Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 24, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Alset EHome International Inc. | |
Entity Central Index Key | 0001750106 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
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 | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,511,637 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 20,368,692 | $ 24,465,923 |
Restricted Cash | 8,636,391 | 6,769,533 |
Account Receivables, Net | 1,062,278 | 1,366,194 |
Other Receivables | 687,120 | 644,576 |
Note Receivables - Related Parties | 669,561 | 649,569 |
Prepaid Expenses | 2,894,258 | 1,470,680 |
Inventory | 8,956 | 90,068 |
Investment in Securities at Fair Value | 52,164,652 | 49,172,457 |
Investment in Securities at Cost | 99,997 | 280,516 |
Deposits | 25,528 | 47,019 |
Total Current Assets | 86,617,433 | 84,956,535 |
Real Estate | ||
Rental Properties | 2,161,680 | |
Properties under Development | 18,104,033 | 20,505,591 |
Operating Lease Right-Of-Use Asset | 722,507 | 574,754 |
Deposit | 271,167 | 249,676 |
Loan Receivable - Related Parties | 840,000 | 840,000 |
Property and Equipment, Net | 81,169 | 85,365 |
Total Assets | 108,797,989 | 107,211,921 |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 2,388,448 | 1,670,320 |
Accrued Interest - Related Parties | 41,239 | |
Deferred Revenue | 3,430,893 | 2,867,226 |
Builder Deposits | 928,565 | 1,262,336 |
Operating Lease Liability | 51,686 | 381,412 |
Notes Payable | 238,935 | 172,706 |
Notes Payable - Related Parties | 14,837,252 | 2,350,031 |
Total Current Liabilities | 21,917,018 | 8,704,031 |
Long-Term Liabilities: | ||
Operating Lease Liability | 684,875 | 193,342 |
Note Payable, Net of Discount | 651,034 | 636,362 |
Total Liabilities | 23,252,927 | 9,533,735 |
Stockholders' Equity: | ||
Preferred Stock, $0.001 par value; 5,000,000 shares authorized, none issued and outstanding | ||
Common Stock, $0.001 par value; 20,000,000 shares authorized; 8,580,000 and 8,570,000 shares issued and outstanding on March 31, 2021 and December 31, 2020 , respectively | 8,580 | 8,570 |
Additional Paid In Capital | 101,799,367 | 102,339,666 |
Accumulated Other Comprehensive Income | 1,092,609 | 2,143,338 |
Accumulated Deficit | (51,029,349) | (44,793,713) |
Total Alset EHome International Stockholders' Equity | 51,871,207 | 59,697,861 |
Non-controlling Interests | 33,673,855 | 37,980,325 |
Total Stockholders' Equity | 85,545,062 | 97,678,186 |
Total Liabilities and Stockholders' Equity | $ 108,797,989 | $ 107,211,921 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,580,000 | 8,570,000 |
Common stock, shares outstanding | 8,580,000 | 8,570,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | ||
Total Revenue | $ 5,606,914 | $ 2,965,171 |
Operating Expenses | ||
Cost of Sales | 3,697,854 | 2,383,703 |
General and Administrative | 2,312,505 | 1,001,850 |
Inventory Written Off | 2,009 | |
Total Operating Expenses | 6,010,359 | 3,387,562 |
Operating Losses From Operations | (403,445) | (422,391) |
Other Income (Expense) | ||
Interest Income | 30,632 | 19,415 |
Interest Expense | (53,582) | (60,931) |
Foreign Exchange Transaction Gain | 1,462,697 | 2,260,482 |
Unrealized (Loss) Gain on Securities Investment | (9,535,009) | 458,422 |
Realized Loss on Securities Investment | (258,245) | |
Loss on Investment on Security by Equity Method | (24,847) | 458,422 |
Finance Costs | (582,868) | (4,903) |
Other Income | 11,256 | 5,471 |
Total Other (Expense) Income, Net | (8,949,966) | 2,677,956 |
Net (Loss) Income Before Income Taxes | (9,353,411) | 2,255,565 |
Income Tax | (451,337) | |
Net (Loss) Income | (9,804,748) | 2,255,565 |
Net (Loss) Income Attributable to Non-Controlling Interest | (3,569,112) | 636,703 |
Net (Loss) Income Attributable to Common Stockholders | (6,235,636) | 1,618,862 |
Other Comprehensive Loss, Net | ||
Unrealized Loss on Securities Investment | (1,987) | (12,599) |
Foreign Currency Translation Adjustment | (1,769,440) | (1,674,021) |
Comprehensive (Loss) Income | (11,576,175) | 568,945 |
Comprehensive (Loss) Income Attributable to Non-controlling Interests | (4,328,924) | 53,133 |
Comprehensive (Loss) Income Attributable to Common Stockholders | $ (7,247,251) | $ 515,812 |
Net (Loss) Income Per Share - Basic and Diluted | $ (0.73) | $ 0.16 |
Weighted Average Common Shares Outstanding - Basic and Diluted | 8,572,222 | 10,001,000 |
Property Sales [Member] | ||
Revenue | ||
Total Revenue | $ 3,894,131 | $ 2,954,389 |
Biohealth Product Sales [Member] | ||
Revenue | ||
Total Revenue | $ 1,712,783 | $ 10,782 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total Alset EHome International Stockholders' Equity [Member] | Non-Controlling Interest [Member] | Total |
Balance at Dec. 31, 2019 | $ 10,001 | $ 57,924,795 | $ 1,458,289 | $ (41,973,373) | $ 17,419,712 | $ 7,024,783 | $ 24,444,495 | |
Balance, shares at Dec. 31, 2019 | 10,001,000 | |||||||
Subsidiary's Issuance of Stock | 1,929,765 | 1,929,765 | 302,726 | 2,232,491 | ||||
Proceeds from Selling Subsidiary Equity | 3,270 | 3,270 | 1,730 | 5,000 | ||||
Change in Unrealized Gain (Loss) on Investment | (8,240) | (8,240) | (4,359) | (12,599) | ||||
Foreign Currency Translations | (1,094,810) | (1,094,810) | (579,211) | (1,674,021) | ||||
Distribution to Non-Controlling Shareholders | (197,400) | (197,400) | ||||||
Net (Income) Loss | 1,626,062 | 1,626,062 | 629,502 | 2,255,565 | ||||
Balance at Mar. 31, 2020 | $ 10,001 | 59,857,830 | 355,239 | (40,347,311) | 19,875,760 | 7,177,771 | 27,053,530 | |
Balance, shares at Mar. 31, 2020 | 10,001,000 | |||||||
Balance at Dec. 31, 2020 | $ 8,570 | 102,339,666 | 2,143,338 | (44,793,713) | 59,697,861 | 37,980,325 | 97,678,186 | |
Balance, shares at Dec. 31, 2020 | 8,570,000 | |||||||
Issuance of Stock for Services | $ 10 | 60,890 | 60,900 | 60,900 | ||||
Issuance of Stock for Services, shares | 10,000 | |||||||
Transactions under Common Control | (57,190,499) | (57,190,499) | (57,190,499) | |||||
Sale of Vivacitas to Related Party | 2,279,872 | 2,279,872 | 2,279,872 | |||||
Purchase Stock of True Partner from Related Party | 3,274,060 | 3,274,060 | 3,274,060 | |||||
Beneficial Conversion Feature | 50,770,192 | 50,770,192 | 50,770,192 | |||||
Subsidiary's Issuance of Stock | 46,099 | 46,099 | 34,677 | 80,776 | ||||
Proceeds from Selling Subsidiary Equity | 142,675 | 142,675 | 107,325 | 250,000 | ||||
Change in Non-Controlling Interest | 76,412 | (39,067) | 37,345 | (37,345) | ||||
Change in Unrealized Gain (Loss) on Investment | (1,135) | (1,135) | (852) | (1,987) | ||||
Foreign Currency Translations | (1,010,527) | (1,010,527) | (758,913) | (1,769,440) | ||||
Distribution to Non-Controlling Shareholders | (82,250) | (82,250) | ||||||
Net (Income) Loss | (6,235,636) | (6,235,636) | (3,569,112) | (9,804,748) | ||||
Balance at Mar. 31, 2021 | $ 8,580 | $ 101,799,367 | $ 1,092,609 | $ (51,029,349) | $ 51,871,207 | $ 33,673,855 | $ 85,545,062 | |
Balance, shares at Mar. 31, 2021 | 8,580,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) from Operations | $ (9,804,748) | $ 2,255,565 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities: | ||
Depreciation | 7,873 | 5,942 |
Amortization of Right -Of - Use Asset | 81,013 | 70,671 |
Amortization of Debt Discount | 553,961 | |
Shared-based Compensation | 134,192 | |
Foreign Exchange Transaction Gain | (1,462,697) | (2,296,128) |
Unrealized Loss (Gain) on Securities Investment | 9,548,251 | (458,426) |
Loss on Equity Method Investment | 24,847 | |
Changes in Operating Assets and Liabilities | ||
Real Estate | 441,764 | 15,952 |
Account Receivables | 203,816 | 342,575 |
Prepaid Expense | (1,458,620) | (40,805) |
Trading Securities | (2,452,754) | |
Inventory | 77,709 | (20,590) |
Accounts Payable and Accrued Expenses | 596,355 | 231,421 |
Accrued Interest - Related Parties | 41,239 | 19,634 |
Deferred Revenue | 563,667 | 50,270 |
Operating Lease Liability | (66,954) | (73,668) |
Builder Deposits | (333,771) | (285,010) |
Net Cash Used in Operating Activities | (3,304,857) | (182,597) |
Cash Flows from Investing Activities | ||
Purchase of Fixed Assets | (3,767) | (1,386) |
Proceeds from Global Opportunity Fund Liquidation | 303,349 | |
Purchase of Investment Securities | (108,208) | |
Sales of Investment Securities to Related Party | 2,480,000 | |
Promissory Note to Related Party | (15,489) | (200,000) |
Net Cash Provided by Investing Activities | 2,352,536 | 101,963 |
Cash Flows from Financing Activities | ||
Proceeds from Exercise of Subsidiary Warrants | 7,484 | |
Proceeds from Sale of Subsidiary Shares | 250,000 | 2,210,491 |
Borrowing from PPP Loan | 68,502 | |
Distribution to Non-controlling Interest Shareholders | (82,250) | (197,400) |
Net Proceeds from (Repayment to) Notes Payable - Related Parties | (1,200,000) | 17,501 |
Net Cash (Used in) Provided by Financing Activities | (956,264) | 2,030,592 |
Net Increase in Cash and Restricted Cash | (1,908,585) | 1,949,958 |
Effects of Foreign Exchange Rates on Cash | (321,788) | (39,411) |
Cash and Restricted Cash - Beginning of Year | 31,235,456 | 8,039,433 |
Cash and Restricted Cash- End of Period | 29,005,083 | 9,949,980 |
Supplementary Cash Flow Information | ||
Cash Paid for Interest | 6,627 | 4,181 |
Cash Paid for Taxes | 451,410 | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Unrealized Gain on Investment | (1,987) | |
Initial Recognition of ROU / Lease Liability | 256,928 | |
Acquiring True Partner Stock | 10,003,689 | |
Sales of Investment in Vivacitas to Related Party | 2,279,872 | |
Transactions under Common Control | 57,190,499 | |
Beneficial Conversion Feature | $ (50,770,192) |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Alset EHome International Inc. (the “Company” or “AEI”), formerly known as HF Enterprises Inc., was incorporated in the State of Delaware on March 7, 2018 and 1,000 shares of common stock was issued to Chan Heng Fai, the founder, Chairman and Chief Executive Officer of the Company. AEI is a diversified holding company principally engaged in property development, digital transformation technology and biohealth businesses with operations in the United States, Singapore, Hong Kong, Australia and South Korea. The Company manages its principal businesses primarily through its subsidiary, Alset International Limited (“Alset International”, f.k.a. Singapore eDevelopment Limited), a company publicly traded on the Singapore Stock Exchange. The Company has four operating segments based on the products and services offered. These include our three principal businesses – property development, digital transformation technology and biohealth – as well as a fourth category consisting of certain other business activities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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”) for interim reporting. These interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other interim periods or for any other future years. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2020 filed on April 14, 2021. The consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than 50% of the voting common stock and controls operations. All intercompany transactions and balances among consolidated subsidiaries have been eliminated. The Company’s consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of March 31, 2021 and December 31, 2020, as follows: Attributable interest as of, Name of subsidiary consolidated under AEI State or other jurisdiction of incorporation or organization March 31, December 31, 2020 % % Hengfai International Pte. Ltd Singapore 100 100 Hengfai Business Development Pte. Ltd Singapore 100 100 Heng Fai Enterprises Pte. Ltd. Singapore - 100 Global eHealth Limited Hong Kong 100 100 Alset International Inc. (f.k.a. Singapore eDevelopment Limited) Singapore 57.1 57.1 Singapore Construction & Development Pte. Ltd. Singapore 57.1 57.1 Art eStudio Pte. Ltd. Singapore 29.1 * 29.1 * Singapore Construction Pte. Ltd. Singapore 57.1 57.1 Global BioMedical Pte. Ltd. Singapore 57.1 57.1 Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) Singapore 57.1 57.1 Health Wealth Happiness Pte. Ltd. Singapore 57.1 57.1 SeD Capital Pte. Ltd. Singapore 57.1 57.1 LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) Singapore 64.8 46.9 * SeD Home Limited Hong Kong 57.1 57.1 SeD Management Pte. Ltd. (f.k.a. SeD Reits Management Pte. Ltd.) Singapore 57.1 57.1 Global TechFund of Fund Pte. Ltd. Singapore 57.1 57.1 Singapore eChainLogistic Pte. Ltd. Singapore 57.1 57.1 BMI Capital Partners International Limited. Hong Kong 57.1 57.1 SeD Perth Pty. Ltd. Australia 57.1 57.1 SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) United States of America 57.1 57.1 LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) United States of America 57.1 57.1 Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) United States of America 57.1 57.1 SeD USA, LLC United States of America 57.1 57.1 150 Black Oak GP, Inc. United States of America 57.1 57.1 SeD Development USA Inc. United States of America 57.1 57.1 150 CCM Black Oak, Ltd. United States of America 57.1 57.1 SeD Texas Home, LLC United States of America 57.1 57.1 SeD Ballenger, LLC United States of America 57.1 57.1 SeD Maryland Development, LLC United States of America 47.7 * 47.8 * SeD Development Management, LLC United States of America 48.5 * 48.6 * SeD Builder, LLC United States of America 57.1 57.1 GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) United States of America 56.9 57.0 HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 56.9 57.0 HotApp International Limited Hong Kong 56.9 57.0 HWH International, Inc. United States of America 57.1 57.1 Health Wealth & Happiness Inc. United States of America 57.1 57.1 HWH Multi-Strategy Investment, Inc. United States of America 57.1 57.1 SeDHome Rental Inc United States of America 57.1 57.1 SeD REIT Inc. United States of America 57.1 57.1 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 56.9 57.0 HWH World Inc. United States of America 56.9 57.0 HWH World Pte. Ltd. Singapore 56.9 57.0 UBeauty Limited Hong Kong 57.1 57.1 WeBeauty Korea Inc Korea 57.1 57.1 HWH World Limited Hong Kong 57.1 57.1 HWH World Inc. Korea 57.1 57.1 Alset BioHealth Pte. Ltd. Singapore 57.1 57.1 Alset Energy Pte. Ltd. Singapore 57.1 57.1 Alset Payment Inc. United States of America 57.1 57.1 Alset World Pte. Ltd. Singapore 57.1 57.1 BioHealth Water Inc. United States of America 57.1 57.1 Impact BioHealth Pte. Ltd. Singapore 57.1 57.1 American Home REIT Inc. United States of America 64.8 46.9 * Alset Solar Inc. United States of America 45.7 * 45.7 * HWH KOR Inc. United States of America 57.1 57.1 Open House Inc. United States of America 57.1 57.1 Open Rental Inc. United States of America 57.1 57.1 Hapi Cafe Inc. (Nevada) United States of America 57.1 57.1 Global Solar REIT Inc. United States of America 57.1 57.1 OpenBiz Inc. United States of America 57.1 57.1 Hapi Cafe Inc. (Texas) United States of America 100 100 HWH (S) Pte. Ltd. Singapore 57.1 - American Pacific Bancorp Inc. United States of America 86.44 - Hengfeng Finance Limited Hong Kong 86.44 - Decentralize Finance Inc. United States of America 86.44 - True Partner International Limited Hong Kong 100 - LiquidValue Development Pte. Ltd. Singapore 100 - LiquidValue Development Limited. Hong Kong 100 - *Although the Company indirectly holds percentage of shares of these entities less than 50%, the subsidiaries of the Company directly hold more than 50% of shares of these entities, and therefore, they are still consolidated into the Company. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include, but are not limited to, allowance for doubtful accounts, valuation of real estate assets, allocation of development costs and capitalized interest to sold lots, fair value of the investments, the valuation allowance of deferred taxes, and contingencies. Actual results could differ from those estimates. In our property development business, land acquisition costs are allocated to each lot based on the area method, the size of the lot compared to the total size of all lots in the project. Development costs and capitalized interest are allocated to lots sold based on the total expected development and interest costs of the completed project and allocating a percentage of those costs based on the selling price of the sold lot compared to the expected sales values of all lots in the project. If allocation of development costs and capitalized interest based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on area method, the size of the lot compared to the total size of all lots in the project. Transactions between Entities under Common Control On March 12, 2021, the Company entered into a Securities Purchase Agreement (the “SPA”) with Chan Heng Fai, the founder, Chairman and Chief Executive Officer of the Company, for four proposed transactions, consisting of (i) purchase of certain warrants (the “Warrants”) to purchase 1,500,000,000 shares of Alset International Limited (“Alset International”), which was valued at $28,363,966; (ii) purchase of all of the issued and outstanding stock of LiquidValue Development Pte Ltd. (“LVD”), which was valued at $173,395; (iii) purchase of 62,122,908 ordinary shares in True Partner Capital Holding Limited (HKG: 8657) (“True Partner”), which was valued at $6,729,629; and (iv) purchase of 4,775,523 shares of the common stock of American Pacific Bancorp Inc. (“APB”), which was valued at $28,653,138. The total amount of above four transactions was $63,920,129, payable on the Closing Date by the Company, in the convertible promissory notes (“Alset CPNs”), which, subject to the terms and conditions of the Alset CPNs and the Company’s shareholder approval, shall be convertible into shares of the Company’s common stock (“AEI Common Stock”), par value $0.001 per share, at the conversion price of AEI’s Stock Market Price. AEI’s Stock Market Price shall be $5.59 per share, equivalent to the average of the five closing per share prices of AEI’s Common Stock preceding January 4, 2021 as quoted by Bloomberg L.P. The above four acquisitions from Chan Heng Fai are transactions between entities under common control. The common control transactions resulted in the following basis of accounting for the financial reporting periods: ● The acquisitions 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 acquisitions of LVD and APB were under common control and is consolidated in accordance with ASC 850-50. The consolidated financial statements were retrospectively adjusted for the acquisition of LVD and APB, and the operating results of LVD and APB as of January 1, 2020 for comparative purposes. AEI stock price was $10.03 on March 12, 2021, the commitment date. The Beneficial Conversion Feature (“BCF”) intrinsic value was $50,770,192 for the four convertible promissory notes and was recorded as debt discount of convertible notes after these transactions. The debt discount attributable to the BCF is amortized over period from issuance to the date that the debt becomes convertible using the effective interest method. If the debt is converted, the discounted is amortized to finance cost in full immediately. As of March 31, 2021, the promissory notes net of debt discount were $13,695,853 and accrued interest was $41,239. During the three months ended on March 31, 2021, the amortized debt discount recorded as finance cost was $545,916. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents include cash on hand and at the bank and short-term deposits with financial institutions that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in values. There were no cash equivalents as of March 31, 2021 and December 31, 2020. Restricted Cash As a condition to the loan agreement with the Manufacturers and Traders Trust Company (“M&T Bank”), the Company is required to maintain a minimum of $2,600,000 in an interest-bearing account maintained by the lender as additional security for the loans. The fund is required to remain as collateral for the loan until the loan is paid off in full and the loan agreement is terminated. The Company also has an escrow account with M&T Bank to deposit a portion of cash proceeds from lot sales. The fund in the escrow account is specifically used for the payment of the loan from M&T Bank. The fund is required to remain in the escrow account for the loan payment until the loan agreement terminates. As of March 31, 2021 and December 31, 2020, the total balance of these two accounts was $8,099,097 and $5,729,067, respectively. As a condition to the loan agreement with National Australian Bank Limited in conjunction with the Perth project, an Australian real estate development project, the Company is required to maintain Australian Dollar 50,000, in a non-interest-bearing account. As of March 31, 2021 and December 31, 2020, the account balance was $38,043 and $38,550, respectively. These funds will remain as collateral for the loans until paid in full. The Company puts money into brokerage accounts specifically for equity investment. As of March 31, 2021 and December 31, 2020, the cash balance in these brokerage accounts was $499,251 and $1,001,916, respectively. Account Receivables and Allowance for Doubtful Accounts Account receivables is stated at amounts due from buyers, contractors, and all third parties, net of an allowance for doubtful accounts. As of March 31, 2021 and December 31, 2020, the balance of account receivables was $1,062,278 and $1,366,194, respectively. Approximately $0.9 million and $1.3 million of account receivables as of March 31, 2021 and December 31, 2020, respectively, was from DSS with a merchant agreement, under which the Company uses DSS credit card platform to collect money from our direct sales. The Company monitors its account receivables balances monthly to ensure that they are collectible. On a quarterly basis, the Company uses its historical experience to estimate its allowance for doubtful account receivables. The Company’s allowance for doubtful accounts represents an estimate of the losses expected to be incurred based on specifically identified accounts as well as nonspecific amount, when determined appropriate. Generally, the amount of the allowance is primarily decided by division management’s historical experience, the delinquency trends, the resolution rates, the aging of receivables, the credit quality indicators and financial health of specific customers. As of March 31, 2021 and December 31, 2020, the allowance was $0. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method and includes all costs in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. As of March 31, 2021 and December 31, 2020, inventory consisted of finished goods from HWH World Inc. The Company continuously evaluates the need for reserve for obsolescence and possible price concessions required to write-down inventories to net realizable value. Investment Securities Investment Securities at Fair Value The Company holds investments in equity securities with readily determinable fair values, equity investments without readily determinable fair values, investments accounted for under the equity method, and investments at cost. Prior to the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The Company accounts for certain of its investments in equity securities in accordance with ASU 2016-01 Financial Instruments—Overall (Subtopic 825- 10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”) The Company has elected the fair value option for the equity securities noted below that would otherwise be accounted for under the equity method of accounting. Holista CollTech Limited (“Holista”), Document Securities Systems Inc. (“DSS”), OptimumBank Holdings, Inc. (“OptimumBank”) and American Premium Water Corp (“APW”) are publicly traded companies and fair value is determined by quoted stock prices. The Company has significant influence but does not have a controlling interest in these investments, and therefore, the Company’s investment could be accounted for under the equity method of accounting or elect fair value accounting. ● The Company has significant influence over DSS. As of March 31, 2021 and December 31, 2020, the Company owned the common stock of DSS and 42,575 shares of preferred stock, which could covert to 6,570,216 common shares, subject to a 19.9% beneficial ownership conversion limitation (a so-called “blocker”) based on the total issued outstanding shares of common stock of DSS beneficially owned by Global BioMedical Pte Ltd (“GBM”), one of our subsidiaries. Our CEO is a Stockholder and the Chairman of the Board of Directors of DSS. Chan Tung Moe, the son of Chan Heng Fai, is also a director of DSS. ● The Company has significant influence over Holista as the Company and its CEO are the beneficial owner of approximately 16.8% of the outstanding shares of Holista and our CEO holds a position on Holista’s Board of Directors. ● The Company has significant influence over OptimumBank. Our CEO is the beneficial owner of approximately 3.9% of the outstanding shares of OptimumBank and holds a position on OptimumBank’s Board of Directors. ● The Company has significant influence over APW as the Company is the beneficial owner of approximately 8.7% of the common shares of APW and one officer from the Company holds a director position on APW’s Board of Directors. The Company invested $50,000 in a convertible promissory note of Sharing Services, Inc. (“Sharing Services Convertible Note”), a company quoted on the US OTC market. The value of the convertible note was estimated by management using a Black-Scholes valuation model. The fair value of the note was $64,991 and $66,978 on March 31, 2021 and December 31, 2020, respectively. On February 26, 2021, the Company invested approximately $88,599 in the convertible note of Vector Com Co., Ltd (“Vector Com”), a private company in South Korea. The interest rate is 2% per annum and maturity is two years. The conversion price is approximately $21.26, per common share of Vector Com. As of March 31, 2021, the Management estimated that the fair value of the note to be $88,599, the initial transaction price. On March 2, 2020, the Company received warrants to purchase shares of American Medical REIT Inc. (“AMRE”), a related party private startup company, in conjunction with the Company lending a $200,000 promissory note. For further details on this transaction, refer to Note 8 - Related Party Transactions, Note Receivable from a Related Party Company The Company held a stock option to purchase 250,000 shares of Vivacitas common stock at $1 per share at any time prior to the date of a public offering by Vivacitas. As of December 31, 2020, Vivacitas was a private company. Based on management’s analysis, the fair value of the Vivacitas stock option was $0 as of December 31, 2020. On March 18, 2021 the Company sold the subsidiary holding the ownership in Vivacitas to an indirect subsidiary of DSS. For further details on this transaction, refer to Note 9 - Related Party Transactions, Sale of Investment in Vivacitas to DSS In the first quarter of 2021, the Company subsidiaries established a portfolio of trading securities. The objective is to generate profits on short-term differences in market prices. During the three months ended March 31, 2021, the Company incurred approximately $4.6 million in purchase of trading securities, received approximately $1.9 million for sale and $285,245 was recognized as realized loss on securities investment. Investment Securities at Cost The Company had an equity holding in Vivacitas Oncology Inc. (“Vivacitas”), a private company that is currently not listed on an exchange. Vivacitas was acquired after the adoption of ASU 2016-01. The Company applied ASC 321, Investments – Equity Securities, and elected the measurement alternative for equity investments that do not have readily determinable fair values and do not qualify for the practical expedient in ASC 820 to estimate fair value using the NAV per share. Under the alternative, 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. Ownership in Vivacitas was sold on March 18, 2021 at the price of $2,480,000 to DSS. The difference of $2,279,872 between the selling price and our original investment cost was recorded as additional paid capital considering a related party transaction. For further details on this transaction, refer to Note 9 – Related Party Transactions. On September 8, 2020, the Company acquired 1,666 shares, approximately 1.45% ownership, from Nervotec Pte Ltd (“Nervotec”), a private company, at the purchase price of $37,826. The Company applied ASC 321 and measured Nervotec at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. On September 30, 2020, the Company acquired 20,000 shares, approximately 19% ownership, from Hyten Global (Thailand) Co., Ltd (“Hyten”), a private company, at a purchase price of $42,562. Hyten is a direct sales company in Thailand. The Company does not have significant influence over Hyten and applied ASC 321 and measured Hyten at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In the first quarter of 2021, the Company invested $19,609 in K Beauty Research Lab Co., Ltd (“K Beauty”) for 18% ownership. K Beauty was established for sourcing, developing and producing variety of Korea-made beauty products as well as Korea - originated beauty contents for the purpose of distribution to HWH’s membership distribution channel. There has been no indication of impairment or changes in observable prices via transactions of similar securities and investments are still carried at cost. Investment Securities under Equity Method Accounting American Medical REIT Inc. LiquidValue Asset Management Pte. Ltd. (“LiquidValue”), a subsidiary of the Company owns 36.1% of American Medical REIT Inc. (“AMRE”), a startup REIT company concentrating on medical real estate. AMRE acquires state-of-the-art, purpose-built healthcare facilities and leases them to leading clinical operators with dominant market share under secure triple net leases. AMRE targets hospitals (both Critical Access and Specialty Surgical), Physician Group Practices, Ambulatory Surgical Centers, and other licensed medical treatment facilities. Chan Heng Fai, our CEO, is the executive chairman and director of AMRE. LiquidValue did not invest equity but provided a loan to AMRE (for further details on this transaction, refer to Note 9, Related Party Transactions). On balance sheet, the prorate loss from AMRE was recorded as a liability, accumulated losses on equity method investment. During three months ended March 31, 2021 and 2020, the investment losses from AMRE were $24,847 and $0, respectively. As of March 31, 2021 and December 31, 2020, the accumulated losses on equity method investment were $290,776 and $265,929, respectively. 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 $1.2 million and $2.4 million for the three months ended March 31, 2021 and 2020, respectively. Property Plant and Equipment The Company did not record impairment on any of its projects during the three months ended on March 31, 2021 and 2020. Properties under development Properties under development are properties being constructed for sale in the ordinary course of business, rather than to be held for the Company’s own use, rental or capital appreciation. Rental Properties Rental properties are acquired with the intent to be rented to tenants. On March 15, 2021 Alset EHome, Inc. signed twenty separate Purchase Agreements, to acquire 20 homes in Montgomery County, Texas. On March 31, 2021, the first batch of 10 homes was closed with the purchase cost of $2,161,680. All of these purchased homes are properties of our rental business. 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: Property Development Property Sales The Company’s main business is land development. The Company purchases land and develops it for building into residential communities. The developed lots are sold to builders (customers) for the construction of new homes. The builders enter a sales contract with the Company before they take the lots. The prices and timeline are determined and agreed upon in the contract. The builders do the inspections to make sure all conditions and requirements in contracts are met before purchasing the lots. A detailed breakdown of the five-step process for the revenue recognition of the Ballenger and Black Oak projects, which represented approximately 69% and 100%, respectively, of the Company’s revenue in the three months ended on March 31, 2021 and 2020, is as follows: ● Identify the contract with a customer. The Company has signed agreements with the builders for developing the raw land to ready to build lots. The contract has agreed upon prices, timelines, and specifications for what is to be provided. ● Identify the performance obligations in the contract. Performance obligations of the Company include delivering developed lots to the customer, which are required to meet certain specifications that are outlined in the contract. The customer inspects all lots prior to accepting title to ensure all specifications are met. ● Determine the transaction price. The transaction price per lot is fixed and specified in the contract. Any subsequent change orders or price changes are required to be approved by both parties. ● Allocate the transaction price to performance obligations in the contract. Each lot or a group of lots is considered to be a separate performance obligation, for which the specified price in the contract is allocated to. ● Recognize revenue when (or as) the entity satisfies a performance obligation. The builders do the inspections to make sure all conditions/requirements are met before taking title of lots. The Company recognizes revenue at a point in time when title is transferred. The Company does not have further performance obligations or continuing involvement once title is transferred. Sale of the Front Foot Benefit Assessments We have established a front foot benefit (“FFB”) assessment on all of the NVR lots. This is a 30-year annual assessment allowed in Frederick County which requires homeowners to reimburse the developer for the costs of installing public water and sewer to the lots. These assessments become effective as homes are settled, at which time we can sell the collection rights to investors who will pay an upfront lump sum, enabling us to realize the revenue more quickly. The selling prices range from $3,000 to $4,500 per home depending on the type of the home. Our total revenue from the front foot benefit assessment is approximately $1 million. To recognize revenue of FFB assessment, both our and NVR’s performance obligation must be satisfied. Our performance obligation is completed once we complete the construction of water and sewer facility and close the lot sales with NVR, which inspects these water and sewer facility prior to close lot sales to ensure all specifications are met. NVR’s performance obligation is to sell homes they build to homeowners. Our FFB revenue is recognized on quarterly basis after NVR closes sales of homes to homeowners. The agreement with these FFB investors is not subject to amendment by regulatory agencies and thus our revenue from FFB assessment is not either. During the three months ended on March 31, 2021 and 2020, we recognized revenue $107,071 and $40,322 from FFB assessment, respectively. Cost of Sales Land acquisition costs are allocated to each lot based on the area method, the size of the lot 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. Biohealth Product Direct Sales The Company’s net sales consist of product sales. The Company’s performance obligation is to transfer its products to its third-party independent distributors (“Distributors”). The Company generally recognizes revenue when product is shipped to its Distributors. The Company’s Distributors may receive distributor allowances, which are comprised of discounts, rebates and wholesale commission payments from the Company. Distributor allowances resulting from the Company’s sales of its products to its Distributors are recorded against net sales because the distributor allowances represent discounts from the suggested retail price. In addition to distributor allowances, the Company compensates its sales leader Distributors with leadership incentives for services rendered, relating to the development, retention, and management of their sales organizations. Leadership incentives are payable based on achieved sales volume, which are recorded in general and administrative expenses. The Company recognizes revenue when it ships products. The Company receives the net sales price in cash or through credit card payments at the point of sale. If a Distributor returns a product to the Company on a timely basis, he/she may obtain a replacement product from the Company for such returned products. In addition, the Company maintains a buyback program pursuant to which it will repurchase products sold to a Distributor who has decided to leave the business. Allowances for product returns, primarily in connection with the Company’s buyback program, are provided at the time the sale is recorded. This accrual is based upon historical return rates for each country and the relevant return pattern, which reflects anticipated returns to be received over a period of up to 12 months following the original sale. Annual Membership The Company collects an annual membership fee from its Distributors. The fee is fixed, paid in full at the time of joining the membership and non-refundable. The membership provides the member access to purchase products at a discount, use to certain back-office services, receive commissions for signing up new members, and attend corporate events. The Company recognizes revenue associated with the membership over the period of the membership. Before the membership fee is recognized as revenue, it is recorded as deferred revenue. Deferred revenue relating to membership was $3,430,893 and $2,867,226 at March 31, 2021 and December 31, 2020, respectively. Other Businesses Remaining performance obligations As of March 31, 2021 and December 31, 2020, there were no remaining performance obligations or continuing involvement, as all service obligations within the other business activities segment have been completed. Foreign currency 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 Singapor |
Concentrations
Concentrations | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020, uninsured cash and restricted cash balances were $26,238,531 and $25,752,637, respectively. For the three months ended March 31, 2021, two customers accounted for approximately 97%, and 3% of the Company’s property and development revenue. For the three months ended March 31, 2020, two customers accounted for approximately 99%, and 1% of the Company’s property and development revenue. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2021 | |
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: property development, digital transformation technology, biohealth, and other business activities. The Company’s reportable segments are determined based on the services they perform and the products they sell, not on the geographic area in which they operate. The Company’s chief operating decision maker evaluates segment performance based on segment revenue. Costs excluded from segment income (loss) before taxes and reported as “Other” consist of corporate general and administrative activities which are not allocable to the four reportable segments. The following table summarizes the Company’s segment information for the following balance sheet dates presented, and for the three months ended March 31, 2021 and 2020: Property Development Digital Transformation Technology Biohealth Business Other Total Three Months Ended March 31, 2021 Revenue $ 3,894,131 $ - $ 1,712,783 $ - $ 5,606,914 Cost of Sales (3,614,832 ) - (83,022 ) - (3,697,854 ) Gross Margin 279,299 - 1,629,761 - 1,909,060 Operating Expenses (359,489 ) (30,128 ) (846,480 ) (1,076,408 ) (2,312,505 ) Operating Income (Loss) (80,190 ) (30,128 ) 783,281 (1,076,408 ) (403,445 ) Other Income (Expense) (9,873 ) (36,471 ) (8,371,117 ) (532,505 ) (8,949,966 ) Net Income (Loss) Before Income Tax (90,063 ) (66,599 ) (7,587,836 ) (1,608,913 ) (9,353,411 ) Property Development Digital Transformation Technology Biohealth Business Other Total Three Months ended March 31, 2020 Revenue $ 2,954,389 $ - $ 10,782 $ - $ 2,965,171 Cost of Sales (2,380,820 ) - (2,883 ) - (2,383,703 ) Gross Margin 573,569 - 7,899 - 581,468 Operating Expenses (277,056 ) (18,228 ) (132,791 ) (575,784 ) (1,003,859 ) Operating Income (Loss) 296,513 (18,228 ) (124,892 ) (575,784 ) (422,391 ) Other Income (Expense) 7,539 (92,477 ) 193 2,762,701 2,677,956 Net Income (Loss) Before Income Tax 304,052 (110,705 ) (124,699 ) 2,186,917 2,255,565 March 31, 2021 Cash and Restricted Cash $ 9,842,218 $ 154,738 $ 3,251,622 $ 15,756,505 $ 29,005,083 Total Assets 30,877,470 154,840 43,241,793 34,523,886 108,797,989 December 31, 2020 Cash and Restricted Cash $ 8,150,769 $ 158,058 $ 1,590,265 $ 21,336,364 $ 31,235,456 Total Assets 28,954,484 158,160 524,603 77,574,674 107,211,921 |
Business Under Common Control
Business Under Common Control | 3 Months Ended |
Mar. 31, 2021 | |
Business Under Common Control | |
Business Under Common Control | 5. BUSINESS UNDER COMMON CONTROL Due to the transactions with Chan Heng Fai on March 12, 2021, transactions between entities under common control ( for further details on these transactions, refer to Note 2 – Summary of Significant Accounting Policies) Consolidated Statement of Operations and Other Comprehensive Income for the Three Months Ended on March 31, 2020 As Previously Reported Acquisition of APB under Common Control Acquisition of LVD Ltd under Common Control As Combined Revenue Property Sales $ 2,954,389 $ - $ - $ 2,954,389 Biohealth Product Sales 10,782 - - 10,782 2,965,171 - - 2,965,171 Operating Expenses Cost of Sales 2,383,703 - - 2,383,703 General and Administrative 920,124 81,226 500 1,001,850 Research and Development 2,009 - - 2,009 Total Operating Expenses 3,305,836 81,226 500 3,387,562 Loss From Operations (340,665 ) (81,226 ) (500 ) (422,391 ) Other Income (Expense) Interest Income 7,810 11,580 25 19,415 Interest Expense (60,931 ) - - (60,931 ) Foreign Exchange Transaction Gain (Loss) 2,118,952 - 141,530 2,260,482 Unrealized Gain (Loss) on Securities Investment 484,362 (26,034 ) 94 458,422 Finance Costs - (4,890 ) (13 ) (4,903 ) Other Income 5,471 - - 5,471 Total Other Income (Expense), Net 2,555,664 (19,344 ) 141,636 2,677,956 Net Income (Loss) Before Income Taxes 2,214,999 (100,570 ) 141,136 2,255,565 Income Tax - - - - Net Income (Loss) 2,214,999 (100,570 ) 141,136 2,255,565 Net Income (Loss) Attributable to Non-Controlling Interest 643,139 (6,436 ) - 636,703 Net Income (Loss) Attributable to Common Stockholders $ 1,571,860 $ (94,134 ) $ 141,136 $ 1,618,862 Other Comprehensive Loss, Net Unrealized Loss on Securities Investment (12,599 ) - - (12,599 ) Foreign Currency Translation Adjustment (1,674,021 ) - - (1,674,021 ) Comprehensive Income (Loss) 528,379 (100,570 ) 141,136 568,945 Comprehensive Income (Loss) Attributable to Non-controlling Interests 59,569 (6,436 ) - 53,133 Comprehensive Income (Loss) Attributable to Common Stockholders $ 468,810 $ (94,134 ) $ 141,136 $ 515,812 Net Income Per Share - Basic and Diluted $ 0.16 $ 0.16 Weighted Average Common Shares Outstanding - Basic and Diluted 10,001,000 10,001,000 Consolidated Balance Sheet as of December 31, 2020 As Previously Reported Acquisition of APB under Common Control Acquisition of LVD Ltd under Common Control Eliminations As Combined Assets: Current Assets: Cash $ 22,124,491 $ 1,848,455 $ 492,977 $ - $ 24,465,923 Restricted Cash 6,769,533 - - - 6,769,533 Account Receivables, Net 1,366,194 - - - 1,366,194 Other Receivables 270,222 279,177 95,177 - 644,576 Note Receivables - Related Party 624,986 24,583 - - 649,569 Prepaid Expenses 1,470,680 - - - 1,470,680 Inventory 90,068 - - - 90,068 Investment in Securities at Fair Value 48,857,483 313,343 1,631 - 49,172,457 Investment in Securities at Cost 280,516 - - - 280,516 Investment in Securities on Equity Method - - 74,535 (74,535 ) - Deposits 47,019 - - - 47,019 Total Current Assets 81,901,192 2,465,558 664,320 (74,535 ) 84,956,535 Real Estate Properties under Development 20,505,591 - - - 20,505,591 Operating Lease Right-Of-Use Asset 574,754 - - - 574,754 Deposit 249,676 - - - 249,676 Loan Receivable - 840,000 - - 840,000 Property and Equipment, Net 85,365 - - - 85,365 Total Assets $ 103,316,578 $ 3,305,558 $ 664,320 $ (74,535 ) $ 107,211,921 Liabilities and Stockholders’ Equity: Current Liabilities: Accounts Payable and Accrued Expenses $ 1,553,132 $ 117,188 $ - $ - $ 1,670,320 Deferred Revenue 2,867,226 - - - 2,867,226 Builder Deposits 1,262,336 - - - 1,262,336 Operating Lease Liability 381,412 - - - 381,412 Note Payable 172,706 - - - 172,706 Note Payable- Related Parties 1,526,208 - 823,823 - 2,350,031 Total Current Liabilities 7,763,020 117,188 823,823 - 8,704,031 Long-Term Liabilities: Builder Deposits - - - - - Operating Lease Liability 193,342 - - - 193,342 Notes Payable 636,362 - - - 636,362 Total Liabilities 8,592,724 117,188 823,823 - 9,533,735 Stockholders’ Equity: Common Stock 8,570 47,756 - (47,756 ) 8,570 Additional Paid In Capital 97,950,440 3,584,982 756,487 47,756 102,339,666 Accumulated Deficit (43,010,991 ) (876,712 ) (906,010 ) - (44,793,713 ) Accumulated Other Comprehensive Income 2,153,318 - (9,980 ) - 2,143,338 Total Stockholders’ Equity 57,101,337 2,756,027 (159,503 ) - 59,697,861 Non-controlling Interests 37,622,517 432,343 - (74,535 ) 37,980,325 Total Stockholders’ Equity 94,723,854 3,188,370 (159,503 ) (74,535 ) 97,678,186 Total Liabilities and Stockholders’ Equity $ 103,316,578 $ 3,305,558 $ 664,320 $ (74,535 ) $ 107,211,921 |
Real Estate Assets
Real Estate Assets | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Assets | 6. REAL ESTATE ASSETS As of March 31, 2021 and December 31, 2020, real estate assets consisted of the following: March 31, 2021 December 31, 2020 Construction in Progress $ 7,465,347 $ 9,567,841 Land Held for Development 10,638,686 10,937,750 Rental Properties 2,161,680 - Total Real Estate Assets $ 20,265,713 $ 20,505,591 |
Builder Deposits
Builder Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Builder Deposits Abstract | |
Builder Deposits | 7. BUILDER DEPOSITS In November 2015, SeD Maryland Development, LLC (“SeD Maryland”) entered into lot purchase agreements with NVR, Inc. (“NVR”) relating to the sale of single-family home and townhome lots to NVR in the Ballenger Run Project. The purchase agreements were amended three times thereafter. Based on the agreements, NVR is entitled to purchase 479 lots for a price of approximately $64,000,000, which escalates 3% annually after June 1, 2018. As part of the agreements, NVR was required to give a deposit in the amount of $5,600,000. Upon the sale of lots to NVR, 9.9% of the purchase price is taken as payback of the deposit. A violation of the agreements by NVR would cause NVR to forfeit the deposit. On January 3, 2019 and April 28, 2020, NVR gave SeD Maryland two more deposits in the amounts of $100,000 and $220,000, respectively, based on the 3rd Amendment to the Lot Purchase Agreement. On March 31, 2021 and December 31, 2020, there were $928,565 and $1,262,336 held on deposit, respectively. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | 8. NOTES PAYABLE As of March 31, 2021 and December 31, 2020, notes payable consisted of the following: March 31, 2021 December 31, 2020 M&T Bank Loan, Net of Debt Discount 651,034 636,362 PPP Loan 68,502 - Australia Loan 170,433 172,706 Total notes payable $ 889,969 $ 809,068 M&T Bank Loan On April 17, 2019, SeD Maryland Development LLC entered into a Development Loan Agreement with Manufacturers and Traders Trust Company (“M&T Bank”) in the principal amount not to exceed at any one time outstanding the sum of $8,000,000, with a cumulative loan advance amount of $18,500,000. The line of credit bears interest rate on LIBOR plus 375 basis points. SeD Maryland Development LLC was also provided with a Letter of Credit (“L/C”) Facility in an aggregate amount of up to $900,000. The L/C commission will be 1.5% per annum on the face amount of the L/C. Other standard lender fees will apply in the event L/C is drawn down. The loan is a revolving line of credit. The L/C Facility is not a revolving loan, and amounts advanced and repaid may not be re-borrowed. Repayment of the Loan Agreement is secured by $2,600,000 collateral fund and a Deed of Trust issued to the Lender on the property owned by SeD Maryland. As of March 31, 2021, the outstanding balance of the revolving loan was $0. As part of the transaction, the Company incurred loan origination fees and closing fees in the amount of $381,823 and capitalized it into construction in process. On June 18, 2020, Alset EHome Inc. (“Alset EHome”), a wholly owned subsidiary of LiquidValue Development Inc., entered into a Loan Agreement with Manufacturers and Traders Trust Company (the “Lender”). Pursuant to the Loan Agreement, the Lender provided a non-revolving loan to Alset EHome in an aggregate amount of up to $2,990,000 (the “Loan”). The line of credit bears interest rate on LIBOR plus 375 basis points. Repayment of the Loan is secured by a Deed of Trust issued to the Lender on the property owned by certain subsidiaries of Alset EHome. The maturity date of this Loan is July 1, 2022. LiquidValue Development Inc. and one of its subsidiaries are guarantors of this Loan. The guarantors are required to maintain during the term of the loan a combined minimum net worth in an aggregate amount equal to not less than $20,000,000. The Company was in compliance with this covenant as of December 31, 2020 and March 31,2021. During the year ended December 31, 2020 Alset EHome borrowed $664,810 from M&T Bank, incurring at the same time a loan origination fees of $61,679 which are to be amortized over the term of the loan. Alset EHome didn’t borrow any additional funds in three months ended on March 31, 2021. In the three months ended March 31, 2021 and 2020, Alset EHome expensed $6,627 and $0, respectively, in interest on this loan and recorded $8,045 and $0, respectively, of amortization expense. As of March 31, 2021 and December 31, 2020, the remaining unamortized debt discount was $34,862 and $42,906, respectively. Paycheck Protection Program Loan On February 11, 2021, the Company entered into a five year note with M&T Bank with a principal amount of $68,502 pursuant to the Paycheck Protection Program (“PPP Term Note”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan is evidenced by a promissory note. The PPP Term Note bears interest at a fixed annual rate of 1.00%, with the first sixteen months of principal and interest deferred or until we apply for the loan forgiveness. The PPP Term Note may be accelerated upon the occurrence of an event of default. The PPP Term Note is unsecured and guaranteed by the United States Small Business Administration. The Company may apply to M&T Bank for forgiveness of the PPP Term Note, with the amount which may be forgiven equal to at least 60% of payroll costs and other eligible payments incurred by the Company, calculated in accordance with the terms of the CARES Act. At this time, we are not in a position to quantify the portion of the PPP Term Note that will be forgiven. As of March 31, 2021, we owned $68,502 to M&T Bank. Australia Loan On January 7, 2017, SeD Perth Pty Ltd (“SeD Perth”) entered into a loan agreement with National Australian Bank Limited (the “Australia Loan”) for the purpose of funding land development. The loan facility provides SeD Perth with access to funding of up to approximately $460,000 and matures on December 31, 2018. The Australia Loan is secured by both the land under development and a pledged deposit of $35,276. This loan is denominated in AUD. Personal guarantees amounting to approximately $500,000 have been provided by our CEO, Chan Heng Fai and by Rajen Manicka, the CEO of Holista CollTech and Co-founder of iGalen Inc. The interest rate on the Australia Loan is based on the weighted average interest rates applicable to each of the business markets facility components as defined within the loan agreement, ranging from 4.12% to 4.58% per annum for the three months ended March 31, 2021 and from 4.85% to 5.57% per annum for the three months ended March 31, 2020. On September 7, 2017 the Australia Loan was amended to reduce the maximum borrowing capacity to approximately $179,000. During 2020, the terms of the Australia Loan were amended to reflect an extended maturity date of April 30, 2022. This was accounted for as a debt modification. The Company did not pay fees to the National Australian Bank Limited for the modification of the loan agreement. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. RELATED PARTY TRANSACTIONS Personal Guarantees by Directors As of March 31, 2021 and December 31, 2020, a director of the Company had provided personal guarantees amounting to approximately $500,000, to secure external loans from financial institutions for AEI and the consolidated entities. Sale of Investment in Vivacitas to DSS On March 18, 2021, the Company sold equity investment in Vivacitas, a U.S.-based biopharmaceutical company, equaling to 2,480,000 shares of common stock and a stock option to purchase 250,000 shares of Vivacitas common stock at $1 per share at any time prior to the date of a public offering, to a subsidiary of DSS for $2,480,000. Chan Heng Fai, CEO and the founder of the Company, holds a director position on both Vivacitas and DSS. After this transaction, we do not own any investment in Vivacitas. Our original cost of common stock and stock option of Vivacitas was $200,128. We did not recognize gain or loss in this transaction. The difference of $2,279,872 between the selling price and our original investment cost was recorded as additional paid capital considering it was a related party transaction. Notes Payable Chan Heng Fai provided interest-free, due on demand advance to LiquidValue Development Pte. Ltd. and its subsidiary LiquidValue Development Limited of approximately $815,381 for the general operations. On March 31, 2021 and December 31, 2020, the outstanding balance was approximately $815,381 and $823,823, respectively. Chan Heng Fai provided interest-free, due on demand advance to Alset EHome International for the general operations. On March 31, 2021 and December 31, 2020, the outstanding balance was $178,400. Chan Heng Fai provided an interest-free, due on demand advance to SeD Perth Pty. Ltd. for its general operations. On March 31, 2021 and December 31, 2020, the outstanding balance was $14,190 and $14,379, respectively. On August 20, 2020, the Company acquired 30,000,000 common shares from Chan Heng Fai in exchange for a two-year non-interest bearing note of $1,333,429. On March 31, 2021 and December 31, 2020 the amount outstanding was $ 133,429 and $1,333,429, respectively. On March 12, 2021, the Company entered into a Securities Purchase Agreement (the “SPA”) with Chan Heng Fai, the founder, Chairman and Chief Executive Officer of the Company, for four proposed transactions, consisting of (i) purchase of certain warrants (the “Warrants”) to purchase 1,500,000,000 shares of Alset International Limited (“Alset International”), which was valued at $28,363,966; (ii) purchase of all of the issued and outstanding stock of LiquidValue Development Pte Ltd. (“LVD”), which was valued at $173,395; (iii) purchase of 62,122,908 ordinary shares in True Partners Capital Holding Limited (HKG: 8657) (“True Partners”), which was valued at $6,729,629; and (iv) purchase of 4,775,523 shares of the common stock of American Pacific Bancorp Inc. (“APB”), which was valued at $28,653,138. The total amount of above four transactions was $63,920,129, payable on the Closing Date by the Company, in the convertible promissory notes (“Alset CPNs”), which, subject to the terms and conditions of the Alset CPNs and the Company’s shareholder approval, shall be convertible into shares of the Company’s common stock (“AEI Common Stock”), at par value of $0.001 per share, at the conversion price of AEI’s Stock Market Price. AEI’s Stock Market Price shall be $5.59 per share, equivalent to the average of the five closing per share prices of AEI Common Stock preceding January 4, 2021 as quoted by Bloomberg L.P. AEI stock price was $10.03 on March 12, 2021, the commitment date. The Beneficial Conversion Feature (“BCF”) intrinsic value was $50,770,192 for the four convertible promissory notes and was recorded as debt discount of convertible notes after the transaction. As of March 31, 2021, the promissory notes net of debt discount were $13,695,852 and accrued interest was $41,239. Management Fees MacKenzie Equity Partners, owned by Charles MacKenzie, a Director of the Company’s subsidiary LiquidValue Development, has had a consulting agreement with the Company since 2015. Per the terms of the agreement, as amended on January 1, 2018, the Company has paid a monthly fee of $20,000 for these consulting services. The Company incurred expenses of $60,000 and $60,000 for the three months ended March 31, 2021 and 2020, respectively, which were capitalized as part of Real Estate on the Company’s Consolidated Balance Sheet as the services relate to property and project management. As of March 31, 2021, and December 31, 2020 the Company owed $0 to this entity. Consulting Services Chan Tung Moe was engaged as a consultant by the Company through Pop Motion Consulting Pte. Ltd. Chan Tung Moe is the son of Chan Heng Fai, the Chairman and CEO of our Company. In August of 2020, this consulting agreement was terminated, and Chan Tung Moe became an employee of Alset International as Chief Development Officer. Chan Tung Moe was appointed as Executive Director of Alset International Limited on December 11, 2020 and on March 1, 2021, he was appointed as Co-Chief Executive Officer of Alset International Limited. The Company incurred expense of $0 and $57,931 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021 and December 31, 2020, the Company owed Pop Motion a consulting fee of $0. Notes Receivable from Related Party Companies On March 2, 2020 LiquidValue Asset Management Pte. Ltd. (“LiquidValue”) received a $200,000 Promissory Note from American Medical REIT Inc. (“AMRE”), a company which is 36.1% owned by LiquidValue. Chan Heng Fai and Chan Tung Moe from Alset International are directors of American Medical REIT Inc. The note carries interests of 8% and is payable in two years. LiquidValue also received warrants to purchase AMRE shares at the Exercise Price $5.00 per share. The amount of the warrants equals to the note principle divided by the Exercise Price. If AMRE goes to IPO in the future and IPO price is less than $10.00 per share, the Exercise price shall be adjusted downward to fifty percent (50%) of the IPO price. As of March 31, 2021 and December 31, 2020, the fair market value of the warrants was $0. The Company accrued $17,431 and $13,431 interest income as of March 31, 2021 and December 31, 2020, respectively. On January 24, 2017, SeD Capital Pte Ltd, a 100% owned subsidiary of Alset International lent $350,000 to iGalen. The term of the loan was two years, with an interest rate of 3% per annum for the first of year and 5% per annum for the second year. The expiration term was renewed as due on demand after two years with 5% per annum interest rate. As of March 31, 2021 and December 31, 2020, the outstanding principle was $350,000 and accrued interest was $62,058 and $61,555, respectively. As of March 31, 2021, the Company provided advances for operation of $10,104 to Hyten, a direct sales company in Thailand of which the Company holds approximately 19% ownership. The Company provided advances for operation of $29,968 to APW, a related party company of which the Company holds 8.7% ownership. Loan to Employees On November 24, 2020, American Pacific Bancorp. Inc. lent $560,000 to Chan Tung Moe, an officer of one of the subsidiaries of the Company and son of Chan Heng Fai, Chairman and Chief Executive Officer of the Company, bearing interest at 6%, with a maturity date of November 23, 2023. This loan is secured by an irrevocable letter of instruction on 80,000 shares of Alset EHome International. On November 24, 2020, American Pacific Bancorp. Inc. lent $280,000 to Lim Sheng Hon Danny, an employee of one of the subsidiaries of the Company, bearing interest at 6%, with a maturity date of November 23, 2023. This loan is secured by an irrevocable letter of instruction on 40,000 shares of Alset EHome International. As of December 31, 2020 and March 31, 2021, the accrued interest was $17,536 and $5,109, respectively. On March 12, 2021, the Company entered into a Securities Purchase Agreement pursuant to which the Company acquired 86.44% of the total issued and outstanding common stock of American Pacific Bancorp. Inc. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | 10. EQUITY The Company is authorized to issue 20,000,000 common shares and 5,000,000 preferred shares, both at a par value $0.001 per share. As of December 31, 2020, there were 8,570,000 common shares issued and outstanding. On January 19, 2021, the Company issued 10,000 shares of its common stock as compensation for public relations services at a fair value of $60,900. On March 31, 2021, there were 8,580,000 common shares issued and outstanding. On November 23, 2020, under the terms of the Underwriting Agreement, the Company issued to Aegis Capital Corp a warrant (the “Representative’s Warrant”) to purchase an aggregate of 108,000 shares of common stock. The Representative’s Warrant is exercisable at a per share price of $9.80 and is exercisable at any time and from time to time, in whole or in part, during the three-year period commencing from the date of issuance. Following table summarizes the warrant activity for the three months ended March 31, 2021. Warrant for Remaining Contractual Aggregate Common Shares Exercise Price Term (Years) Intrinsic Value Outstanding as of December 31, 2020 108,000 $ 9.80 2.95 $ - Vested and exercisable at December 31, 2020 108,000 $ 9.80 2.95 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of March 31, 2021 108,000 $ 9.80 2.70 $ 191,160 Vested and exercisable at March 31, 2021 108,000 $ 9.80 2.70 $ 191,160 GigWorld Inc. Sale of Shares From January to March, 2021, the Company sold 250,000 shares of GigWorld to international investors for the amount of $250,000, which was booked as addition paid-in capital. The Company held 505,551,376 shares of the total outstanding shares 506,898,576 before the sale. After the sale, the Company still owns approximately 99% of GigWorld’s total outstanding shares. From January to March, 2020, the Company sold 10,000 shares of GigWorld to international investors for the amount of $5,000, which was booked as addition paid-in capital. The Company held 506,223,676 shares of the total outstanding shares 506,898,576 before the sale. After the sale, the Company still owns approximately 99% of GigWorld’s total outstanding shares. During the three months ended March 31, 2021 and 2020, the sales of GigWorld’s shares were de minimis compared to its outstanding shares and did not change the minority interest. Distribution to Minority Shareholder During three months ended on March 31, 2021, SeD Maryland Development LLC Board approved the payment distribution plan to members and paid $82,250 in distribution to the minority shareholder. During three months ended on March 31, 2020, SeD Maryland Development LLC Board approved the payment distribution plan to members and paid $197,400 in distribution to the minority shareholder. Changes of Ownership of Alset International In the three months ended March 31, 2021, Alset International issued 250,000 common shares through warrants exercise with exercise price of approximately $0.03 per share and received $7,484 cash. During the three months ended March 31, 2021, the stock-based compensation expense of Alset International was $73,292 with the issuance of 1,500,000 shares to an officer. The Company’s ownership of Alset International changed from 57.1% as of December 31, 2020 to 57.1% as of March 31, 2021. A subsidiary Issuing Stock During March, 2020, a subsidiary of the Company started a private offer (the “Private Offer”) of its units. Each unit comprised of one share of its Class A Common Stock with par value of $0.01 per share and its one Series A 5% Cumulative Preferred Stock with a par value of $0.01 per share, at a subscription price of $6 per unit. The net proceeds from the private offer were $2,232,491 from investors as of March 31, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Abstract | |
Accumulated Other Comprehensive Income | 11. ACCUMULATED OTHER COMPREHENSIVE INCOME Following is a summary of the changes in the balances of accumulated other comprehensive income, net of tax: Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2021 $ (48,758 ) $ 2,258,017 $ (65,921 ) $ 2,143,338 Other Comprehensive Income (1,135 ) (1,010,527 ) (39,067 ) (1,050,729 ) Balance at March 31, 2021 $ (49,893 ) $ 1,247,490 $ (104,988 ) $ 1,092,609 Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2020 $ (59,888 ) $ 1,603,145 $ (84,968 ) $ 1,458,289 Other Comprehensive Income (8,240 ) (1,094,810 ) - (1,103,050 ) Balance at March 31, 2020 $ (68,128 ) $ 508,335 $ (84,968 ) $ 355,239 |
Investments Measured At Fair Va
Investments Measured At Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
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 sheet as of March 31, 2021 and December 31, 2020: Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value March 31, 2021 Assets Investment Securities- Fair Value $ 14,134,540 $ 17,923,989 $ - $ - $ 17,923,989 Investment Securities- Trading 2,457,162 2,468,809 - - 2,468,809 Convertible Preferred Stock 42,889,000 - - 29,430,000 29,430,000 Convertible Note Receivable 138,599 - - 153,590 153,590 Warrants - American Premium Water 860,342 - - 2,188,264 2,188,264 Warrants - AMRE - - - - - Total Investment in securities at Fair Value $ 60,479,643 $ 20,392,798 $ - $ 31,771,854 $ 52,164,652 Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value December 31, 2020 Assets Investment securities- Fair Value Option $ 7,404,911 $ 10,549,102 $ - $ - $ 10,549,102 Investment securities- Trading 17,650 18,654 - - 18,654 Convertible preferred stock 42,889,000 - - 37,675,000 37,675,000 Convertible note receivable 50,000 - - 66,978 66,978 Warrants - American Premium Water 860,342 - - 862,723 862,723 Warrants - AMRE - - - - - Stock Options - Vivacitas - - - - - Total Investment in securities at Fair Value $ 51,221,903 $ 10,567,756 $ - $ 38,604,701 $ 49,172,457 Unrealized loss on investment securities for the three months ended March 31, 2021 and 2020 was $1,987 and $12,599, respectively. These losses were recorded directly to net income (loss). For U.S. trading stocks, we use Bloomberg Market stock prices as the share prices to calculate fair value. For overseas stock, we use the stock price from local stock exchange to calculate fair value. The following chart shows details of the fair value of equity security investment at March 31, 2021 and December 31, 2020, respectively. Share price Market Value 3/31/2021 Shares 3/31/2021 Valuation DSS (Related Party) $ 3.610 1162501 * $ 4,196,629 Investment in Securities at Fair Value AMBS (Related Party) $ 0.011 20,000,000 $ 228,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.049 46,226,673 $ 2,285,838 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.008 122,039,000 $ 1,025,128 Investment in Securities at Fair Value OptimumBank (Related Party) $ 3.870 92,980 $ 359,833 Investment in Securities at Fair Value True Partners $ 0.158 62,122,908 $ 9,828,563 Investment in Securities at Fair Value Trading Stocks $ 2,468,809 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 20,392,798 Nervotech N/A 1,666 $ 37,826 Investment in Securities at Cost Hyten Global N/A 20,000 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 19,609 Investment in Securities at Cost Total Equity Securities $ 20,492,795 Share price Market Value 12/31/2020 Shares 12/31/2020 Valuation DSS (Related Party) $ 6.240 1,162,501 * $ 7,254,006 Investment in Securities at Fair Value AMBS (Related Party) $ 0.008 20,000,000 $ 160,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.055 46,226,673 $ 2,565,469 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.002 122,039,000 $ 256,284 Investment in Securities at Fair Value OptimumBank (Related Party) $ 3.370 92,980 $ 313,343 Investment in Securities at Fair Value Trading Stocks $ 18,654 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 10,567,756 Vivacitas (Related Party) N/A 2,480,000 $ 200,128 Investment in Securities at Cost Nervotech N/A 1,666 $ 37,826 Investment in Securities at Cost Hyten Global N/A 20,000 $ 42,562 Investment in Securities at Cost Total Equity Securities $ 10,848,272 * Ratio of 1-for-30 (the “Reverse Split”) was effective at 5:01 p.m. Eastern Time on May 7, 2020 (the “Effective Time”) DSS convertible preferred stock The DSS convertible preferred stock under level 3 category was valued on Option Pricing Method (OPM) in determining the fair value. As of March 31, 2021, the Company held 42,575 shares of DSS convertible preferred stock, which could convert to 6,570,216 common shares, with fair market value of $29,430,000. As of December 31, 2020, the Company held 42,575 shares of DSS convertible preferred stock, which could convert to 6,570,216 common shares, with fair market value $37,675,000. The following table shows the parameters adopted in the valuation at the valuation dates. As of March 31, As of December 31, 2021 2020 Stock price $ 4.22 $ 6.24 Risk-free rate 1.64 % 0.93 % Volatility 109.67 % 113.69 % Expected Exit Date March 24, 2023 December 31, 2023 Dividend Yield 0.00 0.00 Sharing Services Convertible Note The fair value of the Sharing Services Convertible Note under level 3 category as of March 31, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: March 31, 2021 December 31, 2020 Dividend yield 0.00 % 0.00 % Expected volatility 210.07 % 210.07 % Risk free interest rate 3.25 % 0.13 % Contractual term (in years) 1.51 1.76 Exercise price $ 0.15 $ 0.15 We assumed dividend yield rate is 0.00% in Sharing Services. The volatility is based on the historical volatility of the Sharing Services’ common stock. Risk-free interest rates were obtained from U.S. Treasury rates for the applicable periods. Changes in the observable input values would likely cause material changes in the fair value of the Company’s Level 3 financial instruments. A significant increase (decrease) in this likelihood would result in a higher (lower) fair value measurement. The table below provides a summary of the changes in fair value, including net transfers in and/or out of all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021 and 2020: Total Balance at January 1, 2021 $ 66,978 Total losses (1,987 ) Balance at March 31, 2021 $ 64,991 Total Balance at January 1, 2020 $ 26,209 Total losses (12,599 ) Balance at March 31, 2020 $ 13,610 Vector Com Convertible Bond On February 26, 2021, the Company invested approximately $88,599 in the convertible bond of Vector Com Co., Ltd (“Vector Com”), a private company in South Korea. The interest rate is 2% per annum and maturity is two years. The conversion price is approximately $21.26, per common share of Vector Com. As of March 31, 2021, the Management estimated that the fair value of the note to be $88,599, the initial transaction price. Warrants On March 2, 2020, the Company received warrants to purchase shares of AMRE, a related party private startup company, in conjunction with the Company lending a $200,000 promissory note. For further details on this transaction, refer to Note 9 Related Party Transactions, Note Receivable from a Related Party Company. On July 17, 2020, the Company purchased 122,039,000 shares, approximately 9.99% ownership, and 122,039,000 warrants with an exercise price of $0.0001 per share, from APW, for an aggregated purchase price of $122,039. We value APW warrants under level 3 category through a Black-Scholes option pricing model and the fair value of the warrants from APW were $862,723 as of December 31, 2020 and $2,188,264 as of March 31, 2021. The fair value of the APW warrants under level 3 category as of March 31, 2021 and July 17, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: March 31, 2021 December 31, 2020 Stock Price $ 0.0084 $ 0.0021 Exercise price 0.001 0.001 Risk free interest rate 1.74 % 0.88 % Annualized volatility 232.10 % 178.86 % Year to maturity 9.32 9.58 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES Lots Sales Agreement On November 23, 2015, SeD Maryland Development LLC completed the $15,700,000 acquisition of Ballenger Run, a 197-acre land sub-division development located in Frederick County, Maryland. Previously, on May 28, 2014, the RBG Family, LLC entered into a $15,000,000 assignable real estate sales contract with NVR, by which RBG Family, LLC would facilitate the sale of the 197 acres of Ballenger Run to NVR. On December 10, 2014, NVR assigned this contract to SeD Maryland Development, LLC through execution of an assignment and assumption agreement and entered into a series of lot purchase agreements by which NVR would purchase 443 subdivided residential lots from SeD Maryland Development, LLC. On December 31, 2018, SeD Maryland entered into the Third Amendment to the Lot Purchase Agreement for Ballenger Run with NVR. Pursuant to the Third Amendment, SeD Maryland will convert the 5.9 acre CCRC parcel to 36 lots (the 28 feet wide villa lot) and sell to NVR. Through the three months ended on March 31, 2021 and 2020, NVR purchased 27 lots and 27 lots, respectively. Through March 31, 2021 and December 31, 2020, NVR had purchased a total of 415 and 388 lots, respectively. Leases The Company leases offices in Maryland, Singapore, Magnolia, Texas, Hong Kong and South Korea through leased spaces aggregating approximately 15,811 square feet, under leases expiring on various dates from December 2020 to March 2024. The leases have rental rates ranging from $2,265 to $23,297 per month. Our total rent expense under these office leases was $140,271 and $85,558 in the three months ended March 31, 2021 and 2020, respectively. The following table outlines the details of lease terms: Office Location Lease Term as of December 31, 2020 Renewed Lease term in 2021 Singapore June 2020 to June 2021 Hong Kong October 2020 to October 2022 South Korea August 2020 to August 2022 Magnolia, Texas, USA November 2019 to April 2021 May 2021 to October 2021 Bethesda, Maryland, USA August 2015 to December 2020 January 2021 to March 2024 The Company adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) to recognize a right-of-use asset and a lease liability for all the leases with terms greater than twelve months. We elected the practical expedient to not recognize operating lease right-of-use assets and operating lease liabilities for lease agreements with terms less than 12 months. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As our leases do not provide a readily determinable implicit rates, we estimate our incremental borrowing rates to discount the lease payments based on information available at lease commencement. Our incremental borrowings rates are 3.9% in 2021 and at a range from 0.5% to 4.5% per annum in 2020, which were used as the discount rates. The balances of operating lease right-of-use assets and operating lease liabilities as of March 31, 2021 were $722,507 and $736,561, respectively. The balances of operating lease right-of-use assets and operating lease liabilities as of December 31, 2020 were $574,754 and $574,754, respectively. The table below summarizes future payments due under these leases as of March 31, 2021. For the Years Ended December 31: 2021 $ 341,827 2022 292,830 2023 95,104 2024 24,430 Total Minimum Lease Payments 754,191 Less: Effect of Discounting (17,630 ) Present Value of Future Minimum Lease Payments 736,561 Less: Current Obligations under Leases (51,686 ) Long-term Lease Obligations 684,875 |
Directors and Employees' Benefi
Directors and Employees' Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Directors and Employees' Benefits | 14. DIRECTORS AND EMPLOYEES’ BENEFITS Stock Option plans AEI The Company reserves 500,000 shares of common stock under the Incentive Compensation Plan for high-quality executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its related entities. This plan is meant to enable such persons to acquire or increase a proprietary interest in the Company in order to strengthen the mutuality of interests between such persons and the Company’s shareholders, and providing such persons with performance incentives to expand their maximum efforts in the creation of shareholder value. As of March 31, 2021 and December 31, 2020, there have been no options granted. Alset International Stock Option plans On November 20, 2013, Alset International approved a Stock Option Plan (the “2013 Plan”). Employees, executive directors, and non-executive directors (including the independent directors) are eligible to participate in the 2013 Plan. The following tables summarize stock option activity under the 2013 Plan for the three months ended March 31, 2021: Options for Remaining Contractual Aggregate Common Shares Exercise Price Term (Years) Intrinsic Value Outstanding as of January 1, 2020 1,061,333 $ 0.09 4.00 $ - Vested and exercisable at January 1, 2020 1,061,333 $ 0.09 4.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of December 31, 2020 1,061,333 $ 0.09 3.00 $ - Vested and exercisable at December 31, 2020 1,061,333 $ 0.09 3.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of March 31, 2021 1,061,333 $ 0.09 2.75 $ - Vested and exercisable at March 31, 2021 1,061,333 $ 0.09 2.75 $ - |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS Purchase of Shares of Value Exchange International, Inc. The Company has entered into a securities purchase agreement dated April 5, 2021 with Value Exchange International, Inc. (“Value Exchange International”) in connection with the purchase of 6,500,000 shares of Value Exchange International’s common stock for an aggregate subscription price of $650,000. The acquisition of 6,500,000 shares of Value Exchange International’s common stock was completed on April 12, 2021. Ownership of Alset International On April 8, 2021, the Company exercised its warrants to purchase 139,834,471 shares of Alset International at an exercise price of Singapore $0.04. On May 12, 2021, Chan Heng Fai exercised warrants to purchase 76,925,000 shares of Alset International at an exercise price of Singapore $0.048. On May 14 and 17, 2021, the Company exercised its warrants to purchase 943,531,983 shares of Alset International at an exercise price of Singapore $0.048. Total outstanding shares of Alset International were 2,931,951,400 after these issuances. The Company holds 2,094,516,748 shares of Alset International, approximately 71.4% ownership. Acquisition of HengFeng Finance Limited On October 15, 2020, the Company’s subsidiary, American Pacific Bancorp (“APB”), entered into an acquisition agreement to acquire 3,500,001 common shares of Hengfeng Finance Limited (“HFL”), representing 100% of the common shares of HFL, in consideration for 250,000 shares of APB’s Class A Common Stock. HFL is incorporated in Hong Kong with limited liability. This transaction closed on April 21, 2021. Joint Venture with Novum On April 20, 2021 on of Company’s indirect subsidiaries, SeD Capital Pte. Ltd. (“SeD Capital”), entered into joint venture agreement with digital asset management firm Novum Alpha Pte Ltd (“Novum”). Pursuant to this agreement, SeD Capital will own 50% of the issued and paid-up capital in the joint venture company, Credas Capital Pte Ltd (“Credas”) with the remaining 50% shareholding stake held by Novum. Credas intends to develop and launch its maiden digital assets-based Exchange-Traded Product in the fourth quarter of 2021 on the SIX Swiss Exchange, Switzerland’s principal stock exchange and one of Europe’s largest stock exchanges. Distribution to Minority Shareholders On April 30, 2021, the Board of Managers of SeD Maryland Development LLC (the 83.55% owned subsidiary of the Company which owns the Company’s Ballenger Project) authorized the payment of distributions to its members in the amount of $3,000,000. Accordingly, the minority member of SeD Maryland Development LLC received a distribution in the amount of $493,500, with the remainder being distributed to a subsidiary of the Company, which is eliminated upon consolidation. Amendment to Authorized Shares and Designation of Preferred Shares On May 3, 2021, the holder of a majority of the issued and outstanding shares of common stock of the Company, by written consent, approved and adopted an amendment to our Third Amended and Restated Certificate of Incorporation (the “Amendment”) to increase the number of authorized shares of the Company’s common stock from Twenty Million (20,000,000) common shares to Two Hundred and Fifty Million (250,000,000) common shares and its preferred shares from Five Million (5,000,000) to Twenty Five Million (25,000,000). As of filing date, the amendment is still pending approval from State of Delaware. On May 3, 2021, the Company filed an amendment to its Articles of Incorporation which sets forth the rights and preferences of the Series A Convertible Preferred Stock. Pursuant to the Series A Designation, 6,380 shares of the Company’s preferred stock was designated Series A Preferred Stock. Holders of the Series A Preferred Stock shall be entitled to receive dividends equal, on an as-if-converted basis, to and in the same form as dividends actually paid on shares of the Company’s common stock par value $0.001 per share (“Common Stock”) when, as and if paid on shares of Common Stock. Each holder of outstanding Series A Preferred Stock is entitled to vote equal to the number of whole shares of Common Stock into which each share of the Series A Preferred Stock is convertible. Holders of Series A Preferred Stock are entitled, upon liquidation of the Company, to receive the same amount that a holder of Series A Preferred Stock would receive if the Series A Preferred Stock were fully converted into Common Stock. On May 12, 2021 the Company filed a Certificate of Designation which sets forth the rights and preferences of the Series B Preferred Stock. Pursuant to the Series B Designation, 2,132 shares of the Company’s preferred stock was designated Series B Preferred Stock. Holders of the Series B Preferred Stock shall be entitled to receive dividends equal, on an as-if-converted basis, to and in the same form as dividends actually paid on shares of the Company’s common stock par value $0.001 per share (“Common Stock”) when, as and if paid on shares of Common Stock. Each holder of outstanding Series B Preferred Stock is entitled to vote equal to the number of whole shares of Common Stock into which each share of the Series B Preferred Stock is convertible. Holders of Series B Preferred Stock are entitled, upon liquidation of the Company, to receive the same amount that a holder of Series B Preferred Stock would receive if the Series B Preferred Stock were fully converted into Common Stock. Loan and Exchange Agreement with the CEO, Chan Heng Fai On May 3, 2021, the Company entered into a Loan and Exchange Agreement with its Chief Executive Officer, Chan Heng Fai pursuant to which Chan Heng Fai loaned the Company his shares of Common Stock of the Company by exchanging 6,380,000 shares of common stock which he owned for an aggregate of 6,380 shares of the Company’s newly designated Series A Convertible Preferred Stock. On May 12, 2021, Company entered into an Exchange Agreement with Chan Heng Fai, effective May 13, 2021, pursuant to which he exchanged $13,000,000 in principal amount under a $28,363,966 convertible promissory note (the “Note”) in exchange for 2,132 shares of the Company’s newly designated Series B Preferred Stock. Public Offering On May 10, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Aegis Capital Corp., as the sole book-running manager and representative of the underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “Offering”) of (i) 4,700,637 common units (the “Common Units”), at a price to the public of $5.07 per Common Unit, with each Common Unit consisting of (a) one share of common stock, par value $0.001 per share (the “Common Stock”), (b) one Series A warrant (the “Series A Warrant” and collectively, the “Series A Warrants”) to purchase one share of Common Stock with an initial exercise price of $5.07 per whole share, exercisable until the fifth anniversary of the issuance date, and (c) one Series B warrant (the “Series B Warrant” and collectively, the “Series B Warrants” and together with the Series A Warrants, the “Warrants”) to purchase one-half share of Common Stock with an initial exercise price of $6.59 per whole share, exercisable until the fifth anniversary of the issuance date and (ii) 1,611,000 pre-funded units (the “Pre-funded Units”), at a price to the public of $5.06 per Pre-funded Unit, with each Pre-funded Unit consisting of (a) one pre-funded warrant (the “Pre-funded Warrant” and collectively, the “Pre-funded Warrants”) to purchase one share of Common Stock, (b) one Series A Warrant and (c) one Series B Warrant. The shares of Common Stock, the Pre-funded Warrants, and the Warrants were offered together, but the securities contained in the Common Units and the Pre-funded Units were issued separately. The Company also granted the Underwriters a 45-day over-allotment option to purchase up to 808,363 additional shares of Common Stock and/or up to 808,363 additional Series A Warrants to purchase 808,363 shares of Common Stock, and/or up to 808,363 additional Series B warrants to purchase 404,181 shares of Common Stock. The Offering, including the partial exercise of the Underwriters’ over-allotment option to purchase 808,363 Series A Warrants and 808,363 Series B Warrants, closed on May 13, 2021. The Company paid the Underwriters an underwriting discount equal to 6.5% of the gross proceeds of the Offering and a non-accountable expense fee equal to 1.25% of the gross proceeds of the Offering. The Company also reimbursed the Underwriters for certain of their expenses, including “roadshow”, diligence, and reasonable legal fees and disbursements, in an amount of $150,000 in the aggregate. The Company has also agreed that it will not issue or announce the issuance or proposed issuance of any Common Stock or Common Stock equivalents for a period of 120 days following the closing date, other than certain exempt issuances. The net proceeds to the Company from the Offering were approximately $29.2 million, excluding the proceeds, if any, from the exercise of the Warrants and the Pre-funded Warrants sold in the Offering, and after deducting underwriting discounts and commissions and the payment of other estimated offering expenses associated with the Offering that are payable by the Company. Note Payable Related Party On May 14, 2021, Alset EHome International Inc., a Delaware corporation (the “Company”), borrowed S$7,395,472 Singapore Dollars (equal to approximately $5,557,371 U.S. Dollars) from the Company’s Chairman, Chief Executive Officer and major stockholder, Chan Heng Fai. The unpaid principal amount of the Loan shall be due and payable on May 14, 2022 and the Loan shall have no interest. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. These interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other interim periods or for any other future years. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2020 filed on April 14, 2021. The consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than 50% of the voting common stock and controls operations. All intercompany transactions and balances among consolidated subsidiaries have been eliminated. The Company’s consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of March 31, 2021 and December 31, 2020, as follows: Attributable interest as of, Name of subsidiary consolidated under AEI State or other jurisdiction of incorporation or organization March 31, December 31, 2020 % % Hengfai International Pte. Ltd Singapore 100 100 Hengfai Business Development Pte. Ltd Singapore 100 100 Heng Fai Enterprises Pte. Ltd. Singapore - 100 Global eHealth Limited Hong Kong 100 100 Alset International Inc. (f.k.a. Singapore eDevelopment Limited) Singapore 57.1 57.1 Singapore Construction & Development Pte. Ltd. Singapore 57.1 57.1 Art eStudio Pte. Ltd. Singapore 29.1 * 29.1 * Singapore Construction Pte. Ltd. Singapore 57.1 57.1 Global BioMedical Pte. Ltd. Singapore 57.1 57.1 Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) Singapore 57.1 57.1 Health Wealth Happiness Pte. Ltd. Singapore 57.1 57.1 SeD Capital Pte. Ltd. Singapore 57.1 57.1 LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) Singapore 64.8 46.9 * SeD Home Limited Hong Kong 57.1 57.1 SeD Management Pte. Ltd. (f.k.a. SeD Reits Management Pte. Ltd.) Singapore 57.1 57.1 Global TechFund of Fund Pte. Ltd. Singapore 57.1 57.1 Singapore eChainLogistic Pte. Ltd. Singapore 57.1 57.1 BMI Capital Partners International Limited. Hong Kong 57.1 57.1 SeD Perth Pty. Ltd. Australia 57.1 57.1 SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) United States of America 57.1 57.1 LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) United States of America 57.1 57.1 Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) United States of America 57.1 57.1 SeD USA, LLC United States of America 57.1 57.1 150 Black Oak GP, Inc. United States of America 57.1 57.1 SeD Development USA Inc. United States of America 57.1 57.1 150 CCM Black Oak, Ltd. United States of America 57.1 57.1 SeD Texas Home, LLC United States of America 57.1 57.1 SeD Ballenger, LLC United States of America 57.1 57.1 SeD Maryland Development, LLC United States of America 47.7 * 47.8 * SeD Development Management, LLC United States of America 48.5 * 48.6 * SeD Builder, LLC United States of America 57.1 57.1 GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) United States of America 56.9 57.0 HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 56.9 57.0 HotApp International Limited Hong Kong 56.9 57.0 HWH International, Inc. United States of America 57.1 57.1 Health Wealth & Happiness Inc. United States of America 57.1 57.1 HWH Multi-Strategy Investment, Inc. United States of America 57.1 57.1 SeDHome Rental Inc United States of America 57.1 57.1 SeD REIT Inc. United States of America 57.1 57.1 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 56.9 57.0 HWH World Inc. United States of America 56.9 57.0 HWH World Pte. Ltd. Singapore 56.9 57.0 UBeauty Limited Hong Kong 57.1 57.1 WeBeauty Korea Inc Korea 57.1 57.1 HWH World Limited Hong Kong 57.1 57.1 HWH World Inc. Korea 57.1 57.1 Alset BioHealth Pte. Ltd. Singapore 57.1 57.1 Alset Energy Pte. Ltd. Singapore 57.1 57.1 Alset Payment Inc. United States of America 57.1 57.1 Alset World Pte. Ltd. Singapore 57.1 57.1 BioHealth Water Inc. United States of America 57.1 57.1 Impact BioHealth Pte. Ltd. Singapore 57.1 57.1 American Home REIT Inc. United States of America 64.8 46.9 * Alset Solar Inc. United States of America 45.7 * 45.7 * HWH KOR Inc. United States of America 57.1 57.1 Open House Inc. United States of America 57.1 57.1 Open Rental Inc. United States of America 57.1 57.1 Hapi Cafe Inc. (Nevada) United States of America 57.1 57.1 Global Solar REIT Inc. United States of America 57.1 57.1 OpenBiz Inc. United States of America 57.1 57.1 Hapi Cafe Inc. (Texas) United States of America 100 100 HWH (S) Pte. Ltd. Singapore 57.1 - American Pacific Bancorp Inc. United States of America 86.44 - Hengfeng Finance Limited Hong Kong 86.44 - Decentralize Finance Inc. United States of America 86.44 - True Partner International Limited Hong Kong 100 - LiquidValue Development Pte. Ltd. Singapore 100 - LiquidValue Development Limited. Hong Kong 100 - *Although the Company indirectly holds percentage of shares of these entities less than 50%, the subsidiaries of the Company directly hold more than 50% of shares of these entities, and therefore, they are still consolidated into the Company. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include, but are not limited to, allowance for doubtful accounts, valuation of real estate assets, allocation of development costs and capitalized interest to sold lots, fair value of the investments, the valuation allowance of deferred taxes, and contingencies. Actual results could differ from those estimates. In our property development business, land acquisition costs are allocated to each lot based on the area method, the size of the lot compared to the total size of all lots in the project. Development costs and capitalized interest are allocated to lots sold based on the total expected development and interest costs of the completed project and allocating a percentage of those costs based on the selling price of the sold lot compared to the expected sales values of all lots in the project. If allocation of development costs and capitalized interest based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on area method, the size of the lot compared to the total size of all lots in the project. |
Transactions Between Entities Under Common Control | Transactions between Entities under Common Control On March 12, 2021, the Company entered into a Securities Purchase Agreement (the “SPA”) with Chan Heng Fai, the founder, Chairman and Chief Executive Officer of the Company, for four proposed transactions, consisting of (i) purchase of certain warrants (the “Warrants”) to purchase 1,500,000,000 shares of Alset International Limited (“Alset International”), which was valued at $28,363,966; (ii) purchase of all of the issued and outstanding stock of LiquidValue Development Pte Ltd. (“LVD”), which was valued at $173,395; (iii) purchase of 62,122,908 ordinary shares in True Partner Capital Holding Limited (HKG: 8657) (“True Partner”), which was valued at $6,729,629; and (iv) purchase of 4,775,523 shares of the common stock of American Pacific Bancorp Inc. (“APB”), which was valued at $28,653,138. The total amount of above four transactions was $63,920,129, payable on the Closing Date by the Company, in the convertible promissory notes (“Alset CPNs”), which, subject to the terms and conditions of the Alset CPNs and the Company’s shareholder approval, shall be convertible into shares of the Company’s common stock (“AEI Common Stock”), par value $0.001 per share, at the conversion price of AEI’s Stock Market Price. AEI’s Stock Market Price shall be $5.59 per share, equivalent to the average of the five closing per share prices of AEI’s Common Stock preceding January 4, 2021 as quoted by Bloomberg L.P. The above four acquisitions from Chan Heng Fai are transactions between entities under common control. The common control transactions resulted in the following basis of accounting for the financial reporting periods: ● The acquisitions 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 acquisitions of LVD and APB were under common control and is consolidated in accordance with ASC 850-50. The consolidated financial statements were retrospectively adjusted for the acquisition of LVD and APB, and the operating results of LVD and APB as of January 1, 2020 for comparative purposes. AEI stock price was $10.03 on March 12, 2021, the commitment date. The Beneficial Conversion Feature (“BCF”) intrinsic value was $50,770,192 for the four convertible promissory notes and was recorded as debt discount of convertible notes after these transactions. The debt discount attributable to the BCF is amortized over period from issuance to the date that the debt becomes convertible using the effective interest method. If the debt is converted, the discounted is amortized to finance cost in full immediately. As of March 31, 2021, the promissory notes net of debt discount were $13,695,853 and accrued interest was $41,239. During the three months ended on March 31, 2021, the amortized debt discount recorded as finance cost was $545,916. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents include cash on hand and at the bank and short-term deposits with financial institutions that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in values. There were no cash equivalents as of March 31, 2021 and December 31, 2020. |
Restricted Cash | Restricted Cash As a condition to the loan agreement with the Manufacturers and Traders Trust Company (“M&T Bank”), the Company is required to maintain a minimum of $2,600,000 in an interest-bearing account maintained by the lender as additional security for the loans. The fund is required to remain as collateral for the loan until the loan is paid off in full and the loan agreement is terminated. The Company also has an escrow account with M&T Bank to deposit a portion of cash proceeds from lot sales. The fund in the escrow account is specifically used for the payment of the loan from M&T Bank. The fund is required to remain in the escrow account for the loan payment until the loan agreement terminates. As of March 31, 2021 and December 31, 2020, the total balance of these two accounts was $8,099,097 and $5,729,067, respectively. As a condition to the loan agreement with National Australian Bank Limited in conjunction with the Perth project, an Australian real estate development project, the Company is required to maintain Australian Dollar 50,000, in a non-interest-bearing account. As of March 31, 2021 and December 31, 2020, the account balance was $38,043 and $38,550, respectively. These funds will remain as collateral for the loans until paid in full. The Company puts money into brokerage accounts specifically for equity investment. As of March 31, 2021 and December 31, 2020, the cash balance in these brokerage accounts was $499,251 and $1,001,916, respectively. |
Account Receivables and Allowance for Doubtful Accounts | Account Receivables and Allowance for Doubtful Accounts Account receivables is stated at amounts due from buyers, contractors, and all third parties, net of an allowance for doubtful accounts. As of March 31, 2021 and December 31, 2020, the balance of account receivables was $1,062,278 and $1,366,194, respectively. Approximately $0.9 million and $1.3 million of account receivables as of March 31, 2021 and December 31, 2020, respectively, was from DSS with a merchant agreement, under which the Company uses DSS credit card platform to collect money from our direct sales. The Company monitors its account receivables balances monthly to ensure that they are collectible. On a quarterly basis, the Company uses its historical experience to estimate its allowance for doubtful account receivables. The Company’s allowance for doubtful accounts represents an estimate of the losses expected to be incurred based on specifically identified accounts as well as nonspecific amount, when determined appropriate. Generally, the amount of the allowance is primarily decided by division management’s historical experience, the delinquency trends, the resolution rates, the aging of receivables, the credit quality indicators and financial health of specific customers. As of March 31, 2021 and December 31, 2020, the allowance was $0. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method and includes all costs in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. As of March 31, 2021 and December 31, 2020, inventory consisted of finished goods from HWH World Inc. The Company continuously evaluates the need for reserve for obsolescence and possible price concessions required to write-down inventories to net realizable value. |
Investment Securities | Investment Securities Investment Securities at Fair Value The Company holds investments in equity securities with readily determinable fair values, equity investments without readily determinable fair values, investments accounted for under the equity method, and investments at cost. Prior to the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The Company accounts for certain of its investments in equity securities in accordance with ASU 2016-01 Financial Instruments—Overall (Subtopic 825- 10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”) The Company has elected the fair value option for the equity securities noted below that would otherwise be accounted for under the equity method of accounting. Holista CollTech Limited (“Holista”), Document Securities Systems Inc. (“DSS”), OptimumBank Holdings, Inc. (“OptimumBank”) and American Premium Water Corp (“APW”) are publicly traded companies and fair value is determined by quoted stock prices. The Company has significant influence but does not have a controlling interest in these investments, and therefore, the Company’s investment could be accounted for under the equity method of accounting or elect fair value accounting. ● The Company has significant influence over DSS. As of March 31, 2021 and December 31, 2020, the Company owned the common stock of DSS and 42,575 shares of preferred stock, which could covert to 6,570,216 common shares, subject to a 19.9% beneficial ownership conversion limitation (a so-called “blocker”) based on the total issued outstanding shares of common stock of DSS beneficially owned by Global BioMedical Pte Ltd (“GBM”), one of our subsidiaries. Our CEO is a Stockholder and the Chairman of the Board of Directors of DSS. Chan Tung Moe, the son of Chan Heng Fai, is also a director of DSS. ● The Company has significant influence over Holista as the Company and its CEO are the beneficial owner of approximately 16.8% of the outstanding shares of Holista and our CEO holds a position on Holista’s Board of Directors. ● The Company has significant influence over OptimumBank. Our CEO is the beneficial owner of approximately 3.9% of the outstanding shares of OptimumBank and holds a position on OptimumBank’s Board of Directors. ● The Company has significant influence over APW as the Company is the beneficial owner of approximately 8.7% of the common shares of APW and one officer from the Company holds a director position on APW’s Board of Directors. The Company invested $50,000 in a convertible promissory note of Sharing Services, Inc. (“Sharing Services Convertible Note”), a company quoted on the US OTC market. The value of the convertible note was estimated by management using a Black-Scholes valuation model. The fair value of the note was $64,991 and $66,978 on March 31, 2021 and December 31, 2020, respectively. On February 26, 2021, the Company invested approximately $88,599 in the convertible note of Vector Com Co., Ltd (“Vector Com”), a private company in South Korea. The interest rate is 2% per annum and maturity is two years. The conversion price is approximately $21.26, per common share of Vector Com. As of March 31, 2021, the Management estimated that the fair value of the note to be $88,599, the initial transaction price. On March 2, 2020, the Company received warrants to purchase shares of American Medical REIT Inc. (“AMRE”), a related party private startup company, in conjunction with the Company lending a $200,000 promissory note. For further details on this transaction, refer to Note 8 - Related Party Transactions, Note Receivable from a Related Party Company The Company held a stock option to purchase 250,000 shares of Vivacitas common stock at $1 per share at any time prior to the date of a public offering by Vivacitas. As of December 31, 2020, Vivacitas was a private company. Based on management’s analysis, the fair value of the Vivacitas stock option was $0 as of December 31, 2020. On March 18, 2021 the Company sold the subsidiary holding the ownership in Vivacitas to an indirect subsidiary of DSS. For further details on this transaction, refer to Note 9 - Related Party Transactions, Sale of Investment in Vivacitas to DSS In the first quarter of 2021, the Company subsidiaries established a portfolio of trading securities. The objective is to generate profits on short-term differences in market prices. During the three months ended March 31, 2021, the Company incurred approximately $4.6 million in purchase of trading securities, received approximately $1.9 million for sale and $285,245 was recognized as realized loss on securities investment. Investment Securities at Cost The Company had an equity holding in Vivacitas Oncology Inc. (“Vivacitas”), a private company that is currently not listed on an exchange. Vivacitas was acquired after the adoption of ASU 2016-01. The Company applied ASC 321, Investments – Equity Securities, and elected the measurement alternative for equity investments that do not have readily determinable fair values and do not qualify for the practical expedient in ASC 820 to estimate fair value using the NAV per share. Under the alternative, 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. Ownership in Vivacitas was sold on March 18, 2021 at the price of $2,480,000 to DSS. The difference of $2,279,872 between the selling price and our original investment cost was recorded as additional paid capital considering a related party transaction. For further details on this transaction, refer to Note 9 – Related Party Transactions. On September 8, 2020, the Company acquired 1,666 shares, approximately 1.45% ownership, from Nervotec Pte Ltd (“Nervotec”), a private company, at the purchase price of $37,826. The Company applied ASC 321 and measured Nervotec at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. On September 30, 2020, the Company acquired 20,000 shares, approximately 19% ownership, from Hyten Global (Thailand) Co., Ltd (“Hyten”), a private company, at a purchase price of $42,562. Hyten is a direct sales company in Thailand. The Company does not have significant influence over Hyten and applied ASC 321 and measured Hyten at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In the first quarter of 2021, the Company invested $19,609 in K Beauty Research Lab Co., Ltd (“K Beauty”) for 18% ownership. K Beauty was established for sourcing, developing and producing variety of Korea-made beauty products as well as Korea - originated beauty contents for the purpose of distribution to HWH’s membership distribution channel. There has been no indication of impairment or changes in observable prices via transactions of similar securities and investments are still carried at cost. Investment Securities under Equity Method Accounting American Medical REIT Inc. LiquidValue Asset Management Pte. Ltd. (“LiquidValue”), a subsidiary of the Company owns 36.1% of American Medical REIT Inc. (“AMRE”), a startup REIT company concentrating on medical real estate. AMRE acquires state-of-the-art, purpose-built healthcare facilities and leases them to leading clinical operators with dominant market share under secure triple net leases. AMRE targets hospitals (both Critical Access and Specialty Surgical), Physician Group Practices, Ambulatory Surgical Centers, and other licensed medical treatment facilities. Chan Heng Fai, our CEO, is the executive chairman and director of AMRE. LiquidValue did not invest equity but provided a loan to AMRE (for further details on this transaction, refer to Note 9, Related Party Transactions). On balance sheet, the prorate loss from AMRE was recorded as a liability, accumulated losses on equity method investment. During three months ended March 31, 2021 and 2020, the investment losses from AMRE were $24,847 and $0, respectively. As of March 31, 2021 and December 31, 2020, the accumulated losses on equity method investment were $290,776 and $265,929, respectively. |
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 $1.2 million and $2.4 million for the three months ended March 31, 2021 and 2020, respectively. Property Plant and Equipment The Company did not record impairment on any of its projects during the three months ended on March 31, 2021 and 2020. Properties under development Properties under development are properties being constructed for sale in the ordinary course of business, rather than to be held for the Company’s own use, rental or capital appreciation. Rental Properties Rental properties are acquired with the intent to be rented to tenants. On March 15, 2021 Alset EHome, Inc. signed twenty separate Purchase Agreements, to acquire 20 homes in Montgomery County, Texas. On March 31, 2021, the first batch of 10 homes was closed with the purchase cost of $2,161,680. All of these purchased homes are properties of our rental business. |
Revenue Recognition and Cost of Sales | Revenue Recognition and Cost of Sales ASC 606 - Revenue from Contracts with Customers In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. The provisions of ASC 606 include a five-step process by which the determination of revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which the Company expects to be entitled in exchange for those goods or services. ASC 606 requires the Company to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, performance obligations are satisfied. The following represents the Company’s revenue recognition policies by Segments: Property Development Property Sales The Company’s main business is land development. The Company purchases land and develops it for building into residential communities. The developed lots are sold to builders (customers) for the construction of new homes. The builders enter a sales contract with the Company before they take the lots. The prices and timeline are determined and agreed upon in the contract. The builders do the inspections to make sure all conditions and requirements in contracts are met before purchasing the lots. A detailed breakdown of the five-step process for the revenue recognition of the Ballenger and Black Oak projects, which represented approximately 69% and 100%, respectively, of the Company’s revenue in the three months ended on March 31, 2021 and 2020, is as follows: ● Identify the contract with a customer. The Company has signed agreements with the builders for developing the raw land to ready to build lots. The contract has agreed upon prices, timelines, and specifications for what is to be provided. ● Identify the performance obligations in the contract. Performance obligations of the Company include delivering developed lots to the customer, which are required to meet certain specifications that are outlined in the contract. The customer inspects all lots prior to accepting title to ensure all specifications are met. ● Determine the transaction price. The transaction price per lot is fixed and specified in the contract. Any subsequent change orders or price changes are required to be approved by both parties. ● Allocate the transaction price to performance obligations in the contract. Each lot or a group of lots is considered to be a separate performance obligation, for which the specified price in the contract is allocated to. ● Recognize revenue when (or as) the entity satisfies a performance obligation. The builders do the inspections to make sure all conditions/requirements are met before taking title of lots. The Company recognizes revenue at a point in time when title is transferred. The Company does not have further performance obligations or continuing involvement once title is transferred. Sale of the Front Foot Benefit Assessments We have established a front foot benefit (“FFB”) assessment on all of the NVR lots. This is a 30-year annual assessment allowed in Frederick County which requires homeowners to reimburse the developer for the costs of installing public water and sewer to the lots. These assessments become effective as homes are settled, at which time we can sell the collection rights to investors who will pay an upfront lump sum, enabling us to realize the revenue more quickly. The selling prices range from $3,000 to $4,500 per home depending on the type of the home. Our total revenue from the front foot benefit assessment is approximately $1 million. To recognize revenue of FFB assessment, both our and NVR’s performance obligation must be satisfied. Our performance obligation is completed once we complete the construction of water and sewer facility and close the lot sales with NVR, which inspects these water and sewer facility prior to close lot sales to ensure all specifications are met. NVR’s performance obligation is to sell homes they build to homeowners. Our FFB revenue is recognized on quarterly basis after NVR closes sales of homes to homeowners. The agreement with these FFB investors is not subject to amendment by regulatory agencies and thus our revenue from FFB assessment is not either. During the three months ended on March 31, 2021 and 2020, we recognized revenue $107,071 and $40,322 from FFB assessment, respectively. Cost of Sales Land acquisition costs are allocated to each lot based on the area method, the size of the lot 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. Biohealth Product Direct Sales The Company’s net sales consist of product sales. The Company’s performance obligation is to transfer its products to its third-party independent distributors (“Distributors”). The Company generally recognizes revenue when product is shipped to its Distributors. The Company’s Distributors may receive distributor allowances, which are comprised of discounts, rebates and wholesale commission payments from the Company. Distributor allowances resulting from the Company’s sales of its products to its Distributors are recorded against net sales because the distributor allowances represent discounts from the suggested retail price. In addition to distributor allowances, the Company compensates its sales leader Distributors with leadership incentives for services rendered, relating to the development, retention, and management of their sales organizations. Leadership incentives are payable based on achieved sales volume, which are recorded in general and administrative expenses. The Company recognizes revenue when it ships products. The Company receives the net sales price in cash or through credit card payments at the point of sale. If a Distributor returns a product to the Company on a timely basis, he/she may obtain a replacement product from the Company for such returned products. In addition, the Company maintains a buyback program pursuant to which it will repurchase products sold to a Distributor who has decided to leave the business. Allowances for product returns, primarily in connection with the Company’s buyback program, are provided at the time the sale is recorded. This accrual is based upon historical return rates for each country and the relevant return pattern, which reflects anticipated returns to be received over a period of up to 12 months following the original sale. Annual Membership The Company collects an annual membership fee from its Distributors. The fee is fixed, paid in full at the time of joining the membership and non-refundable. The membership provides the member access to purchase products at a discount, use to certain back-office services, receive commissions for signing up new members, and attend corporate events. The Company recognizes revenue associated with the membership over the period of the membership. Before the membership fee is recognized as revenue, it is recorded as deferred revenue. Deferred revenue relating to membership was $3,430,893 and $2,867,226 at March 31, 2021 and December 31, 2020, respectively. Other Businesses Remaining performance obligations As of March 31, 2021 and December 31, 2020, there were no remaining performance obligations or continuing involvement, as all service obligations within the other business activities segment have been completed. |
Foreign Currency | Foreign currency Functional and reporting currency Items included in the financial statements of each entity in the Company are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The financial statements of the Company are presented in U.S. dollars (the “reporting currency”). The functional and reporting currency of the Company is the United States dollar (“U.S. dollar”). The financial records of the Company’s subsidiaries located in Singapore, Hong Kong, Australia and South Korea are maintained in their local currencies, the Singapore Dollar (S$), Hong Kong Dollar (HK$), Australian Dollar (“AUD”) and South Korean Won (“KRW”), which are also the functional currencies of these entities. Transactions in foreign currencies Transactions in currencies other than the functional currency during the periods are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statement of operations. The majority of the Company’s foreign currency transaction gains or losses come from the effects of foreign exchange rate changes on the intercompany loans between Singapore entities and U.S. entities. The Company recorded foreign exchange gain of $1,462,697 and $2,260,482 during the three months ended on March 31, 2021 and 2020, respectively. The foreign currency transactional gains and losses are recorded in operations. Translation of consolidated entities’ financial statements Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. The Company’s entities with functional currency of Singapore Dollar, Hong Kong Dollar, AUD and KRW, translate their operating results and financial positions into the U.S. dollar, the Company’s reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenue, expense, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of comprehensive income (loss). For the three months ended on March 31, 2021, the Company recorded other comprehensive loss from foreign currency translation of $1,769,440 and a $1,674,021 loss in the three months ended March 31, 2020, in accumulated other comprehensive loss. |
Non-controlling Interests | Non-controlling interests Non-controlling interests represent the equity in subsidiary not attributable, directly or indirectly, to owners of the Company, and are presented separately in the consolidated statements of operation and comprehensive income, and within equity in the Consolidated Balance Sheets, separately from equity attributable to owners of the Company. On March 31, 2021 and December 31, 2020, the aggregate non-controlling interests in the Company were $33,673,855 and $37,980,325, respectively. |
Capitalized Financing Costs | Capitalized Financing Costs Financing costs, such as loan origination fee, administration fee, interests and other related financing costs, should be capitalized and recorded on the balance sheet if these financing activities are directly associated with the development of real estates. Capitalized Financing Costs are allocated to lots sold based on the total expected development and interest costs of the completed project and allocating a percentage of those costs based on the selling price of the sold lot compared to the expected sales values of all lots in the project. If the allocation of capitalized financing costs based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on an area method, which uses the size of the lots compared to the total project area and allocates costs based on their size. As of March 31, 2021 and December 31, 2020, the capitalized financing costs were $3,348,112 and $3,513,535, respectively. |
Beneficial Conversion Features | Beneficial Conversion Features The Company evaluates the conversion feature for whether it was beneficial as described in ASC 470-30. The intrinsic value of a beneficial conversion feature inherent to a convertible note payable, which is not bifurcated and accounted for separately from the convertible note payable and may not be settled in cash upon conversion, is treated as a discount to the convertible note payable. This discount is amortized over the period from the date of issuance to the date the note is due using the effective interest method. If the note payable is retired prior to the end of its contractual term, the unamortized discount is expensed in the period of retirement to interest expense. In general, the beneficial conversion feature is measured by comparing the effective conversion price, after considering the relative fair value of detachable instruments included in the financing transaction, if any, to the fair value of the shares of common stock at the commitment date to be received upon conversion. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting pronouncement not yet adopted In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, and a modified retrospective approach is required, with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. In November of 2019, the FASB issued ASU 2019-10, which delayed the implementation of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies. The Company is currently evaluating the impact of ASU 2016-13 on its future consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Reference Rate Reform on Financial Reporting |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Subsidiaries | The Company’s consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of March 31, 2021 and December 31, 2020, as follows: Attributable interest as of, Name of subsidiary consolidated under AEI State or other jurisdiction of incorporation or organization March 31, December 31, 2020 % % Hengfai International Pte. Ltd Singapore 100 100 Hengfai Business Development Pte. Ltd Singapore 100 100 Heng Fai Enterprises Pte. Ltd. Singapore - 100 Global eHealth Limited Hong Kong 100 100 Alset International Inc. (f.k.a. Singapore eDevelopment Limited) Singapore 57.1 57.1 Singapore Construction & Development Pte. Ltd. Singapore 57.1 57.1 Art eStudio Pte. Ltd. Singapore 29.1 * 29.1 * Singapore Construction Pte. Ltd. Singapore 57.1 57.1 Global BioMedical Pte. Ltd. Singapore 57.1 57.1 Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) Singapore 57.1 57.1 Health Wealth Happiness Pte. Ltd. Singapore 57.1 57.1 SeD Capital Pte. Ltd. Singapore 57.1 57.1 LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) Singapore 64.8 46.9 * SeD Home Limited Hong Kong 57.1 57.1 SeD Management Pte. Ltd. (f.k.a. SeD Reits Management Pte. Ltd.) Singapore 57.1 57.1 Global TechFund of Fund Pte. Ltd. Singapore 57.1 57.1 Singapore eChainLogistic Pte. Ltd. Singapore 57.1 57.1 BMI Capital Partners International Limited. Hong Kong 57.1 57.1 SeD Perth Pty. Ltd. Australia 57.1 57.1 SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) United States of America 57.1 57.1 LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) United States of America 57.1 57.1 Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) United States of America 57.1 57.1 SeD USA, LLC United States of America 57.1 57.1 150 Black Oak GP, Inc. United States of America 57.1 57.1 SeD Development USA Inc. United States of America 57.1 57.1 150 CCM Black Oak, Ltd. United States of America 57.1 57.1 SeD Texas Home, LLC United States of America 57.1 57.1 SeD Ballenger, LLC United States of America 57.1 57.1 SeD Maryland Development, LLC United States of America 47.7 * 47.8 * SeD Development Management, LLC United States of America 48.5 * 48.6 * SeD Builder, LLC United States of America 57.1 57.1 GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) United States of America 56.9 57.0 HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 56.9 57.0 HotApp International Limited Hong Kong 56.9 57.0 HWH International, Inc. United States of America 57.1 57.1 Health Wealth & Happiness Inc. United States of America 57.1 57.1 HWH Multi-Strategy Investment, Inc. United States of America 57.1 57.1 SeDHome Rental Inc United States of America 57.1 57.1 SeD REIT Inc. United States of America 57.1 57.1 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 56.9 57.0 HWH World Inc. United States of America 56.9 57.0 HWH World Pte. Ltd. Singapore 56.9 57.0 UBeauty Limited Hong Kong 57.1 57.1 WeBeauty Korea Inc Korea 57.1 57.1 HWH World Limited Hong Kong 57.1 57.1 HWH World Inc. Korea 57.1 57.1 Alset BioHealth Pte. Ltd. Singapore 57.1 57.1 Alset Energy Pte. Ltd. Singapore 57.1 57.1 Alset Payment Inc. United States of America 57.1 57.1 Alset World Pte. Ltd. Singapore 57.1 57.1 BioHealth Water Inc. United States of America 57.1 57.1 Impact BioHealth Pte. Ltd. Singapore 57.1 57.1 American Home REIT Inc. United States of America 64.8 46.9 * Alset Solar Inc. United States of America 45.7 * 45.7 * HWH KOR Inc. United States of America 57.1 57.1 Open House Inc. United States of America 57.1 57.1 Open Rental Inc. United States of America 57.1 57.1 Hapi Cafe Inc. (Nevada) United States of America 57.1 57.1 Global Solar REIT Inc. United States of America 57.1 57.1 OpenBiz Inc. United States of America 57.1 57.1 Hapi Cafe Inc. (Texas) United States of America 100 100 HWH (S) Pte. Ltd. Singapore 57.1 - American Pacific Bancorp Inc. United States of America 86.44 - Hengfeng Finance Limited Hong Kong 86.44 - Decentralize Finance Inc. United States of America 86.44 - True Partner International Limited Hong Kong 100 - LiquidValue Development Pte. Ltd. Singapore 100 - LiquidValue Development Limited. Hong Kong 100 - *Although the Company indirectly holds percentage of shares of these entities less than 50%, the subsidiaries of the Company directly hold more than 50% of shares of these entities, and therefore, they are still consolidated into the Company. |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following table summarizes the Company’s segment information for the following balance sheet dates presented, and for the three months ended March 31, 2021 and 2020: Property Development Digital Transformation Technology Biohealth Business Other Total Three Months Ended March 31, 2021 Revenue $ 3,894,131 $ - $ 1,712,783 $ - $ 5,606,914 Cost of Sales (3,614,832 ) - (83,022 ) - (3,697,854 ) Gross Margin 279,299 - 1,629,761 - 1,909,060 Operating Expenses (359,489 ) (30,128 ) (846,480 ) (1,076,408 ) (2,312,505 ) Operating Income (Loss) (80,190 ) (30,128 ) 783,281 (1,076,408 ) (403,445 ) Other Income (Expense) (9,873 ) (36,471 ) (8,371,117 ) (532,505 ) (8,949,966 ) Net Income (Loss) Before Income Tax (90,063 ) (66,599 ) (7,587,836 ) (1,608,913 ) (9,353,411 ) Property Development Digital Transformation Technology Biohealth Business Other Total Three Months ended March 31, 2020 Revenue $ 2,954,389 $ - $ 10,782 $ - $ 2,965,171 Cost of Sales (2,380,820 ) - (2,883 ) - (2,383,703 ) Gross Margin 573,569 - 7,899 - 581,468 Operating Expenses (277,056 ) (18,228 ) (132,791 ) (575,784 ) (1,003,859 ) Operating Income (Loss) 296,513 (18,228 ) (124,892 ) (575,784 ) (422,391 ) Other Income (Expense) 7,539 (92,477 ) 193 2,762,701 2,677,956 Net Income (Loss) Before Income Tax 304,052 (110,705 ) (124,699 ) 2,186,917 2,255,565 March 31, 2021 Cash and Restricted Cash $ 9,842,218 $ 154,738 $ 3,251,622 $ 15,756,505 $ 29,005,083 Total Assets 30,877,470 154,840 43,241,793 34,523,886 108,797,989 December 31, 2020 Cash and Restricted Cash $ 8,150,769 $ 158,058 $ 1,590,265 $ 21,336,364 $ 31,235,456 Total Assets 28,954,484 158,160 524,603 77,574,674 107,211,921 |
Business Under Common Control (
Business Under Common Control (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Under Common Control | |
Schedule of Adjustment Information | Consolidated Statement of Operations and Other Comprehensive Income for the Three Months Ended on March 31, 2020 As Previously Reported Acquisition of APB under Common Control Acquisition of LVD Ltd under Common Control As Combined Revenue Property Sales $ 2,954,389 $ - $ - $ 2,954,389 Biohealth Product Sales 10,782 - - 10,782 2,965,171 - - 2,965,171 Operating Expenses Cost of Sales 2,383,703 - - 2,383,703 General and Administrative 920,124 81,226 500 1,001,850 Research and Development 2,009 - - 2,009 Total Operating Expenses 3,305,836 81,226 500 3,387,562 Loss From Operations (340,665 ) (81,226 ) (500 ) (422,391 ) Other Income (Expense) Interest Income 7,810 11,580 25 19,415 Interest Expense (60,931 ) - - (60,931 ) Foreign Exchange Transaction Gain (Loss) 2,118,952 - 141,530 2,260,482 Unrealized Gain (Loss) on Securities Investment 484,362 (26,034 ) 94 458,422 Finance Costs - (4,890 ) (13 ) (4,903 ) Other Income 5,471 - - 5,471 Total Other Income (Expense), Net 2,555,664 (19,344 ) 141,636 2,677,956 Net Income (Loss) Before Income Taxes 2,214,999 (100,570 ) 141,136 2,255,565 Income Tax - - - - Net Income (Loss) 2,214,999 (100,570 ) 141,136 2,255,565 Net Income (Loss) Attributable to Non-Controlling Interest 643,139 (6,436 ) - 636,703 Net Income (Loss) Attributable to Common Stockholders $ 1,571,860 $ (94,134 ) $ 141,136 $ 1,618,862 Other Comprehensive Loss, Net Unrealized Loss on Securities Investment (12,599 ) - - (12,599 ) Foreign Currency Translation Adjustment (1,674,021 ) - - (1,674,021 ) Comprehensive Income (Loss) 528,379 (100,570 ) 141,136 568,945 Comprehensive Income (Loss) Attributable to Non-controlling Interests 59,569 (6,436 ) - 53,133 Comprehensive Income (Loss) Attributable to Common Stockholders $ 468,810 $ (94,134 ) $ 141,136 $ 515,812 Net Income Per Share - Basic and Diluted $ 0.16 $ 0.16 Weighted Average Common Shares Outstanding - Basic and Diluted 10,001,000 10,001,000 Consolidated Balance Sheet as of December 31, 2020 As Previously Reported Acquisition of APB under Common Control Acquisition of LVD Ltd under Common Control Eliminations As Combined Assets: Current Assets: Cash $ 22,124,491 $ 1,848,455 $ 492,977 $ - $ 24,465,923 Restricted Cash 6,769,533 - - - 6,769,533 Account Receivables, Net 1,366,194 - - - 1,366,194 Other Receivables 270,222 279,177 95,177 - 644,576 Note Receivables - Related Party 624,986 24,583 - - 649,569 Prepaid Expenses 1,470,680 - - - 1,470,680 Inventory 90,068 - - - 90,068 Investment in Securities at Fair Value 48,857,483 313,343 1,631 - 49,172,457 Investment in Securities at Cost 280,516 - - - 280,516 Investment in Securities on Equity Method - - 74,535 (74,535 ) - Deposits 47,019 - - - 47,019 Total Current Assets 81,901,192 2,465,558 664,320 (74,535 ) 84,956,535 Real Estate Properties under Development 20,505,591 - - - 20,505,591 Operating Lease Right-Of-Use Asset 574,754 - - - 574,754 Deposit 249,676 - - - 249,676 Loan Receivable - 840,000 - - 840,000 Property and Equipment, Net 85,365 - - - 85,365 Total Assets $ 103,316,578 $ 3,305,558 $ 664,320 $ (74,535 ) $ 107,211,921 Liabilities and Stockholders’ Equity: Current Liabilities: Accounts Payable and Accrued Expenses $ 1,553,132 $ 117,188 $ - $ - $ 1,670,320 Deferred Revenue 2,867,226 - - - 2,867,226 Builder Deposits 1,262,336 - - - 1,262,336 Operating Lease Liability 381,412 - - - 381,412 Note Payable 172,706 - - - 172,706 Note Payable- Related Parties 1,526,208 - 823,823 - 2,350,031 Total Current Liabilities 7,763,020 117,188 823,823 - 8,704,031 Long-Term Liabilities: Builder Deposits - - - - - Operating Lease Liability 193,342 - - - 193,342 Notes Payable 636,362 - - - 636,362 Total Liabilities 8,592,724 117,188 823,823 - 9,533,735 Stockholders’ Equity: Common Stock 8,570 47,756 - (47,756 ) 8,570 Additional Paid In Capital 97,950,440 3,584,982 756,487 47,756 102,339,666 Accumulated Deficit (43,010,991 ) (876,712 ) (906,010 ) - (44,793,713 ) Accumulated Other Comprehensive Income 2,153,318 - (9,980 ) - 2,143,338 Total Stockholders’ Equity 57,101,337 2,756,027 (159,503 ) - 59,697,861 Non-controlling Interests 37,622,517 432,343 - (74,535 ) 37,980,325 Total Stockholders’ Equity 94,723,854 3,188,370 (159,503 ) (74,535 ) 97,678,186 Total Liabilities and Stockholders’ Equity $ 103,316,578 $ 3,305,558 $ 664,320 $ (74,535 ) $ 107,211,921 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Real Estate Assets | As of March 31, 2021 and December 31, 2020, real estate assets consisted of the following: March 31, 2021 December 31, 2020 Construction in Progress $ 7,465,347 $ 9,567,841 Land Held for Development 10,638,686 10,937,750 Rental Properties 2,161,680 - Total Real Estate Assets $ 20,265,713 $ 20,505,591 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | As of March 31, 2021 and December 31, 2020, notes payable consisted of the following: March 31, 2021 December 31, 2020 M&T Bank Loan, Net of Debt Discount 651,034 636,362 PPP Loan 68,502 - Australia Loan 170,433 172,706 Total notes payable $ 889,969 $ 809,068 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Warrant Activity | Following table summarizes the warrant activity for the three months ended March 31, 2021. Warrant for Remaining Contractual Aggregate Common Shares Exercise Price Term (Years) Intrinsic Value Outstanding as of December 31, 2020 108,000 $ 9.80 2.95 $ - Vested and exercisable at December 31, 2020 108,000 $ 9.80 2.95 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of March 31, 2021 108,000 $ 9.80 2.70 $ 191,160 Vested and exercisable at March 31, 2021 108,000 $ 9.80 2.70 $ 191,160 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Abstract | |
Schedule of Changes in the Balances of Accumulated Other Comprehensive Income, Net of Tax | Following is a summary of the changes in the balances of accumulated other comprehensive income, net of tax: Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2021 $ (48,758 ) $ 2,258,017 $ (65,921 ) $ 2,143,338 Other Comprehensive Income (1,135 ) (1,010,527 ) (39,067 ) (1,050,729 ) Balance at March 31, 2021 $ (49,893 ) $ 1,247,490 $ (104,988 ) $ 1,092,609 Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2020 $ (59,888 ) $ 1,603,145 $ (84,968 ) $ 1,458,289 Other Comprehensive Income (8,240 ) (1,094,810 ) - (1,103,050 ) Balance at March 31, 2020 $ (68,128 ) $ 508,335 $ (84,968 ) $ 355,239 |
Investments Measured at Fair _2
Investments Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | Financial assets measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of March 31, 2021 and December 31, 2020: Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value March 31, 2021 Assets Investment Securities- Fair Value $ 14,134,540 $ 17,923,989 $ - $ - $ 17,923,989 Investment Securities- Trading 2,457,162 2,468,809 - - 2,468,809 Convertible Preferred Stock 42,889,000 - - 29,430,000 29,430,000 Convertible Note Receivable 138,599 - - 153,590 153,590 Warrants - American Premium Water 860,342 - - 2,188,264 2,188,264 Warrants - AMRE - - - - - Total Investment in securities at Fair Value $ 60,479,643 $ 20,392,798 $ - $ 31,771,854 $ 52,164,652 Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value December 31, 2020 Assets Investment securities- Fair Value Option $ 7,404,911 $ 10,549,102 $ - $ - $ 10,549,102 Investment securities- Trading 17,650 18,654 - - 18,654 Convertible preferred stock 42,889,000 - - 37,675,000 37,675,000 Convertible note receivable 50,000 - - 66,978 66,978 Warrants - American Premium Water 860,342 - - 862,723 862,723 Warrants - AMRE - - - - - Stock Options - Vivacitas - - - - - Total Investment in securities at Fair Value $ 51,221,903 $ 10,567,756 $ - $ 38,604,701 $ 49,172,457 |
Schedule of Fair Value of Equity Security Investment | The following chart shows details of the fair value of equity security investment at March 31, 2021 and December 31, 2020, respectively. Share price Market Value 3/31/2021 Shares 3/31/2021 Valuation DSS (Related Party) $ 3.610 1162501 * $ 4,196,629 Investment in Securities at Fair Value AMBS (Related Party) $ 0.011 20,000,000 $ 228,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.049 46,226,673 $ 2,285,838 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.008 122,039,000 $ 1,025,128 Investment in Securities at Fair Value OptimumBank (Related Party) $ 3.870 92,980 $ 359,833 Investment in Securities at Fair Value True Partners $ 0.158 62,122,908 $ 9,828,563 Investment in Securities at Fair Value Trading Stocks $ 2,468,809 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 20,392,798 Nervotech N/A 1,666 $ 37,826 Investment in Securities at Cost Hyten Global N/A 20,000 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 19,609 Investment in Securities at Cost Total Equity Securities $ 20,492,795 Share price Market Value 12/31/2020 Shares 12/31/2020 Valuation DSS (Related Party) $ 6.240 1,162,501 * $ 7,254,006 Investment in Securities at Fair Value AMBS (Related Party) $ 0.008 20,000,000 $ 160,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.055 46,226,673 $ 2,565,469 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.002 122,039,000 $ 256,284 Investment in Securities at Fair Value OptimumBank (Related Party) $ 3.370 92,980 $ 313,343 Investment in Securities at Fair Value Trading Stocks $ 18,654 Investment in Securities at Fair Value Total Level 1 Equity Securities $ 10,567,756 Vivacitas (Related Party) N/A 2,480,000 $ 200,128 Investment in Securities at Cost Nervotech N/A 1,666 $ 37,826 Investment in Securities at Cost Hyten Global N/A 20,000 $ 42,562 Investment in Securities at Cost Total Equity Securities $ 10,848,272 * Ratio of 1-for-30 (the “Reverse Split”) was effective at 5:01 p.m. Eastern Time on May 7, 2020 (the “Effective Time”) |
DSS Convertible Preferred Stock [Member] | |
Schedule of Significant Inputs and Assumptions | The following table shows the parameters adopted in the valuation at the valuation dates. As of March 31, As of December 31, 2021 2020 Stock price $ 4.22 $ 6.24 Risk-free rate 1.64 % 0.93 % Volatility 109.67 % 113.69 % Expected Exit Date March 24, 2023 December 31, 2023 Dividend Yield 0.00 0.00 |
Sharing Services Convertible Note [Member] | |
Schedule of Significant Inputs and Assumptions | The fair value of the Sharing Services Convertible Note under level 3 category as of March 31, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: March 31, 2021 December 31, 2020 Dividend yield 0.00 % 0.00 % Expected volatility 210.07 % 210.07 % Risk free interest rate 3.25 % 0.13 % Contractual term (in years) 1.51 1.76 Exercise price $ 0.15 $ 0.15 |
Schedule of Change in Fair Value | The table below provides a summary of the changes in fair value, including net transfers in and/or out of all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021 and 2020: Total Balance at January 1, 2021 $ 66,978 Total losses (1,987 ) Balance at March 31, 2021 $ 64,991 Total Balance at January 1, 2020 $ 26,209 Total losses (12,599 ) Balance at March 31, 2020 $ 13,610 |
APW Warrants [Member] | |
Schedule of Significant Inputs and Assumptions | The fair value of the APW warrants under level 3 category as of March 31, 2021 and July 17, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: March 31, 2021 December 31, 2020 Stock Price $ 0.0084 $ 0.0021 Exercise price 0.001 0.001 Risk free interest rate 1.74 % 0.88 % Annualized volatility 232.10 % 178.86 % Year to maturity 9.32 9.58 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Lease Payments | The table below summarizes future payments due under these leases as of March 31, 2021. For the Years Ended December 31: 2021 $ 341,827 2022 292,830 2023 95,104 2024 24,430 Total Minimum Lease Payments 754,191 Less: Effect of Discounting (17,630 ) Present Value of Future Minimum Lease Payments 736,561 Less: Current Obligations under Leases (51,686 ) Long-term Lease Obligations 684,875 |
Directors and Employees' Bene_2
Directors and Employees' Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Option Activity | The following tables summarize stock option activity under the 2013 Plan for the three months ended March 31, 2021: Options for Remaining Contractual Aggregate Common Shares Exercise Price Term (Years) Intrinsic Value Outstanding as of January 1, 2020 1,061,333 $ 0.09 4.00 $ - Vested and exercisable at January 1, 2020 1,061,333 $ 0.09 4.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of December 31, 2020 1,061,333 $ 0.09 3.00 $ - Vested and exercisable at December 31, 2020 1,061,333 $ 0.09 3.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of March 31, 2021 1,061,333 $ 0.09 2.75 $ - Vested and exercisable at March 31, 2021 1,061,333 $ 0.09 2.75 $ - |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended |
Mar. 31, 2021shares | |
Chan Heng Fai [Member] | |
Stock issued during period, shares | 1,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | Mar. 18, 2021USD ($)shares | Mar. 12, 2021USD ($)$ / sharesshares | Feb. 26, 2021USD ($)$ / shares | Feb. 26, 2021USD ($)$ / shares | Sep. 30, 2020USD ($)shares | Sep. 08, 2020USD ($)shares | Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2021AUD ($) | Jul. 17, 2020USD ($) | Mar. 02, 2020USD ($) |
Common stock voting percentage | More than 50% of the voting common stock | ||||||||||||
Repurchase of common stock | $ 4,600,000 | ||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Share issued price per share | $ / shares | $ 10.03 | ||||||||||||
Intrinsic value of beneficial conversion feature | $ 50,770,192 | $ 50,770,192 | |||||||||||
Debt discount | $ 13,695,853 | 13,695,853 | |||||||||||
Accrued interest | 41,239 | 41,239 | |||||||||||
Amortized debt discount on finance cost | 545,916 | ||||||||||||
Cash equivalents | |||||||||||||
Cash | 20,368,692 | 20,368,692 | 24,465,923 | ||||||||||
Account receivables | 1,062,278 | 1,062,278 | 1,366,194 | ||||||||||
Allowance for doubtful accounts | $ 0 | $ 0 | $ 0 | ||||||||||
Investment percentage of beneficial owner | 57.10% | 57.10% | 57.10% | 57.10% | |||||||||
Sale of stock | $ 1,900,000 | ||||||||||||
Accumulated losses | $ (51,029,349) | (51,029,349) | $ (44,793,713) | ||||||||||
Capitalized construction costs | 1,000,000 | 2,400,000 | |||||||||||
Payments for rent | 140,271 | 85,558 | |||||||||||
Deferred revenue | 3,430,893 | 3,430,893 | 2,867,226 | ||||||||||
Gain loss on foreign exchange | 1,462,697 | 2,260,482 | |||||||||||
Other comprehensive loss from foreign currency translation | $ (1,769,440) | $ (1,674,021) | |||||||||||
Potentially dilutive securities outstanding | shares | |||||||||||||
Non-controlling interests | 33,673,855 | $ 33,673,855 | 37,980,325 | ||||||||||
Capitalized financing costs | 3,348,112 | 3,348,112 | 3,513,535 | ||||||||||
Operating lease right-of-use assets | 722,507 | 722,507 | 574,754 | ||||||||||
Operating lease liabilities | 736,561 | 736,561 | 574,754 | ||||||||||
Sharing Services Convertible Note [Member] | |||||||||||||
Convertible promissory note | 50,000 | 50,000 | |||||||||||
Fair value of debt | $ 64,991 | $ 64,991 | $ 66,978 | ||||||||||
Preferred Stock [Member] | |||||||||||||
Stock issued during period, shares | shares | 42,575 | 42,575 | |||||||||||
Conversion of shares converted | shares | 6,570,216 | ||||||||||||
Amarantus BioScience Holdings [Member] | |||||||||||||
Investment percentage of beneficial owner | 5.40% | 5.40% | 5.40% | ||||||||||
True Partner Capital Holding Limited [Member] | |||||||||||||
Investment percentage of beneficial owner | 5.40% | 5.40% | 5.40% | ||||||||||
Document Securities Systems Inc. [Member] | |||||||||||||
Investment percentage of beneficial owner | 19.90% | 19.90% | 19.90% | ||||||||||
Stock issued during period, shares | shares | 2,480,000 | ||||||||||||
Option to purchase shares | shares | 250,000 | ||||||||||||
Realized loss on securities investment | $ 285,245 | ||||||||||||
Sale of investment price | 2,480,000 | ||||||||||||
Selling price and original investment cost | $ 2,279,872 | ||||||||||||
Holista CollTech Limited [Member] | |||||||||||||
Investment percentage of beneficial owner | 16.80% | 16.80% | 16.80% | ||||||||||
OptimumBank Holdings, Inc. [Member] | |||||||||||||
Investment percentage of beneficial owner | 3.90% | 3.90% | 3.90% | ||||||||||
American Premium Water Corp [Member] | |||||||||||||
Warrant value | $ 2,188,264 | $ 2,188,264 | $ 862,723 | $ 860,342 | |||||||||
Investment percentage of beneficial owner | 8.70% | 8.70% | 8.70% | 9.99% | |||||||||
Vector Com co. Ltd [Member] | |||||||||||||
Convertible promissory note | $ 88,599 | $ 88,599 | |||||||||||
Fair value of debt | $ 88,599 | $ 88,599 | $ 88,599 | $ 88,599 | |||||||||
Debt interest rate | 2.00% | 2.00% | |||||||||||
Debt term | 2 years | 2 years | |||||||||||
Debt conversion price | $ / shares | $ 21.26 | $ 21.26 | |||||||||||
American Medical REIT Inc. [Member] | |||||||||||||
Warrant value | 0 | 0 | 0 | ||||||||||
Accrued interest | $ 17,431 | $ 17,431 | 13,431 | ||||||||||
Investment percentage of beneficial owner | 36.10% | 36.10% | 36.10% | ||||||||||
Fair value of debt | $ 200,000 | ||||||||||||
Debt interest rate | 8.00% | ||||||||||||
Fair value of warrants and stock option | $ 0 | 0 | |||||||||||
Gain (loss) on investments | 24,847 | $ 0 | |||||||||||
Accumulated losses | $ 291,180 | $ 291,180 | 265,929 | ||||||||||
Vivacitas [Member] | |||||||||||||
Common stock, par value | $ / shares | $ 1 | $ 1 | |||||||||||
Fair value of warrants and stock option | 0 | ||||||||||||
Option to purchase shares | shares | 250,000 | ||||||||||||
Nervotec Pte Ltd [Member] | |||||||||||||
Investment percentage of beneficial owner | 1.45% | ||||||||||||
Selling price and original investment cost | $ 37,826 | ||||||||||||
Number of investment acquired | shares | 1,666 | ||||||||||||
Hyten Global (Thailand) Co., Ltd [Member] | |||||||||||||
Investment percentage of beneficial owner | 19.00% | 19.00% | 19.00% | 19.00% | |||||||||
Selling price and original investment cost | $ 42,562 | ||||||||||||
Number of investment acquired | shares | 20,000 | ||||||||||||
K Beauty Research Lab Co., Ltd [Member] | |||||||||||||
Investment percentage of beneficial owner | 18.00% | 18.00% | 18.00% | ||||||||||
Selling price and original investment cost | $ 19,609 | $ 19,609 | |||||||||||
Brokerage [Member] | |||||||||||||
Cash | 499,251 | $ 499,251 | 1,001,916 | ||||||||||
Australian [Member] | |||||||||||||
Non-interest bearing | $ 50,000 | ||||||||||||
First Batch [Member] | |||||||||||||
Payments for rent | 2,161,680 | ||||||||||||
Ballenger Projects [Member] | |||||||||||||
Concentration risk percentage | 69.00% | ||||||||||||
Black Oak Projects [Member] | |||||||||||||
Concentration risk percentage | 100.00% | ||||||||||||
Minimum [Member] | |||||||||||||
Payments for rent | $ 2,265 | ||||||||||||
Maximum [Member] | |||||||||||||
Payments for rent | 23,297 | ||||||||||||
Manufacturers and Traders Trust Company [Member] | |||||||||||||
Cash escrow | 8,099,097 | 8,099,097 | 5,729,067 | ||||||||||
Manufacturers and Traders Trust Company [Member] | Minimum [Member] | |||||||||||||
Minimum amount of loans | 2,600,000 | 2,600,000 | |||||||||||
LiquidValue Development Pte Ltd. [Member] | |||||||||||||
Investment percentage of beneficial owner | 36.10% | ||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||
Payable of transaction | $ 63,920,129 | ||||||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||||||
Share issued price per share | $ / shares | $ 5.59 | ||||||||||||
Securities Purchase Agreement [Member] | Alset International [Member] | |||||||||||||
Warrant to purchase common stock | shares | 1,500,000,000 | ||||||||||||
Warrant value | $ 28,363,966 | ||||||||||||
Securities Purchase Agreement [Member] | LiquidValue Development Pte Ltd. [Member] | |||||||||||||
Repurchase of common stock | 173,395 | ||||||||||||
Securities Purchase Agreement [Member] | True Partner Capital Holding Limited [Member] | |||||||||||||
Repurchase of common stock | $ 6,729,629 | ||||||||||||
Repurchase of common stock shares | shares | 62,122,908 | ||||||||||||
Securities Purchase Agreement [Member] | American Pacific Bancorp. Inc [Member] | |||||||||||||
Repurchase of common stock | $ 28,653,138 | ||||||||||||
Repurchase of common stock shares | shares | 4,775,523 | ||||||||||||
Investment percentage of beneficial owner | 86.44% | ||||||||||||
Loan Agreement [Member] | National Australian Bank Limited [Member] | |||||||||||||
Cash escrow | 38,043 | 38,043 | 38,550 | ||||||||||
Merchant Agreement [Member] | |||||||||||||
Account receivables | $ 900,000 | 900,000 | $ 1,300,000 | ||||||||||
Front Foot Benefit Assessments [Member] | |||||||||||||
Recognized revenue | 107,071 | $ 40,322 | |||||||||||
Front Foot Benefit Assessments [Member] | Minimum [Member] | |||||||||||||
Proceeds from sale of asset | 3,000 | ||||||||||||
Front Foot Benefit Assessments [Member] | Maximum [Member] | |||||||||||||
Proceeds from sale of asset | $ 4,500 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Subsidiaries (Details) | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | |||
Attributable interest | 57.10% | 57.10% | ||
LiquidValue Development Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | LiquidValue Development Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 100.00% | |||
Hengfai International Pte. Ltd [Member] | ||||
Name of subsidiary consolidated under AEI | Hengfai International Pte. Ltd | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 100.00% | 100.00% | ||
Hengfai Business Development Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Hengfai Business Development Pte. Ltd | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 100.00% | 100.00% | ||
Heng Fai Enterprises Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Heng Fai Enterprises Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 100.00% | |||
Global eHealth Limited [Member] | ||||
Name of subsidiary consolidated under AEI | Global eHealth Limited | |||
State or other jurisdiction of incorporation or organization | Hong Kong | |||
Attributable interest | 100.00% | 100.00% | ||
Alset International Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Alset International Inc. (f.k.a. Singapore eDevelopment Limited) | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
Singapore Construction & Development Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Singapore Construction & Development Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
Art eStudio Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Art eStudio Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | [1] | 29.10% | 29.10% | |
Singapore Construction Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Singapore Construction Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
Global BioMedical Pte Ltd [Member] | ||||
Name of subsidiary consolidated under AEI | Global BioMedical Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
Alset Innovation Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
Health Wealth Happiness Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Health Wealth Happiness Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
SeD Capital Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Capital Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
LiquidValue Asset Management Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 64.80% | 46.90% | [1] | |
SeD Home Limited [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Home Limited | |||
State or other jurisdiction of incorporation or organization | Hong Kong | |||
Attributable interest | 57.10% | 57.10% | ||
SeD Management Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Management Pte. Ltd. (f.k.a. SeD Reits Management Pte. Ltd.) | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
Global TechFund of Fund Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Global TechFund of Fund Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
Singapore eChainLogistic Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Singapore eChainLogistic Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
BMI Capital Partners International Limited. [Member] | ||||
Name of subsidiary consolidated under AEI | BMI Capital Partners International Limited. | |||
State or other jurisdiction of incorporation or organization | Hong Kong | |||
Attributable interest | 57.10% | 57.10% | ||
SeD Perth Pty. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Perth Pty. Ltd. | |||
State or other jurisdiction of incorporation or organization | Australia | |||
Attributable interest | 57.10% | 57.10% | ||
SeD Intelligent Home Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
LiquidValue Development Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Alset EHome Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
SeD USA, LLC [Member] | ||||
Name of subsidiary consolidated under AEI | SeD USA, LLC | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
150 Black Oak GP, Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | 150 Black Oak GP, Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
SeD Development USA Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Development USA Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
150 CCM Black Oak, Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | 150 CCM Black Oak, Ltd. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
SeD Texas Home, LLC [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Texas Home, LLC | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
SeD Ballenger, LLC [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Ballenger, LLC | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
SeD Maryland Development, LLC [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Maryland Development, LLC | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | [1] | 47.70% | 47.80% | |
SeD Development Management, LLC [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Development Management, LLC | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | [1] | 48.50% | 48.60% | |
SeD Builder, LLC [Member] | ||||
Name of subsidiary consolidated under AEI | SeD Builder, LLC | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
GigWorld Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 56.90% | 57.00% | ||
HotApp BlockChain Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 56.90% | 57.00% | ||
HotApp International Limited [Member] | ||||
Name of subsidiary consolidated under AEI | HotApp International Limited | |||
State or other jurisdiction of incorporation or organization | Hong Kong | |||
Attributable interest | 56.90% | 57.00% | ||
HWH International, Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | HWH International, Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Health Wealth & Happiness Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Health Wealth & Happiness Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
HWH Multi-Strategy Investment, Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | HWH Multi-Strategy Investment, Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
SeDHome Rental Inc [Member] | ||||
Name of subsidiary consolidated under AEI | SeDHome Rental Inc | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
SeD REIT Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | SeD REIT Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Gig Stablecoin Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 56.90% | 57.00% | ||
HWH World Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | HWH World Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 56.90% | 57.00% | ||
HWH World Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | HWH World Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 56.90% | 57.00% | ||
UBeauty Limited [Member] | ||||
Name of subsidiary consolidated under AEI | UBeauty Limited | |||
State or other jurisdiction of incorporation or organization | Hong Kong | |||
Attributable interest | 57.10% | 57.10% | ||
WeBeauty Korea Inc [Member] | ||||
Name of subsidiary consolidated under AEI | WeBeauty Korea Inc | |||
State or other jurisdiction of incorporation or organization | Korea | |||
Attributable interest | 57.10% | 57.10% | ||
HWH World Limited [Member] | ||||
Name of subsidiary consolidated under AEI | HWH World Limited | |||
State or other jurisdiction of incorporation or organization | Hong Kong | |||
Attributable interest | 57.10% | 57.10% | ||
HWH World Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | HWH World Inc. | |||
State or other jurisdiction of incorporation or organization | Korea | |||
Attributable interest | 57.10% | 57.10% | ||
Alset BioHealth Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Alset BioHealth Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
Alset Energy Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Alset Energy Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
Alset Payment Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Alset Payment Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Alset World Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Alset World Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
BioHealth Water Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | BioHealth Water Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Impact BioHealth Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | Impact BioHealth Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | 57.10% | ||
American Home REIT Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | American Home REIT Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 64.80% | 46.90% | [1] | |
Alset Solar Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Alset Solar Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | [1] | 45.70% | 45.70% | |
HWH KOR Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | HWH KOR Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Open House Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Open House Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Open Rental Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Open Rental Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Hapi Cafe Inc. (Nevada) [Member] | ||||
Name of subsidiary consolidated under AEI | Hapi Cafe Inc. (Nevada) | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Global Solar REIT Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Global Solar REIT Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
OpenBiz Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | OpenBiz Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 57.10% | 57.10% | ||
Hapi Cafe Inc. (Texas) [Member] | ||||
Name of subsidiary consolidated under AEI | Hapi Cafe Inc. (Texas) | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 100.00% | 100.00% | ||
HWH (S) Pte. Ltd. [Member] | ||||
Name of subsidiary consolidated under AEI | HWH (S) Pte. Ltd. | |||
State or other jurisdiction of incorporation or organization | Singapore | |||
Attributable interest | 57.10% | |||
American Pacific Bancorp. Inc [Member] | ||||
Name of subsidiary consolidated under AEI | American Pacific Bancorp Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 86.44% | |||
Hengfeng Finance Limited [Member] | ||||
Name of subsidiary consolidated under AEI | Hengfeng Finance Limited | |||
State or other jurisdiction of incorporation or organization | Hong Kong | |||
Attributable interest | 86.44% | |||
Decentralize Finance Inc. [Member] | ||||
Name of subsidiary consolidated under AEI | Decentralize Finance Inc. | |||
State or other jurisdiction of incorporation or organization | United States of America | |||
Attributable interest | 86.44% | |||
True Partner International Limited [Member] | ||||
Name of subsidiary consolidated under AEI | True Partner Intenational Limited | |||
State or other jurisdiction of incorporation or organization | Hong Kong | |||
Attributable interest | 100.00% | |||
LiquidValue Development Limited. [Member] | ||||
Name of subsidiary consolidated under AEI | LiquidValue Development Limited. | |||
State or other jurisdiction of incorporation or organization | Hong Kong | |||
Attributable interest | 100.00% | |||
[1] | Although the Company indirectly holds percentage of shares of these entities less than 50%, the subsidiaries of the Company directly hold more than 50% of shares of these entities, and therefore, they are still consolidated into the Company. |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Cash and restricted cash | $ 26,238,531 | $ 25,752,637 |
Revenue Benchmark [Member] | Customer One [Member] | ||
Concentration risk percentage | 97.00% | 99.00% |
Revenue Benchmark [Member] | Customer Two [Member] | ||
Concentration risk percentage | 3.00% | 1.00% |
Segments - Schedule of Segment
Segments - Schedule of Segment Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenues | $ 5,606,914 | $ 2,965,171 | |
Cost of sales | (3,697,854) | (2,383,703) | |
Gross margin | 1,909,060 | 581,468 | |
Operating expenses | 6,010,359 | 3,387,562 | |
Operating income (loss) | (403,445) | (422,391) | |
Other income (expense) | (8,949,966) | 2,677,956 | |
Net income (loss) before income tax | (9,353,411) | 2,255,565 | |
Cash and restricted cash | 29,005,083 | $ 31,235,456 | |
Total assets | 108,797,989 | 107,211,921 | |
Property Development [Member] | |||
Revenues | 3,894,131 | 2,954,389 | |
Cost of sales | (3,614,832) | (2,380,820) | |
Gross margin | 279,299 | 573,569 | |
Operating expenses | (359,489) | (277,056) | |
Operating income (loss) | (80,190) | 296,513 | |
Other income (expense) | (9,873) | 7,539 | |
Net income (loss) before income tax | (90,063) | 304,052 | |
Cash and restricted cash | 9,842,218 | 8,150,769 | |
Total assets | 30,877,470 | 28,954,484 | |
Digital Transformation Technology [Member] | |||
Revenues | |||
Cost of sales | |||
Gross margin | |||
Operating expenses | (30,128) | (18,228) | |
Operating income (loss) | (30,128) | (18,228) | |
Other income (expense) | (36,471) | (92,477) | |
Net income (loss) before income tax | (66,599) | (110,705) | |
Cash and restricted cash | 154,738 | 158,058 | |
Total assets | 154,840 | 158,160 | |
Biohealth Business [Member] | |||
Revenues | 1,712,783 | 10,782 | |
Cost of sales | (83,022) | (2,883) | |
Gross margin | 1,629,761 | 7,899 | |
Operating expenses | (846,480) | (132,791) | |
Operating income (loss) | 783,281 | (124,892) | |
Other income (expense) | (8,371,117) | 193 | |
Net income (loss) before income tax | (7,587,836) | (124,699) | |
Cash and restricted cash | 3,251,622 | 1,590,265 | |
Total assets | 43,241,793 | 524,603 | |
Other [Member] | |||
Revenues | |||
Cost of sales | |||
Gross margin | |||
Operating expenses | (1,076,408) | (575,784) | |
Operating income (loss) | (1,076,408) | (575,784) | |
Other income (expense) | (532,505) | 2,762,701 | |
Net income (loss) before income tax | (1,608,913) | $ 2,186,917 | |
Cash and restricted cash | 15,756,505 | 21,336,364 | |
Total assets | $ 34,523,886 | $ 77,574,674 |
Business Under Common Control -
Business Under Common Control - Schedule of Adjustment Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total Revenue | $ 5,606,914 | $ 2,965,171 | ||
Cost of Sales | 3,697,854 | 2,383,703 | ||
General and Administrative | 2,312,505 | 1,001,850 | ||
Research and Development | 2,009 | |||
Total Operating Expenses | 6,010,359 | 3,387,562 | ||
Loss From Operations | (403,445) | (422,391) | ||
Interest Income | 19,415 | |||
Interest Expense | (53,582) | (60,931) | ||
Foreign Exchange Transaction Gain (Loss) | 1,462,697 | 2,260,482 | ||
Unrealized Gain (Loss) on Securities Investment | (24,847) | 458,422 | ||
Finance Costs | (582,868) | (4,903) | ||
Other Income | 11,256 | 5,471 | ||
Total Other (Expense) Income, Net | (8,949,966) | 2,677,956 | ||
Net Income Before Income Taxes | (9,353,411) | 2,255,565 | ||
Income Tax | 451,337 | |||
Net Income (Loss) | (9,804,748) | 2,255,565 | ||
Net Income (Loss) Attributable to Non-Controlling Interest | (3,569,112) | 636,703 | ||
Net Income (Loss) Attributable to Common Stockholders | (6,235,636) | 1,618,862 | ||
Unrealized Loss on Securities Investment | (1,987) | (12,599) | ||
Foreign Currency Translation Adjustment | (1,769,440) | (1,674,021) | ||
Comprehensive Income (Loss) | (11,576,175) | 568,945 | ||
Comprehensive Income (Loss) Attributable to Non-controlling Interests | (4,328,924) | 53,133 | ||
Comprehensive (Loss) Income Attributable to Common Stockholders | $ (7,247,251) | $ 515,812 | ||
Net Income Per Share - Basic and Diluted | $ (0.73) | $ 0.16 | ||
Weighted Average Common Shares Outstanding - Basic and Diluted | 8,572,222 | 10,001,000 | ||
Cash | $ 20,368,692 | $ 24,465,923 | ||
Restricted Cash | 8,636,391 | 6,769,533 | ||
Account Receivables, Net | 1,062,278 | 1,366,194 | ||
Other Receivables | 687,120 | 644,576 | ||
Note Receivables - Related Party | 669,561 | 649,569 | ||
Prepaid Expenses | 2,894,258 | 1,470,680 | ||
Inventory | 8,956 | 90,068 | ||
Investment in Securities at Fair Value | 52,164,652 | 49,172,457 | ||
Investment in Securities at Cost | 99,997 | 280,516 | ||
Investment in Securities on Equity Method | ||||
Deposits | 25,528 | 47,019 | ||
Total Current Assets | 86,617,433 | 84,956,535 | ||
Properties under Development | 20,505,591 | |||
Operating Lease Right-Of-Use Asset | 722,507 | 574,754 | ||
Deposit | 271,167 | 249,676 | ||
Loan Receivable | 840,000 | |||
Property and Equipment, Net | 81,169 | 85,365 | ||
Total Assets | 108,797,989 | 107,211,921 | ||
Accounts Payable and Accrued Expenses | 2,388,448 | 1,670,320 | ||
Deferred Revenue | 3,430,893 | 2,867,226 | ||
Builder Deposits | 928,565 | 1,262,336 | ||
Operating Lease Liability | 51,686 | 381,412 | ||
Note Payable | 238,935 | 172,706 | ||
Note Payable- Related Parties | 14,837,252 | 2,350,031 | ||
Total Current Liabilities | 21,917,018 | 8,704,031 | ||
Builder Deposits | ||||
Operating Lease Liability | 684,875 | 193,342 | ||
Notes Payable | 651,034 | 636,362 | ||
Total Liabilities | 23,252,927 | 9,533,735 | ||
Common Stock | 8,580 | 8,570 | ||
Additional Paid In Capital | 101,799,367 | 102,339,666 | ||
Accumulated Deficit | (51,029,349) | (44,793,713) | ||
Accumulated Other Comprehensive Income | 1,092,609 | $ 355,239 | 2,143,338 | $ 1,458,289 |
Total Alset Ehome International Stockholders' Equity | 51,871,207 | 59,697,861 | ||
Non-controlling Interests | 33,673,855 | 37,980,325 | ||
Total Stockholders' Equity | 85,545,062 | 27,053,530 | 97,678,186 | $ 24,444,495 |
Total Liabilities and Stockholders' Equity | 108,797,989 | 107,211,921 | ||
American Pacific Bancorp. Inc [Member] | ||||
Total Revenue | ||||
Cost of Sales | ||||
General and Administrative | 81,226 | |||
Research and Development | ||||
Total Operating Expenses | 81,226 | |||
Loss From Operations | (81,226) | |||
Interest Income | 11,580 | |||
Interest Expense | ||||
Foreign Exchange Transaction Gain (Loss) | ||||
Unrealized Gain (Loss) on Securities Investment | (26,034) | |||
Finance Costs | (4,890) | |||
Other Income | ||||
Total Other (Expense) Income, Net | (19,344) | |||
Net Income Before Income Taxes | (100,570) | |||
Income Tax | ||||
Net Income (Loss) | (100,570) | |||
Net Income (Loss) Attributable to Non-Controlling Interest | (6,436) | |||
Net Income (Loss) Attributable to Common Stockholders | (94,134) | |||
Unrealized Loss on Securities Investment | ||||
Foreign Currency Translation Adjustment | ||||
Comprehensive Income (Loss) | (100,570) | |||
Comprehensive Income (Loss) Attributable to Non-controlling Interests | (6,436) | |||
Comprehensive (Loss) Income Attributable to Common Stockholders | $ (94,134) | |||
Net Income Per Share - Basic and Diluted | ||||
Weighted Average Common Shares Outstanding - Basic and Diluted | ||||
Cash | 1,848,455 | |||
Restricted Cash | ||||
Account Receivables, Net | ||||
Other Receivables | 279,177 | |||
Note Receivables - Related Party | 24,583 | |||
Prepaid Expenses | ||||
Inventory | ||||
Investment in Securities at Fair Value | 313,343 | |||
Investment in Securities at Cost | ||||
Investment in Securities on Equity Method | ||||
Deposits | ||||
Total Current Assets | 2,465,558 | |||
Properties under Development | ||||
Operating Lease Right-Of-Use Asset | ||||
Deposit | ||||
Loan Receivable | 840,000 | |||
Property and Equipment, Net | ||||
Total Assets | 3,305,558 | |||
Accounts Payable and Accrued Expenses | 117,188 | |||
Deferred Revenue | ||||
Builder Deposits | ||||
Operating Lease Liability | ||||
Note Payable | ||||
Note Payable- Related Parties | ||||
Total Current Liabilities | 117,188 | |||
Builder Deposits | ||||
Operating Lease Liability | ||||
Notes Payable | ||||
Total Liabilities | 117,188 | |||
Common Stock | 47,756 | |||
Additional Paid In Capital | 3,584,982 | |||
Accumulated Deficit | (876,712) | |||
Accumulated Other Comprehensive Income | ||||
Total Alset Ehome International Stockholders' Equity | 2,756,027 | |||
Non-controlling Interests | 432,343 | |||
Total Stockholders' Equity | 3,188,370 | |||
Total Liabilities and Stockholders' Equity | 3,305,558 | |||
LiquidValue Development Pte. Ltd. [Member] | ||||
Total Revenue | ||||
Cost of Sales | ||||
General and Administrative | 500 | |||
Research and Development | ||||
Total Operating Expenses | 500 | |||
Loss From Operations | (500) | |||
Interest Income | 25 | |||
Interest Expense | ||||
Foreign Exchange Transaction Gain (Loss) | 141,530 | |||
Unrealized Gain (Loss) on Securities Investment | 94 | |||
Finance Costs | (13) | |||
Other Income | ||||
Total Other (Expense) Income, Net | 141,636 | |||
Net Income Before Income Taxes | 141,136 | |||
Income Tax | ||||
Net Income (Loss) | 141,136 | |||
Net Income (Loss) Attributable to Non-Controlling Interest | ||||
Net Income (Loss) Attributable to Common Stockholders | 141,136 | |||
Unrealized Loss on Securities Investment | ||||
Foreign Currency Translation Adjustment | ||||
Comprehensive Income (Loss) | 141,136 | |||
Comprehensive Income (Loss) Attributable to Non-controlling Interests | ||||
Comprehensive (Loss) Income Attributable to Common Stockholders | $ 141,136 | |||
Net Income Per Share - Basic and Diluted | ||||
Weighted Average Common Shares Outstanding - Basic and Diluted | ||||
Cash | 492,977 | |||
Restricted Cash | ||||
Account Receivables, Net | ||||
Other Receivables | 95,177 | |||
Note Receivables - Related Party | ||||
Prepaid Expenses | ||||
Inventory | ||||
Investment in Securities at Fair Value | 1,631 | |||
Investment in Securities at Cost | ||||
Investment in Securities on Equity Method | 74,535 | |||
Deposits | ||||
Total Current Assets | 664,320 | |||
Properties under Development | ||||
Operating Lease Right-Of-Use Asset | ||||
Deposit | ||||
Loan Receivable | ||||
Property and Equipment, Net | ||||
Total Assets | 664,320 | |||
Accounts Payable and Accrued Expenses | ||||
Deferred Revenue | ||||
Builder Deposits | ||||
Operating Lease Liability | ||||
Note Payable | ||||
Note Payable- Related Parties | 823,823 | |||
Total Current Liabilities | 823,823 | |||
Builder Deposits | ||||
Operating Lease Liability | ||||
Notes Payable | ||||
Total Liabilities | 823,823 | |||
Common Stock | ||||
Additional Paid In Capital | 756,487 | |||
Accumulated Deficit | (906,010) | |||
Accumulated Other Comprehensive Income | (9,980) | |||
Total Alset Ehome International Stockholders' Equity | (159,503) | |||
Non-controlling Interests | ||||
Total Stockholders' Equity | (159,503) | |||
Total Liabilities and Stockholders' Equity | 664,320 | |||
Property Sales [Member] | ||||
Total Revenue | 3,894,131 | $ 2,954,389 | ||
Property Sales [Member] | American Pacific Bancorp. Inc [Member] | ||||
Total Revenue | ||||
Property Sales [Member] | LiquidValue Development Pte. Ltd. [Member] | ||||
Total Revenue | ||||
Biohealth Property Sales [Member] | American Pacific Bancorp. Inc [Member] | ||||
Total Revenue | ||||
Biohealth Property Sales [Member] | LiquidValue Development Pte. Ltd. [Member] | ||||
Total Revenue | ||||
Biohealth Product Sales [Member] | ||||
Total Revenue | $ 1,712,783 | 10,782 | ||
Previously Reported [Member] | ||||
Total Revenue | 2,965,171 | |||
Cost of Sales | 2,383,703 | |||
General and Administrative | 920,124 | |||
Research and Development | 2,009 | |||
Total Operating Expenses | 3,305,836 | |||
Loss From Operations | (340,665) | |||
Interest Income | 7,810 | |||
Interest Expense | (60,931) | |||
Foreign Exchange Transaction Gain (Loss) | 2,118,952 | |||
Unrealized Gain (Loss) on Securities Investment | 484,362 | |||
Finance Costs | ||||
Other Income | 5,471 | |||
Total Other (Expense) Income, Net | 2,555,664 | |||
Net Income Before Income Taxes | 2,214,999 | |||
Income Tax | ||||
Net Income (Loss) | 2,214,999 | |||
Net Income (Loss) Attributable to Non-Controlling Interest | 643,139 | |||
Net Income (Loss) Attributable to Common Stockholders | 1,571,860 | |||
Unrealized Loss on Securities Investment | (12,599) | |||
Foreign Currency Translation Adjustment | (1,674,021) | |||
Comprehensive Income (Loss) | 528,379 | |||
Comprehensive Income (Loss) Attributable to Non-controlling Interests | 59,569 | |||
Comprehensive (Loss) Income Attributable to Common Stockholders | $ 468,810 | |||
Net Income Per Share - Basic and Diluted | $ 0.16 | |||
Weighted Average Common Shares Outstanding - Basic and Diluted | 10,001,000 | |||
Cash | 22,124,491 | |||
Restricted Cash | 6,769,533 | |||
Account Receivables, Net | 1,366,194 | |||
Other Receivables | 270,222 | |||
Note Receivables - Related Party | 624,986 | |||
Prepaid Expenses | 1,470,680 | |||
Inventory | 90,068 | |||
Investment in Securities at Fair Value | 48,857,483 | |||
Investment in Securities at Cost | 280,516 | |||
Investment in Securities on Equity Method | ||||
Deposits | 47,019 | |||
Total Current Assets | 81,901,192 | |||
Properties under Development | 20,505,591 | |||
Operating Lease Right-Of-Use Asset | 574,754 | |||
Deposit | 249,676 | |||
Loan Receivable | ||||
Property and Equipment, Net | 85,365 | |||
Total Assets | 103,316,578 | |||
Accounts Payable and Accrued Expenses | 1,553,132 | |||
Deferred Revenue | 2,867,226 | |||
Builder Deposits | 1,262,336 | |||
Operating Lease Liability | 381,412 | |||
Note Payable | 172,706 | |||
Note Payable- Related Parties | 1,526,208 | |||
Total Current Liabilities | 7,763,020 | |||
Builder Deposits | ||||
Operating Lease Liability | 193,342 | |||
Notes Payable | 636,362 | |||
Total Liabilities | 8,592,724 | |||
Common Stock | 8,570 | |||
Additional Paid In Capital | 97,950,440 | |||
Accumulated Deficit | (43,010,991) | |||
Accumulated Other Comprehensive Income | 2,153,318 | |||
Total Alset Ehome International Stockholders' Equity | 57,101,337 | |||
Non-controlling Interests | 37,622,517 | |||
Total Stockholders' Equity | 94,723,854 | |||
Total Liabilities and Stockholders' Equity | 103,316,578 | |||
Previously Reported [Member] | Property Sales [Member] | ||||
Total Revenue | $ 2,954,389 | |||
Previously Reported [Member] | Biohealth Property Sales [Member] | ||||
Total Revenue | $ 10,782 | |||
Eliminations [Member] | ||||
Cash | ||||
Restricted Cash | ||||
Account Receivables, Net | ||||
Other Receivables | ||||
Note Receivables - Related Party | ||||
Prepaid Expenses | ||||
Inventory | ||||
Investment in Securities at Fair Value | ||||
Investment in Securities at Cost | ||||
Investment in Securities on Equity Method | (74,535) | |||
Deposits | ||||
Total Current Assets | (74,535) | |||
Properties under Development | ||||
Operating Lease Right-Of-Use Asset | ||||
Deposit | ||||
Loan Receivable | ||||
Property and Equipment, Net | ||||
Total Assets | (74,535) | |||
Accounts Payable and Accrued Expenses | ||||
Deferred Revenue | ||||
Builder Deposits | ||||
Operating Lease Liability | ||||
Note Payable | ||||
Note Payable- Related Parties | ||||
Total Current Liabilities | ||||
Builder Deposits | ||||
Operating Lease Liability | ||||
Notes Payable | ||||
Total Liabilities | ||||
Common Stock | (47,756) | |||
Additional Paid In Capital | 47,756 | |||
Accumulated Deficit | ||||
Accumulated Other Comprehensive Income | ||||
Total Alset Ehome International Stockholders' Equity | ||||
Non-controlling Interests | (74,535) | |||
Total Stockholders' Equity | (74,535) | |||
Total Liabilities and Stockholders' Equity | $ (74,535) |
Real Estate Assets - Schedule o
Real Estate Assets - Schedule of Real Estate Assets (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Construction in Progress | $ 7,465,347 | $ 9,567,841 |
Land Held for Development | 10,638,686 | 10,937,750 |
Rental Properties | 2,161,680 | |
Total Real Estate Assets | $ 20,265,713 | $ 20,505,591 |
Builder Deposits (Details Narra
Builder Deposits (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Apr. 28, 2020 | Jan. 03, 2019 |
Number of builder deposits, shares | 479 | |||
Builder lands sold | $ 64,000,000 | |||
Builder deposits | $ 928,565 | $ 1,262,336 | ||
SeD Maryland Development, LLC [Member] | Lot Purchase Agreements [Member] | ||||
Percentage of increase in price of lots | 3.00% | |||
Builder deposits | $ 5,600,000 | $ 220,000 | $ 100,000 | |
Percentage of deposits purchase price under agreement | 9.90% |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Feb. 11, 2021 | Jun. 18, 2020 | Apr. 17, 2019 | Jan. 07, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 07, 2017 |
Notes payable amount | $ 889,969 | $ 809,068 | ||||||
Origination fees and closing fees | 381,823 | |||||||
Unamortized debt discount | 13,695,853 | |||||||
Paycheck Protection Program Loan [Member] | ||||||||
Debt face amount | $ 68,502 | |||||||
Notes payable amount | 68,502 | |||||||
Debt instrument, term | 5 years | |||||||
Debt interest rate | 1.00% | |||||||
Percentage of forgiven debt amount | 60.00% | |||||||
Australia Loan [Member] | ||||||||
Notes payable amount | 170,433 | 172,706 | ||||||
SeD Maryland Development, LLC [Member] | Loan Agreement [Member] | ||||||||
Debt face amount | $ 8,000,000 | |||||||
Notes payable amount | 18,500,000 | |||||||
Letter of credit aggregate amount | $ 900,000 | |||||||
Percentage of interest for line of credit | 1.50% | |||||||
Line of credit collateral amount | $ 2,600,000 | |||||||
SeD Maryland Development, LLC [Member] | Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) Swap Rate [Member] | ||||||||
Line of credit, description | The line of credit bears interest rate on LIBOR plus 375 basis points. | |||||||
Alset EHome Inc. [Member] | Loan Agreement [Member] | Manufacturers and Traders Trust Company [Member] | ||||||||
Letter of credit aggregate amount | $ 2,990,000 | |||||||
Origination fees and closing fees | 61,679 | |||||||
Line of credit maturity date | Jul. 1, 2022 | |||||||
Line of credit covenant, description | The company was in compliance with this covenant as of December 31, 2020. | |||||||
Line of credit borrowings | 664,810 | |||||||
Interest on loan | 6,627 | $ 0 | ||||||
Amortization expense | 8,045 | $ 0 | ||||||
Unamortized debt discount | $ 34,862 | $ 42,906 | ||||||
Alset EHome Inc. [Member] | Loan Agreement [Member] | Manufacturers and Traders Trust Company [Member] | Minimum [Member] | ||||||||
Letter of credit aggregate amount | $ 20,000,000 | |||||||
SeD Perth Pty. Ltd. [Member] | Australia Loan [Member] | ||||||||
Debt face amount | $ 460,000 | |||||||
Debt maturity date | Dec. 31, 2018 | Apr. 30, 2022 | ||||||
Deposits | $ 35,276 | |||||||
Debt maximum borrowing capacity | $ 179,000 | |||||||
SeD Perth Pty. Ltd. [Member] | Minimum [Member] | Australia Loan [Member] | ||||||||
Debt interest rate | 4.12% | 4.85% | ||||||
SeD Perth Pty. Ltd. [Member] | Maximum [Member] | Australia Loan [Member] | ||||||||
Debt interest rate | 4.58% | 5.57% |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Total notes payable | $ 889,969 | $ 809,068 |
M&T Bank Loan, Net of Debt Discount [Member] | ||
Total notes payable | 651,034 | 636,362 |
PPP Loan [Member] | ||
Total notes payable | 68,502 | |
Australia Loan [Member] | ||
Total notes payable | $ 170,433 | $ 172,706 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 18, 2021 | Mar. 12, 2021 | Nov. 24, 2020 | Aug. 20, 2020 | Mar. 02, 2020 | Jan. 01, 2018 | Jan. 24, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jul. 17, 2020 |
Additional paid in capital | $ 101,799,367 | $ 102,339,666 | ||||||||||
Notes payable | 178,400 | $ 178,400 | ||||||||||
Repurchase of common stock | $ 4,600,000 | |||||||||||
Issued price per share | $ 10.03 | |||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||||
Intrinsic value of beneficial conversion feature | $ 50,770,192 | $ 50,770,192 | ||||||||||
Debt discount | 13,695,853 | |||||||||||
Accrued interest | $ 41,239 | |||||||||||
Ownership percentage | 57.10% | 57.10% | ||||||||||
LiquidValue Development Pte Ltd. [Member] | ||||||||||||
Ownership percentage | 36.10% | |||||||||||
American Pacific Bancorp. Inc [Member] | Loan to Employees [Member] | ||||||||||||
Accrued interest | $ 5,109 | $ 17,536 | ||||||||||
SeD Capital Pte Ltd [Member] | ||||||||||||
Ownership percentage | 100.00% | |||||||||||
Securities Purchase Agreement [Member] | ||||||||||||
Payable of transaction | $ 63,920,129 | |||||||||||
Issued price per share | $ 5.59 | |||||||||||
Common stock, par value | $ 0.001 | |||||||||||
Securities Purchase Agreement [Member] | Alset International [Member] | ||||||||||||
Warrant to purchase common stock | 1,500,000,000 | |||||||||||
Warrant value | $ 28,363,966 | |||||||||||
Securities Purchase Agreement [Member] | LiquidValue Development Pte Ltd. [Member] | ||||||||||||
Repurchase of common stock | 173,395 | |||||||||||
Securities Purchase Agreement [Member] | True Partner Capital Holding Limited [Member] | ||||||||||||
Repurchase of common stock | $ 6,729,629 | |||||||||||
Shares acquired during the period | 62,122,908 | |||||||||||
Securities Purchase Agreement [Member] | American Pacific Bancorp. Inc [Member] | ||||||||||||
Repurchase of common stock | $ 28,653,138 | |||||||||||
Shares acquired during the period | 4,775,523 | |||||||||||
Ownership percentage | 86.44% | |||||||||||
Document Securities Systems Inc [Member] | ||||||||||||
Stock issued during the period new issues, shares | 2,480,000 | |||||||||||
Option to purchase shares | 250,000 | |||||||||||
Sale of investment price | $ 2,480,000 | |||||||||||
Original cost of common stock and stock options | 200,128 | |||||||||||
Additional paid in capital | $ 2,279,872 | |||||||||||
Ownership percentage | 19.90% | |||||||||||
LiquidValue Development Limited. [Member] | ||||||||||||
Notes payable | $ 815,381 | |||||||||||
Ownership percentage | 100.00% | |||||||||||
LiquidValue Development Pte Ltd. [Member] | ||||||||||||
Notes payable | $ 815,381 | $ 823,823 | ||||||||||
SeD Perth Pty. Ltd [Member] | ||||||||||||
Notes payable | $ 14,190 | $ 14,379 | ||||||||||
Ownership percentage | 57.10% | 57.10% | ||||||||||
Chan Heng Fai [Member] | ||||||||||||
Notes payable | $ 1,333,429 | $ 133,429 | $ 1,333,429 | |||||||||
Shares acquired during the period | 30,000,000 | |||||||||||
MacKenzie Equity Partners [Member] | ||||||||||||
Notes payable | 0 | 0 | ||||||||||
Monthly fee for consulting services | $ 20,000 | 60,000 | 60,000 | |||||||||
Pop Motion Consulting Pte. Ltd [Member] | ||||||||||||
Notes payable | 0 | 0 | ||||||||||
American Medical REIT Inc. [Member] | ||||||||||||
Warrant value | 0 | 0 | ||||||||||
Accrued interest | $ 17,431 | 13,431 | ||||||||||
Debt instrument face amount | $ 200,000 | |||||||||||
Ownership percentage | 36.10% | |||||||||||
Debt instrument interest rate | 8.00% | |||||||||||
Debt instrument maturity terms | Payable in two years | |||||||||||
IPO price description | The amount of the warrants equals to the note principle divided by the Exercise Price. If AMRE goes to IPO in the future and IPO price is less than $10.00 per share, the Exercise price shall be adjusted downward to fifty percent (50%) of the IPO price. | |||||||||||
Fair value of warrants | $ 0 | 0 | ||||||||||
iGalen International [Member] | SeD Capital Pte Ltd [Member] | ||||||||||||
Accrued interest | 62,058 | 61,555 | ||||||||||
Debt instrument face amount | $ 350,000 | $ 350,000 | 350,000 | |||||||||
Debt instrument interest rate | 3.00% | |||||||||||
Debt instrument maturity terms | The term of the loan was two years | |||||||||||
Debt instrument description | With an interest rate of 3% per annum for the first of year and 5% per annum for the second year. The expiration term was renewed as due on demand after two years with 5% per annum interest rate. | |||||||||||
Hyten Global (Thailand) Co., Ltd [Member] | ||||||||||||
Ownership percentage | 19.00% | 19.00% | ||||||||||
Advances for operations | $ 10,104 | |||||||||||
American Premium Water Corp [Member] | ||||||||||||
Warrant value | $ 2,188,264 | $ 862,723 | $ 860,342 | |||||||||
Ownership percentage | 8.70% | 9.99% | ||||||||||
Advances for operations | $ 29,968 | |||||||||||
Directors [Member] | ||||||||||||
Personal guarantees | 500,000 | |||||||||||
Chan Tung Moe [Member] | ||||||||||||
Monthly fee for consulting services | $ 0 | $ 57,931 | ||||||||||
Chan Tung Moe [Member] | American Pacific Bancorp. Inc [Member] | ||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||
Debt instrument description | This loan is secured by an irrevocable letter of instruction on 80,000 shares of Alset EHome International. | |||||||||||
Due to officer | $ 560,000 | |||||||||||
Debt instrument maturity date | Nov. 23, 2023 | |||||||||||
Lim Sheng Hon Danny [Member] | American Pacific Bancorp. Inc [Member] | ||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||
Debt instrument description | This loan is secured by an irrevocable letter of instruction on 40,000 shares of Alset EHome International. | |||||||||||
Due to officer | $ 280,000 | |||||||||||
Debt instrument maturity date | Nov. 23, 2023 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | Jan. 19, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Nov. 23, 2020 | Dec. 31, 2019 |
Common stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Common stock, shares issued | 8,580,000 | 8,580,000 | 8,570,000 | ||||
Common stock, shares outstanding | 8,580,000 | 8,580,000 | 8,570,000 | ||||
Issuance of stock for services, shares | 10,000 | ||||||
Issuance of stock for services | $ 60,900 | $ 60,900 | |||||
Ownership percentage | 57.10% | 57.10% | 57.10% | ||||
Distribution to minority shareholder | $ 82,250 | $ 197,400 | |||||
Private Offer [Member] | |||||||
Proceeds from issuance or sale of equity | $ 2,232,491 | ||||||
Private Offer [Member] | Class A Common Stock [Member] | |||||||
Common stock, par value | $ 0.01 | $ 0.01 | |||||
Private Offer [Member] | Series A 5% Cumulative Preferred Stock [Member] | |||||||
Preferred stock, par value | 0.01 | 0.01 | |||||
Share price | $ 6 | $ 6 | |||||
Aegis Capital Corp. [Member] | Underwriting Agreement [Member] | Representative's Warrant [Member] | |||||||
Warrants issued | 108,000 | ||||||
Exercise price of warrants | $ 9.80 | ||||||
GigWorld [Member] | |||||||
Common stock, shares outstanding | 505,551,376 | 505,551,376 | 506,223,676 | 506,898,576 | |||
Stock issued during period, shares | 250,000 | 10,000 | |||||
Proceeds from issuance or sale of equity | $ 250,000 | $ 5,000 | |||||
Ownership percentage | 99.00% | 99.00% | 99.00% | ||||
GigWorld [Member] | International Investors [Member] | |||||||
Common stock, shares outstanding | 506,898,576 | 506,898,576 | 506,898,576 | ||||
Alset International [Member] | |||||||
Exercise price of warrants | $ 0.03 | $ 0.03 | |||||
Ownership percentage | 57.10% | 57.10% | 57.10% | ||||
Common stock issued through warrant exercise | 250,000 | 250,000 | |||||
Proceeds from issuance of warrants | $ 7,484 | ||||||
Share based compensation expense | $ 73,292 | ||||||
Shares issued to officer | 1,500,000 |
Equity - Schedule of Warrant Ac
Equity - Schedule of Warrant Activity (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of common shares warrants outstanding, beginning balance | shares | 108,000 |
Number of common shares warrants vested and exercisable, beginning | shares | 108,000 |
Number of common shares warrants granted | shares | |
Number of common shares warrants exercised | shares | |
Number of common shares warrants forfeited, cancelled, expired | shares | |
Number of common shares warrants outstanding ending balance | shares | 108,000 |
Number of common shares warrants vested and exercisable ending | shares | 108,000 |
Exercise price, beginning balance | $ / shares | $ 9.80 |
Exercise price, vested and exercisable beginning balance | $ / shares | 9.80 |
Exercise price, granted | $ / shares | |
Exercise price, exercised | $ / shares | |
Exercise price, forfeited, cancelled, expired | $ / shares | |
Exercise price, ending balance | $ / shares | 9.80 |
Exercise price, vested and exercisable ending balance | $ / shares | $ 9.80 |
Remaining life in term (years), beginning | 2 years 11 months 12 days |
Remaining life in term (years), vested and exercisable beginning | 2 years 11 months 12 days |
Remaining life in term (years), ending | 2 years 8 months 12 days |
Remaining life in term (years), vested and exercisable ending | 2 years 8 months 12 days |
Aggregate intrinsic value, beginning | $ | |
Aggregate intrinsic value, vested and exercisable beginning | $ | |
Aggregate intrinsic value, ending | $ | 191,160 |
Aggregate intrinsic value, vested and exercisable ending | $ | $ 191,160 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in the Balances of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Beginning Balance | $ 2,143,338 | $ 1,458,289 |
Other Comprehensive Income | (1,050,729) | (1,103,050) |
Ending Balance | 1,092,609 | 355,239 |
Unrealized Gains and Losses on Security Investment [Member] | ||
Beginning Balance | (48,758) | (59,888) |
Other Comprehensive Income | (1,135) | (8,240) |
Ending Balance | (49,893) | (68,128) |
Foreign Currency Translations [Member] | ||
Beginning Balance | 2,258,017 | 1,603,145 |
Other Comprehensive Income | (1,010,527) | (1,094,810) |
Ending Balance | 1,247,490 | 508,335 |
Change in Minority Interest [Member] | ||
Beginning Balance | (65,921) | (84,968) |
Other Comprehensive Income | (39,067) | |
Ending Balance | $ (104,988) | $ (84,968) |
Investments Measured At Fair _3
Investments Measured At Fair Value (Details Narrative) - USD ($) | Feb. 26, 2021 | Feb. 26, 2021 | Jul. 17, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 02, 2020 |
Unrealized loss on investment securities | $ 1,987 | $ 12,599 | |||||
Reverse split ratio | Ratio of 1-for-30 (the "Reverse Split") | ||||||
Fair market value | $ 52,164,652 | $ 49,172,457 | |||||
Notes receivable | $ 669,561 | $ 649,569 | |||||
Ownership percentage | 57.10% | 57.10% | |||||
Level 3 [Member] | |||||||
Fair market value | $ 31,771,854 | $ 38,604,701 | |||||
Convertible Preferred Stock [Member] | |||||||
Fair market value | 29,430,000 | 37,675,000 | |||||
Convertible Preferred Stock [Member] | Level 3 [Member] | |||||||
Fair market value | 29,430,000 | 37,675,000 | |||||
Convertible Note Receivable [Member] | |||||||
Fair market value | 153,590 | 66,978 | |||||
Convertible Note Receivable [Member] | Level 3 [Member] | |||||||
Fair market value | $ 153,590 | $ 66,978 | |||||
Document Securities Systems Inc [Member] | |||||||
Ownership percentage | 19.90% | ||||||
Document Securities Systems Inc [Member] | Maximum [Member] | |||||||
Miniorty interest percentage | 19.99% | ||||||
Document Securities Systems Inc [Member] | Convertible Preferred Stock [Member] | |||||||
Shares held for preferred stock | 42,575 | 42,575 | |||||
Shares issuable upon conversion | 6,570,216 | 6,570,216 | |||||
Fair market value | $ 29,430,000 | $ 37,675,000 | |||||
Sharing Services Inc [Member] | Convertible Note Receivable [Member] | Dividend Yield [Member] | Level 3 [Member] | |||||||
Convertible note, measurement input | 0 | 0 | |||||
Vector Com co. Ltd [Member] | |||||||
Convertible debt | $ 88,599 | $ 88,599 | |||||
Debt interest rate | 2.00% | 2.00% | |||||
Debt term | 2 years | 2 years | |||||
Debt conversion price | $ 21.26 | $ 21.26 | |||||
Fair value of debt | $ 88,599 | $ 88,599 | $ 88,599 | ||||
American Medical REIT Inc. [Member] | |||||||
Debt interest rate | 8.00% | ||||||
Fair value of debt | $ 200,000 | ||||||
Notes receivable | $ 200,000 | ||||||
Fair value of warrants | 0 | $ 0 | |||||
Fair value of stock option | $ 0 | 0 | |||||
Ownership percentage | 36.10% | ||||||
American Premium Water Corp [Member] | |||||||
Fair value of warrants | $ 860,342 | $ 2,188,264 | $ 862,723 | ||||
Number of shares acquired | 122,039,000 | ||||||
Ownership percentage | 9.99% | 8.70% | |||||
Number of warrants purchased | 122,039,000 | ||||||
Exercise price of warrant | $ 0.0001 | ||||||
Payment for purchase of securities | $ 122,039 |
Investments Measured At Fair _4
Investments Measured At Fair Value - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Asset, Cost | $ 60,479,643 | $ 51,221,903 |
Assets, Fair Value | 52,164,652 | 49,172,457 |
Vivacitas [Member] | Options [Member] | ||
Asset, Cost | ||
Assets, Fair Value | ||
Level 1 [Member] | ||
Assets, Fair Value | 20,392,798 | 10,567,756 |
Level 1 [Member] | Vivacitas [Member] | Options [Member] | ||
Assets, Fair Value | ||
Level 2 [Member] | ||
Assets, Fair Value | ||
Level 2 [Member] | Vivacitas [Member] | Options [Member] | ||
Assets, Fair Value | ||
Level 3 [Member] | ||
Assets, Fair Value | 31,771,854 | 38,604,701 |
Level 3 [Member] | Vivacitas [Member] | Options [Member] | ||
Assets, Fair Value | ||
Investment Securities- Fair Value [Member] | ||
Asset, Cost | 14,134,540 | 7,404,911 |
Assets, Fair Value | 17,923,989 | 10,549,102 |
Investment Securities- Fair Value [Member] | Level 1 [Member] | ||
Assets, Fair Value | 17,923,989 | 10,549,102 |
Investment Securities- Fair Value [Member] | Level 2 [Member] | ||
Assets, Fair Value | ||
Investment Securities- Fair Value [Member] | Level 3 [Member] | ||
Assets, Fair Value | ||
Investment Securities- Trading [Member] | ||
Asset, Cost | 2,457,162 | 17,650 |
Assets, Fair Value | 2,468,809 | 18,654 |
Investment Securities- Trading [Member] | Level 1 [Member] | ||
Assets, Fair Value | 2,468,809 | 18,654 |
Investment Securities- Trading [Member] | Level 2 [Member] | ||
Assets, Fair Value | ||
Investment Securities- Trading [Member] | Level 3 [Member] | ||
Assets, Fair Value | ||
Convertible Preferred Stock [Member] | ||
Asset, Cost | 42,889,000 | 42,889,000 |
Assets, Fair Value | 29,430,000 | 37,675,000 |
Convertible Preferred Stock [Member] | Level 1 [Member] | ||
Assets, Fair Value | ||
Convertible Preferred Stock [Member] | Level 2 [Member] | ||
Assets, Fair Value | ||
Convertible Preferred Stock [Member] | Level 3 [Member] | ||
Assets, Fair Value | 29,430,000 | 37,675,000 |
Convertible Note Receivable [Member] | ||
Asset, Cost | 138,599 | 50,000 |
Assets, Fair Value | 153,590 | 66,978 |
Convertible Note Receivable [Member] | Level 1 [Member] | ||
Assets, Fair Value | ||
Convertible Note Receivable [Member] | Level 2 [Member] | ||
Assets, Fair Value | ||
Convertible Note Receivable [Member] | Level 3 [Member] | ||
Assets, Fair Value | 153,590 | 66,978 |
Warrant [Member] | American Premium Water Corp [Member] | ||
Asset, Cost | 860,342 | 860,342 |
Assets, Fair Value | 2,188,264 | 862,723 |
Warrant [Member] | American Medical REIT Inc. [Member] | ||
Asset, Cost | ||
Assets, Fair Value | ||
Warrant [Member] | Level 1 [Member] | American Premium Water Corp [Member] | ||
Assets, Fair Value | ||
Warrant [Member] | Level 1 [Member] | American Medical REIT Inc. [Member] | ||
Assets, Fair Value | ||
Warrant [Member] | Level 2 [Member] | American Premium Water Corp [Member] | ||
Assets, Fair Value | ||
Warrant [Member] | Level 2 [Member] | American Medical REIT Inc. [Member] | ||
Assets, Fair Value | ||
Warrant [Member] | Level 3 [Member] | American Premium Water Corp [Member] | ||
Assets, Fair Value | 2,188,264 | 862,723 |
Warrant [Member] | Level 3 [Member] | American Medical REIT Inc. [Member] | ||
Assets, Fair Value |
Investments Measured At Fair _5
Investments Measured At Fair Value - Schedule of Fair Value of Equity Security Investment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | ||
Market Value | $ 20,492,795 | $ 10,848,272 | |
Level 1 [Member] | |||
Market Value | 2,039,298 | 10,567,756 | |
Level 1 [Member] | Trading Stocks [Member] | |||
Market Value | $ 2,468,809 | $ 18,654 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Level 1 [Member] | True Partner Capital Holding Limited [Member] | |||
Share price | $ 0.158 | ||
Shares | 62,122,908 | ||
Market Value | $ 92,828,563 | ||
Valuation | Investment in Securities at Fair Value | ||
Document Securities Systems Inc [Member] | Level 1 [Member] | |||
Share price | $ 3.610 | $ 6.240 | |
Shares | [1] | 1,162,501 | 1,162,501 |
Market Value | $ 4,196,629 | $ 7,254,006 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Amarantus BioScience Holdings [Member] | Level 1 [Member] | |||
Share price | $ 0.011 | $ 0.008 | |
Shares | 20,000,000 | 20,000,000 | |
Market Value | $ 228,000 | $ 160,000 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Holista CollTech Limited [Member] | Level 1 [Member] | |||
Share price | $ 0.049 | $ 0.055 | |
Shares | 46,226,673 | 46,226,673 | |
Market Value | $ 2,285,838 | $ 2,565,469 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
American Premium Water Corp [Member] | Level 1 [Member] | |||
Share price | $ 0.008 | $ 0.002 | |
Shares | 12,203,900 | 122,039,000 | |
Market Value | $ 1,025,128 | $ 256,284 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
OptimumBank Holdings, Inc. [Member] | Level 1 [Member] | |||
Share price | $ 3.870 | $ 3.370 | |
Shares | 92,980 | 92,980 | |
Market Value | $ 359,833 | $ 313,343 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Nervotec Pte Ltd [Member] | |||
Share price | |||
Shares | 1,666 | 1,666 | |
Market Value | $ 37,826 | $ 37,826 | |
Valuation | Investment in Securities at Cost | Investment in Securities at Cost | |
Hyten Global (Thailand) Co., Ltd [Member] | |||
Share price | |||
Shares | 20,000 | 20,000 | |
Market Value | $ 42,562 | $ 47,562 | |
Valuation | Investment in Securities at Cost | Investment in Securities at Cost | |
K Beauty Limited [Member] | |||
Share price | |||
Shares | 3,600 | ||
Market Value | $ 19,609 | ||
Valuation | Investment in Securities at Cost | ||
Vivacitas [Member] | |||
Share price | |||
Shares | 2,480,000 | ||
Market Value | $ 200,128 | ||
Valuation | Investment in Securities at Cost | ||
[1] | Ratio of 1-for-30 (the "Reverse Split") was effective at 5:01 p.m. Eastern Time on May 7, 2020 (the "Effective Time") |
Investments Measured At Fair _6
Investments Measured At Fair Value - Schedule of Significant Inputs and Assumptions (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Document Securities Systems Inc [Member] | ||
Expected exit date | Mar. 24, 2023 | Dec. 31, 2023 |
Document Securities Systems Inc [Member] | Share Price [Member] | ||
Equity securities, measurement input | 4.22 | 6.24 |
Document Securities Systems Inc [Member] | Risk Free Interest Rate [Member] | ||
Equity securities, measurement input | 1.64 | 0.93 |
Document Securities Systems Inc [Member] | Volatility [Member] | ||
Equity securities, measurement input | 109.67 | 113.69 |
Document Securities Systems Inc [Member] | Dividend Yield [Member] | ||
Equity securities, measurement input | 0 | 0 |
Sharing Services Inc [Member] | Risk Free Interest Rate [Member] | Convertible Note Receivable [Member] | Level 3 [Member] | ||
Convertible note, measurement input | 3.25 | 0.13 |
Sharing Services Inc [Member] | Volatility [Member] | Convertible Note Receivable [Member] | Level 3 [Member] | ||
Convertible note, measurement input | 210.07 | 210.07 |
Sharing Services Inc [Member] | Dividend Yield [Member] | Convertible Note Receivable [Member] | Level 3 [Member] | ||
Convertible note, measurement input | 0 | 0 |
Sharing Services Inc [Member] | Contractual Term (in years) [Member] | Convertible Note Receivable [Member] | Level 3 [Member] | ||
Convertible note, measurement term | 1 year 6 months 3 days | 1 year 9 months 3 days |
Sharing Services Inc [Member] | Exercise Price [Member] | Convertible Note Receivable [Member] | Level 3 [Member] | ||
Convertible note, measurement input | 0.15 | 0.15 |
American Medical REIT Inc. [Member] | Warrant [Member] | Level 3 [Member] | ||
Year to maturity | 9 years 3 months 26 days | 9 years 6 months 29 days |
American Medical REIT Inc. [Member] | Share Price [Member] | Warrant [Member] | Level 3 [Member] | ||
Warrants, measurement input | 0.0084 | 0.0021 |
American Medical REIT Inc. [Member] | Risk Free Interest Rate [Member] | Warrant [Member] | Level 3 [Member] | ||
Warrants, measurement input | 1.74 | 0.88 |
American Medical REIT Inc. [Member] | Volatility [Member] | Warrant [Member] | Level 3 [Member] | ||
Warrants, measurement input | 232.10 | 178.86 |
American Medical REIT Inc. [Member] | Exercise Price [Member] | Warrant [Member] | Level 3 [Member] | ||
Warrants, measurement input | 0.001 | 0.001 |
Investments Measured At Fair _7
Investments Measured At Fair Value - Schedule of Change in Fair Value (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, All Other Investments [Abstract] | ||
Beginning Balance | $ 66,978 | $ 26,209 |
Total losses | (1,987) | (12,599) |
Ending Balance | $ 64,991 | $ 13,610 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | Dec. 31, 2018 | Nov. 23, 2015USD ($)a | May 28, 2014USD ($)a | Mar. 31, 2021USD ($)a | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Area of land | a | 15,811 | |||||
Description of lease expiring date | Leases expiring on various dates from December 2020 to March 2024. As our leases do not provide a readily determinable implicit rates, we estimate our incremental borrowing rates to discount the lease payments based on information available at lease commencement. Our incremental borrowings rates are 3.9% in 2021 and at a range from 0.5% to 4.5% per annum in 2020, which were used as the discount rates. | |||||
Lease rental amount | $ 140,271 | $ 85,558 | ||||
Operating lease terms | 12 months | |||||
Operating lease right-of-use asset | $ 722,507 | $ 574,754 | ||||
Operating lease liabilities | 736,561 | 574,754 | ||||
Notes receivable | 669,561 | $ 649,569 | ||||
Minimum [Member] | ||||||
Lease rental amount | 2,265 | |||||
Maximum [Member] | ||||||
Lease rental amount | $ 23,297 | |||||
Lots Sales Agreement [Member] | ||||||
Description of real estate improvements | On December 31, 2018, SeD Maryland entered into the Third Amendment to the Lot Purchase Agreement for Ballenger Run with NVR. Pursuant to the Third Amendment, SeD Maryland will convert the 5.9 acre CCRC parcel to 36 lots (the 28 feet wide villa lot) and sell to NVR. | |||||
Lots Sales Agreement [Member] | SeD Maryland Development LLC [Member] | Ballenger Run [Member] | ||||||
Payments to acquire real estate | $ 15,700,000 | |||||
Area of land | a | 197 | |||||
Lots Sales Agreement [Member] | NVR Inc. [Member] | Ballenger Run [Member] | ||||||
Payments to acquire real estate | $ 15,000,000 | |||||
Area of land | a | 197 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Lease Payments (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 341,827 | |
2022 | 292,830 | |
2023 | 95,104 | |
2024 | 24,430 | |
Total Minimum Lease Payments | 754,191 | |
Less: Effect of Discounting | (17,630) | |
Present Value of Future Minimum Lease Payments | 736,561 | $ 574,754 |
Less: Current Obligations under Leases | (51,686) | (381,412) |
Long-term Lease Obligations | $ 684,875 | $ 193,342 |
Directors and Employees' Bene_3
Directors and Employees' Benefits (Details Narrative) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Shares reserved for incentive compensation plan | 500,000 | |
Stock options granted |
Directors and Employees' Bene_4
Directors and Employees' Benefits - Schedule of Option Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Options for common shares, Outstanding at beginning | 1,061,333 | 1,061,333 |
Options for common shares, vested and exercisable at beginning | 1,061,333 | 1,061,333 |
Options for common shares, granted | ||
Options for common shares, exercised | ||
Options for common shares, forfeited, cancelled, expired | ||
Options for common shares, Outstanding at end | 1,061,333 | 1,061,333 |
Options for common shares, vested and exercisable at end | 1,061,333 | 1,061,333 |
Exercise price, outstanding at beginning | $ 0.09 | $ 0.09 |
Exercise price, vested and exercisable at beginning | 0.09 | 0.09 |
Exercise price, granted | ||
Exercise price, exercised | ||
Exercise price, forfeited, cancelled, expired | ||
Exercise price, outstanding at end | 0.09 | 0.09 |
Exercise price, vested and exercisable at end | $ 0.09 | $ 0.09 |
Remaining contractual term (years) outstanding, beginning | 3 years | 4 years |
Remaining contractual term (years), vested and exercisable, beginning | 3 years | 4 years |
Remaining contractual term (years) outstanding, ending | 2 years 9 months | 3 years |
Remaining contractual term (years), vested and exercisable, ending | 2 years 9 months | 3 years |
Aggregate intrinsic value, outstanding at beginning | ||
Aggregate intrinsic value, vested and exercisable at beginning | ||
Aggregate intrinsic value, outstanding at end | ||
Aggregate intrinsic value, vested and exercisable at end |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | May 17, 2021USD ($)$ / sharesshares | May 14, 2021USD ($)$ / sharesshares | May 13, 2021USD ($)shares | May 12, 2021USD ($)$ / sharesshares | May 10, 2021USD ($)$ / sharesshares | May 03, 2021$ / sharesshares | Apr. 30, 2021USD ($) | Apr. 09, 2021USD ($) | Apr. 05, 2021USD ($)shares | Oct. 15, 2020shares | Mar. 31, 2021USD ($)$ / sharesshares | May 14, 2021SGD ($)shares | May 02, 2021shares | Apr. 20, 2021 | Apr. 08, 2021$ / sharesshares | Mar. 12, 2021$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Jan. 24, 2017 | |
Ownership percentage | 57.10% | 57.10% | |||||||||||||||||
Commpn stock shares outstanding | 8,580,000 | 8,570,000 | |||||||||||||||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |||||||||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||
Outstanding notes | $ | $ 178,400 | $ 178,400 | |||||||||||||||||
Shares issued, price per share | $ / shares | $ 10.03 | ||||||||||||||||||
Chan Heng Fai [Member] | |||||||||||||||||||
Number of shares purchased | 1,000 | ||||||||||||||||||
Hengfeng Finance Limited [Member] | |||||||||||||||||||
Ownership percentage | 86.44% | ||||||||||||||||||
SeD Maryland Development, LLC [Member] | |||||||||||||||||||
Ownership percentage | [1] | 47.70% | 47.80% | ||||||||||||||||
American Pacific Bancorp [Member] | Hengfeng Finance Limited [Member] | |||||||||||||||||||
Ownership percentage | 100.00% | ||||||||||||||||||
Shares purchased upon acquisition | 3,500,001 | ||||||||||||||||||
Shares issued upon acquisition | 250,000 | ||||||||||||||||||
SeD Capital Pte. Ltd [Member] | |||||||||||||||||||
Ownership percentage | 100.00% | ||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Common stock, shares authorized | 20,000,000 | ||||||||||||||||||
Preferred stock, shares authorized | 5,000,000 | ||||||||||||||||||
Subsequent Event [Member] | Underwritten Public Offering [Member] | |||||||||||||||||||
Percentage of underwriting discount | 6.50% | ||||||||||||||||||
Percentage of non accountable expense fee | 1.25% | ||||||||||||||||||
Stock issuance cost | $ | $ 150,000 | ||||||||||||||||||
Proceeds from sale of equity | $ | $ 29,200,000 | ||||||||||||||||||
Subsequent Event [Member] | Underwritten Public Offering [Member] | Series A Warrant [Member] | |||||||||||||||||||
Warrant exercise price | $ / shares | $ 5.07 | ||||||||||||||||||
Subsequent Event [Member] | Underwritten Public Offering [Member] | Series B Warrant [Member] | |||||||||||||||||||
Warrant exercise price | $ / shares | $ 6.59 | ||||||||||||||||||
Subsequent Event [Member] | Over-Allotment Option [Member] | Series A Warrant [Member] | |||||||||||||||||||
Number of securities called by warrants | 808,363 | ||||||||||||||||||
Number of warrants issued | 808,363 | ||||||||||||||||||
Subsequent Event [Member] | Over-Allotment Option [Member] | Series B Warrant [Member] | |||||||||||||||||||
Number of securities called by warrants | 404,181 | ||||||||||||||||||
Number of warrants issued | 808,363 | ||||||||||||||||||
Subsequent Event [Member] | Common Stock [Member] | Underwritten Public Offering [Member] | |||||||||||||||||||
Number of shares purchased | 4,700,637 | ||||||||||||||||||
Shares issued, price per share | $ / shares | $ 5.07 | ||||||||||||||||||
Subsequent Event [Member] | Common Stock [Member] | Over-Allotment Option [Member] | |||||||||||||||||||
Number of warrants issued | 808,363 | ||||||||||||||||||
Subsequent Event [Member] | Pre Funded Units [Member] | Underwritten Public Offering [Member] | |||||||||||||||||||
Number of shares purchased | 1,611,000 | ||||||||||||||||||
Shares issued, price per share | $ / shares | $ 5.06 | ||||||||||||||||||
Subsequent Event [Member] | Series A Convertible Preferred Stock [Member] | |||||||||||||||||||
Common stock, shares authorized | 250,000,000 | ||||||||||||||||||
Preferred stock, shares authorized | 25,000,000 | ||||||||||||||||||
Preferred stock, shares designated | 6,380 | ||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | ||||||||||||||||||
Shares exchanged | 6,380,000 | ||||||||||||||||||
Shares issued | 6,380 | ||||||||||||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||
Preferred stock, shares designated | 2,132 | ||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | ||||||||||||||||||
Subsequent Event [Member] | Chan Heng Fai [Member] | |||||||||||||||||||
Payments for warrant exercise | $ | $ 2,744,259 | ||||||||||||||||||
Outstanding notes | $ | $ 5,557,371 | ||||||||||||||||||
Loan maturity date | May 14, 2022 | ||||||||||||||||||
Subsequent Event [Member] | Chan Heng Fai [Member] | Singapore Dollars [Member] | |||||||||||||||||||
Outstanding notes | $ | $ 7,395,472 | ||||||||||||||||||
Subsequent Event [Member] | Chan Heng Fai [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||
Debt conversion amount | $ | $ 13,000,000 | ||||||||||||||||||
Outstanding notes | $ | $ 28,363,966 | ||||||||||||||||||
Debt conversion shares issued | 2,132 | ||||||||||||||||||
Subsequent Event [Member] | Singapore [Member] | Chan Heng Fai [Member] | |||||||||||||||||||
Number of securities called by warrants | 76,925,000 | ||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.048 | ||||||||||||||||||
Subsequent Event [Member] | Credas Capital Pte Ltd [Member] | |||||||||||||||||||
Percentage of interest in joint venture | 50.00% | ||||||||||||||||||
Subsequent Event [Member] | SeD Maryland Development, LLC [Member] | |||||||||||||||||||
Ownership percentage | 83.55% | ||||||||||||||||||
Distributions to members | $ | $ 3,000,000 | ||||||||||||||||||
Distributions to minority member | $ | $ 493,500 | ||||||||||||||||||
Subsequent Event [Member] | GigWorld Inc [Member] | Value Exchange International Inc [Member] | |||||||||||||||||||
Number of shares purchased | 6,500,000 | ||||||||||||||||||
Purchase price | $ | $ 650,000 | ||||||||||||||||||
Subsequent Event [Member] | Alset International [Member] | |||||||||||||||||||
Ownership percentage | 71.40% | ||||||||||||||||||
Payments for warrant exercise | $ | $ 33,660,000 | $ 4,180,000 | |||||||||||||||||
Commpn stock shares outstanding | 2,931,951,400 | ||||||||||||||||||
Ownership shares owned | 2,094,516,748 | ||||||||||||||||||
Subsequent Event [Member] | Alset International [Member] | Singapore [Member] | |||||||||||||||||||
Number of securities called by warrants | 943,531,983 | 943,531,983 | 943,531,983 | 139,834,471 | |||||||||||||||
Warrant exercise price | $ / shares | $ 0.048 | $ 0.048 | $ 0.04 | ||||||||||||||||
Subsequent Event [Member] | SeD Capital Pte. Ltd [Member] | Novum Alpha Pte Ltd [Member] | |||||||||||||||||||
Percentage of interest in joint venture | 50.00% | ||||||||||||||||||
[1] | Although the Company indirectly holds percentage of shares of these entities less than 50%, the subsidiaries of the Company directly hold more than 50% of shares of these entities, and therefore, they are still consolidated into the Company. |