GigWorld (GIGW) 10-K 15 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 15, 2022	Jun. 30, 2021
Cover [Abstract]
Entity Registrant Name	GigWorld Inc.
Entity Central Index Key	0001600347
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		506,898,576
Entity Public Float			$ 1,557,200
Document Annual Report	true
Document Transition Report	false
Entity File Number	333-194748
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	45-4742558
Entity Address Address Line 1	4800 Montgomery Lane
Entity Address Address Line 2	Suite 210
Entity Address City Or Town	Bethesda
Entity Address State Or Province	MD
Entity Address Postal Zip Code	20814
City Area Code	301
Auditor Name	GRASSI & CO., CPAs, P.C.
Auditor Location	Jericho, New York
Local Phone Number	971-3940
Entity Interactive Data Current	Yes
Auditor Firm Id	606

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 245,780	$ 158,057
Prepaid expenses and other receivable	1,870	0
Investment in Securities	1,950,000	0
TOTAL CURRENT ASSETS	2,197,650	158,057
Property and Equipment, net	1,713	0
Other non-current assets	102	102
TOTAL ASSETS	2,199,465	158,159
CURRENT LIABILITIES:
Accounts payable and accrued expenses	14,609	18,043
Accrued taxes	7,742	7,742
Amount due to related parties	2,383,698	1,522,104
TOTAL CURRENT LIABILITIES	2,406,049	1,547,889
TOTAL LIABILITIES	2,406,049	1,547,889
STOCKHOLDERS' DEFICIT:
Preferred stock, $0.0001 par value, 15,000,000 shares authorized, 0 issued and outstanding as of December 31, 2021 and December 31, 2020	0	0
Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 506,898,576 shares issued and outstanding, as of December 31, 2021 and December 31, 2020	50,690	50,690
Additional paid-in capital	4,604,191	4,604,191
Accumulated other comprehensive loss	(299,398)	(378,361)
Accumulated deficit	(4,560,449)	(5,666,250)
TOTAL GIGWORLD INC STOCKHOLDERS' DEFICIT	(204,966)	(1,389,730)
NON-CONTROLLING INTERESTS	(1,618)	0
TOTAL STOCKHOLDERS' DEFICIT	(206,584)	(1,389,730)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 2,199,465	$ 158,159

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	15,000,000	15
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1,000,000,000	1
Common stock, issued	506,898,576	506,898,576
Common stock, outstanding	506,898,576	506,898,576

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Depreciation	$ 277	$ 0
General and administrative	175,352	88,155
Total operating expenses	175,629	88,155
Loss from operations	(175,629)	(88,155)
Other income (loss):
Interest income	7	4
Dividend income	32,500	0
Witholding Federal Tax	(7,800)	0
Foreign exchange (loss) gain	(45,543)	38,809
Unrealized gain on Securities Investment	1,300,000	0
Total other income	1,279,164	38,813
Income (Loss) before taxes	1,103,535	(49,342)
Income tax provision	0	0
Net Income (Loss)	1,103,535	(49,342)
Net (loss) attributable to Non-controlling interests	(2,266)	0
Net income (loss) applicable to common shareholders	$ 1,101,269	$ (49,342)
Net income (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 income (loss)	$ 1,103,535	$ (49,342)
Foreign currency translation gain (loss)	78,967	(68,068)
Total comprehensive income (loss)	$ 1,182,502	$ (117,410)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)	Total GigWorld Inc Stockholders' Deficit [Member]	Noncontrolling Interest
Balance, shares at Dec. 31, 2019		506,898,576
Balance, amount at Dec. 31, 2019	$ (1,272,320)	$ 50,690	$ 4,604,191	$ (310,293)	$ (5,616,908)	$ (1,272,320)	$ 0
Net loss for the period	(49,342)	0	0	0	(49,342)	(49,342)	0
Foreign currency translation adjustment	(68,068)	$ 0	0	(68,068)	0	(68,068)	0
Balance, shares at Dec. 31, 2020		506,898,576
Balance, amount at Dec. 31, 2020	(1,389,730)	$ 50,690	4,604,191	(378,361)	(5,666,250)	(1,389,730)	0
Net loss for the period	1,103,535	0	0	0	1,105,801	1,105,801	(2,266)
Foreign currency translation adjustment	78,967	$ 0	0	78,963	0	78,963	4
Subsidiary's issuance of stock	644						644
Balance, shares at Dec. 31, 2021		506,898,576
Balance, amount at Dec. 31, 2021	$ (206,584)	$ 50,690	$ 4,604,191	$ (299,398)	$ (4,560,449)	$ (204,966)	$ (1,618)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 1,103,535	$ (49,342)
Adjustments to reconcile net income (loss) to cash (used in) provided by operations:
Depreciation	277	0
Unrealized (gain) on securities investment	(1,300,000)	0
Change in operating assets and liabilities:
Prepaid expenses and other receivable	(1,870)	0
Promissory note-related party	0	100,000
Accounts payable and accrued expenses	(3,434)	(518)
Net cash (used in) provided by operating activities	(201,492)	50,140
CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of securities investment	650,000	0
Purchase of property and equipment	1,990	0
Net cash used in investing activities	(651,990)	0
CASH FLOW FROM FINANCING ACTIVITIES:
Subsidiary's issuance of stock	644	0
Advance from related parties	892,945	94,568
Net cash provided by financing activities	893,589	94,568
Effects of exchange rates on cash	47,616	(42,403)
NET INCREASE IN CASH	40,107	144,708
CASH AND CASH EQUIVALENTS at beginning of year	158,057	55,752
CASH AND CASH EQUIVALENTS at end of year	$ 245,780	$ 158,057

ORGANIZATION AND PRINCIPAL BUSI

ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES	12 Months Ended
	Dec. 31, 2021
ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES
ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES	Note 1. ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES 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 The consolidated 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 $4,560,449 and has net working capital deficit of $208,399 at December 31, 2021. Management has concluded that due to the conditions described above, there is a substantial doubt about the entity’s ability to continue as a going concern through March 15, 2023. We have evaluated the significance of the conditions in relation to our ability to meet our obligations and believe that our current cash balance along with our current operations will not provide sufficient capital to continue operations through 2022. Our ability to continue as a going concern is dependent upon achieving sales growth, management of operating expenses and ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due, and upon profitable operations. Our majority stockholder has advised us not to depend solely on it 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 stockholders or 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 consolidated 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	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Basis of consolidation The consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than 50% of the voting common stock and controls operations. All intercompany transactions and balances among consolidated subsidiaries have been eliminated. The Company’s consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of December 31, 2021 and 2020, as follows: Attributable interest as of, Name of subsidiary consolidated under GigWorld Inc. State or other jurisdiction of incorporation or organization December 31, 2021 December 31, 2020 % % 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* - * 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 comprising 10,000 ordinary shares. 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% of the issued and outstanding shares of Smart Reward. The remaining 50% of the issued and outstanding shares of Smart Reward are held by Value Exchange Int’l (China) Limited, a wholly-owned subsidiary of VEII. HotApp International Limited holds 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward. HotApp International Limited is a wholly-owned subsidiary of HotApp BlockChain Pte. Ltd., which is a wholly-owned subsidiary of GigWorld Inc. The remaining 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward, are held by Value Exchange Int’l (China) Limited, a wholly-owned subsidiary of Value Exchange International Inc. GigWorld Inc. owns 18% of the total issued and outstanding shares of Value Exchange International Inc. Accordingly, the Company in total holds more than 50% of Smart Reward, and Swart Reward is consolidated in the Company’s financial statements. 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, liabilities, revenues, cost and expenses in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s 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 cash equivalents as of December 31, 2021 and 2020. Foreign currency risk 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 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: 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 by Federal Deposit Insurance Corporation (FDIC), the Group is exposed to risk due to its concentration of cash in foreign countries. The Group places its cash with financial institutions with high-credit ratings and quality. 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 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. Revenue recognition Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. Under the new standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The Company adopted this new standard on January 1, 2018 under the modified retrospective method to all contracts not completed as of January 1, 2018 and the adoption did not have a material effect on our consolidated financial statements but we expanded our disclosures related to contracts with customers below. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. Costs to obtain or fulfill a contract are expensed as incurred when the amortization period is less than one-year. Contract assets and contract liabilities Based on our Income taxes 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 of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2021 or 2020, respectively. Foreign currency translation Items included in the consolidated 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 consolidated statements of operations. The Company’s entities with functional currency of Renminbi, 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 year ended December 31, 2021, the Company recorded other comprehensive loss from a translation gain of $78,967 in the consolidated financial statements. For the year ended December 31, 2020, the Company recorded other comprehensive loss from a translation loss of $68,068 in the consolidated financial statements. Comprehensive income (loss) Comprehensive income (loss) includes gains (losses) from foreign currency translation adjustments. Comprehensive income (loss) is reported in the 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 December 31, 2021, 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 consolidated statements of operation and comprehensive income, and within equity in the Consolidated Balance Sheets, separately from equity attributable to owners of the Company. On December 31, 2021 and 2020, the aggregate non-controlling interests in the Company were $(1,618) and $0, respectively. Recent accounting pronouncement 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 consolidated financial statements.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Note 3. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accrued expenses consisted of the following: As of December 31, 2021 2020 Accrued payroll $ 321 $ - Accrued professional fees 11,185 16,892 Other 3,103 1,151 Total $ 14,609 $ 18,043

PROPERTY AND EQUIPMENT NET

PROPERTY AND EQUIPMENT NET	12 Months Ended
	Dec. 31, 2021
PROPERTY AND EQUIPMENT NET
PROPERTY AND EQUIPMENT NET	Note 4. PROPERTY AND EQUIPMENT, NET Property and Equipment, net consisted of the following: As of December 31, 2021 2020 Computer equipment $ 1,990 $ - Less: accumulated depreciation 277 - Total $ 1,713 $ -

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES

SHARE CAPITALIZATION

SHARE CAPITALIZATION	12 Months Ended
	Dec. 31, 2021
SHARE CAPITALIZATION
SHARE CAPITALIZATION	Note 6. SHARE CAPITALIZATION The Company is authorized to issue 1 billion shares of common stock and 15 million shares of preferred stock. The authorized share capital of the Company’s common stock was increased from 500 million to 1 billion on May 5, 2017. Both share types have a $0.0001 par value. As of December 31, 2021 and 2020, the Company had issued and outstanding, 506,898,576 of common stock, and 0 shares of preferred stock. Common Shares: Pursuant to the Purchase Agreement, dated October 15, 2014, the Company issued 1,000,000 shares of common stock to AIL. Such amount represented 19% ownership in the Company. On July 13, 2015, AIL acquired 777,687 shares of the Company’s common stock by converting outstanding loans made to the Company into common stock of the Company at a rate of $5.00 per share (rounded to the nearest full share). After such transactions AIL owned 98.17% of the Company. On March 27, 2017, the Company entered into a Loan Conversion Agreement with AIL, pursuant to which AIL agreed to convert $450,890 of debt owed by the Company to AIL into 500,988,889 common shares at a conversion price of $0.0009. The captioned shares were issued on June 9, 2017, and AIL owned 99.979% of the Company after such transactions. On December 20, 2018, the Board of Directors of AIL announced its intention to sell up to 3,200,000 shares of the Company to independent third parties at US$0.50 per share for an aggregate cash consideration of up to US$1,600,000. The purpose of this proposed sale was to raise funds to continue to support the general corporate and working capital of the Company, including but not limited to the operating costs of the Company. As of December 31, 2021, AIL has sold 1,449,200 shares of the Company to independent third parties, and AIL owned 99.693% of the Company after such transactions. Preferred Shares: No Preferred Stock were issued as of December 31, 2021 and 2020.

EQUITY INCENTIVE PLAN

EQUITY INCENTIVE PLAN	12 Months Ended
	Dec. 31, 2021
EQUITY INCENTIVE PLAN
EQUITY INCENTIVE PLAN	Note 7. EQUITY INCENTIVE PLAN On July 30, 2018, the Company adopted the Equity Incentive Plan (“The Plan”). The Plan is intended to encourage ownership of shares by employees, directors and certain consultants to the Company in order to attract and retain such people, to induce them to work for the benefit of the Company. The Plan provides for the grant of options and/or other stock-based or stock-denominated awards. Subject to adjustment in accordance with the terms of the Plan, 50,000,000 shares of Common Stock of the Company have been reserved for issuance pursuant to awards under the Plan. The Plan will be administered by the Company’s Board of Directors. This Plan shall terminate ten (10) years from the date of its adoption by the Board of Directors. There have been no awards issued under the Plan as of December 31, 2021 and 2020.

INVESTMENT

INVESTMENT	12 Months Ended
	Dec. 31, 2021
INVESTMENT
INVESTMENT	Note 8. INVESTMENT The Company acquired 6,500,000 shares of Value Exchange International Inc.’s common shares for an aggregate subscription price of $650,000. Gross dividend income amounting to $32,500 was received during the year ended December 31, 2021. Financial assets measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of December 31, 2021: 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

Note RELATED PARTY BALANCES AND

Note RELATED PARTY BALANCES AND TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Note RELATED PARTY BALANCES AND TRANSACTIONS
Note RELATED PARTY BALANCES AND TRANSACTIONS	Note 9. 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 Chairman, Chief Executive Officer and the largest stockholder of Alset EHome International Inc., 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 per month by HotApp International Limited, a subsidiary of the Company. AIL has provided staff to our Company without charge since becoming our majority stockholder. As of December 31, 2021, the Company has an amount due to AIL of $2,383,596 plus an amount due to an associated company of AIL of $102. As of December 31, 2020, the Company has amount due to AIL of $1,521,999 plus an amount due to an associated company of AIL of $105.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Basis of presentation	The consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Basis of consolidation	The consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than 50% of the voting common stock and controls operations. All intercompany transactions and balances among consolidated subsidiaries have been eliminated. The Company’s consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of December 31, 2021 and 2020, as follows: Attributable interest as of, Name of subsidiary consolidated under GigWorld Inc. State or other jurisdiction of incorporation or organization December 31, 2021 December 31, 2020 % % 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* - * 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 comprising 10,000 ordinary shares. 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% of the issued and outstanding shares of Smart Reward. The remaining 50% of the issued and outstanding shares of Smart Reward are held by Value Exchange Int’l (China) Limited, a wholly-owned subsidiary of VEII. HotApp International Limited holds 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward. HotApp International Limited is a wholly-owned subsidiary of HotApp BlockChain Pte. Ltd., which is a wholly-owned subsidiary of GigWorld Inc. The remaining 5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward, are held by Value Exchange Int’l (China) Limited, a wholly-owned subsidiary of Value Exchange International Inc. GigWorld Inc. owns 18% of the total issued and outstanding shares of Value Exchange International Inc. Accordingly, the Company in total holds more than 50% of Smart Reward, and Swart Reward is consolidated in the Company’s financial statements.
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, liabilities, revenues, cost and expenses in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s 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 cash equivalents as of December 31, 2021 and 2020.
Foreign currency risk	Because of its foreign operations, the Company holds cash in non-US dollars. As of December 31, 2021, cash of the Group includes, on an as converted basis to US dollars, $86,398, and $10,757, in Hong Kong Dollars (“HK$”), and Singapore Dollars (“S$”), respectively. As of December 31, 2020, cash of the Group include, on an as converted basis to US dollars, $24,448, and $122,671, in Hong Kong Dollars (“HK$”), and Singapore Dollars (“S$”), respectively.
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 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: 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 by Federal Deposit Insurance Corporation (FDIC), the Group is exposed to risk due to its concentration of cash in foreign countries. The Group places its cash with financial institutions with high-credit ratings and quality.
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 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.
Revenue recognition	Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. Under the new standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The Company adopted this new standard on January 1, 2018 under the modified retrospective method to all contracts not completed as of January 1, 2018 and the adoption did not have a material effect on our consolidated financial statements but we expanded our disclosures related to contracts with customers below. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. Costs to obtain or fulfill a contract are expensed as incurred when the amortization period is less than one-year.
Contract assets and contract liabilities	Based on our
Income taxes	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 of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2021 or 2020, respectively.
Foreign currency translation	Items included in the consolidated 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 consolidated statements of operations. The Company’s entities with functional currency of Renminbi, 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 year ended December 31, 2021, the Company recorded other comprehensive loss from a translation gain of $78,967 in the consolidated financial statements. For the year ended December 31, 2020, the Company recorded other comprehensive loss from a translation loss of $68,068 in the consolidated financial statements.
Comprehensive income (loss)	Comprehensive income (loss) includes gains (losses) from foreign currency translation adjustments. Comprehensive income (loss) is reported in the 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 December 31, 2021, 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 consolidated statements of operation and comprehensive income, and within equity in the Consolidated Balance Sheets, separately from equity attributable to owners of the Company. On December 31, 2021 and 2020, the aggregate non-controlling interests in the Company were $(1,618) and $0, respectively.
Recent accounting pronouncement	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 consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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 December 31, 2021 December 31, 2020 % % 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* -

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
Schedule of Accrued expenses and other current liabilities	As of December 31, 2021 2020 Accrued payroll $ 321 $ - Accrued professional fees 11,185 16,892 Other 3,103 1,151 Total $ 14,609 $ 18,043

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET (Tables)
Schedule of Property and Equipment	As of December 31, 2021 2020 Computer equipment $ 1,990 $ - Less: accumulated depreciation 277 - Total $ 1,713 $ -

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Common Stock
Schedule of Provision for Income Taxes and Deferred Income Tax Assets

INVESTMENT (Tables)

INVESTMENT (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENT (Tables)
Schedule of Investment	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

ORGANIZATION AND PRINCIPAL BU_2

ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES (Details Narrative) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES (Details Narrative)
Incurred net losses	$ (4,560,449)	$ (5,666,250)
Net working capital deficit	$ 208,399

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Singapore [Member] | HotApp BlockChain Pte.Ltd. (f.k.a. HotApps International Pte. Ltd.) [Member]
Variable interest rates	100.00%	100.00%
Singapore [Member] | HWH World Pte Ltd [Member]
Variable interest rates	100.00%	100.00%
HongKong [Member] | HotApp International Limited [Member]
Variable interest rates	100.00%	100.00%
HongKong [Member] | Smart Reward Express Limited [Member]
Variable interest rates	50.00%
United States Of America [Member] | Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) [Member]
Variable interest rates	100.00%	100.00%
United States Of America [Member] | HWH World Inc Member [Member]
Variable interest rates	100.00%	100.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	12 Months Ended
	Dec. 31, 2021
Computer Equipment [Member]
Estimated useful life	3 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Non controlling interest	$ (1,618)	$ 0
Description of share holding	5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares of Smart Reward
Description of rewards	5,000 shares of Smart Reward, representing 50% of the total issued and outstanding shares
Foreign currency translation gain	$ 78,967	$ (68,068)
Desposit	$ 250,000
Ownership percentage	50.00%
Shares issued	0	0
Hong Kong Dollar [Member]
Shares issued	10,000
Cash equivalents	$ 10,757	$ 122,671
Paid up share capital	10,000
Singapore [Member] | HotApp BlockChain Pte.Ltd. (f.k.a. HotApps International Pte. Ltd.) [Member]
Cash equivalents	$ 86,398	$ 24,448

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details)
Accrued payroll	$ 321	$ 0
Accrued professional fees	11,185	16,892
Other	3,103	1,151
Total	$ 14,609	$ 18,043

PROPERTY AND EQUIPMENT,NET (Det

PROPERTY AND EQUIPMENT,NET (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET (Tables)
Computer equipment	$ 1,990	$ 0
Less:accumulated depreciation	277	0
Total	$ 1,713	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
(Loss) income before taxes	$ 1,103,535	$ (49,342)
Operating loss carry forwards	1,071,118	1,040,556
Fair value adjustment on investment	(273,000)	0
Income tax at statutory rate	235,214	(7,487)
Items not taxable for tax purposes	(321,892)	(14,995)
Items not deductible for tax purposes	21,462	10,985
Change in valuation allowance	65,216	11,497
Income tax expense	0	0
Deferred Income Tax Assets
Unrealized exchange (gain)/loss	9,927	14,995
Total deferred assets	808,044	1,025,561
Less: valuation allowance	(808,044)	(1,025,561)
Total net deferred tax assets	0	0
Domestic Country [Member]
(Loss) income before taxes	1,180,674	16,659
Operating loss carry forwards	191,699	183,831
Fair value adjustment on investment	(273,000)	0
Income tax at statutory rate	247,942	3,498
Items not taxable for tax purposes	(273,000)	(14,995)
Items not deductible for tax purposes	18,828	0
Change in valuation allowance	6,230	11,497
Income tax expense	0	0
Deferred Income Tax Assets
Unrealized exchange (gain)/loss	17,190	14,995
Total deferred assets	64,110	168,835
Less: valuation allowance	(64,110)	(168,835)
Total net deferred tax assets	0	0
Foreign Country [Member]
(Loss) income before taxes	(77,139)	(66,001)
Operating loss carry forwards	879,418	856,725
Fair value adjustment on investment	0	0
Income tax at statutory rate	(12,728)	(10,985)
Items not taxable for tax purposes	(48,892)	0
Items not deductible for tax purposes	2,634	10,985
Change in valuation allowance	58,986	0
Income tax expense	0	0
Deferred Income Tax Assets
Unrealized exchange (gain)/loss	7,264	0
Total deferred assets	872,155	856,725
Less: valuation allowance	(872,155)	(856,725)
Total net deferred tax assets	$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	12 Months Ended
	Dec. 31, 2021USD ($)
INCOME TAXES (Details Narrative)
Tax loss carryforward	$ 5,309,945
income tax rate	21.00%

Share Capitalization (Details N

Share Capitalization (Details Narrative) - USD ($)	Dec. 20, 2018	Dec. 31, 2021	Dec. 31, 2020	Mar. 27, 2017	Jul. 13, 2015	Oct. 15, 2014
Preferred stock, Par Value		$ 0.0001	$ 0.0001
Preferred stock, Share Authorized		15,000,000	15
Preferred stock, Issued		0	0
Preferred stock, Outstanding		0	0
Common stock, Par Value		$ 0.0001	$ 0.0001
Common stock, Shares Authorized		1,000,000,000	1
Common stock, Issued		506,898,576	506,898,576
Common stock, Outstanding		506,898,576	506,898,576
Acquired common stock		$ 50,690	$ 50,690
Purchase Agreement A I L [Member]
Common stock, Issued		1,000,000
Ownership						19.00%
Acquired common stock					$ 777,687
Common stock, par value					$ 5
Owned					98.17%
AIL Ownership	99.693%			99.979%
Debt conversio, common shares				$ 500,988,889
Earned cash	$ 1,600,000
Conversion rate				$ 0.0009
Common stock shares to third party	3,200,000
Shares, par value	$ 0.50
Shares sold	$ 1,449,200
Debt				$ 450,890

EQUITY INCENTIVE PLAN (Details

EQUITY INCENTIVE PLAN (Details Narrative)	Jul. 30, 2018shares
EQUITY INCENTIVE PLAN
Common stock shares reserved	50,000,000

INVESTMENT (Details)

INVESTMENT (Details)	Dec. 31, 2021USD ($)
Fair Value [Member]
Investment Securities - Fair Value	$ 1,950,000
Total Investment in securities at Fair Value	1,950,000
Level 1 [Member]
Investment Securities - Fair Value	1,950,000
Total Investment in securities at Fair Value	1,950,000
Level 2 [Member]
Investment Securities - Fair Value	0
Total Investment in securities at Fair Value	0
Level 3 [Member]
Investment Securities - Fair Value	0
Total Investment in securities at Fair Value	$ 0

INVESTMENT (Details Narrative)

INVESTMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INVESTMENT (Tables)
Common stock, shares	6,500,000
Common stock, amount	$ 650,000
Dividend income	$ 32,500	$ 0

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amount due to related parties	$ 2,383,698	$ 1,522,104
AIL
Amount due to related parties	2,383,596	1,521,999
Associated Company of AIL
Amount due to related parties	102	$ 105
Mr Lee [Member]
Monthly payment	$ 2,000