Exhibit 99.1
EUDA HEALTH HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2023 | December 31, 2022 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 320,486 | $ | 143,024 | ||||
Restricted cash | - | 641,461 | ||||||
Accounts receivable, net | 880,226 | 1,851,503 | ||||||
Other receivables | 20,261 | 7,467 | ||||||
Due from related parties | - | 267,863 | ||||||
Prepaid expenses and other current assets | 250,941 | 222,633 | ||||||
Forward purchase receivables | - | 21,892,527 | ||||||
Total Current Assets | 1,471,914 | 25,026,478 | ||||||
PROPERTY AND EQUIPMENT, NET | 25,056 | 31,628 | ||||||
OTHER ASSETS | ||||||||
Prepaid expenses - non-current | 429,115 | 478,061 | ||||||
Operating lease right-of-use assets | 117,905 | 76,528 | ||||||
Finance lease right-of-use assets | 34,175 | 16,345 | ||||||
Total Other Assets | 581,195 | 570,934 | ||||||
Total Assets | $ | 2,078,165 | $ | 25,629,040 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
CURRENT LIABILITIES | ||||||||
Short term loans - bank and private lender | $ | 299,057 | $ | 204,240 | ||||
Short term loans - related parties | 236,873 | - | ||||||
Promissory note | 160,000 | 170,000 | ||||||
Convertible notes | 2,413,125 | 2,619,625 | ||||||
Convertible notes - related parties | - | 782,600 | ||||||
Accounts payable | 1,975,558 | 1,635,483 | ||||||
Other payables and accrued liabilities | 1,653,034 | 1,592,815 | ||||||
Other payables - related parties | 928,553 | 1,521,945 | ||||||
Operating lease liability | 137,352 | 79,959 | ||||||
Finance lease liabilities | 4,765 | 7,186 | ||||||
Prepaid forward purchase liabilities | - | 20,321,053 | ||||||
Taxes payable | 108,225 | 186,150 | ||||||
Total Current Liabilities | 7,916,542 | 29,121,056 | ||||||
OTHER LIABILITIES | ||||||||
Operating lease liability - non-current | 107,141 | - | ||||||
Finance lease liabilities - non-current | 30,084 | 15,015 | ||||||
Total Other Liabilities | 137,225 | 15,015 | ||||||
Total Liabilities | 8,053,767 | 29,136,071 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
SHAREHOLDERS’ DEFICIT | ||||||||
Ordinary shares, no par value, unlimited shares authorized, 24,777,509 shares and 20,191,770 shares outstanding as of June 30, 2023 and December 31, 2022* | 27,610,187 | 21,308,969 | ||||||
Shares subscription receivable | (280,000 | ) | - | |||||
Accumulated deficit | (33,218,092 | ) | (24,703,789 | ) | ||||
Accumulated other comprehensive loss | (102,425 | ) | (125,689 | ) | ||||
Total Euda Health Holdings Limited Shareholders’ Deficit | (5,990,330 | ) | (3,520,509 | ) | ||||
Noncontrolling interests | 14,728 | 13,478 | ||||||
Total Shareholders’ Deficit | (5,975,602 | ) | (3,507,031 | ) | ||||
Total Liabilities and Shareholders’ Deficit | $ | 2,078,165 | $ | 25,629,040 |
*Giving retroactive effect to reverse recapitalization effected on November 17, 2022
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EUDA HEALTH HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Six Months Ended | ||||||||
June 30, 2023 | June 30, 2022 | |||||||
(Unaudited) | (Unaudited) | |||||||
REVENUES | ||||||||
Medical services | $ | 1,002,810 | $ | 2,987,058 | ||||
Medical services - related parties | - | 135 | ||||||
Product sales | - | 7,653 | ||||||
Property management services | 1,803,010 | 2,100,214 | ||||||
Total Revenues | 2,805,820 | 5,095,060 | ||||||
COST OF REVENUES | ||||||||
Medical services | 744,897 | 1,067,055 | ||||||
Medical services - related party | - | 496,383 | ||||||
Product sales | - | 9,491 | ||||||
Property management services | 1,359,320 | 1,590,243 | ||||||
Total Cost of Revenues | 2,104,217 | 3,163,172 | ||||||
GROSS PROFIT | 701,603 | 1,931,888 | ||||||
OPERATING EXPENSES: | ||||||||
Selling | 531,095 | 650,800 | ||||||
General and administrative | 4,063,863 | 2,930,932 | ||||||
Impairment loss on long-lived assets | 124,662 | - | ||||||
Research and development | 16,616 | 10,141 | ||||||
Total Operating Expenses | 4,736,236 | 3,591,873 | ||||||
LOSS FROM OPERATIONS | (4,034,633 | ) | (1,659,985 | ) | ||||
OTHER INCOME (EXPENSE) | ||||||||
Interest expense, net | (18,759 | ) | (32,086 | ) | ||||
Gain on disposal of subsidiary | - | 30,055 | ||||||
Change in fair value of prepaid forward purchase liabilities | (1,303,658 | ) | - | |||||
Loss on settlement of prepaid forward contracts | (2,635,816 | ) | - | |||||
Loss on debt settlement | (645,612 | ) | - | |||||
Other income, net | 126,169 | 124,402 | ||||||
Total Other (Expenses) Income, net | (4,477,676 | ) | 122,371 | |||||
LOSS BEFORE INCOME TAXES | (8,512,309 | ) | (1,537,614 | ) | ||||
PROVISION FOR INCOME TAXES | 862 | 97,953 | ||||||
NET LOSS | (8,513,171 | ) | (1,635,567 | ) | ||||
Less: Net income attributable to noncontrolling interest | 1,132 | 2,226 | ||||||
NET LOSS ATTRIBUTABLE TO EUDA HEALTH HOLDINGS LIMITED | $ | (8,514,303 | ) | $ | (1,637,793 | ) | ||
NET LOSS | (8,513,171 | ) | (1,635,567 | ) | ||||
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS | 23,382 | 2,698 | ||||||
TOTAL COMPREHENSIVE LOSS | (8,489,789 | ) | (1,632,869 | ) | ||||
Less: Comprehensive income attributable to noncontrolling interest | 1,250 | 971 | ||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO EUDA HEALTH HOLDINGS LIMITED | $ | (8,491,039 | ) | $ | (1,633,840 | ) | ||
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES* | ||||||||
Basic and diluted | 21,125,241 | 9,253,333 | ||||||
LOSS PER SHARE | ||||||||
Basic and diluted | $ | (0.40 | ) | $ | (0.18 | ) |
*Giving retroactive effect to reverse recapitalization effected on November 17, 2022
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