Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-194748 | |
Entity Registrant Name | GigWorld Inc. | |
Entity Central Index Key | 0001600347 | |
Entity Tax Identification Number | 45-4742558 | |
Entity Incorporation, State or Country Code | DE | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 506,898,576 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 210,576 | $ 245,780 |
Prepaid expenses and other receivable | 1,542 | 1,870 |
Investment in Securities | 1,495,000 | 1,950,000 |
TOTAL CURRENT ASSETS | 1,707,118 | 2,197,650 |
Property and Equipment, net | 1,549 | 1,713 |
Other non-current assets | 102 | 102 |
TOTAL ASSETS | 1,708,769 | 2,199,465 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 27,552 | 14,609 |
Accrued taxes | 7,742 | 7,742 |
Amount due to related parties | 2,432,390 | 2,383,698 |
TOTAL CURRENT LIABILITIES | 2,467,684 | 2,406,049 |
TOTAL LIABILITIES | 2,467,684 | 2,406,049 |
STOCKHOLDERS’ DEFICIT: | ||
Preferred stock, $0.0001 par value, 15,000,000 shares authorized, 0 issued and outstanding as of March 31, 2022 and December 31, 2021 | ||
Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 506,898,576 shares issued and outstanding, as of March 31, 2022 and December 31, 2021 | 50,690 | 50,690 |
Additional paid-in capital | 4,604,191 | 4,604,191 |
Accumulated other comprehensive loss | (282,474) | (299,398) |
Accumulated deficit | (5,129,699) | (4,560,449) |
TOTAL GIGWORLD INC STOCKHOLDERS’ DEFICIT | (757,292) | (204,966) |
NON-CONTROLLING INTERESTS | (1,623) | (1,618) |
TOTAL STOCKHOLDERS’ DEFICIT | (758,915) | (206,584) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 1,708,769 | $ 2,199,465 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 506,898,576 | 506,898,576 |
Common stock, shares outstanding | 506,898,576 | 506,898,576 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Depreciation | $ 165 | |
General and administrative | 104,156 | 30,128 |
Total operating expenses | 104,321 | 30,128 |
Loss from operations | (104,321) | (30,128) |
Other income (loss): | ||
Interest income | 1 | |
Foreign exchange (loss) | (9,941) | (36,471) |
Unrealized (loss) on Securities Investment | (455,000) | |
Total other (loss) | (464,940) | (36,471) |
(Loss) before taxes | (569,261) | (66,599) |
Income tax provision | ||
Net (loss) | (569,261) | (66,599) |
Net (loss) attributable to Non-controlling interests | (11) | |
Net (loss) applicable to common shareholders | $ (569,250) | $ (66,599) |
Net (loss) per share - basic and diluted | $ 0 | $ 0 |
Weighted number of shares outstanding - | ||
Basic and diluted | 506,898,576 | 506,898,576 |
Comprehensive Income (Loss): | ||
Net (loss) | $ (569,261) | $ (66,599) |
Foreign currency translation gain | 16,930 | 63,278 |
Total comprehensive (loss) | $ (552,331) | $ (3,321) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total GigWorld Inc Stockholders' Deficit [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 50,690 | $ 4,604,191 | $ (378,361) | $ (5,666,250) | $ (1,389,730) | $ (1,389,730) | |
Beginning Balance, shares at Dec. 31, 2020 | 506,898,576 | ||||||
Net loss for the period | (66,599) | (66,599) | (66,599) | ||||
Foreign currency translation adjustment | 63,278 | 63,278 | 63,278 | ||||
Ending balance, value at Mar. 31, 2021 | $ 50,690 | 4,604,191 | (315,083) | (5,732,849) | (1,393,051) | (1,393,051) | |
Ending Balance, shares at Mar. 31, 2021 | 506,898,576 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 50,690 | 4,604,191 | (299,398) | (4,560,449) | (204,966) | (1,618) | (206,584) |
Beginning Balance, shares at Dec. 31, 2021 | 506,898,576 | ||||||
Net loss for the period | (569,250) | (569,250) | (11) | (569,261) | |||
Foreign currency translation adjustment | 16,924 | 16,924 | 6 | 16,930 | |||
Ending balance, value at Mar. 31, 2022 | $ 50,690 | $ 4,604,191 | $ (282,474) | $ (5,129,699) | $ (757,292) | $ (1,623) | $ (758,915) |
Ending Balance, shares at Mar. 31, 2022 | 506,898,576 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (Loss) | $ (569,261) | $ (66,599) |
Adjustments to reconcile net loss to cash used in operations: | ||
Depreciation | 165 | |
Unrealized loss on securities investment | 455,000 | |
Change in operating assets and liabilities: | ||
Deposit, prepaid expenses and other receivable | 327 | |
Accounts payable and accrued expenses | 12,944 | 12,229 |
Net cash used in operating activities | (100,825) | (54,370) |
CASH FLOW FROM FINANCING ACTIVITIES: | ||
Advance from related parties | 55,946 | 14,470 |
Net cash provided by financing activities | 55,946 | 14,470 |
NET (DECREASE) IN CASH | (44,879) | (39,900) |
Effects of exchange rates on cash | 9,675 | 36,580 |
CASH AND CASH EQUIVALENTS at beginning of period | 245,780 | 158,057 |
CASH AND CASH EQUIVALENTS at end of period | $ 210,576 | $ 154,737 |
THE COMPANY HISTORY AND NATURE
THE COMPANY HISTORY AND NATURE OF THE BUSINESS | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY HISTORY AND NATURE OF THE BUSINESS | Note 1. THE COMPANY HISTORY AND NATURE OF THE BUSINESS GigWorld Inc., formerly HotApp Blockchain, Inc. (the “Company” or “Group”) was incorporated in the State of Delaware on March 7, 2012 and established a fiscal year end of December 31. The Company’s business is focused on serving business-to-business (B2B) needs in e-commerce, collaboration and social networking functions. Going Concern These financial statements have been prepared using accounting principles generally accepted in the United States of America applicable for a going concern, which assumes that the Company will realize its assets and discharge its liabilities in the ordinary course of business. Since inception, the Company has incurred net losses of $ 5,129,699 760,566 Our majority shareholder has advised us not to depend solely on them for financing. We have increased our efforts to raise additional capital through equity or debt financings from other sources. However, we cannot be certain that such capital (from our shareholders or from third parties) will be available to us or whether such capital will be available on terms that are acceptable to us. Any such financing likely would be dilutive to existing stockholders and could result in significant financial operating covenants that would negatively impact our business. If we are unable to raise sufficient additional capital on acceptable terms, we will have insufficient funds to operate our business or pursue our planned growth. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These condensed consolidated financial statements should be read in conjunction with the financial statements and additional information as contained in our Annual Report on Form 10-K for the year ended December 31, 2021 filed on March 15, 2022. Results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2021. The other information in these condensed consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal recurring nature unless disclosed otherwise. Basis of consolidation The condensed consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than 50 The Company’s condensed consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of March 31, 2022 and December 31, 2021, as follows: SCHEDULE FOR SUBSIDIARY’S CONSOLIDATION OF FINANCIAL STATEMENTS Attributable interest as of, Name of subsidiary consolidated under GigWorld Inc. State or other jurisdiction of incorporation or organization March 31, 2022 December 31, 2021 % % HotApp BlockChain Pte.Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 100.0 100.0 HotApp International Limited Hong Kong 100.0 100.0 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 100.0 100.0 HWH World Inc. United States of America 100.0 100.0 HWH World Pte. Ltd. Singapore 100.0 100.0 Smart Reward Express Limited Hong Kong 50.0* 50.0* * Smart Reward Express Limited (“Smart Reward”) was incorporated in Hong Kong on July 13, 2021 with an issued and paid-up share capital of HK$ 10,000 10,000 Smart Reward plans to be principally engaged in the business of developing a platform allowing small and medium sized merchants to set-up their own reward program, with the aim of creating a loyalty exchange program for participating merchants. HotApp International Limited is the owner of 50 50 HotApp International Limited holds 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward 18 Accordingly, the Company in total holds more than 50 Use of estimates The preparation of condensed 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 revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s condensed consolidated financial statements include revenue recognition, the useful lives and impairment of property and equipment, valuation allowance for deferred tax assets. 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. There were no Foreign currency risk Because of its foreign operations, the Company holds cash in non-US dollars. As of March 31, 2022, cash and cash equivalents of the Group includes, on an as converted basis to US dollars, $ 51,337 10,625 86,398 10,757 Investment Securities Investments represent equity investments with readily determinable fair values. The Company account for investments in equity securities that have readily determinable fair values are measured at fair value, with unrealized gains and losses from fair value changes recognized in net income in the condensed consolidated statements of comprehensive income. Equipment Property and equipment are recorded at cost, less depreciation. Repairs and maintenance are expensed as incurred. Expenditures incurred as a consequence of acquiring or using the asset, or that increase the value or productive capacity of assets are capitalized (such as removal, and restoration costs). When property and equipment is retired, sold, or otherwise disposed of, the asset’s carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in operations. Depreciation is computed by the straight-line method (after considering their respective estimated residual values) over the estimated useful lives of the respective assets as follows: SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS Computer equipment 3 years Concentrations Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash. Although the cash at each particular bank in the United States is insured up to $ 250,000 Fair value Fair Value of Financial Instruments The carrying value of cash, accounts payable and accrued liabilities, and short-term borrowings, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the condensed consolidated financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. The Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: ● Level 1 - quoted prices in active markets for identical assets and liabilities; ● Level 2 - observable market based inputs or unobservable inputs that are corroborated by market data; and ● Level 3 - significant unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the condensed consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as non-current based on their characteristics. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood Foreign currency translation Items included in the financial statements of each entity in the group are measured using the currency of the primary economic environment in which the entity operates (“functional 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 and Hong Kong are maintained in their local currencies, the Singapore Dollar (S$) and Hong Kong Dollar (HK$), which are also the functional currencies of these entities. 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. 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 Company’s entities with functional currency of Hong Kong Dollar and Singapore Dollar, 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. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of comprehensive income (loss). For the three months ended March 31, 2022, the Company recorded other comprehensive income from translation gain of $ 16,930 63,278 Comprehensive income (loss) Comprehensive income (loss) includes gains (losses) from foreign currency translation adjustments. Comprehensive income (loss) is reported in the condensed consolidated statements of operations and comprehensive loss. Earnings (Loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of shares outstanding during the year. As of March 31, 2022, there are no potentially dilutive securities that were excluded from the computation of diluted EPS. Non-controlling interests Non-controlling interests represent the equity in a subsidiary not attributable, directly or indirectly, to owners of the Company, and are presented separately in the condensed consolidated statements of operation and comprehensive income, and within equity in the Condensed Consolidated Balance Sheets, separately from equity attributable to owners of the Company. On March 31, 2022 and December 31, 2021, the aggregate non-controlling interests in the Company were $ (1,623 (1,618 Recent accounting pronouncements Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | Note 3. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accrued expenses and other current liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES March 31, December 31, 2022 2021 Accrued payroll $ 626 $ 321 Accrued professional fees 24,710 11,185 Other 2,216 3,103 Total $ 27,552 $ 14,609 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | Note 4. PROPERTY AND EQUIPMENT, NET Property and Equipment, net consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, December 31, 2022 2021 Computer equipment $ 1,990 $ 1,990 Less: accumulated depreciation 441 277 Total $ 1,549 $ 1,713 |
INVESTMENT
INVESTMENT | 3 Months Ended |
Mar. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
INVESTMENT | Note 5. INVESTMENT The Company acquired 6,500,000 650,000 SCHEDULE OF INVESTMENT Level 1 Level 2 Level 3 Fair Value Fair Value Measurement Using Amount at Level 1 Level 2 Level 3 Fair Value March 31, 2022 Asset Investment Securities – Fair Value $ 1,495,000 $ - $ - $ 1,495,000 Total Investment in securities at Fair Value $ 1,495,000 $ $ - $ 1,495,000 Level 1 Level 2 Level 3 Fair Value Fair Value Measurement Using Amount at Level 1 Level 2 Level 3 Fair Value December 31, 2021 Asset Investment Securities – Fair Value $ 1,950,000 $ - $ - $ 1,950,000 Total Investment in securities at Fair Value $ 1,950,000 $ $ $ 1,950,000 The change in fair value of investment securities during the three months ended March 31, 2022 was $ 455,000 |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | Note 6. RELATED PARTY BALANCES AND TRANSACTIONS Effective as of September 1, 2020, Chan Heng Fai resigned as the Acting Chief Executive Officer of the Company, and the Company’s Board of Directors appointed Lee Wang Kei (“Nathan”) as the Company’s Chief Executive Officer. Alset International Limited (“AIL”) is the Company’s majority stockholder. Chan Heng Fai, the Executive Chairman of the Company’s Board of Directors, is also the Chief Executive Officer and a member of AIL’s Board of Directors, as well as the majority stockholder of AIL. Lui Wai Leung Alan, the Company’s Chief Financial Officer, is also the Executive Director and Chief Financial Officer of AIL. Both Chan Heng Fai and Lui Wai Leung Alan are compensated by AIL, the Company’s majority stockholder. Our Chief Executive Officer, Lee Wang Kei, is paid $ 2,000 As of March 31, 2022, the Company has an amount due to AIL of $ 2,432,288 102 2,383,596 102 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 7. SUBSEQUENT EVENTS Directors’ resolutions of HWH World Pte. Ltd passed on April 18, 2022 for the approval of transfer of 100,000 2.00 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These condensed consolidated financial statements should be read in conjunction with the financial statements and additional information as contained in our Annual Report on Form 10-K for the year ended December 31, 2021 filed on March 15, 2022. Results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2021. The other information in these condensed consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal recurring nature unless disclosed otherwise. |
Basis of consolidation | Basis of consolidation The condensed consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than 50 The Company’s condensed consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of March 31, 2022 and December 31, 2021, as follows: SCHEDULE FOR SUBSIDIARY’S CONSOLIDATION OF FINANCIAL STATEMENTS Attributable interest as of, Name of subsidiary consolidated under GigWorld Inc. State or other jurisdiction of incorporation or organization March 31, 2022 December 31, 2021 % % HotApp BlockChain Pte.Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 100.0 100.0 HotApp International Limited Hong Kong 100.0 100.0 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 100.0 100.0 HWH World Inc. United States of America 100.0 100.0 HWH World Pte. Ltd. Singapore 100.0 100.0 Smart Reward Express Limited Hong Kong 50.0* 50.0* * Smart Reward Express Limited (“Smart Reward”) was incorporated in Hong Kong on July 13, 2021 with an issued and paid-up share capital of HK$ 10,000 10,000 Smart Reward plans to be principally engaged in the business of developing a platform allowing small and medium sized merchants to set-up their own reward program, with the aim of creating a loyalty exchange program for participating merchants. HotApp International Limited is the owner of 50 50 HotApp International Limited holds 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward 18 Accordingly, the Company in total holds more than 50 |
Use of estimates | Use of estimates The preparation of condensed 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 revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s condensed consolidated financial statements include revenue recognition, the useful lives and impairment of property and equipment, valuation allowance for deferred tax assets. |
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. There were no |
Foreign currency risk | Foreign currency risk Because of its foreign operations, the Company holds cash in non-US dollars. As of March 31, 2022, cash and cash equivalents of the Group includes, on an as converted basis to US dollars, $ 51,337 10,625 86,398 10,757 |
Investment Securities | Investment Securities Investments represent equity investments with readily determinable fair values. The Company account for investments in equity securities that have readily determinable fair values are measured at fair value, with unrealized gains and losses from fair value changes recognized in net income in the condensed consolidated statements of comprehensive income. |
Equipment | Equipment Property and equipment are recorded at cost, less depreciation. Repairs and maintenance are expensed as incurred. Expenditures incurred as a consequence of acquiring or using the asset, or that increase the value or productive capacity of assets are capitalized (such as removal, and restoration costs). When property and equipment is retired, sold, or otherwise disposed of, the asset’s carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in operations. Depreciation is computed by the straight-line method (after considering their respective estimated residual values) over the estimated useful lives of the respective assets as follows: SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS Computer equipment 3 years |
Concentrations | Concentrations Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash. Although the cash at each particular bank in the United States is insured up to $ 250,000 |
Fair value | Fair value Fair Value of Financial Instruments The carrying value of cash, accounts payable and accrued liabilities, and short-term borrowings, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the condensed consolidated financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. The Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: ● Level 1 - quoted prices in active markets for identical assets and liabilities; ● Level 2 - observable market based inputs or unobservable inputs that are corroborated by market data; and ● Level 3 - significant unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
Income taxes | Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the condensed consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as non-current based on their characteristics. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood |
Foreign currency translation | Foreign currency translation Items included in the financial statements of each entity in the group are measured using the currency of the primary economic environment in which the entity operates (“functional 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 and Hong Kong are maintained in their local currencies, the Singapore Dollar (S$) and Hong Kong Dollar (HK$), which are also the functional currencies of these entities. 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. 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 Company’s entities with functional currency of Hong Kong Dollar and Singapore Dollar, 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. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of comprehensive income (loss). For the three months ended March 31, 2022, the Company recorded other comprehensive income from translation gain of $ 16,930 63,278 |
Comprehensive income (loss) | Comprehensive income (loss) Comprehensive income (loss) includes gains (losses) from foreign currency translation adjustments. Comprehensive income (loss) is reported in the condensed consolidated statements of operations and comprehensive loss. |
Earnings (Loss) per share | Earnings (Loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of shares outstanding during the year. As of March 31, 2022, there are no potentially dilutive securities that were excluded from the computation of diluted EPS. |
Non-controlling interests | Non-controlling interests Non-controlling interests represent the equity in a subsidiary not attributable, directly or indirectly, to owners of the Company, and are presented separately in the condensed consolidated statements of operation and comprehensive income, and within equity in the Condensed Consolidated Balance Sheets, separately from equity attributable to owners of the Company. On March 31, 2022 and December 31, 2021, the aggregate non-controlling interests in the Company were $ (1,623 (1,618 |
Recent accounting pronouncements | Recent accounting pronouncements Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE FOR SUBSIDIARY’S CONSOLIDATION OF FINANCIAL STATEMENTS | The Company’s condensed consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of March 31, 2022 and December 31, 2021, as follows: SCHEDULE FOR SUBSIDIARY’S CONSOLIDATION OF FINANCIAL STATEMENTS Attributable interest as of, Name of subsidiary consolidated under GigWorld Inc. State or other jurisdiction of incorporation or organization March 31, 2022 December 31, 2021 % % HotApp BlockChain Pte.Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 100.0 100.0 HotApp International Limited Hong Kong 100.0 100.0 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 100.0 100.0 HWH World Inc. United States of America 100.0 100.0 HWH World Pte. Ltd. Singapore 100.0 100.0 Smart Reward Express Limited Hong Kong 50.0* 50.0* * Smart Reward Express Limited (“Smart Reward”) was incorporated in Hong Kong on July 13, 2021 with an issued and paid-up share capital of HK$ 10,000 10,000 |
SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS | SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS Computer equipment 3 years |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | Accrued expenses and other current liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES March 31, December 31, 2022 2021 Accrued payroll $ 626 $ 321 Accrued professional fees 24,710 11,185 Other 2,216 3,103 Total $ 27,552 $ 14,609 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and Equipment, net consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, December 31, 2022 2021 Computer equipment $ 1,990 $ 1,990 Less: accumulated depreciation 441 277 Total $ 1,549 $ 1,713 |
INVESTMENT (Tables)
INVESTMENT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
SCHEDULE OF INVESTMENT | SCHEDULE OF INVESTMENT Level 1 Level 2 Level 3 Fair Value Fair Value Measurement Using Amount at Level 1 Level 2 Level 3 Fair Value March 31, 2022 Asset Investment Securities – Fair Value $ 1,495,000 $ - $ - $ 1,495,000 Total Investment in securities at Fair Value $ 1,495,000 $ $ - $ 1,495,000 Level 1 Level 2 Level 3 Fair Value Fair Value Measurement Using Amount at Level 1 Level 2 Level 3 Fair Value December 31, 2021 Asset Investment Securities – Fair Value $ 1,950,000 $ - $ - $ 1,950,000 Total Investment in securities at Fair Value $ 1,950,000 $ $ $ 1,950,000 |
THE COMPANY HISTORY AND NATUR_2
THE COMPANY HISTORY AND NATURE OF THE BUSINESS (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings Accumulated Deficit | $ 5,129,699 | $ 4,560,449 |
Net working capital deficit | $ 760,566 |
SCHEDULE FOR SUBSIDIARY_S CONSO
SCHEDULE FOR SUBSIDIARY’S CONSOLIDATION OF FINANCIAL STATEMENTS (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | ||
SINGAPORE | HotApp BlockChain Pte.Ltd. (f.k.a. HotApps International Pte. Ltd.) [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Variable interest rates | 100.00% | 100.00% | |
SINGAPORE | HWH World Pte Ltd [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Variable interest rates | 100.00% | 100.00% | |
HONG KONG | HotApp International Limited [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Variable interest rates | 100.00% | 100.00% | |
HONG KONG | Smart Reward Express Limited [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Variable interest rates | [1] | 50.00% | 50.00% |
UNITED STATES | Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Variable interest rates | 100.00% | 100.00% | |
UNITED STATES | HWH World Inc Member [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Variable interest rates | 100.00% | 100.00% | |
[1] | Smart Reward Express Limited (“Smart Reward”) was incorporated in Hong Kong on July 13, 2021 with an issued and paid-up share capital of HK$ 10,000 10,000 |
SCHEDULE FOR SUBSIDIARY_S CON_2
SCHEDULE FOR SUBSIDIARY’S CONSOLIDATION OF FINANCIAL STATEMENTS (Details) (Parenthethical) - HKD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Jul. 13, 2021 |
Accounting Policies [Abstract] | |||
Paid up share capital | $ 10,000 | ||
Ordinary shares issued | 506,898,576 | 506,898,576 | 10,000 |
SCHEDULE OF ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended | ||||||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022HKD ($) | Mar. 31, 2022SGD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021HKD ($) | Dec. 31, 2021SGD ($) | |
Property, Plant and Equipment [Line Items] | |||||||
Ownership percentage | 50.00% | ||||||
Shares issued and outstanding | 18.00% | ||||||
Cash equivalents | $ 0 | $ 51,337 | $ 10,625 | $ 0 | $ 86,398 | $ 10,757 | |
Cash FDIC insured | $ 250,000 | ||||||
Income tax likelihood | less than a 50% likelihood | ||||||
Foreign currency translation gain | $ 16,930 | $ 63,278 | |||||
Non controlling interest | $ (1,623) | $ (1,618) | |||||
Maximum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Smart Reward | 50.00% | ||||||
HotApp International Limited [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Description of rewards | 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward | ||||||
Value Exchange International Inc [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Description of rewards | 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward |
SCHEDULE OF ACCRUED EXPENSES AN
SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued payroll | $ 626 | $ 321 |
Accrued professional fees | 24,710 | 11,185 |
Other | 2,216 | 3,103 |
Total | $ 27,552 | $ 14,609 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Computer equipment | $ 1,990 | $ 1,990 |
Less: accumulated depreciation | 441 | 277 |
Total | $ 1,549 | $ 1,713 |
SCHEDULE OF INVESTMENT (Details
SCHEDULE OF INVESTMENT (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Investment Securities – Fair Value | $ 1,495,000 | $ 1,950,000 |
Total Investment in securities at Fair Value | 1,495,000 | 1,950,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment Securities – Fair Value | 1,495,000 | 1,950,000 |
Total Investment in securities at Fair Value | 1,495,000 | 1,950,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment Securities – Fair Value | ||
Total Investment in securities at Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment Securities – Fair Value | ||
Total Investment in securities at Fair Value |
INVESTMENT (Details Narrative)
INVESTMENT (Details Narrative) | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Investments, All Other Investments [Abstract] | |
Common stock shares acquired | shares | 6,500,000 |
Common stock subscription price | $ 650,000 |
Change in fair value of investment securities | $ 455,000 |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Amount due to related parties | $ 2,432,390 | $ 2,383,698 |
Lee Wang Kei [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to related parties | 2,000 | |
Alset International Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to related parties | 2,432,288 | 2,383,596 |
Associated Company of Alset International Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to related parties | $ 102 | $ 102 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Hotapp Blockchain Pte. Ltd to Health Wealth Happiness Pte. Ltd [Member] | Apr. 18, 2022$ / sharesshares |
Subsequent Event [Line Items] | |
Transfer of shares | shares | 100,000 |
Consideration price per share | $ / shares | $ 2 |