estate projects are two subdivision development projects, one near Houston, Texas, known as Black Oak, currently projected to have approximately 550-600 units, and one in Frederick, Maryland, known as Ballenger Run, consisting of 197 In 2022 and 2021, LiquidValue Development’s subsidiaries purchased 23 and 109 homes, respectively, in Texas from other builders in different communities. The Company intends to rent these homes. LiquidValue Development pursued this new endeavor in part to improve cash flow and smooth out the inconsistencies of income in residential land development. We intend to develop our subsidiary American Home REIT Inc. as the owner of most of single-family rental homes. Digital Transformation Technology The Company’s digital transformation technology segment is comprised of Hapi Metaverse Inc. and its subsidiaries. The Company’s digital transformation technology business is involved in mobile application product development and other businesses, providing information technology services to end-users, service providers and other commercial users through multiple platforms. This technology platform consists of instant messaging systems, social media, e-commerce and payment systems, direct marketing platforms, e-real estate, brand protection and counterfeit and fraud detection. Hapi Metaverse Inc. (“Hapi Metaverse”), our 99.7 Biohealth The Company’s biohealth segment is comprised of HWH International Inc. and its subsidiaries and is committed to both funding research and developing and selling products that promote a healthy lifestyle. In October 2019, the Company expanded its biohealth segment into the Korean market through one of the subsidiaries of HWH International Inc., HWH World Inc (“HWH World”). HWH World is in the business of sourcing and distributing dietary supplements and other health products through its network of members in the Republic of Korea (“South Korea”). HWH World generates product sales via its direct sale model as products are sold to its members. Through the use of a Hapi Gig platform that combines e-commerce, social media and a customized rewards system, HWH Korea equips, trains and empowers its members. We compete with numerous direct sales companies in South Korea. HWH World recognized $ 753,651 5,543,066 21,198 728,343 Other Business Activities In addition to the segments identified above, the Company provides corporate strategy and business development services, asset management services, corporate restructuring and leveraged buy-out expertise. These service offerings build relationships with promising companies for potential future collaboration and expansion. We believe that our other business activities complement our three principal businesses. The Company’s other business activities segment is primarily comprised of Alset International, SeD Capital Pte. Ltd., BMI Capital Partners International Limited, Singapore Construction & Development Pte. Ltd. and food and beverage part of HWH International Inc. The Company, through Alset F&B One Pte. Ltd. (“Alset F&B One”) and Alset F&B (PLQ) Pte. Ltd. (“Alset F&B PLQ”) each acquired a restaurant franchise licenses at the end of 2021 and 2022 respectively, both of which have since commenced operations. These licenses will allow Alset F&B One and Alset F&B PLQ each to operate a Killiney Kopitiam restaurant in Singapore. Killiney Kopitiam, founded in 1919, is a Singapore-based chain of mass-market, traditional kopitiam style service cafes selling traditional coffee and tea, along with a range of local delicacies such as Curry Chicken, Laksa, Mee Siam, and Mee Rebus. The Company, through Hapi Café Inc. (“HCI-T”), commenced operation of two cafés during 2022 and 2021, which are located in Singapore and South Korea. The cafes are operated by subsidiaries of HCI-T, namely Hapi Café SG Pte. Limited (“HCSG”) in Singapore and Hapi Café Korea Inc. (“HCKI”) in Seoul, South Korea. Hapi Cafes are distinctive lifestyle café outlets that strive to revolutionize the way individuals dine, work, and live, by providing a conducive environment for everyone to relish the four facets – health and wellness, fitness, productivity, and recreation all under one roof. During the years ended on December 31, 2022 and 2021, the revenue from the other business activities described above was approximately $ 568,248 42,377 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. 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”). 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 The Company’s consolidated financial statements include the financial positions, results of operations and cash flows of the following entities as of December 31, 2022 and 2021 as follows: SCHEDULE OF SUBSIDIARIES Attributable interest State or other jurisdiction of as of, Name of subsidiary consolidated under AEI incorporation or organization December 31, 2022 December 31, 2021 % % Alset Global Pte. Ltd. Singapore 100 100 Alset Business Development Pte. Ltd. Singapore 100 100 Global eHealth Limited Hong Kong 100 100 Alset International Limited Singapore 85.4 76.8 Singapore Construction & Development Pte. Ltd. Singapore 85.4 76.8 Art eStudio Pte. Ltd. Singapore 43.6 * 39.2 * Singapore Construction Pte. Ltd. Singapore 85.4 76.8 Global BioMedical Pte. Ltd. Singapore 85.4 76.8 Alset Innovation Pte. Ltd. Singapore 85.4 76.8 Health Wealth Happiness Pte. Ltd. Singapore 85.4 76.8 SeD Capital Pte. Ltd. Singapore 85.4 76.8 LiquidValue Asset Management Pte. Ltd. Singapore 85.4 76.8 * Alset Solar Limited Hong Kong 85.4 76.8 Alset F&B One Pte. Ltd. Singapore 76.9 69.2 Global TechFund of Fund Pte. Ltd. Singapore 100 76.8 Singapore eChainLogistic Pte. Ltd. Singapore 100 76.8 BMI Capital Partners International Limited Hong Kong 85.4 76.8 SeD Perth Pty Ltd Australia 85.4 76.8 SeD Intelligent Home Inc. United States of America 85.4 76.8 LiquidValue Development Inc. United States of America 85.4 76.8 Alset EHome Inc. United States of America 85.4 76.8 SeD USA, LLC United States of America 85.4 76.8 150 Black Oak GP, Inc. United States of America 85.4 76.8 SeD Development USA Inc. United States of America 85.4 76.8 150 CCM Black Oak, Ltd. United States of America 85.4 76.8 SeD Texas Home, LLC United States of America 85.4 76.8 SeD Ballenger, LLC United States of America 85.4 76.8 SeD Maryland Development, LLC United States of America 71.4 64.2 SeD Development Management, LLC United States of America 72.6 65.3 SeD Builder, LLC United States of America 85.4 76.8 Hapi Metaverse Inc. (f.k.a. GigWorld Inc.) United States of America 99.7 76.8 HotApp BlockChain Pte. Ltd. Singapore 99.7 76.6 HotApp International Limited Hong Kong 99.7 76.6 HWH International, Inc. United States of America 85.4 76.8 Health Wealth & Happiness Inc. United States of America 85.4 76.8 HWH Multi-Strategy Investment, Inc. United States of America 85.4 76.8 SeD REIT Inc. United States of America 85.4 76.8 Gig Stablecoin Inc. United States of America 99.7 76.6 HWH World Inc. United States of America 99.7 76.6 HWH World Pte. Ltd. Singapore 85.4 76.6 UBeauty Limited Hong Kong 85.4 76.8 WeBeauty Korea Inc South Korea 85.4 76.8 HWH World Limited Hong Kong 85.4 76.8 HWH World Inc. South Korea 85.4 76.8 Alset BioHealth Pte. Ltd. Singapore - 76.8 Alset Energy Pte. Ltd. Singapore - 76.8 GDC REIT Inc. (f.k.a. Alset Payment Inc.) United States of America 85.4 76.8 Alset World Pte. Ltd. Singapore - 76.8 BioHealth Water Inc. United States of America 85.4 76.8 Impact BioHealth Pte. Ltd. Singapore 85.4 76.8 American Home REIT Inc. United States of America 85.4 76.8 Alset Solar Inc. United States of America 68.3 61.5 HWH KOR Inc. United States of America 85.4 76.8 Open House Inc. United States of America 100 76.8 Open Rental Inc. United States of America 100 76.8 Hapi Cafe Inc. (Nevada) United States of America 100 76.8 Global Solar REIT Inc. United States of America 100 76.8 OpenBiz Inc. United States of America 100 76.8 Hapi Cafe Inc. (Texas) United States of America 85.4 100 HWH (S) Pte. Ltd. Singapore 85.4 76.8 True Partner International Limited Hong Kong - 100 LiquidValue Development Pte. Ltd. Singapore 100 100 LiquidValue Development Limited Hong Kong 100 100 Alset EPower Inc. United States of America 100 100 EPowerTech Inc. United States of America 100 100 AHR Asset Management Inc. United States of America 85.4 76.8 HWH World Inc. (Nevada) United States of America 85.4 76.8 Alset F&B Holdings Pte. Ltd. Singapore 85.4 76.8 Credas Capital Pte. Ltd. Singapore 42.7 * 38.4 * Smart Reward Express Limited Hong Kong 49.8 * 38.3 * Partners HWH Pte. Ltd. Singapore - 76.8 AHR Texas Two, LLC United States of America 85.4 76.8 AHR Black Oak One, LLC United States of America 85.4 76.8 Hapi Air Inc. United States of America 92.7 88.4 AHR Texas Three, LLC United States of America 85.4 76.8 Alset Capital Pte. Ltd. Singapore 100 100 Hapi Cafe Korea Inc. South Korea 85.4 100 Green Energy Inc. United States of America 100 100 Green Energy Management Inc. United States of America 100 100 Alset Metaverse Inc. United States of America 97.2 95.6 Alset Management Group Inc. United States of America 83.4 88.2 Alset Acquisition Sponsor, LLC United States of America 93.4 79.6 Alset Capital Acquisition Corp. United States of America 23.4 79.6 Alset Spac Group Inc. United States of America 93.4 - Hapi Travel Pte. Ltd. Singapore 85.4 - Hapi WealthBuilder Pte. Ltd. Singapore 85.4 - Alset Mining Pte. Ltd. Singapore 85.4 - HWH Marketplace Pte. Ltd. Singapore 85.4 - HWH International Inc. (Nevada) United States of America 85.4 - Hapi Cafe SG Pte. Ltd. Singapore 85.4 - Alset Reits Inc. United States of America 100 - Alset Home REIT Inc. United States of America 100 - Hapi Metaverse Inc. United States of America 99.7 - Hapi Cafe Limited Hong Kong 99.7 - MOC HK Limited Hong Kong 99.7 - AHR Texas Four, LLC United States of America 100 - Alset F&B (PLQ) Pte. Ltd. Singapore 85.4 - * 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 consolidated 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 consolidated 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 the allocation of development costs and capitalized interest based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on area method, the size of the lot compared to the total size of all lots in the project. When the Company purchases properties but does not receive the assessment information from the county, the Company allocates the values between land and building based on the data of similar properties. The Company makes appropriate adjustments once the assessment from the county is received. At the same time, any necessary adjustments to depreciation expense are made in the income statement. On December 31, 2022 and 2021 the Company adjusted $ 4,791,997 821,417 197,609 0 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 28,363,966 173,395 62,122,908 6,729,629 4,775,523 28,653,138 63,920,129 0.001 111.80 On October 15, 2020, American Pacific Bancorp (which subsequently became a majority-owned subsidiary of the Company) entered into an acquisition agreement to acquire 3,500,001 100 1,500,000 250,000 The common control transactions resulted in the following basis of accounting for the financial reporting periods: ● The acquisition of the Warrants and True Partner stock were accounted for prospectively as of March 12, 2021 and they did not represent a change in reporting entity. ● The acquisition of LVD, APB and HFL was under common control and was consolidated in accordance with ASC 850-50. The consolidated financial statements were retrospectively adjusted for the acquisition of LVD, APB and HFL, and the operating results of LVD, APB and HFL as of January 1, 2020 for comparative purposes. AEI’s stock price was $ 10.03 50,770,192 63,920,128 306,438 2,123 458,198 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 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 $ 2,600,000 309,219 4,399,984 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 36,316 The Company puts funds into a brokerage account specifically for equity investment. As of December 31, 2022 and 2021, the cash balance in that brokerage account was $ 385,304 304,570 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 December 31, 2022 and 2021, the balance of account receivables was $ 46,522 39,622 0 2,500 The Company monitors its account receivables balances on a monthly basis to ensure that they are collectible. On a quarterly basis, the Company uses its historical experience to estimate its allowance for doubtful account receivables. The Company’s allowance for doubtful accounts represents an estimate of the losses expected to be incurred based on specifically identified accounts as well as nonspecific amount, when determined appropriate. Generally, the amount of the allowance is primarily decided by division management’s historical experience, the delinquency trends, the resolution rates, the aging of receivables, the credit quality indicators and financial health of specific customers. As of December 31, 2022 and 2021, the allowance was $ 0 Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method and includes all costs in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. As of December 31, 2022 and 2021, inventory consisted of finished goods from subsidiaries of HWH International Inc. The Company continuously evaluates the need for reserve for obsolescence and possible price concessions required to write-down inventories to net realizable value. Investment Securities Investment Securities at Fair Value The Company records all equity investments with readily determinable fair values at fair value calculated by the publicly traded stock price at the close of the reporting period. Amarantus BioScience Holdings (“AMBS”) and True Partner Capital Holding Limited (“True Partner”) are publicly traded companies. The Company does not have significant influence over AMBS and True Partner, as the Company is the beneficial owner of approximately 5.3 15.5 On April 12, 2021 the Company acquired 6,500,000 650,000 7,276,163 1,743,734 38.3 During the year ended December 31, 2021, the Company’s subsidiaries established a portfolio of trading securities. The objective is to generate profits on short-term differences in market prices. The Company does not have significant influence over any trading securities in our portfolio and fair value of these trading securities are determined by quoted stock prices. The Company has elected the fair value option for the equity securities noted below that would otherwise be accounted for under the equity method of accounting. Holista CollTech Limited (“Holista”), DSS, Inc. (“DSS”) and New Electric CV Corporation ● The Company has significant influence over DSS. As of December, 2022 and 2021, the Company owned approximately 45.2 24.9 ● The Company has significant influence over Holista as the Company and its CEO are the beneficial owner of approximately 15.5 ● The Company has significant influence over NECV as the Company is the beneficial owner of approximately 0.8 On March 2, 2020 and October 29, 2021, the Company received warrants to purchase shares of American Medical REIT Inc. (“AMRE”), a related party private startup company, in conjunction with the Company lending two $ 200,000 Note Receivable from a Related Party Company 0 15.8 The Company held a stock option to purchase 250,000 1 0 Sale of Investment in Vivacitas to DSS The Company accounts for certain of its investments in funds without readily determinable fair values in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) 100,000 74,827 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 2,279,872 Sale of Investment in Vivacitas to DSS On September 8, 2020, the Company acquired 1,666 1.45 37,826 On September 30, 2020, the Company acquired 3,800 19 42,562 During 2021, the Company invested $ 19,609 18 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 equity method investment can be reduced below zero based on losses if the Company either be liable for the obligations of the investee or provide for losses in excess of the investment when imminent return to profitable operations by the investee appears to be assured. Otherwise, the Company does not recognize its share of equity method losses exceeding its carrying amount of the investment, but discloses the losses in the footnotes. Equity-method investment is reviewed for impairment by assessing if the decline in market value of the investment below the carrying value is other-than-temporary. In making this determination, factors are evaluated in determining whether a loss in value should be recognized. These include consideration of the intent and ability of the Group to hold investment and the ability of the investee to sustain an earnings capacity, justifying the carrying amount of the investment. Impairment losses are recognized in other expense when a decline in value is deemed to be other-than-temporary. American Medical REIT Inc. LiquidValue Asset Management Pte. Ltd. (“LiquidValue”), a subsidiary of the Company owns 15.8 American Pacific Bancorp, Inc. Pursuant to Securities Purchase Agreement from March 12, 2021 the Company purchased 4,775,523 6,666,700 40,000,200 As a result of the new share issuances, the Company’s ownership percentage of APB fell below 50% to 41.3% and the entity was deconsolidated in accordance with ASC 810-10. Upon deconsolidation the Company elected to apply the equity method accounting as the Company still retained significant influence. As a result of the deconsolidation, the Company recognized gain of approximately $ 28.2 30.8 2.9 51,999 867,117 31,668,246 30,801,129 The following table presents summarized unaudited financial information for APB. SCHEDULE OF UNAUDITED FINANCIAL INFORMATION Summarized Financial Information Assets Liabilities Net Income (Loss) December 31, 2022 54,835,272 316,826 2,245,532 December 31, 2021 29,448,425 371,564 (536,481 ) Alset Capital Acquisition Corp. On February 3, 2022, Alset Capital Acquisition Corp. (“Alset Capital”), a special purpose acquisition company (SPAC) sponsored by the Company and certain affiliates, closed its initial public offering of 7,500,000 10.00 1,125,000 473,750 4,737,500 2,156,250 23.4 2,830,961 237,578 237,578 203,713 10 476,250 100 21,111,575 Ketomei Pte Ltd On June 10, 2021 the Company’s indirect subsidiary Hapi Cafe Inc. (“Hapi Cafe”) lent $ 76,723 179,595 28 48,916 207,402 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 9,799 50,000 28,636 On February 26, 2021, the Company invested approximately $ 88,599 2 two years 21.26 88,599 Variable Interest Entity Under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810, Consolidation The Company evaluates its interests in VIE’s on an ongoing basis and consolidates any VIE in which it has a controlling financial interest and is deemed to be the primary beneficiary. A controlling financial interest has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact its economic performance; and (ii) the obligation to absorb losses of the VIE that could potentially be significant to it or the right to receive benefits from the VIE that could be significant to the VIE. HWH World Company Limited HWH World Co. is a direct sales company in Thailand. The Company has a 19 187,500 51 236,699 236,699 American Medical REIT Inc. In 2021 the Company owned 3.4 8,350,000 200,000 8 200,000 8,350,000 80.8 200,000 15.8 8,350,000 21,366,177 1,089,675 0 8,901,285 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 $ 3.2 6.0 million for the years ended December 31, 2022 and 2021, respectively. The Company’s policy is to obtain an independent third-party valuation for each major project in the United States as part of our assessment of identifying potential triggering events for impairment. Management may use the market comparison method to value other relatively small projects, such as the project in Perth, Australia. In addition to the annual assessment of potential triggering events in accordance with ASC 360 – Property Plant and Equipment The Company did not record impairment on any of its projects during the years ended on December 31, 2022 and 2021. Properties under development Properties under development are properties being constructed for sale in the ordinary course of business, rather than to be held for the Company’s own use, rental or capital appreciation. Rental Properties Rental properties are acquired with the intent to be rented to tenants. During the years ended December 31, 2022 and 2021, the Company signed multiple purchase agreements to acquire 23 and 109 homes, respectively. By December 31, 2022, all of the 132 homes were closed with an aggregate purchase cost of $ 30,998,258 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 27.5 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 years ended on December 31, 2022 and 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 Part of the Company’s real estate 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 and Black Oak projects, which represented approximately 29 70 ● 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 agreements have 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, at the end of the lease term, the Company provides the tenant with a one-year renewal option, including mostly the same terms and conditions provided under the initial lease term, subject to rent increases. The Company defers rental revenue related to lease payments received from tenants in advance of their due dates. These amounts are presented within deferred revenues and other payables on the Company’s 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. In the year ended December 31, 2022 and 2021, the Company did not 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 more quickly realize the revenue. The selling prices range from $ 3,000 4,500 126,737 289,375 Cost of Revenue ● Cost of Real Estate Sale All of the costs of real estate sales are from our land development business. Land acquisition costs are allocated to each lot based on the area method, the size of the lot comparing to the total size of all lots in the project. Development costs and capitalized interest are allocated to lots sold based on the total expected development and interest costs of the completed project and allocating a percentage of those costs based on the selling price of the sold lot compared to the expected sales values of all lots in the project. If allocation of development costs and capitalized interest based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on area method, the size of the lot comparing to the total size of all lots in the project. ● Cost of Rental Revenue Cost of rental revenue consists primarily of the costs associated with management and leasing fees to our management company, repairs and maintenance, depreciation and other related administrative costs. Utility expenses are paid directly by tenants. Biohealth Product Direct Sales. If any member returns a product to the Company on a timely basis, they may obtain a replacement product from the Company for such returned products. We do not have buyback program. However, when the customer requests a return and management decides that the refund is necessary, we initiate the refund after deducting all the benefits that a member has earned. The returns are deducted from our sales revenue on our financial statements. Allowances for product and membership returns 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. Product and membership returns for the years ended December 31, 2022 and 2021 were approximately $ 41,755 39,203 Annual Membership. 21,198 728,343 Other Businesses Food and Beverage The Company, through Hapi Café Inc. (“HCI-T”), commenced operation of two cafés during 2022 and 2021, which are located in Singapore and South Korea. The cafes are operated by subsidiaries of HCI-T, namely Hapi Café SG Pte. Limited (“HCSG”) in Singapore and Hapi Café Korea Inc. (“HCKI”) in Seoul, South Korea. Hapi Cafes are distinctive lifestyle café outlets that strive to revolutionize the way individuals dine, work, and live, by providing a conducive environment for everyone to relish the four facets – health and wellness, fitness, productivity, and recreation all under one roof. Remaining performance obligations. Stock-Based Compensation The Company accounts for stock-based compensation to employees in accordance with ASC 718, “Compensation-Stock Compensation”. ASC 718 requires companies to measure the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant date fair value of the award and to recognize it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. Stock option forfeitures are recognized at the date of employee termination. Effective January 1, 2019, the Company adopted ASU 2018-07 for the accounting of share-based payments granted to non-employees for goods and services. During the years ended on December 31, 2022 and 2021, the Company recorded $ 0 73,292 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 financ |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | 3. CONCENTRATIONS The Company maintains cash balances at various financial institutions in different countries. These balances are usually secured by the central banks’ insurance companies. At times, these balances may exceed the insurance limits. As of December 31, 2022 and 2021, uninsured cash and restricted cash balances were $ 15,723,599 57,905,303 For the year ended December 31, 2022, two customers accounted for approximately 81 19 97 3 |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENTS | 4. SEGMENTS Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision–making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision-maker is the CEO. The Company operates in and reports four business segments: real estate, digital transformation technology, biohealth, and other business activities. The Company’s reportable segments are determined based on the services they perform and the products they sell, not on the geographic area in which they operate. The Company’s chief operating decision maker evaluates segment performance based on segment revenue. Costs excluded from segment income (loss) before taxes and reported as “Other” consist of corporate general and administrative activities which are not allocable to the four reportable segments. The following table summarizes the Company’s segment information for the following balance sheet dates presented, and for the years ended December 31, 2022 and 2021: SCHEDULE OF SEGMENT INFORMATION Real Estate Digital Transformation Technology Biohealth Business Other Total Year Ended on December 31, 2022 Revenue $ 3,088,628 $ 69,915 $ 753,651 $ 568,248 $ 4,480,442 Cost of Sales (3,016,200 ) (23,423 ) (523,534 ) (168,833 ) (3,731,990 ) Gross Margin 72,428 46,492 230,117 399,415 748,452 Operating Expenses (1,479,674 ) (414,167 ) (850,044 ) (5,093,941 ) (7,837,826 ) Operating Income (Loss) (1,407,246 ) (367,675 ) (619,927 ) (4,694,526 ) (7,089,374 ) Other Income (Expense) 5,885 (1,359,977 ) (4,669,309 ) (33,099,730 ) (39,123,131 ) Net Income (Loss) Before Income Tax (1,401,361 ) (1,727,652 ) (5,289,236 ) (37,794,256 ) (46,212,505 ) Real Estate Digital Transformation Technology Biohealth Business Other Total Year Ended on December 31, 2021 Revenue $ 14,213,379 $ - $ 5,543,066 $ 42,377 $ 19,798,822 Cost of Sales (11,073,756 ) - (214,019 ) (14,039 ) (11,301,814 ) Gross Margin 3,139,623 - 5,329,047 28,338 8,497,008 Operating Expenses (1,136,031 ) (183,429 ) (3,624,200 ) (18,547,470 ) (23,491,130 ) Operating Income (Loss) 2,003,592 (183,429 ) 1,704,847 (18,519,132 ) (14,994,122 ) Other Income (Expense) (8,955 ) 1,286,962 (39,265,445 ) (65,502,017 ) (103,489,455 ) Net Income (Loss) Before Income Tax 1,994,637 1,103,533 (37,560,598 ) (84,021,149 ) (118,483,577 ) December 31, 2022 Cash and Restricted Cash $ 2,592,577 $ 514,260 $ 1,338,404 $ 14,076,662 $ 18,521,903 Total Assets 57,951,324 3,184,416 4,861,615 87,492,981 153,490,336 December 31, 2021 Cash and Restricted Cash $ 7,493,921 $ 245,780 $ 2,629,464 $ 50,433,014 $ 60,802,179 Total Assets 55,465,600 2,199,466 11,056,779 115,488,298 184,210,143 |
REAL ESTATE ASSETS
REAL ESTATE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
REAL ESTATE ASSETS | 5. REAL ESTATE ASSETS As of December 31, 2022 and 2021, real estate assets consisted of the following: SCHEDULE OF REAL ESTATE ASSETS December 31, 2022 December 31, 2021 Construction in Progress $ 15,506,572 $ 8,597,023 Land Held for Development 7,943,126 7,098,104 Rental Properties 31,169,031 24,820,253 Total Real Estate Assets $ 54,618,729 $ 40,515,380 Single family residential properties As of December 31, 2022 and 2021, the Company owns 132 109 31 882,814 120,511 The following table presents the summary of our SRFs as of December 31, 2022: SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES Number of Homes Aggregate Average SFRs 132 $ 30,998,258 $ 234,835 |
BUILDER DEPOSITS
BUILDER DEPOSITS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Builder Deposits Abstract | |
BUILDER DEPOSITS | 6. 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 As part of the agreements, NVR was required to give a deposit in the amount of $ 5,600,000 9.9 100,000 220,000 0 31,553 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 7. NOTES PAYABLE As of December 31, 2022 and 2021, notes payable consisted of the following: SCHEDULE OF NOTES PAYABLE December 31, December 31, ($) ($) PPP Loan - 68,502 Australia Loan - 162,696 Motor Vehicle Loans 181,846 86,473 Total notes payable $ 181,846 $ 317,671 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 18,500,000 900,000 1.5 2,600,000 outstanding balance of the revolving loan was $0 381,823 2,300,000 300,000 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 July 1, 2022 20,000,000 During the year ended December 31, 2020, Alset EHome borrowed $ 664,810 61,679 42,906 664,810 25,225 42,907 Paycheck Protection Program Loan On February 11, 2021, the Company entered into a five year 68,502 1.00 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 68,502 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 December 31, 2018 35,276 500,000 4.48 4.49 179,000 April 30, 2022 Motor Vehicle Loans On May 17, 2021, Alset International Limited entered into a Hire Purchase Agreement with Hong Leong Finance Limited to purchase a car for business. The total purchase price of the car, including associated charges, was approximately $ 184,596 78,640 1,300 1.88 84 On September 22, 2022 Alset International entered into an agreement with United Overseas Bank Limited to purchase additional car for business. The total purchase price of the car, including associated charges, was approximately $ 182,430 66,020 1,472 1.88 84 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 8. RELATED PARTY TRANSACTIONS Personal Guarantees by Director As of December 31, 2022 and 2021, a director of the Company had provided personal guarantees amounting to approximately $ 0 500,000 Purchase Shares and Warrants from NECV On July 17, 2020, the Company purchased 122,039,000 9.99 1,220,390,000 0.0001 122,039 860,342 327,565 1,009,854 945,769 1,067,808 122,039 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 2,480,000 250,000 2,480,000 200,128 2,279,872 Purchase and Sale of Stock in True Partner Capital Holding Limited On March 12, 2021, the Company purchased 62,122,908 6,729,629 10,003,689 3,274,060 62,122,908 17,570,948 446,104 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 general operations. As of December 31, 2022 and 2021, the outstanding balance was approximately $ 0 820,113 Chan Heng Fai provided an interest-free, due on demand advance to SeD Perth Pty. Ltd. for its general operations. On December 31, 2022 and 2021, the outstanding balance was $ 12,668 13,546 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 28,363,966 173,395 62,122,908 6,729,629 4,775,523 28,653,138 63,920,129 0.001 111.80 10.03 50,770,192 63,920,128 306,438 2,123 458,198 On May 14, 2021, the Company borrowed S$ 7,395,472 5,545,495 0 Management Fees MacKenzie Equity Partners, LLC, an entity owned by Charles MacKenzie, the Chief Development Officer of the Company, has had a consulting agreement with a majority-owned subsidiary of the Company since 2015. Pursuant to the terms of the agreement, as amended on January 1, 2018, the Company’s subsidiary paid a monthly fee of $ 20,000 25,000 In addition, MacKenzie Equity Partners will be paid certain bonuses, including (i) a sum of $50,000 on June 30, 2022; (ii) a sum of $50,000 upon the successful financing of 100 homes owned by American Housing REIT Inc. with an entity not affiliated with SeD Development Management LLC (a subsidiary of the Company); and (iii) a sum of $50,000 upon the successful leasing of 30 homes in the Alset of Black Oak development. The Company incurred expenses of $ 350,000 360,000 120,000 50,000 25,000 80,000 Note Receivable from a Related Party Company On March 2, 2020 and on October 29, 2021, LiquidValue Asset Management Pte. Ltd. (“LiquidValue”) received two $ 200,000 8,350,000 15.8 8 5.00 The amount of the warrants equals to the note principal 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. 200,000 3.4 15.8 8,350,000 21,366,177 1,089,675 0 0 130,000 On January 24, 2017, SeD Capital Pte Ltd, a 100 350,000 The term of the loan was two years, with an interest rate of 3% per annum for the first 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. 350,000 61,555 412,754 As of December 31, 2022 and 2021, the Company provided advances for operation of $ 236,699 19 In the first quarter of 2022, a subsidiary of the Company made a non-interest bearing advance in the amount of $ 476,250 100 476,250 In June 2022, Alset International Limited, a subsidiary of the Company, entered into a stock purchase agreement with one of our directors and paid $ 1,746,279 7,276,163 7,276,163 1,743,734 2,545 The Company paid some operating expenses for Alset Capital Acquisition Corp., a special purpose acquisition company of which the Company holds 23.4 0 On July 28, 2022 Hapi Café Inc. entered into binding term sheet (the “First Term Sheet”) with Ketomei Pte Ltd and Tong Leok Siong Constant, pursuant to which Hapi Café lent Ketomei $ 41,750 0 8 360,000 250,500 8 29,922 197,596 On October 13, 2021 BMI Capital Partners International Limited (“BMI”) entered into loan agreement with Liquid Value Asset Management Limited (“LVAML”), a subsidiary of DSS, pursuant to which BMI agreed to lend $ 3,000,000 3,042,811 2,987,039 Loan to Employees On November 24, 2020, American Pacific Bancorp. Inc. lent $ 560,000 6 November 23, 2023 This loan was secured by an irrevocable letter of instruction on 4,000 shares of Alset Inc 280,000 November 23, 2023 This loan was secured by an irrevocable letter of instruction on 2,000 shares of Alset Inc. 840,000 28,031 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
EQUITY | 9. 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 25,000,000 20,000,000 5,000,000 The Company has designated 6,380 2,132 On December 6, 2022 the Company filed a certificate of Amendment to the Company’s Certificate of Formation with the Texas Secretary of State to effect a 1-for-20 reverse stock split. The reverse stock split was effective as of December 28, 2022. 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 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 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 500 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 319,000 6,380 319,000 6,380 On May 12, 2021, the Company entered into an Exchange Agreement with Chan Heng Fai, pursuant to which he converted $ 13,000,000 2,132 106,600 2,132 On May 10, 2021, the Company entered into an 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 “May Offering”) of (i) 235,032 101.40 0.001 101.40 65.90 80,550 101.20 80,550 The Company also granted the Underwriters a 45-day over-allotment option to purchase up to 40,418 40,418 40,418 40,418 20,209 40,418 40,418 40,418 101.40 68,201 330 424,366 39,765,440 The Company incurred approximately $88,848 in expenses related to the May 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 Offering and warrants exercised as of December 31, 2022. SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED Shares Par value Amount received Offering 235,032 $ 235 $ 29,145,056 Exercise of Pre-Funded Units 80,550 $ 81 $ 16,110 Exercise of Underwriter’s Series A Warrants 40,418 $ 40 $ 3,755,774 Exercise of Series A and Series B Warrants 68,366 $ 68 $ 6,937,347 Offering Expenses - $ - $ (88,848 ) Total 424,366 $ 424 $ 39,765,439 On July 27, 2021, the Company entered into another 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 “July Offering”) of (i) 266,207 0.001 42.40 488,510 488,510 42.20 33,392,444 The Company granted the Underwriters a 45-day over-allotment option to purchase up to 113,207 7.0 1.5 26,038 125 53 24 113,207 4,386,998 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 $0.20 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 Company incurred approximately $ 49,553 The following table presents net funds received from the July Offering and warrants exercised as of December 31, 2022. Shares Par value Amount received Offering 266,207 $ 266 $ 28,957,297 Exercise of Pre-Funded Units 488,510 $ 489 $ 97,702 Exercise of Underwriter’s Over-Allotment Option 113,207 $ 113 $ 4,386,998 Offering Expenses - $ - $ (49,553 ) Total 867,924 $ 868 $ 33,392,444 On December 5, 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 “December Offering”) of (i) 903,833 0.001 12.00 1,553,833 1,553,833 11.98 The December Offering closed on December 8, 2021. As a result of the December Offering and subsequent exercise notice received for the pre-funded warrants, the net proceeds to the Company were $ 27,231,875 The Company granted the Underwriters a 45-day over-allotment option to purchase up to 375,000 7 1 375,000 15 12.00 4,115,000 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. Each Pre-funded Warrant is exercisable for one share of Common Stock at an exercise price of $0.001 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. At December 31, 2021 761,664 warrants were exercised, some in cashless exercise transactions The Company incurred approximately $ 40,621 The following table presents net funds received from the December Offering and warrants exercised as of December 31, 2022. Shares Par value Amount received Offering 946,166 $ 946 $ 27,263,673 Exercise of Pre-Funded Units 761,167 $ 761 $ 8,823 Exercise of Underwriter’s Over-Allotment Option 375,000 $ 375 $ 4,115,000 Offering Expenses - $ - $ (40,621 ) Total 2,082,333 $ 2,082 $ 31,346,875 On December 31, 2022, there were 7,422,846 The following table summarizes the warrant activity for the year ended December 31, 2022. 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, 2021 1,426,657 $ 35.80 1.88 $ - Warrants Vested and exercisable at December 31, 2021 1,426,657 $ 35.80 1.88 $ - Granted - - Exercised (792,169 ) 0.02 Forfeited, cancelled, expired - - Warrants Outstanding as of December 31, 2022 634,488 $ 80.40 3.23 $ - Warrants Vested and exercisable at December 31, 2022 634,488 $ 80.40 3.23 $ - Hapi Metaverse Inc. Sale of Shares In year ended December 31, 2021 , the Company sold 280,000 to international investors for the amount of $ 280,000 505,381,376 506,898,576 99 ’s total outstanding shares. During the year ended December 31, 2021, the sale of Hapi Metaverse ’s shares was de minimis compared to its outstanding shares and did not change the minority interest. Distribution to Minority Shareholder In 2021, SeD Maryland Development LLC Board approved the payment distribution plan to members and paid $ 2,549,750 411,250 Changes of Ownership of Alset International In the year ended December 31, 2021, Alset International issued 1,721,303,416 0.04 60,300,464 58 73,292 1,500,000 In the year ended December 31, 2022 the Company purchased 6,670,200 On January 17, 2022 the Company entered into a securities purchase agreement with Chan Heng Fai, pursuant to which the Company agreed to purchase from Chan Heng Fai 293,428,200 29,468,977 293,428,200 35,319,290 293,428,200 8.4 3,492,713,362 Due to these transactions the Company’s ownership of Alset International changed from 76.8 85.4 Promissory Note Converted into Shares On December 13, 2021 the Company entered into a Securities Purchase Agreement with Chan Heng Fai for the issuance and sale of a convertible promissory note in favor of Chan Heng Fai, in the principal amount of $ 6,250,000 3 12.50 500,000 Registration Statement on Form S-3 On April 11, 2022 the Company filed a Registration Statement on Form S-3 using a “shelf” registration or continuous offering process. Under this shelf registration process, the Company may, from time to time, sell any combination of the securities (common stock, preferred stock, warrants, rights, units) described in the filed prospectus in one or more offerings up to a total aggregate offering price of $ 75,000,000 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | 10. ACCUMULATED OTHER COMPREHENSIVE INCOME The following is a summary of the changes in the balances of accumulated other comprehensive income, net of tax: SCHEDULE OF CHANGES IN 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, 2022 $ (90,031 ) $ (367,895 ) $ 799,572 $ 341,646 Other Comprehensive Income 35,110 489,167 2,970,140 3,494,417 Balance at December 31, 2022 $ (54,921 ) $ 121,272 $ 3,769,712 $ 3,836,063 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 Balance at beginning $ (48,758 ) $ 2,258,017 $ (65,921 ) $ 2,143,338 Other Comprehensive Income (41,273 ) (2,625,912 ) 865,493 (1,801,692 ) Balance at December 31, 2021 $ (90,031 ) $ (367,895 ) $ 799,572 $ 341,646 Balance at end $ (90,031 ) $ (367,895 ) $ 799,572 $ 341,646 |
LEASE INCOME
LEASE INCOME | 12 Months Ended |
Dec. 31, 2022 | |
Lease Income | |
LEASE INCOME | 11. LEASE INCOME The Company generally rents its SFRs under lease agreements with a term of one year SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS 2023 1,148,308 2024 11,145 Total Future Receipts $ 1,159,453 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 monthly property management fee for each property unit and a leasing fee. For the years ended December 31, 2022 and 2021, property management fees incurred by the property managers were $ 90,630 15,390 174,850 63,880 |
INVESTMENTS MEASURED AT FAIR VA
INVESTMENTS MEASURED AT FAIR VALUE | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS MEASURED AT FAIR VALUE | 12. INVESTMENTS MEASURED AT FAIR VALUE Financial assets measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheets as of December 31, 2022 and 2021: SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Amount at Fair Value December 31, 2022 Assets Investment Securities- Fair Value Option $ 76,264,051 $ 13,749,957 $ - $ - $ 13,749,957 Investment Securities- Trading 11,268,362 5,315,204 - - 5,315,204 Convertible Note Receivable 138,599 - - 88,599 88,599 Warrants - American Premium Water 696,791 - - 327,565 327,565 Warrants - AMRE - - - - - Total Investment in Securities at Fair Value $ 88,367,803 $ 19,065,161 $ - $ 416,164 $ 19,481,325 Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Amount at Fair Value December 31, 2021 Assets Investment Securities- Fair Value Option $ 72,000,301 $ 25,320,694 $ - $ - $ 25,320,694 Investment Securities- Trading 9,809,778 9,908,077 - - 9,908,077 Convertible Note Receivable 138,599 - - 98,398 98,398 Warrants - American Premium Water 696,791 - - 1,009,854 1,009,854 Warrants - AMRE - - - - - Total Investment in Securities at Fair Value $ 82,645,469 $ 35,228,771 $ - $ 1,108,252 $ 36,337,023 Realized loss on investment securities for the year ended December 31, 2022 and 2021 was $ 7,308,580 4,698,078 31,350,358 49,190,748 40,201 57,179 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 investments at December 31, 2022 and 2021, respectively. SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT Share price Market Value 12/31/2022 Shares 12/31/2022 Valuation DSS (Related Party) $ 0.164 62,812,264 $ 10,301,211 Investment in Securities at Fair Value AMBS (Related Party) $ 0.002 20,000,000 $ 34,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.20 42,999,621 $ 850,432 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.001 354,039,000 $ 212,423 Investment in Securities at Fair Value Value Exchange $ 0.170 13,834,643 $ 2,351,889 Investment in Securities at Fair Value Trading Stock $ 5,315,204 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 19,065,161 Nervotech N/A 1,666 $ 35,958 Investment in Securities at Cost HWH World Co. N/A 3,800 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 19,609 Investment in Securities at Cost Total Equity Securities $ 19,163,290 Share price Market Value 12/31/2021 Shares 12/31/2021 Valuation DSS (Related Party) $ 0.672 19,888,262 $ 13,364,912 Investment in Securities at Fair Value AMBS (Related Party) $ 0.016 20,000,000 $ 328,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.034 43,626,621 $ 1,489,179 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.002 354,039,000 $ 778,886 Investment in Securities at Fair Value True Partner $ 0.119 62,122,908 $ 7,409,717 Investment in Securities at Fair Value Value Exchange $ 0.300 6,500,000 $ 1,950,000 Investment in Securities at Fair Value Trading Stock $ 9,908,077 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 35,228,771 Nervotech N/A 1,666 $ 37,045 Investment in Securities at Cost HWH World Co. N/A 3,800 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 19,609 Investment in Securities at Cost Total Equity Securities $ 35,327,987 DSS convertible preferred stock During the year ended December 31, 2021, Global BioMedical Pte Ltd., converted 42,575 6,570,170 Sharing Services Convertible Note The fair value of the Sharing Services Convertible Note under level 3 category as of December 31, 2021 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS December 31, December 31, Dividend yield - % 0.00 % Expected volatility - % 138.85 % Risk free interest rate - % 3.25 % Contractual term (in years) - 0.76 Exercise price $ - $ 0.15 We assumed dividend yield rate is 0.00% 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 years ended December 31, 2022 and 2021: SCHEDULE OF CHANGE IN FAIR VALUE Total Balance at January 1, 2021 $ 38,604,701 Net loss (57,179 ) Conversion of DSS Preferred Stock (37,439,270 ) Balance at December 31, 2021 $ 1,108,252 Net gain 40,201 Balance at December 31, 2022 $ 1,148,453 The Note was redeemed in July 2022. Vector Com Convertible Bond On February 26, 2021, the Company invested approximately $ 88,599 2% two years 21.26 Warrants On March 2, 2020 and October 29, 2021, the Company received warrants to purchase shares of AMRE, a related party private company, in conjunction with the Company lending two $ 200,000 Note Receivable from a Related Party Company 0 On July 17, 2020, the Company purchased 122,039,000 9.99% 1,220,390,000 0.0001 122,039 232,000,000 232,000,000 232,000 988,390,000 327,565 1,009,854 The fair value of the NECV warrants under level 3 category as of December 31, 2022 and 2021 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS December 31, 2022 December 31, 2021 As of As of December 31, 2022 December 31, 2021 Stock Price $ 0.0006 $ 0.0022 Exercise Price $ 0.001 $ 0.001 Risk-free Interest Rate 3.95 % 1.48 % Annualized volatility 186.1 % 186.5 % Dividend Yield 0.00 0.00 Year to Maturity 7.56 8.58 The following table presents summarized unaudited financial information for our investments that we elected the fair value option that would otherwise be accounted for under the equity method of accounting. SCHEDULE OF FAIRVALUE OF FINANCIAL INVESTMENTS Summarized Financial Information Assets Liabilities Net Income (Loss) December 31, 2022 NECV* $ 1,038,946 $ 2,507,797 $ 128,968 Holista $ 3,717,593 $ 2,660,281 $ (1,053,668 ) DSS* $ 264,880,000 $ 82,231,000 $ (52,214,667 ) VEII* $ 5,047,729 $ 2,676,237 $ 185,321 December 31, 2021 NECV $ 348,688 $ 4,049,594 $ (873,550 ) Holista $ 5,031,866 $ 2,870,177 $ (1,018,871 ) DSS $ 284,826,000 $ 84,522,000 $ (31,921,000 ) * Data derived from Financial Statement as of September 30, 2022 which was the latest available date source we could reach. 12-month Net Income (Loss) was estimated by adding one-third of 9-month Net Loss. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES US Income Taxes The components of income tax expense and the effective tax rates for the years ended December 31, 2022 and 2021 are as follows: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 2022 2021 Year Ended December 31, 2022 2021 Current: Federal $ - $ 45,736 State - 46,179 Total Current - 91,916 Deferred: Federal (3,905,452 ) (2,725,007 ) State 1,163,407 (1,266,545 ) Total Deferred (2,742,045 ) (3,991,553 ) Valuation Allowance 2,742,045 3,991,553 Total Income Tax Expense $ - $ 91,916 Pre-tax Loss $ (46,212,505 ) $ (118,483,577 ) Effective Income Tax Rate 0.0 % -0.1 % A reconciliation of our income tax expense at federal statutory income tax rate of 21% to our income tax expense at the effective tax rate is as follows: SCHEDULE OF RECONCILIATION OF INCOME TAX 2022 2021 Year Ended December 31, 2022 2021 Federal Statutory Tax Rate 21.0 % 21.0 % State Income Tax, Net of Federal Income Taxes 0.0 % 0.0 % Intercompany Management & Oversight Fees 0.0 % -0.1 % Capitalized Construction Costs 0.0 % 0.2 % Minority interest in Partnerships 0.0 % 0.1 % Deferred Finance Costs -0.4 % -0.2 % Amort of BCF Debt Discount 0.0 % -9.0 % Miscellaneous Permanent Items 0.2 % 0.0 % Non includible foreign entities loss/(income) -13.8 % -9.6 % Valuation Allowance -7.1 % -2.5 % Effective Income Tax Rate 0.0 % -0.1 % Deferred tax assets consist of the following at December 31, 2022 and 2021: SCHEDULE OF DEFERRED TAX ASSETS 2022 2021 Interest Income (6,304,175 ) (5,660,333 ) Interest Expense 5,802,873 5,100,076 Depreciation and Amortization (140,886 ) (10,434 ) Impairment 2,253,228 2,253,228 Accrued Expense 1,102,779 60,662 Unrealized Loss on Investment 4,324,883 2,512,554 Partnership Loss 13,175 13,175 Other Amortization 1,160,710 - Others 377,180 (224,637 ) Net Operating Loss 1,297,770 2,047,388 Total deferred tax asset 9,887,537 6,091,679 Valuation Allowance (9,887,537 ) (6,091,679 ) Net Deferred Tax Asset - - As of December 31, 2022, the Company has Federal and State net operating loss carry-forwards of approximately $ 7,573,000 2,020,000 3,795,858 As of December 31, 2022, total tax receivable is $ 143,574 111,351 32,223 151,211 77,390 73,821 We are subject to U.S. federal income tax as well as income tax of certain state jurisdictions. We have substantially concluded all U.S. federal income tax and state tax matters through 2018. However, our federal tax returns for the years 2019 through 2021 remain open to examination. State tax jurisdiction tax years remain open to examination as well, though we believe that any additional assessment would be immaterial to the Consolidated Financial Statements. Income taxes – Other Countries On December 31, 2022 and 2021, foreign subsidiaries have tax losses of approximately $ 4.27 1.99 As of December 31, 2022: SCHEDULE OF OTHER COUNTRY INCOME TAXES SG Companies HK Companies KR Companies AU Companies Total Calculation: Cumulative loss & other deferred tax assets before tax $ (25,140,421 ) $ - $ - $ - $ (25,140,421 ) Effective tax rates 17.00 % 16.50 % 25.00 % 30.00 % Tax at the domestic tax rates applicable to profits in the countries where the Company operates $ (4,273,872 ) $ - $ - $ - $ (4,273,872 ) Adjustments: Deferred tax assets not recognized $ 4,273,872 $ - $ - $ - $ 4,273,872 Income tax expenses recognized in profit or loss $ - $ - $ - $ - $ - As of December 31, 2021: SG Companies HK Companies KR Companies AU Companies Total Calculation: Cumulative loss & other deferred tax assets before tax $ (11,692,089 ) $ - $ - $ - $ (11,692,089 ) Effective tax rates 17.00 % 16.50 % 19.24 % 30.00 % Tax at the domestic tax rates applicable to profits in the countries where the Company operates $ (1,987,655 ) $ - $ - $ - $ (1,987,655 ) Adjustments: Deferred tax assets not recognized $ 1,987,655 $ - $ - $ - $ 1,987,655 Income tax expenses recognized in profit or loss $ - $ - $ 442,098 $ - $ 442,098 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES Leases The Company leases offices in Maryland, Singapore, Magnolia, Texas, Hong Kong and South Korea through leased spaces aggregating approximately 15,811 2,335 23,020 685,724 587,685 SCHEDULE OF OPERATING AND RENEWED LEASE TERMS RENTAL Office Location Lease Term as of December 31, 2022 Singapore - AI June 2022 to May 2023 Singapore – F&B October 2021 to September 2024 Singapore – Four Seasons Park July 2022 to July 2024 Singapore – Hapi Cafe July 2022 to June 2024 Singapore - PLQ December 2022 to July 2024 Hong Kong October 2022 to October 2024 Hong Kong - Warehouse November 2022 to October 2024 Hong Kong - Shop October 2022 to September 2024 South Korea - Hapi Café August 2022 to August 2025 South Korea - HWH World August 2022 to July 2025 Magnolia, Texas, USA May 2022 to January 2023 Bethesda, Maryland, USA 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 at a range from 0.5% to 4.5% per annum in 2022 and from 0.5% to 5.4% per annum in 2021 1,614,159 1,628,039 659,620 667,343 The table below summarizes future payments due under these leases as of December 31, 2022. For the Years Ended December 31: SCHEDULE OF LEASE PAYMENTS 2023 $ 944,807 2024 656,668 2025 195,811 Total Minimum Lease Payments 1,797,287 Less: Effect of Discounting (169,248 ) Present Value of Future Minimum Lease Payments 1,628,039 Less: Current Obligations under Leases (45,556 ) Long-term Lease Obligations $ 1,582,483 Lots Sales Agreement On November 23, 2015, SeD Maryland Development LLC completed the $ 15,700,000 197 15,000,000 197 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 converted 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 the Fourth Amendment to the Lot Purchase Agreement, pursuant to which NVR agreed to purchase all of the new 121 lots During the years ended on December 31, 2022 and 2021, NVR purchased 3 88 479 476 Certain arrangements for the sale of buildable lots to NVR require the Company to credit NVR with an amount equal to one year of the FFB assessment. Under ASC 606, the credits to NVR are not in exchange for a distinct good or service and accordingly, the amount of the credit was recognized as the reduction of revenue. As of December 31, 2022 and 2021, the accrued balance due to NVR was $ 189,475 188,125 Promissory Note from Azure Pursuant to a Secured Promissory Note dated as of August 13, 2018, on October 13, 2019 Azure Holdings, LLC, was obligated to pay our subsidiary, 150 CCM Black Oak Ltd, $ 140,000 2.5% 19.5 |
DIRECTORS AND EMPLOYEES_ BENEFI
DIRECTORS AND EMPLOYEES’ BENEFITS | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
DIRECTORS AND EMPLOYEES’ BENEFITS | 15. DIRECTORS AND EMPLOYEES’ BENEFITS Stock Option plans AEI The Company previously reserved 25,000 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 year ended December 31, 2022: SCHEDULE OF OPTION ACTIVITY Options for Common Shares Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2021 1,061,333 $ 0.09 3.00 $ - Vested and exercisable at January 1, 2021 1,061,333 $ 0.09 3.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of December 31, 2021 1,061,333 $ 0.09 2.00 $ - Vested and exercisable at December 31, 2021 1,061,333 $ 0.09 2.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of December 31, 2022 1,061,333 $ 0.09 1.00 $ - Vested and exercisable at December 31, 2022 1,061,333 $ 0.09 1.00 $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS Public Offering On February 6, 2023, Alset Inc. (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) in connection with an offering (the “Offering”) of its common stock, par value $ 0.001 1,727,273 2.20 45 212,863 The net proceeds to the Company from the Offering were approximately $ 3.3 The Offering closed on February 8, 2023. The Common Stock was being offered pursuant to an effective registration statement on Form S-3 (File No. 333-264234), as well as a prospectus supplement in connection with the Offering filed with the Securities and Exchange Commission. Recent Agreements to Sell Additional Lots Agreement to Sell 110 Lots On March 16, 2023, 150 CCM Black Oak Ltd. (the “Seller”) entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) with Rausch Coleman Homes Houston, LLC, a Texas limited liability company (“Rausch Coleman”). Pursuant to the terms of the Purchase and Sale Agreement, the Seller has agreed to sell approximately 110 single-family detached residential lots which comprise a section of the Lakes at Black Oak. The price of the lots and certain community enhancement fees the Seller will be entitled to receive are anticipated to equal an aggregate of $ 6,586,250 The closing of the sale of these 110 lots depends on the satisfaction of certain conditions set forth in the Purchase and Sale Agreement. There can be no assurance that such closings will be completed on the terms outlined herein or at all. Commencing on March 16, 2023, Rausch Coleman has a thirty (30) day inspection period in which to inspect the properties and determine their suitability; during such inspection period, Rausch Coleman may decline to proceed with the closing of these transactions. The Seller shall be required to complete certain improvements at the property at the Seller’s cost prior to the closing. Agreement to Sell 189 Lots On March 17, 2023, the Seller entered into a Contract of Sale (the “Contract of Sale”) with Davidson Homes, LLC, an Alabama limited liability company (“Davidson Homes”). Pursuant to the terms of the Contract of Sale, the Seller has agreed to sell approximately 189 single-family detached residential lots comprising an additional section of the Lakes at Black Oak. The price of the lots and certain community enhancement fees the Seller will be entitled to receive are anticipated to equal an aggregate of $ 10,022,500 The closing of the transactions described in the Contract of Sale depends on the satisfaction of certain conditions set forth therein. There can be no assurance that such closings will be completed on the terms outlined herein or at all. Davidson Homes has agreed to purchase the lots in stages, comprising an initial closing of 94 lots, the remaining lots to be purchase on or before December 29, 2023. Commencing on March 17, 2023, Davidson Homes shall have a thirty (30) day inspection period in which to inspect the properties and determine their suitability; during such inspection period, Davidson Homes may decline to proceed with the closing of these transactions. The Seller shall be required to complete certain improvements at the property at the Seller’s cost prior to the closing. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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”). 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 The Company’s consolidated financial statements include the financial positions, results of operations and cash flows of the following entities as of December 31, 2022 and 2021 as follows: SCHEDULE OF SUBSIDIARIES Attributable interest State or other jurisdiction of as of, Name of subsidiary consolidated under AEI incorporation or organization December 31, 2022 December 31, 2021 % % Alset Global Pte. Ltd. Singapore 100 100 Alset Business Development Pte. Ltd. Singapore 100 100 Global eHealth Limited Hong Kong 100 100 Alset International Limited Singapore 85.4 76.8 Singapore Construction & Development Pte. Ltd. Singapore 85.4 76.8 Art eStudio Pte. Ltd. Singapore 43.6 * 39.2 * Singapore Construction Pte. Ltd. Singapore 85.4 76.8 Global BioMedical Pte. Ltd. Singapore 85.4 76.8 Alset Innovation Pte. Ltd. Singapore 85.4 76.8 Health Wealth Happiness Pte. Ltd. Singapore 85.4 76.8 SeD Capital Pte. Ltd. Singapore 85.4 76.8 LiquidValue Asset Management Pte. Ltd. Singapore 85.4 76.8 * Alset Solar Limited Hong Kong 85.4 76.8 Alset F&B One Pte. Ltd. Singapore 76.9 69.2 Global TechFund of Fund Pte. Ltd. Singapore 100 76.8 Singapore eChainLogistic Pte. Ltd. Singapore 100 76.8 BMI Capital Partners International Limited Hong Kong 85.4 76.8 SeD Perth Pty Ltd Australia 85.4 76.8 SeD Intelligent Home Inc. United States of America 85.4 76.8 LiquidValue Development Inc. United States of America 85.4 76.8 Alset EHome Inc. United States of America 85.4 76.8 SeD USA, LLC United States of America 85.4 76.8 150 Black Oak GP, Inc. United States of America 85.4 76.8 SeD Development USA Inc. United States of America 85.4 76.8 150 CCM Black Oak, Ltd. United States of America 85.4 76.8 SeD Texas Home, LLC United States of America 85.4 76.8 SeD Ballenger, LLC United States of America 85.4 76.8 SeD Maryland Development, LLC United States of America 71.4 64.2 SeD Development Management, LLC United States of America 72.6 65.3 SeD Builder, LLC United States of America 85.4 76.8 Hapi Metaverse Inc. (f.k.a. GigWorld Inc.) United States of America 99.7 76.8 HotApp BlockChain Pte. Ltd. Singapore 99.7 76.6 HotApp International Limited Hong Kong 99.7 76.6 HWH International, Inc. United States of America 85.4 76.8 Health Wealth & Happiness Inc. United States of America 85.4 76.8 HWH Multi-Strategy Investment, Inc. United States of America 85.4 76.8 SeD REIT Inc. United States of America 85.4 76.8 Gig Stablecoin Inc. United States of America 99.7 76.6 HWH World Inc. United States of America 99.7 76.6 HWH World Pte. Ltd. Singapore 85.4 76.6 UBeauty Limited Hong Kong 85.4 76.8 WeBeauty Korea Inc South Korea 85.4 76.8 HWH World Limited Hong Kong 85.4 76.8 HWH World Inc. South Korea 85.4 76.8 Alset BioHealth Pte. Ltd. Singapore - 76.8 Alset Energy Pte. Ltd. Singapore - 76.8 GDC REIT Inc. (f.k.a. Alset Payment Inc.) United States of America 85.4 76.8 Alset World Pte. Ltd. Singapore - 76.8 BioHealth Water Inc. United States of America 85.4 76.8 Impact BioHealth Pte. Ltd. Singapore 85.4 76.8 American Home REIT Inc. United States of America 85.4 76.8 Alset Solar Inc. United States of America 68.3 61.5 HWH KOR Inc. United States of America 85.4 76.8 Open House Inc. United States of America 100 76.8 Open Rental Inc. United States of America 100 76.8 Hapi Cafe Inc. (Nevada) United States of America 100 76.8 Global Solar REIT Inc. United States of America 100 76.8 OpenBiz Inc. United States of America 100 76.8 Hapi Cafe Inc. (Texas) United States of America 85.4 100 HWH (S) Pte. Ltd. Singapore 85.4 76.8 True Partner International Limited Hong Kong - 100 LiquidValue Development Pte. Ltd. Singapore 100 100 LiquidValue Development Limited Hong Kong 100 100 Alset EPower Inc. United States of America 100 100 EPowerTech Inc. United States of America 100 100 AHR Asset Management Inc. United States of America 85.4 76.8 HWH World Inc. (Nevada) United States of America 85.4 76.8 Alset F&B Holdings Pte. Ltd. Singapore 85.4 76.8 Credas Capital Pte. Ltd. Singapore 42.7 * 38.4 * Smart Reward Express Limited Hong Kong 49.8 * 38.3 * Partners HWH Pte. Ltd. Singapore - 76.8 AHR Texas Two, LLC United States of America 85.4 76.8 AHR Black Oak One, LLC United States of America 85.4 76.8 Hapi Air Inc. United States of America 92.7 88.4 AHR Texas Three, LLC United States of America 85.4 76.8 Alset Capital Pte. Ltd. Singapore 100 100 Hapi Cafe Korea Inc. South Korea 85.4 100 Green Energy Inc. United States of America 100 100 Green Energy Management Inc. United States of America 100 100 Alset Metaverse Inc. United States of America 97.2 95.6 Alset Management Group Inc. United States of America 83.4 88.2 Alset Acquisition Sponsor, LLC United States of America 93.4 79.6 Alset Capital Acquisition Corp. United States of America 23.4 79.6 Alset Spac Group Inc. United States of America 93.4 - Hapi Travel Pte. Ltd. Singapore 85.4 - Hapi WealthBuilder Pte. Ltd. Singapore 85.4 - Alset Mining Pte. Ltd. Singapore 85.4 - HWH Marketplace Pte. Ltd. Singapore 85.4 - HWH International Inc. (Nevada) United States of America 85.4 - Hapi Cafe SG Pte. Ltd. Singapore 85.4 - Alset Reits Inc. United States of America 100 - Alset Home REIT Inc. United States of America 100 - Hapi Metaverse Inc. United States of America 99.7 - Hapi Cafe Limited Hong Kong 99.7 - MOC HK Limited Hong Kong 99.7 - AHR Texas Four, LLC United States of America 100 - Alset F&B (PLQ) Pte. Ltd. Singapore 85.4 - * 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 consolidated 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 consolidated 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 the allocation of development costs and capitalized interest based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on area method, the size of the lot compared to the total size of all lots in the project. When the Company purchases properties but does not receive the assessment information from the county, the Company allocates the values between land and building based on the data of similar properties. The Company makes appropriate adjustments once the assessment from the county is received. At the same time, any necessary adjustments to depreciation expense are made in the income statement. On December 31, 2022 and 2021 the Company adjusted $ 4,791,997 821,417 197,609 0 |
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 28,363,966 173,395 62,122,908 6,729,629 4,775,523 28,653,138 63,920,129 0.001 111.80 On October 15, 2020, American Pacific Bancorp (which subsequently became a majority-owned subsidiary of the Company) entered into an acquisition agreement to acquire 3,500,001 100 1,500,000 250,000 The common control transactions resulted in the following basis of accounting for the financial reporting periods: ● The acquisition of the Warrants and True Partner stock were accounted for prospectively as of March 12, 2021 and they did not represent a change in reporting entity. ● The acquisition of LVD, APB and HFL was under common control and was consolidated in accordance with ASC 850-50. The consolidated financial statements were retrospectively adjusted for the acquisition of LVD, APB and HFL, and the operating results of LVD, APB and HFL as of January 1, 2020 for comparative purposes. AEI’s stock price was $ 10.03 50,770,192 63,920,128 306,438 2,123 458,198 |
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 |
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 $ 2,600,000 309,219 4,399,984 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 36,316 The Company puts funds into a brokerage account specifically for equity investment. As of December 31, 2022 and 2021, the cash balance in that brokerage account was $ 385,304 304,570 |
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 December 31, 2022 and 2021, the balance of account receivables was $ 46,522 39,622 0 2,500 The Company monitors its account receivables balances on a monthly basis to ensure that they are collectible. On a quarterly basis, the Company uses its historical experience to estimate its allowance for doubtful account receivables. The Company’s allowance for doubtful accounts represents an estimate of the losses expected to be incurred based on specifically identified accounts as well as nonspecific amount, when determined appropriate. Generally, the amount of the allowance is primarily decided by division management’s historical experience, the delinquency trends, the resolution rates, the aging of receivables, the credit quality indicators and financial health of specific customers. As of December 31, 2022 and 2021, 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 December 31, 2022 and 2021, inventory consisted of finished goods from subsidiaries of HWH International 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 Investment Securities at Fair Value The Company records all equity investments with readily determinable fair values at fair value calculated by the publicly traded stock price at the close of the reporting period. Amarantus BioScience Holdings (“AMBS”) and True Partner Capital Holding Limited (“True Partner”) are publicly traded companies. The Company does not have significant influence over AMBS and True Partner, as the Company is the beneficial owner of approximately 5.3 15.5 On April 12, 2021 the Company acquired 6,500,000 650,000 7,276,163 1,743,734 38.3 During the year ended December 31, 2021, the Company’s subsidiaries established a portfolio of trading securities. The objective is to generate profits on short-term differences in market prices. The Company does not have significant influence over any trading securities in our portfolio and fair value of these trading securities are determined by quoted stock prices. The Company has elected the fair value option for the equity securities noted below that would otherwise be accounted for under the equity method of accounting. Holista CollTech Limited (“Holista”), DSS, Inc. (“DSS”) and New Electric CV Corporation ● The Company has significant influence over DSS. As of December, 2022 and 2021, the Company owned approximately 45.2 24.9 ● The Company has significant influence over Holista as the Company and its CEO are the beneficial owner of approximately 15.5 ● The Company has significant influence over NECV as the Company is the beneficial owner of approximately 0.8 On March 2, 2020 and October 29, 2021, the Company received warrants to purchase shares of American Medical REIT Inc. (“AMRE”), a related party private startup company, in conjunction with the Company lending two $ 200,000 Note Receivable from a Related Party Company 0 15.8 The Company held a stock option to purchase 250,000 1 0 Sale of Investment in Vivacitas to DSS The Company accounts for certain of its investments in funds without readily determinable fair values in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) 100,000 74,827 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 2,279,872 Sale of Investment in Vivacitas to DSS On September 8, 2020, the Company acquired 1,666 1.45 37,826 On September 30, 2020, the Company acquired 3,800 19 42,562 During 2021, the Company invested $ 19,609 18 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 equity method investment can be reduced below zero based on losses if the Company either be liable for the obligations of the investee or provide for losses in excess of the investment when imminent return to profitable operations by the investee appears to be assured. Otherwise, the Company does not recognize its share of equity method losses exceeding its carrying amount of the investment, but discloses the losses in the footnotes. Equity-method investment is reviewed for impairment by assessing if the decline in market value of the investment below the carrying value is other-than-temporary. In making this determination, factors are evaluated in determining whether a loss in value should be recognized. These include consideration of the intent and ability of the Group to hold investment and the ability of the investee to sustain an earnings capacity, justifying the carrying amount of the investment. Impairment losses are recognized in other expense when a decline in value is deemed to be other-than-temporary. American Medical REIT Inc. LiquidValue Asset Management Pte. Ltd. (“LiquidValue”), a subsidiary of the Company owns 15.8 American Pacific Bancorp, Inc. Pursuant to Securities Purchase Agreement from March 12, 2021 the Company purchased 4,775,523 6,666,700 40,000,200 As a result of the new share issuances, the Company’s ownership percentage of APB fell below 50% to 41.3% and the entity was deconsolidated in accordance with ASC 810-10. Upon deconsolidation the Company elected to apply the equity method accounting as the Company still retained significant influence. As a result of the deconsolidation, the Company recognized gain of approximately $ 28.2 30.8 2.9 51,999 867,117 31,668,246 30,801,129 The following table presents summarized unaudited financial information for APB. SCHEDULE OF UNAUDITED FINANCIAL INFORMATION Summarized Financial Information Assets Liabilities Net Income (Loss) December 31, 2022 54,835,272 316,826 2,245,532 December 31, 2021 29,448,425 371,564 (536,481 ) Alset Capital Acquisition Corp. On February 3, 2022, Alset Capital Acquisition Corp. (“Alset Capital”), a special purpose acquisition company (SPAC) sponsored by the Company and certain affiliates, closed its initial public offering of 7,500,000 10.00 1,125,000 473,750 4,737,500 2,156,250 23.4 2,830,961 237,578 237,578 203,713 10 476,250 100 21,111,575 Ketomei Pte Ltd On June 10, 2021 the Company’s indirect subsidiary Hapi Cafe Inc. (“Hapi Cafe”) lent $ 76,723 179,595 28 48,916 207,402 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 9,799 50,000 28,636 On February 26, 2021, the Company invested approximately $ 88,599 2 two years 21.26 88,599 |
Variable Interest Entity | Variable Interest Entity Under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810, Consolidation The Company evaluates its interests in VIE’s on an ongoing basis and consolidates any VIE in which it has a controlling financial interest and is deemed to be the primary beneficiary. A controlling financial interest has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact its economic performance; and (ii) the obligation to absorb losses of the VIE that could potentially be significant to it or the right to receive benefits from the VIE that could be significant to the VIE. HWH World Company Limited HWH World Co. is a direct sales company in Thailand. The Company has a 19 187,500 51 236,699 236,699 American Medical REIT Inc. In 2021 the Company owned 3.4 8,350,000 200,000 8 200,000 8,350,000 80.8 200,000 15.8 8,350,000 21,366,177 1,089,675 0 8,901,285 |
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 $ 3.2 6.0 million for the years ended December 31, 2022 and 2021, respectively. The Company’s policy is to obtain an independent third-party valuation for each major project in the United States as part of our assessment of identifying potential triggering events for impairment. Management may use the market comparison method to value other relatively small projects, such as the project in Perth, Australia. In addition to the annual assessment of potential triggering events in accordance with ASC 360 – Property Plant and Equipment The Company did not record impairment on any of its projects during the years ended on December 31, 2022 and 2021. Properties under development Properties under development are properties being constructed for sale in the ordinary course of business, rather than to be held for the Company’s own use, rental or capital appreciation. Rental Properties Rental properties are acquired with the intent to be rented to tenants. During the years ended December 31, 2022 and 2021, the Company signed multiple purchase agreements to acquire 23 and 109 homes, respectively. By December 31, 2022, all of the 132 homes were closed with an aggregate purchase cost of $ 30,998,258 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 27.5 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 years ended on December 31, 2022 and 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 Part of the Company’s real estate 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 and Black Oak projects, which represented approximately 29 70 ● 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 agreements have 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, at the end of the lease term, the Company provides the tenant with a one-year renewal option, including mostly the same terms and conditions provided under the initial lease term, subject to rent increases. The Company defers rental revenue related to lease payments received from tenants in advance of their due dates. These amounts are presented within deferred revenues and other payables on the Company’s 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. In the year ended December 31, 2022 and 2021, the Company did not 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 more quickly realize the revenue. The selling prices range from $ 3,000 4,500 126,737 289,375 Cost of Revenue ● Cost of Real Estate Sale All of the costs of real estate sales are from our land development business. Land acquisition costs are allocated to each lot based on the area method, the size of the lot comparing to the total size of all lots in the project. Development costs and capitalized interest are allocated to lots sold based on the total expected development and interest costs of the completed project and allocating a percentage of those costs based on the selling price of the sold lot compared to the expected sales values of all lots in the project. If allocation of development costs and capitalized interest based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on area method, the size of the lot comparing to the total size of all lots in the project. ● Cost of Rental Revenue Cost of rental revenue consists primarily of the costs associated with management and leasing fees to our management company, repairs and maintenance, depreciation and other related administrative costs. Utility expenses are paid directly by tenants. Biohealth Product Direct Sales. If any member returns a product to the Company on a timely basis, they may obtain a replacement product from the Company for such returned products. We do not have buyback program. However, when the customer requests a return and management decides that the refund is necessary, we initiate the refund after deducting all the benefits that a member has earned. The returns are deducted from our sales revenue on our financial statements. Allowances for product and membership returns 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. Product and membership returns for the years ended December 31, 2022 and 2021 were approximately $ 41,755 39,203 Annual Membership. 21,198 728,343 Other Businesses Food and Beverage The Company, through Hapi Café Inc. (“HCI-T”), commenced operation of two cafés during 2022 and 2021, which are located in Singapore and South Korea. The cafes are operated by subsidiaries of HCI-T, namely Hapi Café SG Pte. Limited (“HCSG”) in Singapore and Hapi Café Korea Inc. (“HCKI”) in Seoul, South Korea. Hapi Cafes are distinctive lifestyle café outlets that strive to revolutionize the way individuals dine, work, and live, by providing a conducive environment for everyone to relish the four facets – health and wellness, fitness, productivity, and recreation all under one roof. Remaining performance obligations. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation to employees in accordance with ASC 718, “Compensation-Stock Compensation”. ASC 718 requires companies to measure the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant date fair value of the award and to recognize it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. Stock option forfeitures are recognized at the date of employee termination. Effective January 1, 2019, the Company adopted ASU 2018-07 for the accounting of share-based payments granted to non-employees for goods and services. During the years ended on December 31, 2022 and 2021, the Company recorded $ 0 73,292 |
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 year 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 $ 547,845 1,363,061 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). The Company recorded other comprehensive gain of $ 508,277 3,974,966 |
Income Taxes | Income Taxes US Income Taxes Income tax expense represents the sum of the current tax expense and deferred tax expense. Income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantially enacted by the balance sheet date. Deferred income tax is provided in full, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are recognized for all temporary differences, except: ● Where the deferred tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction affects neither the accounting profit nor taxable profit or loss. ● In respect of temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be determined and it is probable that the temporary differences will not reverse in the foreseeable future; and ● In respect of deductible temporary differences and carry-forward of unutilized tax losses, if it is not probable that taxable profits will be available against which those deductible temporary differences and carry-forward of unutilized tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Current and deferred income tax are recognized as income or expense in the profit or loss, except to the extent that the tax arises from a business combination or a transaction which is recognized either in other comprehensive income or directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authorities on the same taxable entity, or on different tax entities, provided they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carry-forwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The differences relate primarily to net operating loss carryforward from date of acquisition and to the use of the cash basis of accounting for income tax purposes. The Company records an estimated valuation allowance on its deferred income tax assets if it is more likely than not that these deferred income tax assets will not be realized. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company has not recorded any unrecognized tax benefits. The Company’s 2021, 2020 and 2019 tax returns remain open to examination. Income Taxes in other countries Significant judgement is involved in determining the income taxes mainly in Singapore. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognizes liabilities for expected tax liabilities based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. |
Earnings (loss) per Share | Earnings (loss) per Share The Company presents basic and diluted earnings (loss) per share data for its common shares. Basic earnings (loss) per share is calculated by dividing the profit or loss attributable to common stock shareholders of the Company by the weighted-average number of common shares outstanding during the year, adjusted for treasury shares held by the Company. Diluted earnings (loss) per share is determined by adjusting the profit or loss attributable to common stock shareholders and the weighted-average number of common shares outstanding, adjusted for treasury shares held, for the effects of all dilutive potential ordinary shares, which comprise convertible securities, such as stock options, convertible bonds and warrants. At December 31, 2022 there were 456,653 1,248,822 |
Fair Value Measurements | Fair Value Measurements ASC 820, Fair Value Measurement and Disclosures Level 1: Observable inputs such as quoted prices (unadjusted) in an active market for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that are supported by little or no market activity; therefore, the inputs are developed by the Company using estimates and assumptions that the Company expects a market participant would use, including pricing models, discounted cash flow methodologies, or similar techniques. The carrying value of the Company’s financial instruments, including cash and restricted cash, accounts receivable and accounts payable and accrued expenses approximate fair value because of the short-term maturity of these financial instruments. The liabilities in connection with the conversion and make-whole features included within certain of the Company’s convertible notes payable and warrants are each classified as a level 3 liability. |
Non-controlling Interests | Non-controlling Interests Non-controlling interests represent the equity in subsidiary not attributable, directly or indirectly, to shareholders of the Company, and are presented separately in the Consolidated Statements of Operation and Other Comprehensive Loss, and within equity in the Consolidated Balance Sheets, separately from equity attributable to shareholders of the Company. On December 31, 2022 and 2021, the aggregate non-controlling interests in the Company were $ 11,009,149 21,912,268 |
Impairment of Long-lived Assets | Impairment of Long-lived Assets Our policy is to obtain an independent third-party valuation for each major project in the United States to identify triggering events for impairment. Our management may use a market comparison method to value other relatively small projects, such as the project in Perth, Australia. In addition to the annual assessment of potential triggering events in accordance with ASC 360 – Property Plant and Equipment (“ASC 360”), we apply a fair value-based impairment test to the net book value assets on an annual basis and on an interim basis if certain events or circumstances indicate that an impairment loss may have occurred. The company did not record any impairment for the year ended on December 31, 2022 and 2021. |
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 December 31, 2022 and 2021, the capitalized financing costs were $ 3,247,739 |
Related Party Transactions | Related Party Transactions The Company accounts for related party transactions in accordance with ASC 850 (“Related Party Disclosures”). A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. |
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 October 2021, the FASB issued ASU No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” ASU 2021-08 requires the company acquiring contract assets and contract liabilities obtained in a business combination to recognize and measure them in accordance with ASC 606, “Revenue from Contracts with Customers”. At the acquisition date, the company acquiring the business should record related revenue, as if it had originated the contract. Before the update such amounts were recognized by the acquiring company at fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The Company adopted these requirements prospectively, effective on the first day of the year 2023. 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 In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF SUBSIDIARIES | The Company’s consolidated financial statements include the financial positions, results of operations and cash flows of the following entities as of December 31, 2022 and 2021 as follows: SCHEDULE OF SUBSIDIARIES Attributable interest State or other jurisdiction of as of, Name of subsidiary consolidated under AEI incorporation or organization December 31, 2022 December 31, 2021 % % Alset Global Pte. Ltd. Singapore 100 100 Alset Business Development Pte. Ltd. Singapore 100 100 Global eHealth Limited Hong Kong 100 100 Alset International Limited Singapore 85.4 76.8 Singapore Construction & Development Pte. Ltd. Singapore 85.4 76.8 Art eStudio Pte. Ltd. Singapore 43.6 * 39.2 * Singapore Construction Pte. Ltd. Singapore 85.4 76.8 Global BioMedical Pte. Ltd. Singapore 85.4 76.8 Alset Innovation Pte. Ltd. Singapore 85.4 76.8 Health Wealth Happiness Pte. Ltd. Singapore 85.4 76.8 SeD Capital Pte. Ltd. Singapore 85.4 76.8 LiquidValue Asset Management Pte. Ltd. Singapore 85.4 76.8 * Alset Solar Limited Hong Kong 85.4 76.8 Alset F&B One Pte. Ltd. Singapore 76.9 69.2 Global TechFund of Fund Pte. Ltd. Singapore 100 76.8 Singapore eChainLogistic Pte. Ltd. Singapore 100 76.8 BMI Capital Partners International Limited Hong Kong 85.4 76.8 SeD Perth Pty Ltd Australia 85.4 76.8 SeD Intelligent Home Inc. United States of America 85.4 76.8 LiquidValue Development Inc. United States of America 85.4 76.8 Alset EHome Inc. United States of America 85.4 76.8 SeD USA, LLC United States of America 85.4 76.8 150 Black Oak GP, Inc. United States of America 85.4 76.8 SeD Development USA Inc. United States of America 85.4 76.8 150 CCM Black Oak, Ltd. United States of America 85.4 76.8 SeD Texas Home, LLC United States of America 85.4 76.8 SeD Ballenger, LLC United States of America 85.4 76.8 SeD Maryland Development, LLC United States of America 71.4 64.2 SeD Development Management, LLC United States of America 72.6 65.3 SeD Builder, LLC United States of America 85.4 76.8 Hapi Metaverse Inc. (f.k.a. GigWorld Inc.) United States of America 99.7 76.8 HotApp BlockChain Pte. Ltd. Singapore 99.7 76.6 HotApp International Limited Hong Kong 99.7 76.6 HWH International, Inc. United States of America 85.4 76.8 Health Wealth & Happiness Inc. United States of America 85.4 76.8 HWH Multi-Strategy Investment, Inc. United States of America 85.4 76.8 SeD REIT Inc. United States of America 85.4 76.8 Gig Stablecoin Inc. United States of America 99.7 76.6 HWH World Inc. United States of America 99.7 76.6 HWH World Pte. Ltd. Singapore 85.4 76.6 UBeauty Limited Hong Kong 85.4 76.8 WeBeauty Korea Inc South Korea 85.4 76.8 HWH World Limited Hong Kong 85.4 76.8 HWH World Inc. South Korea 85.4 76.8 Alset BioHealth Pte. Ltd. Singapore - 76.8 Alset Energy Pte. Ltd. Singapore - 76.8 GDC REIT Inc. (f.k.a. Alset Payment Inc.) United States of America 85.4 76.8 Alset World Pte. Ltd. Singapore - 76.8 BioHealth Water Inc. United States of America 85.4 76.8 Impact BioHealth Pte. Ltd. Singapore 85.4 76.8 American Home REIT Inc. United States of America 85.4 76.8 Alset Solar Inc. United States of America 68.3 61.5 HWH KOR Inc. United States of America 85.4 76.8 Open House Inc. United States of America 100 76.8 Open Rental Inc. United States of America 100 76.8 Hapi Cafe Inc. (Nevada) United States of America 100 76.8 Global Solar REIT Inc. United States of America 100 76.8 OpenBiz Inc. United States of America 100 76.8 Hapi Cafe Inc. (Texas) United States of America 85.4 100 HWH (S) Pte. Ltd. Singapore 85.4 76.8 True Partner International Limited Hong Kong - 100 LiquidValue Development Pte. Ltd. Singapore 100 100 LiquidValue Development Limited Hong Kong 100 100 Alset EPower Inc. United States of America 100 100 EPowerTech Inc. United States of America 100 100 AHR Asset Management Inc. United States of America 85.4 76.8 HWH World Inc. (Nevada) United States of America 85.4 76.8 Alset F&B Holdings Pte. Ltd. Singapore 85.4 76.8 Credas Capital Pte. Ltd. Singapore 42.7 * 38.4 * Smart Reward Express Limited Hong Kong 49.8 * 38.3 * Partners HWH Pte. Ltd. Singapore - 76.8 AHR Texas Two, LLC United States of America 85.4 76.8 AHR Black Oak One, LLC United States of America 85.4 76.8 Hapi Air Inc. United States of America 92.7 88.4 AHR Texas Three, LLC United States of America 85.4 76.8 Alset Capital Pte. Ltd. Singapore 100 100 Hapi Cafe Korea Inc. South Korea 85.4 100 Green Energy Inc. United States of America 100 100 Green Energy Management Inc. United States of America 100 100 Alset Metaverse Inc. United States of America 97.2 95.6 Alset Management Group Inc. United States of America 83.4 88.2 Alset Acquisition Sponsor, LLC United States of America 93.4 79.6 Alset Capital Acquisition Corp. United States of America 23.4 79.6 Alset Spac Group Inc. United States of America 93.4 - Hapi Travel Pte. Ltd. Singapore 85.4 - Hapi WealthBuilder Pte. Ltd. Singapore 85.4 - Alset Mining Pte. Ltd. Singapore 85.4 - HWH Marketplace Pte. Ltd. Singapore 85.4 - HWH International Inc. (Nevada) United States of America 85.4 - Hapi Cafe SG Pte. Ltd. Singapore 85.4 - Alset Reits Inc. United States of America 100 - Alset Home REIT Inc. United States of America 100 - Hapi Metaverse Inc. United States of America 99.7 - Hapi Cafe Limited Hong Kong 99.7 - MOC HK Limited Hong Kong 99.7 - AHR Texas Four, LLC United States of America 100 - Alset F&B (PLQ) Pte. Ltd. Singapore 85.4 - * 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. |
SCHEDULE OF UNAUDITED FINANCIAL INFORMATION | The following table presents summarized unaudited financial information for APB. SCHEDULE OF UNAUDITED FINANCIAL INFORMATION Summarized Financial Information Assets Liabilities Net Income (Loss) December 31, 2022 54,835,272 316,826 2,245,532 December 31, 2021 29,448,425 371,564 (536,481 ) |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 years ended December 31, 2022 and 2021: SCHEDULE OF SEGMENT INFORMATION Real Estate Digital Transformation Technology Biohealth Business Other Total Year Ended on December 31, 2022 Revenue $ 3,088,628 $ 69,915 $ 753,651 $ 568,248 $ 4,480,442 Cost of Sales (3,016,200 ) (23,423 ) (523,534 ) (168,833 ) (3,731,990 ) Gross Margin 72,428 46,492 230,117 399,415 748,452 Operating Expenses (1,479,674 ) (414,167 ) (850,044 ) (5,093,941 ) (7,837,826 ) Operating Income (Loss) (1,407,246 ) (367,675 ) (619,927 ) (4,694,526 ) (7,089,374 ) Other Income (Expense) 5,885 (1,359,977 ) (4,669,309 ) (33,099,730 ) (39,123,131 ) Net Income (Loss) Before Income Tax (1,401,361 ) (1,727,652 ) (5,289,236 ) (37,794,256 ) (46,212,505 ) Real Estate Digital Transformation Technology Biohealth Business Other Total Year Ended on December 31, 2021 Revenue $ 14,213,379 $ - $ 5,543,066 $ 42,377 $ 19,798,822 Cost of Sales (11,073,756 ) - (214,019 ) (14,039 ) (11,301,814 ) Gross Margin 3,139,623 - 5,329,047 28,338 8,497,008 Operating Expenses (1,136,031 ) (183,429 ) (3,624,200 ) (18,547,470 ) (23,491,130 ) Operating Income (Loss) 2,003,592 (183,429 ) 1,704,847 (18,519,132 ) (14,994,122 ) Other Income (Expense) (8,955 ) 1,286,962 (39,265,445 ) (65,502,017 ) (103,489,455 ) Net Income (Loss) Before Income Tax 1,994,637 1,103,533 (37,560,598 ) (84,021,149 ) (118,483,577 ) December 31, 2022 Cash and Restricted Cash $ 2,592,577 $ 514,260 $ 1,338,404 $ 14,076,662 $ 18,521,903 Total Assets 57,951,324 3,184,416 4,861,615 87,492,981 153,490,336 December 31, 2021 Cash and Restricted Cash $ 7,493,921 $ 245,780 $ 2,629,464 $ 50,433,014 $ 60,802,179 Total Assets 55,465,600 2,199,466 11,056,779 115,488,298 184,210,143 |
REAL ESTATE ASSETS (Tables)
REAL ESTATE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
SCHEDULE OF REAL ESTATE ASSETS | As of December 31, 2022 and 2021, real estate assets consisted of the following: SCHEDULE OF REAL ESTATE ASSETS December 31, 2022 December 31, 2021 Construction in Progress $ 15,506,572 $ 8,597,023 Land Held for Development 7,943,126 7,098,104 Rental Properties 31,169,031 24,820,253 Total Real Estate Assets $ 54,618,729 $ 40,515,380 |
SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES | The following table presents the summary of our SRFs as of December 31, 2022: SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES Number of Homes Aggregate Average SFRs 132 $ 30,998,258 $ 234,835 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF NOTES PAYABLE | As of December 31, 2022 and 2021, notes payable consisted of the following: SCHEDULE OF NOTES PAYABLE December 31, December 31, ($) ($) PPP Loan - 68,502 Australia Loan - 162,696 Motor Vehicle Loans 181,846 86,473 Total notes payable $ 181,846 $ 317,671 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED | The following table presents net funds received from the May Offering and warrants exercised as of December 31, 2022. SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED Shares Par value Amount received Offering 235,032 $ 235 $ 29,145,056 Exercise of Pre-Funded Units 80,550 $ 81 $ 16,110 Exercise of Underwriter’s Series A Warrants 40,418 $ 40 $ 3,755,774 Exercise of Series A and Series B Warrants 68,366 $ 68 $ 6,937,347 Offering Expenses - $ - $ (88,848 ) Total 424,366 $ 424 $ 39,765,439 The following table presents net funds received from the July Offering and warrants exercised as of December 31, 2022. Shares Par value Amount received Offering 266,207 $ 266 $ 28,957,297 Exercise of Pre-Funded Units 488,510 $ 489 $ 97,702 Exercise of Underwriter’s Over-Allotment Option 113,207 $ 113 $ 4,386,998 Offering Expenses - $ - $ (49,553 ) Total 867,924 $ 868 $ 33,392,444 The following table presents net funds received from the December Offering and warrants exercised as of December 31, 2022. Shares Par value Amount received Offering 946,166 $ 946 $ 27,263,673 Exercise of Pre-Funded Units 761,167 $ 761 $ 8,823 Exercise of Underwriter’s Over-Allotment Option 375,000 $ 375 $ 4,115,000 Offering Expenses - $ - $ (40,621 ) Total 2,082,333 $ 2,082 $ 31,346,875 |
SCHEDULE OF WARRANT ACTIVITY | 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, 2021 1,426,657 $ 35.80 1.88 $ - Warrants Vested and exercisable at December 31, 2021 1,426,657 $ 35.80 1.88 $ - Granted - - Exercised (792,169 ) 0.02 Forfeited, cancelled, expired - - Warrants Outstanding as of December 31, 2022 634,488 $ 80.40 3.23 $ - Warrants Vested and exercisable at December 31, 2022 634,488 $ 80.40 3.23 $ - |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
SCHEDULE OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX | The following is a summary of the changes in the balances of accumulated other comprehensive income, net of tax: SCHEDULE OF CHANGES IN 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, 2022 $ (90,031 ) $ (367,895 ) $ 799,572 $ 341,646 Other Comprehensive Income 35,110 489,167 2,970,140 3,494,417 Balance at December 31, 2022 $ (54,921 ) $ 121,272 $ 3,769,712 $ 3,836,063 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 Balance at beginning $ (48,758 ) $ 2,258,017 $ (65,921 ) $ 2,143,338 Other Comprehensive Income (41,273 ) (2,625,912 ) 865,493 (1,801,692 ) Balance at December 31, 2021 $ (90,031 ) $ (367,895 ) $ 799,572 $ 341,646 Balance at end $ (90,031 ) $ (367,895 ) $ 799,572 $ 341,646 |
LEASE INCOME (Tables)
LEASE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease Income | |
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS | SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS 2023 1,148,308 2024 11,145 Total Future Receipts $ 1,159,453 |
INVESTMENTS MEASURED AT FAIR _2
INVESTMENTS MEASURED AT FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Investment Income [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 sheets as of December 31, 2022 and 2021: SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Amount at Fair Value December 31, 2022 Assets Investment Securities- Fair Value Option $ 76,264,051 $ 13,749,957 $ - $ - $ 13,749,957 Investment Securities- Trading 11,268,362 5,315,204 - - 5,315,204 Convertible Note Receivable 138,599 - - 88,599 88,599 Warrants - American Premium Water 696,791 - - 327,565 327,565 Warrants - AMRE - - - - - Total Investment in Securities at Fair Value $ 88,367,803 $ 19,065,161 $ - $ 416,164 $ 19,481,325 Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Amount at Fair Value December 31, 2021 Assets Investment Securities- Fair Value Option $ 72,000,301 $ 25,320,694 $ - $ - $ 25,320,694 Investment Securities- Trading 9,809,778 9,908,077 - - 9,908,077 Convertible Note Receivable 138,599 - - 98,398 98,398 Warrants - American Premium Water 696,791 - - 1,009,854 1,009,854 Warrants - AMRE - - - - - Total Investment in Securities at Fair Value $ 82,645,469 $ 35,228,771 $ - $ 1,108,252 $ 36,337,023 |
SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT | SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT Share price Market Value 12/31/2022 Shares 12/31/2022 Valuation DSS (Related Party) $ 0.164 62,812,264 $ 10,301,211 Investment in Securities at Fair Value AMBS (Related Party) $ 0.002 20,000,000 $ 34,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.20 42,999,621 $ 850,432 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.001 354,039,000 $ 212,423 Investment in Securities at Fair Value Value Exchange $ 0.170 13,834,643 $ 2,351,889 Investment in Securities at Fair Value Trading Stock $ 5,315,204 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 19,065,161 Nervotech N/A 1,666 $ 35,958 Investment in Securities at Cost HWH World Co. N/A 3,800 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 19,609 Investment in Securities at Cost Total Equity Securities $ 19,163,290 Share price Market Value 12/31/2021 Shares 12/31/2021 Valuation DSS (Related Party) $ 0.672 19,888,262 $ 13,364,912 Investment in Securities at Fair Value AMBS (Related Party) $ 0.016 20,000,000 $ 328,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.034 43,626,621 $ 1,489,179 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.002 354,039,000 $ 778,886 Investment in Securities at Fair Value True Partner $ 0.119 62,122,908 $ 7,409,717 Investment in Securities at Fair Value Value Exchange $ 0.300 6,500,000 $ 1,950,000 Investment in Securities at Fair Value Trading Stock $ 9,908,077 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 35,228,771 Nervotech N/A 1,666 $ 37,045 Investment in Securities at Cost HWH World Co. N/A 3,800 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 19,609 Investment in Securities at Cost Total Equity Securities $ 35,327,987 |
SCHEDULE OF FAIRVALUE OF FINANCIAL INVESTMENTS | The following table presents summarized unaudited financial information for our investments that we elected the fair value option that would otherwise be accounted for under the equity method of accounting. SCHEDULE OF FAIRVALUE OF FINANCIAL INVESTMENTS Summarized Financial Information Assets Liabilities Net Income (Loss) December 31, 2022 NECV* $ 1,038,946 $ 2,507,797 $ 128,968 Holista $ 3,717,593 $ 2,660,281 $ (1,053,668 ) DSS* $ 264,880,000 $ 82,231,000 $ (52,214,667 ) VEII* $ 5,047,729 $ 2,676,237 $ 185,321 December 31, 2021 NECV $ 348,688 $ 4,049,594 $ (873,550 ) Holista $ 5,031,866 $ 2,870,177 $ (1,018,871 ) DSS $ 284,826,000 $ 84,522,000 $ (31,921,000 ) * Data derived from Financial Statement as of September 30, 2022 which was the latest available date source we could reach. 12-month Net Income (Loss) was estimated by adding one-third of 9-month Net Loss. |
Sharing Services Convertible Note [Member] | |
Net Investment Income [Line Items] | |
SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS | The fair value of the Sharing Services Convertible Note under level 3 category as of December 31, 2021 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS December 31, December 31, Dividend yield - % 0.00 % Expected volatility - % 138.85 % Risk free interest rate - % 3.25 % Contractual term (in years) - 0.76 Exercise price $ - $ 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 years ended December 31, 2022 and 2021: SCHEDULE OF CHANGE IN FAIR VALUE Total Balance at January 1, 2021 $ 38,604,701 Net loss (57,179 ) Conversion of DSS Preferred Stock (37,439,270 ) Balance at December 31, 2021 $ 1,108,252 Net gain 40,201 Balance at December 31, 2022 $ 1,148,453 |
NECV Warrants [Member] | |
Net Investment Income [Line Items] | |
SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS | The fair value of the NECV warrants under level 3 category as of December 31, 2022 and 2021 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS December 31, 2022 December 31, 2021 As of As of December 31, 2022 December 31, 2021 Stock Price $ 0.0006 $ 0.0022 Exercise Price $ 0.001 $ 0.001 Risk-free Interest Rate 3.95 % 1.48 % Annualized volatility 186.1 % 186.5 % Dividend Yield 0.00 0.00 Year to Maturity 7.56 8.58 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) | The components of income tax expense and the effective tax rates for the years ended December 31, 2022 and 2021 are as follows: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 2022 2021 Year Ended December 31, 2022 2021 Current: Federal $ - $ 45,736 State - 46,179 Total Current - 91,916 Deferred: Federal (3,905,452 ) (2,725,007 ) State 1,163,407 (1,266,545 ) Total Deferred (2,742,045 ) (3,991,553 ) Valuation Allowance 2,742,045 3,991,553 Total Income Tax Expense $ - $ 91,916 Pre-tax Loss $ (46,212,505 ) $ (118,483,577 ) Effective Income Tax Rate 0.0 % -0.1 % |
SCHEDULE OF RECONCILIATION OF INCOME TAX | A reconciliation of our income tax expense at federal statutory income tax rate of 21% to our income tax expense at the effective tax rate is as follows: SCHEDULE OF RECONCILIATION OF INCOME TAX 2022 2021 Year Ended December 31, 2022 2021 Federal Statutory Tax Rate 21.0 % 21.0 % State Income Tax, Net of Federal Income Taxes 0.0 % 0.0 % Intercompany Management & Oversight Fees 0.0 % -0.1 % Capitalized Construction Costs 0.0 % 0.2 % Minority interest in Partnerships 0.0 % 0.1 % Deferred Finance Costs -0.4 % -0.2 % Amort of BCF Debt Discount 0.0 % -9.0 % Miscellaneous Permanent Items 0.2 % 0.0 % Non includible foreign entities loss/(income) -13.8 % -9.6 % Valuation Allowance -7.1 % -2.5 % Effective Income Tax Rate 0.0 % -0.1 % |
SCHEDULE OF DEFERRED TAX ASSETS | Deferred tax assets consist of the following at December 31, 2022 and 2021: SCHEDULE OF DEFERRED TAX ASSETS 2022 2021 Interest Income (6,304,175 ) (5,660,333 ) Interest Expense 5,802,873 5,100,076 Depreciation and Amortization (140,886 ) (10,434 ) Impairment 2,253,228 2,253,228 Accrued Expense 1,102,779 60,662 Unrealized Loss on Investment 4,324,883 2,512,554 Partnership Loss 13,175 13,175 Other Amortization 1,160,710 - Others 377,180 (224,637 ) Net Operating Loss 1,297,770 2,047,388 Total deferred tax asset 9,887,537 6,091,679 Valuation Allowance (9,887,537 ) (6,091,679 ) Net Deferred Tax Asset - - |
SCHEDULE OF OTHER COUNTRY INCOME TAXES | As of December 31, 2022: SCHEDULE OF OTHER COUNTRY INCOME TAXES SG Companies HK Companies KR Companies AU Companies Total Calculation: Cumulative loss & other deferred tax assets before tax $ (25,140,421 ) $ - $ - $ - $ (25,140,421 ) Effective tax rates 17.00 % 16.50 % 25.00 % 30.00 % Tax at the domestic tax rates applicable to profits in the countries where the Company operates $ (4,273,872 ) $ - $ - $ - $ (4,273,872 ) Adjustments: Deferred tax assets not recognized $ 4,273,872 $ - $ - $ - $ 4,273,872 Income tax expenses recognized in profit or loss $ - $ - $ - $ - $ - As of December 31, 2021: SG Companies HK Companies KR Companies AU Companies Total Calculation: Cumulative loss & other deferred tax assets before tax $ (11,692,089 ) $ - $ - $ - $ (11,692,089 ) Effective tax rates 17.00 % 16.50 % 19.24 % 30.00 % Tax at the domestic tax rates applicable to profits in the countries where the Company operates $ (1,987,655 ) $ - $ - $ - $ (1,987,655 ) Adjustments: Deferred tax assets not recognized $ 1,987,655 $ - $ - $ - $ 1,987,655 Income tax expenses recognized in profit or loss $ - $ - $ 442,098 $ - $ 442,098 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Singapore - AI June 2022 to May 2023 Singapore – F&B October 2021 to September 2024 Singapore – Four Seasons Park July 2022 to July 2024 Singapore – Hapi Cafe July 2022 to June 2024 Singapore - PLQ December 2022 to July 2024 Hong Kong October 2022 to October 2024 Hong Kong - Warehouse November 2022 to October 2024 Hong Kong - Shop October 2022 to September 2024 South Korea - Hapi Café August 2022 to August 2025 South Korea - HWH World August 2022 to July 2025 Magnolia, Texas, USA May 2022 to January 2023 Bethesda, Maryland, USA January 2021 to March 2024 |
SCHEDULE OF LEASE PAYMENTS | The table below summarizes future payments due under these leases as of December 31, 2022. For the Years Ended December 31: SCHEDULE OF LEASE PAYMENTS 2023 $ 944,807 2024 656,668 2025 195,811 Total Minimum Lease Payments 1,797,287 Less: Effect of Discounting (169,248 ) Present Value of Future Minimum Lease Payments 1,628,039 Less: Current Obligations under Leases (45,556 ) Long-term Lease Obligations $ 1,582,483 |
DIRECTORS AND EMPLOYEES_ BENE_2
DIRECTORS AND EMPLOYEES’ BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF OPTION ACTIVITY | The following tables summarize stock option activity under the 2013 Plan for the year ended December 31, 2022: SCHEDULE OF OPTION ACTIVITY Options for Common Shares Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2021 1,061,333 $ 0.09 3.00 $ - Vested and exercisable at January 1, 2021 1,061,333 $ 0.09 3.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of December 31, 2021 1,061,333 $ 0.09 2.00 $ - Vested and exercisable at December 31, 2021 1,061,333 $ 0.09 2.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of December 31, 2022 1,061,333 $ 0.09 1.00 $ - Vested and exercisable at December 31, 2022 1,061,333 $ 0.09 1.00 $ - |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended | |||||||||||||
Feb. 28, 2022 shares | Jan. 27, 2022 shares | Jan. 17, 2022 shares | Dec. 13, 2021 USD ($) $ / shares shares | Dec. 08, 2021 USD ($) shares | Jul. 30, 2021 USD ($) shares | May 13, 2021 USD ($) shares | Nov. 24, 2020 USD ($) shares | Jun. 24, 2020 shares | Oct. 01, 2018 shares | Dec. 31, 2022 USD ($) a Integer shares | Dec. 31, 2021 USD ($) ft² shares | Aug. 16, 2021 a | Oct. 13, 2019 USD ($) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Number of shares issued | 3,374,624 | 3,374,624 | 3,374,624 | 108,000 | ||||||||||
Number of shares held in entity | 2,983,918,265 | 2,810,999,176 | ||||||||||||
Number of warrants held in entity | 0 | 10,000,000 | ||||||||||||
Stock issued value | $ | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | $ 13,200,000 | $ 3,895 | $ 104,565,659 | ||||||||
Principal amount | $ | $ 140,000 | |||||||||||||
Interest rate | 2.50% | |||||||||||||
Debt conversion of shares | 500,000 | |||||||||||||
CommonStockSharesIssued | 7,422,846 | 4,368,422 | ||||||||||||
Common stock, shares, outstanding | 3,492,713,362 | 7,422,846 | 4,368,422 | |||||||||||
Number of operating segments | Integer | 4 | |||||||||||||
Area of land | 197 | 15,811 | 19.5 | |||||||||||
Revenues | $ | $ 4,480,442 | $ 19,798,822 | ||||||||||||
Deferred revenue | $ | 21,198 | 728,343 | ||||||||||||
Revenue From Other Busines [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Revenues | $ | $ 568,248 | $ 42,377 | ||||||||||||
Alset Global Pte. Ltd. [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Ownership | 100% | 100% | 100% | |||||||||||
Number of exchanged shares | 425,000 | |||||||||||||
Alset International Inc [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Ownership | 85.40% | 76.80% | ||||||||||||
Heng Fai Enterprises Pte. Ltd. [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Ownership | 100% | |||||||||||||
Number of exchanged shares | 25,000 | |||||||||||||
Globale Health Limited [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Ownership | 100% | 100% | ||||||||||||
Number of exchanged shares | 50,000 | |||||||||||||
HFE Holdings Limited [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Number of shares surrendered | 180,000 | |||||||||||||
Alset International [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Number of ordinary shares issued | 293,428,200 | |||||||||||||
Shares issued and outstanding percentage | 8.40% | |||||||||||||
CommonStockSharesIssued | 3,492,713,362 | |||||||||||||
Common stock, shares, outstanding | 3,492,713,362 | |||||||||||||
FKA Sed Intelligent Home Inc [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Ownership | 99.90% | |||||||||||||
Hapi Metaverse Inc. [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Ownership | 99.70% | |||||||||||||
HWH World [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Ownership | 19% | |||||||||||||
Revenues | $ | $ 753,651 | $ 5,543,066 | ||||||||||||
Deferred revenue | $ | $ 21,198 | $ 728,343 | ||||||||||||
Chan Heng Fai [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Number of shares issued | 1,765,964 | 1,473,449 | 50 | |||||||||||
Number of shares surrendered | 50 | |||||||||||||
Principal amount | $ | $ 6,250,000 | |||||||||||||
Interest rate | 3% | |||||||||||||
Due date | Dec. 31, 2024 | |||||||||||||
Debt conversion price | $ / shares | $ 12.50 | |||||||||||||
Debt conversion of shares | 500,000 | |||||||||||||
Number of ordinary shares issued | 293,428,200 | 293,428,200 |
SCHEDULE OF SUBSIDIARIES (Detai
SCHEDULE OF SUBSIDIARIES (Details) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Oct. 01, 2018 | |||
Alset Global Pte. Ltd. [Member] | |||||
Name of subsidiary | Alset Global Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 100% | 100% | 100% | ||
Alset Business Development Pte Ltd [Member] | |||||
Name of subsidiary | Alset Business Development Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 100% | 100% | |||
Globale Health Limited [Member] | |||||
Name of subsidiary | Global eHealth Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 100% | 100% | |||
Alset International Inc [Member] | |||||
Name of subsidiary | Alset International Limited | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Singapore Construction & Development Pte. Ltd. [Member] | |||||
Name of subsidiary | Singapore Construction & Development Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Art eStudio Pte. Ltd. [Member] | |||||
Name of subsidiary | Art eStudio Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | [1] | 43.60% | 39.20% | ||
Singapore Construction Pte. Ltd. [Member] | |||||
Name of subsidiary | Singapore Construction Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Global Bio Medical Pte Ltd [Member] | |||||
Name of subsidiary | Global BioMedical Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Alset Innovation Pte Ltd [Member] | |||||
Name of subsidiary | Alset Innovation Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Health Wealth Happiness Pte Ltd [Member] | |||||
Name of subsidiary | Health Wealth Happiness Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
SeD Capital Pte Ltd [Member] | |||||
Name of subsidiary | SeD Capital Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Liquid Value Asset Management Pte Ltd [Member] | |||||
Name of subsidiary | LiquidValue Asset Management Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | [1] | ||
Alset Solar Limited [Member] | |||||
Name of subsidiary | Alset Solar Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Alset F&B one Pte Ltd [Member] | |||||
Name of subsidiary | Alset F&B One Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 76.90% | 69.20% | |||
Global TechFund of Fund Pte Ltd [Member] | |||||
Name of subsidiary | Global TechFund of Fund Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 100% | 76.80% | |||
Singapore eChain Logistic Pte Ltd [Member] | |||||
Name of subsidiary | Singapore eChainLogistic Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 100% | 76.80% | |||
BMI Capital Partners International Limited [Member] | |||||
Name of subsidiary | BMI Capital Partners International Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
SeD Perth Pty Ltd [Member] | |||||
Name of subsidiary | SeD Perth Pty Ltd | ||||
State or other jurisdiction of incorporation or organization | Australia | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
SeD Intelligent Home Inc [Member] | |||||
Name of subsidiary | SeD Intelligent Home Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
LiquidValue Development Inc [Member] | |||||
Name of subsidiary | LiquidValue Development Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Alset EHome Inc [Member] | |||||
Name of subsidiary | Alset EHome Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
SeD USA, LLC [Member] | |||||
Name of subsidiary | SeD USA, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
150 Black Oak GP Inc [Member] | |||||
Name of subsidiary | 150 Black Oak GP, Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
SeD Development USA Inc [Member] | |||||
Name of subsidiary | SeD Development USA Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
150 CCM Black Oak Ltd [Member] | |||||
Name of subsidiary | 150 CCM Black Oak, Ltd. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
SeD Texas Home LLC [Member] | |||||
Name of subsidiary | SeD Texas Home, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
SeD Ballenger LLC [Member] | |||||
Name of subsidiary | SeD Ballenger, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
SeD Maryland Development LLC [Member] | |||||
Name of subsidiary | SeD Maryland Development, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 71.40% | 64.20% | |||
SeD Development Management LLC [Member] | |||||
Name of subsidiary | SeD Development Management, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 72.60% | 65.30% | |||
SeD Builder LLC [Member] | |||||
Name of subsidiary | SeD Builder, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Gig World Inc [Member] | |||||
Name of subsidiary | Hapi Metaverse Inc. (f.k.a. GigWorld Inc.) | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 99.70% | 76.80% | |||
Hot App Block Chain Pte .Ltd [Member] | |||||
Name of subsidiary | HotApp BlockChain Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 99.70% | 76.60% | |||
HotApp International Limited [Member] | |||||
Name of subsidiary | HotApp International Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 99.70% | 76.60% | |||
HWH International Inc [Member] | |||||
Name of subsidiary | HWH International, Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Health Wealth & Happiness Inc [Member] | |||||
Name of subsidiary | Health Wealth & Happiness Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
HWH Multi-Strategy Investment Inc [Member] | |||||
Name of subsidiary | HWH Multi-Strategy Investment, Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
SeD REIT Inc [Member] | |||||
Name of subsidiary | SeD REIT Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Gig Stablecoin Inc [Member] | |||||
Name of subsidiary | Gig Stablecoin Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 99.70% | 76.60% | |||
HWH World Inc. [Member] | |||||
Name of subsidiary | HWH World Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 99.70% | 76.60% | |||
HWH World Pte. Ltd. [Member] | |||||
Name of subsidiary | HWH World Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.60% | |||
UBeauty Limited [Member] | |||||
Name of subsidiary | UBeauty Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
WeBeauty Korea Inc [Member] | |||||
Name of subsidiary | WeBeauty Korea Inc | ||||
State or other jurisdiction of incorporation or organization | South Korea | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
HWH World Limited [Member] | |||||
Name of subsidiary | HWH World Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
HWH World Inc One [Member] | |||||
Name of subsidiary | HWH World Inc. | ||||
State or other jurisdiction of incorporation or organization | South Korea | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Alset Bio Health Pte Ltd [Member] | |||||
Name of subsidiary | Alset BioHealth Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 76.80% | ||||
Alset Energy Pte Ltd [Member] | |||||
Name of subsidiary | Alset Energy Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 76.80% | ||||
GDCREIT Inc [Member] | |||||
Name of subsidiary | GDC REIT Inc. (f.k.a. Alset Payment Inc.) | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Alset World Pte. Ltd. [Member] | |||||
Name of subsidiary | Alset World Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 76.80% | ||||
Bio Health Water Inc [Member] | |||||
Name of subsidiary | BioHealth Water Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Impact Bio Health Pte.Ltd [Member] | |||||
Name of subsidiary | Impact BioHealth Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
American Home REIT Inc [Member] | |||||
Name of subsidiary | American Home REIT Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Alset Solar Inc [Member] | |||||
Name of subsidiary | Alset Solar Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 68.30% | 61.50% | |||
HWHKOR Inc [Member] | |||||
Name of subsidiary | HWH KOR Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Open House Inc [Member] | |||||
Name of subsidiary | Open House Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | 76.80% | |||
Open Rental Inc [Member] | |||||
Name of subsidiary | Open Rental Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | 76.80% | |||
Hapi Cafe Inc. (Nevada) [Member] | |||||
Name of subsidiary | Hapi Cafe Inc. (Nevada) | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | 76.80% | |||
Global Solar REIT Inc [Member] | |||||
Name of subsidiary | Global Solar REIT Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | 76.80% | |||
OpenBiz Inc [Member] | |||||
Name of subsidiary | OpenBiz Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | 76.80% | |||
Hapi Cafe Inc (Texas) [Member] | |||||
Name of subsidiary | Hapi Cafe Inc. (Texas) | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 100% | |||
HWH (S) Pte Ltd [Member] | |||||
Name of subsidiary | HWH (S) Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
True Partner International Limited [Member] | |||||
Name of subsidiary | True Partner International Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 100% | ||||
Liquid Value Development Pte Ltd [Member] | |||||
Name of subsidiary | LiquidValue Development Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 100% | 100% | |||
LiquidValue Development Limited [Member] | |||||
Name of subsidiary | LiquidValue Development Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 100% | 100% | |||
Alset EPower Inc [Member] | |||||
Name of subsidiary | Alset EPower Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | 100% | |||
EPowerTech Inc [Member] | |||||
Name of subsidiary | EPowerTech Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | 100% | |||
AHR Asset Management Inc [Member] | |||||
Name of subsidiary | AHR Asset Management Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
HWH World Inc (Nevada) [Member] | |||||
Name of subsidiary | HWH World Inc. (Nevada) | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Alset F&B Holdings Pte Inc [Member] | |||||
Name of subsidiary | Alset F&B Holdings Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Credas Capital Pte Ltd [Member] | |||||
Name of subsidiary | Credas Capital Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | [1] | 42.70% | 38.40% | ||
Smart Reward Express Limited [Member] | |||||
Name of subsidiary | Smart Reward Express Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | [1] | 49.80% | 38.30% | ||
Partners HWH Pte Ltd [Member] | |||||
Name of subsidiary | Partners HWH Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 76.80% | ||||
AHR Texas Two LLC [Member] | |||||
Name of subsidiary | AHR Texas Two, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
AHR Black Oak One LLC [Member] | |||||
Name of subsidiary | AHR Black Oak One, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Hapi Air Inc [Member] | |||||
Name of subsidiary | Hapi Air Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 92.70% | 88.40% | |||
AHR Texas Three, LLC [Member] | |||||
Name of subsidiary | AHR Texas Three, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | 76.80% | |||
Alset Capital Pte Ltd [Member] | |||||
Name of subsidiary | Alset Capital Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 100% | 100% | |||
Hapi Cafe Korea Inc [Member] | |||||
Name of subsidiary | Hapi Cafe Korea Inc. | ||||
State or other jurisdiction of incorporation or organization | South Korea | ||||
Subsidiary percentage | 85.40% | 100% | |||
Green Energy Inc [Member] | |||||
Name of subsidiary | Green Energy Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | 100% | |||
Green Energy Management Inc [Member] | |||||
Name of subsidiary | Green Energy Management Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | 100% | |||
Alset Metaverse Inc [Member] | |||||
Name of subsidiary | Alset Metaverse Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 97.20% | 95.60% | |||
Alset Management Group Inc [Member] | |||||
Name of subsidiary | Alset Management Group Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 83.40% | 88.20% | |||
Alset Acquisition Sponsor LLC [Member] | |||||
Name of subsidiary | Alset Acquisition Sponsor, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 93.40% | 79.60% | |||
Alset Capital Acquisitions Corp [Member] | |||||
Name of subsidiary | Alset Capital Acquisition Corp. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 23.40% | 79.60% | |||
Alset Spac Group Inc [Member] | |||||
Name of subsidiary | Alset Spac Group Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 93.40% | ||||
Hapi Travel Pte. Ltd. [Member] | |||||
Name of subsidiary | Hapi Travel Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | ||||
Hapi Wealth Builder Pte. Ltd. [Member] | |||||
Name of subsidiary | Hapi WealthBuilder Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | ||||
Alset Mining Pte Ltd [Member] | |||||
Name of subsidiary | Alset Mining Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | ||||
HWH Marketing Place Pte Ltd [Member] | |||||
Name of subsidiary | HWH Marketplace Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | ||||
HWH International Inc Nevada [Member] | |||||
Name of subsidiary | HWH International Inc. (Nevada) | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 85.40% | ||||
Hapi Cafe SG Pte [Member] | |||||
Name of subsidiary | Hapi Cafe SG Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | ||||
Alset Reits Inc [Member] | |||||
Name of subsidiary | Alset Reits Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | ||||
Alset Home REIT Inc [Member] | |||||
Name of subsidiary | Alset Home REIT Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | ||||
Hapi Metaverse Inc. [Member] | |||||
Name of subsidiary | Hapi Metaverse Inc. | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 99.70% | ||||
Hapi Cafe Limited [Member] | |||||
Name of subsidiary | Hapi Cafe Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 99.70% | ||||
MOC HK Limited [Member] | |||||
Name of subsidiary | MOC HK Limited | ||||
State or other jurisdiction of incorporation or organization | Hong Kong | ||||
Subsidiary percentage | 99.70% | ||||
AHR Texas Four, LLC [Member] | |||||
Name of subsidiary | AHR Texas Four, LLC | ||||
State or other jurisdiction of incorporation or organization | United States of America | ||||
Subsidiary percentage | 100% | ||||
Alset F&B (PLQ) Pte. Ltd. [Member] | |||||
Name of subsidiary | Alset F&B (PLQ) Pte. Ltd. | ||||
State or other jurisdiction of incorporation or organization | Singapore | ||||
Subsidiary percentage | 85.40% | ||||
[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. |
SCHEDULE OF UNAUDITED FINANCIAL
SCHEDULE OF UNAUDITED FINANCIAL INFORMATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | $ 153,490,336 | $ 184,210,143 |
Liabilities | 4,827,221 | 13,920,357 |
American Pacific Bancorp Inc. [Member] | ||
Assets | 54,835,272 | 29,448,425 |
Liabilities | 316,826 | 371,564 |
Net income loss | $ 2,245,532 | $ (536,481) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 1 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Oct. 17, 2022 USD ($) shares | Jul. 12, 2022 USD ($) shares | Feb. 03, 2022 USD ($) $ / shares shares | Jan. 27, 2022 shares | Dec. 08, 2021 USD ($) shares | Sep. 08, 2021 USD ($) shares | Jul. 30, 2021 USD ($) shares | Jun. 14, 2021 USD ($) shares | May 13, 2021 USD ($) shares | Apr. 12, 2021 USD ($) shares | Mar. 18, 2021 USD ($) | Mar. 12, 2021 USD ($) $ / shares shares | Feb. 26, 2021 USD ($) $ / shares | Nov. 24, 2020 USD ($) shares | Oct. 15, 2020 USD ($) shares | Sep. 30, 2020 USD ($) shares | Sep. 08, 2020 USD ($) shares | Sep. 30, 2022 USD ($) | Jul. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Nov. 29, 2023 USD ($) | Dec. 31, 2022 AUD ($) | Jul. 14, 2022 USD ($) | Oct. 29, 2021 USD ($) | Jun. 10, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 02, 2020 USD ($) | Oct. 13, 2019 USD ($) | |
Common stock, voting rights | more than 50% of the voting common stock | |||||||||||||||||||||||||||||||
Depreciation expenses | $ 963,077 | $ 166,451 | ||||||||||||||||||||||||||||||
Warrants and rights outstanding | $ 1,248,822 | $ 456,653 | $ 1,248,822 | |||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||||||
Shares issued per share | $ / shares | $ 10.03 | |||||||||||||||||||||||||||||||
Shares issued for acquisition | shares | 7,276,163 | |||||||||||||||||||||||||||||||
Beneficial conversion feature value | $ 50,770,192 | |||||||||||||||||||||||||||||||
Debt conversion instrument, shares issued | shares | 500,000 | |||||||||||||||||||||||||||||||
Issuance of shares of common stock | shares | 3,374,624 | 3,374,624 | 3,374,624 | 108,000 | ||||||||||||||||||||||||||||
Cash equivalents | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||||||
Restricted cash | 4,740,870 | 694,520 | 4,740,870 | |||||||||||||||||||||||||||||
Account receivables | 39,622 | 46,522 | 39,622 | |||||||||||||||||||||||||||||
Accounts receivable, net | 2,500 | 0 | 2,500 | |||||||||||||||||||||||||||||
Accounts receivable, allowance of doubtful accounts | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Payments to acquire equity securities, FV-NI | $ 1,743,734 | 8,429,620 | 19,390,318 | |||||||||||||||||||||||||||||
Fair value of stock option | ||||||||||||||||||||||||||||||||
Invested amount | 82,645,469 | 88,367,803 | 82,645,469 | |||||||||||||||||||||||||||||
Gain on loss on investment | $ 74,827 | |||||||||||||||||||||||||||||||
Cost method investments, original cost | 99,216 | 98,129 | $ 99,216 | |||||||||||||||||||||||||||||
Gain on deconsolidation | $ 16,557,582 | |||||||||||||||||||||||||||||||
Exercise of options | shares | ||||||||||||||||||||||||||||||||
Additional paid in capital | 296,181,977 | $ 322,534,891 | $ 296,181,977 | |||||||||||||||||||||||||||||
Investment securities | 31,350,358 | 49,190,748 | ||||||||||||||||||||||||||||||
Number of shares issued, value | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | $ 13,200,000 | 3,895 | 104,565,659 | ||||||||||||||||||||||||||
Investment in capital | 21,111,575 | |||||||||||||||||||||||||||||||
Convertible debt, fair value disclosures | 9,799 | 9,799 | ||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 140,000 | |||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 2.50% | |||||||||||||||||||||||||||||||
Payment of related parties | 1,005,014 | (539,876) | ||||||||||||||||||||||||||||||
Loans receivable | $ 2,545 | |||||||||||||||||||||||||||||||
Transaction loss | (417,468) | |||||||||||||||||||||||||||||||
Capitalized construction costs | 3,200,000 | 6,000,000 | ||||||||||||||||||||||||||||||
Payments for rent | 30,998,258 | |||||||||||||||||||||||||||||||
Product and returns | 41,755 | 39,203 | ||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 73,292 | ||||||||||||||||||||||||||||||
Loss on foreign exchange | 547,845 | |||||||||||||||||||||||||||||||
Gain on foreign exchange | 1,363,061 | |||||||||||||||||||||||||||||||
Other comprehensive loss | 508,277 | 3,974,966 | ||||||||||||||||||||||||||||||
Non controlling interest | 21,912,268 | 11,009,149 | 21,912,268 | |||||||||||||||||||||||||||||
Capitalized financing costs | $ 3,247,739 | $ 3,247,739 | $ 3,247,739 | |||||||||||||||||||||||||||||
Ballenger Projects [Member] | ||||||||||||||||||||||||||||||||
Revenue percentage | 70% | 29% | 70% | 29% | ||||||||||||||||||||||||||||
Private Placement [Member] | Sponsor [Member] | ||||||||||||||||||||||||||||||||
Issuance of shares of common stock | shares | 473,750 | |||||||||||||||||||||||||||||||
Purchase price of private placement amount | $ 4,737,500 | |||||||||||||||||||||||||||||||
Alset Capital Acquisition Corp [Member] | ||||||||||||||||||||||||||||||||
Shares issued per share | $ / shares | $ 10 | |||||||||||||||||||||||||||||||
Shares issued for acquisition | shares | 7,500,000 | |||||||||||||||||||||||||||||||
Gain on loss on investment | $ 203,713 | |||||||||||||||||||||||||||||||
Exercise of options | shares | 1,125,000 | |||||||||||||||||||||||||||||||
Additional paid in capital | $ 2,830,961 | |||||||||||||||||||||||||||||||
Investment securities | 237,578 | $ 237,578 | ||||||||||||||||||||||||||||||
Number of shares issued, value | $ 476,250 | |||||||||||||||||||||||||||||||
Ownership percentage | 100% | |||||||||||||||||||||||||||||||
HWH World [Member] | ||||||||||||||||||||||||||||||||
Ownership percentage | 19% | 19% | ||||||||||||||||||||||||||||||
Payment of related parties | $ 187,500 | |||||||||||||||||||||||||||||||
HWH World Co [Member] | ||||||||||||||||||||||||||||||||
Ownership percentage | 51% | 51% | ||||||||||||||||||||||||||||||
AMRE and AMRE Management [Member] | ||||||||||||||||||||||||||||||||
Ownership percentage | 80.80% | 80.80% | ||||||||||||||||||||||||||||||
American Pacific Bancorp Inc. [Member] | ||||||||||||||||||||||||||||||||
Invested amount | $ 30,801,129 | $ 31,668,246 | $ 30,801,129 | |||||||||||||||||||||||||||||
Gain on loss on investment | 51,999 | 867,117 | ||||||||||||||||||||||||||||||
Deconsolidation description | As a result of the new share issuances, the Company’s ownership percentage of APB fell below 50% to 41.3% and the entity was deconsolidated in accordance with ASC 810-10. Upon deconsolidation the Company elected to apply the equity method accounting as the Company still retained significant influence. As a result of the deconsolidation, the Company recognized gain of approximately $28.2 million. | |||||||||||||||||||||||||||||||
Gain on deconsolidation | $ 28,200,000 | |||||||||||||||||||||||||||||||
Equity method investement | 30,800,000 | |||||||||||||||||||||||||||||||
Net assets | $ 2,900,000 | |||||||||||||||||||||||||||||||
American Medical REIT Inc [Member] | ||||||||||||||||||||||||||||||||
Loans receivable | 200,000 | 200,000 | 200,000 | |||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||
Purchase of stock | shares | 4,775,523 | |||||||||||||||||||||||||||||||
Series A Common Stock [Member] | ||||||||||||||||||||||||||||||||
Purchase of stock | shares | 6,666,700 | |||||||||||||||||||||||||||||||
Stock cost | $ 40,000,200 | |||||||||||||||||||||||||||||||
Common Class B [Member] | Private Placement [Member] | Sponsor [Member] | ||||||||||||||||||||||||||||||||
Issuance of shares of common stock | shares | 2,156,250 | |||||||||||||||||||||||||||||||
Brokerage [Member] | ||||||||||||||||||||||||||||||||
Restricted cash | 304,570 | 385,304 | 304,570 | |||||||||||||||||||||||||||||
Novum Alpha Fund [Member] | ||||||||||||||||||||||||||||||||
Invested amount | $ 100,000 | |||||||||||||||||||||||||||||||
Sharing Services Convertible Note [Member] | ||||||||||||||||||||||||||||||||
Invested amount | 50,000 | |||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 50,000 | |||||||||||||||||||||||||||||||
Iinterests receivable | $ 28,636 | |||||||||||||||||||||||||||||||
AUSTRALIA | ||||||||||||||||||||||||||||||||
Non interest bearing deposit | $ 50,000 | |||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||
Payments for rent | $ 2,335 | |||||||||||||||||||||||||||||||
Property, plant and equipment, useful life years | 10 years | |||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||
Payments for rent | $ 23,020 | |||||||||||||||||||||||||||||||
Property, plant and equipment, useful life years | 27 years 6 months | |||||||||||||||||||||||||||||||
Manufacturers and Traders Trust Company [Member] | ||||||||||||||||||||||||||||||||
Escrow Deposit | 4,399,984 | $ 309,219 | 4,399,984 | |||||||||||||||||||||||||||||
Manufacturers and Traders Trust Company [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Interest bearing deposit, amount | 2,600,000 | |||||||||||||||||||||||||||||||
Alset CPN [Member] | ||||||||||||||||||||||||||||||||
Debt conversion instrument, amount | $ 63,920,128 | 63,920,128 | ||||||||||||||||||||||||||||||
Accrued interest | $ 306,438 | $ 306,438 | ||||||||||||||||||||||||||||||
Debt conversion instrument, shares issued | shares | 2,123 | 2,123 | ||||||||||||||||||||||||||||||
Issuance of shares of common stock | shares | 458,198 | 458,198 | ||||||||||||||||||||||||||||||
Value Exchange International [Member] | ||||||||||||||||||||||||||||||||
Shares issued for acquisition | shares | 6,500,000 | |||||||||||||||||||||||||||||||
Cost of investment in securities at fair value, amount | $ 650,000 | |||||||||||||||||||||||||||||||
American Medical REIT Inc [Member] | ||||||||||||||||||||||||||||||||
Warrants and rights outstanding | 0 | 0 | ||||||||||||||||||||||||||||||
Accrued interest | 130,000 | $ 0 | 130,000 | |||||||||||||||||||||||||||||
Notes receivable, related parties | $ 200,000 | $ 200,000 | ||||||||||||||||||||||||||||||
Fair value of warrants | 0 | |||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 8,350,000 | $ 200,000 | ||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 8% | |||||||||||||||||||||||||||||||
Notes payable related parties | $ 200,000 | |||||||||||||||||||||||||||||||
Transaction loss | $ 1,089,675 | |||||||||||||||||||||||||||||||
Vivacitas [Member] | ||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 1 | |||||||||||||||||||||||||||||||
Number of shares purchased | shares | 250,000 | |||||||||||||||||||||||||||||||
Fair value of stock option | $ 0 | |||||||||||||||||||||||||||||||
Document Securities Systems Inc [Member] | ||||||||||||||||||||||||||||||||
Gain on sale of investments | $ 2,480,000 | |||||||||||||||||||||||||||||||
Cost method investments, original cost | $ 2,279,872 | |||||||||||||||||||||||||||||||
Document Securities Systems Inc [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||||||||||
Debt conversion instrument, shares issued | shares | 21,366,177 | |||||||||||||||||||||||||||||||
Vector Com co. Ltd [Member] | ||||||||||||||||||||||||||||||||
Invested amount | $ 88,599 | |||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 88,599 | $ 88,599 | $ 88,599 | |||||||||||||||||||||||||||||
Debt instrument, interest percentage | 2% | |||||||||||||||||||||||||||||||
Debt instrument, term | 2 years | |||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion price | $ / shares | $ 21.26 | |||||||||||||||||||||||||||||||
Amarantus Bio Science Holdings [Member] | ||||||||||||||||||||||||||||||||
Ownership in fair value investment rate | 5.30% | 5.30% | ||||||||||||||||||||||||||||||
Trust Partner [Member] | ||||||||||||||||||||||||||||||||
Ownership in fair value investment rate | 15.50% | 15.50% | ||||||||||||||||||||||||||||||
Value Exchange International [Member] | ||||||||||||||||||||||||||||||||
Ownership in fair value investment rate | 38.30% | |||||||||||||||||||||||||||||||
Document Securities Systems Inc [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 24.90% | 45.20% | 24.90% | 45.20% | ||||||||||||||||||||||||||||
Holista Coll Tech Limited [Member] | ||||||||||||||||||||||||||||||||
Ownership in fair value investment rate | 15.50% | 15.50% | ||||||||||||||||||||||||||||||
American Premium Water Corp [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 0.80% | 0.80% | ||||||||||||||||||||||||||||||
American Medical REIT Inc [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 15.80% | 15.80% | 15.80% | |||||||||||||||||||||||||||||
Nervotec Pte Ltd [Member] | ||||||||||||||||||||||||||||||||
Shares issued for acquisition | shares | 1,666 | |||||||||||||||||||||||||||||||
Ownership in investment at cost | 1.45% | |||||||||||||||||||||||||||||||
Cost of stock | $ 37,826 | |||||||||||||||||||||||||||||||
Hyten Global Thailand Co Ltd [Member] | ||||||||||||||||||||||||||||||||
Shares issued for acquisition | shares | 3,800 | |||||||||||||||||||||||||||||||
Ownership in investment at cost | 19% | |||||||||||||||||||||||||||||||
Cost of stock | $ 42,562 | |||||||||||||||||||||||||||||||
K Beauty Research Lab Co Ltd [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 18% | 18% | ||||||||||||||||||||||||||||||
Cost method investments, original cost | $ 19,609 | $ 19,609 | ||||||||||||||||||||||||||||||
Alset Capital Acquisition Crop [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 23.40% | |||||||||||||||||||||||||||||||
Alset Capital Acquisition Crop [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 23.40% | |||||||||||||||||||||||||||||||
Sponsor [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 10% | |||||||||||||||||||||||||||||||
Ketomei Pte Ltd [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 28% | |||||||||||||||||||||||||||||||
Invested amount | $ 207,402 | |||||||||||||||||||||||||||||||
Gain on loss on investment | 48,916 | |||||||||||||||||||||||||||||||
Amount lent | $ 76,723 | |||||||||||||||||||||||||||||||
Additional investment | $ 179,595 | |||||||||||||||||||||||||||||||
American Medical REIT Inc [Member] | ||||||||||||||||||||||||||||||||
Receivables net | $ 8,901,285 | 0 | $ 8,901,285 | |||||||||||||||||||||||||||||
Transaction loss | $ 1,089,675 | |||||||||||||||||||||||||||||||
American Medical REIT Inc [Member] | Forecast [Member] | ||||||||||||||||||||||||||||||||
Loans receivable | $ 8,350,000 | |||||||||||||||||||||||||||||||
American Medical REIT Inc [Member] | Loan One [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 3.40% | 3.40% | ||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 8% | 8% | ||||||||||||||||||||||||||||||
Loans receivable | $ 8,350,000 | $ 8,350,000 | $ 8,350,000 | |||||||||||||||||||||||||||||
Notes payable related parties | $ 200,000 | |||||||||||||||||||||||||||||||
AMRE and AMRE Management [Member] | ||||||||||||||||||||||||||||||||
Onwership percentage | 15.80% | |||||||||||||||||||||||||||||||
American Pacific Bancorp [Member] | ||||||||||||||||||||||||||||||||
Shares issued for acquisition | shares | 250,000 | |||||||||||||||||||||||||||||||
American Pacific Bancorp [Member] | Hengfeng Finance Limited [Member] | ||||||||||||||||||||||||||||||||
Shares issued for acquisition | shares | 3,500,001 | |||||||||||||||||||||||||||||||
Onwership percentage | 100% | |||||||||||||||||||||||||||||||
Purchase price | $ 1,500,000 | |||||||||||||||||||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||||||||||||||||||||
Receivables net | 236,699 | 236,699 | 236,699 | |||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||
Accounts payable, current | $ 63,920,129 | |||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | |||||||||||||||||||||||||||||||
Shares issued per share | $ / shares | $ 111.80 | |||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Alset International Limited [Member] | ||||||||||||||||||||||||||||||||
Number of warrant purchased | shares | 1,500,000,000 | |||||||||||||||||||||||||||||||
Warrants and rights outstanding | $ 28,363,966 | |||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Liquid Value Development Pte Ltd [Member] | ||||||||||||||||||||||||||||||||
Stock repurchased during period, value | 173,395 | |||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | True Partner Capital Holding Limited [Member] | ||||||||||||||||||||||||||||||||
Stock repurchased during period, value | $ 6,729,629 | |||||||||||||||||||||||||||||||
Stock repurchased during period, shares | shares | 62,122,908 | |||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | American Pacific Bancorp Inc. [Member] | ||||||||||||||||||||||||||||||||
Stock repurchased during period, value | $ 28,653,138 | |||||||||||||||||||||||||||||||
Stock repurchased during period, shares | shares | 4,775,523 | |||||||||||||||||||||||||||||||
Loan Agreement [Member] | National Australian Bank Limited [Member] | ||||||||||||||||||||||||||||||||
Non interest bearing deposit | $ 36,316 | 36,316 | ||||||||||||||||||||||||||||||
Front Foot Benefit Assessments [Member] | ||||||||||||||||||||||||||||||||
Deferred revenue | 126,737 | 289,375 | ||||||||||||||||||||||||||||||
Front Foot Benefit Assessments [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant, and equipment | 3,000 | |||||||||||||||||||||||||||||||
Front Foot Benefit Assessments [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant, and equipment | 4,500 | |||||||||||||||||||||||||||||||
Deferred Revenue [Member] | ||||||||||||||||||||||||||||||||
Deferred revenue | 21,198 | 728,343 | ||||||||||||||||||||||||||||||
Land and Building [Member] | ||||||||||||||||||||||||||||||||
Depreciation on reclassified assets | 4,791,997 | 821,417 | ||||||||||||||||||||||||||||||
Depreciation expenses | $ 197,609 | $ 0 |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | ||
Uninsured cash | $ 15,723,599 | $ 57,905,303 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 81% | 97% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 19% | 3% |
SCHEDULE OF SEGMENT INFORMATION
SCHEDULE OF SEGMENT INFORMATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 4,480,442 | $ 19,798,822 |
Cost of Sales | (3,731,990) | (11,301,814) |
Gross Margin | 748,452 | 8,497,008 |
Operating Expenses | (7,837,826) | (23,491,130) |
Operating Income (Loss) | (7,089,374) | (14,994,122) |
Other Income (Expense) | (39,123,131) | (103,489,455) |
Net Income (Loss) Before Income Tax | (46,212,505) | (118,483,577) |
Cash and restricted cash | 18,521,903 | 60,802,179 |
Total assets | 153,490,336 | 184,210,143 |
Real Estate Segment[Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,088,628 | 14,213,379 |
Cost of Sales | (3,016,200) | (11,073,756) |
Gross Margin | 72,428 | 3,139,623 |
Operating Expenses | (1,479,674) | (1,136,031) |
Operating Income (Loss) | (1,407,246) | 2,003,592 |
Other Income (Expense) | 5,885 | (8,955) |
Net Income (Loss) Before Income Tax | (1,401,361) | 1,994,637 |
Cash and restricted cash | 2,592,577 | 7,493,921 |
Total assets | 57,951,324 | 55,465,600 |
Digital Transformation Technology [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 69,915 | |
Cost of Sales | (23,423) | |
Gross Margin | 46,492 | |
Operating Expenses | (414,167) | (183,429) |
Operating Income (Loss) | (367,675) | (183,429) |
Other Income (Expense) | (1,359,977) | 1,286,962 |
Net Income (Loss) Before Income Tax | (1,727,652) | 1,103,533 |
Cash and restricted cash | 514,260 | 245,780 |
Total assets | 3,184,416 | 2,199,466 |
Biohealth Business [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 753,651 | 5,543,066 |
Cost of Sales | (523,534) | (214,019) |
Gross Margin | 230,117 | 5,329,047 |
Operating Expenses | (850,044) | (3,624,200) |
Operating Income (Loss) | (619,927) | 1,704,847 |
Other Income (Expense) | (4,669,309) | (39,265,445) |
Net Income (Loss) Before Income Tax | (5,289,236) | (37,560,598) |
Cash and restricted cash | 1,338,404 | 2,629,464 |
Total assets | 4,861,615 | 11,056,779 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 568,248 | 42,377 |
Cost of Sales | (168,833) | (14,039) |
Gross Margin | 399,415 | 28,338 |
Operating Expenses | (5,093,941) | (18,547,470) |
Operating Income (Loss) | (4,694,526) | (18,519,132) |
Other Income (Expense) | (33,099,730) | (65,502,017) |
Net Income (Loss) Before Income Tax | (37,794,256) | (84,021,149) |
Cash and restricted cash | 14,076,662 | 50,433,014 |
Total assets | $ 87,492,981 | $ 115,488,298 |
SCHEDULE OF REAL ESTATE ASSETS
SCHEDULE OF REAL ESTATE ASSETS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Construction in Progress | $ 15,506,572 | $ 8,597,023 |
Land Held for Development | 7,943,126 | 7,098,104 |
Rental Properties | 31,169,031 | 24,820,253 |
Total Real Estate Assets | $ 54,618,729 | $ 40,515,380 |
SUMMARY OF SINGLE FAMILY RESIDE
SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 Integer | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Aggregate investment | $ 31,000,000 | |
Single Family [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Homes | Integer | 132 | 109 |
Aggregate investment | $ 30,998,258 | |
Average Investment Per Home | $ 234,835 |
REAL ESTATE ASSETS (Details Nar
REAL ESTATE ASSETS (Details Narrative) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) Integer | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Aggregate investment | $ 31,000,000 | |
Depreciation | $ 882,814 | $ 120,511 |
Single Family [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Homes | Integer | 132 | 109 |
Aggregate investment | $ 30,998,258 |
BUILDER DEPOSITS (Details Narra
BUILDER DEPOSITS (Details Narrative) - USD ($) | 1 Months Ended | |||||
Nov. 30, 2015 | Nov. 30, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 28, 2020 | Jan. 03, 2019 | |
Security deposit liability | $ 31,553 | |||||
Lot Purchase Agreements [Member] | ||||||
Security deposit liability | $ 0 | $ 31,553 | ||||
SeD Maryland Development LLC [Member] | Lot Purchase Agreements [Member] | ||||||
Number of lots to purchase, description | 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. | |||||
Purchase Price | $ 64,000,000 | |||||
Security deposit liability | $ 5,600,000 | $ 5,600,000 | $ 220,000 | $ 100,000 | ||
Security deposit liability, percentage | 9.90% | 9.90% |
SCHEDULE OF NOTES PAYABLE (Deta
SCHEDULE OF NOTES PAYABLE (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Total notes payable | $ 181,846 | $ 317,671 |
PPP Loan [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 68,502 | |
Australia Loan [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 162,696 | |
Motor Vehicle Loans [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | $ 181,846 | $ 86,473 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | ||||||||||||
Sep. 22, 2022 | Mar. 15, 2022 | May 28, 2021 | May 17, 2021 | Feb. 11, 2021 | Jun. 18, 2020 | Apr. 17, 2019 | Jan. 07, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 13, 2019 | Sep. 07, 2017 | |
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, face amount | $ 140,000 | ||||||||||||
Collateral fee | $ 2,300,000 | ||||||||||||
Loan processing fee | $ 381,823 | ||||||||||||
Collateral for outstanding letters of credit | $ 300,000 | ||||||||||||
Amortization of debt discount | 450,000 | $ 50,871,869 | |||||||||||
Debt instrument, interest rate, stated percentage | 2.50% | ||||||||||||
Notes payable | 181,846 | 317,671 | |||||||||||
Paycheck Protection Program Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, face amount | $ 68,502 | ||||||||||||
Debt instrument, term | 5 years | ||||||||||||
Debt instrument, interest rate, stated percentage | 1% | ||||||||||||
Percentage of forgiven debt amount | 6,000% | ||||||||||||
Notes payable | 68,502 | ||||||||||||
Australia Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Notes payable | 162,696 | ||||||||||||
Hire Purchase Agreement [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, term | 84 months | ||||||||||||
SeD Maryland Development LLC [Member] | Loan Agreement [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, face amount | $ 8,000,000 | ||||||||||||
Line of credit facility, maximum borrowing capacity | 18,500,000 | ||||||||||||
Long-term line of credit | $ 900,000 | ||||||||||||
Line of credit facility, interest rate | 1.50% | ||||||||||||
Collateral fee | $ 2,600,000 | ||||||||||||
Line of credit facility, revolving credit conversion to term loan, description | outstanding balance of the revolving loan was $0 | ||||||||||||
Alset EHome Inc [Member] | Loan Agreement [Member] | Manufacturers and Traders Trust Company [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 2,990,000 | ||||||||||||
Loan processing fee | $ 61,679 | ||||||||||||
Line of credit facility, expiration date | Jul. 01, 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 | $ 42,907 | ||||||||||||
Alset EHome Inc [Member] | Loan Agreement [Member] | Manufacturers and Traders Trust Company [Member] | Minimum [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Long-term line of credit | $ 20,000,000 | ||||||||||||
SeD Perth Pty Ltd [Member] | Australia Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, face amount | $ 460,000 | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 179,000 | ||||||||||||
Debt instrument, maturity date | Dec. 31, 2018 | Apr. 30, 2022 | |||||||||||
Deposits | $ 35,276 | ||||||||||||
Personal guarantee | $ 500,000 | ||||||||||||
SeD Perth Pty Ltd [Member] | Minimum [Member] | Australia Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, interest rate, stated percentage | 4.48% | ||||||||||||
SeD Perth Pty Ltd [Member] | Maximum [Member] | Australia Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, interest rate, stated percentage | 4.49% | ||||||||||||
Hong Leong Finance Limited [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, term | 84 months | ||||||||||||
Debt instrument, interest rate, stated percentage | 1.88% | ||||||||||||
Debt amount | $ 184,596 | ||||||||||||
Initial deposit | 78,640 | ||||||||||||
Monthly instalment, amount | $ 1,300 | ||||||||||||
United Overseas Bank Limited [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, interest rate, stated percentage | 1.88% | ||||||||||||
Debt amount | $ 182,430 | ||||||||||||
Initial deposit | 66,020 | ||||||||||||
Monthly instalment, amount | $ 1,472 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 1 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Oct. 17, 2022 USD ($) shares | Jul. 28, 2022 USD ($) | Jul. 12, 2022 USD ($) shares | May 17, 2022 USD ($) shares | Feb. 28, 2022 shares | Jan. 27, 2022 shares | Jan. 17, 2022 shares | Dec. 13, 2021 USD ($) shares | Dec. 08, 2021 shares | Jul. 30, 2021 shares | Jun. 14, 2021 USD ($) shares | May 13, 2021 USD ($) shares | Mar. 18, 2021 USD ($) shares | Mar. 12, 2021 USD ($) $ / shares shares | Nov. 24, 2020 USD ($) shares | Nov. 24, 2020 USD ($) | Jul. 17, 2020 USD ($) $ / shares shares | Mar. 02, 2020 USD ($) $ / shares | Jan. 01, 2018 USD ($) | Jan. 24, 2017 USD ($) | Jun. 30, 2022 USD ($) shares | Dec. 31, 2021 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Sep. 03, 2022 | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Sep. 30, 2022 | Aug. 31, 2022 USD ($) | Aug. 04, 2022 USD ($) | Aug. 04, 2022 SGD ($) | Jun. 28, 2022 | Mar. 31, 2022 USD ($) | Oct. 29, 2021 USD ($) | Oct. 13, 2021 USD ($) | May 14, 2021 USD ($) | May 14, 2021 SGD ($) | Jan. 24, 2021 | Dec. 31, 2020 USD ($) | Oct. 13, 2019 USD ($) | |
Number of shares issued | shares | 3,374,624 | 3,374,624 | 3,374,624 | 108,000 | |||||||||||||||||||||||||||||||||||
Equity partners bonus payment amount | $ 1,743,734 | $ 8,429,620 | $ 19,390,318 | ||||||||||||||||||||||||||||||||||||
Investment | $ 36,337,023 | 19,481,325 | 36,337,023 | ||||||||||||||||||||||||||||||||||||
Investment at fair value | 35,327,987 | 19,163,290 | 35,327,987 | ||||||||||||||||||||||||||||||||||||
Transaction loss | (417,468) | ||||||||||||||||||||||||||||||||||||||
Fair value of warrants | $ 1,248,822 | $ 456,653 | $ 1,248,822 | ||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 10.03 | ||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature value | $ 50,770,192 | ||||||||||||||||||||||||||||||||||||||
Shares purchase price | shares | 500,000 | ||||||||||||||||||||||||||||||||||||||
Principal amount | $ 140,000 | ||||||||||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 2.50% | ||||||||||||||||||||||||||||||||||||||
Loans and leases receivable related parties | $ 2,545 | ||||||||||||||||||||||||||||||||||||||
Interest expenses | $ 1,853 | $ 317,281 | |||||||||||||||||||||||||||||||||||||
Liquid Value Development Pte Ltd [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 15.80% | 15.80% | |||||||||||||||||||||||||||||||||||||
Liquid Value Development Pte Ltd [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 3.40% | ||||||||||||||||||||||||||||||||||||||
American Medical REIT Inc [Member] | |||||||||||||||||||||||||||||||||||||||
Transaction loss | $ 1,089,675 | ||||||||||||||||||||||||||||||||||||||
American Medical REIT Inc [Member] | Loan One [Member] | |||||||||||||||||||||||||||||||||||||||
Notes payable related parties | $ 200,000 | ||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 3.40% | 3.40% | |||||||||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 8% | 8% | |||||||||||||||||||||||||||||||||||||
Loans and leases receivable related parties | 8,350,000 | $ 8,350,000 | $ 8,350,000 | ||||||||||||||||||||||||||||||||||||
SeD Perth Pty Ltd [Member] | |||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 100% | ||||||||||||||||||||||||||||||||||||||
HWH World Co [Member] | |||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 19% | ||||||||||||||||||||||||||||||||||||||
Alset Investment Pte LTD [Member] | |||||||||||||||||||||||||||||||||||||||
Principal amount | 0 | $ 0 | 0 | ||||||||||||||||||||||||||||||||||||
Alset Capital Acquisition Crop [Member] | |||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 23.40% | ||||||||||||||||||||||||||||||||||||||
Chan Heng Fai [Member] | |||||||||||||||||||||||||||||||||||||||
Notes payable related parties | 0 | $ 0 | 0 | $ 5,545,495 | $ 7,395,472 | ||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 1,765,964 | 1,473,449 | 50 | ||||||||||||||||||||||||||||||||||||
Shares purchase price | shares | 500,000 | ||||||||||||||||||||||||||||||||||||||
Principal amount | $ 6,250,000 | ||||||||||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 3% | ||||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||
MacKenzie Equity Partners [Member] | |||||||||||||||||||||||||||||||||||||||
Equity partners bonus payment amount | $ 50,000 | $ 120,000 | |||||||||||||||||||||||||||||||||||||
One Of Our Director [Member] | Alset Investment Pte LTD [Member] | |||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 100% | ||||||||||||||||||||||||||||||||||||||
Equity method investment aggregate cost | $ 476,250 | $ 476,250 | |||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||
Accounts payable, current | $ 63,920,129 | ||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 111.80 | ||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Chan Heng Fai [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 35,319,290 | 29,468,977 | |||||||||||||||||||||||||||||||||||||
Principal amount | $ 6,250,000 | ||||||||||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 3% | ||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Alset International Limited [Member] | |||||||||||||||||||||||||||||||||||||||
Number of warrant purchased | shares | 1,500,000,000 | ||||||||||||||||||||||||||||||||||||||
Fair value of warrants | $ 28,363,966 | ||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Liquid Value Development Pte Ltd [Member] | |||||||||||||||||||||||||||||||||||||||
Stock repurchased during period, value | 173,395 | ||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | True Partner Capital Holding Limited [Member] | |||||||||||||||||||||||||||||||||||||||
Stock repurchased during period, value | $ 6,729,629 | ||||||||||||||||||||||||||||||||||||||
Stock repurchased during period, value | shares | 62,122,908 | ||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | American Pacific Bancorp Inc. [Member] | |||||||||||||||||||||||||||||||||||||||
Stock repurchased during period, value | $ 28,653,138 | ||||||||||||||||||||||||||||||||||||||
Stock repurchased during period, value | shares | 4,775,523 | ||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 15,819,452 | 67,502,481 | |||||||||||||||||||||||||||||||||||||
New Electric CV Corporation [Member] | |||||||||||||||||||||||||||||||||||||||
Equity partners bonus payment amount | $ 122,039 | ||||||||||||||||||||||||||||||||||||||
Document Securities Systems Inc [Member] | |||||||||||||||||||||||||||||||||||||||
Purchase of stock | shares | 2,480,000 | ||||||||||||||||||||||||||||||||||||||
Gain on sale of shares investment | $ 2,480,000 | ||||||||||||||||||||||||||||||||||||||
Investment at fair value | 200,128 | ||||||||||||||||||||||||||||||||||||||
Original cost | $ 2,279,872 | ||||||||||||||||||||||||||||||||||||||
Vivacitas [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares purchased | shares | 250,000 | ||||||||||||||||||||||||||||||||||||||
New Electric CV Corporation [Member] | |||||||||||||||||||||||||||||||||||||||
Investment | 1,009,854 | $ 327,565 | $ 1,009,854 | ||||||||||||||||||||||||||||||||||||
Purchase of shares and warrants, value | 1,067,808 | ||||||||||||||||||||||||||||||||||||||
New Electric CV Corporation [Member] | Stock and Warrant [Member] | |||||||||||||||||||||||||||||||||||||||
Purchase of shares and warrants, value | 945,769 | ||||||||||||||||||||||||||||||||||||||
Liquid Value Development Pte Ltd [Member] | |||||||||||||||||||||||||||||||||||||||
Notes payable related parties | 820,113 | 0 | 820,113 | ||||||||||||||||||||||||||||||||||||
SeD Perth Pty Ltd [Member] | |||||||||||||||||||||||||||||||||||||||
Notes payable related parties | 13,546 | 12,668 | 13,546 | ||||||||||||||||||||||||||||||||||||
Alset CPN [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 458,198 | 458,198 | |||||||||||||||||||||||||||||||||||||
Debt conversion, converted instrument, amount | $ 63,920,128 | $ 63,920,128 | |||||||||||||||||||||||||||||||||||||
Interest payable | $ 306,438 | $ 306,438 | |||||||||||||||||||||||||||||||||||||
Shares purchase price | shares | 2,123 | 2,123 | |||||||||||||||||||||||||||||||||||||
MacKenzie Equity Partners [Member] | |||||||||||||||||||||||||||||||||||||||
Professional fees | $ 20,000 | $ 25,000 | 350,000 | 360,000 | |||||||||||||||||||||||||||||||||||
Related party transaction description | In addition, MacKenzie Equity Partners will be paid certain bonuses, including (i) a sum of $50,000 on June 30, 2022; (ii) a sum of $50,000 upon the successful financing of 100 homes owned by American Housing REIT Inc. with an entity not affiliated with SeD Development Management LLC (a subsidiary of the Company); and (iii) a sum of $50,000 upon the successful leasing of 30 homes in the Alset of Black Oak development. | ||||||||||||||||||||||||||||||||||||||
Due to related party | 80,000 | 25,000 | 80,000 | ||||||||||||||||||||||||||||||||||||
American Medical REIT Inc [Member] | |||||||||||||||||||||||||||||||||||||||
Notes payable related parties | $ 200,000 | ||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 5 | ||||||||||||||||||||||||||||||||||||||
Fair value of warrants | 0 | ||||||||||||||||||||||||||||||||||||||
Transaction loss | $ 1,089,675 | ||||||||||||||||||||||||||||||||||||||
Fair value of warrants | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Interest payable | 130,000 | 0 | 130,000 | ||||||||||||||||||||||||||||||||||||
Principal amount | $ 200,000 | $ 8,350,000 | |||||||||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 8% | ||||||||||||||||||||||||||||||||||||||
Ipo price, description | The amount of the warrants equals to the note principal 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. | ||||||||||||||||||||||||||||||||||||||
Document Securities Systems Inc [Member] | |||||||||||||||||||||||||||||||||||||||
Gain on sale of shares investment | $ 2,480,000 | ||||||||||||||||||||||||||||||||||||||
Original cost | $ 2,279,872 | ||||||||||||||||||||||||||||||||||||||
Document Securities Systems Inc [Member] | Convertible Debt [Member] | |||||||||||||||||||||||||||||||||||||||
Shares purchase price | shares | 21,366,177 | ||||||||||||||||||||||||||||||||||||||
iGalen International [Member] | SeD Capital Pte Ltd [Member] | |||||||||||||||||||||||||||||||||||||||
Interest payable | $ 61,555 | ||||||||||||||||||||||||||||||||||||||
Principal amount | $ 350,000 | $ 350,000 | |||||||||||||||||||||||||||||||||||||
Debt instrument maturity date description | The term of the loan was two years, with an interest rate of 3% per annum for the first 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. | ||||||||||||||||||||||||||||||||||||||
Interest expenses | 412,754 | ||||||||||||||||||||||||||||||||||||||
HWH World Co [Member] | |||||||||||||||||||||||||||||||||||||||
Due to related parties, amount | 236,699 | ||||||||||||||||||||||||||||||||||||||
Hapi Cafe Inc [Member] | |||||||||||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 8% | 0% | |||||||||||||||||||||||||||||||||||||
Loans and leases receivable related parties | 197,596 | ||||||||||||||||||||||||||||||||||||||
Debt conversion original debt amount | $ 41,750 | ||||||||||||||||||||||||||||||||||||||
Debt interest rate | 8% | ||||||||||||||||||||||||||||||||||||||
Hapi Cafe Inc [Member] | Convertible Debt [Member] | |||||||||||||||||||||||||||||||||||||||
Convertible loan amount | $ 250,500 | $ 360,000 | |||||||||||||||||||||||||||||||||||||
Ketomei Drew [Member] | |||||||||||||||||||||||||||||||||||||||
Loans and leases receivable related parties | $ 29,922 | ||||||||||||||||||||||||||||||||||||||
Liquid Value Asset Management Limited [Member] | |||||||||||||||||||||||||||||||||||||||
Investment at fair value | 2,987,039 | 3,042,811 | 2,987,039 | ||||||||||||||||||||||||||||||||||||
Loan lend | $ 3,000,000 | ||||||||||||||||||||||||||||||||||||||
American Pacific Bancorp Inc. [Member] | Chan Tung Moe [Member] | |||||||||||||||||||||||||||||||||||||||
Debt instrument, interest percentage | 6% | 6% | |||||||||||||||||||||||||||||||||||||
Due to officer | $ 560,000 | $ 560,000 | |||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Nov. 23, 2023 | ||||||||||||||||||||||||||||||||||||||
Debt instrument description | This loan was secured by an irrevocable letter of instruction on 4,000 shares of Alset Inc | ||||||||||||||||||||||||||||||||||||||
Debt interest and principal | 840,000 | ||||||||||||||||||||||||||||||||||||||
American Pacific Bancorp Inc. [Member] | Lim Sheng Hon Danny [Member] | |||||||||||||||||||||||||||||||||||||||
Due to officer | $ 280,000 | $ 280,000 | |||||||||||||||||||||||||||||||||||||
Debt instrument description | This loan was secured by an irrevocable letter of instruction on 2,000 shares of Alset Inc. | ||||||||||||||||||||||||||||||||||||||
American Pacific Bancorp Inc. [Member] | Lim Sheng Hong [Member] | |||||||||||||||||||||||||||||||||||||||
Debt interest and principal | 28,031 | ||||||||||||||||||||||||||||||||||||||
New Electric CV Corporation [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 122,039,000 | ||||||||||||||||||||||||||||||||||||||
Ownership percentage | 9.99% | ||||||||||||||||||||||||||||||||||||||
Number of warrant purchased | shares | 1,220,390,000 | ||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||||||||||||
Equity partners bonus payment amount | $ 122,039 | ||||||||||||||||||||||||||||||||||||||
Fair value of warrants | $ 860,342 | ||||||||||||||||||||||||||||||||||||||
Director [Member] | |||||||||||||||||||||||||||||||||||||||
Notes payable related parties | $ 500,000 | $ 0 | $ 500,000 | ||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 7,276,163 | 7,276,163 | |||||||||||||||||||||||||||||||||||||
Equity method investments | $ 1,743,734 | $ 1,746,279 | |||||||||||||||||||||||||||||||||||||
True Partners Capital Holding Limited [Member] | |||||||||||||||||||||||||||||||||||||||
Purchase of stock | shares | 62,122,908 | 62,122,908 | |||||||||||||||||||||||||||||||||||||
Stock cost | $ 6,729,629 | ||||||||||||||||||||||||||||||||||||||
Equity, fair value disclosure | 10,003,689 | ||||||||||||||||||||||||||||||||||||||
Additional paid in capital adjustment | $ 3,274,060 | ||||||||||||||||||||||||||||||||||||||
Transaction loss | $ 446,104 | ||||||||||||||||||||||||||||||||||||||
True Partners Capital Holding Limited [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||
Purchase of stock | shares | 17,570,948 |
SCHEDULE OF NET FUNDS RECEIVED
SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, par value | $ 456,653 | $ 1,248,822 |
Total | $ 6,213,000 | $ 104,565,659 |
Mays Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 424,366 | |
Number of offering and warrants exercised, par value | $ 424 | |
Total | $ 39,765,439 | |
Mays Offering [Member] | Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 235,032 | |
Number of offering and warrants exercised, par value | $ 235 | |
Total | $ 29,145,056 | |
Mays Offering [Member] | Exercise of Pre Funded Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 80,550 | |
Number of offering and warrants exercised, par value | $ 81 | |
Total | $ 16,110 | |
Mays Offering [Member] | Exercise of Underwriters Series A Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 40,418 | |
Number of offering and warrants exercised, par value | $ 40 | |
Total | $ 3,755,774 | |
Mays Offering [Member] | Exercise of Series A and Series B Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 68,366 | |
Number of offering and warrants exercised, par value | $ 68 | |
Total | $ 6,937,347 | |
Mays Offering [Member] | 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) | |
Julys Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 867,924 | |
Number of offering and warrants exercised, par value | $ 868 | |
Total | $ 33,392,444 | |
Julys Offering [Member] | Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 266,207 | |
Number of offering and warrants exercised, par value | $ 266 | |
Total | $ 28,957,297 | |
Julys Offering [Member] | Exercise of Pre Funded Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 488,510 | |
Number of offering and warrants exercised, par value | $ 489 | |
Total | $ 97,702 | |
Julys Offering [Member] | 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 | $ (49,553) | |
Julys Offering [Member] | Exercise of Underwriters Over Allotment Option [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 113,207 | |
Number of offering and warrants exercised, par value | $ 113 | |
Total | $ 4,386,998 | |
Decembers Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 2,082,333 | |
Number of offering and warrants exercised, par value | $ 2,082 | |
Total | $ 31,346,875 | |
Decembers Offering [Member] | Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 946,166 | |
Number of offering and warrants exercised, par value | $ 946 | |
Total | $ 27,263,673 | |
Decembers Offering [Member] | Exercise of Pre Funded Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 761,167 | |
Number of offering and warrants exercised, par value | $ 761 | |
Total | $ 8,823 | |
Decembers Offering [Member] | 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 | $ (40,621) | |
Decembers Offering [Member] | Exercise of Underwriters Over Allotment Option [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 375,000 | |
Number of offering and warrants exercised, par value | $ 375 | |
Total | $ 4,115,000 |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Equity [Abstract] | |
Number of common shares warrants outstanding, beginning balance | shares | 1,426,657 |
Exercise price, beginning balance | $ 35.80 |
Remaining contractual term outstanding, beginning balance | 1 year 10 months 17 days |
Aggregate intrinsic value, beginning | $ | |
Number of common shares warrants vested and exercisable, beginning | shares | 1,426,657 |
Exercise price, vested and exercisable beginning balance | $ 35.80 |
Remaining contractual term exercisable, beginning balance | 1 year 10 months 17 days |
Aggregate intrinsic value, vested and exercisable beginning | $ | |
Number of common shares warrants granted | shares | |
Exercise price, granted | |
Number of common shares warrants exercised | shares | (792,169) |
Exercise price, exercised | $ 0.02 |
Exercise price, forfeited, cancelled, expired | |
Number of common shares warrants outstanding, beginning balance | shares | 634,488 |
Exercise price, ending balance | $ 80.40 |
Remaining contractual term outstanding, Ending balance | 3 years 2 months 23 days |
Aggregate intrinsic value, ending | $ | |
Number of common shares warrants vested and exercisable, beginning | shares | 634,488 |
Exercise price, vested and exercisable ending balance | $ 80.40 |
Remaining contractual term exercisable, ending balance | 3 years 2 months 23 days |
Aggregate intrinsic value, vested and exercisable ending | $ |
SCHEDULE OF CHANGES IN ACCUMULA
SCHEDULE OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning | $ 341,646 | $ 2,143,338 |
Other Comprehensive Income | 3,494,417 | (1,801,692) |
Balance at end | 3,836,063 | 341,646 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning | (90,031) | (48,758) |
Other Comprehensive Income | 35,110 | (41,273) |
Balance at end | (54,921) | (90,031) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning | (367,895) | 2,258,017 |
Other Comprehensive Income | 489,167 | (2,625,912) |
Balance at end | 121,272 | (367,895) |
AOCI Attributable to Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning | 799,572 | (65,921) |
Other Comprehensive Income | 2,970,140 | 865,493 |
Balance at end | $ 3,769,712 | $ 799,572 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Apr. 11, 2022 | Feb. 28, 2022 | Jan. 27, 2022 | Jan. 17, 2022 | Dec. 14, 2021 | Dec. 13, 2021 | Dec. 08, 2021 | Dec. 05, 2021 | Jul. 30, 2021 | Jul. 27, 2021 | May 13, 2021 | May 12, 2021 | May 10, 2021 | May 03, 2021 | Jan. 19, 2021 | Nov. 24, 2020 | Sep. 30, 2021 | Jul. 27, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 17, 2021 | Jun. 14, 2021 | Mar. 12, 2021 | Oct. 13, 2019 | |
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | 20,000,000 | ||||||||||||||||||||||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 5,000,000 | ||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 500 | ||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 60,900 | ||||||||||||||||||||||||||
Debt conversion of shares | 500,000 | ||||||||||||||||||||||||||
Issuance of Common Stock, shares | 3,374,624 | 3,374,624 | 3,374,624 | 108,000 | |||||||||||||||||||||||
Shares issued price per share | $ 10.03 | ||||||||||||||||||||||||||
Class of warrants or right issued | 424,366 | 424,366 | |||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 6,213,000 | $ 104,565,659 | |||||||||||||||||||||||||
Proceeds from warrant exercise | $ 3,249,339 | ||||||||||||||||||||||||||
Warrants issuance ecercise period | 24 months | ||||||||||||||||||||||||||
Common stock par value | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||
Percentage of Common stock | 15% | ||||||||||||||||||||||||||
Common Stock, Shares, Issued | 7,422,846 | 4,368,422 | |||||||||||||||||||||||||
Issuance of Common Stock by Exercising Warrants | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | $ 13,200,000 | $ 3,895 | $ 104,565,659 | |||||||||||||||||||||
Common stock, shares outstanding | 3,492,713,362 | 7,422,846 | 4,368,422 | ||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 2,549,750 | $ 411,250 | |||||||||||||||||||||||||
Proceeds from Issuance of Warrants | $ 60,300,464 | ||||||||||||||||||||||||||
Principal amount | $ 140,000 | ||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 2.50% | ||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Shares issued price per share | 111.80 | ||||||||||||||||||||||||||
Common stock par value | $ 0.001 | ||||||||||||||||||||||||||
Alset [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Attributable interest | 85.40% | 76.80% | |||||||||||||||||||||||||
Julys Offering [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Warrants to purchase shares | 867,924 | ||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 33,392,444 | ||||||||||||||||||||||||||
Offering cost | $ 49,553 | ||||||||||||||||||||||||||
Decembers Offering [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Warrants to purchase shares | 2,082,333 | ||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 31,346,875 | ||||||||||||||||||||||||||
Offering cost | $ 40,621 | ||||||||||||||||||||||||||
Common Stock, Shares, Issued | 7,422,846 | ||||||||||||||||||||||||||
Hapi Metaversa [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Issuance of Common Stock, shares | 280,000 | ||||||||||||||||||||||||||
Common stock, shares outstanding | 505,381,376 | ||||||||||||||||||||||||||
Hapi Metaversa [Member] | Hapi Metaverse [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Attributable interest | 99% | ||||||||||||||||||||||||||
Gig World [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Issuance of Common Stock by Exercising Warrants | $ 280,000 | ||||||||||||||||||||||||||
Alset International Limited [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.04 | ||||||||||||||||||||||||||
Warrants to purchase shares | 1,721,303,416 | ||||||||||||||||||||||||||
Proceeds from Issuance of Warrants | $ 58,000,000 | ||||||||||||||||||||||||||
Underwritten Public Offering [Member] | Series A Warrant [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 101.40 | ||||||||||||||||||||||||||
Underwritten Public Offering [Member] | Series B Warrant [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 65.90 | ||||||||||||||||||||||||||
Over-Allotment Option [Member] | Series A Warrant [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Number of warrants issued | 40,418 | 40,418 | |||||||||||||||||||||||||
Over-Allotment Option [Member] | Series A Warrant [Member] | Aegis Capital Corp [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Class of warrants or right issued | 68,201 | 68,201 | |||||||||||||||||||||||||
Over-Allotment Option [Member] | Series B Warrant [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Number of warrants issued | 40,418 | 40,418 | |||||||||||||||||||||||||
Warrants to purchase shares | 20,209 | ||||||||||||||||||||||||||
Over-Allotment Option [Member] | Series B Warrant [Member] | Aegis Capital Corp [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Class of warrants or right issued | 330 | 330 | |||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Issuance of Common Stock, shares | 15,819,452 | 67,502,481 | |||||||||||||||||||||||||
Issuance of Common Stock by Exercising Warrants | $ 15,820 | $ 67,502 | |||||||||||||||||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||
Issuance of Common Stock, shares | 903,833 | 266,207 | 235,032 | ||||||||||||||||||||||||
Shares issued price per share | $ 12 | $ 42.40 | $ 101.40 | $ 42.40 | |||||||||||||||||||||||
Common stock par value | $ 0.001 | ||||||||||||||||||||||||||
Common Stock [Member] | Over-Allotment Option [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Number of warrants issued | 40,418 | ||||||||||||||||||||||||||
Class of warrants or right issued | 375,000 | 113,207 | 113,207 | ||||||||||||||||||||||||
Proceeds from warrant exercise | $ 4,115,000 | $ 4,386,998 | |||||||||||||||||||||||||
Underwriting discount, percentage | 7% | 7% | 7% | ||||||||||||||||||||||||
Underwriting discount, percentage | 1% | 1.50% | 1.50% | ||||||||||||||||||||||||
Stock issued for warrant exercise | 113,207 | ||||||||||||||||||||||||||
Warant exercise, description | 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. Each Pre-funded Warrant is exercisable for one share of Common Stock at an exercise price of $0.001 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. At December 31, 2021 761,664 warrants were exercised, some in cashless exercise transactions | 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 $0.20 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 | |||||||||||||||||||||||||
Common Stock [Member] | Over-Allotment Option [Member] | Aegis Capital Corp [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Shares issued price per share | $ 101.40 | ||||||||||||||||||||||||||
Class of warrants or right issued | 40,418 | ||||||||||||||||||||||||||
Pre Funded Units [Member] | Underwritten Public Offering [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Issuance of Common Stock, shares | 1,553,833 | 80,550 | 488,510 | ||||||||||||||||||||||||
Shares issued price per share | $ 11.98 | $ 42.20 | $ 101.20 | $ 42.20 | |||||||||||||||||||||||
Warrants to purchase shares | 1,553,833 | ||||||||||||||||||||||||||
Proceeds from warrant exercise | $ 27,231,875 | $ 33,392,444 | |||||||||||||||||||||||||
Prefunded Warrants [Member] | Underwritten Public Offering [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Shares issued price per share | $ 53 | $ 53 | |||||||||||||||||||||||||
Percentage of public offering price | 125% | ||||||||||||||||||||||||||
Prefunded Warrants [Member] | Over-Allotment Option [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Class of warrants or right issued | 375,000 | 26,038 | 26,038 | ||||||||||||||||||||||||
Prefunded Warrants [Member] | Underwritten Over Allotment [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Shares issued price per share | $ 12 | ||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Issuance of Common Stock by Exercising Warrants | $ 75,000,000 | ||||||||||||||||||||||||||
Chan Heng Fai [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Debt conversion of shares | 500,000 | ||||||||||||||||||||||||||
Issuance of Common Stock, shares | 1,765,964 | 1,473,449 | 50 | ||||||||||||||||||||||||
Principal amount | $ 6,250,000 | ||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 3% | ||||||||||||||||||||||||||
Conversion price | $ 12.50 | ||||||||||||||||||||||||||
Chan Heng Fai [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Issuance of Common Stock, shares | 35,319,290 | 29,468,977 | |||||||||||||||||||||||||
Number of shares purchase | 293,428,200 | 293,428,200 | |||||||||||||||||||||||||
Percentage of ordinary shares | 8.40% | ||||||||||||||||||||||||||
Principal amount | $ 6,250,000 | ||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 3% | ||||||||||||||||||||||||||
Conversion price | $ 12.50 | ||||||||||||||||||||||||||
Investors [Member] | Pre Funded Units [Member] | Underwritten Public Offering [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Issuance of Common Stock, shares | 80,550 | ||||||||||||||||||||||||||
International Investors [Member] | Hapi Metaversa [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Common stock, shares outstanding | 506,898,576 | ||||||||||||||||||||||||||
Officer [Member] | Alset International Limited [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Issuance of Common Stock, shares | 6,670,200 | ||||||||||||||||||||||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | $ 73,292 | ||||||||||||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 1,500,000 | ||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Preferred stock, shares authorized | 6,380 | ||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Chan Heng Fai [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Conversion of stock shares converted | 319,000 | ||||||||||||||||||||||||||
Debt conversion of shares | 6,380 | ||||||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Preferred stock, shares authorized | 2,132 | ||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||||||||||||||
Series B Preferred Stock [Member] | Chan Heng Fai [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Conversion of stock shares converted | 106,600 | ||||||||||||||||||||||||||
Debt conversion of shares | 2,132 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Stock purchased | 319,000 | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 6,380 | ||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 39,765,440 |
SCHEDULE OF FUTURE MINIMUM RENT
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS (Details) | Dec. 31, 2022 USD ($) |
Lease Income | |
2023 | $ 1,148,308 |
2024 | 11,145 |
Total Future Receipts | $ 1,159,453 |
LEASE INCOME (Details Narrative
LEASE INCOME (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Income | ||
Lessor, operating lease, term of contract | 1 year | |
Management fee expense | $ 90,630 | $ 15,390 |
Leasing fees incurred | $ 174,850 | $ 63,880 |
SCHEDULE OF FINANCIAL ASSETS ME
SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at cost | $ 88,367,803 | $ 82,645,469 |
Total investment in securities at fair value | 19,481,325 | 36,337,023 |
Fair Value, Inputs, Level 1 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | 19,065,161 | 35,228,771 |
Fair Value, Inputs, Level 2 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | 1,108,252 | 416,164 |
Investment Securities Fair Value [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at cost | 76,264,051 | 72,000,301 |
Total investment in securities at fair value | 13,749,957 | 25,320,694 |
Investment Securities Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | 13,749,957 | 25,320,694 |
Investment Securities Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Investment Securities Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Investment Securities Trading [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at cost | 11,268,362 | 9,809,778 |
Total investment in securities at fair value | 5,315,204 | 9,908,077 |
Investment Securities Trading [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | 5,315,204 | 9,908,077 |
Investment Securities Trading [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Investment Securities Trading [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Notes Receivable [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at cost | 138,599 | 138,599 |
Total investment in securities at fair value | 88,599 | 98,398 |
Notes Receivable [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Notes Receivable [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Notes Receivable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | 88,599 | 98,398 |
Warrant [Member] | American Premium Water Corp [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at cost | 696,791 | 696,791 |
Total investment in securities at fair value | 327,565 | 1,009,854 |
Warrant [Member] | American Medical REIT Inc [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at cost | ||
Total investment in securities at fair value | ||
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | American Premium Water Corp [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | American Medical REIT Inc [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | American Premium Water Corp [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | American Medical REIT Inc [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | ||
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | American Premium Water Corp [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value | $ 327,565 | 1,009,854 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | American Medical REIT Inc [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Total investment in securities at fair value |
SCHEDULE OF FAIR VALUE OF EQUIT
SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Total equity securities | $ 19,163,290 | $ 35,327,987 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total equity securities | $ 19,065,161 | $ 35,228,771 |
Document Securities Systems Inc [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.164 | $ 0.672 |
Shares | 62,812,264 | 19,888,262 |
Total equity securities | $ 10,301,211 | $ 13,364,912 |
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] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.002 | $ 0.016 |
Shares | 20,000,000 | 20,000,000 |
Total equity securities | $ 34,000 | $ 328,000 |
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] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.20 | $ 0.034 |
Shares | 42,999,621 | 43,626,621 |
Total equity securities | $ 850,432 | $ 1,489,179 |
Fair value measurements, valuation processes, description | Investment in Securities at Fair Value | Investment in Securities at Fair Value |
American Premium Mining [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.001 | $ 0.002 |
Shares | 354,039,000 | 354,039,000 |
Total equity securities | $ 212,423 | $ 778,886 |
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] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.170 | $ 0.300 |
Shares | 13,834,643 | 6,500,000 |
Total equity securities | $ 2,351,889 | $ 1,950,000 |
Fair value measurements, valuation processes, description | Investment in Securities at Fair Value | Investment in Securities at Fair Value |
Trading Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total equity securities | $ 5,315,204 | $ 9,908,077 |
Fair value measurements, valuation processes, description | Investment in Securities at Fair Value | Investment in Securities at Fair Value |
Nervotec Pte Ltd [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares | 1,666 | 1,666 |
Total equity securities | $ 35,958 | $ 37,045 |
Fair value measurements, valuation processes, description | Investment in Securities at Cost | Investment in Securities at Cost |
HWH World Co [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares | 3,800 | |
Total equity securities | $ 42,562 | |
Fair value measurements, valuation processes, description | Investment in Securities at Cost | |
K Beauty [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares | 3,600 | |
Total equity securities | $ 19,609 | |
Fair value measurements, valuation processes, description | Investment in Securities at Cost | |
True Partner Capital Holding Limited [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.119 | |
Shares | 62,122,908 | |
Total equity securities | $ 7,409,717 | |
Fair value measurements, valuation processes, description | Investment in Securities at Fair Value | |
Hyten Global [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares | 3,800 | |
Total equity securities | $ 42,562 | |
Fair value measurements, valuation processes, description | Investment in Securities at Cost | |
UBeauty Limited [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares | 3,600 | |
Total equity securities | $ 19,609 | |
Fair value measurements, valuation processes, description | Investment in Securities at Cost |
SCHEDULE OF SIGNIFICANT INPUTS
SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS (Details) | 12 Months Ended | |
Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | |
Sharing Services Inc [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Measurement input | 0 | |
Sharing Services Inc [Member] | Measurement Input, Expected Dividend Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Measurement input | 0 | |
Sharing Services Inc [Member] | Measurement Input, Price Volatility [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Measurement input | 138.85 | |
Sharing Services Inc [Member] | Measurement Input, Risk Free Interest Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Measurement input | 3.25 | |
Sharing Services Inc [Member] | Measurement Input, Expected Term [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Contractual term in years | 9 months 3 days | |
Sharing Services Inc [Member] | Measurement Input, Exercise Price [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Measurement input | 0.15 | |
New Electric CV Corporation [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Warrants and rights outstanding, term | 7 years 6 months 21 days | 8 years 6 months 29 days |
New Electric CV Corporation [Member] | Measurement Input, Price Volatility [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Dividend Yield | 186.1 | 186.5 |
New Electric CV Corporation [Member] | Measurement Input, Risk Free Interest Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Dividend Yield | 3.95 | 1.48 |
New Electric CV Corporation [Member] | Measurement Input, Exercise Price [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Dividend Yield | 0.001 | 0.001 |
New Electric CV Corporation [Member] | Measurement Input, Share Price [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Dividend Yield | 0.0006 | 0.0022 |
New Electric CV Corporation [Member] | Measurement Input Dividend Yield [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Dividend Yield | 0 | 0 |
SCHEDULE OF CHANGE IN FAIR VALU
SCHEDULE OF CHANGE IN FAIR VALUE (Details) - Sharing Services Convertible Note [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | ||
Beginning balance | $ 1,108,252 | $ 38,604,701 |
Total losses | 40,201 | (57,179) |
Conversion of DSS Preferred Stock | (37,439,270) | |
Ending balance | $ 1,148,453 | $ 1,108,252 |
SCHEDULE OF FAIRVALUE OF FINANC
SCHEDULE OF FAIRVALUE OF FINANCIAL INVESTMENTS (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
NECV [Member] | ||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||
Assets | $ 1,038,946 | [1] | $ 348,688 | |
Liabilities | 2,507,797 | [1] | 4,049,594 | |
Net Income (Loss) | 128,968 | [1] | (873,550) | |
Holista [Member] | ||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||
Assets | 3,717,593 | 5,031,866 | ||
Liabilities | 2,660,281 | 2,870,177 | ||
Net Income (Loss) | (1,053,668) | (1,018,871) | ||
DSS [Member] | ||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||
Assets | 264,880,000 | [1] | 284,826,000 | |
Liabilities | 82,231,000 | [1] | 84,522,000 | |
Net Income (Loss) | (52,214,667) | [1] | $ (31,921,000) | |
VEII [Member] | ||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||
Assets | [1] | 5,047,729 | ||
Liabilities | [1] | 2,676,237 | ||
Net Income (Loss) | [1] | $ 185,321 | ||
[1]Data derived from Financial Statement as of September 30, 2022 which was the latest available date source we could reach. 12-month Net Income (Loss) was estimated by adding one-third of 9-month Net Loss. |
INVESTMENTS MEASURED AT FAIR _3
INVESTMENTS MEASURED AT FAIR VALUE (Details Narrative) | 12 Months Ended | |||||||
Oct. 17, 2022 USD ($) | Feb. 26, 2021 USD ($) $ / shares | Jul. 17, 2020 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Oct. 29, 2021 USD ($) | Mar. 02, 2020 USD ($) $ / shares | Oct. 13, 2019 | |
Realized loss on investments | $ 7,308,580 | $ 4,698,078 | ||||||
Unrealized loss on securities investment | 31,350,358 | 49,190,748 | ||||||
Change in fair value of convertible note | 40,201 | 57,179 | ||||||
Debt instrument, interest rate, stated percentage | 2.50% | |||||||
Purchase of Investment Securities | $ 1,743,734 | $ 8,429,620 | 19,390,318 | |||||
Number of warants exercised | shares | 792,169 | |||||||
Warrants and rights outstanding | $ 456,653 | $ 1,248,822 | ||||||
Warrant outstanding | shares | 634,488 | 1,426,657 | ||||||
New Electric CV Corporation [Member] | ||||||||
Number of warrant purchased | shares | 122,039,000 | 232,000,000 | ||||||
Equity method investment, ownership percentage | 9.99% | |||||||
Equity method investment number of shares acquired | shares | 1,220,390,000 | |||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 0.0001 | |||||||
Purchase of Investment Securities | $ 122,039 | |||||||
Number of warants exercised | shares | 232,000,000 | |||||||
Warrants and rights outstanding | $ 232,000 | |||||||
Warrant outstanding | shares | 988,390,000 | |||||||
Sharing Services Inc [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||
Debt securities, trading, measurement input | 0 | |||||||
Vector Com co. Ltd [Member] | ||||||||
Convertible debt | $ 88,599 | |||||||
Debt instrument, interest rate, stated percentage | 2% | |||||||
Debt instrument, term | 2 years | |||||||
Debt instrument, convertible, conversion price | $ / shares | $ 21.26 | |||||||
American Medical REIT Inc [Member] | ||||||||
Debt instrument, interest rate, stated percentage | 8% | |||||||
Notes receivable, related parties | $ 200,000 | $ 200,000 | ||||||
Fair value of warrants | $ 0 | |||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 5 | |||||||
Warrants and rights outstanding | $ 0 | |||||||
DSS Convertible Preferred Stock [Member] | ||||||||
Preferred stock, convertible, shares issuable | shares | 42,575 | |||||||
Conversion of stock, shares issued | shares | 6,570,170 | |||||||
Warrant [Member] | New Electric CV Corporation [Member] | ||||||||
Fair value of warrants | $ 327,565 | $ 1,009,854 |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||
Federal | $ 45,736 | |
State | 46,179 | |
Total Current | 91,916 | |
Deferred: | ||
Federal | (3,905,452) | (2,725,007) |
State | 1,163,407 | (1,266,545) |
Total Deferred | (2,742,045) | (3,991,553) |
Valuation Allowance | 2,742,045 | 3,991,553 |
Total Income Tax Expense | 91,916 | |
Pre-tax Loss | $ (46,212,505) | $ (118,483,577) |
Effective Income Tax Rate | 0% | (0.10%) |
SCHEDULE OF RECONCILIATION OF I
SCHEDULE OF RECONCILIATION OF INCOME TAX (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal Statutory Tax Rate | 21% | 21% |
State Income Tax, Net of Federal Income Taxes | 0% | 0% |
Intercompany Management & Oversight Fees | 0% | (0.10%) |
Capitalized Construction Costs | 0% | 0.20% |
Minority interest in Partnerships | 0% | 0.10% |
Deferred Finance Costs | (0.40%) | (0.20%) |
Amort of BCF Debt Discount | 0% | (9.00%) |
Miscellaneous Permanent Items | 0.20% | 0% |
Non includible foreign entities loss/(income) | (13.80%) | (9.60%) |
Valuation Allowance | (7.10%) | (2.50%) |
Effective Income Tax Rate | 0% | (0.10%) |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Interest Income | $ (6,304,175) | $ (5,660,333) |
Interest Expense | 5,802,873 | 5,100,076 |
Depreciation and Amortization | (140,886) | (10,434) |
Impairment | 2,253,228 | 2,253,228 |
Accrued Expense | 1,102,779 | 60,662 |
Unrealized Loss on Investment | 4,324,883 | 2,512,554 |
Partnership Loss | 13,175 | 13,175 |
Other Amortization | 1,160,710 | |
Others | 377,180 | (224,637) |
Net Operating Loss | 1,297,770 | 2,047,388 |
Total deferred tax asset | 9,887,537 | 6,091,679 |
Valuation Allowance | (9,887,537) | (6,091,679) |
Net Deferred Tax Asset |
SCHEDULE OF OTHER COUNTRY INCOM
SCHEDULE OF OTHER COUNTRY INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Cumulative loss & other deferred tax assets before tax | $ (25,140,421) | $ (11,692,089) |
Tax at the domestic tax rates applicable to profits in the countries where the Company operates | (4,273,872) | (1,987,655) |
Deferred tax assets not recognized | 4,273,872 | 1,987,655 |
Income tax expenses recognized in profit or loss | 442,098 | |
SG Companies [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Cumulative loss & other deferred tax assets before tax | $ (25,140,421) | $ (11,692,089) |
Effective tax rates | 17% | 17% |
Tax at the domestic tax rates applicable to profits in the countries where the Company operates | $ (4,273,872) | $ (1,987,655) |
Deferred tax assets not recognized | 4,273,872 | 1,987,655 |
Income tax expenses recognized in profit or loss | ||
HK Companies [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Cumulative loss & other deferred tax assets before tax | ||
Effective tax rates | 16.50% | 16.50% |
Tax at the domestic tax rates applicable to profits in the countries where the Company operates | ||
Deferred tax assets not recognized | ||
Income tax expenses recognized in profit or loss | ||
KR Companies [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Cumulative loss & other deferred tax assets before tax | ||
Effective tax rates | 25% | 19.24% |
Tax at the domestic tax rates applicable to profits in the countries where the Company operates | ||
Deferred tax assets not recognized | ||
Income tax expenses recognized in profit or loss | 442,098 | |
AU Companies [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Cumulative loss & other deferred tax assets before tax | ||
Effective tax rates | 30% | 30% |
Tax at the domestic tax rates applicable to profits in the countries where the Company operates | ||
Deferred tax assets not recognized | ||
Income tax expenses recognized in profit or loss |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Federal operating loss carryforwards | $ 7,573,000 | |
State operating loss carryforwards | 2,020,000 | |
Deferred tax assets, valuation allowance | 9,887,537 | $ 6,091,679 |
Current federal tax expense | 45,736 | |
State income tax receivable | 46,179 | |
Foreign Tax Authority [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Operating loss carryforwards | 4,270,000 | 1,990,000 |
Maryland State [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Current federal, state and local, tax expense (benefit) | 143,574 | 151,211 |
Current federal tax expense | 111,351 | 77,390 |
State income tax receivable | 32,223 | $ 73,821 |
Maximum [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Deferred tax assets, valuation allowance | $ 3,795,858 |
SCHEDULE OF OPERATING AND RENEW
SCHEDULE OF OPERATING AND RENEWED LEASE TERMS RENTAL (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Product Liability Contingency [Line Items] | |
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 at a range from 0.5% to 4.5% per annum in 2022 and from 0.5% to 5.4% per annum in 2021 |
SG AI [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | June 2022 to May 2023 |
SG F and B [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | October 2021 to September 2024 |
Singapore - Four Seasons Park [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | July 2022 to July 2024 |
Singapore - Hapi Cafe [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | July 2022 to June 2024 |
Singapore - PLQ [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | December 2022 to July 2024 |
HONG KONG | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | October 2022 to October 2024 |
Hong Kong - Warehouse [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | November 2022 to October 2024 |
Hong Kong - Shop [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | October 2022 to September 2024 |
South Korea - Hapi Cafe [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | August 2022 to August 2025 |
South Korea - HWH World [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | August 2022 to July 2025 |
TX [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | May 2022 to January 2023 |
Bethesda, Maryland, USA [Member] | |
Product Liability Contingency [Line Items] | |
Lessee, operating lease, description | January 2021 to March 2024 |
SCHEDULE OF LEASE PAYMENTS (Det
SCHEDULE OF LEASE PAYMENTS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
2023 | $ 944,807 | |
2024 | 656,668 | |
2025 | 195,811 | |
Total Minimum Lease Payments | 1,797,287 | |
Less: Effect of Discounting | (169,248) | |
Present Value of Future Minimum Lease Payments | 1,628,039 | $ 667,343 |
Less: Current Obligations under Leases | (45,556) | (283,989) |
Long-term Lease Obligations | $ 1,582,483 | $ 383,354 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 12 Months Ended | ||||||
Dec. 31, 2018 | Nov. 23, 2015 USD ($) a | May 28, 2014 USD ($) a | Dec. 31, 2022 USD ($) a | Dec. 31, 2021 USD ($) a ft² | Aug. 16, 2021 a | Oct. 13, 2019 USD ($) | |
Loss Contingencies [Line Items] | |||||||
Area of land | 197 | 15,811 | 19.5 | ||||
Rental rate | $ 30,998,258 | ||||||
Rent expense | $ 685,724 | $ 587,685 | |||||
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 at a range from 0.5% to 4.5% per annum in 2022 and from 0.5% to 5.4% per annum in 2021 | ||||||
Operating lease, right-of-use asset | $ 1,614,159 | 659,620 | |||||
Operating lease, liability | 1,628,039 | 667,343 | |||||
Debt and lease obligation | $ 189,475 | $ 188,125 | |||||
Principal amount | $ 140,000 | ||||||
Interest rate | 2.50% | ||||||
Lots Sales Agreement [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Real estate improvements description | 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 converted 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 the 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 | 3 | 88 | |||||
Purchase of land lots, net | a | 479 | 476 | |||||
Lots Sales Agreement [Member] | SeD Maryland Development LLC [Member] | Ballenger Run [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Area of land | a | 197 | ||||||
Real estate sales | $ 15,700,000 | ||||||
Lots Sales Agreement [Member] | NVR Inc. [Member] | Ballenger Run [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Area of land | a | 197 | ||||||
Real estate sales | $ 15,000,000 | ||||||
Minimum [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Rental rate | $ 2,335 | ||||||
Maximum [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Rental rate | $ 23,020 |
SCHEDULE OF OPTION ACTIVITY (De
SCHEDULE OF OPTION ACTIVITY (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Options for common shares, Outstanding at beginning | 1,061,333 | 1,061,333 | |
Exercise price, vested and exercisable at beginning | $ 0.09 | $ 0.09 | |
Remaining Contractual Term, outstanding | 1 year | 2 years | 3 years |
Aggregate intrinsic value, outstanding at beginning | |||
Options for common shares, vested and exercisable at beginning | 1,061,333 | 1,061,333 | |
Exercise price, vested and exercisable at beginning | $ 0.09 | $ 0.09 | |
Remaining contractual term,vested and exercisable | 1 year | 2 years | 3 years |
Aggregate intrinsic value, vested and exercisable at beginning | |||
Options for common shares, granted | |||
Exercise price, granted | |||
Options for common shares, exercised | |||
Exercise price, exercised | |||
Options for common shares, forfeited, cancelled, expired | |||
Exercise price, forfeited, cancelled, expired | |||
Options for common shares, Outstanding at end | 1,061,333 | 1,061,333 | 1,061,333 |
Exercise price, outstanding at end | $ 0.09 | $ 0.09 | $ 0.09 |
Aggregate intrinsic value, outstanding at end | |||
Options for common shares, vested and exercisable at end | 1,061,333 | 1,061,333 | 1,061,333 |
Exercise price, vested and exercisable at end | $ 0.09 | $ 0.09 | $ 0.09 |
Aggregate intrinsic value, vested and exercisable at end |
DIRECTORS AND EMPLOYEES_ BENE_3
DIRECTORS AND EMPLOYEES’ BENEFITS (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 shares | |
Share-Based Payment Arrangement [Abstract] | |
Stock reserved under incentive compensation plan | 25,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 12 Months Ended | |||||||||
Mar. 17, 2023 USD ($) | Mar. 16, 2023 USD ($) | Feb. 06, 2023 USD ($) Integer $ / shares shares | Dec. 08, 2021 USD ($) shares | Jul. 30, 2021 USD ($) shares | May 13, 2021 USD ($) shares | Nov. 24, 2020 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Mar. 12, 2021 $ / shares | |
Subsequent Event [Line Items] | ||||||||||
Issuance of Common Stock, shares | shares | 3,374,624 | 3,374,624 | 3,374,624 | 108,000 | ||||||
Shares issued per share | $ / shares | $ 10.03 | |||||||||
Issuance of Common Stock by Exercising Warrants | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | $ 13,200,000 | $ 3,895 | $ 104,565,659 | ||||
Common Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Issuance of Common Stock, shares | shares | 15,819,452 | 67,502,481 | ||||||||
Issuance of Common Stock by Exercising Warrants | $ 15,820 | $ 67,502 | ||||||||
Underwriting Agreement [Member] | Subsequent Event [Member] | Common Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Share price | $ / shares | $ 0.001 | |||||||||
Issuance of Common Stock, shares | shares | 1,727,273 | |||||||||
Shares issued per share | $ / shares | $ 2.20 | |||||||||
Number of days | Integer | 45 | |||||||||
Proceeds from offering | $ 3,300,000 | |||||||||
Underwriting Agreement [Member] | Subsequent Event [Member] | Common Stock [Member] | Over-Allotment Option [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Issuance of Common Stock, shares | shares | 212,863 | |||||||||
Rausch Coleman Homes Houston LLC [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Issuance of Common Stock by Exercising Warrants | $ 6,586,250 | |||||||||
Davidson Homes LLC [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Issuance of Common Stock by Exercising Warrants | $ 10,022,500 |