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HWH International Inc.
HWHCIK 0001897245NasdaqEmerging GrowthWholesale-Drugs, Proprietaries & Druggists' SundriesNevadaFY ends Dec 31
Period
FY 2025
Revenue
$866.9K
Net Income
$-2.63M
Total Assets
$4.57M
Equity
$2.62M
Shares Out
7.48M
Op. Cash Flow
$-1.75M
Business
HWH International Inc. is an early-stage company operating a business-to-consumer marketplace (Hapi Marketplace) featuring over forty-seven product categories including wellness, elderly care, and auto accessories, with initial launch in the United States and planned expansion to South Korea, Hong Kong, and Asia. The company also operates physical Hapi Cafés in select international locations as community-focused venues to promote awareness of affiliate products and services. Additionally, HWH develops Hapi Wealth Builder, an educational program offering courses and coaching in equity investment and wealth-building strategies, with headquarters planned in China.
Summary from 10-K filed 2026-03-26
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-11-30 | FY 2022 2022-11-30 |
|---|---|---|---|---|---|---|
| Food & Beverage Revenue | 866,926 | 1 | — | — | — | |
| Cost of revenue | −407,199 | −651,721 | −334,825 | — | — | |
| Gross profit | 459,727 | 601,856 | 495,694 | — | — | |
| General and administrative expenses | −4 | −3 | −3 | 1 | 589,646 | |
| Impairment of convertible note receivable related party, and equity method investment - related party | — | −42,328 | −493,898 | — | — | |
| Impairment loss on goodwill | −116,648 | −323,864 | — | — | — | |
| Impairment of investment in Joint Venture | — | −14,205 | — | — | — | |
| Total Operating expenses | −4 | −3 | −3 | 1 | 689,646 | |
| Other income | 121,477 | 345,997 | — | — | — | |
| Interest expense | −52,242 | −72,076 | — | — | — | |
| Foreign exchange transaction gain (loss) | 292,890 | −55,221 | 68,797 | — | — | |
| Loss on disposal of marketable securities | −4,424 | — | — | — | — | |
| Unrealized loss on marketable securities | −737 | — | — | — | — | |
| Gain on disposal of subsidiaries | 383,667 | — | — | — | — | |
| Loss from deconsolidation of subsidiaries | −21,611 | — | — | — | — | |
| Gain on equity method investment - related party | 5,751 | — | — | — | — | |
| Loss on equity method investment - related party | — | −20,149 | −33,898 | — | — | |
| Unrealized loss on convertible note receivable and warrants related party | −146,550 | −379,887 | — | — | — | |
| Total Other non-operating income (expense) | 578,221 | −181,336 | 2 | 2 | 990,110 | |
| Loss before provision for income taxes | −3 | −3 | −661,279 | 971,103 | 300,464 | |
| Income taxes | −47,472 | — | −415,383 | −422,230 | −186,923 | |
| Net Loss | −3 | −3 | −1 | — | — | |
| Less: Net loss attributable to non-controlling Interests | −27,309 | −15,773 | 3,830 | — | — | |
| Net loss attributable to common stockholders | −3 | −3 | −1 | 548,873 | 113,541 | |
| Foreign currency translation adjustment | −647,372 | −60,635 | — | — | — | |
| Total comprehensive loss, net of tax: | −3 | −3 | — | — | — | |
| Less Comprehensive loss attributable to non-controlling interests | −27,670 | −15,861 | — | — | — | |
| Total Comprehensive loss attributable to common stockholders | −3 | −3 | −1 | — | — | |
| Basic (per share) | −0.4 | −0.76 | — | — | — | |
| Diluted (per share) | −0.4 | −0.76 | — | — | — | |
| Basic (shares) | 7 | 4 | — | — | — | |
| Diluted (shares) | 7 | 4 | — | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-11-30 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash | 2 | 4 | 1 | — | — | |
| Account receivable, net | 3,324 | 17,546 | 28,611 | — | 9,070 | |
| Inventory | 1,057 | 1,574 | 1,977 | — | — | |
| Other receivables, net | 614,577 | 342,712 | 41,203 | — | — | |
| Deposit - current | 21,205 | — | — | — | — | |
| Convertible loans receivable - related party, at fair value | 160,941 | 744,652 | — | — | — | |
| Prepaid expenses | 549 | 13,495 | 106,862 | — | — | |
| Total Current Assets | 3 | 5 | 1 | 703,154 | — | |
| Property and equipment, net | 19,153 | 33,588 | 129,230 | — | — | |
| Deposit non-current | 104,209 | 351,240 | 298,324 | — | — | |
| Investment at cost | 1,531 | 140 | — | — | — | |
| Convertible loans receivable - related party, at fair value | 1 | — | — | — | — | |
| Other non-current asset | 87 | — | — | — | — | |
| Operating lease right-of-use assets, net | 92,655 | 548,757 | 598,508 | — | — | |
| Total Non-Current Assets | 2 | 933,725 | 22 | — | — | |
| TOTAL ASSETS | 5 | 6 | 24 | 22 | — | |
| Accounts payable and accrued expenses | 305,028 | 483,430 | 167,355 | 632,270 | — | |
| Accrued commissions | — | 73,022 | 85,206 | — | — | |
| Due to related parties, net | 613,140 | 1 | 2 | — | — | |
| Operating lease liabilities - current | 84,122 | 340,651 | 429,687 | — | — | |
| Brokerage margin loans | 17,461 | — | — | — | — | |
| Notes payable - current | 259,290 | 1 | — | — | — | |
| Total Current Liabilities | 1 | 3 | 6 | 837,575 | — | |
| Operating lease liabilities - non-current | 11,785 | 220,249 | 182,380 | — | — | |
| Accrued Interest for promissory note non-current | 118,557 | — | — | — | — | |
| Notes payable - non-current | 473,750 | — | — | — | — | |
| Total Non-Current Liabilities | 604,092 | 220,249 | 182,380 | — | — | |
| Commitments and Contingencies (Note 15) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value; 50,000,000 shares authorized**; none issued and outstanding as of December 31, 2025 and 2024 | — | — | — | — | — | |
| Common stock, $0.0001 par value; 450,000,000 shares authorized**; 7,476,400 and 5,593,920 issued and outstanding as of December 31, 2025 and 2024, respectively | 747 | 559 | — | — | — | |
| Additional paid in capital | 12 | 9 | 155,984 | — | — | |
| Accumulated other comprehensive loss | −904,609 | −257,598 | −197,051 | — | — | |
| Accumulated deficit | −9 | −6 | −4 | −2 | — | |
| Total HWH International Inc. Stockholders equity | 3 | 3 | −4 | −2 | — | |
| Non-controlling interests | 65,844 | 111,835 | 8,666 | — | — | |
| Total Stockholders Equity | 3 | 3 | −4 | — | −1 | |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | 5 | 6 | 24 | 22 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-11-30 | FY 2022 2022-11-30 |
|---|---|---|---|---|---|---|
| Loss on disposal of subsidiaries | 21,611 | — | — | — | — | |
| Depreciation expense | 19,646 | 48,172 | 58,006 | — | — | |
| Non-cash lease expense | 253,781 | 490,122 | 509,340 | — | — | |
| Share of result of an associate | −5,751 | — | — | — | — | |
| Impairment of investment in Joint Venture | — | 14,205 | — | — | — | |
| Loss on disposal of marketable securities | 4,424 | — | — | — | — | |
| Loss on disposal of equipment | — | 5,878 | — | — | — | |
| Impairment loss on equipment | 17,686 | 69,293 | — | — | — | |
| Bad debt written off | 158,036 | 11,177 | — | — | — | |
| Executive performance share expense | 2 | — | — | — | — | |
| Account receivables | 14,080 | 5,384 | 187,813 | — | — | |
| Receivable from related party | −445,470 | — | — | — | — | |
| Other receivables | −129,861 | −299,525 | −375,745 | — | — | |
| Prepaid expenses | 12,862 | 90,398 | −93,263 | — | — | |
| Deposit | 218,604 | −71,147 | 1,008 | — | — | |
| Inventory | 412 | 336 | 184 | — | — | |
| Accounts payable and accrued expenses | −141,809 | 228,644 | 306,299 | — | — | |
| Accrued commissions | — | −1,904 | −54,247 | — | — | |
| Operating lease liabilities | −257,990 | −465,977 | −508,018 | — | — | |
| Net cash used in operating activities | −2 | −2 | −3 | −2 | −514,071 | |
| Purchases of property and equipment | −19,464 | −30,394 | −14,574 | — | — | |
| Convertible loans receivable - related party | −780,000 | −850,000 | — | — | — | |
| Investment at cost | — | −14,345 | — | — | — | |
| Purchase of marketable securities | −85,872 | — | — | — | — | |
| Cash withdrawn from trust account for redemptions | — | 21 | 299,958 | 68 | — | |
| Cash withdrawn from trust account available to the Company | — | 243,897 | 68 | 919,547 | — | |
| Deconsolidation of Alset F&B One Pte. Ltd. | −23,350 | — | — | — | — | |
| Loans to related party | −280,000 | — | — | — | — | |
| Net cash (used in) / provided by investing activities | −1 | 20 | 68 | 69 | −87 | |
| Repayment of loans and borrowing | −13,709 | −85,061 | — | — | — | |
| Repayment of deferred underwriting compensation | — | −325,000 | — | — | — | |
| Advances from related parties | — | 2 | — | 13,000 | −13,000 | |
| Proceed from brokerage margin and loans | 16,083 | — | — | — | — | |
| Proceed from issuance of Common Stock and Warrants | 1 | 4 | — | — | — | |
| Repayment of Class A Common Stock | — | −21 | −68 | −68 | — | |
| Repayment of note payable | −477,643 | — | — | — | — | |
| Net cash provided by / (used in) financing activities | 934,714 | −16 | −67 | −68 | 89 | |
| Net (decrease) increase in cash | −2 | 3 | −2 | — | 1 | |
| Effects of foreign exchange rate on cash | −251,566 | 147,459 | 2,307 | — | — | |
| Cash Paid for Interest | 4,655 | 616 | — | — | — | |
| Cash Paid for Taxes | 47,472 | — | — | — | — | |
| Issuance of HWH Common Stock to D. Boral Capital (f.k.a. EF Hutton) for Deferred Underwriting Compensation | — | 2 | — | — | — | |
| Issuance of Common Stock for incentive plan 2025 | 2 | — | — | — | — | |
| Settlement of deferred underwriting compensation payable with promissory note | — | 1 | — | — | — | |
| Debt to equity conversion | — | 4 | — | — | — | |
| Valuation gain from notes receivable and warrants - SHRG | 87,131 | 287,812 | — | — | — | |
| Initial recognition of operating lease right-of-use asset and liability | — | 519,353 | 125,331 | — | — |
Filings
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Frequently asked questions
What is HWH International Inc.'s CIK number?
HWH International Inc.'s SEC CIK number is 0001897245 (1897245). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find HWH International Inc.'s SEC filings?
All of HWH International Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.