What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2023-08-14 compared with 2023-05-15 · 182 added, 186 removed, 236 unchanged (61% of the section changed)

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indirect 14.7% equity interest in Holista CollTech Limited, a 44.8% equity interest in DSS Inc.

(“DSS”), a 38.3% equity interest

in Value Exchange International, Inc., a 0.8% equity interest in New Electric CV Corporation (“NECV” formerly known as “American

Premium Mining Corporation” or “APM,” and earlier known as “American Premium Water Corp.”), and an interest

in Alset Capital Acquisition Corp.

(“Alset Capital”).

(“DSS”), a 38.3% equity

interest in Value Exchange International, Inc., a 0.5% equity interest in New Electric CV Corporation (“NECV” formerly

known as “American Premium Mining Corporation” or “APM,” and earlier known as “American Premium Water

Corp.”), and 33.4% equity interest in Sharing Services Global Corp.

American Pacific Bancorp Inc.

is a financial network holding company.

Holista CollTech Limited is a public Australian company that produces natural food ingredients (ASX:

DSS is a multinational company

operating businesses within nine divisions:

product packaging, biotechnology, direct marketing, commercial lending, securities and investment

management, alternative trading, digital transformation, secure living, and alternative energy.

is listed on the NYSE American

financial network holding company.

Holista CollTech Limited is a public Australian company that produces natural food ingredients

DSS is a multinational company operating businesses within nine divisions:

product packaging, biotechnology, consumer

marketing, commercial lending, securities and investment management, alternative trading, secure living, and alternative energy.

is listed on the NYSE American (NYSE:

Value Exchange International, Inc.

is a provider of information technology services for businesses, and is traded on the

OTCQB (OTCQB:

is a provider of information technology services

for businesses, and is traded on the OTCQB (OTCQB:

NECV is a publicly traded consumer products company (OTCPK:

Alset Capital is a newly organized blank check

company 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 and is listed on the Nasdaq (Nasdaq:

ACAXU, ACAX, ACAXW and ACAXR).

markets and distributes health and wellness products, as well as member-based travel services, using a direct selling business

SHRG is traded on the OTCQB (OTCQB:

generally acquire majority and/or control stakes in innovative and promising businesses that are expected to appreciate in value over

57 unchanged sentences

connection with the Alset Capital Special Meeting, 6,648,964 shares of the Class A Common Stock of Alset Capital were tendered for redemption.

Following this redemption, 2,449,786 shares of the Class A Common Stock of Alset Capital remain issued and outstanding, including 473,750

Following this redemption, 2,449,786 shares of the Class A Common Stock of Alset Capital remained issued and outstanding, including 473,750

shares held by Alset Acquisition Sponsor, LLC and 1,976,036 public shares.

37 unchanged sentences

333-264234), as well as a prospectus supplement in connection with the Offering filed with the Securities and Exchange Commission.

of Travel Business

June 14, 2023, Hotapp Blockchain Pte.

Ltd., (“Hotapp”) a wholly owned subsidiary of Hapi Metaverse Inc., a majority owned

subsidiary of the Company, entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) in connection with its

purchase of all of the outstanding shares of Hapi Travel Limited, a Hong Kong corporation, from Business Mobile Intelligence Inc.

for a total consideration of $214,993 (the “Purchase Price”).

In order to facilitate the Stock Purchase Agreement, Hapi Metaverse

made a loan (the “Loan”) in an amount equal to the Purchase Price to Hotapp.

Chan Heng Fai, the chairman of the Company,

is also Chairman of Hotapp and the sole stockholder of BMI, and therefore recused himself from any deliberation or voting regarding the

Stock Purchase Agreement and the Loan.

of Sentinel Brokers Company Inc.

May 22, 2023 the Company’s indirect subsidiary, SeD Capital Pte Ltd (“SeD Capital”), entered into a Stock Purchase

Agreement, pursuant to which SeD Capital purchased 39.8 shares (19.9%) of the Common Stock of Sentinel Brokers Company Inc.

(“Sentinel”) for the aggregate purchase price of $279,719.

Sentinel is a broker-dealer operating primarily as a

fiduciary intermediary, facilitating institutional trading of municipal and corporate bonds as well as preferred stock, and is

registered with the Securities and Exchange Commission, is a member of the Financial Industry Regulatory Authority, Inc.

(“FINRA”), and is a member of the Securities Investor Protection Corporation (“SIPC”).

The Company has

significant influence over Sentinel and its CEO holds a director position on Sentinel’s Board of Directors.

of Certain Lots

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Magnolia, Texas known as the “Lakes at Black Oak.”

November 28, 2022, the parties to the Agreement entered into an amendment to the Agreement, pursuant to

which the Seller agreed to sell approximately 131 lots instead of 242 lots, and the anticipated purchase price was reduced.

November 28, 2022, the parties to the Agreement entered into an amendment to the Agreement, pursuant to which the Seller agreed to sell

approximately 131 lots instead of 242 lots, and the anticipated purchase price was reduced.

April 13, 2023, the sale of the 131 lots was completed and the Seller received a total consideration of $6,615,500 from the Buyer.

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which comprise a section of the Lakes at Black Oak.

The price of the lots and certain community enhancement fees the Seller will be entitled

to receive are anticipated to equal an aggregate of $6,586,250.

closing of the sale of these 110 lots depends on the satisfaction of certain conditions set forth in the Purchase and Sale Agreement.

There can be no assurance that such closings will be completed on the terms outlined herein or at all.

Commencing on March 16, 2023,

Rausch Coleman had a thirty (30) day inspection period in which to inspect the properties

and determine their suitability;

during such inspection period, Rausch Coleman was entitled to decline to proceed with the closing of

these transactions.

Rausch Coleman did not exercise its right to decline, and pursuant to the Purchase and Sale Agreement, has made an

additional deposit in escrow.

Through the date hereof, Rausch Coleman has deposited $957,250 in escrow.

Seller shall be required to complete certain improvements at the property at the Seller’s cost prior to the closing.

The transaction closed on May 15, 2023.

to Sell 189 Lots

March 17, 2023, the Seller entered into a Contract of Sale (the “Contract of Sale”) with Davidson Homes, LLC, an Alabama

limited liability company (“Davidson Homes”).

Pursuant to the terms of the Contract of Sale, the Seller has agreed to sell

approximately 189 single-family detached residential lots comprising an additional section of the Lakes at Black Oak.

The price of the

lots and certain community enhancement fees the Seller will be entitled to receive are anticipated to equal an aggregate of $10,022,500.

closing of the transactions described in the Contract of Sale depends on the satisfaction of certain conditions set forth therein.

can be no assurance that such closings will be completed on the terms outlined herein or at all.

Davidson Homes has agreed to purchase

the lots in stages, comprising an initial closing of 94 lots, the remaining lots to be purchase on or before December 29, 2023.

on March 17, 2023, Davidson Homes had a thirty (30) day inspection period in which to inspect the properties

and determine their suitability;

during such inspection period, Davidson Homes was entitled to decline to proceed with the closing of

these transactions.

Davidson Homes did not exercise its right to decline, and pursuant to the Contract of Sale, has made an additional

deposit in escrow.

Through the date hereof, Davidson Homes has deposited $1,425,000 in escrow.

Seller shall be required to complete certain improvements at the property at the Seller’s cost prior to the closing.

March 17, 2023, 150 CCM Black Oak Ltd.

(the “Seller”) entered into a Purchase and Sale Agreement (the “Purchase and

Sale Agreement”) with Davidson Homes, LLC, an Alabama limited liability company (“Davidson”).

Pursuant to the terms

of the Purchase and Sale Agreement, the Seller has agreed to sell approximately 189 single-family detached residential lots developed

within section 2 of Black Oak project.

The sale of the first 94 lots closed on May 30, 2023.

The sale of remaining lots is estimated

to close at the end of the year 2023.

of Value Exchange International, Inc.

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represent an aggregate purchase price of $1,743,734 for 7,276,163 shares of VEII.

Such purchase prices were negotiated between the

parties to the Stock Purchase Agreement.

Such purchase prices were negotiated between the parties

to the Stock Purchase Agreement.

Chan and another member of the Board of Directors of Hapi Metaverse, Lum Kan Fai Vincent, are both members of the Board of Directors

4 unchanged sentences

Wong Tat Keung).

Impact of the COVID-19 Pandemic

Estate Projects

extent to which the COVID-19 pandemic may impact our business will depend on future developments.

The COVID-19 pandemic’s far-reaching

impact on the global economy could negatively affect various aspects of our business, including demand for real estate.

From March 2020

through March 2023, we continued to sell lots at our Ballenger Run project (in Maryland) for the construction of town homes to NVR.

this time, all of the lots at Ballenger Run have been sold to NVR, however we continue to complete our development requirements under

our agreements with NVR.

We do not anticipate that the COVID-19 pandemic will have a material impact on the timing of the completion

of our remaining tasks at Ballenger Run.

have received strong indications that buyers and renters across the country are expressing interest in moving from more densely populated

urban areas to the suburbs.

We believe this trend, should it continue, will encourage interest in some of our projects.

COVID-19 pandemic could impact the ability to conduct our operations in a prompt and efficient manner.

addition, the COVID-19 pandemic may adversely impact the timeliness of local government in granting required approvals.

the COVID-19 pandemic may cause the completion of important stages in our real estate projects to be delayed.

our Black Oak project in Texas, we have strategically redesigned the lots for a smaller “starter home” products that we believe

will be more resilient in fluctuating markets.

Should we initiate sales at Black Oak, we believe the same implications described above,

regarding our Ballenger Run project, may apply to our Black Oak project (including the general trend of customers’ interest shifting

from urban to suburban areas).

Our Black Oak project may include our involvement in single family rental home development.

Business Activities

COVID-19 pandemic may adversely impact our potential to expand our business activities in ways that are difficult to assess or predict.

The COVID-19 pandemic continues to evolve.

The COVID-19 pandemic has impacted, and may continue to impact, the global supply of certain

goods and services in ways that may impact the sale of products to consumers that we, or companies we may invest in or partner with,

will attempt to make.

The COVID-19 pandemic may prevent us from pursuing otherwise attractive opportunities.

pandemic has impacted our operations in South Korea;

since the start of the pandemic, the South Korean government has at various times

placed certain restrictions on business meetings to reduce the spread of COVID-19.

Such restrictions have impacted our ability to recruit

potential affiliate sales personnel, and to introduce products to a larger audience.

staff works out of our Bethesda, Maryland office.

staff has shifted to mostly working from home since March 2020, but this has had a minimal impact on our operations to date.

Our staff in Singapore and Hong Kong has been able to work from home when needed with minimal impact on our operations, however our staff’s

ability to travel between our Hong Kong and Singapore offices was significantly limited until early 2022.

The COVID-19 pandemic initially

impacted the frequency with which our management would travel to the Black Oaks project, however, this is no longer the case.

on the mobility of our management and staff, should they arise in the future, could slow down our ability to enter into new transactions

and expand existing projects.

have not reduced our staff in connection with the COVID-19 pandemic.

To date, we did not have to expend significant resources related

to employee health and safety matters related to the COVID-19 pandemic.

We have a small staff, however, and the inability of any significant

number of our staff to work due to illness or the illness of a family member could adversely impact our operations.

that May or Are Currently Affecting Our Business

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of Operations

of Statements of Operations for the Three Months Ended March 31, 2023 and 2022

of Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022

Three- Months Ended

Six-months Ended

Operating Expenses

$ (3,016,666 )

$ (3,605,778 )

Other Expenses

$ (2,233,452 )

$ (6,054,798 )

Income Tax Expense

$ (4,323,182 )

$ (7,930,453 )

following tables set forth period-over-period changes in revenue for each of our reporting segments:

Three-months Ended

June 30, 2023

June 30, 2022

Digital Transformation Technology

Total Revenue

$ (1,025,301 )

was $926,936 and $1,952,237 for the three months ended March 31, 2023 and 2022, respectively.

The decrease in property sales from the

Ballenger Project and direct sales from our indirect subsidiary HWH World in the first three months of 2023 contributed to lower revenue

in this period.

In the first three months of 2022 the last three homes in Ballenger Project were sold.

In this project, builders were

required to purchase a minimum number of lots based on their applicable sale agreements.

We collected revenue from the sale of lots to

We are not involved in the construction of homes at the present time.

from the sale of Front Foot Benefits (“FFBs”), assessed on Ballenger project lots, decreased from $77,012 in the three months

ended March 31, 2022 to $0 in the three months ended March 31, 2023.

Remaining properties were sold to homebuyers in 2022, hence the

decrease in revenue in 2023.

from rental business was $633,811 and $232,582 in the three months ended March 31, 2023 and 2022, respectively.

The Company expects that

the revenue from this business will continue to increase as we acquire more rental houses and successfully rent them.

recent years, the Company expanded its biohealth segment to the South Korean market through one of the subsidiaries of HWH International

Inc., HWH World Inc (“HWH World”).

Six-months Ended

June 30, 2023

June 30, 2022

Digital Transformation Technology

Total Revenue

was $19,153,848 and $926,340 for the three months ended June 30, 2023 and 2022, respectively.

Revenue was $20,080,784 and $2,878,577

for the six months ended June 30, 2023 and 2022, respectively.

The increase in property sales from the Black Oak Project in the second

quarter of 2023 contributed to higher revenue in this period.

late 2022 and early 2023, the Company entered into three contracts with builders to sell multiple lots from its Black Oak project.

sales contemplated by these contracts are contingent on certain conditions which the parties to such contracts will need to meet and

are expected to generate approximately $22 million of funds from operations, not including certain expenses that the Company will be

required to pay.

The sale of 335 lots closed in the first six months of 2023 generating approximately $18.1 million revenue.

Company plans to continue its near-term focus on lot sales to regional and national builders.

Funds from such lot sales will substantially

improve the Company’s liquidity, strengthen its financial position and meet is working capital requirements.

May 2023, the Company entered into lease agreement for its model house located in Montgomery County, Texas (AHR Black Oak Lease Agreement”).

The revenue from the lease was $4,200 in the three and six months ending June 30, 2023.

2022 the last three homes in the Ballenger Project were sold.

In this project, builders were required to purchase a minimum number

of lots based on their applicable sale agreements.

We collected revenue only from the sale of lots to builders.

We are not involved

in the construction of homes at the present time.

from the sale of Front Foot Benefits (“FFBs”), assessed on Ballenger Run project lots, decreased from $37,725 in the

three months ended June 30, 2022 to $0 in the three months ended June 30, 2023.

Income from the sale of FFBs decreased from $116,088

in the six months ended June 30, 2022 to $0 in the six months ended June 30, 2023.

The decrease is a result of the decreased sale of

properties to homebuyers in 2023.

from rental business was $690,967 and $403,900 in the three months ended June 30, 2023 and 2022, respectively.

Revenue from rental business

was $1,324,778 and $636,482 in the six months ended June 30, 2023 and 2022, respectively.

The Company expects that the revenue from this

business will continue to increase as we acquire more rental houses and successfully rent them.

recent years, the Company expanded its biohealth segment to the South Korean market through one of the subsidiaries of HWH

International Inc., HWH World Inc (“HWH World”).

HWH World operates based on a direct sale model of health supplements.

HWH World recognized $0 and $132,222 in revenue in the three months ended June 30, 2023 and 2022, respectively.

HWH World recognized

$12,786 and $617,471 in revenue in the three months ended March 31, 2023 and 2022, respectively.

$12,587 and $749,693 in revenue in the six months ended June 30, 2023 and 2022, respectively.

category described as “Other” includes corporate and financial services, food and beverage business and new venture businesses.

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addressed as one independent category.

In the three months ended March 31, 2023 and 2022, the revenue from other businesses was $266,299

and $60,660, respectively, generated by Korean and Singaporean café shops and restaurants.

In the three months ended June 30, 2023 and 2022, the revenue from other businesses was $258,096

and $135,607, respectively.

In the six months ended June 30, 2023 and 2022, the revenue from other businesses was $524,395 and $196,267,

respectively, generated by Korean and Singaporean café shops and restaurants.

of Revenues and Operating Expenses

following tables sets forth period-over-period changes in cost of revenues for each of our reporting segments:

Three-months Ended

June 30, 2023

June 30, 2022

Digital Transformation Technology

Total Cost of Revenues

of revenues decreased from $1,114,550 in the three months ended March 31, 2022 to $689,281 in the three months ended March 31, 2023.

The decrease is a result of the decrease in sales in the Ballenger Run project and HWH World sales.

Capitalized construction expenses,

finance costs and land costs are allocated to sales.

Six-months Ended

June 30, 2023

June 30, 2022

Digital Transformation Technology

Total Cost of Revenues

of revenues increased from $550,677 in the three months ended June 30, 2022 to $11,738,493 in the three months ended June 30, 2023.

of revenues increased from $1,665,227 in the six months ended June 30, 2022 to $12,427,774 in the three months ended June 30, 2023.

increase is a result of the increase in sales in the Black Oak Project.

Capitalized construction expenses, finance costs and land costs

are allocated to sales.

We anticipate the total cost of revenues to increase as revenue increases.

gross margin decreased from $837,687 to $237,655 in the three months ended March 31, 2022 and 2023, respectively.

The decrease of gross

margin was caused by the decrease in sales in the Ballenger Run project and HWH World sales.

gross margin increased from $375,663 to $7,415,355 in the three months ended June 30, 2022 and 2023, respectively.

The gross margin increased

from $1,213,350 to $7,653,010 in the six months ended June 30, 2022 and 2023, respectively.

The increase of gross margin was caused by

the increase in sales in the Black Oak Project.

following tables sets forth period-over-period changes in operating expenses for each of our reporting segments.

Three-months Ended

June 30, 2023

June 30, 2022

Digital Transformation Technology

Total Operating Expenses

decrease of operating expenses of real estate in the first three months of 2023 compared to the same period of 2022 was mostly caused

by the decrease in sales and rental related expenses.

Decrease in expenses in our biohealth business is caused by the decreased commission

payments to our distributors, which is connected to decreased sales.

Six-months Ended

June 30, 2023

June 30, 2022

Digital Transformation Technology

Total Operating Expenses

decrease of operating expenses of real estate in the first three and six months of 2023 compared to the same period of 2022 was mostly

caused by the decrease rental related expenses.

Increase in expenses in our other businesses is mainly caused by the increase in professional

and consulting fees.

Income (Expense)

the three months ended March 31, 2023, the Company had other expense of $2,233,452 compared to other expenses of $6,054,798 in the three

months ended March 31, 2022.

The change in realized and unrealized loss on securities investments and other income are the primary reasons

for the volatility in these two periods.

Unrealized loss on securities investment was $1,187,846 in the three months ended March 31,

2023, compared to $3,899,015 loss in the three months ended March 31, 2022.

Realized loss on security investment was $131,313 the three

months ended March 31, 2023, compared to a loss of $3,436,783 in the three months ended March 31, 2022.

Other income was $103,007 in

the three months ended March 31, 2023, compared to other income of $1,284,893 in the three months ended March 31, 2022.

the three months ended March 31, 2023 the Company had net loss of $4,323,182 compared to net loss of $7,930,453 in the three months ended

March 31, 2022.

the three months ended June 30, 2023, the Company had other expense of $10,922,902 compared to other expenses of $8,328,599 in the

three months ended June 30, 2022.

In the six months ended June 30, 2023, the Company had other expense of $13,156,354 compared to

other expenses of $14,383,397 in the six months ended June 30, 2022.

The change in realized and unrealized gain (loss) on securities

investments and loss on consolidation of Alset Capital Acquisition Corp.

are the primary reasons for the volatility in these two

Unrealized gain on securities investment was $18,840,726 in the three months ended June 30, 2023, compared to $6,867,375

loss in the three months ended June 30, 2022.

Unrealized gain on securities investment was $17,652,880 in the six months ended June

30, 2023, compared to $10,766,390 loss in the six months ended June 30, 2022.

Realized loss on security investment was $10,557,229

the three months ended June 30, 2023, compared to a loss of $2,918,668 in the three months ended June 30, 2022.

Realized loss on

security investment was $10,688,542 the six months ended June 30, 2023, compared to a loss of $6,355,451 in the six months ended

June 30, 2022.

Loss on consolidation was $21,657,036 in the three and six months ended June 30, 2023, compared to loss on

consolidation of $0 in the three and six months ended June 30, 2022.

the three months ended June 30, 2023 the Company had net loss of $5,813,406 compared to net loss of $9,982,861 in the three months ended

June 30, 2022.

In the six months ended June 30, 2023 the Company had net loss of $10,136,588 compared to net loss of $17,913,314 in the

six months ended June 30, 2022.

and Capital Resources

real estate assets have increased to $57,572,049 as of March 31, 2023 from $54,618,729 as of December 31, 2022.

This increase primarily

reflects an increase in the capitalized costs related to the construction in progress recorded on the Black Oak project.

cash has increased from $17,827,383 as of December 31, 2022 to $18,675,450 as of March 31, 2023.

real estate assets have decreased to $39,445,204 as of June 30, 2023 from $54,618,729 as of December 31, 2022.

This decrease primarily

reflects the sale of properties in the Black Oak project.

cash has increased from $17,827,383 as of December 31, 2022 to $28,827,961 as of June 30, 2023.

Our liabilities increased from

at December 31, 2022 to $6,819,685 at March 31, 2023.

Our total assets have increased to $155,689,482 as of March 31, 2023 from $153,490,336

as of December 31, 2022 mainly due to increase in real estate assets.

$4,827,221 at December 31, 2022 to $8,152,468 at June 30, 2023.

Our total assets have increased to $168,441,811 as of June 30, 2023

from $153,490,336 as of December 31, 2022 mainly due to increase in cash held in Trust Account after the consolidation of Alset

Capital Acquisition Corp.

management believes that the available cash in bank accounts and favorable cash revenue from real estate projects are sufficient to fund

our operations for at least the next 12 months.

of Cash Flows for the Three Months Ended March 31, 2023 and 2022

Three Months Ended March 31,

Net cash used in operating activities

$ (3,289,083 )

of Cash Flows for the Three Months Ended June 30, 2023 and 2022

Six-months Ended

Net cash provided by (used in) operating activities

$ (16,125,804 )

Net cash provided by (used in) investing activities

Net cash used in investing activities

$ (8,308,426 )

1 unchanged sentence

Flows from Operating Activities

cash used in operating activities was $3,289,083 in the first three months of 2023, as compared to net cash used in operating activities

cash provided by operating activities was $7,409,770 in the first six months of 2023, as compared to net cash used in operating activities

of $16,125,804 in the same period of 2022.

Development of real estate and other expenses were the main reason for the cash used in operating

activities in 2023.

Property sales from the Black Oak project in 2023 were the main reason for the cash provided

by operating activities in 2023.

Flows from Investing Activities

cash provided by investing activities was $671,484 in the first three months of 2023, as compared to net cash used in investing activities

cash used in investing activities was $606,983 in the first six months of 2023, as compared to net cash used in investing activities

of $8,308,426 in the same period of 2022.

In the three months ended March 31, 2023 we invested $412,500 in marketable securities, issued

In the six months ended June 30, 2023 we invested $907,212 in marketable securities, issued

$1,628,010 in loans to related parties and received $2,674,653 from repayment of related party notes receivable.

In the three months

ended March 31, 2022 we invested $6,585,294 in marketable securities and invested $722,817 to purchase real estate properties.

In the six months ended

June 30, 2022 we invested $6,662,017 in marketable securities, invested $722,817 to purchase real estate properties and $602,161 in real

estate improvements.

Flows from Financing Activities

cash provided by financing activities was $3,433,921 in the three months ended March 31, 2023, compared to net cash provided of $6,044,640

in the three months ended March 31, 2022.

The cash provided by financing activities in the first three months of 2023 is caused by the

proceeds from stock issuance of $3,433,921.

During the three months ended March 31, 2022, we received $6,213,000 from conversion of related

party note payable to common stock and we repaid $168,360 of related party debt.

believe that inflation has not had a material impact on our results of operations for the three months ended March 31, 2023 or the year

cash provided by financing activities was $3,416,971 in the six months ended June 30, 2023, compared to net cash provided of $6,041,139

in the six months ended June 30, 2022.

The cash provided by financing activities in the first six months of 2023 is caused by the proceeds

from stock issuance of $3,433,921.

During the six months ended June 30, 2022, we received $6,213,000 from conversion of related party

note payable to common stock and we repaid $171,861 of debt.

believe that inflation has not had a material impact on our results of operations for the three months ended June 30, 2023 or the year

ended December 31, 2022.

2 unchanged sentences

effect of foreign exchange rate changes on the intercompany loans (under ASC 830), which mostly consist of loans from Singapore to the

United States and which were approximately $37 million and $51 million on March 31, 2023 and December 31, 2022, respectively, are the

United States and which were approximately $37 million and $51 million on June 30, 2023 and December 31, 2022, respectively, are the

reason for the significant fluctuation of foreign currency transaction Gain or Loss on the Condensed Consolidated Statements of Operations

15 unchanged sentences

irrevocably opt out of this exemption.

real estate business is subject to seasonal shifts in costs as certain work is more likely to be performed at certain times of the year.

This may impact the expenses of Alset EHome Inc.

real estate business is subject to seasonal shifts in costs as certain work is more likely to be performed at certain times of the

This may impact the expenses of our subsidiary Alset EHome Inc.

from time to time.

In addition, should we commence building homes, we are likely to

experience periodic spikes in sales as we commence the sales process at a particular location.

In addition, should we commence building

homes, we are likely to experience periodic spikes in sales as we commence the sales process at a particular location.

Quantitative and Qualitative Disclosures about Market Risk

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis