In This Story
HWH International Inc. (HWH-3.54%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details HWH's operations, including its food and beverage business in Singapore and South Korea, and its online healthy food store. The company previously operated a membership model, which is currently suspended but intended to resume following restructuring.
HWH International Inc. was originally incorporated in Delaware on October 20, 2021, under the name Alset Capital Acquisition Corp. The company completed a business combination on January 9, 2024, changing its name to HWH International Inc.
The company's revenue for the year ended December 31, 2024, was $1,253,577, compared to $830,519 for the previous year. The increase is attributed to an expanded customer base from acquisitions in Singapore and South Korea.
Cost of revenue increased to $651,721 from $334,825, primarily due to increased sales in the food and beverage business. Operating expenses decreased to $3,027,024 from $3,402,793, mainly due to reduced professional fees.
HWH reported a net loss of $2,606,504 for the year, compared to a net loss of $1,076,662 in the previous year. The company attributes this to increased impairment losses and unrealized losses on convertible note receivables.
The filing outlines HWH's compliance with Nasdaq listing requirements. The company regained compliance with Nasdaq Listing Rule 5550(a)(2) on March 10, 2025, after a reverse stock split effective February 24, 2025.
HWH entered into a Credit Facility Agreement with Alset Inc. on April 24, 2024, providing a credit line of up to $1,000,000. As of December 31, 2024, $700,000 remains available.
The company has identified a material weakness in its internal controls over financial reporting due to limited accounting personnel. Plans are in place to appoint additional qualified personnel to address this issue.
HWH's Board of Directors includes Heng Fai Ambrose Chan as Executive Chairman and John 'JT' Thatch as Chief Executive Officer, among other members. The board oversees the company's strategic direction and governance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HWH International Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.