$HWH
HWH International Inc.

2024 Q3 Form 10-Q Financial Statement

#000149315224031379 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00
YoY Change
Cost Of Revenue $185.7K $170.0K $73.62K
YoY Change 114.79% 130.87%
Gross Profit $159.9K $164.9K $121.6K
YoY Change 13.81% 35.64%
Gross Profit Margin
Selling, General & Admin $487.3K $654.7K $237.0K
YoY Change 23.13% 176.26% 83.98%
% of Gross Profit 304.83% 397.02% 194.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.32K $15.57K $13.88K
YoY Change 2.75% 12.11%
% of Gross Profit 9.58% 9.44% 11.42%
Operating Expenses $487.4K $654.7K $237.0K
YoY Change 23.15% 176.29% 83.96%
Operating Profit -$327.5K -$489.8K -$115.4K
YoY Change 28.29% 324.47%
Interest Expense -$278.1K -$4.200K $786.7K
YoY Change -204.98% -100.53% 1076.81%
% of Operating Profit
Other Income/Expense, Net -$209.6K $86.19K $786.7K
YoY Change -179.14% -89.04% 1076.84%
Pretax Income -$537.1K -$403.6K $549.7K
YoY Change 310.34% -173.43% -987.09%
Income Tax $154.7K
% Of Pretax Income 28.14%
Net Earnings -$548.5K -$387.9K $395.0K
YoY Change 211.6% -198.2% -737.42%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02 -$0.02 $0.04
COMMON SHARES
Basic Shares Outstanding 16.22M shares 16.22M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $832.4K $821.4K $1.220M
YoY Change 2.51% -32.68% -24.69%
Cash & Equivalents $832.4K $821.4K $1.220M
Short-Term Investments
Other Short-Term Assets $21.43K $152.4K $52.50K
YoY Change -92.48% 190.32% 44.57%
Inventory $1.894K $1.460K
Prepaid Expenses $17.54K $14.92K
Receivables $35.07K $25.72K
Other Receivables $120.1K $107.0K
Total Short-Term Assets $1.750M $1.977M $1.272M
YoY Change 58.96% 55.35% -23.18%
LONG-TERM ASSETS
Property, Plant & Equipment $36.72K $117.4K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.98K $14.01K $20.68M
YoY Change -99.93% -99.93% -76.28%
Other Assets $406.5K $389.9K
YoY Change
Total Long-Term Assets $1.170M $1.092M $20.68M
YoY Change -94.42% -94.72% -76.28%
TOTAL ASSETS
Total Short-Term Assets $1.750M $1.977M $1.272M
Total Long-Term Assets $1.170M $1.092M $20.68M
Total Assets $2.920M $3.068M $21.95M
YoY Change -86.77% -86.02% -75.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $446.8K $525.6K $325.0K
YoY Change -14.73% 61.71% 167.78%
Accrued Expenses $520.2K $462.7K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $269.7K $241.3K $67.00K
YoY Change 31.54% 260.15%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.922M $5.422M $425.5K
YoY Change 163.37% 1174.37% 211.99%
LONG-TERM LIABILITIES
Long-Term Debt $962.6K $947.5K $0.00
YoY Change
Other Long-Term Liabilities $286.8K $198.3K $3.019M
YoY Change -90.5% -93.43% 0.01%
Total Long-Term Liabilities $1.249M $1.146M $3.019M
YoY Change -58.62% -62.05% 0.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.922M $5.422M $425.5K
Total Long-Term Liabilities $1.249M $1.146M $3.019M
Total Liabilities $3.171M $6.568M $3.444M
YoY Change -15.4% 90.69% 9.16%
SHAREHOLDERS EQUITY
Retained Earnings -$5.039M -$4.490M -$1.569M
YoY Change 145.46% 186.2% 9.57%
Common Stock $2.226K $1.623K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$374.9K -$3.612M -$1.569M
YoY Change
Total Liabilities & Shareholders Equity $2.920M $3.068M $21.95M
YoY Change -86.77% -86.02% -75.29%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$548.5K -$387.9K $395.0K
YoY Change 211.6% -198.2% -737.42%
Depreciation, Depletion And Amortization $15.32K $15.57K $13.88K
YoY Change 2.75% 12.11%
Cash From Operating Activities -$275.0K -$490.8K -$479.8K
YoY Change -41.95% 2.3% 441.35%
INVESTING ACTIVITIES
Capital Expenditures $2.080K $25.95K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$101.0K $20.83M $69.10M
YoY Change 192.67% -69.85%
Cash From Investing Activities -$103.0K $20.81M $69.10M
YoY Change 198.67% -69.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 336.6K -20.49M -68.25M
YoY Change 234.31% -69.98%
NET CHANGE
Cash From Operating Activities -275.0K -490.8K -479.8K
Cash From Investing Activities -103.0K 20.81M 69.10M
Cash From Financing Activities 336.6K -20.49M -68.25M
Net Change In Cash -41.42K -175.9K 369.7K
YoY Change -89.84% -147.59% -517.13%
FREE CASH FLOW
Cash From Operating Activities -$275.0K -$490.8K -$479.8K
Capital Expenditures $2.080K $25.95K
Free Cash Flow -$277.1K -$516.8K
YoY Change

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<p id="xdx_805_eus-gaap--NatureOfOperations_zcK6VW5yy3jb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 — <span id="xdx_825_zd3C0qBAsl8d">DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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&amp;B”) business in Singapore and South Korea. The F&amp;B business operates four cafés, two of which are located in South Korea and two in Singapore, as well as an online healthy food store serving customers in Singapore. The Company previously operated a membership model in which individuals paid an upfront membership fee to become members. As members, these individuals received discounted access to products and services offered by the Company’s affiliates. The Company had approximately 9,000 members, primarily in South Korea. Currently, this membership business has been temporarily suspended, however the Company intends to resume this business following the ongoing restructuring of the membership model.</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_zICZZBzpA3Kc" 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_zmH3kQTt5Hr7" 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_z6uBIXW6MmTb" 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_zDVgMLsbeM9d" 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"> </span></p>
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<p id="xdx_849_eus-gaap--UseOfEstimates_zRxhknML8r23" 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>Use of Estimates</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>
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