Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-39732 | |
Entity Registrant Name | Alset EHome International Inc. | |
Entity Central Index Key | 0001750106 | |
Entity Tax Identification Number | 83-1079861 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 4800 Montgomery Lane | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 301 | |
Local Phone Number | 971-3940 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | AEI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,721,779 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 67,944,590 | $ 24,965,946 |
Restricted Cash | 4,996,543 | 6,769,533 |
Account Receivables, Net | 912,650 | 1,366,194 |
Other Receivables | 559,644 | 644,576 |
Note Receivables - Related Parties | 547,616 | 649,569 |
Prepaid Expense | 1,479,092 | 1,470,680 |
Inventory | 45,250 | 90,068 |
Investment in Securities at Fair Value | 39,787,402 | 49,172,457 |
Investment in Securities at Cost | 98,204 | 280,516 |
Equity Method Investment | 30,940,518 | |
Deposit | 255,905 | 48,820 |
Total Current Assets | 147,567,414 | 85,458,359 |
Real Estate | ||
Rental Properties | 11,027,736 | |
Properties under Development | 15,627,257 | 20,505,591 |
Operating Lease Right-Of-Use Asset | 599,481 | 574,754 |
Deposit | 40,790 | 249,676 |
Loan Receivable - Related Parties | 840,000 | |
Property and Equipment, Net | 273,463 | 85,365 |
Total Assets | 175,136,141 | 107,713,745 |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 1,137,997 | 1,671,265 |
Deferred Revenue | 1,636,475 | 2,867,226 |
Builder Deposits | 244,936 | 1,262,336 |
Operating Lease Liability | 314,146 | 381,412 |
Notes Payable | 319,254 | 172,706 |
Notes Payable - Related Parties | 5,278,617 | 2,534,281 |
Total Current Liabilities | 8,931,425 | 8,889,226 |
Long-Term Liabilities: | ||
Operating Lease Liability | 297,498 | 193,342 |
Note Payable, Net of Discount | 636,362 | |
Total Liabilities | 9,228,923 | 9,718,930 |
Stockholders’ Equity: | ||
Preferred Stock, $0.001 par value; 25,000,000 shares authorized, none issued and outstanding | ||
Common Stock, $0.001 par value; 250,000,000 shares authorized; 45,721,779 and 8,570,000 shares issued and outstanding on September 30, 2021 and December 31, 2020, respectively | 45,722 | 8,570 |
Additional Paid in Capital | 266,633,480 | 102,729,944 |
Accumulated Other Comprehensive Income | (1,002,212) | 2,143,338 |
Accumulated Deficit | (124,909,747) | (44,910,297) |
Total Alset EHome International Stockholders’ Equity | 140,767,242 | 59,971,555 |
Non-controlling Interests | 25,139,975 | 38,023,260 |
Total Stockholders’ Equity | 165,907,218 | 97,994,815 |
Total Liabilities and Stockholders’ Equity | $ 175,136,141 | $ 107,713,745 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 45,721,779 | 8,570,000 |
Common stock, shares outstanding | 45,721,779 | 8,570,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Total Revenue | $ 4,795,567 | $ 2,148,923 | $ 16,945,913 | $ 7,179,919 |
Operating Expenses | ||||
Cost of Sales | 2,204,401 | 1,616,377 | 8,510,205 | 5,609,303 |
General and Administrative | 2,539,584 | 946,654 | 13,466,414 | 4,535,178 |
Total Operating Expenses | 4,743,985 | 2,563,031 | 21,976,619 | 10,144,481 |
Operating Income (Loss) from Operations | 51,582 | (414,108) | (5,030,706) | (2,964,562) |
Other Income (Expense) | ||||
Interest Income | 22,614 | 13,836 | 78,902 | 47,863 |
Interest Expense | (330) | (19,825) | (316,615) | (160,341) |
Foreign Exchange Transaction Gain (Loss) | (578,903) | (482,209) | 1,842,128 | 981,564 |
Unrealized Loss on Securities Investment | (5,268,531) | (12,444,635) | (35,972,445) | (10,883,149) |
Realized Gain (Loss) on Securities Investment | (2,515,949) | 418,113 | (2,218,988) | 444,508 |
Gain (Loss) on Investment on Security by Equity Method | 189,696 | (52,392) | 87,390 | (193,132) |
Finance Costs | (27,798) | (68,151) | (50,871,869) | (73,041) |
Other Income | 53,135 | 11,241 | 77,591 | 55,125 |
Total Other Expense, Net | (8,126,066) | (12,624,022) | (87,293,906) | (9,780,603) |
Net Loss Before Income Taxes | (8,074,484) | (13,038,130) | (92,324,612) | (12,745,165) |
Income Tax Expense | (74,106) | (446,757) | (188,759) | |
Net Loss from Continuing Operations | (8,074,484) | (13,112,236) | (92,771,369) | (12,933,924) |
Loss from Discontinued Operations, Net of Tax | (56,053) | (417,438) | ||
Net Loss | (8,074,484) | (13,168,289) | (92,771,369) | (13,351,362) |
Net Loss Attributable to Non-controlling Interest | (964,347) | (3,544,037) | (12,771,919) | (4,177,058) |
Net Loss Attributable to Common Stockholders | (7,110,137) | (9,624,252) | (79,999,450) | (9,174,304) |
Other Comprehensive (Loss) Income, Net | ||||
Unrealized Gain (Loss) on Securities Investment | (19,060) | 29,123 | (56,969) | 29,639 |
Foreign Currency Translation Adjustment | (1,238,356) | 462,064 | (4,077,987) | (585,085) |
Comprehensive Loss | (9,331,900) | (12,677,102) | (96,906,325) | (13,906,808) |
Comprehensive Loss Attributable to Non-controlling Interests | (1,350,889) | (3,239,255) | (14,264,651) | (4,240,806) |
Comprehensive Loss Attributable to Common Stockholders | $ (7,981,011) | $ (9,437,847) | $ (82,641,674) | $ (9,666,002) |
Net Loss Per Share - Basic and Diluted | ||||
Continuing Operations | $ (0.19) | $ (1) | $ (4.14) | $ (1.01) |
Discontinued Operations | (0.01) | (0.04) | ||
Net Loss Per Share | $ (0.19) | $ (1.01) | $ (4.14) | $ (1.05) |
Weighted Average Common Shares Outstanding - Basic and Diluted | 38,030,098 | 9,758,236 | 19,785,922 | 8,712,081 |
Real Estate Rental [Member] | ||||
Revenue | ||||
Total Revenue | $ 133,302 | $ 155,249 | ||
Real Estate Property [Member] | ||||
Revenue | ||||
Total Revenue | 3,414,094 | 2,146,992 | 11,870,820 | 7,148,786 |
Bio Health [Member] | ||||
Revenue | ||||
Total Revenue | $ 1,248,171 | $ 1,931 | $ 4,919,844 | $ 31,133 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Alset E Home International Stockholders Equity [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 10,001 | $ 56,772,175 | $ 1,458,289 | $ (42,089,625) | $ 16,150,840 | $ 7,067,596 | $ 23,218,436 | ||
Balance, shares at Dec. 31, 2019 | 10,001,000 | ||||||||
Subsidiary’s Issuance of Stock | 2,025,807 | 2,025,807 | 353,537 | 2,379,344 | |||||
Proceeds from Selling Subsidiary Equity | 3,270 | 3,270 | 1,730 | 5,000 | |||||
Change in Unrealized Gain on Investment | (8,240) | (8,240) | (4,359) | (12,599) | |||||
Foreign Currency Translations | (1,094,810) | (1,094,810) | (579,211) | (1,674,021) | |||||
Distribution to Non-Controlling Shareholders | (197,400) | (197,400) | |||||||
Net income (loss) | 1,615,002 | 1,615,002 | 636,439 | 2,251,441 | |||||
Balance at September 30, 2020 (As combined) at Mar. 31, 2020 | $ 10,001 | 58,801,252 | 355,239 | (40,474,623) | 18,691,869 | 7,278,332 | 25,970,201 | ||
Balance, shares at Mar. 31, 2020 | 10,001,000 | ||||||||
Beginning balance, value at Dec. 31, 2019 | $ 10,001 | 56,772,175 | 1,458,289 | (42,089,625) | 16,150,840 | 7,067,596 | 23,218,436 | ||
Balance, shares at Dec. 31, 2019 | 10,001,000 | ||||||||
Transactions under Common Control | |||||||||
Net income (loss) | (13,351,362) | ||||||||
Balance at September 30, 2020 (As combined) at Sep. 30, 2020 | $ 6,400 | 98,818,534 | 1,035,604 | (51,263,929) | 48,596,609 | 42,067,848 | 90,664,457 | ||
Balance, shares at Sep. 30, 2020 | 6,400,000 | ||||||||
Beginning balance, value at Mar. 31, 2020 | $ 10,001 | 58,801,252 | 355,239 | (40,474,623) | 18,691,869 | 7,278,332 | 25,970,201 | ||
Balance, shares at Mar. 31, 2020 | 10,001,000 | ||||||||
Cancellation of Outstanding Stock | $ (3,601) | 3,601 | |||||||
Cancellation of Outstanding Stock, shares | (3,601,000) | ||||||||
Subsidiary’s Issuance of Stock | 1,262,990 | 1,262,990 | 770,156 | 2,033,146 | |||||
Proceeds from Selling Subsidiary Equity | 16,959 | 16,959 | 10,341 | 27,300 | |||||
Change in Minority Interest | (445,936) | (18,317) | (464,253) | 464,253 | |||||
Change in Unrealized Gain on Investment | 8,147 | 8,147 | 4,968 | 13,115 | |||||
Foreign Currency Translations | 389,413 | 389,413 | 237,459 | 626,872 | |||||
Net income (loss) | (1,165,054) | (1,165,054) | (1,269,460) | (2,434,514) | |||||
Balance at September 30, 2020 (As combined) at Jun. 30, 2020 | $ 6,400 | 59,638,866 | 734,482 | (41,639,677) | 18,740,071 | 7,496,049 | 26,236,120 | ||
Balance, shares at Jun. 30, 2020 | 6,400,000 | ||||||||
Subsidiary’s Issuance of Stock | 5,821,116 | 5,821,116 | 5,321,721 | 11,142,837 | |||||
Proceeds from Selling Subsidiary Equity | 74,008 | 74,008 | 70,992 | 145,000 | |||||
Change in Minority Interest | (989,342) | 50,420 | (938,922) | (394,507) | (1,333,429) | ||||
Stock Exchange with Related Party | 34,273,886 | 34,273,886 | 32,877,145 | 67,151,031 | |||||
Change in Unrealized Gain on Investment | 14,865 | 14,865 | 14,258 | 29,123 | |||||
Foreign Currency Translations | 235,837 | 235,837 | 226,227 | 462,064 | |||||
Net income (loss) | (9,624,252) | (9,624,252) | (3,544,037) | (13,168,289) | |||||
Balance at September 30, 2020 (As combined) at Sep. 30, 2020 | $ 6,400 | 98,818,534 | 1,035,604 | (51,263,929) | 48,596,609 | 42,067,848 | 90,664,457 | ||
Balance, shares at Sep. 30, 2020 | 6,400,000 | ||||||||
Beginning balance, value at Dec. 31, 2020 | $ 8,570 | 102,729,944 | 2,143,338 | (44,910,297) | 59,971,555 | 38,023,260 | 97,994,815 | ||
Balance, shares at Dec. 31, 2020 | 8,570,000 | ||||||||
Issuance of Common Stock | $ 10 | 60,890 | 60,900 | 60,900 | |||||
Issuance of stock for services, shares | 10,000 | ||||||||
Transactions under Common Control | (57,190,499) | (57,190,499) | (57,190,499) | ||||||
Sale of Vivacitas to Related Party | 2,279,872 | 2,279,872 | 2,279,872 | ||||||
Purchase Stock of True Partner from Related Party | 3,274,060 | 3,274,060 | 3,274,060 | ||||||
Beneficial Conversion Feature Intrinsic Value, Net | 50,770,192 | 50,770,192 | 50,770,192 | ||||||
Subsidiary’s Issuance of Stock | 46,099 | 46,099 | 34,677 | 80,776 | |||||
Proceeds from Selling Subsidiary Equity | 142,675 | 142,675 | 107,325 | 250,000 | |||||
Change in Minority Interest | 76,412 | (39,067) | 37,345 | (37,345) | |||||
Change in Unrealized Gain on Investment | (1,135) | (1,135) | (852) | (1,987) | |||||
Foreign Currency Translations | (1,010,527) | (1,010,527) | (758,913) | (1,769,440) | |||||
Distribution to Non-Controlling Shareholders | (82,250) | (82,250) | |||||||
Net income (loss) | (6,238,449) | (6,238,449) | (3,569,112) | (9,807,561) | |||||
Balance at September 30, 2020 (As combined) at Mar. 31, 2021 | $ 8,580 | 102,189,645 | 1,092,609 | (51,148,746) | 52,142,088 | 33,716,790 | 85,858,878 | ||
Balance, shares at Mar. 31, 2021 | 8,580,000 | ||||||||
Beginning balance, value at Dec. 31, 2020 | $ 8,570 | 102,729,944 | 2,143,338 | (44,910,297) | 59,971,555 | 38,023,260 | 97,994,815 | ||
Balance, shares at Dec. 31, 2020 | 8,570,000 | ||||||||
Transactions under Common Control | 57,190,499 | ||||||||
Net income (loss) | (92,771,369) | ||||||||
Balance at September 30, 2020 (As combined) at Sep. 30, 2021 | $ 45,722 | 266,633,480 | (1,002,213) | (124,909,747) | 140,767,242 | 25,139,976 | 165,907,218 | ||
Balance, shares at Sep. 30, 2021 | 45,721,779 | ||||||||
Beginning balance, value at Mar. 31, 2021 | $ 8,580 | 102,189,645 | 1,092,609 | (51,148,746) | 52,142,088 | 33,716,790 | 85,858,878 | ||
Balance, shares at Mar. 31, 2021 | 8,580,000 | ||||||||
Convert Common Stock to Series A Preferred Stock | $ 6 | $ (6,380) | 6,374 | ||||||
Convert Common Stock to Series A Preferred Stock, shares | 6,380 | (6,380,000) | |||||||
Subsidiary’s Issuance of Stock | 1,961,349 | 1,961,349 | 784,100 | 2,745,449 | |||||
Proceeds from Selling Subsidiary Equity | 21,432 | 21,432 | 8,568 | 30,000 | |||||
Change in Minority Interest | (2,885,117) | (343,225) | (3,228,342) | 3,228,342 | |||||
Change in Unrealized Gain on Investment | (25,663) | (25,663) | (10,259) | (35,922) | |||||
Foreign Currency Translations | (764,544) | (764,544) | (305,647) | (1,070,191) | |||||
Distribution to Non-Controlling Shareholders | (1,069,250) | (1,069,250) | |||||||
Net income (loss) | (66,650,864) | (66,650,864) | (8,238,460) | (74,889,324) | |||||
Issuance of Common Stock | $ 8,389 | 39,260,191 | 39,268,580 | 39,268,580 | |||||
Issuance of stock for services, shares | 8,389,324 | ||||||||
Convert Related Party Note Payable to Series B Preferred Stock | 2 | 12,999,998 | 13,000,000 | $ 13,000,000 | |||||
Convert Related Party Note Payable to Series B Preferred Stock, shares | 2,132 | ||||||||
Convert Preferred Stock Series A and B to Common | $ (6) | $ (2) | $ 8,512 | (8,504) | |||||
Convert preferred stock series A and B to common, shares | (6,380) | (2,132) | 8,512,000 | ||||||
Convert Related Party Note Payable to Common Stock | $ 9,164 | 51,217,402 | 51,226,566 | 51,226,566 | |||||
Convert Related Party Note Payable to Common Stock, shares | 9,163,965 | ||||||||
Balance at September 30, 2020 (As combined) at Jun. 30, 2021 | $ 28,265 | 204,762,770 | (40,823) | (117,799,610) | 86,950,602 | 28,114,184 | 115,064,786 | ||
Balance, shares at Jun. 30, 2021 | 28,265,289 | ||||||||
Issuance of Common Stock | $ 17,457 | 33,871,847 | 33,889,304 | 33,889,304 | |||||
Issuance of stock for services, shares | 17,456,490 | ||||||||
Subsidiary’s Issuance of Stock | 166,655 | 166,655 | 55,256 | 221,911 | |||||
Change in Minority Interest | (910,067) | (17,070) | (927,137) | (1,272,853) | (2,199,990) | ||||
Deconsolidate American Pacific Bancorp Inc. | 28,287,920 | 28,287,920 | (383,063) | 27,904,857 | |||||
Exercise American Premium Water Corp. Warrant to Purchase Stock | 454,355 | 454,355 | 150,645 | 605,000 | |||||
Change in Unrealized Gain on Investment | (14,314) | (14,314) | (4,746) | (19,060) | |||||
Foreign Currency Translations | (930,005) | (930,005) | (308,351) | (1,238,356) | |||||
Distribution to Non-Controlling Shareholders | (246,750) | (246,750) | |||||||
Net income (loss) | (7,110,137) | (7,110,137) | (964,347) | (8,074,484) | |||||
Balance at September 30, 2020 (As combined) at Sep. 30, 2021 | $ 45,722 | $ 266,633,480 | $ (1,002,213) | $ (124,909,747) | $ 140,767,242 | $ 25,139,976 | $ 165,907,218 | ||
Balance, shares at Sep. 30, 2021 | 45,721,779 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net Loss from Operations | $ (92,771,369) | $ (12,933,924) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Depreciation | 85,354 | 15,225 |
Amortization of Right -Of - Use Asset | 284,730 | 182,120 |
Amortization of Debt Discount | 50,871,869 | 9,217 |
Shared-based Compensation & Expense | 134,192 | 1,584,412 |
Impairment on Promissory Note | 421,754 | |
Foreign Exchange Transaction Gain | (1,842,128) | (960,268) |
Unrealized Loss on Securities Investment | 35,972,445 | 10,883,271 |
Realized Loss on Securities Investment | 2,218,988 | |
(Gain) Loss on Equity Method Investment | (87,390) | 193,132 |
Changes in Operating Assets and Liabilities | ||
Real Estate Development | 4,878,334 | (544,419) |
Account Receivables | (767,987) | 134,324 |
Prepaid Expense | (8,412) | (1,801,795) |
Trading Securities | (2,419,797) | |
Inventory | 37,368 | 55,486 |
Accounts Payable and Accrued Expenses | (1,217,298) | 1,660,971 |
Accrued Interest - Related Parties | 306,438 | (788,748) |
Deferred Revenue | (1,302,086) | 2,747,121 |
Operating Lease Liability | (263,584) | (221,838) |
Builder Deposits | (1,017,400) | (636,522) |
Income Tax Payable | (170,630) | |
Net Cash Used in Operating Activities | (6,485,979) | (592,865) |
Net Cash Used in Discontinued Operating Activities | (522,435) | |
Net Cash Used in Operating Activities | (6,485,979) | (1,115,300) |
Cash Flows from Investing Activities | ||
Purchase of Fixed Assets | (220,712) | (10,133) |
Purchase of Real Estate Properties | (11,081,491) | |
Proceeds from Global Opportunity Fund Liquidation | 301,976 | |
Sales of Investment Securities | 110,718 | |
Purchase of Investment Securities | (19,308,318) | (182,641) |
Sales of Investment Securities to Related Party | 2,480,000 | |
Cash Loss on Deconsolidation of American Pacific Bancorp Inc. | (1,235,953) | |
Issuing Loan Receivable - Related Parties | (327,603) | |
Proceed from Loan Receivable - Related Parties | 840,000 | (119,389) |
Net Cash Used in Investing Activities | (28,743,359) | (10,187) |
Net Cash Provided by Discontinued Investing Activities | ||
Net Cash Used in Investing Activities | (28,743,359) | (10,187) |
Cash Flows from Financing Activities | ||
Proceeds from Common Stock Issuance | 73,157,884 | |
Proceeds from Exercise of Subsidiary Warrants | 2,975,194 | 10,682,772 |
Proceeds from Sale of Subsidiary Shares | 280,000 | 2,787,791 |
Dividend Paid on Preferred Stock | (73,750) | (73,041) |
Borrowings from Banks | 738,783 | |
Borrowing from PPP Loan | 68,502 | |
Distribution to Non-controlling Interest Shareholders | (1,398,250) | (197,400) |
Repayment to Notes Payable | (695,635) | (250,000) |
Proceeds from Notes Payable - Related Parties | 5,545,495 | |
Proceeds Repayment to Notes Payable - Related Parties | (2,622,400) | (4,728,484) |
Net Cash Provided by (Used in) Financing Activities | 77,237,040 | (8,960,421) |
Net Cash Provided by Discontinued Financing Activities | ||
Net Cash Provided by (Used in) Financing Activities | 77,237,040 | (8,960,421) |
Net Increase in Cash and Restricted Cash | 42,007,702 | 7,834,934 |
Effects of Foreign Exchange Rates on Cash | (802,048) | 40,348 |
Cash and Restricted Cash - Beginning of Year | 31,735,479 | 8,546,763 |
Cash and Restricted Cash- End of Period | 72,941,133 | 16,422,045 |
Supplementary Cash Flow Information | ||
Cash Paid for Interest | 17,659 | 13,843 |
Cash Paid for Taxes | 446,757 | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Unrealized Loss on Investment | (56,969) | |
Initial Recognition of ROU / Lease Liability | 256,928 | |
Acquiring True Partner Stock by Issuing Promissory Note | 10,003,689 | |
Sales of Investment in Vivacitas to Related Party | 2,279,872 | |
Transactions under Common Control | 57,190,499 | |
Intrinsic Value of BCF | (50,770,192) | |
Convertible Notes to Stock | 64,226,566 | |
American Pacific Bancorp Inc. Deconsolidation | 27,904,857 | |
Gain from Exercise of American Premium Water warrant | 605,000 | |
Purchase of Fixed Asset with Promissory Note | $ 95,000 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 The Company has four operating segments based on the products and services offered. These include the three principal businesses that have been the majority of our operations – real estate, digital transformation technology and biohealth – as well as a fourth category consisting of certain other business activities. At the present time, our financial services activities are reported under our other business activities. Our biohealth activities include the sale of consumer products. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 2. GOING CONCERN The accompanying consolidated financial statements have been prepared on the basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has experienced losses from operations over the past nine months. As of and for the nine months ended September 30, 2021, the Company had an accumulated deficit of $ 124,909,747 and a loss of $ 5,030,706 from operations, respectively. As a result, these conditions may raise substantial doubt regarding our ability to continue as a going concern twelve months from the date of issuance of our consolidated financial statements. However, the Company expects to have high volume of cash in hand and strong operating cash inflows for at least the next twelve months. As of September 30, 2021, the Company had cash $ 67,944,590 4,996,543 24,965,946 6,769,533 8 0 5,278,617 2,534,281 During the nine months ended September 30, 2021, the revenue from real estate projects was approximately $ 12 4.9 As a result of management’s plans, high volume cash in bank accounts, favorable cash revenue from real estate and biohealth operations in nine months ended on September 30, 2021, and availability of $ 8 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. These interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other interim periods or for any other future years. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2020 filed on April 14, 2021. The consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than 50% of the voting common stock The Company’s consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of September 30, 2021 and December 31, 2020, as follows: SCHEDULE OF SUBSIDIARIES Attributable interest as of, Name of subsidiary consolidated under AEI State or other jurisdiction of incorporation or organization September 30, 2021 December 31, 2020 % % Hengfai International Pte. Ltd Singapore 100 100 Hengfai Business Development Pte. Ltd Singapore 100 100 Heng Fai Enterprises Pte. Ltd. Singapore - 100 Global eHealth Limited Hong Kong 100 100 Alset International Limited (f.k.a. Singapore eDevelopment Limited) Singapore 75.1 57.1 Singapore Construction & Development Pte. Ltd. Singapore 75.1 57.1 Art eStudio Pte. Ltd Singapore 38.3 * 29.1 * Singapore Construction Pte. Ltd. Singapore 75.1 57.1 Global BioMedical Pte. Ltd. Singapore 75.1 57.1 Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) Singapore 75.1 57.1 Health Wealth Happiness Pte. Ltd. Singapore 75.1 57.1 SeD Capital Pte. Ltd. Singapore 75.1 57.1 LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) Singapore 75.1 46.9 * SeD Home Limited Hong Kong 75.1 57.1 Alset F&B One Pte. Ltd. (f.k.a. SeD Management Pte. Ltd.) Singapore 60.1 57.1 Global TechFund of Fund Pte. Ltd. Singapore 75.1 57.1 Singapore eChainLogistic Pte. Ltd. Singapore 75.1 57.1 BMI Capital Partners International Limited. Hong Kong 75.1 57.1 SeD Perth Pty. Ltd. Australia 75.1 57.1 SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) United States of America 75.1 57.1 LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) United States of America 75.1 57.1 Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) United States of America 75.1 57.1 SeD USA, LLC United States of America 75.1 57.1 150 Black Oak GP, Inc. United States of America 75.1 57.1 SeD Development USA Inc. United States of America 75.1 57.1 150 CCM Black Oak, Ltd. United States of America 75.1 57.1 SeD Texas Home, LLC United States of America 75.1 57.1 SeD Ballenger, LLC United States of America 75.1 57.1 SeD Maryland Development, LLC United States of America 62.7 47.8 * SeD Development Management, LLC United States of America 63.8 48.6 * SeD Builder, LLC United States of America 75.1 57.1 GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) United States of America 74.9 57.0 HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 74.9 57.0 HotApp International Limited Hong Kong 74.9 57.0 HWH International, Inc. United States of America 75.1 57.1 Health Wealth & Happiness Inc. United States of America 75.1 57.1 HWH Multi-Strategy Investment, Inc. United States of America 75.1 57.1 SeD REIT Inc. United States of America 75.1 57.1 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 74.9 57.0 HWH World Inc. United States of America 74.9 57.0 HWH World Pte. Ltd. Singapore 74.9 57.0 UBeauty Limited Hong Kong 75.1 57.1 WeBeauty Korea Inc Korea 75.1 57.1 HWH World Limited Hong Kong 75.1 57.1 HWH World Inc. Korea 75.1 57.1 Alset BioHealth Pte. Ltd. Singapore 75.1 57.1 Alset Energy Pte. Ltd. Singapore 75.1 57.1 Alset Payment Inc. United States of America 75.1 57.1 Alset World Pte. Ltd. Singapore 75.1 57.1 BioHealth Water Inc. United States of America 75.1 57.1 Impact BioHealth Pte. Ltd. Singapore 75.1 57.1 American Home REIT Inc. United States of America 75.1 46.9 * Alset Solar Inc. United States of America 67.6 45.7 * HWH KOR Inc. United States of America 75.1 57.1 Open House Inc. United States of America 75.1 57.1 Open Rental Inc. United States of America 75.1 57.1 Hapi Cafe Inc. (Nevada) United States of America 75.1 57.1 Global Solar REIT Inc. United States of America 75.1 57.1 OpenBiz Inc. United States of America 75.1 57.1 Hapi Cafe Inc. (Texas) United States of America 100 100 HWH (S) Pte. Ltd. Singapore 75.1 - True Partner International Limited Hong Kong 100 - LiquidValue Development Pte. Ltd. Singapore 100 - LiquidValue Development Limited. Hong Kong 100 - EPowerTech Inc. United States of America 100 - Alset EPower Inc. United States of America 100 - AHR Asset Management Inc. United States of America 75.1 - HWH World Inc. (Nevada) United States of America 75.1 - Alset F&B Holdings Pte. Ltd. Singapore 75.1 - Smart Reward Express Limited Hong Kong 37.4 * - Partners HWH Pte. Ltd. Singapore 75.1 - AHR Texas Two LLC United States of America 75.1 - AHR Black Oak One LLC United States of America 75.1 - Hapi Air Inc. United States of America 87.6 - Hapi Cafe Korea, Inc. Korea 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 28,363,966 173,395 62,122,908 6,729,629 4,775,523 28,653,138 63,920,129 0.001 5.59 On October 15, 2020, American Pacific Bancorp (which subsequently became a majority-owned subsidiary of the Company) entered into an acquisition agreement to acquire 3,500,001 100 1,500,000 250,000 The common control transactions resulted in the following basis of accounting for the financial reporting periods: ● The acquisition of the Warrants and True Partner stock were accounted for prospectively as of March 12, 2021 and they did not represent a change in reporting entity. ● The acquisition of LVD, APB and HFL was under common control and was consolidated in accordance with ASC 850-50. The consolidated financial statements were retrospectively adjusted for the acquisition of LVD, APB and HFL, and the operating results of LVD, APB and HFL as of January 1, 2020 for comparative purposes. AEI’s stock price was $ 10.03 50,770,192 63,920,128 306,438 9,163,965 Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents include cash on hand and at the bank and short-term deposits with financial institutions that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in values. There were no Restricted Cash As a condition to the loan agreement with the Manufacturers and Traders Trust Company (“M&T Bank”), the Company is required to maintain a minimum of $ 2,600,000 4,399,873 5,729,067 As a condition to the loan agreement with National Australian Bank Limited in conjunction with the Perth project, an Australian real estate development project, the Company is required to maintain Australian Dollar 50,000 36,059 38,550 The Company puts money into brokerage accounts specifically for equity investment. As of September 30, 2021 and December 31, 2020, the cash balance in these brokerage accounts was $ 560,581 1,001,916 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 September 30, 2021 and December 31, 2020, the balance of account receivables was $ 912,650 1,366,194 0.6 1.3 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 September 30, 2021 and December 31, 2020, the allowance was $ 0 Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method and includes all costs in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. As of September 30, 2021 and December 31, 2020, inventory consisted of finished goods from HWH World Inc. The Company continuously evaluates the need for reserve for obsolescence and possible price concessions required to write-down inventories to net realizable value. Investment Securities Investments represent equity investments with readily determinable fair values, equity-method investments, equity investments without readily determinable fair values and debt securities. Investment Securities at Fair Value The Company records all equity investments with readily determinable fair values at fair value calculated by the publicly traded stock price at the close of the reporting period. Amarantus BioScience Holdings (“AMBS”) and Ture Partner Capital Holding Limited (“True Partner”) are publicly traded companies. The Company does not have significant influence over AMBS and True Partner, as the Company is the beneficial owner of approximately 5.3 15.5 On April 12, 2021 the Company acquired 6,500,000 650,000 18 During the nine months ended September 30, 2021, the Company’s subsidiaries established a portfolio of trading securities. The objective is to generate profits on short-term differences in market prices. The Company does not have significant influence over any trading securities in our portfolio and fair value of these trading securities are determined by quoted stock prices. The Company has elected the fair value option for the equity securities noted below that would otherwise be accounted for under the equity method of accounting. Holista CollTech Limited (“Holista”), Document Securities Systems Inc. (“DSS”) 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 September 30, 2021 and December 31, 2020, the Company owned approximately 24.9 11.7 ● The Company has significant influence over Holista as the Company and its CEO are the beneficial owner of approximately 15.8 % of the outstanding shares of Holista and our CEO held a position on Holista’s Board of Directors. ● The Company has significant influence over APW as the Company is the beneficial owner of approximately 14.3 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 Note Receivable from a Related Party Company 0 The Company held a stock option to purchase 250,000 1 0 Sale of Investment in Vivacitas to DSS Investment Securities at Cost Investments in equity securities without readily determinable fair values are measured at cost minus impairment adjusted by observable price changes in orderly transactions for the identical or a similar investment of the same issuer. These investments are measured at fair value on a nonrecurring basis when there are events or changes in circumstances that may have a significant adverse effect. An impairment loss is recognized in the consolidated statements of comprehensive income equal to the amount by which the carrying value exceeds the fair value of the investment. The Company had an equity holding in Vivacitas Oncology Inc. (“Vivacitas”), a private company that is currently not listed on an exchange. We measure Vivacitas at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Our ownership in Vivacitas was sold on March 18, 2021 to DSS for $ 2,480,000 2,279,872 Sale of Investment in Vivacitas to DSS On September 8, 2020, the Company acquired 1,666 1.45 37,826 On September 30, 2020, the Company acquired 3,800 shares, approximately 19 % ownership, from HWH World Company Limited (f.k.a. Hyten Global (Thailand) Co., Ltd.) (“HWH World Co.”), a private company, at a purchase price of $ 42,562 . During the nine months ended September 30, 2021, the Company invested $ 19,609 18 There has been no indication of impairment or changes in observable prices via transactions of similar securities and investments are still carried at cost. Equity Method Investment The Company accounts for equity investment in entities with significant influence under equity-method accounting. Under this method, the Group’s pro rata share of income (loss) from investment is recognized in the consolidated statements of comprehensive income. Dividends received reduce the carrying amount of the investment. When the Company’s share of loss in an equity-method investee equals or exceeds its carrying value of the investment in that entity, the equity method investment can be reduced below zero based on losses if the Company either be liable for the obligations of the investee or provide for losses in excess of the investment when imminent return to profitable operations by the investee appears to be assured. Otherwise, the Company does not recognize its share of equity method losses exceeding its carrying amount of the investment, but discloses the losses in the footnotes. Equity-method investment is reviewed for impairment by assessing if the decline in market value of the investment below the carrying value is other-than-temporary. In making this determination, factors are evaluated in determining whether a loss in value should be recognized. These include consideration of the intent and ability of the Group to hold investment and the ability of the investee to sustain an earnings capacity, justifying the carrying amount of the investment. Impairment losses are recognized in other expense when a decline in value is deemed to be other-than-temporary. American Medical REIT Inc. LiquidValue Asset Management Pte. Ltd. (“LiquidValue”), a subsidiary of the Company owns less than 3.4 % of American Medical REIT Inc. (“AMRE”) as of September 30, 2021, a startup REIT company concentrating on medical real estate. AMRE acquires state-of-the-art, purpose-built healthcare facilities and leases them to leading clinical operators with dominant market share under secure triple net leases. AMRE targets hospitals (both Critical Access and Specialty Surgical), Physician Group Practices, Ambulatory Surgical Centers, and other licensed medical treatment facilities. Chan Heng Fai, our CEO, is the executive chairman and director of AMRE. LiquidValue did not invest equity but provided a loan to AMRE (for further details on this transaction, refer to Note 10, Related Party Transactions). On balance sheet, the prorate loss from AMRE was not recorded as a liability because the Company is not liable for the obligations of AMRE and also not committed to provide additional financial support. Sweet Sense, Inc. BioLife Sugar, Inc. (“BioLife’), a subsidiary consolidated under Alset International, entered into a joint venture agreement on April 25, 2018 with Quality Ingredients, LLC (“QI”). The agreement created an entity called Sweet Sense, Inc. (“Sweet Sense”) which was 50 50 50 On November 8, 2019, Impact BioMedical Inc., a subsidiary of the Company, purchased 50 91,000 90,001 91,000 90,001 81.8 Joint Venture with Novum On April 20, 2021, one of Company’s indirect subsidiaries, SeD Capital Pte. Ltd. (“SeD Capital”), entered into joint venture agreement with a 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. On the consolidated balance sheet, the prorate loss from Credas was not recorded as a liability because the Company is not liable for the obligations of Credas and also not committed to provide additional financial support . American Pacific Bancorp, Inc. Pursuant to Securities Purchase Agreement from March 12, 2021 the Company purchased of 4,775,523 shares of the common stock of American Pacific Bancorp Inc. (“APB”) and gained majority ownership in that entity. APB was consolidated into the Company under common control accounting (See Transactions between Entities under Common Control for details). On September 8, 2021 APB sold 6,666,700 shares Series A Common Stock to Document Security Systems, Inc. 40,000,200 cash. As a result of the new share issuances, the Company’s ownership percentage of APB fell below 50% to 41.3% and the entity was deconsolidated in accordance with ASC 810-10. Upon deconsolidation the Company elected to apply the equity method accounting as the Company still retained significant influence. As a result of the deconsolidation, the Company recognized gain of approximately $ 28.2 30.8 2.9 87,390 30,940,518 Investment in Debt Securities Debt securities are reported at fair value, with unrealized gains and losses (other than impairment losses) recognized in accumulated other comprehensive income or loss. Realized gains and losses on debt securities are recognized in the net income in the consolidated statements of comprehensive income. The Company monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. The Company invested $ 50,000 10,009 66,978 On February 26, 2021, the Company invested approximately $ 88,599 2 two years 21.26 88,599 Variable Interest Entity Under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810, Consolidation The Company evaluates its interests in VIE’s on an ongoing basis and consolidates any VIE in which it has a controlling financial interest and is deemed to be the primary beneficiary. A controlling financial interest has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact its economic performance; and (ii) the obligation to absorb losses of the VIE that could potentially be significant to it or the right to receive benefits from the VIE that could be significant to the VIE. HWH World Company Limited HWH World Co. is a direct sales company in Thailand. The Company has a 19% ownership and lent a loan of $187,500 with zero interest and due on demand, to HWH World Co. The current level of equity in HWH World Co. is not sufficient to permit if to operate on its own without additional subordinated financial support. The Company has a variable interest in HWH World Co. However, The Company is not deemed to absorb losses or receive benefits that could potentially be significant to HWH World Co. Ltd. The Company does not also have the ultimate power over the activities which can impact VIE’s economic performance, like developing company budgets or overseen and controlling the management. The power to direct the activities are held by the manager in Thailand who owns 51% of the HWH World Co. Therefore, the Company is not a primary beneficiary of this VIE and does not consolidate it. On September 30, 2021 and December 31, 2020 variable interest and amount receivable in the non-consolidated VIE was $ 232,124 42,562 American Medical REIT Inc. The Company has less than 3.4% ownership in AMRE and lent a loan of $ 200,000 8 March 3, 2022 225,398 213,431 Credas Capital Pte Ltd The Company has a 50% ownership of Credas Capital Pte Ltd (“Credas”) and lent a loan of $ 134,718 134,718 0 Real Estate Assets Real estate assets are recorded at cost, except when acquired real estate assets 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 $ 1.8 million and $ 2.8 million for the three months ended September 30, 2021 and 2020, respectively. The Company capitalized construction costs of approximately $ 3.2 million and $ 8.9 million for the nine months ended September 30, 2021 and 2020, respectively. The Company’s policy is to obtain an independent third-party valuation for each major project in the United States as part of our assessment of identifying potential triggering events for impairment. Management may use the market comparison method to value other relatively small projects, such as the project in Perth, Australia. In addition to the annual assessment of potential triggering events in accordance with ASC 360 – Property Plant and Equipment The Company did not record impairment on any of its projects during the three and nine months ended on September 30, 2021 and 2020. Properties under development Properties under development are properties being constructed for sale in the ordinary course of business, rather than to be held for the Company’s own use, rental or capital appreciation. Rental Properties Rental properties are acquired with the intent to be rented to tenants. During the nine months ended September 30, 2021, the Company signed multiple purchase agreements to acquire 46 homes in Montgomery and Harris Counties, Texas. By September 30, 2021, all of the 46 homes were closed with an aggregate purchase cost of $ 10,662,228 . All of these purchased homes are properties of our rental business. Investments in Single-Family Residential Properties The Company accounts for its investments in single-family residential properties as asset acquisitions and records these acquisitions at their purchase price. The purchase price is allocated between land, building, improvements and existing leases based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, title fees, property inspection and valuation fees, as well as other closing costs. Building improvements and buildings are depreciated over estimated useful lives of approximately 10 27.5 The Company assesses its investments in single-family residential properties for impairment whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset’s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company did not recognize any impairment losses during the nine months ended on September 30, 2021. Revenue Recognition and Cost of Revenue ASC 606 - Revenue from Contracts with Customers In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. The provisions of ASC 606 include a five-step process by which the determination of revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which the Company expects to be entitled in exchange for those goods or services. ASC 606 requires the Company to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, performance obligations are satisfied. The following represents the Company’s revenue recognition policies by Segments: Real Estate Property Sales The Company’s main business is land development. The Company purchases land and develops it for building into residential communities. The developed lots are sold to builders (customers) for the construction of new homes. The builders enter into sales contracts with the Company before they take the lots. The prices and timeline are determined and agreed upon in the contracts. The builders do the inspections to make sure all conditions and requirements in contracts are met before purchasing the lots. A detailed breakdown of the five-step process for the revenue recognition of the Ballenger project, which represented approximately 70 99 ● Identify the contract with a customer. The Company has signed agreements with the builders for developing the raw land to ready to build lots. The contract has agreed upon prices, timelines, and specifications for what is to be provided. ● Identify the performance obligations in the contract. Performance obligations of the Company include delivering developed lots to the customer, which are required to meet certain specifications that are outlined in the contract. The customer inspects all lots prior to accepting title to ensure all specifications are met. ● Determine the transaction price. The transaction price per lot is fixed and specified in the contract. Any subsequent change orders or price changes are required to be approved by both parties. ● Allocate the transaction price to performance obligations in the contract. Each lot or a group of lots is considered to be a separate performance obligation, for which the specified price in the contract is allocated to. ● Recognize revenue when (or as) the entity satisfies a performance obligation. The builders do the inspections to make sure all conditions/requirements are met before taking title of lots. The Company recognizes revenue at a point in time when title is transferred. The Company does not have further performance obligations or continuing involvement once title is transferred. Rental Revenue The Company leases real estate properties to its tenants under leases that are predominately classified as operating leases, in accordance with ASC 842, Leases (“ASC 842”). Real estate rental revenue is comprised of minimum base rent and revenue from the collection of lease termination fees. Rent from tenants is recorded in accordance with the terms of each lease agreement on a straight-line basis over the initial term of the lease. Rental revenue recognition begins when the tenant controls the space and continues through the term of the related lease. Generally, at the end of the lease term, the Company provides the tenant with a one year renewal option, including mostly the same terms and conditions provided under the initial lease term, subject to rent increases. The Company defers rental revenue related to lease payments received from tenants in advance of their due dates. These amounts are presented within deferred revenues and other payables on the Company’s consolidated balance sheets. Rental revenue is subject to an evaluation for collectability on several factors, including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, and current economic conditions. If our evaluation of these factors indicates that it is not probable that we will recover substantially all of the receivable, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis (as applicable) or the lease payments that have been collected from the lessee. Differences between rental revenue recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable or straight-line rent liability, as applicable. For the nine months ended September 30, 2021, the Company didn’t recognize any deferred revenue and collected all rents due. Sale of the Front Foot Benefit Assessments We have established a front foot benefit (“FFB”) assessment on all of the NVR lots. This is a 30-year annual assessment allowed in Frederick County which requires homeowners to reimburse the developer for the costs of installing public water and sewer to the lots. These assessments become effective as homes are settled, at which time we can sell the collection rights to investors who will pay an upfront lump sum, enabling us to realize the revenue more quickly. The selling prices range from $ 3,000 4,500 182,813 54,147 431,458 169,349 Cost of Revenues Real Estate ● Cost of Real Estate Sale All of the costs of real estate sales are from our land development business. Land acquisition costs are allocated to each lot based on the area method, the size of the lot comparing to the total size of all lots in the project. Development costs and capitalized interest are allocated to lots sold based on the total expected development and interest costs of the completed project and allocating a percentage of those costs based on the selling price of the sold lot compared to the expected sales values of all lots in the project. If allocation of development costs and capitalized interest based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on area method, the size of the lot comparing to the total size of all lots in the project. ● Cost of Rental Revenue Cost of rental revenue consists primarily o |
CONCENTRATIONS
CONCENTRATIONS | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | 4. CONCENTRATIONS The Company maintains cash balances at various financial institutions in different countries. These balances are usually secured by the central banks’ insurance companies. At times, these balances may exceed the insurance limits. As of September 30, 2021 and December 31, 2020, uninsured cash and restricted cash balances were $ 70,219,636 25,752,637 For the three months ended September 30, 2021, two customers accounted for approximately 95 5 99 1 96 4 98 2 |
SEGMENTS
SEGMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTS | 5. SEGMENTS Operating segments are defined as components of an enterprise about which separate financial information is available, that is evaluated regularly by the chief operating decision maker, or decision–making group, in deciding how to allocate resources and assessing performance. The Company’s chief operating decision-maker is the CEO. The Company operates in and reports four business segments: real estate, digital transformation technology, biohealth, and other business activities. At the present time, our financial services activities are reported under our other business activities. Our biohealth revenues include the sale of consumer products. The Company’s reportable segments are determined based on the services they perform and the products they sell, not on the geographic area in which they operate. The Company’s chief operating decision-maker evaluates segment performance based on segment revenue. Costs excluded from segment income (loss) before taxes and reported as “Other” consist of corporate general and administrative activities which are not allocable to the four reportable segments. The following table summarizes the Company’s segment information for the following balance sheet dates presented, and for the nine months ended September 30, 2021 and 2020: SCHEDULE OF SEGMENT INFORMATION Nine Months Ended September 30, 2021 Real Estate Digital Transformation Technology Biohealth Business Other Total Nine Months Ended September 30, 2021 Revenue $ 12,026,069 $ - $ 4,919,844 $ - $ 16,945,913 Cost of Sales (8,291,698 ) - (218,507 ) - (8,510,205 ) Gross Margin 3,734,371 - 4,701,337 - 8,435,708 Operating Expenses (901,236 ) (173,594 ) (3,451,152 ) (8,940,432 ) (13,466,414 ) Operating Income (Loss) 2,833,135 (173,594 ) 1,250,185 (8,940,432 ) (5,030,706 ) Other Income (Expense) (9,063 ) 403,000 (33,960,503 ) (53,727,340 ) (87,293,906 ) Net Income (Loss) Before Income Tax 2,824,072 229,406 (32,710,318 ) (62,667,772 ) (92,324,612 ) Nine Months ended September 30, 2020 Real Estate Digital Transformation Technology Biohealth Business Other Total Nine Months ended September 30, 2020 Revenue $ 7,148,786 $ - $ 31,133 $ - $ 7,179,919 Cost of Sales (5,603,164 ) - (6,139 ) - (5,609,303 ) Gross Margin 1,545,622 - 24,994 - 1,570,616 Operating Expenses (634,254 ) (87,972 ) (388,083 ) (3,424,869 ) (4,535,178 ) Operating Income (Loss) 911,368 (87,972 ) (363,089 ) (3,424,869 ) (2,964,562 ) Other Income (Expense) (2,646 ) 115 (10,211,916 ) 433,844 (9,780,603 ) Net Income (Loss) Before Income Tax 908,722 (87,857 ) (10,575,005 ) (2,991,025 ) (12,745,165 ) September 30, 2021 Cash and Restricted Cash $ 7,951,918 $ 228,627 $ 2,845,805 $ 61,914,783 $ 72,941,133 Total Assets 42,348,896 1,252,457 18,136,991 113,397,797 175,136,141 December 31, 2020 Cash and Restricted Cash $ 8,150,769 $ 158,058 $ 1,590,265 $ 21,836,387 $ 31,735,479 Total Assets 28,954,484 158,160 524,603 78,076,498 107,713,745 |
BUSINESS UNDER COMMON CONTROL
BUSINESS UNDER COMMON CONTROL | 9 Months Ended |
Sep. 30, 2021 | |
Business Under Common Control | |
BUSINESS UNDER COMMON CONTROL | 6. BUSINESS UNDER COMMON CONTROL Due to the transactions with Chan Heng Fai on March 12, 2021 and acquisition of HengFeng Finance Limited (“HFL”) on April 21, 2021, transactions between entities under common control (for further details on these transactions, refer to Note 3 – Summary of Significant Accounting Policies), the Company has disclosed the Consolidated Statement of Operations and Other Comprehensive Income for the Nine Months Ended on September 30, 2020 and Consolidated Balance Sheet as of December 31, 2020, to adjust the information on a consolidated basis as follows: Consolidated Statement of Operations and Other Comprehensive Income for the Nine Months Ended on September 30, 2020 SCHEDULE OF ADJUSTMENT INFORMATION As Acquisition of APB and HFL under Common Control Acquisition of LVD Ltd under Common Control As Combined Revenue Real Estate $ 7,148,786 $ - $ - $ 7,148,786 Biohealth 31,133 - - 31,133 Total Revenue 7,179,919 - - 7,179,919 Operating Expenses Cost of Sales 5,609,303 - - 5,609,303 General and Administrative 4,196,939 330,665 7,574 4,535,178 Total Operating Expenses 9,806,242 330,665 7,574 10,144,481 Loss From Operations (2,626,323 ) (330,665 ) (7,574 ) (2,964,562 ) Other Income (Expense) Interest Income 14,995 32,801 67 47,863 Interest Expense (160,341 ) - - (160,341 ) Foreign Exchange Transaction Gain 960,268 - 21,296 981,564 Unrealized Gain (Loss) on Securities Investment (10,877,960 ) (5,311 ) 122 (10,883,149 ) Realized Gain on Security Investment - - 444,508 444,508 Loss on Investment on Security by Equity Method (193,132 ) - - (193,132 ) Finance Cost - (73,041 ) - (73,041 ) Other Income 52,847 2,278 - 55,125 Total Other Income (Expense), Net (10,203,323 ) (43,273 ) 465,993 (9,780,603 ) Net Income (Loss) from Continuing Operations Before Income Taxes (12,829,646 ) (373,938 ) 458,419 (12,745,165 ) Income Tax Expense from Continuing Operations (188,759 ) - - (188,759 ) Net Income (Loss) from Continuing Operations (13,018,405 ) (373,938 ) 458,419 (12,933,924 ) Loss from Discontinued Operations, Net of Tax (417,438 ) - - (417,438 ) Net Income (Loss) (13,435,843 ) (373,938 ) 458,419 (13,351,362 ) Net Loss Attributable to Non-Controlling Interest (4,126,352 ) (50,706 ) - (4,177,058 ) Net Income (Loss) Attributable to Common Stockholders $ (9,309,491 ) $ (323,232 ) $ 458,419 $ (9,174,304 ) Other Comprehensive Loss, Net Unrealized Gain on Securities Investment 29,639 - - 29,639 Foreign Currency Translation Adjustment (585,085 ) - - (585,085 ) Comprehensive Income (Loss) (13,991,289 ) (373,938 ) 458,419 (13,906,808 ) Comprehensive Loss Attributable to Non-controlling Interests (4,190,100 ) (50,706 ) - (4,240,806 ) Comprehensive Income (Loss) Attributable to Common Stockholders $ (9,801,189 ) $ (323,232 ) $ 458,419 $ (9,666,002 ) Net Loss Per Share - Basic and Diluted Continuing Operations $ (1.07 ) $ (1.01 ) Discontinued Operations $ (0.03 ) $ (0.04 ) Net Income Per Share $ (1.10 ) $ (1.05 ) Weighted Average Common Shares Outstanding - Basic and Diluted 8,712,081 8,712,081 Consolidated Balance Sheet as of December 31, 2020 As Previously Reported Acquisition of APB and HFL under Common Control Acquisition of LVD Ltd under Common Control Eliminations As Assets: Current Assets: Cash $ 22,124,491 $ 2,348,478 $ 492,977 $ - $ 24,965,946 Restricted Cash 6,769,533 - - - 6,769,533 Account Receivables, Net 1,366,194 - - - 1,366,194 Other Receivables 270,222 279,177 95,177 - 644,576 Note Receivables - Related Party 624,986 24,583 - - 649,569 Prepaid Expenses 1,470,680 - - - 1,470,680 Inventory 90,068 - - - 90,068 Investment in Securities at Fair Value 48,857,483 313,343 1,631 - 49,172,457 Investment in Securities at Cost 280,516 - - - 280,516 Investment in Securities on Equity Method - - 74,535 (74,535 ) - Deposits 47,019 1,801 - - 48,820 Total Current Assets 81,901,192 2,967,382 664,320 (74,535 ) 85,458,359 Real Estate Properties under Development 20,505,591 - - - 20,505,591 Operating Lease Right-Of-Use Asset 574,754 - - - 574,754 Deposit 249,676 - - - 249,676 Loan Receivable - 840,000 - - 840,000 Property and Equipment, Net 85,365 - - - 85,365 Total Assets $ 103,316,578 $ 3,807,382 $ 664,320 $ (74,535 ) $ 107,713,745 Liabilities and Stockholders’ Equity: Current Liabilities: Accounts Payable and Accrued Expenses $ 1,553,132 $ 118,133 $ - $ - $ 1,671,226 Deferred Revenue 2,867,226 - - - 2,867,226 Builder Deposits 1,262,336 - - - 1,262,336 Operating Lease Liability 381,412 - - - 381,412 Note Payable 172,706 - - - 172,706 Note Payable- Related Parties 1,526,208 184,250 823,823 - 2,534,281 Total Current Liabilities 7,763,020 302,383 823,823 - 8,889,226 Long-Term Liabilities: Builder Deposits - - - - - Operating Lease Liability 193,342 - - - 193,342 Notes Payable 636,362 - - - 636,362 Total Liabilities 8,592,724 302,383 823,823 - 9,718,930 Stockholders’ Equity: Common Stock 8,570 47,756 - (47,756 ) 8,570 Additional Paid in Capital 97,950,440 3,975,261 756,487 47,756 102,729,944 Accumulated Deficit (43,010,991 ) (993,296 ) (906,010 ) - (44,910,297 ) Accumulated Other Comprehensive Income (Loss) 2,153,318 - (9,980 ) - 2,143,338 Total Stockholders’ Equity 57,101,337 3,029,721 (159,503 ) - 59,971,555 Non-controlling Interests 37,622,517 475,278 - (74,535 ) 38,023,260 Total Stockholders’ Equity 94,723,854 3,504,999 (159,503 ) (74,535 ) 97,994,815 Total Liabilities and Stockholders’ Equity $ 103,316,578 $ 3,807,382 $ 664,320 $ (74,535 ) $ 107,713,745 |
REAL ESTATE ASSETS
REAL ESTATE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
REAL ESTATE ASSETS | 7. REAL ESTATE ASSETS As of September 30, 2021 and December 31, 2020, real estate assets consisted of the following: SCHEDULE OF REAL ESTATE ASSETS September 30, 2021 December 31, 2020 Construction in Progress $ 6,453,072 $ 9,567,841 Land Held for Development 9,174,185 10,937,750 Rental Properties, net 11,027,736 - Total Real Estate Assets $ 26,654,993 $ 20,505,591 Single family residential properties As of September 30, 2021, the Company owns 46 Single Family Residential Properties (“SFRs”) in Montgomery and Harris Counties, Texas. The Company’s aggregate investment in those SFRs was $10.7 million. Depreciation expense was $38,533 and $0 in three months ended September 30, 2021 and 2020, respectively. Depreciation expense was $53,755 and $0 in nine months ended September 30, 2021 and 2020, respectively. The following table presents the summary of our SRFs as of September 30, 2021: SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES Number of Aggregate investment Average Investment per Home SFRs 46 $ 10,662,228 $ 231,788 |
BUILDER DEPOSITS
BUILDER DEPOSITS | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Builder Deposits Abstract | |
BUILDER DEPOSITS | 8. BUILDER DEPOSITS In November 2015, SeD Maryland Development, LLC (“SeD Maryland”) entered into lot purchase agreements with NVR, Inc. (“NVR”) relating to the sale of single-family home and townhome lots to NVR in the Ballenger Run Project. The purchase agreements were amended three times thereafter. Based on the agreements, NVR is entitled to purchase 479 64,000,000 3 As part of the agreements, NVR was required to give a deposit in the amount of $ 5,600,000 9.9 100,000 220,000 244,936 1,262,336 |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 9. NOTES PAYABLE As of September 30, 2021 and December 31, 2020, notes payable consisted of the following: SCHEDULE OF NOTES PAYABLE September 30, 2021 December 31, 2020 M&T Bank Loan, Net of Debt Discount - 636,362 PPP Loan 68,502 - Australia Loan 161,546 172,706 Hire Purchase 89,206 - Total notes payable $ 319,254 $ 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 18,500,000 900,000 1.5 2,600,000 the outstanding balance of the revolving loan was $0 381,823 On June 18, 2020, Alset EHome Inc. (“Alset EHome”), a wholly owned subsidiary of LiquidValue Development Inc., entered into a Loan Agreement with Manufacturers and Traders Trust Company (the “Lender”). Pursuant to the Loan Agreement, the Lender provided a non-revolving loan to Alset EHome in an aggregate amount of up to $ 2,990,000 July 1, 2022 20,000,000 During the year ended December 31, 2020, Alset EHome borrowed $ 664,810 from M&T Bank, incurring at the same time a loan origination fees of $ 61,679 which were amortized over the term of the loan. As of December 31, 2020, the remaining unamortized debt discount was $ 42,906 . The loan in the amount of $ 664,810 , together with all accrued interests of $ 25,225 , was paid off on May 28, 2021. The loan was closed in June 2021. Additionally, the debt discount of $ 42,907 was fully amortized during the six months ended June 30, 2021. Paycheck Protection Program Loan On February 11, 2021, the Company entered into a five year 68,502 1.00 The PPP Term Note is unsecured and guaranteed by the United States Small Business Administration. The Company may apply to M&T Bank for forgiveness of the PPP Term Note, with the amount which may be forgiven equal to at least 60 68,502 Australia Loan On January 7, 2017, SeD Perth Pty Ltd (“SeD Perth”) entered into a loan agreement with National Australian Bank Limited (the “Australia Loan”) for the purpose of funding land development. The loan facility provides SeD Perth with access to funding of up to approximately $ 460,000 December 31, 2018 36,059 500,000 4.12 4.86 4.36 5.57 179,000 April 30, 2022 Singapore Car Loan On May 17, 2021, Alset International Limited entered into a Hire Purchase Agreement with Hong Leong Finance Limited to purchase a car for business. The total purchase price of the car, including associated charges, was approximately $ 184,596 . Alset International paid an initial deposit of $ 78,640 , and would make monthly instalment of approximately $1,300, including interest of 1.88 % per annum, for the 84 months. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS Personal Guarantees by Directors As of September 30, 2021 and December 31, 2020, a director of the Company had provided personal guarantees amounting to approximately $ 500,000 Sale of Investment in Vivacitas to DSS On March 18, 2021, the Company sold equity investment in Vivacitas, a U.S.-based biopharmaceutical company, equalling 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 our Company, holds a director position on both Vivacitas and DSS. After this transaction, we do not own any investment in Vivacitas. Our original cost of common stock and stock option of Vivacitas was $ 200,128 . We did not recognize gain or loss in this transaction. The difference of $ 2,279,872 between the selling price and our original investment cost was recorded as additional paid capital considering it was a related party transaction. Purchase of stock in True Partners Capital Holding Limited On March 12, 2021, the Company purchased 62,122,908 6,729,629 10,003,689 3,274,060 Notes Payable Chan Heng Fai provided an interest-free, due on demand advance to LiquidValue Development Pte. Ltd. and its subsidiary LiquidValue Development Limited for the general operations. As of September 30, 2021 and December 31, 2020, the outstanding balance was approximately $ 830,243 823,823 Chan Heng Fai provided an interest-free, due on demand advance to Alset EHome International for the Company’s general operations. The advance was paid back during the nine months ended September 30, 2021 and as of September 30, 2021 and December 31, 2020, the outstanding balance was $ 0 178,400 Chan Heng Fai provided an interest-free, due on demand advance to SeD Perth Pty. Ltd. for its general operations. As of September 30, 2021 and December 31, 2020, the outstanding balance was $ 13,450 14,379 On August 20, 2020, the Company acquired 30,000,000 1,333,429 1,321,600 11,829 1,333,429 On March 12, 2021, the Company entered into a Securities Purchase Agreement (the “SPA”) with Chan Heng Fai, the founder, Chairman and Chief Executive Officer of the Company, for four proposed transactions, consisting of (i) purchase of certain warrants (the “Warrants”) to purchase 1,500,000,000 28,363,966 173,395 62,122,908 6,729,629 4,775,523 28,653,138 63,920,129 0.001 5.59 10.03 50,770,192 63,920,128 306,438 2,123 9,163,965 On May 14, 2021, the Company borrowed S$ 7,395,472 5,545,495 4,423,095 Chan Heng Fai provided an interest-free, due on demand advance to HengFeng Finance Limited for the general operations. As of September 0 184,250 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 60,000 60,000 240,000 180,000 60,000 20,000 0 Notes Receivable from Related Party Companies On March 2, 2020, LiquidValue Asset Management Pte. Ltd. (“LiquidValue”) received a $ 200,000 Promissory Note from American Medical REIT Inc. (“AMRE”), a company which is less than 3.5 % owned by LiquidValue as of September 30, 2021. Chan Heng Fai and Chan Tung Moe 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 of $ 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 September 30, 2021 and December 31, 2020, the fair market value of the warrants was $ 0 . The Company accrued $ 25,398 and $ 13,431 interest income as of September 30, 2021 and December 31, 2020, respectively. On January 24, 2017, SeD Capital Pte Ltd, a 100 % owned subsidiary of Alset International lent $ 350,000 to iGalen Inc. The term of the loan was two years , with an interest rate of 3% per annum for the first year and 5% per annum for the second year. The expiration term was renewed as due on demand after two years with 5% per annum interest rate . As of December 31, 2020, the outstanding principle was $ 350,000 and accrued interest $ 61,555 . On September 30, 2021, the management of the Company evaluated the financial and the operation results of iGalen and concluded that possibility to repay this loan is not probable, and the principal and accrued interests total of $ 412,754 was recorded as bad debt expense. As of September 30, 2021, the Company provided advances for operation of $ 232,124 19 On April 20, 2021, SeD Capital Pte Ltd entered into Joint Venture Agreement with Novum Alpha Pte Ltd., pursuant to which, each company owns 50 150,000 100,000 134,718 Loan to Employees On November 24, 2020, American Pacific Bancorp. Inc. lent $ 560,000 6 November 23, 2023 This loan was secured by an irrevocable letter of instruction on 80,000 shares of Alset EHome International. 280,000 6 This loan was secured by an irrevocable letter of instruction on 40,000 shares of Alset EHome International 840,000 28,031 |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
EQUITY | 11. EQUITY On June 14, 2021, the Company filed an amendment (the “Amendment”) to its Third Amended and Restated Certificate of Incorporation, as amended, to increase the Company’s authorized share capital. The Amendment increased the Company’s authorized share capital to 250,000,000 25,000,000 20,000,000 5,000,000 The Company has designated 6,380 2,132 Holders of the Series A Preferred Stock shall be entitled to receive dividends equal, on an as-if-converted basis, to and in the same form as dividends actually paid on shares of the Company’s common stock, par value $ 0.001 Holders of the Series B Preferred Stock shall be entitled to receive dividends equal, on an as-if-converted basis, to and in the same form as dividends actually paid on shares of the Company’s common stock par value $ 0.001 The Company analyzed the Preferred stock and the embedded conversion option for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging” and determined that the conversion option should be classified as equity. On January 19, 2021, the Company issued 10,000 60,900 On May 3, 2021, the Company entered into a Loan and Exchange Agreement with its Chief Executive Officer, Chan Heng Fai pursuant to which he loaned the Company his shares of Common Stock of the Company by exchanging 6,380,000 6,380 6,380,000 6,380 On May 12, 2021, the Company entered into an Exchange Agreement with Chan Heng Fai, pursuant to which he converted $ 13,000,000 of note payable for 2,132 shares of the Company’s newly designated Series B Preferred Stock. Effective upon the filing of the Amendment in June 2021, the Company issued Chan Heng Fai 2,132,000 shares of common stock upon the automatic conversion of all 2,132 outstanding shares of the Company’s Series B Convertible Preferred Stock. On May 10, 2021, the Company entered into an underwriting agreement with Aegis Capital Corp., as the sole book-running manager and representative of the underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “May’s Offering”) of (i) 4,700,637 5.07 0.001 5.07 6.59 1,611,000 5.06 1,611,000 The Company also granted the Underwriters a 45-day over-allotment option to purchase up to 808,363 808,363 808,363 808,363 404,181 808,363 808,363 808,363 5.07 808,363 1,364,025 6,598 8,487,324 39,765,440 The Company incurred approximately $ 88,848 The following table presents net funds received from the May’s Offering and warrants exercised as of September 30, 2021. SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED Shares Par value Amount received Offering 4,700,637 $ 4,701 $ 29,145,056 Exercise of Pre-Funded Units 1,611,000 $ 1,611 $ 16,110 Exercise of Underwriter’s Series A Warrants 808,363 $ 808 $ 3,755,774 Exercise of Series A and Series B Warrants 1,367,324 $ 1,367 $ 6,937,347 Offering Expenses - $ - $ (88,848 ) Total 8,487,324 $ 8,487 $ 39,765,439 On July 27, 2021, the Company entered into another underwriting agreement with Aegis Capital Corp., as the sole book-running manager and representative of the underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “July’s Offering”) of (i) 5,324,139 0.001 2.12 9,770,200 9,770,200 2.11 33,392,444 The Company granted the Underwriters a 45-day over-allotment option to purchase up to 2,264,150 7.0% 1.5% 520,754 2.65 2,264,150 4,386,998 The Pre-funded Warrants were offered and sold to purchasers whose purchase of Common Stock in the Offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of the Company’s outstanding Common Stock immediately following the consummation of the Offering in lieu of Common Stock that would otherwise result in the purchaser’s beneficial ownership exceeding 4.99% of the Company’s outstanding Common Stock (or, at the election of the purchaser, 9.99%). Each Pre-funded Warrant is exercisable for one share of Common Stock at an exercise price of $0.01 per share. The Pre-funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-funded Warrants are exercised in full. The Company incurred approximately $ 49,553 The following table presents net funds received from the July’s Offering and warrants exercised as of September 30, 2021. Shares Par value Amount received Offering 5,324,139 $ 5,324 $ 28,957,297 Exercise of Pre-Funded Units 9,770,200 $ 9,770 $ 97,702 Exercise of Underwriter’s Over-Allotment Option 2,264,150 $ 2,264 $ 4,386,998 Offering Expenses - $ - $ (49,553 ) Total 17,358,489 $ 17,358 $ 33,392,444 On September 30, 2021, there were 45,721,779 The following table summarizes the warrant activity for the nine months ended September 30, 2021. SCHEDULE OF WARRANT ACTIVITY Warrant for Weighted Remaining Contractual Aggregate Warrants Outstanding as of December 31, 2020 108,000 $ 9.80 2.91 $ - Warrants Vested and exercisable at December 31, 2020 108,000 $ 9.80 2.91 $ - Granted 24,530,955 2.49 Exercised (11,949,186 ) 0.93 Forfeited, cancelled, expired - - Warrants Outstanding as of September 30, 2021 12,689,769 $ 4.02 4.48 $ - Warrants Vested and exercisable at September 30, 2021 12,689,769 $ 4.02 4.48 $ - GigWorld Inc. Sale of Shares During the nine months ended, September 30, 2021, the Company sold 280,000 280,000 505,381,376 506,898,576 99% During the nine months ended, September 30, 2020, the Company sold 207,300 177,300 505,976,376 506,898,576 99% During the nine months ended September 30, 2021 and 2020, the sales of GigWorld’s shares were de minimis compared to its outstanding shares and did not change the minority interest. Distribution to Minority Shareholder During the nine months ended September 30, 2021, SeD Maryland Development LLC Board approved the payment distribution plan to members and paid $ 1,398,250 197,400 Changes of Ownership of Alset International In the nine months ended September 30, 2021, Alset International issued 1,463,050,584 0.04 51,566,321 73,292 1,500,000 57.1% 75.1% |
LEASE INCOME
LEASE INCOME | 9 Months Ended |
Sep. 30, 2021 | |
Lease Income | |
LEASE INCOME | 12. LEASE INCOME The Company generally rents its SFRs under lease agreements with a term of one year SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS 2021 $ 143,025 2022 273,826 Total Future Receipts $ 416,851 Property Management Agreements The Company has entered into property management agreement with the property managers under which the property managers generally oversee and direct the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. The Company pays its property managers a property management fee of $ 90 4,640 0 7,380 0 33,330 0 47,805 0 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 13. DISCONTINUED OPERATIONS On April 27, 2020, Global BioMedical Pte Ltd (“GBM”), one of our subsidiaries, entered into a share exchange agreement with DSS BioHealth Security, Inc. (“DBHS”), a wholly owned subsidiary of Document Securities Systems Inc. (“DSS”), pursuant to which, DBHS agreed to acquire all of the outstanding capital stock of Impact BioMedical Inc, a wholly owned subsidiary of GBM, through a share exchange. It was agreed that the aggregate consideration to be issued to GBM for the Impact BioMedical shares would be the following: (i) 483,334 46,868 46,868,000 1,000 6.48 19.9% 1,000 Under ASU 2014-08, a disposal transaction meets the definition of a discontinued operation if all of the following criteria are met: 1. The disposal group constitutes a component of an entity or a group of components of an entity. 2. The component of an entity (or group of components of an entity) meets the held-for-sale classification criteria, is disposed of by sale, or is disposed of other than by sale (e.g., “by abandonment, in an exchange measured based on the recorded amount of the nonmonetary asset relinquished, or in a distribution to owners in a spinoff”). 3. The disposal of a component of an entity (or group of components of an entity) “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results”. Impact BioMedical Inc and its subsidiaries have financial reporting. The transaction is a disposal by sale and has a major effect on our financial results. Since it meets all of the test criteria set forth above, we have treated this disposal transaction as a discontinued operations in our consolidated financial statements. On August 21, 2020, the transaction closed and Impact BioMedical Inc became a direct wholly owned subsidiary of DBHS. GBM received 483,334 46,868 7,232,716 500,001 9.7% 4,293 662,500 6.95 46,284,171 94,011 46,190,160 During the three months ended September 30, 2021 and 2020, the discontinued operation loss from Impact BioMedical Inc was $ 0 56,053 0 417,438 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Accumulated Other Comprehensive Income Abstract | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | 14. ACCUMULATED OTHER COMPREHENSIVE INCOME Following is a summary of the changes in the balances of accumulated other comprehensive income, net of tax: SCHEDULE OF CHANGES IN THE BALANCES OF ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Non-Controlling Interests Total Balance at January 1, 2021 $ (48,758 ) $ 2,258,017 $ (65,921 ) $ 2,143,338 Other Comprehensive Income (1,135 ) (1,010,527 ) (39,067 ) (1,050,729 ) Balance at March 31, 2021 $ (49,893 ) $ 1,247,490 $ (104,988 ) $ 1,092,609 Other Comprehensive Income (25,663 ) (764,544 ) (343,225 ) (1,133,432 ) Balance at June 30, 2021 $ (75,556 ) $ 482,946 $ (448,213 ) $ (40,823 ) Other Comprehensive Income (14,314 ) (930,005 ) (17,070 ) (961,389 ) Balance at September 30, 2021 $ (89,870 ) $ (447,059 ) $ (465,283 ) $ (1,002,212 ) Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2020 $ (59,888 ) $ 1,603,145 $ (84,968 ) $ 1,458,289 Other Comprehensive Income (8,240 ) (1,094,810 ) - (1,103,050 ) Balance at March 31, 2020 $ (68,128 ) $ 508,335 $ (84,968 ) $ 355,239 Other Comprehensive Income 8,147 389,413 (18,317 ) 379,243 Balance at June 30, 2020 $ (59,981 ) $ 897,748 $ (103,285 ) $ 734,482 Beginning Balance $ (59,981 ) $ 897,748 $ (103,285 ) $ 734,482 Other Comprehensive Income 14,865 235,837 50,420 301,122 Balance at September 30, 2020 $ (45,116 ) $ 1,133,585 $ (52,865 ) $ 1,035,604 Ending Balance $ (45,116 ) $ 1,133,585 $ (52,865 ) $ 1,035,604 |
INVESTMENTS MEASURED AT FAIR VA
INVESTMENTS MEASURED AT FAIR VALUE | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS MEASURED AT FAIR VALUE | 15. INVESTMENTS MEASURED AT FAIR VALUE Financial assets measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of September 30, 2021 and December 31, 2020: SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value September 30, 2021 Assets Investment Securities- Fair Value $ 58,291,320 $ 37,630,181 $ - $ - $ 37,630,181 Investment Securities- Trading 252,038 254,055 - - 254,055 Convertible Note Receivable 138,599 - - 98,608 98,608 Warrants - American Premium Water 754,606 - - 1,804,558 1,804,558 Warrants - AMRE - - - - - Total Investment in securities at Fair Value $ 59,364,563 $ 37,884,236 $ - $ 1,903,166 $ 39,787,402 Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value December 31, 2020 Assets Investment securities- Fair Value Option $ 7,404,911 $ 10,549,102 $ - $ - $ 10,549,102 Investment securities- Trading 17,650 18,654 - - 18,654 Convertible preferred stock 42,889,000 - - 37,675,000 37,675,000 Convertible note receivable 50,000 - - 66,978 66,978 Warrants - American Premium Water 860,342 - - 862,723 862,723 Warrants - AMRE - - - - - Stock Options - Vivacitas - - - - - Total Investment in securities at Fair Value $ 51,221,903 $ 10,567,756 $ - $ 38,604,701 $ 49,172,457 Realized loss on investment securities for the nine months ended September 30, 2021 was $ 2,218,988 444,508 35,972,445 10,883,149 56,969 29,636 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 September 30, 2021 and December 31, 2020, respectively. SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT Share price Market Value 9/30/2021 Shares 9/30/2021 Valuation DSS (Related Party) $ 1.290 19,888,262 * $ 25,655,858 Investment in Securities at Fair Value AMBS (Related Party) $ 0.011 20,000,000 $ 220,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.043 43,626,621 $ 1,856,184 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.004 272,039,000 $ 979,340 Investment in Securities at Fair Value True Partner $ 0.127 62,122,908 $ 7,898,298 Investment in Securities at Fair Value Value Exchange $ 0.157 6,500,000 $ 1,020,500 Investment in Securities at Fair Value Trading Stocks $ 254,057 Investment in Securities at Fair Value Total Level 1 Equity $ 37,884,238 Nervotech N/A 1,666 $ 36,833 Investment in Securities at Cost HWH World Co. N/A 20,000 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 18,809 Investment in Securities at Cost Total Equity Securities $ 37,982,442 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 $ 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 HWH World Co. 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”) DSS convertible preferred stock During the nine months ended September 30, 2021, Global BioMedical Pte Ltd. converted 42,575 preferred stock of DSS into 6,570,170 common shares of DSS. Sharing Services Convertible Note The fair value of the Sharing Services Convertible Note under level 3 category as of September 30, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS September 30, 2021 December 31, 2020 Dividend yield 0.00 % 0.00 % Expected volatility 113.63 % 210.07 % Risk free interest rate 3.25 % 0.13 % Contractual term (in years) 1.02 11.76 Exercise price $ 0.15 $ 0.15 We assumed dividend yield rate is 0.00 Changes in the observable input values would likely cause material changes in the fair value of the Company’s Level 3 financial instruments. A significant increase (decrease) in this likelihood would result in a higher (lower) fair value measurement. The table below provides a summary of the changes in fair value which are recorded as other comprehensive income (loss), including net transfers in and/or out of all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2021 and 2020: SCHEDULE OF CHANGE IN FAIR VALUE Total Balance at January 1, 2021 $ 66,978 Gain during deconsolidation Total losses (1,987 ) Acquisition of DSS Preferred Stock Balance at March 31, 2021 $ 64,991 Total losses (35,922 ) Balance at June 30, 2021 $ 29,069 Total losses (19,060 ) Balance at September 30, 2021 $ 10,009 Total Balance at January 1, 2020 $ 26,209 Total losses (12,599 ) Balance at March 31, 2020 $ 13,610 Total gain 13,115 Balance at June 30, 2020 $ 26,725 Beginning Balance $ 26,725 Gain during deconsolidation 21,628 Total losses (8,955,246 ) Acquisition of DSS Preferred Stock 63,849,002 Balance at September 30, 2020 $ 54,942,109 Ending Balance $ 54,942,109 Vector Com Convertible Bond On February 26, 2021, the Company invested approximately $ 88,599 2% two years 21.26 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 Note Receivable from a Related Party Company. 0 On July 17, 2020, the Company purchased 122,039,000 9.99% 1,220,390,000 0.0001 122,039 150,000,000 150,000,000 150,000 1,070,390,000 862,723 1,804,558 The fair value of the APW warrants under level 3 category as of September 30, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS September 30, 2021 December 31, 2020 Stock Price $ 0.0036 $ 0.0021 Exercise price 0.001 0.001 Risk free interest rate 1.41 % 0.88 % Annualized volatility 91.48 % 178.86 % Year to maturity 8.82 9.58 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES Lots Sales Agreement On November 23, 2015, SeD Maryland Development LLC completed the $ 15,700,000 197 15,000,000 197 On December 31, 2018, SeD Maryland entered into the Third Amendment to the Lot Purchase Agreement for Ballenger Run with NVR. Pursuant to the Third Amendment, SeD Maryland will convert the 5.9 acre CCRC parcel to 36 lots (the 28 feet wide villa lot) and sell to NVR. SeD Maryland pursued the required zoning approval to change the number of such lots from 85 to 121, which was approved in July 2019. Subsequently, SeD Maryland Development signed Fourth Amendment to the Lot Purchase Agreement, pursuant to which NVR agreed to purchase all of the new 121 lots. During the three months ended on September 30, 2021 and 2020, NVR purchased 18 26 76 72 464 388 Leases The Company leases offices in Maryland, Singapore, Magnolia, Texas, Hong Kong and South Korea through leased spaces aggregating approximately 15,811 2,265 23,297 140,685 149,565 405,677 278,143 SCHEDULE OF OPERATING AND RENEWED LEASE TERMS RENTAL Office Location Lease Term as of December 31, 2020 Renewed Lease term in 2021 Singapore June 2020 to May 2021 June 2021 to May 2022 Hong Kong October 2020 to October 2022 South Korea August 2020 to August 2022 Magnolia, Texas, USA November 2019 to April 2021 May 2021 to October 2021 Bethesda, Maryland, USA August 2015 to December 2020 January 2021 to March 2024 The Company adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) to recognize a right-of-use asset and a lease liability for all the leases with terms greater than twelve months. We elected the practical expedient to not recognize operating lease right-of-use assets and operating lease liabilities for lease agreements with terms less than 12 months. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As our leases do not provide a readily determinable implicit rates, we estimate our incremental borrowing rates to discount the lease payments based on information available at lease commencement. Our incremental borrowings rates are 3.9% in 2021 and at a range from 0.5% to 4.5% per annum in 2020, which were used as the discount rates. 599,481 611,644 574,754 574,754 The table below summarizes future payments due under these leases as of September 30, 2021. For the Years Ended December 31: SCHEDULE OF LEASE PAYMENTS 2021 $ 140,685 2022 356,038 2023 95,104 2024 24,430 Total Minimum Lease Payments 616,257 Less: Effect of Discounting (4,613 ) Present Value of Future Minimum Lease Payments 611,644 Less: Current Obligations under Leases (314,146 ) Long-term Lease Obligations $ 297,498 |
DIRECTORS AND EMPLOYEES_ BENEFI
DIRECTORS AND EMPLOYEES’ BENEFITS | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
DIRECTORS AND EMPLOYEES’ BENEFITS | 17. DIRECTORS AND EMPLOYEES’ BENEFITS Stock Option plans AEI The Company previously reserved 500,000 Alset International Stock Option plans On November 20, 2013, Alset International approved a Stock Option Plan (the “2013 Plan”). Employees, executive directors, and non-executive directors (including the independent directors) are eligible to participate in the 2013 Plan. The following tables summarize stock option activity under the 2013 Plan for the nine months ended September 30, 2021: SCHEDULE OF OPTION ACTIVITY Options for Common Shares Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2020 1,061,333 $ 0.09 3.00 $ - Vested and exercisable at December 31, 2020 1,061,333 $ 0.09 3.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of September 30, 2021 1,061,333 $ 0.09 2.50 $ - Vested and exercisable at September 30, 2021 1,061,333 $ 0.09 2.50 $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS On October 8, 2021, the Board of Managers of SeD Maryland Development LLC (the 83.55% 7,000,000 1,151,500 On October 13, 2021, BMI Capital Partners International Limited (“BMI”), a subsidiary of our majority-owned subsidiary Alset International Limited, entered into a loan agreement to loan $ 3,000,000 60% On October 29, 2021, the Company’s subsidiary, Alset International Limited, entered into a Subscription Agreement with American Medical REIT Inc. (“AMRE”) to purchase a convertible promissory note (the “AI Note”) in the principal amount of $ 8,350,000 25 months 8% 10 On October 29, 2021, another of the Company’s subsidiaries, LiquidValue Asset Management Pte. Ltd. (“LVAM”), entered into a Subscription Agreement with AMRE. On March 2, 2020 AMRE sold LVAM a promissory note (the “March 2020 Note”) for a purchase price of $ 200,000 200,000 200,000 three years 8% |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. These interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other interim periods or for any other future years. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2020 filed on April 14, 2021. The consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than 50% of the voting common stock The Company’s consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of September 30, 2021 and December 31, 2020, as follows: SCHEDULE OF SUBSIDIARIES Attributable interest as of, Name of subsidiary consolidated under AEI State or other jurisdiction of incorporation or organization September 30, 2021 December 31, 2020 % % Hengfai International Pte. Ltd Singapore 100 100 Hengfai Business Development Pte. Ltd Singapore 100 100 Heng Fai Enterprises Pte. Ltd. Singapore - 100 Global eHealth Limited Hong Kong 100 100 Alset International Limited (f.k.a. Singapore eDevelopment Limited) Singapore 75.1 57.1 Singapore Construction & Development Pte. Ltd. Singapore 75.1 57.1 Art eStudio Pte. Ltd Singapore 38.3 * 29.1 * Singapore Construction Pte. Ltd. Singapore 75.1 57.1 Global BioMedical Pte. Ltd. Singapore 75.1 57.1 Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) Singapore 75.1 57.1 Health Wealth Happiness Pte. Ltd. Singapore 75.1 57.1 SeD Capital Pte. Ltd. Singapore 75.1 57.1 LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) Singapore 75.1 46.9 * SeD Home Limited Hong Kong 75.1 57.1 Alset F&B One Pte. Ltd. (f.k.a. SeD Management Pte. Ltd.) Singapore 60.1 57.1 Global TechFund of Fund Pte. Ltd. Singapore 75.1 57.1 Singapore eChainLogistic Pte. Ltd. Singapore 75.1 57.1 BMI Capital Partners International Limited. Hong Kong 75.1 57.1 SeD Perth Pty. Ltd. Australia 75.1 57.1 SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) United States of America 75.1 57.1 LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) United States of America 75.1 57.1 Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) United States of America 75.1 57.1 SeD USA, LLC United States of America 75.1 57.1 150 Black Oak GP, Inc. United States of America 75.1 57.1 SeD Development USA Inc. United States of America 75.1 57.1 150 CCM Black Oak, Ltd. United States of America 75.1 57.1 SeD Texas Home, LLC United States of America 75.1 57.1 SeD Ballenger, LLC United States of America 75.1 57.1 SeD Maryland Development, LLC United States of America 62.7 47.8 * SeD Development Management, LLC United States of America 63.8 48.6 * SeD Builder, LLC United States of America 75.1 57.1 GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) United States of America 74.9 57.0 HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 74.9 57.0 HotApp International Limited Hong Kong 74.9 57.0 HWH International, Inc. United States of America 75.1 57.1 Health Wealth & Happiness Inc. United States of America 75.1 57.1 HWH Multi-Strategy Investment, Inc. United States of America 75.1 57.1 SeD REIT Inc. United States of America 75.1 57.1 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 74.9 57.0 HWH World Inc. United States of America 74.9 57.0 HWH World Pte. Ltd. Singapore 74.9 57.0 UBeauty Limited Hong Kong 75.1 57.1 WeBeauty Korea Inc Korea 75.1 57.1 HWH World Limited Hong Kong 75.1 57.1 HWH World Inc. Korea 75.1 57.1 Alset BioHealth Pte. Ltd. Singapore 75.1 57.1 Alset Energy Pte. Ltd. Singapore 75.1 57.1 Alset Payment Inc. United States of America 75.1 57.1 Alset World Pte. Ltd. Singapore 75.1 57.1 BioHealth Water Inc. United States of America 75.1 57.1 Impact BioHealth Pte. Ltd. Singapore 75.1 57.1 American Home REIT Inc. United States of America 75.1 46.9 * Alset Solar Inc. United States of America 67.6 45.7 * HWH KOR Inc. United States of America 75.1 57.1 Open House Inc. United States of America 75.1 57.1 Open Rental Inc. United States of America 75.1 57.1 Hapi Cafe Inc. (Nevada) United States of America 75.1 57.1 Global Solar REIT Inc. United States of America 75.1 57.1 OpenBiz Inc. United States of America 75.1 57.1 Hapi Cafe Inc. (Texas) United States of America 100 100 HWH (S) Pte. Ltd. Singapore 75.1 - True Partner International Limited Hong Kong 100 - LiquidValue Development Pte. Ltd. Singapore 100 - LiquidValue Development Limited. Hong Kong 100 - EPowerTech Inc. United States of America 100 - Alset EPower Inc. United States of America 100 - AHR Asset Management Inc. United States of America 75.1 - HWH World Inc. (Nevada) United States of America 75.1 - Alset F&B Holdings Pte. Ltd. Singapore 75.1 - Smart Reward Express Limited Hong Kong 37.4 * - Partners HWH Pte. Ltd. Singapore 75.1 - AHR Texas Two LLC United States of America 75.1 - AHR Black Oak One LLC United States of America 75.1 - Hapi Air Inc. United States of America 87.6 - Hapi Cafe Korea, Inc. Korea 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 28,363,966 173,395 62,122,908 6,729,629 4,775,523 28,653,138 63,920,129 0.001 5.59 On October 15, 2020, American Pacific Bancorp (which subsequently became a majority-owned subsidiary of the Company) entered into an acquisition agreement to acquire 3,500,001 100 1,500,000 250,000 The common control transactions resulted in the following basis of accounting for the financial reporting periods: ● The acquisition of the Warrants and True Partner stock were accounted for prospectively as of March 12, 2021 and they did not represent a change in reporting entity. ● The acquisition of LVD, APB and HFL was under common control and was consolidated in accordance with ASC 850-50. The consolidated financial statements were retrospectively adjusted for the acquisition of LVD, APB and HFL, and the operating results of LVD, APB and HFL as of January 1, 2020 for comparative purposes. AEI’s stock price was $ 10.03 50,770,192 63,920,128 306,438 9,163,965 |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents include cash on hand and at the bank and short-term deposits with financial institutions that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in values. There were no |
Restricted Cash | Restricted Cash As a condition to the loan agreement with the Manufacturers and Traders Trust Company (“M&T Bank”), the Company is required to maintain a minimum of $ 2,600,000 4,399,873 5,729,067 As a condition to the loan agreement with National Australian Bank Limited in conjunction with the Perth project, an Australian real estate development project, the Company is required to maintain Australian Dollar 50,000 36,059 38,550 The Company puts money into brokerage accounts specifically for equity investment. As of September 30, 2021 and December 31, 2020, the cash balance in these brokerage accounts was $ 560,581 1,001,916 |
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 September 30, 2021 and December 31, 2020, the balance of account receivables was $ 912,650 1,366,194 0.6 1.3 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 September 30, 2021 and December 31, 2020, the allowance was $ 0 |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method and includes all costs in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. As of September 30, 2021 and December 31, 2020, inventory consisted of finished goods from HWH World Inc. The Company continuously evaluates the need for reserve for obsolescence and possible price concessions required to write-down inventories to net realizable value. |
Investment Securities | Investment Securities Investments represent equity investments with readily determinable fair values, equity-method investments, equity investments without readily determinable fair values and debt securities. Investment Securities at Fair Value The Company records all equity investments with readily determinable fair values at fair value calculated by the publicly traded stock price at the close of the reporting period. Amarantus BioScience Holdings (“AMBS”) and Ture Partner Capital Holding Limited (“True Partner”) are publicly traded companies. The Company does not have significant influence over AMBS and True Partner, as the Company is the beneficial owner of approximately 5.3 15.5 On April 12, 2021 the Company acquired 6,500,000 650,000 18 During the nine months ended September 30, 2021, the Company’s subsidiaries established a portfolio of trading securities. The objective is to generate profits on short-term differences in market prices. The Company does not have significant influence over any trading securities in our portfolio and fair value of these trading securities are determined by quoted stock prices. The Company has elected the fair value option for the equity securities noted below that would otherwise be accounted for under the equity method of accounting. Holista CollTech Limited (“Holista”), Document Securities Systems Inc. (“DSS”) 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 September 30, 2021 and December 31, 2020, the Company owned approximately 24.9 11.7 ● The Company has significant influence over Holista as the Company and its CEO are the beneficial owner of approximately 15.8 % of the outstanding shares of Holista and our CEO held a position on Holista’s Board of Directors. ● The Company has significant influence over APW as the Company is the beneficial owner of approximately 14.3 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 Note Receivable from a Related Party Company 0 The Company held a stock option to purchase 250,000 1 0 Sale of Investment in Vivacitas to DSS Investment Securities at Cost Investments in equity securities without readily determinable fair values are measured at cost minus impairment adjusted by observable price changes in orderly transactions for the identical or a similar investment of the same issuer. These investments are measured at fair value on a nonrecurring basis when there are events or changes in circumstances that may have a significant adverse effect. An impairment loss is recognized in the consolidated statements of comprehensive income equal to the amount by which the carrying value exceeds the fair value of the investment. The Company had an equity holding in Vivacitas Oncology Inc. (“Vivacitas”), a private company that is currently not listed on an exchange. We measure Vivacitas at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Our ownership in Vivacitas was sold on March 18, 2021 to DSS for $ 2,480,000 2,279,872 Sale of Investment in Vivacitas to DSS On September 8, 2020, the Company acquired 1,666 1.45 37,826 On September 30, 2020, the Company acquired 3,800 shares, approximately 19 % ownership, from HWH World Company Limited (f.k.a. Hyten Global (Thailand) Co., Ltd.) (“HWH World Co.”), a private company, at a purchase price of $ 42,562 . During the nine months ended September 30, 2021, the Company invested $ 19,609 18 There has been no indication of impairment or changes in observable prices via transactions of similar securities and investments are still carried at cost. Equity Method Investment The Company accounts for equity investment in entities with significant influence under equity-method accounting. Under this method, the Group’s pro rata share of income (loss) from investment is recognized in the consolidated statements of comprehensive income. Dividends received reduce the carrying amount of the investment. When the Company’s share of loss in an equity-method investee equals or exceeds its carrying value of the investment in that entity, the equity method investment can be reduced below zero based on losses if the Company either be liable for the obligations of the investee or provide for losses in excess of the investment when imminent return to profitable operations by the investee appears to be assured. Otherwise, the Company does not recognize its share of equity method losses exceeding its carrying amount of the investment, but discloses the losses in the footnotes. Equity-method investment is reviewed for impairment by assessing if the decline in market value of the investment below the carrying value is other-than-temporary. In making this determination, factors are evaluated in determining whether a loss in value should be recognized. These include consideration of the intent and ability of the Group to hold investment and the ability of the investee to sustain an earnings capacity, justifying the carrying amount of the investment. Impairment losses are recognized in other expense when a decline in value is deemed to be other-than-temporary. American Medical REIT Inc. LiquidValue Asset Management Pte. Ltd. (“LiquidValue”), a subsidiary of the Company owns less than 3.4 % of American Medical REIT Inc. (“AMRE”) as of September 30, 2021, a startup REIT company concentrating on medical real estate. AMRE acquires state-of-the-art, purpose-built healthcare facilities and leases them to leading clinical operators with dominant market share under secure triple net leases. AMRE targets hospitals (both Critical Access and Specialty Surgical), Physician Group Practices, Ambulatory Surgical Centers, and other licensed medical treatment facilities. Chan Heng Fai, our CEO, is the executive chairman and director of AMRE. LiquidValue did not invest equity but provided a loan to AMRE (for further details on this transaction, refer to Note 10, Related Party Transactions). On balance sheet, the prorate loss from AMRE was not recorded as a liability because the Company is not liable for the obligations of AMRE and also not committed to provide additional financial support. Sweet Sense, Inc. BioLife Sugar, Inc. (“BioLife’), a subsidiary consolidated under Alset International, entered into a joint venture agreement on April 25, 2018 with Quality Ingredients, LLC (“QI”). The agreement created an entity called Sweet Sense, Inc. (“Sweet Sense”) which was 50 50 50 On November 8, 2019, Impact BioMedical Inc., a subsidiary of the Company, purchased 50 91,000 90,001 91,000 90,001 81.8 Joint Venture with Novum On April 20, 2021, one of Company’s indirect subsidiaries, SeD Capital Pte. Ltd. (“SeD Capital”), entered into joint venture agreement with a 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. On the consolidated balance sheet, the prorate loss from Credas was not recorded as a liability because the Company is not liable for the obligations of Credas and also not committed to provide additional financial support . American Pacific Bancorp, Inc. Pursuant to Securities Purchase Agreement from March 12, 2021 the Company purchased of 4,775,523 shares of the common stock of American Pacific Bancorp Inc. (“APB”) and gained majority ownership in that entity. APB was consolidated into the Company under common control accounting (See Transactions between Entities under Common Control for details). On September 8, 2021 APB sold 6,666,700 shares Series A Common Stock to Document Security Systems, Inc. 40,000,200 cash. As a result of the new share issuances, the Company’s ownership percentage of APB fell below 50% to 41.3% and the entity was deconsolidated in accordance with ASC 810-10. Upon deconsolidation the Company elected to apply the equity method accounting as the Company still retained significant influence. As a result of the deconsolidation, the Company recognized gain of approximately $ 28.2 30.8 2.9 87,390 30,940,518 Investment in Debt Securities Debt securities are reported at fair value, with unrealized gains and losses (other than impairment losses) recognized in accumulated other comprehensive income or loss. Realized gains and losses on debt securities are recognized in the net income in the consolidated statements of comprehensive income. The Company monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. The Company invested $ 50,000 10,009 66,978 On February 26, 2021, the Company invested approximately $ 88,599 2 two years 21.26 88,599 |
Real Estate Assets | Real Estate Assets Real estate assets are recorded at cost, except when acquired real estate assets 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 $ 1.8 million and $ 2.8 million for the three months ended September 30, 2021 and 2020, respectively. The Company capitalized construction costs of approximately $ 3.2 million and $ 8.9 million for the nine months ended September 30, 2021 and 2020, respectively. The Company’s policy is to obtain an independent third-party valuation for each major project in the United States as part of our assessment of identifying potential triggering events for impairment. Management may use the market comparison method to value other relatively small projects, such as the project in Perth, Australia. In addition to the annual assessment of potential triggering events in accordance with ASC 360 – Property Plant and Equipment The Company did not record impairment on any of its projects during the three and nine months ended on September 30, 2021 and 2020. Properties under development Properties under development are properties being constructed for sale in the ordinary course of business, rather than to be held for the Company’s own use, rental or capital appreciation. Rental Properties Rental properties are acquired with the intent to be rented to tenants. During the nine months ended September 30, 2021, the Company signed multiple purchase agreements to acquire 46 homes in Montgomery and Harris Counties, Texas. By September 30, 2021, all of the 46 homes were closed with an aggregate purchase cost of $ 10,662,228 . All of these purchased homes are properties of our rental business. Investments in Single-Family Residential Properties The Company accounts for its investments in single-family residential properties as asset acquisitions and records these acquisitions at their purchase price. The purchase price is allocated between land, building, improvements and existing leases based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, title fees, property inspection and valuation fees, as well as other closing costs. Building improvements and buildings are depreciated over estimated useful lives of approximately 10 27.5 The Company assesses its investments in single-family residential properties for impairment whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset’s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company did not recognize any impairment losses during the nine months ended on September 30, 2021. |
Revenue Recognition and Cost of Revenue | Revenue Recognition and Cost of Revenue ASC 606 - Revenue from Contracts with Customers In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. The provisions of ASC 606 include a five-step process by which the determination of revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which the Company expects to be entitled in exchange for those goods or services. ASC 606 requires the Company to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, performance obligations are satisfied. The following represents the Company’s revenue recognition policies by Segments: Real Estate Property Sales The Company’s main business is land development. The Company purchases land and develops it for building into residential communities. The developed lots are sold to builders (customers) for the construction of new homes. The builders enter into sales contracts with the Company before they take the lots. The prices and timeline are determined and agreed upon in the contracts. The builders do the inspections to make sure all conditions and requirements in contracts are met before purchasing the lots. A detailed breakdown of the five-step process for the revenue recognition of the Ballenger project, which represented approximately 70 99 ● Identify the contract with a customer. The Company has signed agreements with the builders for developing the raw land to ready to build lots. The contract has agreed upon prices, timelines, and specifications for what is to be provided. ● Identify the performance obligations in the contract. Performance obligations of the Company include delivering developed lots to the customer, which are required to meet certain specifications that are outlined in the contract. The customer inspects all lots prior to accepting title to ensure all specifications are met. ● Determine the transaction price. The transaction price per lot is fixed and specified in the contract. Any subsequent change orders or price changes are required to be approved by both parties. ● Allocate the transaction price to performance obligations in the contract. Each lot or a group of lots is considered to be a separate performance obligation, for which the specified price in the contract is allocated to. ● Recognize revenue when (or as) the entity satisfies a performance obligation. The builders do the inspections to make sure all conditions/requirements are met before taking title of lots. The Company recognizes revenue at a point in time when title is transferred. The Company does not have further performance obligations or continuing involvement once title is transferred. Rental Revenue The Company leases real estate properties to its tenants under leases that are predominately classified as operating leases, in accordance with ASC 842, Leases (“ASC 842”). Real estate rental revenue is comprised of minimum base rent and revenue from the collection of lease termination fees. Rent from tenants is recorded in accordance with the terms of each lease agreement on a straight-line basis over the initial term of the lease. Rental revenue recognition begins when the tenant controls the space and continues through the term of the related lease. Generally, at the end of the lease term, the Company provides the tenant with a one year renewal option, including mostly the same terms and conditions provided under the initial lease term, subject to rent increases. The Company defers rental revenue related to lease payments received from tenants in advance of their due dates. These amounts are presented within deferred revenues and other payables on the Company’s consolidated balance sheets. Rental revenue is subject to an evaluation for collectability on several factors, including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, and current economic conditions. If our evaluation of these factors indicates that it is not probable that we will recover substantially all of the receivable, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis (as applicable) or the lease payments that have been collected from the lessee. Differences between rental revenue recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable or straight-line rent liability, as applicable. For the nine months ended September 30, 2021, the Company didn’t recognize any deferred revenue and collected all rents due. Sale of the Front Foot Benefit Assessments We have established a front foot benefit (“FFB”) assessment on all of the NVR lots. This is a 30-year annual assessment allowed in Frederick County which requires homeowners to reimburse the developer for the costs of installing public water and sewer to the lots. These assessments become effective as homes are settled, at which time we can sell the collection rights to investors who will pay an upfront lump sum, enabling us to realize the revenue more quickly. The selling prices range from $ 3,000 4,500 182,813 54,147 431,458 169,349 Cost of Revenues Real Estate ● Cost of Real Estate Sale All of the costs of real estate sales are from our land development business. Land acquisition costs are allocated to each lot based on the area method, the size of the lot comparing to the total size of all lots in the project. Development costs and capitalized interest are allocated to lots sold based on the total expected development and interest costs of the completed project and allocating a percentage of those costs based on the selling price of the sold lot compared to the expected sales values of all lots in the project. If allocation of development costs and capitalized interest based on the projection and relative expected sales value is impracticable, those costs could also be allocated based on area method, the size of the lot comparing to the total size of all lots in the project. ● Cost of Rental Revenue Cost of rental revenue consists primarily of the costs associated with management and leasing fees to our management company, repairs and maintenance, depreciation and other related administrative costs. Utility expenses are paid directly by tenants. Biohealth ● Product Direct Sales 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, access 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 $1,636,475 and $2,867,226 at September 30, 2021 and December 31, 2020, respectively. Other Businesses ● Remaining performance obligations As of September 30, 2021 and December 31, 2020, there were no remaining performance obligations or continuing involvement, as all service obligations within the other business activities segment have been completed. |
Foreign currency | Foreign currency Functional and reporting currency Items included in the financial statements of each entity in the Company are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The financial statements of the Company are presented in U.S. dollars (the “reporting currency”). The functional and reporting currency of the Company is the United States dollar (“U.S. dollar”). The financial records of the Company’s subsidiaries located in Singapore, Hong Kong, Australia and South Korea are maintained in their local currencies, the Singapore Dollar (S$), Hong Kong Dollar (HK$), Australian Dollar (“AUD”) and South Korean Won (“KRW”), which are also the functional currencies of these entities. Transactions in foreign currencies Transactions in currencies other than the functional currency during the periods are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statement of operations. The majority of the Company’s foreign currency transaction gains or losses come from the effects of foreign exchange rate changes on the intercompany loans between Singapore entities and U.S. entities. The Company recorded foreign exchange loss of $ 578,903 482,209 1,842,128 981,564 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 S$, HK$, 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 September 30, 2021, the Company recorded other comprehensive loss from foreign currency translation of $ 1,238,356 462,064 4,077,987 585,085 |
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 September 30, 2021 and December 31, 2020, the aggregate non-controlling interests in the Company were $ 25,139,976 38,023,260 |
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 September 30, 2021 and December 31, 2020, the capitalized financing costs were $ 3,247,739 3,513,535 |
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) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF SUBSIDIARIES | The Company’s consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of September 30, 2021 and December 31, 2020, as follows: SCHEDULE OF SUBSIDIARIES Attributable interest as of, Name of subsidiary consolidated under AEI State or other jurisdiction of incorporation or organization September 30, 2021 December 31, 2020 % % Hengfai International Pte. Ltd Singapore 100 100 Hengfai Business Development Pte. Ltd Singapore 100 100 Heng Fai Enterprises Pte. Ltd. Singapore - 100 Global eHealth Limited Hong Kong 100 100 Alset International Limited (f.k.a. Singapore eDevelopment Limited) Singapore 75.1 57.1 Singapore Construction & Development Pte. Ltd. Singapore 75.1 57.1 Art eStudio Pte. Ltd Singapore 38.3 * 29.1 * Singapore Construction Pte. Ltd. Singapore 75.1 57.1 Global BioMedical Pte. Ltd. Singapore 75.1 57.1 Alset Innovation Pte. Ltd. (f.k.a. SeD Investment Pte. Ltd.) Singapore 75.1 57.1 Health Wealth Happiness Pte. Ltd. Singapore 75.1 57.1 SeD Capital Pte. Ltd. Singapore 75.1 57.1 LiquidValue Asset Management Pte. Ltd. (f.k.a. HengFai Asset Management Pte. Ltd.) Singapore 75.1 46.9 * SeD Home Limited Hong Kong 75.1 57.1 Alset F&B One Pte. Ltd. (f.k.a. SeD Management Pte. Ltd.) Singapore 60.1 57.1 Global TechFund of Fund Pte. Ltd. Singapore 75.1 57.1 Singapore eChainLogistic Pte. Ltd. Singapore 75.1 57.1 BMI Capital Partners International Limited. Hong Kong 75.1 57.1 SeD Perth Pty. Ltd. Australia 75.1 57.1 SeD Intelligent Home Inc. (f.k.a SeD Home International, Inc.) United States of America 75.1 57.1 LiquidValue Development Inc. (f.k.a. SeD Intelligent Home Inc.) United States of America 75.1 57.1 Alset EHome Inc. (f.k.a. Alset iHome Inc., SeD Home & REITs Inc. and SeD Home, Inc.) United States of America 75.1 57.1 SeD USA, LLC United States of America 75.1 57.1 150 Black Oak GP, Inc. United States of America 75.1 57.1 SeD Development USA Inc. United States of America 75.1 57.1 150 CCM Black Oak, Ltd. United States of America 75.1 57.1 SeD Texas Home, LLC United States of America 75.1 57.1 SeD Ballenger, LLC United States of America 75.1 57.1 SeD Maryland Development, LLC United States of America 62.7 47.8 * SeD Development Management, LLC United States of America 63.8 48.6 * SeD Builder, LLC United States of America 75.1 57.1 GigWorld Inc. (f.k.a. HotApp Blockchain Inc.) United States of America 74.9 57.0 HotApp BlockChain Pte. Ltd. (f.k.a. HotApps International Pte. Ltd.) Singapore 74.9 57.0 HotApp International Limited Hong Kong 74.9 57.0 HWH International, Inc. United States of America 75.1 57.1 Health Wealth & Happiness Inc. United States of America 75.1 57.1 HWH Multi-Strategy Investment, Inc. United States of America 75.1 57.1 SeD REIT Inc. United States of America 75.1 57.1 Gig Stablecoin Inc. (f.k.a. Crypto Exchange Inc.) United States of America 74.9 57.0 HWH World Inc. United States of America 74.9 57.0 HWH World Pte. Ltd. Singapore 74.9 57.0 UBeauty Limited Hong Kong 75.1 57.1 WeBeauty Korea Inc Korea 75.1 57.1 HWH World Limited Hong Kong 75.1 57.1 HWH World Inc. Korea 75.1 57.1 Alset BioHealth Pte. Ltd. Singapore 75.1 57.1 Alset Energy Pte. Ltd. Singapore 75.1 57.1 Alset Payment Inc. United States of America 75.1 57.1 Alset World Pte. Ltd. Singapore 75.1 57.1 BioHealth Water Inc. United States of America 75.1 57.1 Impact BioHealth Pte. Ltd. Singapore 75.1 57.1 American Home REIT Inc. United States of America 75.1 46.9 * Alset Solar Inc. United States of America 67.6 45.7 * HWH KOR Inc. United States of America 75.1 57.1 Open House Inc. United States of America 75.1 57.1 Open Rental Inc. United States of America 75.1 57.1 Hapi Cafe Inc. (Nevada) United States of America 75.1 57.1 Global Solar REIT Inc. United States of America 75.1 57.1 OpenBiz Inc. United States of America 75.1 57.1 Hapi Cafe Inc. (Texas) United States of America 100 100 HWH (S) Pte. Ltd. Singapore 75.1 - True Partner International Limited Hong Kong 100 - LiquidValue Development Pte. Ltd. Singapore 100 - LiquidValue Development Limited. Hong Kong 100 - EPowerTech Inc. United States of America 100 - Alset EPower Inc. United States of America 100 - AHR Asset Management Inc. United States of America 75.1 - HWH World Inc. (Nevada) United States of America 75.1 - Alset F&B Holdings Pte. Ltd. Singapore 75.1 - Smart Reward Express Limited Hong Kong 37.4 * - Partners HWH Pte. Ltd. Singapore 75.1 - AHR Texas Two LLC United States of America 75.1 - AHR Black Oak One LLC United States of America 75.1 - Hapi Air Inc. United States of America 87.6 - Hapi Cafe Korea, Inc. Korea 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) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT INFORMATION | The following table summarizes the Company’s segment information for the following balance sheet dates presented, and for the nine months ended September 30, 2021 and 2020: SCHEDULE OF SEGMENT INFORMATION Nine Months Ended September 30, 2021 Real Estate Digital Transformation Technology Biohealth Business Other Total Nine Months Ended September 30, 2021 Revenue $ 12,026,069 $ - $ 4,919,844 $ - $ 16,945,913 Cost of Sales (8,291,698 ) - (218,507 ) - (8,510,205 ) Gross Margin 3,734,371 - 4,701,337 - 8,435,708 Operating Expenses (901,236 ) (173,594 ) (3,451,152 ) (8,940,432 ) (13,466,414 ) Operating Income (Loss) 2,833,135 (173,594 ) 1,250,185 (8,940,432 ) (5,030,706 ) Other Income (Expense) (9,063 ) 403,000 (33,960,503 ) (53,727,340 ) (87,293,906 ) Net Income (Loss) Before Income Tax 2,824,072 229,406 (32,710,318 ) (62,667,772 ) (92,324,612 ) Nine Months ended September 30, 2020 Real Estate Digital Transformation Technology Biohealth Business Other Total Nine Months ended September 30, 2020 Revenue $ 7,148,786 $ - $ 31,133 $ - $ 7,179,919 Cost of Sales (5,603,164 ) - (6,139 ) - (5,609,303 ) Gross Margin 1,545,622 - 24,994 - 1,570,616 Operating Expenses (634,254 ) (87,972 ) (388,083 ) (3,424,869 ) (4,535,178 ) Operating Income (Loss) 911,368 (87,972 ) (363,089 ) (3,424,869 ) (2,964,562 ) Other Income (Expense) (2,646 ) 115 (10,211,916 ) 433,844 (9,780,603 ) Net Income (Loss) Before Income Tax 908,722 (87,857 ) (10,575,005 ) (2,991,025 ) (12,745,165 ) September 30, 2021 Cash and Restricted Cash $ 7,951,918 $ 228,627 $ 2,845,805 $ 61,914,783 $ 72,941,133 Total Assets 42,348,896 1,252,457 18,136,991 113,397,797 175,136,141 December 31, 2020 Cash and Restricted Cash $ 8,150,769 $ 158,058 $ 1,590,265 $ 21,836,387 $ 31,735,479 Total Assets 28,954,484 158,160 524,603 78,076,498 107,713,745 |
BUSINESS UNDER COMMON CONTROL (
BUSINESS UNDER COMMON CONTROL (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Under Common Control | |
SCHEDULE OF ADJUSTMENT INFORMATION | Consolidated Statement of Operations and Other Comprehensive Income for the Nine Months Ended on September 30, 2020 SCHEDULE OF ADJUSTMENT INFORMATION As Acquisition of APB and HFL under Common Control Acquisition of LVD Ltd under Common Control As Combined Revenue Real Estate $ 7,148,786 $ - $ - $ 7,148,786 Biohealth 31,133 - - 31,133 Total Revenue 7,179,919 - - 7,179,919 Operating Expenses Cost of Sales 5,609,303 - - 5,609,303 General and Administrative 4,196,939 330,665 7,574 4,535,178 Total Operating Expenses 9,806,242 330,665 7,574 10,144,481 Loss From Operations (2,626,323 ) (330,665 ) (7,574 ) (2,964,562 ) Other Income (Expense) Interest Income 14,995 32,801 67 47,863 Interest Expense (160,341 ) - - (160,341 ) Foreign Exchange Transaction Gain 960,268 - 21,296 981,564 Unrealized Gain (Loss) on Securities Investment (10,877,960 ) (5,311 ) 122 (10,883,149 ) Realized Gain on Security Investment - - 444,508 444,508 Loss on Investment on Security by Equity Method (193,132 ) - - (193,132 ) Finance Cost - (73,041 ) - (73,041 ) Other Income 52,847 2,278 - 55,125 Total Other Income (Expense), Net (10,203,323 ) (43,273 ) 465,993 (9,780,603 ) Net Income (Loss) from Continuing Operations Before Income Taxes (12,829,646 ) (373,938 ) 458,419 (12,745,165 ) Income Tax Expense from Continuing Operations (188,759 ) - - (188,759 ) Net Income (Loss) from Continuing Operations (13,018,405 ) (373,938 ) 458,419 (12,933,924 ) Loss from Discontinued Operations, Net of Tax (417,438 ) - - (417,438 ) Net Income (Loss) (13,435,843 ) (373,938 ) 458,419 (13,351,362 ) Net Loss Attributable to Non-Controlling Interest (4,126,352 ) (50,706 ) - (4,177,058 ) Net Income (Loss) Attributable to Common Stockholders $ (9,309,491 ) $ (323,232 ) $ 458,419 $ (9,174,304 ) Other Comprehensive Loss, Net Unrealized Gain on Securities Investment 29,639 - - 29,639 Foreign Currency Translation Adjustment (585,085 ) - - (585,085 ) Comprehensive Income (Loss) (13,991,289 ) (373,938 ) 458,419 (13,906,808 ) Comprehensive Loss Attributable to Non-controlling Interests (4,190,100 ) (50,706 ) - (4,240,806 ) Comprehensive Income (Loss) Attributable to Common Stockholders $ (9,801,189 ) $ (323,232 ) $ 458,419 $ (9,666,002 ) Net Loss Per Share - Basic and Diluted Continuing Operations $ (1.07 ) $ (1.01 ) Discontinued Operations $ (0.03 ) $ (0.04 ) Net Income Per Share $ (1.10 ) $ (1.05 ) Weighted Average Common Shares Outstanding - Basic and Diluted 8,712,081 8,712,081 Consolidated Balance Sheet as of December 31, 2020 As Previously Reported Acquisition of APB and HFL under Common Control Acquisition of LVD Ltd under Common Control Eliminations As Assets: Current Assets: Cash $ 22,124,491 $ 2,348,478 $ 492,977 $ - $ 24,965,946 Restricted Cash 6,769,533 - - - 6,769,533 Account Receivables, Net 1,366,194 - - - 1,366,194 Other Receivables 270,222 279,177 95,177 - 644,576 Note Receivables - Related Party 624,986 24,583 - - 649,569 Prepaid Expenses 1,470,680 - - - 1,470,680 Inventory 90,068 - - - 90,068 Investment in Securities at Fair Value 48,857,483 313,343 1,631 - 49,172,457 Investment in Securities at Cost 280,516 - - - 280,516 Investment in Securities on Equity Method - - 74,535 (74,535 ) - Deposits 47,019 1,801 - - 48,820 Total Current Assets 81,901,192 2,967,382 664,320 (74,535 ) 85,458,359 Real Estate Properties under Development 20,505,591 - - - 20,505,591 Operating Lease Right-Of-Use Asset 574,754 - - - 574,754 Deposit 249,676 - - - 249,676 Loan Receivable - 840,000 - - 840,000 Property and Equipment, Net 85,365 - - - 85,365 Total Assets $ 103,316,578 $ 3,807,382 $ 664,320 $ (74,535 ) $ 107,713,745 Liabilities and Stockholders’ Equity: Current Liabilities: Accounts Payable and Accrued Expenses $ 1,553,132 $ 118,133 $ - $ - $ 1,671,226 Deferred Revenue 2,867,226 - - - 2,867,226 Builder Deposits 1,262,336 - - - 1,262,336 Operating Lease Liability 381,412 - - - 381,412 Note Payable 172,706 - - - 172,706 Note Payable- Related Parties 1,526,208 184,250 823,823 - 2,534,281 Total Current Liabilities 7,763,020 302,383 823,823 - 8,889,226 Long-Term Liabilities: Builder Deposits - - - - - Operating Lease Liability 193,342 - - - 193,342 Notes Payable 636,362 - - - 636,362 Total Liabilities 8,592,724 302,383 823,823 - 9,718,930 Stockholders’ Equity: Common Stock 8,570 47,756 - (47,756 ) 8,570 Additional Paid in Capital 97,950,440 3,975,261 756,487 47,756 102,729,944 Accumulated Deficit (43,010,991 ) (993,296 ) (906,010 ) - (44,910,297 ) Accumulated Other Comprehensive Income (Loss) 2,153,318 - (9,980 ) - 2,143,338 Total Stockholders’ Equity 57,101,337 3,029,721 (159,503 ) - 59,971,555 Non-controlling Interests 37,622,517 475,278 - (74,535 ) 38,023,260 Total Stockholders’ Equity 94,723,854 3,504,999 (159,503 ) (74,535 ) 97,994,815 Total Liabilities and Stockholders’ Equity $ 103,316,578 $ 3,807,382 $ 664,320 $ (74,535 ) $ 107,713,745 |
REAL ESTATE ASSETS (Tables)
REAL ESTATE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES | As of September 30, 2021 and December 31, 2020, real estate assets consisted of the following: SCHEDULE OF REAL ESTATE ASSETS September 30, 2021 December 31, 2020 Construction in Progress $ 6,453,072 $ 9,567,841 Land Held for Development 9,174,185 10,937,750 Rental Properties, net 11,027,736 - Total Real Estate Assets $ 26,654,993 $ 20,505,591 Single family residential properties As of September 30, 2021, the Company owns 46 Single Family Residential Properties (“SFRs”) in Montgomery and Harris Counties, Texas. The Company’s aggregate investment in those SFRs was $10.7 million. Depreciation expense was $38,533 and $0 in three months ended September 30, 2021 and 2020, respectively. Depreciation expense was $53,755 and $0 in nine months ended September 30, 2021 and 2020, respectively. The following table presents the summary of our SRFs as of September 30, 2021: SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES Number of Aggregate investment Average Investment per Home SFRs 46 $ 10,662,228 $ 231,788 |
SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES | The following table presents the summary of our SRFs as of September 30, 2021: SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES Number of Aggregate investment Average Investment per Home SFRs 46 $ 10,662,228 $ 231,788 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF NOTES PAYABLE | As of September 30, 2021 and December 31, 2020, notes payable consisted of the following: SCHEDULE OF NOTES PAYABLE September 30, 2021 December 31, 2020 M&T Bank Loan, Net of Debt Discount - 636,362 PPP Loan 68,502 - Australia Loan 161,546 172,706 Hire Purchase 89,206 - Total notes payable $ 319,254 $ 809,068 |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED | The following table presents net funds received from the May’s Offering and warrants exercised as of September 30, 2021. SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED Shares Par value Amount received Offering 4,700,637 $ 4,701 $ 29,145,056 Exercise of Pre-Funded Units 1,611,000 $ 1,611 $ 16,110 Exercise of Underwriter’s Series A Warrants 808,363 $ 808 $ 3,755,774 Exercise of Series A and Series B Warrants 1,367,324 $ 1,367 $ 6,937,347 Offering Expenses - $ - $ (88,848 ) Total 8,487,324 $ 8,487 $ 39,765,439 Shares Par value Amount received Offering 5,324,139 $ 5,324 $ 28,957,297 Exercise of Pre-Funded Units 9,770,200 $ 9,770 $ 97,702 Exercise of Underwriter’s Over-Allotment Option 2,264,150 $ 2,264 $ 4,386,998 Offering Expenses - $ - $ (49,553 ) Total 17,358,489 $ 17,358 $ 33,392,444 |
SCHEDULE OF WARRANT ACTIVITY | The following table summarizes the warrant activity for the nine months ended September 30, 2021. SCHEDULE OF WARRANT ACTIVITY Warrant for Weighted Remaining Contractual Aggregate Warrants Outstanding as of December 31, 2020 108,000 $ 9.80 2.91 $ - Warrants Vested and exercisable at December 31, 2020 108,000 $ 9.80 2.91 $ - Granted 24,530,955 2.49 Exercised (11,949,186 ) 0.93 Forfeited, cancelled, expired - - Warrants Outstanding as of September 30, 2021 12,689,769 $ 4.02 4.48 $ - Warrants Vested and exercisable at September 30, 2021 12,689,769 $ 4.02 4.48 $ - |
LEASE INCOME (Tables)
LEASE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Lease Income | |
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS | SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS 2021 $ 143,025 2022 273,826 Total Future Receipts $ 416,851 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure 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: SCHEDULE OF CHANGES IN THE BALANCES OF ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Non-Controlling Interests Total Balance at January 1, 2021 $ (48,758 ) $ 2,258,017 $ (65,921 ) $ 2,143,338 Other Comprehensive Income (1,135 ) (1,010,527 ) (39,067 ) (1,050,729 ) Balance at March 31, 2021 $ (49,893 ) $ 1,247,490 $ (104,988 ) $ 1,092,609 Other Comprehensive Income (25,663 ) (764,544 ) (343,225 ) (1,133,432 ) Balance at June 30, 2021 $ (75,556 ) $ 482,946 $ (448,213 ) $ (40,823 ) Other Comprehensive Income (14,314 ) (930,005 ) (17,070 ) (961,389 ) Balance at September 30, 2021 $ (89,870 ) $ (447,059 ) $ (465,283 ) $ (1,002,212 ) Unrealized Gains and Losses on Security Investment Foreign Currency Translations Change in Minority Interest Total Balance at January 1, 2020 $ (59,888 ) $ 1,603,145 $ (84,968 ) $ 1,458,289 Other Comprehensive Income (8,240 ) (1,094,810 ) - (1,103,050 ) Balance at March 31, 2020 $ (68,128 ) $ 508,335 $ (84,968 ) $ 355,239 Other Comprehensive Income 8,147 389,413 (18,317 ) 379,243 Balance at June 30, 2020 $ (59,981 ) $ 897,748 $ (103,285 ) $ 734,482 Beginning Balance $ (59,981 ) $ 897,748 $ (103,285 ) $ 734,482 Other Comprehensive Income 14,865 235,837 50,420 301,122 Balance at September 30, 2020 $ (45,116 ) $ 1,133,585 $ (52,865 ) $ 1,035,604 Ending Balance $ (45,116 ) $ 1,133,585 $ (52,865 ) $ 1,035,604 |
INVESTMENTS MEASURED AT FAIR _2
INVESTMENTS MEASURED AT FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Net Investment Income [Line Items] | |
SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS | Financial assets measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of September 30, 2021 and December 31, 2020: SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value September 30, 2021 Assets Investment Securities- Fair Value $ 58,291,320 $ 37,630,181 $ - $ - $ 37,630,181 Investment Securities- Trading 252,038 254,055 - - 254,055 Convertible Note Receivable 138,599 - - 98,608 98,608 Warrants - American Premium Water 754,606 - - 1,804,558 1,804,558 Warrants - AMRE - - - - - Total Investment in securities at Fair Value $ 59,364,563 $ 37,884,236 $ - $ 1,903,166 $ 39,787,402 Amount at Fair Value Measurement Using Amount at Cost Level 1 Level 2 Level 3 Fair Value December 31, 2020 Assets Investment securities- Fair Value Option $ 7,404,911 $ 10,549,102 $ - $ - $ 10,549,102 Investment securities- Trading 17,650 18,654 - - 18,654 Convertible preferred stock 42,889,000 - - 37,675,000 37,675,000 Convertible note receivable 50,000 - - 66,978 66,978 Warrants - American Premium Water 860,342 - - 862,723 862,723 Warrants - AMRE - - - - - Stock Options - Vivacitas - - - - - Total Investment in securities at Fair Value $ 51,221,903 $ 10,567,756 $ - $ 38,604,701 $ 49,172,457 |
SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT | SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT Share price Market Value 9/30/2021 Shares 9/30/2021 Valuation DSS (Related Party) $ 1.290 19,888,262 * $ 25,655,858 Investment in Securities at Fair Value AMBS (Related Party) $ 0.011 20,000,000 $ 220,000 Investment in Securities at Fair Value Holista (Related Party) $ 0.043 43,626,621 $ 1,856,184 Investment in Securities at Fair Value American Premium Water (Related Party) $ 0.004 272,039,000 $ 979,340 Investment in Securities at Fair Value True Partner $ 0.127 62,122,908 $ 7,898,298 Investment in Securities at Fair Value Value Exchange $ 0.157 6,500,000 $ 1,020,500 Investment in Securities at Fair Value Trading Stocks $ 254,057 Investment in Securities at Fair Value Total Level 1 Equity $ 37,884,238 Nervotech N/A 1,666 $ 36,833 Investment in Securities at Cost HWH World Co. N/A 20,000 $ 42,562 Investment in Securities at Cost K Beauty N/A 3,600 $ 18,809 Investment in Securities at Cost Total Equity Securities $ 37,982,442 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 $ 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 HWH World Co. 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”) |
Sharing Services Convertible Note [Member] | |
Net Investment Income [Line Items] | |
SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS | The fair value of the Sharing Services Convertible Note under level 3 category as of September 30, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS September 30, 2021 December 31, 2020 Dividend yield 0.00 % 0.00 % Expected volatility 113.63 % 210.07 % Risk free interest rate 3.25 % 0.13 % Contractual term (in years) 1.02 11.76 Exercise price $ 0.15 $ 0.15 |
SCHEDULE OF CHANGE IN FAIR VALUE | The table below provides a summary of the changes in fair value which are recorded as other comprehensive income (loss), including net transfers in and/or out of all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2021 and 2020: SCHEDULE OF CHANGE IN FAIR VALUE Total Balance at January 1, 2021 $ 66,978 Gain during deconsolidation Total losses (1,987 ) Acquisition of DSS Preferred Stock Balance at March 31, 2021 $ 64,991 Total losses (35,922 ) Balance at June 30, 2021 $ 29,069 Total losses (19,060 ) Balance at September 30, 2021 $ 10,009 Total Balance at January 1, 2020 $ 26,209 Total losses (12,599 ) Balance at March 31, 2020 $ 13,610 Total gain 13,115 Balance at June 30, 2020 $ 26,725 Beginning Balance $ 26,725 Gain during deconsolidation 21,628 Total losses (8,955,246 ) Acquisition of DSS Preferred Stock 63,849,002 Balance at September 30, 2020 $ 54,942,109 Ending Balance $ 54,942,109 |
A P W Warrants [Member] | |
Net Investment Income [Line Items] | |
SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS | The fair value of the APW warrants under level 3 category as of September 30, 2021 and December 31, 2020 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS September 30, 2021 December 31, 2020 Stock Price $ 0.0036 $ 0.0021 Exercise price 0.001 0.001 Risk free interest rate 1.41 % 0.88 % Annualized volatility 91.48 % 178.86 % Year to maturity 8.82 9.58 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF OPERATING AND RENEWED LEASE TERMS RENTAL | SCHEDULE OF OPERATING AND RENEWED LEASE TERMS RENTAL Office Location Lease Term as of December 31, 2020 Renewed Lease term in 2021 Singapore June 2020 to May 2021 June 2021 to May 2022 Hong Kong October 2020 to October 2022 South Korea August 2020 to August 2022 Magnolia, Texas, USA November 2019 to April 2021 May 2021 to October 2021 Bethesda, Maryland, USA August 2015 to December 2020 January 2021 to March 2024 |
SCHEDULE OF LEASE PAYMENTS | The table below summarizes future payments due under these leases as of September 30, 2021. For the Years Ended December 31: SCHEDULE OF LEASE PAYMENTS 2021 $ 140,685 2022 356,038 2023 95,104 2024 24,430 Total Minimum Lease Payments 616,257 Less: Effect of Discounting (4,613 ) Present Value of Future Minimum Lease Payments 611,644 Less: Current Obligations under Leases (314,146 ) Long-term Lease Obligations $ 297,498 |
DIRECTORS AND EMPLOYEES_ BENE_2
DIRECTORS AND EMPLOYEES’ BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SCHEDULE OF OPTION ACTIVITY | The following tables summarize stock option activity under the 2013 Plan for the nine months ended September 30, 2021: SCHEDULE OF OPTION ACTIVITY Options for Common Shares Exercise Price Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2020 1,061,333 $ 0.09 3.00 $ - Vested and exercisable at December 31, 2020 1,061,333 $ 0.09 3.00 $ - Granted - - Exercised - - Forfeited, cancelled, expired - - Outstanding as of September 30, 2021 1,061,333 $ 0.09 2.50 $ - Vested and exercisable at September 30, 2021 1,061,333 $ 0.09 2.50 $ - |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended |
Sep. 30, 2021shares | |
Chan Heng Fai [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued | 1,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Retained Earnings (Accumulated Deficit) | $ 124,909,747 | $ 124,909,747 | $ 44,910,297 | |||
Operating Income (Loss) | (51,582) | $ 414,108 | 5,030,706 | $ 2,964,562 | ||
Cash | 67,944,590 | 67,944,590 | 24,965,946 | |||
Restricted cash | 4,996,543 | 4,996,543 | 6,769,533 | |||
Loans from related party | 5,278,617 | 5,278,617 | $ 5,278,617 | $ 2,534,281 | ||
Revenue | 4,795,567 | $ 2,148,923 | 16,945,913 | $ 7,179,919 | ||
Real Estate [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | 12,000,000 | |||||
Biohealth Property Sales [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | 4,900,000 | |||||
Manufacturers And Traders Trust Company [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Loans Payable to Bank | 8,000,000 | 8,000,000 | ||||
Notes and Loans Payable | $ 0 | $ 0 |
SCHEDULE OF SUBSIDIARIES (Detai
SCHEDULE OF SUBSIDIARIES (Details) | 9 Months Ended | |||||
Sep. 30, 2021 | Jan. 24, 2021 | Dec. 31, 2020 | ||||
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 Limited (f.k.a. Singapore eDevelopment Limited) | |||||
State or other jurisdiction of incorporation or organization | Singapore | |||||
Attributable interest | 75.10% | 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 | 75.10% | 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] | 38.30% | 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 | 75.10% | 57.10% | ||||
Global Bio Medical Pte Ltd [Member] | ||||||
Name of subsidiary consolidated under AEI | Global BioMedical Pte. Ltd. | |||||
State or other jurisdiction of incorporation or organization | Singapore | |||||
Attributable interest | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 57.10% | ||||
Liquid Value 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 | 75.10% | 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 | 75.10% | 57.10% | ||||
Alset F&B One Pte Ltd [Member] | ||||||
Name of subsidiary consolidated under AEI | Alset F&B One Pte. Ltd. (f.k.a. SeD Management Pte. Ltd.) | |||||
State or other jurisdiction of incorporation or organization | Singapore | |||||
Attributable interest | 60.10% | 57.10% | ||||
Global Tech Fund 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 | 75.10% | 57.10% | ||||
Singapore EChain Logistic Pte Ltd [Member] | ||||||
Name of subsidiary consolidated under AEI | Singapore eChainLogistic Pte. Ltd. | |||||
State or other jurisdiction of incorporation or organization | Singapore | |||||
Attributable interest | 75.10% | 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 | 75.10% | 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 | 75.10% | 100.00% | 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 | 75.10% | 57.10% | ||||
Liquid Value 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 | 75.10% | 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 | 75.10% | 57.10% | ||||
SeD USALLC [Member] | ||||||
Name of subsidiary consolidated under AEI | SeD USA, LLC | |||||
State or other jurisdiction of incorporation or organization | United States of America | |||||
Attributable interest | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 62.70% | 47.80% | [1] | |||
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 | 63.80% | 48.60% | [1] | |||
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 | 75.10% | 57.10% | ||||
Gig World 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 | 74.90% | 57.00% | ||||
Hot App Block Chain 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 | 74.90% | 57.00% | ||||
Hot App International Limited [Member] | ||||||
Name of subsidiary consolidated under AEI | HotApp International Limited | |||||
State or other jurisdiction of incorporation or organization | Hong Kong | |||||
Attributable interest | 74.90% | 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 74.90% | 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 | 74.90% | 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 | 74.90% | 57.00% | ||||
U Beauty Limited [Member] | ||||||
Name of subsidiary consolidated under AEI | UBeauty Limited | |||||
State or other jurisdiction of incorporation or organization | Hong Kong | |||||
Attributable interest | 75.10% | 57.10% | ||||
We Beauty Korea Inc [Member] | ||||||
Name of subsidiary consolidated under AEI | WeBeauty Korea Inc | |||||
State or other jurisdiction of incorporation or organization | Korea | |||||
Attributable interest | 75.10% | 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 | 75.10% | 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 | 75.10% | 57.10% | ||||
Alset Bio Health Pte Ltd [Member] | ||||||
Name of subsidiary consolidated under AEI | Alset BioHealth Pte. Ltd. | |||||
State or other jurisdiction of incorporation or organization | Singapore | |||||
Attributable interest | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 57.10% | ||||
Bio Health 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 | 75.10% | 57.10% | ||||
Impact Bio Health Pte.Ltd [Member] | ||||||
Name of subsidiary consolidated under AEI | Impact BioHealth Pte. Ltd. | |||||
State or other jurisdiction of incorporation or organization | Singapore | |||||
Attributable interest | 75.10% | 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 | 75.10% | 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 | 67.60% | 45.70% | [1] | |||
HWHKOR 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 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 | 75.10% | 57.10% | ||||
Open Biz Inc [Member] | ||||||
Name of subsidiary consolidated under AEI | OpenBiz Inc. | |||||
State or other jurisdiction of incorporation or organization | United States of America | |||||
Attributable interest | 75.10% | 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 | 75.10% | |||||
True Partner International Limited [Member] | ||||||
Name of subsidiary consolidated under AEI | True Partner International Limited | |||||
State or other jurisdiction of incorporation or organization | Hong Kong | |||||
Attributable interest | 100.00% | |||||
Liquid Value 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% | |||||
Liquid Value 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% | |||||
E Power Tech Inc [Member] | ||||||
Name of subsidiary consolidated under AEI | EPowerTech Inc. | |||||
State or other jurisdiction of incorporation or organization | United States of America | |||||
Attributable interest | 100.00% | |||||
Alset E Power Inc [Member] | ||||||
Name of subsidiary consolidated under AEI | Alset EPower Inc. | |||||
State or other jurisdiction of incorporation or organization | United States of America | |||||
Attributable interest | 100.00% | |||||
AHR Asset Management Inc. [Member] | ||||||
Name of subsidiary consolidated under AEI | AHR Asset Management Inc. | |||||
State or other jurisdiction of incorporation or organization | United States of America | |||||
Attributable interest | 75.10% | |||||
HWH World Inc. (Nevada) [Member] | ||||||
Name of subsidiary consolidated under AEI | HWH World Inc. (Nevada) | |||||
State or other jurisdiction of incorporation or organization | United States of America | |||||
Attributable interest | 75.10% | |||||
Alset F&B Holdings Pte. Ltd. [Member] | ||||||
Name of subsidiary consolidated under AEI | Alset F&B Holdings Pte. Ltd. | |||||
State or other jurisdiction of incorporation or organization | Singapore | |||||
Attributable interest | 75.10% | |||||
Smart Reward Express Limited [Member] | ||||||
Name of subsidiary consolidated under AEI | Smart Reward Express Limited | |||||
State or other jurisdiction of incorporation or organization | Hong Kong | |||||
Attributable interest | 37.40% | [1] | ||||
Partners HWH Pte. Ltd. [Member] | ||||||
Name of subsidiary consolidated under AEI | Partners HWH Pte. Ltd. | |||||
State or other jurisdiction of incorporation or organization | Singapore | |||||
Attributable interest | 75.10% | |||||
AHR Texas Two LLC [Member] | ||||||
Name of subsidiary consolidated under AEI | AHR Texas Two LLC | |||||
State or other jurisdiction of incorporation or organization | United States of America | |||||
Attributable interest | 75.10% | |||||
AHR Black Oak One LLC [Member] | ||||||
Name of subsidiary consolidated under AEI | AHR Black Oak One LLC | |||||
State or other jurisdiction of incorporation or organization | United States of America | |||||
Attributable interest | 75.10% | |||||
Hapi Air Inc. [Member] | ||||||
Name of subsidiary consolidated under AEI | Hapi Air Inc. | |||||
State or other jurisdiction of incorporation or organization | United States of America | |||||
Attributable interest | 87.60% | |||||
Hapi Cafe Korea Inc [Member] | ||||||
Name of subsidiary consolidated under AEI | Hapi Cafe Korea, Inc. | |||||
State or other jurisdiction of incorporation or organization | Korea | |||||
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. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Sep. 08, 2021 | Jun. 14, 2021 | Jun. 14, 2021 | Apr. 12, 2021 | Mar. 18, 2021 | Mar. 18, 2021 | Mar. 12, 2021 | Feb. 26, 2021 | Oct. 15, 2020 | Sep. 30, 2020 | Sep. 08, 2020 | Nov. 08, 2019 | Jun. 14, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Apr. 20, 2021 | Jul. 17, 2020 | Mar. 02, 2020 | Apr. 25, 2018 |
Common Stock, Voting Rights | more than 50% of the voting common stock | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||
Shares Issued, Price Per Share | $ 10.03 | |||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 50,770,192 | |||||||||||||||||||||
Cash equivalents | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Cash | 67,944,590 | 67,944,590 | 24,965,946 | |||||||||||||||||||
Account receivables | 912,650 | 912,650 | 1,366,194 | |||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss | 600,000 | 600,000 | 1,300,000 | |||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | 0 | 0 | 0 | |||||||||||||||||||
Investement income | 22,614 | $ 13,836 | 78,902 | $ 47,863 | ||||||||||||||||||
Converitble debt fair value | 10,009 | 10,009 | 66,978 | |||||||||||||||||||
Loan receivable | 840,000 | |||||||||||||||||||||
[custom:CapitalizedConstructionCosts] | 1,800,000 | 2,800,000 | 3,200,000 | 8,900,000 | ||||||||||||||||||
Payments for Rent | 140,685 | 149,565 | 10,662,228 | |||||||||||||||||||
Gain loss on foreign currency transaction | 578,903 | 482,209 | (1,842,128) | (981,564) | ||||||||||||||||||
Foreign currency gain | (578,903) | (482,209) | 1,842,128 | 981,564 | ||||||||||||||||||
Other comprehensive loss from foreign currency translation | 1,238,356 | $ 462,064 | 4,077,987 | $ 585,085 | ||||||||||||||||||
Non controlling interest | 25,139,976 | 25,139,976 | 38,023,260 | |||||||||||||||||||
Capitalized financing costs | 3,247,739 | 3,247,739 | 3,513,535 | |||||||||||||||||||
Sharing Services Convertible Note [Member] | ||||||||||||||||||||||
Convertible Debt | 50,000 | $ 50,000 | ||||||||||||||||||||
American Pacific Bancorp Inc [Member] | ||||||||||||||||||||||
Deconsolidation description | As a result of the new share issuances, the Company’s ownership percentage of APB fell below 50% to 41.3% and the entity was deconsolidated in accordance with ASC 810-10. Upon deconsolidation the Company elected to apply the equity method accounting as the Company still retained significant influence. As a result of the deconsolidation, the Company recognized gain of approximately $28.2 million. | |||||||||||||||||||||
Gain on deconsolidation | $ 28,200,000 | |||||||||||||||||||||
Fair value of equity method investement | $ 30,800,000 | $ 30,940,518,000,000 | 30,940,518,000,000 | |||||||||||||||||||
Net assets | $ 2,900,000 | |||||||||||||||||||||
Investement income | $ 87,390 | |||||||||||||||||||||
American Medical REIT Inc [Member] | ||||||||||||||||||||||
Interest rate | 800.00% | 800.00% | ||||||||||||||||||||
Accounts receivable current | $ 225,398 | $ 225,398 | 213,431 | |||||||||||||||||||
Loan receivable | 200,000 | $ 200,000 | ||||||||||||||||||||
Maturity date | Mar. 3, 2022 | |||||||||||||||||||||
Credas Capital Pte Ltd [Member] | ||||||||||||||||||||||
Loan receivable | 134,718 | $ 134,718 | ||||||||||||||||||||
Variable interest amount recievable | 134,718 | 0 | ||||||||||||||||||||
Series A Common Stock [Member] | ||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 6,666,700 | |||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 40,000,200 | |||||||||||||||||||||
Value Exchange International [Member] | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 18.00% | |||||||||||||||||||||
AUSTRALIA | ||||||||||||||||||||||
Noninterest-bearing Deposit Liabilities | 50,000 | $ 50,000 | ||||||||||||||||||||
Ballenger Projects [Member] | ||||||||||||||||||||||
Risk percentage | 70.00% | |||||||||||||||||||||
Black Oak Projects [Member] | ||||||||||||||||||||||
Risk percentage | 99.00% | |||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||
Payments for Rent | $ 2,265 | |||||||||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||
Payments for Rent | $ 23,297 | |||||||||||||||||||||
Property, Plant and Equipment, Useful Life | 27 years 6 months | |||||||||||||||||||||
Manufacturers And Traders Trust Company [Member] | ||||||||||||||||||||||
Escrow Deposit | 4,399,873 | $ 4,399,873 | 5,729,067 | |||||||||||||||||||
Manufacturers And Traders Trust Company [Member] | Minimum [Member] | ||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,600,000 | 2,600,000 | ||||||||||||||||||||
Alset CPN [Member] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 63,920,128 | $ 63,920,128 | ||||||||||||||||||||
Interest Payable | $ 306,438 | $ 306,438 | $ 306,438 | |||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 9,163,965 | 9,163,965 | ||||||||||||||||||||
Brokerage [Member] | ||||||||||||||||||||||
Cash | $ 560,581 | $ 560,581 | $ 1,001,916 | |||||||||||||||||||
Amarantus Bio Science Holdings [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 5.30% | 5.30% | ||||||||||||||||||||
Trust Partner [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 15.50% | 15.50% | ||||||||||||||||||||
Document Securities Systems Inc [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 24.90% | 24.90% | 11.70% | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,480,000 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 250,000 | |||||||||||||||||||||
Gain on Sale of Investments | $ 2,480,000 | $ 2,480,000 | ||||||||||||||||||||
Cost Method Investments, Original Cost | $ 2,279,872 | $ 2,279,872 | ||||||||||||||||||||
Holista Coll Tech Limited [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 15.80% | 15.80% | ||||||||||||||||||||
American Premium Water Corp [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 14.30% | 14.30% | ||||||||||||||||||||
American Medical REIT Inc [Member] | ||||||||||||||||||||||
Warrants and Rights Outstanding | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 9.99% | |||||||||||||||||||||
Interest Payable | $ 25,398 | $ 25,398 | 13,431 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 200,000 | |||||||||||||||||||||
Interest rate | 8.00% | |||||||||||||||||||||
American Medical REIT Inc [Member] | Maximum [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 3.40% | 3.40% | ||||||||||||||||||||
Vivacitas [Member] | ||||||||||||||||||||||
Warrants and Rights Outstanding | $ 0 | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 250,000 | |||||||||||||||||||||
Nervotec Pte Ltd [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 1.45% | |||||||||||||||||||||
Cost Method Investments, Original Cost | $ 37,826 | |||||||||||||||||||||
Number of investment acquired | 1,666 | |||||||||||||||||||||
Hyten Global Thailand Co Ltd [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 19.00% | 19.00% | 19.00% | |||||||||||||||||||
Cost Method Investments, Original Cost | $ 42,562 | $ 42,562 | $ 42,562 | |||||||||||||||||||
Number of investment acquired | 3,800 | |||||||||||||||||||||
K Beauty Research Lab Co Ltd [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 18.00% | 18.00% | ||||||||||||||||||||
Cost Method Investments, Original Cost | $ 19,609 | $ 19,609 | ||||||||||||||||||||
SeD Capital Pte Ltd [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 75.10% | 75.10% | 57.10% | |||||||||||||||||||
SeD Capital Pte Ltd [Member] | Novum Alpha Pte Ltd [Member] | ||||||||||||||||||||||
[custom:JointVenturePaidUpCapital-0] | 50.00% | |||||||||||||||||||||
SeD Capital Pte Ltd [Member] | Credas Capital Pte Ltd [Member] | ||||||||||||||||||||||
[custom:JointVenturePaidUpCapital-0] | 50.00% | |||||||||||||||||||||
Vector Com co. Ltd [Member] | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 88,599 | $ 88,599 | ||||||||||||||||||||
Convertible Debt | $ 88,599 | |||||||||||||||||||||
Interest rate | 2.00% | |||||||||||||||||||||
Debt Instrument, Term | 2 years | |||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 21.26 | |||||||||||||||||||||
Liquid Value Development Pte Ltd [Member] | Maximum [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 3.50% | |||||||||||||||||||||
American Pacific Bancorp [Member] | Hengfeng Finance Limited [Member] | ||||||||||||||||||||||
Stock purchased upon acquisitions | 3,500,001 | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 1,500,000 | |||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 250,000 | |||||||||||||||||||||
Gig World Inc [Member] | Value Exchange International [Member] | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 6,500,000 | |||||||||||||||||||||
Equity Method Investment, Aggregate Cost | $ 650,000 | |||||||||||||||||||||
Bio Life [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||||||||
Quality Ingredients [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||||||||
Sweet Sense [Member] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 91,000 | |||||||||||||||||||||
Acquisition Costs, Period Cost | 90,001 | |||||||||||||||||||||
Income (Loss) from Equity Method Investments | $ 90,001 | |||||||||||||||||||||
Subsidary impact percentage | 81.80% | 81.80% | ||||||||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||||||||||
Accounts receivable current | $ 232,124 | $ 232,124 | $ 42,562 | |||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||
Accounts Payable, Current | $ 63,920,129 | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||||||||||||
Shares Issued, Price Per Share | $ 5.59 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | Alset International Limited [Member] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,500,000,000 | |||||||||||||||||||||
Warrants and Rights Outstanding | $ 28,363,966 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | Liquid Value Development Pte Ltd [Member] | ||||||||||||||||||||||
Stock Repurchased During Period, Value | 173,395 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | True Partner Capital Holding Limited [Member] | ||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 6,729,629 | |||||||||||||||||||||
Stock Repurchased During Period, Shares | 62,122,908 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | American Pacific Bancorp Inc [Member] | ||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 28,653,138 | |||||||||||||||||||||
Stock Repurchased During Period, Shares | 4,775,523 | |||||||||||||||||||||
Loan Agreement [Member] | National Australian Bank Limited [Member] | ||||||||||||||||||||||
Escrow Deposit | 36,059 | 36,059 | $ 38,550 | |||||||||||||||||||
Front Foot Benefit Assessments [Member] | ||||||||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 182,813 | $ 54,147 | 431,458 | $ 169,349 | ||||||||||||||||||
Front Foot Benefit Assessments [Member] | Minimum [Member] | ||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 3,000 | |||||||||||||||||||||
Front Foot Benefit Assessments [Member] | Maximum [Member] | ||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 4,500 |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | |||||
Restricted Cash and Cash Equivalents | $ 70,219,636 | $ 70,219,636 | $ 25,752,637 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 95.00% | 99.00% | 96.00% | 98.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 5.00% | 1.00% | 4.00% | 2.00% |
SCHEDULE OF SEGMENT INFORMATION
SCHEDULE OF SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 4,795,567 | $ 2,148,923 | $ 16,945,913 | $ 7,179,919 | |
Cost of Sales | (8,510,205) | (5,609,303) | |||
Gross Margin | 8,435,708 | 1,570,616 | |||
Operating Expenses | (13,466,414) | (4,535,178) | |||
Operating Income (Loss) | 51,582 | (414,108) | (5,030,706) | (2,964,562) | |
Other Income (Expense) | (8,126,066) | (12,624,022) | (87,293,906) | (9,780,603) | |
Net Income (Loss) Before Income Tax | (92,324,612) | (12,745,165) | |||
Cash and restricted cash | 72,941,133 | 72,941,133 | $ 31,735,479 | ||
Total assets | $ 175,136,141 | 175,136,141 | 175,136,141 | 175,136,141 | 107,713,745 |
Real Estate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 12,026,069 | 7,148,786 | |||
Cost of Sales | (8,291,698) | (5,603,164) | |||
Gross Margin | 3,734,371 | 1,545,622 | |||
Operating Expenses | (901,236) | (634,254) | |||
Operating Income (Loss) | 2,833,135 | 911,368 | |||
Other Income (Expense) | (9,063) | (2,646) | |||
Net Income (Loss) Before Income Tax | 2,824,072 | 908,722 | |||
Cash and restricted cash | 7,951,918 | 7,951,918 | 8,150,769 | ||
Total assets | 42,348,896 | 42,348,896 | 28,954,484 | ||
Digital Transformation Technology [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | |||||
Cost of Sales | |||||
Gross Margin | |||||
Operating Expenses | (173,594) | (87,972) | |||
Operating Income (Loss) | (173,594) | (87,972) | |||
Other Income (Expense) | 403,000 | 115 | |||
Net Income (Loss) Before Income Tax | 229,406 | (87,857) | |||
Cash and restricted cash | 228,627 | 228,627 | 158,058 | ||
Total assets | 1,252,457 | 1,252,457 | 158,160 | ||
Biohealth Business [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 4,919,844 | 31,133 | |||
Cost of Sales | (218,507) | (6,139) | |||
Gross Margin | 4,701,337 | 24,994 | |||
Operating Expenses | (3,451,152) | (388,083) | |||
Operating Income (Loss) | 1,250,185 | (363,089) | |||
Other Income (Expense) | (33,960,503) | (10,211,916) | |||
Net Income (Loss) Before Income Tax | (32,710,318) | (10,575,005) | |||
Cash and restricted cash | 2,845,805 | 2,845,805 | 1,590,265 | ||
Total assets | 18,136,991 | 18,136,991 | 524,603 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | |||||
Cost of Sales | |||||
Gross Margin | |||||
Operating Expenses | (8,940,432) | (3,424,869) | |||
Operating Income (Loss) | (8,940,432) | (3,424,869) | |||
Other Income (Expense) | (53,727,340) | 433,844 | |||
Net Income (Loss) Before Income Tax | $ (62,667,772) | (2,991,025) | |||
Cash and restricted cash | 61,914,783 | 61,914,783 | 21,836,387 | ||
Total assets | $ 113,397,797 | $ 113,397,797 | $ 78,076,498 |
SCHEDULE OF ADJUSTMENT INFORMAT
SCHEDULE OF ADJUSTMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total Revenue | $ 4,795,567 | $ 2,148,923 | $ 16,945,913 | $ 7,179,919 | ||||||
Cost of Sales | 8,510,205 | 5,609,303 | ||||||||
General and Administrative | 2,539,584 | 946,654 | 13,466,414 | 4,535,178 | ||||||
Total Operating Expenses | 4,743,985 | 2,563,031 | 21,976,619 | 10,144,481 | ||||||
Loss From Operations | 51,582 | (414,108) | (5,030,706) | (2,964,562) | ||||||
Interest Expense | (330) | (19,825) | (316,615) | (160,341) | ||||||
Foreign Exchange Transaction Gain | (578,903) | (482,209) | 1,842,128 | 981,564 | ||||||
Unrealized Gain (Loss) on Securities Investment | (5,268,531) | (12,444,635) | (35,972,445) | (10,883,149) | ||||||
Finance Cost | (27,798) | (68,151) | (50,871,869) | (73,041) | ||||||
Other Income | 53,135 | 11,241 | 77,591 | 55,125 | ||||||
Total Other Income (Expense), Net | (8,126,066) | (12,624,022) | (87,293,906) | (9,780,603) | ||||||
Net Income (Loss) from Continuing Operations Before Income Taxes | (8,074,484) | (13,038,130) | (92,324,612) | (12,745,165) | ||||||
Income Tax Expense from Continuing Operations | 74,106 | 446,757 | 188,759 | |||||||
Net Income (Loss) from Continuing Operations | (8,074,484) | (13,112,236) | (92,771,369) | (12,933,924) | ||||||
Loss from Discontinued Operations, Net of Tax | (56,053) | (417,438) | ||||||||
Net Income (Loss) | (8,074,484) | $ (74,889,324) | $ (9,807,561) | (13,168,289) | $ (2,434,514) | $ 2,251,441 | (92,771,369) | (13,351,362) | ||
Net Loss Attributable to Non-Controlling Interest | (964,347) | (3,544,037) | (12,771,919) | (4,177,058) | ||||||
Net Income (Loss) Attributable to Common Stockholders | (7,110,137) | (9,624,252) | (79,999,450) | (9,174,304) | ||||||
Unrealized Gain on Securities Investment | (19,060) | 29,123 | (56,969) | 29,639 | ||||||
Foreign Currency Translation Adjustment | 1,238,356 | (462,064) | 4,077,987 | 585,085 | ||||||
Comprehensive Income (Loss) | (9,331,900) | (12,677,102) | (96,906,325) | (13,906,808) | ||||||
Comprehensive Loss Attributable to Non-controlling Interests | (1,350,889) | (3,239,255) | (14,264,651) | (4,240,806) | ||||||
Comprehensive Loss Attributable to Common Stockholders | $ (7,981,011) | $ (9,437,847) | $ (82,641,674) | $ (9,666,002) | ||||||
Continuing Operations | $ (0.19) | $ (1) | $ (4.14) | $ (1.01) | ||||||
Discontinued Operations | (0.01) | (0.04) | ||||||||
Net Income Per Share | $ (0.19) | $ (1.01) | $ (4.14) | $ (1.05) | ||||||
Weighted Average Common Shares Outstanding - Basic and Diluted | 38,030,098 | 9,758,236 | 19,785,922 | 8,712,081 | ||||||
Cash | $ 67,944,590 | $ 67,944,590 | $ 24,965,946 | |||||||
Restricted Cash | 4,996,543 | 4,996,543 | 6,769,533 | |||||||
Account Receivables, Net | 912,650 | 912,650 | 1,366,194 | |||||||
Other Receivables | 559,644 | 559,644 | 644,576 | |||||||
Note Receivables - Related Party | 547,616 | 547,616 | 649,569 | |||||||
Prepaid Expenses | 1,479,092 | 1,479,092 | 1,470,680 | |||||||
Inventory | 45,250 | 45,250 | 90,068 | |||||||
Investment in Securities at Fair Value | 39,787,402 | 39,787,402 | 49,172,457 | |||||||
Investment in Securities at Cost | 98,204 | 98,204 | 280,516 | |||||||
Deposits | 255,905 | 255,905 | 48,820 | |||||||
Total Current Assets | 147,567,414 | 147,567,414 | 85,458,359 | |||||||
Operating Lease Right-Of-Use Asset | 599,481 | 599,481 | 574,754 | |||||||
Deposit | 40,790 | 40,790 | 249,676 | |||||||
Property and Equipment, Net | 273,463 | 273,463 | 85,365 | |||||||
Total Assets | 175,136,141 | $ 175,136,141 | 175,136,141 | $ 175,136,141 | 107,713,745 | |||||
Accounts Payable and Accrued Expenses | 1,137,997 | 1,137,997 | 1,671,265 | |||||||
Deferred Revenue | 1,636,475 | 1,636,475 | 2,867,226 | |||||||
Builder Deposits | 244,936 | 244,936 | 1,262,336 | |||||||
Operating Lease Liability | 314,146 | 314,146 | 381,412 | |||||||
Note Payable | 319,254 | 319,254 | 172,706 | |||||||
Note Payable- Related Parties | 5,278,617 | 5,278,617 | 5,278,617 | 2,534,281 | ||||||
Total Current Liabilities | 8,931,425 | 8,931,425 | 8,889,226 | |||||||
Operating Lease Liability | 297,498 | 297,498 | 193,342 | |||||||
Notes Payable | 636,362 | |||||||||
Total Liabilities | 9,228,923 | 9,228,923 | 9,718,930 | |||||||
Common Stock | 45,722 | 45,722 | 8,570 | |||||||
Additional Paid in Capital | 266,633,480 | 266,633,480 | 102,729,944 | |||||||
Accumulated Deficit | (124,909,747) | (124,909,747) | (44,910,297) | |||||||
Accumulated Other Comprehensive Income (Loss) | (1,002,212) | (40,823) | 1,092,609 | 1,035,604 | 734,482 | 355,239 | (1,002,212) | 1,035,604 | 2,143,338 | $ 1,458,289 |
Total Stockholders’ Equity | 140,767,242 | 140,767,242 | 59,971,555 | |||||||
Non-controlling Interests | 25,139,975 | 25,139,975 | 38,023,260 | |||||||
Total Stockholders’ Equity | 165,907,218 | $ 115,064,786 | $ 85,858,878 | $ 90,664,457 | $ 26,236,120 | $ 25,970,201 | 165,907,218 | $ 90,664,457 | 97,994,815 | $ 23,218,436 |
Total Liabilities and Stockholders’ Equity | $ 175,136,141 | 175,136,141 | 107,713,745 | |||||||
As Combined [Member] | ||||||||||
Total Revenue | 7,179,919 | |||||||||
Cost of Sales | 5,609,303 | |||||||||
General and Administrative | 4,535,178 | |||||||||
Total Operating Expenses | 10,144,481 | |||||||||
Loss From Operations | (2,964,562) | |||||||||
Interest Income | 47,863 | |||||||||
Interest Expense | (160,341) | |||||||||
Foreign Exchange Transaction Gain | 981,564 | |||||||||
Unrealized Gain (Loss) on Securities Investment | (10,883,149) | |||||||||
Realized Gain on Security Investment | 444,508 | |||||||||
Loss on Investment on Security by Equity Method | (193,132) | |||||||||
Finance Cost | (73,041) | |||||||||
Other Income | 55,125 | |||||||||
Total Other Income (Expense), Net | (9,780,603) | |||||||||
Net Income (Loss) from Continuing Operations Before Income Taxes | (12,745,165) | |||||||||
Income Tax Expense from Continuing Operations | (188,759) | |||||||||
Net Income (Loss) from Continuing Operations | (12,933,924) | |||||||||
Loss from Discontinued Operations, Net of Tax | (417,438) | |||||||||
Net Income (Loss) | (13,351,362) | |||||||||
Net Loss Attributable to Non-Controlling Interest | (4,177,058) | |||||||||
Net Income (Loss) Attributable to Common Stockholders | (9,174,304) | |||||||||
Unrealized Gain on Securities Investment | 29,639 | |||||||||
Foreign Currency Translation Adjustment | (585,085) | |||||||||
Comprehensive Income (Loss) | (13,906,808) | |||||||||
Comprehensive Loss Attributable to Non-controlling Interests | (4,240,806) | |||||||||
Comprehensive Loss Attributable to Common Stockholders | $ (9,666,002) | |||||||||
Continuing Operations | $ (1.01) | |||||||||
Discontinued Operations | (0.04) | |||||||||
Net Income Per Share | $ (1.05) | |||||||||
Weighted Average Common Shares Outstanding - Basic and Diluted | 8,712,081 | |||||||||
Cash | 24,965,946 | |||||||||
Restricted Cash | 6,769,533 | |||||||||
Account Receivables, Net | 1,366,194 | |||||||||
Other Receivables | 644,576 | |||||||||
Note Receivables - Related Party | 649,569 | |||||||||
Prepaid Expenses | 1,470,680 | |||||||||
Inventory | 90,068 | |||||||||
Investment in Securities at Fair Value | 49,172,457 | |||||||||
Investment in Securities at Cost | 280,516 | |||||||||
Investment in Securities on Equity Method | ||||||||||
Deposits | 48,820 | |||||||||
Total Current Assets | 85,458,359 | |||||||||
Properties under Development | 20,505,591 | |||||||||
Operating Lease Right-Of-Use Asset | 574,754 | |||||||||
Deposit | 249,676 | |||||||||
Loan Receivable | 840,000 | |||||||||
Property and Equipment, Net | 85,365 | |||||||||
Total Assets | 107,713,745 | |||||||||
Accounts Payable and Accrued Expenses | 1,671,226 | |||||||||
Deferred Revenue | 2,867,226 | |||||||||
Builder Deposits | 1,262,336 | |||||||||
Operating Lease Liability | 381,412 | |||||||||
Note Payable | 172,706 | |||||||||
Note Payable- Related Parties | 2,534,281 | |||||||||
Total Current Liabilities | 8,889,226 | |||||||||
Builder Deposits | ||||||||||
Operating Lease Liability | 193,342 | |||||||||
Notes Payable | 636,362 | |||||||||
Total Liabilities | 9,718,930 | |||||||||
Common Stock | 8,570 | |||||||||
Additional Paid in Capital | 102,729,944 | |||||||||
Accumulated Deficit | (44,910,297) | |||||||||
Accumulated Other Comprehensive Income (Loss) | 2,143,338 | |||||||||
Total Stockholders’ Equity | 59,971,555 | |||||||||
Non-controlling Interests | 38,023,260 | |||||||||
Total Stockholders’ Equity | 97,994,815 | |||||||||
Total Liabilities and Stockholders’ Equity | 107,713,745 | |||||||||
American Pacific Bancorp Inc and Heng Feng Finance Limited [Member] | ||||||||||
Total Revenue | ||||||||||
Cost of Sales | ||||||||||
General and Administrative | 330,665 | |||||||||
Total Operating Expenses | 330,665 | |||||||||
Loss From Operations | (330,665) | |||||||||
Interest Income | 32,801 | |||||||||
Interest Expense | ||||||||||
Foreign Exchange Transaction Gain | ||||||||||
Unrealized Gain (Loss) on Securities Investment | (5,311) | |||||||||
Realized Gain on Security Investment | ||||||||||
Loss on Investment on Security by Equity Method | ||||||||||
Finance Cost | (73,041) | |||||||||
Other Income | 2,278 | |||||||||
Total Other Income (Expense), Net | (43,273) | |||||||||
Net Income (Loss) from Continuing Operations Before Income Taxes | (373,938) | |||||||||
Income Tax Expense from Continuing Operations | ||||||||||
Net Income (Loss) from Continuing Operations | (373,938) | |||||||||
Loss from Discontinued Operations, Net of Tax | ||||||||||
Net Income (Loss) | (373,938) | |||||||||
Net Loss Attributable to Non-Controlling Interest | (50,706) | |||||||||
Net Income (Loss) Attributable to Common Stockholders | (323,232) | |||||||||
Unrealized Gain on Securities Investment | ||||||||||
Foreign Currency Translation Adjustment | ||||||||||
Comprehensive Income (Loss) | (373,938) | |||||||||
Comprehensive Loss Attributable to Non-controlling Interests | (50,706) | |||||||||
Comprehensive Loss Attributable to Common Stockholders | (323,232) | |||||||||
Cash | 2,348,478 | |||||||||
Restricted Cash | ||||||||||
Account Receivables, Net | ||||||||||
Other Receivables | 279,177 | |||||||||
Note Receivables - Related Party | 24,583 | |||||||||
Prepaid Expenses | ||||||||||
Inventory | ||||||||||
Investment in Securities at Fair Value | 313,343 | |||||||||
Investment in Securities at Cost | ||||||||||
Investment in Securities on Equity Method | ||||||||||
Deposits | 1,801 | |||||||||
Total Current Assets | 2,967,382 | |||||||||
Properties under Development | ||||||||||
Operating Lease Right-Of-Use Asset | ||||||||||
Deposit | ||||||||||
Loan Receivable | 840,000 | |||||||||
Property and Equipment, Net | ||||||||||
Total Assets | 3,807,382 | |||||||||
Accounts Payable and Accrued Expenses | 118,133 | |||||||||
Deferred Revenue | ||||||||||
Builder Deposits | ||||||||||
Operating Lease Liability | ||||||||||
Note Payable | ||||||||||
Note Payable- Related Parties | 184,250 | |||||||||
Total Current Liabilities | 302,383 | |||||||||
Builder Deposits | ||||||||||
Operating Lease Liability | ||||||||||
Notes Payable | ||||||||||
Total Liabilities | 302,383 | |||||||||
Common Stock | 47,756 | |||||||||
Additional Paid in Capital | 3,975,261 | |||||||||
Accumulated Deficit | (993,296) | |||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||
Total Stockholders’ Equity | 3,029,721 | |||||||||
Non-controlling Interests | 475,278 | |||||||||
Total Stockholders’ Equity | 3,504,999 | |||||||||
Total Liabilities and Stockholders’ Equity | 3,807,382 | |||||||||
Liquid Value Development Pte Ltd [Member] | ||||||||||
Total Revenue | ||||||||||
Cost of Sales | ||||||||||
General and Administrative | 7,574 | |||||||||
Total Operating Expenses | 7,574 | |||||||||
Loss From Operations | (7,574) | |||||||||
Interest Income | 67 | |||||||||
Interest Expense | ||||||||||
Foreign Exchange Transaction Gain | 21,296 | |||||||||
Unrealized Gain (Loss) on Securities Investment | 122 | |||||||||
Realized Gain on Security Investment | 444,508 | |||||||||
Loss on Investment on Security by Equity Method | ||||||||||
Finance Cost | ||||||||||
Other Income | ||||||||||
Total Other Income (Expense), Net | 465,993 | |||||||||
Net Income (Loss) from Continuing Operations Before Income Taxes | 458,419 | |||||||||
Income Tax Expense from Continuing Operations | ||||||||||
Net Income (Loss) from Continuing Operations | 458,419 | |||||||||
Loss from Discontinued Operations, Net of Tax | ||||||||||
Net Income (Loss) | 458,419 | |||||||||
Net Loss Attributable to Non-Controlling Interest | ||||||||||
Net Income (Loss) Attributable to Common Stockholders | 458,419 | |||||||||
Unrealized Gain on Securities Investment | ||||||||||
Foreign Currency Translation Adjustment | ||||||||||
Comprehensive Income (Loss) | 458,419 | |||||||||
Comprehensive Loss Attributable to Non-controlling Interests | ||||||||||
Comprehensive Loss Attributable to Common Stockholders | 458,419 | |||||||||
Cash | 492,977 | |||||||||
Restricted Cash | ||||||||||
Account Receivables, Net | ||||||||||
Other Receivables | 95,177 | |||||||||
Note Receivables - Related Party | ||||||||||
Prepaid Expenses | ||||||||||
Inventory | ||||||||||
Investment in Securities at Fair Value | 1,631 | |||||||||
Investment in Securities at Cost | ||||||||||
Investment in Securities on Equity Method | 74,535 | |||||||||
Deposits | ||||||||||
Total Current Assets | 664,320 | |||||||||
Properties under Development | ||||||||||
Operating Lease Right-Of-Use Asset | ||||||||||
Deposit | ||||||||||
Loan Receivable | ||||||||||
Property and Equipment, Net | ||||||||||
Total Assets | 664,320 | |||||||||
Accounts Payable and Accrued Expenses | ||||||||||
Deferred Revenue | ||||||||||
Builder Deposits | ||||||||||
Operating Lease Liability | ||||||||||
Note Payable | ||||||||||
Note Payable- Related Parties | 823,823 | |||||||||
Total Current Liabilities | 823,823 | |||||||||
Builder Deposits | ||||||||||
Operating Lease Liability | ||||||||||
Notes Payable | ||||||||||
Total Liabilities | 823,823 | |||||||||
Common Stock | ||||||||||
Additional Paid in Capital | 756,487 | |||||||||
Accumulated Deficit | (906,010) | |||||||||
Accumulated Other Comprehensive Income (Loss) | (9,980) | |||||||||
Total Stockholders’ Equity | (159,503) | |||||||||
Non-controlling Interests | ||||||||||
Total Stockholders’ Equity | (159,503) | |||||||||
Total Liabilities and Stockholders’ Equity | 664,320 | |||||||||
Real Estate [Member] | ||||||||||
Total Revenue | 12,000,000 | |||||||||
Real Estate [Member] | As Combined [Member] | ||||||||||
Total Revenue | 7,148,786 | |||||||||
Real Estate [Member] | American Pacific Bancorp Inc and Heng Feng Finance Limited [Member] | ||||||||||
Total Revenue | ||||||||||
Real Estate [Member] | Liquid Value Development Pte Ltd [Member] | ||||||||||
Total Revenue | ||||||||||
Biohealth Property Sales [Member] | ||||||||||
Total Revenue | 4,900,000 | |||||||||
Biohealth Property Sales [Member] | As Combined [Member] | ||||||||||
Total Revenue | 31,133 | |||||||||
Biohealth Property Sales [Member] | American Pacific Bancorp Inc and Heng Feng Finance Limited [Member] | ||||||||||
Total Revenue | ||||||||||
Biohealth Property Sales [Member] | Liquid Value Development Pte Ltd [Member] | ||||||||||
Total Revenue | ||||||||||
Previously Reported [Member] | ||||||||||
Total Revenue | 7,179,919 | |||||||||
Cost of Sales | 5,609,303 | |||||||||
General and Administrative | 4,196,939 | |||||||||
Total Operating Expenses | 9,806,242 | |||||||||
Loss From Operations | (2,626,323) | |||||||||
Interest Income | 14,995 | |||||||||
Interest Expense | (160,341) | |||||||||
Foreign Exchange Transaction Gain | 960,268 | |||||||||
Unrealized Gain (Loss) on Securities Investment | (10,877,960) | |||||||||
Realized Gain on Security Investment | ||||||||||
Loss on Investment on Security by Equity Method | (193,132) | |||||||||
Finance Cost | ||||||||||
Other Income | 52,847 | |||||||||
Total Other Income (Expense), Net | (10,203,323) | |||||||||
Net Income (Loss) from Continuing Operations Before Income Taxes | (12,829,646) | |||||||||
Income Tax Expense from Continuing Operations | (188,759) | |||||||||
Net Income (Loss) from Continuing Operations | (13,018,405) | |||||||||
Loss from Discontinued Operations, Net of Tax | (417,438) | |||||||||
Net Income (Loss) | (13,435,843) | |||||||||
Net Loss Attributable to Non-Controlling Interest | (4,126,352) | |||||||||
Net Income (Loss) Attributable to Common Stockholders | (9,309,491) | |||||||||
Unrealized Gain on Securities Investment | 29,639 | |||||||||
Foreign Currency Translation Adjustment | (585,085) | |||||||||
Comprehensive Income (Loss) | (13,991,289) | |||||||||
Comprehensive Loss Attributable to Non-controlling Interests | (4,190,100) | |||||||||
Comprehensive Loss Attributable to Common Stockholders | $ (9,801,189) | |||||||||
Continuing Operations | $ (1.07) | |||||||||
Discontinued Operations | (0.03) | |||||||||
Net Income Per Share | $ (1.10) | |||||||||
Weighted Average Common Shares Outstanding - Basic and Diluted | 8,712,081 | |||||||||
Cash | 22,124,491 | |||||||||
Restricted Cash | 6,769,533 | |||||||||
Account Receivables, Net | 1,366,194 | |||||||||
Other Receivables | 270,222 | |||||||||
Note Receivables - Related Party | 624,986 | |||||||||
Prepaid Expenses | 1,470,680 | |||||||||
Inventory | 90,068 | |||||||||
Investment in Securities at Fair Value | 48,857,483 | |||||||||
Investment in Securities at Cost | 280,516 | |||||||||
Investment in Securities on Equity Method | ||||||||||
Deposits | 47,019 | |||||||||
Total Current Assets | 81,901,192 | |||||||||
Properties under Development | 20,505,591 | |||||||||
Operating Lease Right-Of-Use Asset | 574,754 | |||||||||
Deposit | 249,676 | |||||||||
Loan Receivable | ||||||||||
Property and Equipment, Net | 85,365 | |||||||||
Total Assets | 103,316,578 | |||||||||
Accounts Payable and Accrued Expenses | 1,553,132 | |||||||||
Deferred Revenue | 2,867,226 | |||||||||
Builder Deposits | 1,262,336 | |||||||||
Operating Lease Liability | 381,412 | |||||||||
Note Payable | 172,706 | |||||||||
Note Payable- Related Parties | 1,526,208 | |||||||||
Total Current Liabilities | 7,763,020 | |||||||||
Builder Deposits | ||||||||||
Operating Lease Liability | 193,342 | |||||||||
Notes Payable | 636,362 | |||||||||
Total Liabilities | 8,592,724 | |||||||||
Common Stock | 8,570 | |||||||||
Additional Paid in Capital | 97,950,440 | |||||||||
Accumulated Deficit | (43,010,991) | |||||||||
Accumulated Other Comprehensive Income (Loss) | 2,153,318 | |||||||||
Total Stockholders’ Equity | 57,101,337 | |||||||||
Non-controlling Interests | 37,622,517 | |||||||||
Total Stockholders’ Equity | 94,723,854 | |||||||||
Total Liabilities and Stockholders’ Equity | 103,316,578 | |||||||||
Previously Reported [Member] | Real Estate [Member] | ||||||||||
Total Revenue | $ 7,148,786 | |||||||||
Previously Reported [Member] | Biohealth Property Sales [Member] | ||||||||||
Total Revenue | $ 31,133 | |||||||||
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 (Loss) | ||||||||||
Total Stockholders’ Equity | ||||||||||
Non-controlling Interests | (74,535) | |||||||||
Total Stockholders’ Equity | (74,535) | |||||||||
Total Liabilities and Stockholders’ Equity | $ (74,535) |
SUMMARY OF SINGLE FAMILY RESIDE
SUMMARY OF SINGLE FAMILY RESIDENTIAL PROPERTIES (Details) | 9 Months Ended | |
Sep. 30, 2021USD ($)Integer | Dec. 31, 2020USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Construction in Progress | $ 6,453,072 | $ 9,567,841 |
Land Held for Development | 9,174,185 | 10,937,750 |
Rental Properties, net | 11,027,736 | |
Total Real Estate Assets | $ 26,654,993 | $ 20,505,591 |
Single Family [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Homes | Integer | 46 | |
Real Estate Investment Property, Net | $ 10,662,228 | |
[custom:AverageInvestmentPerHome] | $ 231,788 |
BUILDER DEPOSITS (Details Narra
BUILDER DEPOSITS (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Apr. 28, 2020 | Jan. 03, 2019 |
Number of builder deposit shares | 479 | |||
Inventory, Land Held-for-sale | $ 64,000,000 | |||
Security Deposit Liability | $ 244,936 | $ 1,262,336 | ||
SeD Maryland Development LLC [Member] | Lot Purchase Agreements [Member] | ||||
Percentage of increase in price of lots | 3.00% | |||
Security Deposit Liability | $ 5,600,000 | $ 220,000 | $ 100,000 | |
Retail Land Sales Receivables, Stated Interest Rate | 9.90% |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Feb. 11, 2021 | Jun. 18, 2020 | Apr. 17, 2019 | Jan. 07, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | May 17, 2021 | Sep. 07, 2017 |
Line of Credit Facility [Line Items] | |||||||||
Loan Processing Fee | $ 381,823 | ||||||||
Amortization of Debt Discount (Premium) | 50,871,869 | $ 9,217 | |||||||
Paycheck Protection Program Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 68,502 | ||||||||
Notes Payable | $ 68,502 | ||||||||
Debt Instrument, Term | 5 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||||||
Percentage of forgiven debt amount | 60.00% | ||||||||
Hire Purchase Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.88% | ||||||||
[custom:PurchasePriceAssociatedCharges-0] | $ 184,596 | ||||||||
Deposit Assets | $ 78,640 | ||||||||
SeD Maryland Development LLC [Member] | Loan Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 8,000,000 | ||||||||
Notes Payable | 18,500,000 | ||||||||
Long-term Line of Credit | $ 900,000 | ||||||||
Line of Credit Facility, Interest Rate During Period | 1.50% | ||||||||
Line of Credit Facility, Collateral Fees, Amount | $ 2,600,000 | ||||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description | the outstanding balance of the revolving loan was $0 | ||||||||
Alset EHome Inc [Member] | Loan Agreement [Member] | Manufacturers And Traders Trust Company [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term Line of Credit | $ 2,990,000 | ||||||||
Loan Processing Fee | $ 61,679 | ||||||||
Line of Credit Facility, Expiration Date | Jul. 1, 2022 | ||||||||
Proceeds from Lines of Credit | $ 664,810 | 664,810 | |||||||
Debt Instrument, Unamortized Discount | $ 42,906 | ||||||||
Line of Credit Facility, Increase, Accrued Interest | $ 25,225 | ||||||||
Amortization of Debt Discount (Premium) | $ 42,907 | ||||||||
Alset EHome Inc [Member] | Loan Agreement [Member] | Manufacturers And Traders Trust Company [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term Line of Credit | $ 20,000,000 | ||||||||
SeD Perth Pty Ltd [Member] | Australia Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 460,000 | ||||||||
Debt Instrument, Maturity Date | Dec. 31, 2018 | Apr. 30, 2022 | |||||||
Deposits | $ 36,059 | ||||||||
Personal guarantee | $ 500,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 179,000 | ||||||||
SeD Perth Pty Ltd [Member] | Minimum [Member] | Australia Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.12% | 4.36% | |||||||
SeD Perth Pty Ltd [Member] | Maximum [Member] | Australia Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.86% | 5.57% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Jun. 14, 2021USD ($)shares | Jun. 14, 2021USD ($) | May 12, 2021shares | Apr. 20, 2021USD ($) | Mar. 18, 2021USD ($) | Mar. 18, 2021USD ($)$ / sharesshares | Mar. 12, 2021USD ($)$ / sharesshares | Nov. 24, 2020USD ($) | Aug. 20, 2020USD ($)shares | Mar. 02, 2020USD ($)$ / shares | Jan. 01, 2018USD ($) | Jan. 24, 2017USD ($) | Jun. 30, 2021USD ($) | Jun. 14, 2021USD ($)shares | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | May 14, 2021USD ($) | May 14, 2021SGD ($) | Jan. 24, 2021 | Jul. 17, 2020$ / shares |
Additional Paid in Capital | $ 266,633,480 | $ 266,633,480 | $ 102,729,944 | ||||||||||||||||||||
Notes Payable, Related Parties | $ 0 | $ 0 | $ 178,400 | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 10.03 | ||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 50,770,192 | ||||||||||||||||||||||
Interest Expense | $ 330 | $ 19,825 | $ 316,615 | $ 160,341 | |||||||||||||||||||
Liquid Value Development Pte Ltd [Member] | Maximum [Member] | |||||||||||||||||||||||
Ownership percent | 3.50% | ||||||||||||||||||||||
SeD Capital Pte Ltd [Member] | |||||||||||||||||||||||
Outstanding balance | $ 134,718 | $ 134,718 | |||||||||||||||||||||
Partial payment of loan | $ 100,000 | ||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||
Accounts Payable, Current | $ 63,920,129 | ||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | ||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 5.59 | ||||||||||||||||||||||
Securities Purchase Agreement [Member] | Alset International Limited [Member] | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,500,000,000 | ||||||||||||||||||||||
Warrants and Rights Outstanding | $ 28,363,966 | ||||||||||||||||||||||
Securities Purchase Agreement [Member] | Liquid Value Development Pte Ltd [Member] | |||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 173,395 | ||||||||||||||||||||||
Securities Purchase Agreement [Member] | True Partner Capital Holding Limited [Member] | |||||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 62,122,908 | ||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 6,729,629 | ||||||||||||||||||||||
Securities Purchase Agreement [Member] | American Pacific Bancorp Inc [Member] | |||||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 4,775,523 | ||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 28,653,138 | ||||||||||||||||||||||
Joint Venture Agreement [Member] | |||||||||||||||||||||||
Ownership percent | 50.00% | ||||||||||||||||||||||
True Partners Capital Holding Limited [Member] | |||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 62,122,908 | ||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 6,729,629 | ||||||||||||||||||||||
Equity, Fair Value Disclosure | 10,003,689 | ||||||||||||||||||||||
[custom:AdjustmentsToAdditionalPaidInCapitalPurchaseStockOfTruePartnerFromRelatedParty] | $ 3,274,060 | ||||||||||||||||||||||
Document Securities Systems Inc [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,480,000 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | shares | 250,000 | ||||||||||||||||||||||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerSharePurchasedForAward] | $ / shares | $ 1 | ||||||||||||||||||||||
Gain on Sale of Investments | $ 2,480,000 | $ 2,480,000 | |||||||||||||||||||||
[custom:OriginalCostOfCommonStockAndStockOptions] | 200,128 | ||||||||||||||||||||||
Additional Paid in Capital | $ 2,279,872 | $ 2,279,872 | |||||||||||||||||||||
Ownership percent | 24.90% | 24.90% | 11.70% | ||||||||||||||||||||
Liquid Value Development Pte Ltd [Member] | |||||||||||||||||||||||
Notes Payable, Related Parties | $ 830,243 | $ 830,243 | $ 823,823 | ||||||||||||||||||||
Ownership percent | 100.00% | 100.00% | |||||||||||||||||||||
SeD Perth Pty Ltd [Member] | |||||||||||||||||||||||
Notes Payable, Related Parties | $ 13,450 | $ 13,450 | $ 14,379 | ||||||||||||||||||||
Ownership percent | 75.10% | 75.10% | 57.10% | 100.00% | |||||||||||||||||||
Chan Heng Fai [Member] | |||||||||||||||||||||||
Notes Payable, Related Parties | $ 1,333,429 | $ 11,829 | $ 11,829 | $ 1,333,429 | |||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 30,000,000 | ||||||||||||||||||||||
Repayment of Notes Receivable from Related Parties | 1,321,600 | ||||||||||||||||||||||
Alset CPN [Member] | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 63,920,128 | $ 63,920,128 | |||||||||||||||||||||
Interest Payable | $ 306,438 | $ 306,438 | $ 306,438 | ||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 9,163,965 | 9,163,965 | |||||||||||||||||||||
Alset CPN [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,123 | ||||||||||||||||||||||
MacKenzie Equity Partners [Member] | |||||||||||||||||||||||
Professional Fees | $ 20,000 | 60,000 | $ 60,000 | 240,000 | 180,000 | ||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 60,000 | ||||||||||||||||||||||
Due to Related Parties | 20,000 | 20,000 | 0 | ||||||||||||||||||||
American Medical REIT Inc [Member] | |||||||||||||||||||||||
Warrants and Rights Outstanding | 0 | 0 | 0 | ||||||||||||||||||||
Interest Payable | $ 25,398 | $ 25,398 | 13,431 | ||||||||||||||||||||
Outstanding balance | $ 200,000 | ||||||||||||||||||||||
Ownership percent | 9.99% | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | payable in two years | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 5 | $ 0.0001 | |||||||||||||||||||||
[custom:IpoPriceDescription] | The amount of the warrants equals to the note principle divided by the exercise price. If AMRE goes to IPO in the future and IPO price is less than $10.00 per share, the exercise price shall be adjusted downward to fifty percent (50%) of the IPO price | ||||||||||||||||||||||
American Medical REIT Inc [Member] | Maximum [Member] | |||||||||||||||||||||||
Ownership percent | 3.40% | 3.40% | |||||||||||||||||||||
iGalen International [Member] | SeD Capital Pte Ltd [Member] | |||||||||||||||||||||||
Interest Payable | 61,555 | ||||||||||||||||||||||
Outstanding balance | $ 350,000 | 350,000 | |||||||||||||||||||||
Debt Instrument, Maturity Date, Description | The term of the loan was two years | ||||||||||||||||||||||
Debt Instrument, Description | with an interest rate of 3% per annum for the first year and 5% per annum for the second year. The expiration term was renewed as due on demand after two years with 5% per annum interest rate | ||||||||||||||||||||||
Interest Expense | $ 412,754 | ||||||||||||||||||||||
HWH World Co. [Member] | |||||||||||||||||||||||
Ownership percent | 19.00% | 19.00% | |||||||||||||||||||||
Advances for operations | $ 232,124 | ||||||||||||||||||||||
Directors [Member] | |||||||||||||||||||||||
[custom:PersonalGuarantees] | $ 500,000 | 500,000 | |||||||||||||||||||||
Chan Heng Fai [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 1,000 | ||||||||||||||||||||||
Notes Payable, Related Parties | $ 4,423,095 | $ 4,423,095 | $ 5,545,495 | $ 7,395,472 | |||||||||||||||||||
Chan Heng Fai [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,132 | ||||||||||||||||||||||
Chan Heng Fai [Member] | Hengfeng Finance Limited [Member] | |||||||||||||||||||||||
Notes Payable, Related Parties | $ 0 | 0 | $ 184,250 | ||||||||||||||||||||
Shareholder [Member] | |||||||||||||||||||||||
Shareholder loan | $ 150,000 | ||||||||||||||||||||||
Chan Tung Moe [Member] | American Pacific Bancorp Inc [Member] | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||||||||||||||
Debt Instrument, Description | This loan was secured by an irrevocable letter of instruction on 80,000 shares of Alset EHome International. | ||||||||||||||||||||||
Due to Officers or Stockholders | $ 560,000 | ||||||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 23, 2023 | ||||||||||||||||||||||
Interest Expense, Related Party | 840,000 | ||||||||||||||||||||||
Lim Sheng Hon Danny [Member] | American Pacific Bancorp Inc [Member] | |||||||||||||||||||||||
Debt Instrument, Description | This loan was secured by an irrevocable letter of instruction on 40,000 shares of Alset EHome International | ||||||||||||||||||||||
Due to Officers or Stockholders | $ 280,000 | ||||||||||||||||||||||
Interest Expense, Related Party | $ 28,031 |
SCHEDULE OF NET FUNDS RECEIVED
SCHEDULE OF NET FUNDS RECEIVED ON OFFERING AND WARRANTS EXERCISED (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Subsidiary, Sale of Stock [Line Items] | ||
Total | $ 73,157,884 | |
Mays Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 8,487,324 | |
Number of offering and warrants exercised, par value | $ 8,487 | |
Total | $ 39,765,439 | |
Mays Offering [Member] | Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 4,700,637 | |
Number of offering and warrants exercised, par value | $ 4,701 | |
Total | $ 29,145,056 | |
Mays Offering [Member] | Exercise Of Pre Funded Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 1,611,000 | |
Number of offering and warrants exercised, par value | $ 1,611 | |
Total | $ 16,110 | |
Mays Offering [Member] | Exercise Of Underwriters Series A Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 808,363 | |
Number of offering and warrants exercised, par value | $ 808 | |
Total | $ 3,755,774 | |
Mays Offering [Member] | Exercise Of Series A And Series B Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 1,367,324 | |
Number of offering and warrants exercised, par value | $ 1,367 | |
Total | $ 6,937,347 | |
Mays Offering [Member] | Offering Expenses [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | ||
Number of offering and warrants exercised, par value | ||
Total | $ (88,848) | |
Julys Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 17,358,489 | |
Number of offering and warrants exercised, par value | $ 17,358 | |
Total | $ 33,392,444 | |
Julys Offering [Member] | Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 5,324,139 | |
Number of offering and warrants exercised, par value | $ 5,324 | |
Total | $ 28,957,297 | |
Julys Offering [Member] | Exercise Of Pre Funded Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 9,770,200 | |
Number of offering and warrants exercised, par value | $ 9,770 | |
Total | $ 97,702 | |
Julys Offering [Member] | Offering Expenses [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | ||
Number of offering and warrants exercised, par value | ||
Total | $ (49,553) | |
Julys Offering [Member] | Exercise Of Underwriters Over Allotment Option [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of offering and warrants exercised, shares | 2,264,150 | |
Number of offering and warrants exercised, par value | $ 2,264 | |
Total | $ 4,386,998 |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of common shares warrants outstanding, beginning balance | shares | 108,000 |
Exercise price, beginning balance | $ / shares | $ 9.80 |
Remaining contractual term outstanding, beginning balance | 2 years 10 months 28 days |
Aggregate intrinsic value, beginning | $ | |
Number of common shares warrants vested and exercisable, beginning | shares | 108,000 |
Exercise price, vested and exercisable beginning balance | $ / shares | $ 9.80 |
Remaining contractual term exercisable, beginning balance | 2 years 10 months 28 days |
Aggregate intrinsic value, vested and exercisable beginning | $ | |
Number of common shares warrants granted | shares | 24,530,955 |
Exercise price, granted | $ / shares | $ 2.49 |
Number of common shares warrants exercised | shares | (11,949,186) |
Exercise price, exercised | $ / shares | $ 0.93 |
Number of common shares warrants forfeited, cancelled, expired | shares | |
Exercise price, forfeited, cancelled, expired | $ / shares | |
Number of common shares warrants outstanding ending balance | shares | 12,689,769 |
Exercise price, ending balance | $ / shares | $ 4.02 |
Remaining contractual term outstanding, Ending balance | 4 years 5 months 23 days |
Aggregate intrinsic value, ending | $ | |
Number of common shares warrants vested and exercisable ending | shares | 12,689,769 |
Exercise price, vested and exercisable ending balance | $ / shares | $ 4.02 |
Remaining contractual term exercisable, ending balance | 4 years 5 months 23 days |
Aggregate intrinsic value, vested and exercisable ending | $ |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | May 13, 2021 | May 12, 2021 | May 10, 2021 | May 03, 2021 | Jan. 19, 2021 | Sep. 30, 2021 | Jul. 27, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 17, 2021 | Jun. 13, 2021 | Mar. 12, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||||||||||||||
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 | 20,000,000 | 250,000,000 | |||||||||||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | 25,000,000 | 5,000,000 | 25,000,000 | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 10,000 | |||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 60,900 | $ 33,889,304 | $ 60,900 | |||||||||||||
Shares Issued, Price Per Share | $ 10.03 | |||||||||||||||
Number of warrants issued | 8,487,324 | 8,487,324 | 8,487,324 | |||||||||||||
Proceeds from Issuance of Common Stock | $ 73,157,884 | |||||||||||||||
Proceeds from warrant exercise | $ 2,975,194 | 10,682,772 | ||||||||||||||
Common stock, shares issued | 45,721,779 | 45,721,779 | 45,721,779 | 8,570,000 | ||||||||||||
Common Stock, Shares, Outstanding | 45,721,779 | 45,721,779 | 45,721,779 | 8,570,000 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 39,268,580 | |||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 1,398,250 | $ 197,400 | ||||||||||||||
Julys Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 17,358,489 | 17,358,489 | 17,358,489 | |||||||||||||
Proceeds from Issuance of Common Stock | $ 33,392,444 | |||||||||||||||
Offering cost | $ 49,553 | $ 49,553 | 49,553 | |||||||||||||
Alset International Limited [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
[custom:PaymentsForWarrantExercises] | $ 88,848 | |||||||||||||||
Gig World [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 280,000 | 207,300 | ||||||||||||||
Common Stock, Shares, Outstanding | 505,381,376 | 505,381,376 | 505,381,376 | 505,976,376 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 280,000 | |||||||||||||||
Equity Method Investment, Ownership Percentage | 99.00% | 99.00% | 99.00% | 99.00% | ||||||||||||
Proceeds from Issuance or Sale of Equity | $ 177,300 | |||||||||||||||
Alset International Limited [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.04 | $ 0.04 | $ 0.04 | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,463,050,584 | 1,463,050,584 | 1,463,050,584 | |||||||||||||
Equity Method Investment, Ownership Percentage | 75.10% | 75.10% | 75.10% | 57.10% | ||||||||||||
Proceeds from Issuance of Warrants | $ 51,566,321 | |||||||||||||||
Share-based Payment Arrangement, Expense | $ 73,292 | |||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 1,500,000 | |||||||||||||||
Underwritten Public Offering [Member] | Series A Warrant [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.07 | |||||||||||||||
Underwritten Public Offering [Member] | Series B Warrant [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.59 | |||||||||||||||
Over-Allotment Option [Member] | Series A Warrant [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of warrants issued | 808,363 | 808,363 | ||||||||||||||
Over-Allotment Option [Member] | Series B Warrant [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of warrants issued | 808,363 | 808,363 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 404,181 | |||||||||||||||
Over-Allotment Option [Member] | Series B Warrant [Member] | Aegis Capital Corp [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of warrants issued | 808,363 | 808,363 | 808,363 | |||||||||||||
Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 17,456,490 | 10,000 | ||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 17,457 | $ 10 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 8,389,324 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ 8,389 | |||||||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,700,637 | 5,324,139 | ||||||||||||||
Shares Issued, Price Per Share | $ 5.07 | $ 2.12 | ||||||||||||||
Common Stock [Member] | Over-Allotment Option [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of warrants issued | 808,363 | |||||||||||||||
Number of warrants issued | 2,264,150 | |||||||||||||||
Proceeds from warrant exercise | $ 4,386,998 | |||||||||||||||
Underwriting discount, percentage | 7.00% | |||||||||||||||
Non-accountable expense, percentage | 1.50% | |||||||||||||||
Stock issued for warrant exercise | 2,264,150 | |||||||||||||||
Warant exercise, description | The Pre-funded Warrants were offered and sold to purchasers whose purchase of Common Stock in the Offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of the Company’s outstanding Common Stock immediately following the consummation of the Offering in lieu of Common Stock that would otherwise result in the purchaser’s beneficial ownership exceeding 4.99% of the Company’s outstanding Common Stock (or, at the election of the purchaser, 9.99%). Each Pre-funded Warrant is exercisable for one share of Common Stock at an exercise price of $0.01 per share. The Pre-funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-funded Warrants are exercised in full. | |||||||||||||||
Common Stock [Member] | Over-Allotment Option [Member] | Aegis Capital Corp [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares Issued, Price Per Share | $ 5.07 | |||||||||||||||
Number of warrants issued | 808,363 | |||||||||||||||
Pre Funded Units [Member] | Underwritten Public Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,611,000 | 9,770,200 | ||||||||||||||
Shares Issued, Price Per Share | $ 5.06 | $ 2.11 | ||||||||||||||
Proceeds from warrant exercise | $ 33,392,444 | |||||||||||||||
Prefunded Warrants [Member] | Underwritten Public Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares Issued, Price Per Share | $ 2.65 | |||||||||||||||
Prefunded Warrants [Member] | Over-Allotment Option [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of warrants issued | 520,754 | |||||||||||||||
Chan Heng Fai [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,000 | |||||||||||||||
Investors [Member] | Series A Warrant [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of warrants issued | 1,364,025 | |||||||||||||||
Investors [Member] | Series B Warrant [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of warrants issued | 6,598 | |||||||||||||||
Investors [Member] | Pre Funded Units [Member] | Underwritten Public Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,611,000 | |||||||||||||||
International Investors [Member] | Gig World [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common Stock, Shares, Outstanding | 506,898,576 | 506,898,576 | 506,898,576 | 506,898,576 | ||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Shares Authorized | 6,380 | 6,380 | 6,380 | |||||||||||||
Series A Preferred Stock [Member] | Chan Heng Fai [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Conversion of Stock, Shares Converted | 6,380,000 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 6,380 | |||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Shares Authorized | 2,132 | 2,132 | 2,132 | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||||||
Series B Preferred Stock [Member] | Chan Heng Fai [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Conversion of Stock, Shares Converted | 2,132,000 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 2,132 | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 13,000,000 | |||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||||||
[custom:StockPurchased] | 6,380,000 | |||||||||||||||
Stock Issued During Period, Shares, Other | 6,380 | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 39,765,440 |
SCHEDULE OF FUTURE MINIMUM RENT
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS (Details) | Sep. 30, 2021USD ($) |
Lease Income | |
2021 | $ 143,025 |
2022 | 273,826 |
Total Future Receipts | $ 416,851 |
LEASE INCOME (Details Narrative
LEASE INCOME (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease Income | ||||
Lessor, Operating Lease, Term of Contract | 1 year | 1 year | ||
Payment for Management Fee | $ 90 | |||
Management Fee Expense | $ 4,640 | $ 0 | 7,380 | $ 0 |
Leasing Fees Incurred | $ 33,330 | $ 0 | $ 47,805 | $ 0 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details Narrative) - USD ($) | Mar. 18, 2021 | Aug. 21, 2020 | Apr. 27, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 12, 2021 | Dec. 31, 2020 |
Stock Issued During Period, Value, New Issues | $ 39,268,580 | ||||||||||
Shares Issued, Price Per Share | $ 10.03 | ||||||||||
Document Securities Systems Inc [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 2,480,000 | ||||||||||
Equity Method Investment, Ownership Percentage | 24.90% | 24.90% | 11.70% | ||||||||
Global Bio Medical Pte Ltd [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 75.10% | 75.10% | 57.10% | ||||||||
Conversion of Stock, Shares Issued | 662,500 | 6,570,170 | |||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 0 | $ 56,053 | $ 0 | $ 417,438 | |||||||
Global Bio Medical Pte Ltd [Member] | Series A Convertible Preferred Stock [Member] | |||||||||||
Conversion of Stock, Shares Converted | 4,293 | 42,575 | |||||||||
Share Exchange Agreement [Member] | Document Securities Systems Inc [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 483,334 | ||||||||||
Number of common stock shares held | 500,001 | ||||||||||
Common stock outstanding percentage. | 9.70% | ||||||||||
Share Price | $ 6.95 | ||||||||||
Share Exchange Agreement [Member] | Document Securities Systems Inc [Member] | Convertible Preferred Stock [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 46,868 | 46,868 | |||||||||
Stock Issued During Period, Value, New Issues | $ 46,868,000 | ||||||||||
Shares Issued, Price Per Share | $ 1,000 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ 6.48 | ||||||||||
Equity Method Investment, Ownership Percentage | 19.90% | ||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 7,232,716 | ||||||||||
Share Exchange Agreement [Member] | Global Bio Medical Pte Ltd [Member] | |||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 483,334 | ||||||||||
Sale of Stock, Consideration Received on Transaction | $ 46,284,171 | ||||||||||
Disposal Group, Including Discontinued Operation, Assets | 94,011 | ||||||||||
Additional paid in capital | $ 46,190,160 |
SCHEDULE OF CHANGES IN THE BALA
SCHEDULE OF CHANGES IN THE BALANCES OF ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX (Details) - USD ($) | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Beginning Balance | $ (40,823) | $ 1,092,609 | $ 2,143,338 | $ 734,482 | $ 355,239 | $ 1,458,289 |
Other Comprehensive Income | (961,389) | (1,133,432) | (1,050,729) | 301,122 | 379,243 | (1,103,050) |
Ending Balance | (1,002,212) | (40,823) | 1,092,609 | 1,035,604 | 734,482 | 355,239 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||||
Beginning Balance | (75,556) | (49,893) | (48,758) | (59,981) | (68,128) | (59,888) |
Other Comprehensive Income | (14,314) | (25,663) | (1,135) | 14,865 | 8,147 | (8,240) |
Ending Balance | (89,870) | (75,556) | (49,893) | (45,116) | (59,981) | (68,128) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Beginning Balance | 482,946 | 1,247,490 | 2,258,017 | 897,748 | 508,335 | 1,603,145 |
Other Comprehensive Income | (930,005) | (764,544) | (1,010,527) | 235,837 | 389,413 | (1,094,810) |
Ending Balance | (447,059) | 482,946 | 1,247,490 | 1,133,585 | 897,748 | 508,335 |
AOCI Attributable to Noncontrolling Interest [Member] | ||||||
Beginning Balance | (448,213) | (104,988) | (65,921) | (103,285) | (84,968) | (84,968) |
Other Comprehensive Income | (17,070) | (343,225) | (39,067) | 50,420 | (18,317) | |
Ending Balance | $ (465,283) | $ (448,213) | $ (104,988) | $ (52,865) | $ (103,285) | $ (84,968) |
SCHEDULE OF FINANCIAL ASSETS ME
SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset, Cost | $ 59,364,563 | $ 51,221,903 |
Assets, Fair Value | 39,787,402 | 49,172,457 |
Vivacitas [Member] | Options Held [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset, Cost | ||
Assets, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | 37,884,236 | 10,567,756 |
Fair Value, Inputs, Level 1 [Member] | Vivacitas [Member] | Options Held [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Vivacitas [Member] | Options Held [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | 1,903,166 | 38,604,701 |
Fair Value, Inputs, Level 3 [Member] | Vivacitas [Member] | Options Held [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Equity Method Investments [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset, Cost | 58,291,320 | 7,404,911 |
Assets, Fair Value | 37,630,181 | 10,549,102 |
Equity Method Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | 37,630,181 | 10,549,102 |
Equity Method Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Equity Method Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Investment Securities- Trading [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset, Cost | 252,038 | 17,650 |
Assets, Fair Value | 254,055 | 18,654 |
Investment Securities- Trading [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | 254,055 | 18,654 |
Investment Securities- Trading [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Investment Securities- Trading [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Notes Receivable [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset, Cost | 138,599 | 50,000 |
Assets, Fair Value | 98,608 | 66,978 |
Notes Receivable [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Notes Receivable [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Notes Receivable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | 98,608 | 66,978 |
Warrant [Member] | American Premium Water Corp [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset, Cost | 754,606 | 860,342 |
Assets, Fair Value | 1,804,558 | 862,723 |
Warrant [Member] | American Medical REIT Inc [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset, Cost | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | American Premium Water Corp [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | American Medical REIT Inc [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | American Premium Water Corp [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | American Medical REIT Inc [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | American Premium Water Corp [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | 1,804,558 | 862,723 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | American Medical REIT Inc [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Convertible Preferred Stock [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Asset, Cost | 42,889,000 | |
Assets, Fair Value | ||
Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | ||
Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | 37,675,000 | |
Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Assets, Fair Value | $ 37,675,000 |
SCHEDULE OF FAIR VALUE OF EQUIT
SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
Market Value | $ 37,982,442 | $ 10,848,272 | |
Fair Value, Inputs, Level 1 [Member] | |||
Market Value | 37,884,238 | 10,567,756 | |
Fair Value, Inputs, Level 1 [Member] | Trading Stocks [Member] | |||
Market Value | $ 254,057 | $ 18,654 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Fair Value, Inputs, Level 1 [Member] | True Partner Capital Holding Limited [Member] | |||
Share price | $ 0.127 | ||
Shares | 62,122,908 | ||
Market Value | $ 7,898,298 | ||
Valuation | Investment in Securities at Fair Value | ||
Document Securities Systems Inc [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Share price | $ 1.290 | $ 6.240 | |
Shares | [1] | 19,888,262 | 1,162,501 |
Market Value | $ 25,655,858 | $ 7,254,006 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Amarantus Bio Science Holdings [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Share price | $ 0.011 | $ 0.008 | |
Shares | 20,000,000 | 20,000,000 | |
Market Value | $ 220,000 | $ 160,000 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Holista Coll Tech Limited [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Share price | $ 0.043 | $ 0.055 | |
Shares | 43,626,621 | 46,226,673 | |
Market Value | $ 1,856,184 | $ 2,565,469 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
American Premium Water Corp [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Share price | $ 0.004 | $ 0.002 | |
Shares | 272,039,000 | 122,039,000 | |
Market Value | $ 979,340 | $ 256,284 | |
Valuation | Investment in Securities at Fair Value | Investment in Securities at Fair Value | |
Value Exchange International Inc [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Share price | $ 0.157 | ||
Shares | 6,500,000 | ||
Market Value | $ 1,020,500 | ||
Valuation | Investment in Securities at Fair Value | ||
Nervotec Pte Ltd [Member] | |||
Shares | 1,666 | 1,666 | |
Market Value | $ 36,833 | $ 37,826 | |
Valuation | Investment in Securities at Cost | Investment in Securities at Cost | |
HWH World Co. [Member] | |||
Shares | 20,000 | 20,000 | |
Market Value | $ 42,562 | $ 42,562 | |
Valuation | Investment in Securities at Cost | Investment in Securities at Cost | |
U Beauty Limited [Member] | |||
Shares | 3,600 | ||
Market Value | $ 18,809 | ||
Valuation | Investment in Securities at Cost | ||
Optimum Bank Holdings Inc [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Share price | $ 3.370 | ||
Shares | 92,980 | ||
Market Value | $ 313,343 | ||
Valuation | Investment in Securities at Fair Value | ||
Vivacitas [Member] | |||
Shares | 2,480,000 | ||
Market Value | $ 200,128 | ||
Valuation | Investment in Securities at Cost | ||
[1] | Ratio of 1-for-30 (the “Reverse Split”) |
SCHEDULE OF FAIR VALUE OF EQU_2
SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT (Details) (Parenthetical) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Stockholders' Equity, Reverse Stock Split | Ratio of 1-for-30 (the “Reverse Split”) |
SCHEDULE OF SIGNIFICANT INPUTS
SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS (Details) - Fair Value, Inputs, Level 3 [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Convertible Note, Measurement Input | 0 | 0 |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Price Volatility [Member] | ||
Convertible Note, Measurement Input | 113.63 | 210.07 |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Convertible Note, Measurement Input | 3.25 | 0.13 |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Expected Term [Member] | ||
Convertible Note, Measurement Input | 1 year 7 days | 11 years 9 months 3 days |
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Exercise Price [Member] | ||
Convertible Note, Measurement Input | 0.15 | 0.15 |
American Medical REIT Inc [Member] | Warrant [Member] | ||
Warrants and Rights Outstanding, Term | 8 years 9 months 25 days | 9 years 6 months 29 days |
American Medical REIT Inc [Member] | Warrant [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants, Measurement Input | 91.48 | 178.86 |
American Medical REIT Inc [Member] | Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants, Measurement Input | 1.41 | 0.88 |
American Medical REIT Inc [Member] | Warrant [Member] | Measurement Input, Exercise Price [Member] | ||
Warrants, Measurement Input | 0.001 | 0.001 |
American Medical REIT Inc [Member] | Warrant [Member] | Measurement Input, Share Price [Member] | ||
Warrants, Measurement Input | 0.0036 | 0.0021 |
SCHEDULE OF CHANGE IN FAIR VALU
SCHEDULE OF CHANGE IN FAIR VALUE (Details) - USD ($) | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Investments, All Other Investments [Abstract] | ||||||
Beginning Balance | $ 29,069 | $ 64,991 | $ 66,978 | $ 26,725 | $ 13,610 | $ 26,209 |
Gain during deconsolidation | 21,628 | |||||
Total losses | (19,060) | (35,922) | (1,987) | (8,955,246) | 13,115 | (12,599) |
Acquisition of DSS Preferred Stock | 63,849,002 | |||||
Ending Balance | $ 10,009 | $ 29,069 | $ 64,991 | $ 54,942,109 | $ 26,725 | $ 13,610 |
INVESTMENTS MEASURED AT FAIR _3
INVESTMENTS MEASURED AT FAIR VALUE (Details Narrative) - USD ($) | Feb. 26, 2021 | Jul. 17, 2020 | Sep. 30, 2020 | Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Mar. 02, 2020 |
Realized Investment Gains (Losses) | $ 2,218,988 | $ 444,508 | ||||||
Unrealized Loss on Securities | 35,972,445 | 10,883,149 | ||||||
Change in Fair Value of Convertible Note Receivable | 56,969 | 29,636 | ||||||
Notes Receivable, Related Parties | 547,616 | $ 649,569 | ||||||
Payments to Acquire Equity Securities, FV-NI | $ 19,308,318 | 182,641 | ||||||
Number of warants exercised | 11,949,186 | |||||||
Proceeds from warrant exercises | $ 2,975,194 | $ 10,682,772 | ||||||
Warrant outstanding | 12,689,769 | 108,000 | ||||||
Global Bio Medical Pte Ltd [Member] | ||||||||
Conversion of Stock, Shares Issued | 662,500 | 6,570,170 | ||||||
Equity Method Investment, Ownership Percentage | 75.10% | 57.10% | ||||||
Global Bio Medical Pte Ltd [Member] | Series A Convertible Preferred Stock [Member] | ||||||||
Conversion of Stock, Shares Converted | 4,293 | 42,575 | ||||||
Sharing Services Inc [Member] | Notes Receivable [Member] | Measurement Input, Expected Dividend Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Convertible Note, Measurement Input | 0 | 0 | ||||||
Vector Com co. Ltd [Member] | ||||||||
Convertible Debt | $ 88,599 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||
Debt Instrument, Term | 2 years | |||||||
Debt Instrument, Convertible, Conversion Price | $ 21.26 | |||||||
American Medical REIT Inc [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||
Notes Receivable, Related Parties | $ 200,000 | |||||||
Fair value of stock option | $ 0 | $ 0 | ||||||
Class of warrant or right purchased | 122,039,000 | |||||||
Equity Method Investment, Ownership Percentage | 9.99% | |||||||
Equity method investment number of shares acquired | 1,220,390,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0001 | $ 5 | ||||||
Payments to Acquire Equity Securities, FV-NI | $ 122,039 | |||||||
Number of warants exercised | 150,000,000 | |||||||
Proceeds from warrant exercises | $ 150,000 | |||||||
Warrant outstanding | 1,070,390,000 | |||||||
Warrants and Rights Outstanding | $ 0 | 0 | ||||||
American Medical REIT Inc [Member] | Warrant [Member] | ||||||||
Warrants and Rights Outstanding | $ 1,804,558 | $ 862,723 |
SCHEDULE OF OPERATING AND RENEW
SCHEDULE OF OPERATING AND RENEWED LEASE TERMS RENTAL (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
SINGAPORE | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | June 2020 to May 2021 | |
Lessor, Operating Lease, Option to Extend | June 2021 to May 2022 | |
HONG KONG | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | October 2020 to October 2022 | |
KRW [Member] | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | August 2020 to August 2022 | |
TX [Member] | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | November 2019 to April 2021 | |
Lessor, Operating Lease, Option to Extend | May 2021 to October 2021 | |
MOLDOVA | ||
Product Liability Contingency [Line Items] | ||
Lessor, Operating Lease, Description | August 2015 to December 2020 | |
Lessor, Operating Lease, Option to Extend | January 2021 to March 2024 |
SCHEDULE OF LEASE PAYMENTS (Det
SCHEDULE OF LEASE PAYMENTS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 140,685 | |
2022 | 356,038 | |
2023 | 95,104 | |
2024 | 24,430 | |
Total Minimum Lease Payments | 616,257 | |
Less: Effect of Discounting | (4,613) | |
Present Value of Future Minimum Lease Payments | 611,644 | $ 574,754 |
Less: Current Obligations under Leases | (314,146) | (381,412) |
Long-term Lease Obligations | $ 297,498 | $ 193,342 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Dec. 31, 2018 | Nov. 23, 2015USD ($)a | May 28, 2014USD ($)a | Sep. 30, 2021USD ($)aft² | Sep. 30, 2020USD ($)a | Sep. 30, 2021USD ($)aft² | Sep. 30, 2020USD ($)a | Dec. 31, 2020USD ($)a |
Loss Contingencies [Line Items] | ||||||||
Area of Land | ft² | 15,811 | 15,811 | ||||||
Payments for Rent | $ 140,685 | $ 149,565 | $ 10,662,228 | |||||
Operating Leases, Rent Expense | $ 405,677 | $ 278,143 | ||||||
Lessee, Operating Lease, Description | As our leases do not provide a readily determinable implicit rates, we estimate our incremental borrowing rates to discount the lease payments based on information available at lease commencement. Our incremental borrowings rates are 3.9% in 2021 and at a range from 0.5% to 4.5% per annum in 2020, which were used as the discount rates. | |||||||
Operating Lease, Right-of-Use Asset | 599,481 | $ 599,481 | $ 574,754 | |||||
Operating Lease, Liability | $ 611,644 | 611,644 | $ 574,754 | |||||
Minimum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments for Rent | 2,265 | |||||||
Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments for Rent | $ 23,297 | |||||||
Lots Sales Agreement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Description of real estate improvements | On December 31, 2018, SeD Maryland entered into the Third Amendment to the Lot Purchase Agreement for Ballenger Run with NVR. Pursuant to the Third Amendment, SeD Maryland will convert the 5.9 acre CCRC parcel to 36 lots (the 28 feet wide villa lot) and sell to NVR. SeD Maryland pursued the required zoning approval to change the number of such lots from 85 to 121, which was approved in July 2019. Subsequently, SeD Maryland Development signed Fourth Amendment to the Lot Purchase Agreement, pursuant to which NVR agreed to purchase all of the new 121 lots. | |||||||
Purchase Of Land Lots | a | 18 | 26 | 76 | 72 | ||||
Purchase Of Land Lots Net | a | 464 | 388 | ||||||
Lots Sales Agreement [Member] | SeD Maryland Development LLC [Member] | Ballenger Run [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 15,700,000 | |||||||
Area of Land | a | 197 | |||||||
Lots Sales Agreement [Member] | NVR Inc. [Member] | Ballenger Run [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 15,000,000 | |||||||
Area of Land | a | 197 |
SCHEDULE OF OPTION ACTIVITY (De
SCHEDULE OF OPTION ACTIVITY (Details) | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Options for common shares, Outstanding at beginning | shares | 1,061,333 |
Exercise price, outstanding at beginning | $ / shares | $ 0.09 |
Remaining Contractual Term, Outstanding beginning | 3 years |
Aggregate intrinsic value, outstanding at beginning | $ | |
Options for common shares, vested and exercisable at beginning | shares | 1,061,333 |
Exercise price, vested and exercisable at beginning | $ / shares | $ 0.09 |
Remaining contractual term,vested and exercisable at beginning | 3 years |
Aggregate intrinsic value, vested and exercisable at beginning | $ | |
Options for common shares, granted | shares | |
Exercise price, granted | $ / shares | |
Options for common shares, exercised | shares | |
Exercise price, exercised | $ / shares | |
Options for common shares, forfeited, cancelled, expired | shares | |
Exercise price, forfeited, cancelled, expired | $ / shares | |
Options for common shares, Outstanding at end | shares | 1,061,333 |
Exercise price, outstanding at end | $ / shares | $ 0.09 |
Remaining Contractual Term, Outstanding ending | 2 years 6 months |
Aggregate intrinsic value, outstanding at end | $ | |
Options for common shares, vested and exercisable at end | shares | 1,061,333 |
Exercise price, vested and exercisable at end | $ / shares | $ 0.09 |
Remaining contractual term,vested and exercisable at ending | 2 years 6 months |
Aggregate intrinsic value, vested and exercisable at end | $ |
DIRECTORS AND EMPLOYEES_ BENE_3
DIRECTORS AND EMPLOYEES’ BENEFITS (Details Narrative) | 9 Months Ended |
Sep. 30, 2021shares | |
Share-based Payment Arrangement [Abstract] | |
Stock reserved under incentive compensation plan | 500,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Oct. 29, 2021 | Oct. 13, 2021 | Oct. 08, 2021 | Sep. 30, 2021 |
American Medical REIT Inc [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt interest rate | 800.00% | |||
American Medical REIT Inc [Member] | Subscription Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt principal amount | $ 8,350,000 | |||
Debt term | 25 months | |||
Debt interest rate | 8.00% | |||
Conversion price | $ 10 | |||
Liquid Value Asset Management Pte Ltd [Member] | Subscription Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt principal amount | $ 200,000 | |||
Debt term | 3 years | |||
Debt interest rate | 8.00% | |||
Purchase price | $ 200,000 | |||
Liquid Value Asset Management Pte Ltd [Member] | Subscription Agreement [Member] | Loan Option [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock opion granted | $ 200,000 | |||
Subsequent Event [Member] | BMI Capital Partners International Limited [Member] | ||||
Subsequent Event [Line Items] | ||||
Attributable interest | 60.00% | |||
Proceeds from loan | $ 3,000,000 | |||
Subsequent Event [Member] | Board Of Managers [Member] | ||||
Subsequent Event [Line Items] | ||||
Attributable interest | 83.55% | |||
Dividend | $ 7,000,000 | |||
Payment of dividend to minority member | $ 1,151,500 |