2024 Q2 Form 10-Q Financial Statement
#000149315224019980 Filed on May 15, 2024
Income Statement
Concept | 2024 Q2 | 2024 Q1 | 2023 Q4 |
---|---|---|---|
Revenue | $0.00 | ||
YoY Change | |||
Cost Of Revenue | $170.0K | $122.8K | $334.8K |
YoY Change | 130.87% | 57.92% | |
Gross Profit | $164.9K | $163.3K | $495.7K |
YoY Change | 35.64% | 32.99% | |
Gross Profit Margin | |||
Selling, General & Admin | $654.7K | $1.129M | $458.7K |
YoY Change | 176.26% | 637.55% | 32.0% |
% of Gross Profit | 397.02% | 691.49% | 92.54% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $15.57K | $14.64K | $58.01K |
YoY Change | 12.11% | 0.36% | |
% of Gross Profit | 9.44% | 8.97% | 11.7% |
Operating Expenses | $654.7K | $1.495M | $458.7K |
YoY Change | 176.29% | 876.77% | 32.0% |
Operating Profit | -$489.8K | -$1.332M | $36.99K |
YoY Change | 324.47% | 4296.03% | |
Interest Expense | -$4.200K | $18.13K | $274.9K |
YoY Change | -100.53% | -97.96% | -56.59% |
% of Operating Profit | 743.17% | ||
Other Income/Expense, Net | $86.19K | -$4.433K | $187.3K |
YoY Change | -89.04% | -100.5% | |
Pretax Income | -$403.6K | -$1.337M | -$183.8K |
YoY Change | -173.43% | -281.58% | -164.31% |
Income Tax | $47.20K | ||
% Of Pretax Income | |||
Net Earnings | -$387.9K | -$1.337M | -$231.0K |
YoY Change | -198.2% | -338.34% | -333.59% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$0.02 | -$0.08 | -$0.05 |
COMMON SHARES | |||
Basic Shares Outstanding | 16.22M shares | 16.22M shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q2 | 2024 Q1 | 2023 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $821.4K | $974.6K | $586.0K |
YoY Change | -32.68% | 14.64% | -50.02% |
Cash & Equivalents | $821.4K | $974.6K | $585.7K |
Short-Term Investments | |||
Other Short-Term Assets | $152.4K | $157.4K | $117.5K |
YoY Change | 190.32% | 124.93% | 1199.35% |
Inventory | $1.460K | $3.598K | $1.977K |
Prepaid Expenses | $14.92K | $15.78K | $106.9K |
Receivables | $25.72K | $29.16K | $28.61K |
Other Receivables | $107.0K | $59.21K | $41.20K |
Total Short-Term Assets | $1.977M | $1.549M | $703.2K |
YoY Change | 55.35% | 68.29% | -41.14% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $117.4K | $113.5K | $129.2K |
YoY Change | |||
Goodwill | $323.9K | ||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $14.01K | $21.25M | |
YoY Change | -99.93% | -75.88% | |
Other Assets | $389.9K | $436.7K | $298.3K |
YoY Change | |||
Total Long-Term Assets | $1.092M | $1.010M | $21.25M |
YoY Change | -94.72% | -98.87% | -75.88% |
TOTAL ASSETS | |||
Total Short-Term Assets | $1.977M | $1.549M | $703.2K |
Total Long-Term Assets | $1.092M | $1.010M | $21.25M |
Total Assets | $3.068M | $2.558M | $21.96M |
YoY Change | -86.02% | -97.15% | -75.41% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $525.6K | $602.6K | $632.0K |
YoY Change | 61.71% | 40.03% | 67.84% |
Accrued Expenses | $462.7K | $444.0K | $514.9K |
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $241.3K | $279.8K | $205.0K |
YoY Change | 260.15% | ||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $5.422M | $4.468M | $837.6K |
YoY Change | 1174.37% | 938.27% | 122.44% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $947.5K | $947.5K | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $198.3K | $110.3K | $3.019M |
YoY Change | -93.43% | -96.34% | 0.01% |
Total Long-Term Liabilities | $1.146M | $1.058M | $182.4K |
YoY Change | -62.05% | -64.96% | -93.96% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $5.422M | $4.468M | $837.6K |
Total Long-Term Liabilities | $1.146M | $1.058M | $182.4K |
Total Liabilities | $6.568M | $5.526M | $3.856M |
YoY Change | 90.69% | 60.22% | 13.58% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$4.490M | -$4.102M | -$2.358M |
YoY Change | 186.2% | 92.54% | 16.0% |
Common Stock | $1.623K | $1.623K | $1.00 |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$3.612M | -$3.132M | -$2.358M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $3.068M | $2.558M | $21.96M |
YoY Change | -86.02% | -97.15% | -75.41% |
Cashflow Statement
Concept | 2024 Q2 | 2024 Q1 | 2023 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$387.9K | -$1.337M | -$231.0K |
YoY Change | -198.2% | -338.34% | -333.59% |
Depreciation, Depletion And Amortization | $15.57K | $14.64K | $58.01K |
YoY Change | 12.11% | 0.36% | |
Cash From Operating Activities | -$490.8K | -$638.2K | -$230.5K |
YoY Change | 2.3% | 90.28% | -29.77% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $25.95K | $2.072K | $14.57K |
YoY Change | -74.81% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $20.83M | -$250.0K | $13.00K |
YoY Change | -69.85% | -300.0% | |
Cash From Investing Activities | $20.81M | -$252.1K | $13.00K |
YoY Change | -69.89% | -300.0% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -20.49M | $749.9K | -9.100K |
YoY Change | -69.98% | 5668.83% | |
NET CHANGE | |||
Cash From Operating Activities | -490.8K | -$638.2K | -230.5K |
Cash From Investing Activities | 20.81M | -$252.1K | 13.00K |
Cash From Financing Activities | -20.49M | $749.9K | -9.100K |
Net Change In Cash | -175.9K | -$140.3K | -226.6K |
YoY Change | -147.59% | -56.47% | -32.3% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$490.8K | -$638.2K | -$230.5K |
Capital Expenditures | $25.95K | $2.072K | $14.57K |
Free Cash Flow | -$516.8K | -$640.3K | -$245.1K |
YoY Change | 86.33% |
Facts In Submission
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319 | usd |
CY2023Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
722 | usd |
CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1336838 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
171127 | usd |
CY2024Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
86818 | usd |
CY2023Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
58843 | usd |
CY2024Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
86818 | usd |
CY2023Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
58843 | usd |
CY2024Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1250020 | usd |
CY2023Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
229970 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
-1805434 | usd |
CY2023Q1 | us-gaap |
Profit Loss
ProfitLoss
|
171849 | usd |
CY2023Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
58843 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
-1574742 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
-2953505 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
-2953505 | usd |
CY2024Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
1509390 | usd |
CY2024Q1 | us-gaap |
Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
|
25 | usd |
CY2024Q1 | us-gaap |
Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
|
-645860 | usd |
CY2024Q1 | ACAX |
Adjustments To Additional Paid In Capital Revaluation For Sharing Services Global Corporation Note Receivable And Warrants
AdjustmentsToAdditionalPaidInCapitalRevaluationForSharingServicesGlobalCorporationNoteReceivableAndWarrants
|
216188 | usd |
CY2024Q1 | ACAX |
Change In Noncontrolling Interest
ChangeInNoncontrollingInterest
|
155514 | usd |
CY2024Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-1336519 | usd |
CY2024Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
86818 | usd |
CY2024Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
-2967999 | usd |
CY2024Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
-2967999 | usd |
CY2024Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-1336519 | usd |
CY2023Q1 | us-gaap |
Profit Loss
ProfitLoss
|
171849 | usd |
CY2024Q1 | us-gaap |
Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
|
-49571 | usd |
CY2023Q1 | us-gaap |
Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
|
13853 | usd |
CY2024Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-14744 | usd |
CY2023Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-53199 | usd |
CY2024Q1 | us-gaap |
Depreciation
Depreciation
|
14643 | usd |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
14591 | usd |
CY2024Q1 | ACAX |
Noncash Operating Lease Expense
NoncashOperatingLeaseExpense
|
125143 | usd |
CY2023Q1 | ACAX |
Noncash Operating Lease Expense
NoncashOperatingLeaseExpense
|
130044 | usd |
CY2024Q1 | ACAX |
Impairment Of Convertible Note Receivable Related Party And Equity Method Investment Related Party
ImpairmentOfConvertibleNoteReceivableRelatedPartyAndEquityMethodInvestmentRelatedParty
|
366192 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
|
19079 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-106723 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
83954 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
-3692 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
|
111609 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
|
-588 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
1668 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
454 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
262732 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
194200 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-379 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-49835 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
-1 | usd |
CY2024Q1 | ACAX |
Increase Decrease In Value Added Tax Withheld
IncreaseDecreaseInValueAddedTaxWithheld
|
3573 | usd |
CY2023Q1 | ACAX |
Increase Decrease In Value Added Tax Withheld
IncreaseDecreaseInValueAddedTaxWithheld
|
-7983 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-20758 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-124210 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-125961 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-638210 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
262251 | usd |
CY2024Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2072 | usd |
CY2023Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
8227 | usd |
CY2024Q1 | ACAX |
Convertible Notes Receivable Related Party
ConvertibleNotesReceivableRelatedParty
|
-250000 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-252072 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-8227 | usd |
CY2024Q1 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
26307 | usd |
CY2024Q1 | ACAX |
Repayment Of Deferred Underwriting Compensation
RepaymentOfDeferredUnderwritingCompensation
|
325000 | usd |
CY2024Q1 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
1101255 | usd |
CY2023Q1 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
182730 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
749948 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
182730 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-140334 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
436754 | usd |
CY2024Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-19361 | usd |
CY2023Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
6558 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1159201 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
91178513 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
999506 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
91621825 | usd |
CY2024Q1 | ACAX |
Issuance Of Common Stock To For Deferred Underwriting Compensation
IssuanceOfCommonStockToForDeferredUnderwritingCompensation
|
1509375 | usd |
CY2024Q1 | us-gaap |
Stock Issued1
StockIssued1
|
1359 | usd |
CY2024Q1 | ACAX |
Valuation Gain From Notes Receivable And Warrant Shrg
ValuationGainFromNotesReceivableAndWarrantShrg
|
-216188 | usd |
CY2023Q1 | ACAX |
Initial Recognition Of Operating Lease Right Of Use Asset And Liability
InitialRecognitionOfOperatingLeaseRightOfUseAssetAndLiability
|
46695 | usd |
CY2024Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_805_eus-gaap--NatureOfOperations_zuijDFL8oSJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 — <span id="xdx_827_zSiFb77JBOtk">DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HWH International Inc. (“HWH”) and its consolidated subsidiaries (collectively, the “Company”) operate a food and beverage (“F&B”) business in Singapore and South Korea. The Company operates a membership model in which individuals pay an upfront membership fee to become members. As members, these individuals receive discounted access to products and services offered by the Company’s affiliates. Previously, the Company had approximately 9,000 members, primarily in South Korea. Currently, this membership business has been temporarily suspended.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HWH International Inc. was originally incorporated in Delaware on October 20, 2021 under the name Alset Capital Acquisition Corp. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company consummated the Business Combination on January 9, 2024 and changed its name from “Alset Capital Acquisition Corp.” to “HWH International Inc.” The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 9, 2022, the Company entered into an agreement and plan of merger (the “Merger Agreement”) by and among the Company, HWH International Inc., a Nevada corporation (the “HWH Nevada” or “Target”) and HWH Merger Sub Inc., a Nevada corporation and a wholly owned subsidiary of the Company (“Merger Sub”). The Company and Merger Sub are sometimes referred to collectively as the “ACAX Parties.” Pursuant to the Merger Agreement, a business combination between the Company and the Target was effected through the merger of Merger Sub with and into HWH Nevada, with the Target surviving the merger as a wholly owned subsidiary of the Company (the “Merger”). Upon the closing of the Merger (the “Closing”) on January 9, 2024, the Company changed its name to “HWH International Inc.” The board of directors of the Company (i) approved and declared advisable the Merger Agreement, the Ancillary Agreements (as defined in the Merger Agreement) and the transactions contemplated thereby and (ii) resolved to recommend approval of the Merger Agreement and related transactions by the stockholders of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Target was owned and controlled by certain member officers and directors of the Company and its sponsor. The Merger was consummated following the receipt of the required approval by the stockholders of the Company and the shareholders of the Target and the satisfaction of certain other customary closing conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total consideration paid at Closing (the “Merger Consideration”) by the Company to the Target’s shareholders was $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_c20220909__20220909__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HWHInternationalIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ztItWItPYVr3" title="Consideration paid value">125,000,000</span>, and was payable in shares of the common stock, par value $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20220909__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HWHInternationalIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zJ9CEQLUHKKf" title="Common stock, par value">0.0001</span> per share, of the Company (“Company Common Stock”). The number of shares of the Company Common Stock paid to the shareholders of the Target as Merger Consideration was<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20220909__20220909__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HWHInternationalIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z3ShhMrMQj8c" title="Consideration paid shares"> 12,500,000</span>, with each share being valued at $<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220909__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--HWHInternationalIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zJdEv6X0KXod" title="Shares issued price per share">10.00</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> | |
CY2024Q1 | us-gaap |
Common Stock Voting Rights
CommonStockVotingRights
|
more than 50% of the voting common stock | |
CY2023Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
21000000 | usd |
CY2024Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_849_eus-gaap--UseOfEstimates_zuYLBFyeqS08" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zNtcFPwOrWDc">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the financial statements in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2024Q1 | us-gaap |
Cash
Cash
|
999506 | usd |
CY2023Q4 | us-gaap |
Cash
Cash
|
22505969 | usd |
CY2024Q1 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2023Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2024Q1 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
24874 | usd |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1162 | usd |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1162 | usd |
CY2022Q4 | ACAX |
Prepaid Sales Commision
PrepaidSalesCommision
|
6839 | usd |
CY2023 | ACAX |
Increase Decrease In Prepaid Sales Commision
IncreaseDecreaseInPrepaidSalesCommision
|
-6839 | usd |
CY2022Q4 | us-gaap |
Deferred Revenue
DeferredRevenue
|
21198 | usd |
CY2023 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-21198 | usd |
CY2024Q1 | us-gaap |
Value Added Tax Receivable
ValueAddedTaxReceivable
|
37311 | usd |
CY2023Q4 | us-gaap |
Value Added Tax Receivable
ValueAddedTaxReceivable
|
37179 | usd |
CY2024Q1 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
122813 | usd |
CY2023Q1 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
77769 | usd |
CY2024Q1 | ACAX |
Commission Fee Percentage
CommissionFeePercentage
|
0.25 | pure |
CY2024Q1 | us-gaap |
Advertising Expense
AdvertisingExpense
|
2242 | usd |
CY2023Q1 | us-gaap |
Advertising Expense
AdvertisingExpense
|
4095 | usd |
CY2023Q1 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
30000 | usd |
CY2024Q1 | us-gaap |
Share Price
SharePrice
|
10.00 | |
CY2023Q2 | us-gaap |
Loans Payable
LoansPayable
|
68928 | usd |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
909875 | shares |
CY2024Q1 | us-gaap |
Minority Interest
MinorityInterest
|
164499 | usd |
CY2023Q4 | us-gaap |
Minority Interest
MinorityInterest
|
8666 | usd |
CY2022Q3 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
8591072 | shares |
CY2022Q3 | us-gaap |
Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
|
1972896 | shares |
CY2022Q3 | us-gaap |
Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
|
2156250 | shares |
CY2022Q3 | us-gaap |
Capital Units Outstanding
CapitalUnitsOutstanding
|
476890 | shares |
CY2022Q3 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
909875 | shares |
CY2024Q1 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
29156 | usd |
CY2023Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
28611 | usd |
CY2023Q1 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
14302 | usd |
CY2022Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
9070 | usd |
CY2023Q3 | us-gaap |
Loans Payable
LoansPayable
|
69158 | usd |
CY2024Q1 | us-gaap |
Loans Payable
LoansPayable
|
205305 | usd |
CY2023Q4 | us-gaap |
Loans Payable
LoansPayable
|
205305 | usd |
CY2024Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
3598 | usd |
CY2023Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
1977 | usd |
CY2024Q1 | us-gaap |
Inventory Adjustments
InventoryAdjustments
|
0 | usd |
CY2023Q1 | us-gaap |
Inventory Adjustments
InventoryAdjustments
|
0 | usd |
CY2024Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
113520 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
129230 | usd |
CY2024Q1 | us-gaap |
Depreciation
Depreciation
|
14643 | usd |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
14591 | usd |
CY2024Q1 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
0 | usd |
CY2022Q1 | us-gaap |
Cash
Cash
|
183311 | usd |
CY2022Q1 | us-gaap |
Cash
Cash
|
243567 | sgd |
CY2024Q1 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
466188 | usd |
CY2024Q1 | us-gaap |
Capital Units Authorized
CapitalUnitsAuthorized
|
56000000 | shares |
CY2024Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2024Q1 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.01 | |
CY2024Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y2M23D | |
CY2024Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.04 | pure |
CY2024Q1 | us-gaap |
Lease Cost
LeaseCost
|
125143 | usd |
CY2023Q1 | us-gaap |
Lease Cost
LeaseCost
|
130044 | usd |
CY2024Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
170801 | usd |
CY2023Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
144209 | usd |
CY2024Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
3441 | usd |
CY2023Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
12107 | usd |
CY2024Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
459339 | usd |
CY2023Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
598508 | usd |
CY2024Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
362343 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
429687 | usd |
CY2024Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
110344 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
182380 | usd |
CY2024Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
472687 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
612067 | usd |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
200562 | usd |
CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
374451 | usd |
CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
111616 | usd |
CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
486067 | usd |
CY2024Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
13380 | usd |
CY2024Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
472687 | usd |
CY2024Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
362343 | usd |
CY2024Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
110344 | usd |
CY2024Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
286110 | usd |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
200562 | usd |
CY2024Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
286110 | usd |
CY2024Q1 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
621561 | usd |
CY2023Q4 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
21989947 | usd |
CY2024Q1 | us-gaap |
Goodwill
Goodwill
|
323864 | usd |
CY2023Q1 | us-gaap |
Goodwill
Goodwill
|
0 | usd |
CY2024Q1 | ACAX |
Impairment Of Convertible Note Receivable And Investment In Associate Related Party
ImpairmentOfConvertibleNoteReceivableAndInvestmentInAssociateRelatedParty
|
366192 | usd |