0001493152-22-036478 | S-1 | XBRL Viewer | Euda Health Holdings LTD

Issuance of ordinary shares, shares

175,575

35,112

Acquisition of non-controlling interest

19,778

175,575

198,972

23,397

Ending balance at Dec. 31, 2020

(21,250)

(21,309)

(360,589)

Ending balance, shares at Dec. 31, 2020

1,000,000

Ending balance, value at Dec. 31, 2020

$ 334,863

(684,496)

(317,355)

(10,956)

43,234

994,632

994,632

1,030,315

35,683

Ending balance, shares at Sep. 30, 2021

11,357

11,447

(90)

1,000,000

Ending balance, value at Sep. 30, 2021

$ 334,863

310,136

724,317

491

78,827

Beginning balance at Dec. 31, 2020

(360,589)

Beginning balance, shares at Dec. 31, 2020

1,000,000

Beginning balance, Value at Dec. 31, 2020

$ 334,863

(684,496)

(317,355)

(10,956)

43,234

864,829

864,829

900,396

35,567

Ending balance at Dec. 31, 2021

17,009

16,992

521,232

Ending balance, shares at Dec. 31, 2021

1,000,000

Ending balance, value at Dec. 31, 2021

$ 334,863

180,333

600,050

6,036

78,818

Beginning balance at Jan. 19, 2021

Beginning balance, shares at Jan. 19, 2021

^[1],[2]

Issuance of ordinary shares to Initial Shareholder upon formation

Issuance of ordinary shares to Initial Shareholder upon formation, shares

^[1],[2]

Issuance of ordinary shares to Initial Shareholder

37,499

Issuance of ordinary shares to Initial Shareholder, shares

^[1],[2]

2,156,249

Ending balance at Jul. 31, 2021

(8,377)

37,500

(8,377)

29,123

Ending balance, shares at Jul. 31, 2021

^{[1],[2],[3],[4]}

2,156,250

Ending balance at Oct. 31, 2021

(45,587)

37,500

(53,964)

(16,464)

Ending balance, shares at Oct. 31, 2021

^[3],[4]

2,156,250

Beginning balance at Jul. 31, 2021

37,500

(8,377)

29,123

Beginning balance, shares at Jul. 31, 2021

^{[1],[2],[3],[4]}

2,156,250

Issuance of ordinary shares, shares

(1,762,838)

86,250,000

Issuance of ordinary shares

^[1]

8,625,000

Sale of 292,250 Private Units

2,922,500

Sale of 292,250 Private Units, shares

^[1]

292,250

Sale of representative’s purchase option

100

Underwriters’ commission

(1,725,000)

Deferred underwriter commission

(3,018,750)

Other offering expenses

(649,588)

Ordinary shares subject to redemption

(71,074,007)

Ordinary shares subject to redemption, shares

^[1]

(8,625,000)

Subsequent measurement of ordinary shares subject to redemption under ASC 480-10-S99

(12,742,755)

(1,952,335)

(14,695,090)

Ending balance at Jul. 31, 2022

(3,723,550)

Ending balance, shares at Jul. 31, 2022

^[1]

2,448,500

Beginning balance at Dec. 31, 2021

521,232

Beginning balance, shares at Dec. 31, 2021

1,000,000

Issuance of ordinary shares

$ (1,637,793)

1,000,000

(1,637,793)

$ (1,635,567)

2,226

Ending balance at Jun. 30, 2022

2,698

3,953

(1,255)

(1,112,608)

Ending balance, shares at Jun. 30, 2022

1,000,000

Ending balance, value at Jun. 30, 2022

$ 334,863

(1,457,460)

(1,032,819)

9,989

79,789

Beginning balance at Dec. 31, 2021

521,232

Beginning balance, shares at Dec. 31, 2021

1,000,000

Beginning balance, Value at Dec. 31, 2021

$ 334,863

$ 180,333

600,050

$ 6,036

$ 78,818

Issuance of ordinary shares, shares

$ (2,378,122)

$ 500,000

Issuance of ordinary shares

500,000

$ (2,378,122)

$ (2,376,864)

$ 1,258

Ending balance at Sep. 30, 2022

10,428

12,717

(2,289)

(1,344,173)

Ending balance, shares at Sep. 30, 2022

1,500,000

Ending balance, value at Sep. 30, 2022

$ 834,863

$ (2,197,789)

$ (1,266,386)

$ 18,753

$ 77,787

Beginning balance at Jul. 31, 2022

(3,723,550)

Beginning balance, shares at Jul. 31, 2022

^[1]

2,448,500

Subsequent measurement of ordinary shares subject to redemption under ASC 480-10-S99

201,012

(499,343)

Ending balance at Oct. 31, 2022

$ (4,021,881)

Ending balance, shares at Oct. 31, 2022

2,448,500

[1]	As of July 31, 2021, this number includes an aggregate of up to 281,250 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).
[2]	On October 25, 2021, the Company issued additional 718,750 ordinary shares which were purchased by the Sponsor, resulting in an aggregate of 2,156,250 ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization (see Note 5).
[3]	On October 25, 2021, the Company issued additional 718,750 ordinary shares which were purchased by the Sponsor, resulting in an aggregate of 2,156,250 ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization (see Note 5).
[4]	This number includes an aggregate of up to 281,250 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).

Summary of Significant Accounting Policies (Tables)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2022

Jun. 30, 2022

Sep. 30, 2022

Jul. 31, 2022

Schedule of Earnings Per Share

The earnings per share presented in the statements of operations is based on the following:

Schedule of Earnings Per Share

	For the Three Months Ended October 31, 2022			For the Three Months Ended October 31, 2021
Net income (loss)	$	201,012		$	(45,587	)
Accretion of temporary equity to redemption value		(499,343	)		-
Net loss including accretion of temporary equity to redemption value	$	(298,331	)	$	(45,587	)

	Redeemable			Non-redeemable
	For the Three Months Ended October 31, 2022
	Redeemable			Non-redeemable
Basic and diluted net income (loss) per ordinary share:
Numerator:
Allocation of net loss including accretion of temporary equity	$	(232,366	)	$	(65,965	)
Accretion of temporary equity to redemption value		499,343			-
Allocation of net income (loss)	$	266,977		$	(65,965	)

Denominator:
Weighted average shares outstanding		8,625,000			2,448,500
Basic and diluted net income (loss) per ordinary share	$	0.03		$	(0.03	)

	Redeemable		Non-redeemable
	For the Three Months Ended October 31, 2021
	Redeemable		Non-redeemable
Basic and diluted net loss per ordinary share:
Numerator:
Net loss	$	-	$	(45,587	)

Denominator:
Weighted average shares outstanding		-		1,875,000	⁽¹⁾
Basic and diluted net loss per ordinary share	$	-	$	(0.02	)

The earnings per share presented in the statements of operations is based on the following:

Schedule of Earnings Per Share

	For the Year Ended July 31, 2022
Net loss	$	(1,762,838	)
Accretion of temporary equity to redemption value		(14,695,090	)
Net loss including accretion of temporary equity to redemption value	$	(16,457,928	)

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

	Redeemable			Non-redeemable
	For the Year Ended July 31, 2022
	Redeemable			Non-redeemable
Basic and diluted net income (loss) per ordinary share:
Numerator:
Allocation of net loss including accretion of temporary equity	$	(11,752,725	)	$	(4,705,203	)
Accretion of temporary equity to redemption value		14,695,090			-
Allocation of net income (loss)	$	2,942,365		$	(4,705,203	)

Denominator:
Weighted average shares outstanding		5,883,904			2,355,621
Basic and diluted net income (loss) per ordinary share	$	0.50		$	(2.00	)

	Redeemable		Non-redeemable
	For the Period from January 21, 2021 (inception) through July 31, 2021
	Redeemable		Non-redeemable
Basic and diluted net loss per ordinary share:
Numerator:
Net loss	$	-	$	(8,377	)

Denominator:
Weighted average shares outstanding		-		1,875,000	⁽¹⁾
Basic and diluted net loss per ordinary share	$	-	$	(0.00	)

Schedule Of Foreign Currency Translation

Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:

	2022		2021		2021		2020
	As of and for the six months ended June 30,				As of and for the years ended December 31,
	2022		2021		2021		2020

Period-end SGD: US$1 exchange rate		1.39		-		1.35		1.32
Period-end VND: US$1 exchange rate		23,265.00		-		22,855.00		23,080.00
Period-end MYR: US$1 exchange rate*		4.41		-		-		-
Period-average SGD: US$1 exchange rate		1.36		1.33		1.34		1.38
Period-average VND: US$1 exchange rate		22,923.19		23,045.27		22,935.24		23,233.50
Period-average MYR: US$1 exchange rate*		4.27		-		-		-

*	The Company did not have any Malaysia subsidiary prior to April 19, 2022.

Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:


	As of and for the nine months ended
	September 30, 2022		September 30, 2021		As of December 31, 2021

Period-end SGD: US$1 exchange rate		1.44		-		1.35
Period-end VND: US$1 exchange rate		23,865.00		-		22,855.00
Period-end MYR: US$1 exchange rate*		4.64		-		-
Period-average SGD: US$1 exchange rate		1.38		1.34		1.34
Period-average VND: US$1 exchange rate		23,108.27		22,986.35		22,935.24
Period-average MYR: US$1 exchange rate*		4.34		-		-

Schedule of Estimated Useful Lives

		Expected useful lives
Office equipment		3 years
Medical equipment		3 years
Leasehold improvement		Shorter of the lease term or 5 years

Schedule of Estimated Useful Lives

		Expected useful lives
Office equipment		3 years
Medical equipment		3 years
Leasehold improvement		Shorter of the lease term or 5 years

Schedule of Intangible Assets Estimated Useful Lives

Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over the Company’s best estimate of its useful life as follows:

Categories		Useful life
Customer relationships		6 years

Categories		Useful life
Customer relationships		6 years

Schedule of Revenue and Cost of Revenue by Products and Services

Disaggregated information of revenues by products/services are as follows:

	June 30, 2022		June 30, 2021		December 31, 2021		December 31, 2020
	For the Six Months Ended				For the Years Ended
	June 30, 2022		June 30, 2021		December 31, 2021		December 31, 2020
	(Unaudited)		(Unaudited)
Medical services – specialty care	$	2,924,592	$	2,530,758	$	5,010,837	$	3,791,457
Medical services – general practice		62,466		54,970		712,712		33,089
Medical services – general practice (related parties)		135		3,310		4,640		8,085
Medical services – subtotal		2,987,193		2,589,038		5,728,189		3,832,631
Product sales		7,653		260,433		257,841		488,067
Property management service		1,572,532		1,804,983		3,508,663		3,614,936
Property management service – security		527,682		503,648		1,049,857		939,745
Property management service		2,100,214		2,308,631		4,558,520		4,554,681
Total revenues	$	5,095,060	$	5,158,102	$	10,544,550	$	8,875,379

Disaggregated information of revenues by products/services are as follows:

	(Unaudited)		(Unaudited)
	For the Nine Months Ended
	September 30, 2022		September 30, 2021
	(Unaudited)		(Unaudited)
Medical services – specialty care	$	4,380,634	$	4,066,472
Medical services – general practice		77,951		104,951
Medical services – general practice (related parties)		135		4,468
Medical services – subtotal		4,458,720		4,175,891
Product sales		6,947		258,726
Property management service – common area management		2,248,154		2,654,776
Property management service – security management		692,607		762,334
Property management service		2,940,761		3,417,110
Total revenues	$	7,406,428	$	7,851,727

Disaggregated information of cost of revenues by products/services are as follows:

	(Unaudited)		(Unaudited)
	For the Nine Months Ended
	September 30, 2022		September 30, 2021
	(Unaudited)		(Unaudited)
Medical services – specialty cares	$	2,084,515	$	367,687
Medical services – specialty cares (related party)		496,383		1,719,279
Medical services – general practices		20,955		39,693
Medical services – subtotal		2,601,853		2,126,659
Product sales		9,449		145,156
Property management services – common area management		1,695,476		1,830,788
Property management services – security management		563,081		617,750
Property management services		2,258,557		2,448,539
Total cost of revenues	$	4,869,859	$	4,720,354

Loan to third party (Details Narrative) - PT total Prima Indonesia [Member] - EUDA Health Limited [Member]		6 Months Ended		9 Months Ended		12 Months Ended
	Nov. 20, 2020 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 20, 2020 SGD ($)
Loan borrow up amount	$ 500,000							$ 650,000
Loan interest rate	9.00%
Loan accumulatively disbursed		$ 482,322				$ 352,959	$ 0
Interest receivable		33,741				19,003	0
Interest income from loan to third party		$ 15,565	$ 0	$ 29,701	$ 11,992	19,071	$ 0
Loan Agreement [Member]
Loan borrow up amount	$ 700,000							$ 1,000,000
Loan interest rate	9.00%
Loan accumulatively disbursed				503,692		352,959
Interest receivable				$ 46,317		$ 19,003

Schedule Of Other Receivables (Details) (Paranthetical) - EUDA Health Limited [Member]			1 Months Ended
	May 31, 2022 USD ($)	May 31, 2022 SGD ($)	May 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 SGD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 SGD ($)	May 31, 2022 SGD ($)	Dec. 31, 2021 USD ($)	Mar. 01, 2021 USD ($)	Mar. 01, 2021 SGD ($)	Dec. 31, 2020 USD ($)	Jan. 18, 2018 USD ($)	Jan. 18, 2018 SGD ($)
Investment Owned, at Fair Value													$ 1,900,000	$ 2,580,000
Investment Owned, Face Amount										$ 1,913,096	$ 2,580,000
Additional amount										$ 1,905,681	$ 2,570,000
Installment received	$ 900,000	$ 1,200,000
Remaining balance	2,800,000		$ 2,800,000					$ 3,950,000
Other installment amount				$ 700,000	$ 987,500	$ 400,000	$ 493,750
Debt intrument interest rate, description			interest rate of 3% beginning on July 31, 2022, October 31, 2022, January 31, 2023, April 30, 2023, July 31, 2023, October 31, 2023, January 31, 2024, and April 30, 2024.
Installment received				1,410,231		1,792,193			$ 1,991,226			$ 2,006,640
Installment received				1,031,942		1,066,327			$ 1,830,603
Seven Installment [Member]
Other installment amount						$ 2,500,000	3,456,250
Six Installment [Member]
Other installment amount				2,100,000			$ 2,962,500
Three Equal Quarterly Installments [Member]
Installment received				1,000,000.0	1,481,250,000,000
Installment received				$ 1,000,000.0	$ 1,481,250,000,000
Pt Bumi Lestari Berkah Melimpah [Member]
Remaining balance	$ 2,900,000		$ 2,900,000					$ 3,950,000

Intangible Assets, Net (Details Narrative) - USD ($)	6 Months Ended		9 Months Ended		12 Months Ended
Intangible Assets, Net (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
EUDA Health Limited [Member]
Amortization expense	$ 58,529	$ 82,101	$ 87,107	$ 122,538	$ 162,825	$ 189,853

Schedule of Intangible Assets (Details) - EUDA Health Limited [Member] - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Customer relationships	$ 607,166	$ 627,397	$ 646,246	$ 659,229
Less: Accumulated amortization	(418,216)	(403,398)	(356,284)	(197,940)
Total intangible assets, net	188,950	223,999	289,962	461,289
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, net	$ 188,950	$ 223,999	$ 289,962	$ 461,289

Initial Public Offering (Details Narrative) - USD ($)	Nov. 24, 2021	Oct. 31, 2022	Jul. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Proceeds from sale of stock	$ 100
Temporary equity, par value		$ 8.32	$ 8.27
Temporary equity, carrying value		$ 3,329,682	$ 3,306,524
Shareholder [Member]
Subsidiary, Sale of Stock [Line Items]
Temporary equity, par value		$ 8.24	$ 8.24
Shareholder One [Member]
Subsidiary, Sale of Stock [Line Items]
Temporary equity, par value		$ 0.03	$ 0.03
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock, shares issued	8,625,000
Share price	$ 10.00
Proceeds from sale of stock	$ 86,250,000
IPO [Member] \| Anchor Investor [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock, shares issued	400,000
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock, shares issued	1,125,000
Share price	$ 10.00
Proceeds from sale of stock	$ 11,250,000

Schedule of Earnings Per Share (Details) (Parenthetical) - shares		3 Months Ended	12 Months Ended
	Jul. 31, 2021	Oct. 31, 2022	Jul. 31, 2021
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Stock forfeiture	187,500	281,250	281,250

Private Placement

3 Months Ended

12 Months Ended

Oct. 31, 2022

Jul. 31, 2022

Private Placement

Private Placement

Note 4 - Private Placement

Concurrently with the closing of the IPO, Mr. Meng Dong (James) Tan purchased an aggregate of 292,250 Private Units at a price of $10.00 per Private Unit for an aggregate purchase price of $2,922,500 in a private placement. The Private Units are identical to the public Units except with respect to certain registration rights and transfer restrictions. The proceeds from the Private Units were added to the proceeds from the IPO to be held in the Trust Account. If the Company failed to complete an Initial Business Combination within the Combination Period, the proceeds from the sale of the Private Units would have been used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities would have expired worthless. However, the Business Combination was consummated on November 17, 2022.

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 4 - Private Placement

Concurrently with the closing of the IPO, Mr. Meng Dong (James) Tan purchased an aggregate of 292,250 Private Units at a price of $10.00 per Private Unit for an aggregate purchase price of $2,922,500 in a private placement. The Private Units are identical to the public Units except with respect to certain registration rights and transfer restrictions. The proceeds from the Private Units were added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless.

Schedule of Deferred Tax Assets and Liabilities (Details) - EUDA Health Limited [Member] - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Net operating loss carryforwards	$ 926,789	$ 943,314	$ 812,715	$ 548,937
Allowance for doubtful account	14,961	11,941	13,736	6,443
Less: valuation allowance	(941,750)	(955,255)	(826,451)	(555,380)
Deferred tax assets, net
Customer relationship	32,121	38,080	49,294	78,419
Deferred tax liabilities, net	$ 32,121	$ 38,080	$ 49,294	$ 78,419

Credit facilitates (Tables) - EUDA Health Limited [Member]

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Bank and Private Lender [Member]

Short-Term Debt [Line Items]

Schedule of Short-term Loans

Short-term loans – bank and private lender

Schedule of Short-term Loans

Outstanding balances on short-term bank loans consist of the following:

Bank/Private lender Name	Maturities	Interest Rate			Collateral/ Guarantee	June 30, 2022		December 31, 2021		December 31, 2020
							(Unaudited)
*United Overseas Bank Limited	90 days from disbursement		0.25% plus prime rate		Guaranteed by Jamie Fan Wei Zhi, an immediate family member of a shareholder of the Company Collateral: Accounts receivable	$	53,991	$	184,491	$	188,197
FS Capital Ptd. Ltd.	Fully repaid in February, 2022		18.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder, and Kent Ridge Health Private Limited		-		20,936		-
Funding Societies Pte. Ltd	Due monthly from April 2022 to March 2023		30.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder		179,110		-		-
Total						$	233,101	$	205,427	$	188,197

On August 21, 2019 KRHSG entered into a revolving line of credit agreement with United Overseas Limited pursuant to which KRHSG may borrow up to approximately $593,208 (SGD 800,000) for operation purposes. The loan is guaranteed by Jaime Fan Wei Zhi, an immediate family member of a shareholder of the Company, and secured by KRHSG’s account receivable. The loan bears an average annual interest rate of 5.50% and its due within 90 days from the loan disbursement. The Company is in the process to release Jamie Fan Wei Zhi as the guarantor of this loan. Until then, the Company is required to pay Jamie Fan Wei Zhi of $3,708 (SGD 5,000) per month as guarantor fee (See Note 19).

Short-term loans – bank and private lender

Schedule of Short-term Loans

Outstanding balances on short-term bank loans consist of the following:

Bank/Private lender Name	Maturities	Interest Rate			Collateral/ Guarantee	September 30, 2022		December 31, 2021
						(Unaudited)
*United Overseas Bank Limited	90 days from disbursement		0.25% plus prime rate		Guaranteed by Jamie Fan Wei Zhi, an immediate family member of a shareholder of the Company Collateral: Accounts receivable	$	173,334	$	184,491
FS Capital Ptd. Ltd.	Fully repaid in February, 2022		18.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder, and Kent Ridge Health Private Limited		-		20,936
Funding Societies Pte. Ltd	Due monthly from April 2022 to March 2023		30.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder		34,834		-
Total						$	208,168	$	205,427

Third Parties [Member]

Short-Term Debt [Line Items]

Schedule of Short-term Loans

Short-term loans – third parties

Schedule of Short-term Loans

Outstanding balances on long-term third-party loans consist of the following:

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	June 30, 2022		December 31, 2021		December 31, 2020
							(Unaudited)
*Lim Beng Choo	30 days from disbursement		25.0	%	None	$	-	$	-	$	317,691
Koh Wee Sing	July 2022		60.0	%	None		143,977		148,302		151,281
Total						$	143,977	$	148,302	$	468,972

On August 21, 2019, KRHSG entered into a revolving line of credit agreement with Lim Beng Choo pursuant to which KRHSG may borrow up to approximately $370,755 (SGD 500,000) for operation purposes. The loan bears an annual interest rate of 25% and repayable within 30 days upon every Disbursement. Default interest at 25% per annual is chargeable on a daily basis for all amounts remaining unpaid after 30 days.

Short-term loans – third parties

Schedule of Short-term Loans

Outstanding balances on long-term third-party loans consist of the following:

Lender Name

Maturities

Interest

Rate

Collateral/

Guarantee

September 30,

2022

December 31,

2021

(Unaudited)

Koh Wee Sing

Due on demand beginning in July 2022

60.0

None

139,334

148,302

Schedule of Operating and Finance lease expenses (Details) - EUDA Health Limited [Member] - USD ($)	6 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Amortization of leased asset	$ 4,014	$ 4,111	$ 5,973	$ 6,136	$ 8,153	$ 7,949
Total lease expenses	113,091	107,779	192,463	172,009	216,191	167,689
General and Administrative Expense [Member]
Lease expenses	32,655	29,895	67,095	46,386	62,810	61,262
Lease expenses – short-term	75,736	72,906	118,405	118,224	143,589	96,575
Amortization of leased asset	4,014	4,111	5,973	6,136	8,153	7,949
Interest Expense [Member]
Interest on lease liabilities	$ 686	$ 867	$ 990	$ 1,263	$ 1,639	$ 1,903

Schedule of Short-term Loans (Details) (Parenthethical) - Aug. 21, 2019 - EUDA Health Limited [Member]	USD ($)	SGD ($)	SGD ($)
United Overseas Bank Limited [Member] \| Bank and Private Lender [Member]
Line of Credit Facility [Line Items]
Loan borrow up amount	$ 593,208		$ 800,000
Loan interest rate	5.50%	5.50%
Guarantor fees	$ 3,708	$ 5,000
Lim Beng Choo [Member] \| Third Parties [Member]
Line of Credit Facility [Line Items]
Loan borrow up amount	$ 370,755		$ 500,000
Loan interest rate	25.00%	25.00%

Segment information (Details Narrative) - USD ($)	Oct. 31, 2022	Sep. 30, 2022	Jul. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jul. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 87,268,713		$ 86,775,601			$ 428,920
EUDA Health Limited [Member]
Segment Reporting Information [Line Items]
Total assets		$ 6,678,164		$ 7,051,012	$ 7,999,028		$ 5,878,461
Medical Services [Member] \| EUDA Health Limited [Member]
Segment Reporting Information [Line Items]
Total assets		2,203,559		1,943,236	1,586,589		1,555,801
Property Management Services [Member] \| EUDA Health Limited [Member]
Segment Reporting Information [Line Items]
Total assets		$ 4,474,605		$ 5,107,776	$ 6,412,439		$ 4,322,660

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Emerging Growth Company Status

Summary of Significant Accounting Policies (Policies)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2022

Jun. 30, 2022

Sep. 30, 2022

Jul. 31, 2022

Basis of presentation

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. Interim results are not necessarily indicative of results to be expected for any other interim period or for the full year. The information included in this Form 10-Q should be read in conjunction with information included in the Company’s annual report on Form 10-K for the year ended July 31, 2022, filed with the Securities and Exchange Commission on August 29, 2022.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and in accordance with the instructions to Form 10-K and Article 8 of Regulation S-X of the SEC.

Emerging Growth Company Status

The Company is an emerging growth company as defined by Section 2(a) of the JOBS Act and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exceptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payment not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Emerging Growth Company Status

The Company is an emerging growth company as defined by Section 2(a) of the JOBS Act and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but no limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosures obligations regarding executive compensation in its periodic reports and proxy statements, and exceptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payment not previously approved.

Use of estimates

Use of Estimates

The preparation of unaudited condensed financial statements in conformity with 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Use of Estimates

The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Investments Held in Trust Account

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $265,852 and $193,546 cash as of October 31, 2022 and July 31, 2022, respectively.

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $193,546 and nil cash as of July 31, 2022 and 2021.

Investments Held in Trust Account

As of October 31, 2022 and July 31, 2022, the Company’s portfolio of investments held in the Trust Account was comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less, investments in money market funds that invest in U.S. government securities, cash, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in dividends on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

At October 31, 2022 and July 31, 2022, the Company had $86,972,255 and $86,472,912, respectively, held in the Trust Account, including $722,255 and $222,912, respectively, dividends earned on marketable securities held in the Trust Account.

Investments Held in Trust Account

As of July 31, 2022, the Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, investments in money market funds that invest in U.S. government securities, cash, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in gains and losses on Investments Held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

At July 31, 2022, the Company had $86,472,912 held in the Trust Account, including $222,912 dividends earned on cash and marketable securities held in the Trust Account.

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

Concentration of credit risk

Concentration of credit risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. As of October 31, 2022 and July 31, 2022, the Company had not experienced losses on this account.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. As of July 31, 2022 and 2021, the Company had not experienced losses on this account.

Offering Costs Associated with the IPO

Offering Costs Associated with the IPO

Offering costs consist of underwriting, legal, accounting, registration and other expenses incurred through the balance sheet date that are directly related to the IPO. Offering costs totaled $5,876,815 consisting of $1,725,000 of underwriting fees, $3,018,750 of deferred underwriting commissions, $649,588 of other expenses, and an excess of fair value of representative’s purchase option of $483,477. The Company complies with the requirements of Accounting Standards Codification (“ASC”) 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”. The Company allocated offering costs between public shares, public warrants and public rights based on the estimated fair values of public shares, public warrants and public rights at the date of issuance. Offering costs associated with the ordinary shares are allocated between permanent equity and temporary equity.

Offering Costs Associated with the IPO

Offering costs consist of underwriting, legal, accounting, registration and other expenses incurred through the balance sheet date that are directly related to the IPO. Offering costs totaled $5,876,815 consisting of $1,725,000 of underwriting fees, $3,018,750 of deferred underwriting fees, $649,588 of other expenses, and an excess of fair value of representative’s purchase option of $483,477. The Company complies with the requirements of Accounting Standards Codification (“ASC”) 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”. The Company allocates offering costs between public shares, public warrants and public rights based on the estimated fair values of public shares, public warrants and public rights at the date of issuance. Offering costs associated with the ordinary shares are allocated between permanent equity and temporary equity.

Ordinary Shares Subject to Possible Redemption

Ordinary Shares Subject to Possible Redemption

The Company accounted for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. Prior to the Business Combination. the Company’s ordinary shares featured certain redemption rights that were considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, ordinary shares that were subject to possible redemption are presented at redemption value (plus any interest earned and/or dividends accrued on the Trust Account) as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets.

Ordinary Shares Subject to Possible Redemption

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value (plus any interest earned and/or dividends accrued on the Trust Account) as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets.

Earnings per share

Net Loss Per Ordinary Shares

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable ordinary share and income (loss) per non-redeemable share following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to both the redeemable ordinary shares and the non-redeemable shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 78% for the redeemable ordinary shares and 22% for the non-redeemable shares for the three months ended October 31, 2022.

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The earnings per share presented in the statements of operations is based on the following:

Schedule of Earnings Per Share

	For the Three Months Ended October 31, 2022			For the Three Months Ended October 31, 2021
Net income (loss)	$	201,012		$	(45,587	)
Accretion of temporary equity to redemption value		(499,343	)		-
Net loss including accretion of temporary equity to redemption value	$	(298,331	)	$	(45,587	)

	Redeemable			Non-redeemable
	For the Three Months Ended October 31, 2022
	Redeemable			Non-redeemable
Basic and diluted net income (loss) per ordinary share:
Numerator:
Allocation of net loss including accretion of temporary equity	$	(232,366	)	$	(65,965	)
Accretion of temporary equity to redemption value		499,343			-
Allocation of net income (loss)	$	266,977		$	(65,965	)

Denominator:
Weighted average shares outstanding		8,625,000			2,448,500
Basic and diluted net income (loss) per ordinary share	$	0.03		$	(0.03	)

	Redeemable		Non-redeemable
	For the Three Months Ended October 31, 2021
	Redeemable		Non-redeemable
Basic and diluted net loss per ordinary share:
Numerator:
Net loss	$	-	$	(45,587	)

Denominator:
Weighted average shares outstanding		-		1,875,000	⁽¹⁾
Basic and diluted net loss per ordinary share	$	-	$	(0.02	)

(1)	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).

Net Loss Per Ordinary Shares

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable ordinary share and income (loss) per non-redeemable share following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to both the redeemable ordinary shares and the non-redeemable shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 71% for the redeemable ordinary shares and 29% for the non-redeemable shares for the year ended July 31, 2022.

The earnings per share presented in the statements of operations is based on the following:

Schedule of Earnings Per Share

	For the Year Ended July 31, 2022
Net loss	$	(1,762,838	)
Accretion of temporary equity to redemption value		(14,695,090	)
Net loss including accretion of temporary equity to redemption value	$	(16,457,928	)

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

	Redeemable			Non-redeemable
	For the Year Ended July 31, 2022
	Redeemable			Non-redeemable
Basic and diluted net income (loss) per ordinary share:
Numerator:
Allocation of net loss including accretion of temporary equity	$	(11,752,725	)	$	(4,705,203	)
Accretion of temporary equity to redemption value		14,695,090			-
Allocation of net income (loss)	$	2,942,365		$	(4,705,203	)

Denominator:
Weighted average shares outstanding		5,883,904			2,355,621
Basic and diluted net income (loss) per ordinary share	$	0.50		$	(2.00	)

	Redeemable		Non-redeemable
	For the Period from January 21, 2021 (inception) through July 31, 2021
	Redeemable		Non-redeemable
Basic and diluted net loss per ordinary share:
Numerator:
Net loss	$	-	$	(8,377	)

Denominator:
Weighted average shares outstanding		-		1,875,000	⁽¹⁾
Basic and diluted net loss per ordinary share	$	-	$	(0.00	)

(1)	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).

Fair value measurements

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 825, “Financial Instruments” approximates the carrying amounts represented in the balance sheets, primarily due to its short-term nature.

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

	●	Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

	●	Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

	●	Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Fair Value of Financial Instruments

	●	Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

	●	Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

	●	Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

Income taxes

Income Taxes

The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statements recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company has identified the British Virgin Islands as its only “major” tax jurisdiction, as defined. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s unaudited condensed financial statements. Since the Company was incorporated on January 21, 2021, the evaluation was performed for the period from January 21, 2021 (inception) to July 31, 2021 and for the year ended July 31, 2022, which will be the only periods subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in material changes to its financial position. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income tax expense. No interest or penalties were incurred for the three months ended October 31, 2022 and 2021.

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statements recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company has identified the British Virgin Islands as its only “major” tax jurisdiction, as defined. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Since the Company was incorporated on January 21, 2021, the evaluation was performed for the period from January 21, 2021 (inception) to July 31, 2021 and for the year ended July 31, 2022 which will be the only periods subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income tax expense. No interest or penalties were incurred for the year ended July 31, 2022 and for the period from January 21, 2021 (inception) to July 31, 2021.

Recently adopted accounting pronouncements

Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective on August 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on August 1, 2021. The Company determined not to early adopt.

Management does not believe that this and any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have an effect on the Company’s unaudited condensed financial statements.

Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective on August 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on August 1, 2021. The Company determined not to early adopt.

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements as of June 30, 2022 and for the six months ended June 30, 2022 and 2021 are included all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of results to be expected for the full year of 2022. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the years ended December 31, 2021 and 2020.

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements as of September 30, 2022 and for the nine months ended September 30, 2022 reflect all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flow for such interim periods. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the full year of 2022. Certain information and footnote disclosures normally included in financial statements prepared in conformity with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the years ended December 31, 2021 and 2020.

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include lease classification and liabilities, right-of-use assets, determinations of the useful lives and valuation of long-lived assets and goodwill, estimates of allowances for doubtful accounts, estimates of impairment of long-lived assets and goodwill, valuation of deferred tax assets, estimated fair value used in business acquisitions, and other provisions and contingencies. Actual results could differ from these estimates.

Use of estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include lease classification and liabilities, right-of-use assets, determinations of the useful lives and valuation of long-lived assets, estimates of allowances for doubtful accounts, estimates of impairment of long-lived assets and goodwill, valuation of deferred tax assets, estimated fair value used in business acquisitions, and other provisions and contingencies. Actual results could differ from these estimates.

Recently adopted accounting pronouncements

Cash represent cash on hand and demand deposits placed with banks or other financial institutions which are unrestricted as to withdrawal or use and have original maturities less than three months.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Cash

Cash represent cash on hand and demand deposits placed with banks or other financial institutions which are unrestricted as to withdrawal or use and have original maturities less than three months.

Earnings per share

The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Earnings per share

Fair value measurements

Fair value is defined as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. When determining the fair value measurements for assets and liabilities, we consider the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The following summarizes the three levels of inputs required to measure fair value, of which the first two are considered observable and the third is considered unobservable:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value for certain assets and liabilities such as cash, accounts receivable, other receivables, prepaid expenses and other current assets, short term loans, accounts payable, other payables and accrued liabilities, and tax payables have been determined to approximate carrying amounts due to the short maturities of these instruments. The Company believes that its long-term loan to third party approximates the fair value based on current yields for debt instruments with similar terms.

Fair value measurements

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value for certain assets and liabilities such as cash, accounts receivable, other receivables, prepaid expenses and other current assets, short term loans, accounts payable, other payables, subscribed shares deposit liability, accrued liabilities, and tax payables have been determined to approximate carrying amounts due to the short maturities of these instruments. The Company believes that its long-term loan to third party approximates the fair value based on current yields for debt instruments with similar terms.

Income taxes

The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is calculated using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable income will be utilized with prior net operating loss carried forwards using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be utilized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities.

An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the six months ended June 30, 2022 and 2021 (Unaudited) and for the years ended December 31, 2021 and 2020.

The Company conducts much of its business activities in Singapore and is subject to tax in its jurisdiction. As a result of its business activities, the Company’s subsidiaries file separate tax returns that are subject to examination by the foreign tax authorities.

Income taxes

Deferred tax is calculated using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the unaudited condensed consolidated financial statements and the corresponding tax basis. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable income will be utilized with prior net operating loss carried forwards using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be utilized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities.

An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the nine months ended September 30, 2022 (Unaudited) and 2021 (Unaudited).

Recent accounting pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as an emerging growth company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company is currently evaluating the impact of this new standard on Company’s consolidated financial statements and related disclosures.

In October 2020, the FASB issued ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs”. The amendments in this Update represent changes to clarify the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. ASU 2020-08 is effective for the Company for annual and interim reporting periods beginning January 1, 2021. Early adoption was permitted, including adoption in an interim period. All entities should apply the amendments in this Update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. These amendments do not change the effective dates for Update 2017-08. The adoption of this standard on January 1, 2021 did not have a material impact on its consolidated financial statements.

In October 2020, the FASB issued ASU 2020-10, “Codification Improvements to Subtopic 205-10, presentation of financial statements”. The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the disclosure section of the codification. That reduce the likelihood that the disclosure requirement would be missed. The amendments also clarify guidance so that an entity can apply the guidance more consistently. ASU 2020-10 is effective for the Company for annual and interim reporting periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period for which financial statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments at the beginning of the period that includes the adoption date. The adoption of this standard on January 1, 2022 did not have a material impact on its consolidated financial statements.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.

Recently adopted accounting pronouncements

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and comprehensive income (loss) and statements of cash flows.

Principles of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

Subsidiary is entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

Principles of consolidation

The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

Foreign currency translation and transaction

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements of income and comprehensive income.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. The Company’s subsidiary in Singapore, Vietnam, and Malaysia conducts its businesses and maintains its books and record in the local currency, Singapore Dollars (“SGD”), Vietnamese Dong (“VND”), and Malaysian Ringgit (“MYR”), as its functional currency, respectively.

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income (loss) within the statements of shareholders’ equity (deficit). Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.

Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:

	2022		2021		2021		2020
	As of and for the six months ended June 30,				As of and for the years ended December 31,
	2022		2021		2021		2020

Period-end SGD: US$1 exchange rate		1.39		-		1.35		1.32
Period-end VND: US$1 exchange rate		23,265.00		-		22,855.00		23,080.00
Period-end MYR: US$1 exchange rate*		4.41		-		-		-
Period-average SGD: US$1 exchange rate		1.36		1.33		1.34		1.38
Period-average VND: US$1 exchange rate		22,923.19		23,045.27		22,935.24		23,233.50
Period-average MYR: US$1 exchange rate*		4.27		-		-		-

*	The Company did not have any Malaysia subsidiary prior to April 19, 2022.

Foreign currency translation and transaction

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying unaudited condensed financial statements have been expressed in US$. The Company’s subsidiaries in Singapore, Vietnam, and Malaysia conduct its businesses and maintain its books and records in the local currency, Singapore Dollars (“SGD”), Vietnamese Dong (“VND”), and Malaysian Ringgit (“MYR”), as its functional currency, respectively.

Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:


	As of and for the nine months ended
	September 30, 2022		September 30, 2021		As of December 31, 2021

Period-end SGD: US$1 exchange rate		1.44		-		1.35
Period-end VND: US$1 exchange rate		23,865.00		-		22,855.00
Period-end MYR: US$1 exchange rate*		4.64		-		-
Period-average SGD: US$1 exchange rate		1.38		1.34		1.34
Period-average VND: US$1 exchange rate		23,108.27		22,986.35		22,935.24
Period-average MYR: US$1 exchange rate*		4.34		-		-

*	The Company did not have any Malaysia subsidiary after the disposal of UGDSB on November 4, 2020 and prior to April 19, 2022.

Business combinations and non-controlling interests

The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated income statements.

For the Company’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s consolidated balance sheets and consolidated statements of income and comprehensive income. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows.

Business combinations and non-controlling interests

For the Company’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s consolidated balance sheets and consolidated statements of operations and comprehensive income (loss). Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows.

Segment reporting

The Company’s chief operating decision-makers (i.e., chief executive officer and his direct reports) review financial information presented on a consolidated basis, accompanied by disaggregated information about revenues by different revenues streams for purposes of allocating resources and evaluating financial performance. Based on qualitative and quantitative criteria established by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within two operating and reportable segments as set forth in Note 20.

Segment reporting

The Company’s chief operating decision-maker is identified as the chief executive officer who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenues by different revenues streams for purposes of allocating resources and evaluating financial performance. Based on qualitative and quantitative criteria established by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within two operating and reportable segments as set forth in Note 19.

Accounts receivable, net

Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due after 30 to 90 days, depending on the credit term with its customers. Accounts receivable include money due from corporate customers who receive the medical services, and property owners who receive the property management services from the Company. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of June 30, 2022, December 31, 2021 and 2020, the Company provided allowance for doubtful accounts of $70,238 (Unaudited), $80,799 and $37,898, respectively. For the six months ended June 30, 2022 and 2021 (Unaudited), the Company did not write off any allowance for doubtful account against the account receivable balance. For the years ended December 31, 2021 and 2020, the Company wrote off $0 and $646, respectively, against the accounts receivable balance.

Accounts receivable, net

Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due after 30 to 90 days, depending on the credit term with its customers. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of September 30, 2022 and December 31, 2021, the Company provided allowance for doubtful accounts of $88,004 (Unaudited) and $80,799, respectively. For the nine months ended September 30, 2022 and 2021 (Unaudited), the Company did not write off any allowance for doubtful account against the account receivable balance.

Other receivables

Other receivables primarily include receivable from investment from the Company’s Affordable Home project in Indonesia and employee advance, and refundable deposits from third party service providers. Management regularly reviews the aging of receivables and changes in payment trends and records allowances when management believes collection of amounts due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made. As of June 30, 2022 (Unaudited), December 31, 2021 and 2020, no allowance for doubtful account was recorded, respectively. As of the date of this report, the Company has collected one scheduled quarterly installment of approximately $0.4 million (SGD 493,750) from PT Bumi Lestari Berkah Melimpah (“BPT”), an unrelated third party, with the remaining seven installments of approximately $2.5 million (SGD 3,456,250) outstanding (see Note 7).

Other receivables

Other receivables primarily include receivables from investment from the Company’s Affordable Home project in Indonesia and employee advance, and refundable deposits from third party service providers. Management regularly reviews the aging of receivables and changes in payment trends and records allowances when management believes collection of amounts due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made. As of September 30, 2022 (Unaudited) and December 31, 2021, no allowance for doubtful account was recorded, respectively.

Prepaid expenses and other current assets

Prepaid expenses and other current assets primarily include prepaid expenses paid to services providers, and other deposits. Management regularly reviews the aging of such balances and changes in payment and realization trends and records allowances when management believes collection or realization of amounts due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made. As of June 30, 2022 (Unaudited), December 31, 2021 and 2020, no allowance for doubtful account was recorded.

Prepaid expenses and other current assets

Prepaid expenses and other current assets primarily include prepaid expenses paid to services providers, and other deposits. Management regularly reviews the aging of such balances and changes in payment and realization trends and records allowances when management believes collection or realization of amounts due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made. As of September 30, 2022 (Unaudited) and December 31, 2021, no allowance for doubtful account was recorded.

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows:

Schedule of Estimated Useful Lives

		Expected useful lives
Office equipment		3 years
Medical equipment		3 years
Leasehold improvement		Shorter of the lease term or 5 years

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. For the six months ended June 30, 2022 and 2021 (Unaudited) and for the years ended December 31, 2021 and 2020, there was no impairment of property and equipment was recognized.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Property and equipment, net

Schedule of Estimated Useful Lives

		Expected useful lives
Office equipment		3 years
Medical equipment		3 years
Leasehold improvement		Shorter of the lease term or 5 years

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. For the nine months ended September 30, 2022 and 2021 (Unaudited), there was no impairment of property and equipment was recognized.

Intangible assets, net

Categories		Useful life
Customer relationships		6 years

The Company amortized the intangible assets using the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up in accordance with ASC Topic 350 “Intangibles - Goodwill and Other.”

Separately identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for identifiable intangible assets is based on the amount by which the carrying amount of the assets exceeds the fair value of the assets. For the six months ended June 30, 2022 and 2021 (Unaudited) and for the years ended December 31, 2021 and 2020, there was no impairment of intangible assets.

Intangible assets, net

Categories		Useful life
Customer relationships		6 years

Separately identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for identifiable intangible assets is based on the amount by which the carrying amount of the assets exceeds the fair value of the assets. For the nine months ended September 30, 2022 and 2021 (Unaudited), there was no impairment of intangible assets.

Goodwill

Goodwill represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired subsidiaries at the date of acquisition. Goodwill is not amortized and is tested for impairment at least annually, more often when circumstances indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill is immediately written off to its fair value and the loss is recognized in the consolidated statements of income and comprehensive income. Impairment losses on goodwill are not reversed.

The Company reviews the carrying value of intangible assets not subject to amortization, including goodwill, to determine whether impairment may exist annually or more frequently if events and circumstances indicate that it is more likely than not that an impairment has occurred. The Company has the opinion to access qualitative factors to determine whether it is necessary to perform the two-step in accordance with ASC 350-20. If the Company believes, as a result of the qualitative carrying amount, the two-step quantities impairment test described below is required.

The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required.

If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying value of a reporting unit’s goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business acquisition with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. Estimating fair value is performed by utilizing various valuation techniques, with the primary technique being a discounted cash flow.

For the six months ended June 30, 2022 and 2021 (Unaudited) and for the years ended December 31, 2021 and 2020, no impairment was recorded against goodwill.

Goodwill

Goodwill represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired subsidiaries at the date of acquisition. Goodwill is not amortized and is tested for impairment at least annually, more often when circumstances indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill is immediately written off to its fair value and the loss is recognized in the consolidated statements of operations and comprehensive income (loss). Impairment losses on goodwill are not reversed.

The Company reviews the carrying value of intangible assets not subject to amortization, including goodwill, to determine whether impairment may exist annually or more frequently if events and circumstances indicate that it is more likely than not that an impairment has occurred. Management has determined that the Company has two reporting units within the entity at which goodwill is monitored for internal management purposes. The Company adopted ASU 2017-04 during nine months ended September 30, 2022, which primary goal is to simplify the goodwill impairment test and provide cost savings for all entities. This is accomplished by removing the requirement to determine the fair value of individual assets and liabilities in order to calculate a reporting unit’s “implied” goodwill under current GAAP.

The amendments in ASU 2017-04 eliminate Step 2 of the goodwill impairment test. As such, an entity will perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the reporting unit’s carrying amount exceeds its fair value. If fair value exceeds the carrying amount, no impairment should be recorded. Any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Impairment losses on goodwill cannot be reversed once recognized.

When measuring a goodwill impairment loss, an entity should consider the income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit. The ASU contains an illustration of the simultaneous equations method to demonstrate this, which reflects a deferred tax benefit from reducing the carrying amount of tax-deductible goodwill relative to the tax basis.

An entity may still perform the optional qualitative assessment for a reporting unit to determine if it is more likely than not that goodwill is impaired. However, this ASU eliminates the requirement to perform a qualitative assessment for any reporting unit with zero or negative carrying amount. Therefore, the same one-step impairment assessment will apply to all reporting units. However, for a reporting unit with a zero or negative carrying amount, the ASU adds a requirement to disclose the amount of goodwill allocated to it and the reportable segment in which it is included.

Management evaluated the recoverability of goodwill by performing a qualitative assessment before using the quantitative impairment test approach at the reporting unit level. Based on an assessment of the qualitative factors, management determined that it is more-likely-than-not that the fair value of the reporting unit is greater than its carrying amount as of September 30, 2022 (Unaudited). Therefore, after management performed qualitative assessment, no impairment loss for the nine months ended September 30, 2022 was recorded. For the nine months ended September 30 2021 (Unaudited), no impairment was recorded against goodwill.

Impairment for long-lived assets

Long-lived assets, including property and equipment with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of June 30, 2022 (Unaudited), December 31, 2021 and 2020, no impairment of long-lived assets was recognized.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Impairment for long-lived assets

Long-lived assets, including property and equipment with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of September 30, 2022 (Unaudited) and December 31, 2021, no impairment of long-lived assets was recognized.

Revenue recognition

The Company follows the revenue accounting requirements of Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“Accounting Standards Codification (“ASC”) 606”). The core principle underlying the revenue recognition of this ASU allows the Company to recognize - revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, the Company applies five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of substantially collection.

Revenue recognition policies for each type of revenue stream are as follows:

(1) Medical Services

- Performance obligations satisfied at a point in time

The Company operates on a unified technology health care platform which provide a full continuum of healthcare services integrated with healthcare data analytics to drive improved outcomes for patients. The Company operates the medical services on a business-to-business (B2B) platform, and serves the corporate customers involving in varies industries. The Company is primarily generating revenue on a per healthcare visit basis for specialty medical visits. Such fees are paid by the corporate customers on behalf of their employees. The Company generally bills their corporate customers for the healthcare visit services on a weekly basis, or in arrears depending on the service, with payment terms generally between 30 to 90 days. There are not significant differences between the timing of revenue recognition and billing. Consequently, the Company has determined that the Company’s contracts do not include a financing component. Revenue is recognized in an amount that reflects the consideration that is expected in exchange for the service at a point in time at the time of the visit. In addition, the Company’s contracts do not generally contain refund provisions for fees earned related to services performed.

The Company accounts for medical service revenue on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified services, which the Company has control of the services and has the ability to direct the service providers to be performed to obtain substantially all the benefits. In making this determination, the Company also assesses whether it is primarily obligated in these transactions, is subject to inventory risk, has latitude in establishing prices, or has met several but not all of these indicators in accordance with ASC 606-10-55-36 through 40.

The Company recognizes the medical services revenue when the control of the specified services is transferred to its customer, which at a point in time at the time of the visit.

The Company also operates on a general practice clinic and generating such revenue on a per healthcare visit basis. Revenues are recognized when the visits are completed at a point in time at the time of the visit.

Revenue recognition

Revenue recognition policies for each type of revenue stream are as follows:

(1) Medical Services

- Performance obligation satisfied at a point in time

The Company operates on a unified technology health care platform which provide a full continuum of healthcare services integrated with healthcare data analytics to drive improved outcomes for patients. The Company operates the medical services on a business-to-business (B2B) platform, and serves the corporate customers involved in various industries. The Company is primarily generating revenue on a per healthcare visit basis for specialty medical visits, at the time which the single performance obligations were satisfied. Such fees are paid by the corporate customers on behalf of their employees. The Company generally bills their corporate customers for the healthcare visit services on a weekly basis, or in arrears depending on the service, with payment terms generally between 30 to 90 days. There are not significant differences between the timing of revenue recognition and billing. Consequently, the Company has determined that the Company’s contracts do not include a financing component. Revenue is recognized in an amount that reflects the consideration that is expected in exchange for the service at a point in time at the time of the visit. In addition, the Company’s contracts do not generally contain refund provisions for fees earned related to services performed.

The Company recognizes the medical services revenue when the control of the specified services is transferred to its customer, which at a point in time at the time after completion of the visit.

(2) Product Sales

- Performance obligations satisfied at a point in time

The Company purchases, sells, and installs facial recognition and temperature measurement monitor system to corporate customer, where the product and the installation are interrelated and are not capable of being distinct since the customer cannot benefit from the product or installation either on its own. The Company recognized the products revenue when control of the product is passed to the customer, which is the point in time that the customers are able to direct the use of and obtain substantially all of the economic benefit of the goods after the installation by the Company’s technician. The transfer of control typically occurs at a point in time based on consideration of when the customer has an obligation to pay for the goods, and physical possession of, legal title to, and the risks and rewards of ownership of the goods has been transferred, and the customer has accepted the goods. Revenue is recognized net of estimates of variable consideration, including product returns, customer discounts and allowance. Historically, the Company has not experienced any significant returns.

(3) Property Management Services

- Performance obligations satisfied over a period of time

The Company provides property management services in shopping malls, business office building, or residential apartments to all tenants and property owners. Property management services include common area property management services that contain cleaning, landscaping, public facilities maintenance and other traditional services and also include security property management services provided to all tenants and property owners. Each of the two services is within separate agreement. The Company identified common area property management services as a single performance obligation as the kinds of service in the contract are not capable of being distinct and identified the security management services as another single performance obligation as there is only one service that is to provide security services.

The Company recognizes the common area property management revenue and security property management revenue on a straight-line basis over the terms of the common area property management agreement and security property management agreement, generally over one year period because its customer simultaneously receives and consumes the benefits provided by the Company throughout the performance obligations period.

The Company has elected to apply the practical expedient to expense costs as incurred for incremental costs to obtain a contract when the amortization period would have been one year or less. As of September 30, 2022 (Unaudited) and December 31, 2021, the Company did not have any contract asset.

The Company recognized advance payments from its customer prior to revenue recognition as contract liability until the revenue recognition performance obligation are met. As of September 30, 2022 (Unaudited) and December 31, 2021, the Company did not have any contract liability.

Disaggregated information of revenues by products/services are as follows:

	(Unaudited)		(Unaudited)
	For the Nine Months Ended
	September 30, 2022		September 30, 2021
	(Unaudited)		(Unaudited)
Medical services – specialty care	$	4,380,634	$	4,066,472
Medical services – general practice		77,951		104,951
Medical services – general practice (related parties)		135		4,468
Medical services – subtotal		4,458,720		4,175,891
Product sales		6,947		258,726
Property management service – common area management		2,248,154		2,654,776
Property management service – security management		692,607		762,334
Property management service		2,940,761		3,417,110
Total revenues	$	7,406,428	$	7,851,727

Cost of revenues

(1) Medical Services

Cost of revenues mainly consists of medical supplies purchased and medical service was provided by Cadence Health Pte. Ltd., a related party, prior to March 2022. Medical supplies purchased and medical service provided by the third party service providers were insignificant prior to March 2022. Beginning in April 2022, cost of revenues mainly consists of medical supplies purchased and medical service are provided by third party service providers.

(2) Product Sales

Cost of revenues mainly consists of medical product or equipment purchased for resale.

(3) Property Management Services

Cost of revenues mainly consists of labor expenses incurred attributable to property management service.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Disaggregated information of cost of revenues by products/services are as follows:

	June 30, 2022		June 30, 2021		December 31, 2021		December 31, 2020
	For the Six Months Ended				For the Years Ended
	June 30, 2022		June 30, 2021		December 31, 2021		December 31, 2020
	(Unaudited)		(Unaudited)
Medical services – specialty cares	$	1,049,786	$	36,755	$	46,849	$	78,718
Medical services – specialty cares (related party)		496,383		1,233,513		2,349,702		1,532,119
Medical services – general practices		17,269		19,193		427,908		33,050
Medical services – subtotal		1,563,438		1,289,461		2,824,459		1,643,887
Product sales		9,491		132,512		167,202		224,021
Property management services		1,162,882		1,195,638		2,461,981		2,432,898
Property management services – security		427,361		404,245		846,555		684,286
Property management services		1,590,243		1,599,883		3,308,536		3,117,184
Total cost of revenues	$	3,163,172	$	3,021,856	$	6,300,197	$	4,985,092

Cost of revenues

(1) Medical Services

(2) Product Sales

Cost of revenues mainly consists of medical product or equipment purchased for resale.

(3) Property Management Services

Cost of revenues mainly consists of labor expenses incurred attributable to property management service.

Disaggregated information of cost of revenues by products/services are as follows:

	(Unaudited)		(Unaudited)
	For the Nine Months Ended
	September 30, 2022		September 30, 2021
	(Unaudited)		(Unaudited)
Medical services – specialty cares	$	2,084,515	$	367,687
Medical services – specialty cares (related party)		496,383		1,719,279
Medical services – general practices		20,955		39,693
Medical services – subtotal		2,601,853		2,126,659
Product sales		9,449		145,156
Property management services – common area management		1,695,476		1,830,788
Property management services – security management		563,081		617,750
Property management services		2,258,557		2,448,539
Total cost of revenues	$	4,869,859	$	4,720,354

Advertising costs

Advertising costs amounted to $163,989 (Unaudited) and $150,261 (Unaudited) for the six months ended June 30, 2022 and 2021, respectively. Advertising costs amounted to $270,361 and $165,883 for the years ended December 31, 2021 and 2020, respectively.

Advertising costs

Advertising is mainly through online and offline promotion activities. Advertising costs amounted to $444,019 (Unaudited) and $192,586 (Unaudited) for the nine months ended September 30, 2022 and 2021, respectively.

Research and development

Research and development expenses include salaries and other compensation-related expenses to the Company’s research and product development personnel, and related expenses for the Company’s research and product development team. Research and development expenses amounted to $10,141 (Unaudited) and $78,639 (Unaudited) for the six months ended June 30, 2022 and 2021, respectively. Research and development expenses amounted to $129,265 and $158,011 for the years ended December 31, 2021 and 2020, respectively.

Research and development

Research and development expenses include salaries and other compensation-related expenses to the Company’s research and product development personnel, and related expenses for the Company’s research and product development team. Research and development expenses amounted to $15,064 (Unaudited) and $78,639 (Unaudited) for the nine months ended September 30, 2022 and 2021, respectively.

Defined contribution plan

The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Total expenses for the plans were $264,699 (Unaudited) and $288,410 (Unaudited) for the six months ended June 30, 2022 and 2021, respectively. Total expenses for the plans were $574,535 and $528,931 for the years ended December 31, 2021 and 2020, respectively.

The related contribution plans include:

Singapore subsidiaries

- Central Provident Fund (“CPF”) – 17.00% based on employee’s monthly salary for employees aged 55 and below, reduces progressively to 7.5% as age increase;

-Skill Development Levy (“SDL”) – up to 0.25% based on employee’s monthly salary capped $8.3 (SGD 11.25).

Vietnam subsidiary

- Social Insurance Fund (“SIF”) – 20% based on employee’s monthly salary;

- Trade Union Fee – 2.00% of SIF

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Defined contribution plan

The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Total expenses for the plans were $388,292 (Unaudited) and $439,266 (Unaudited) for the nine months ended September 30, 2022 and 2021, respectively.

The related contribution plans include:

Singapore subsidiaries

- Central Provident Fund (“CPF”) – 17.00% based on employee’s monthly salary for employees aged 55 and below, reduces progressively to 7.5% as age increase;

- Skill Development Levy (“SDL”) – up to 0.25% based on employee’s monthly salary capped $8.3 (SGD 11.25).

Vietnam subsidiary

- Social Insurance Fund (“SIF”) – 20% based on employee’s monthly salary;

- Trade Union Fee – 2.00% of SIF

Goods and services taxes (“GST”)

Revenue represents the invoiced value of service, net GST. The GST are based on gross sales price. GST rate is generally 7% in Singapore. Entities that are GST general taxpayers are allowed to offset qualified input GST paid to suppliers against their output GST liabilities. Net GST balance between input GST and output GST is recorded in tax payable.

Goods and services taxes (“GST”)

Comprehensive income

Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.

Comprehensive income

Leases

The Company accounts for leases in accordance with ASC 842. The Company entered into two agreements as a lessee to lease office equipment for general and administrative operations. If any of the following criteria are met, the Company classifies the lease as a finance lease:

	●	The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
	●	The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;
	●	The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;
	●	The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or
	●	The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

Leases that do not meet any of the above criteria are accounted for as operating leases.

The Company combines lease and non-lease components in its contracts under Topic 842, when permissible.

Finance and operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its finance or operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

The finance or operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognizes the finance leases ROU assets and interest on an amortized cost basis. The amortization of finance ROU assets is recognized on an accretion basis as amortization expense, while the lease liability is increased to reflect interest on the liability and decreased to reflect the lease payments made during the period. Interest expense on the lease liability is determined each period during the lease term as the amount that results in a constant periodic interest rate of the office equipment on the remaining balance of the liability.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows. For the six months ended June 30, 2021 (Unaudited) and 2020 (Unaudited) and for the years ended December 31, 2021 and 2020, the Company did not recognize impairment loss on its finance and operating lease ROU assets.

Leases

	●	The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
	●	The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;
	●	The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;
	●	The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or
	●	The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

Leases that do not meet any of the above criteria are accounted for as operating leases.

The Company combines lease and non-lease components in its contracts under Topic 842, when permissible.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows. For the nine months ended September 30, 2022 (Unaudited) and 2021 (Unaudited), the Company did not recognize impairment loss on its finance and operating lease ROU assets.

Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Related parties

Subscribed shares deposit liability

Subscribed shares deposit liability represents capital received for the issuance in 8i acquisition’s ordinary shares. Such deposit is refundable if the business combination will not be completed by November 30, 2022. The Company recognized the subscribed shares deposit liability in accordance with ASC 480, “Distinguishing Liabilities from Equity.” As of September 30, 2022, subscribed shares deposit liability amounted to $600,000 (Unaudited). On November 17, 2022, the Company closed the Business Combination with 8i acquisition and transferred such the subscribed shares deposit liability into equity.

Recent accounting pronouncements not yet adopted

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company is currently evaluating the impact of this new standard on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Business Combination (Tables)

6 Months Ended

Jun. 30, 2022

Schedule Of Business Combination

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of SGGL based on a valuation performed by an independent valuation firm engaged by the Company:

Schedule Of Business Combination

	Fair Value
Cash	$	255,406
Accounts receivable, net		296,356
Prepayments and deposits		87,263
Other receivable - related parties		45
Other current assets		896,583
Total current assets		1,535,653
Equipment		8,555
Intangible assets		646,797
Operating right-of-use assets		75,549
Goodwill		993,533
Total assets		3,260,087

Accounts payable		104,464
Other payables and accrued liabilities		128,340
Tax payables		68,515
Operating lease liabilities		63,472
Total current liabilities		364,791
Deferred tax liabilities		109,956
Lease liabilities non-currents		16,631
Total liabilities		491,378
Non-controlling interest		19,778
Total liabilities and non-controlling interest		511,156
Total purchase consideration	$	2,748,931

Other Receivables

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Schedule of Ordinary Shares Subject to Possible Redemption

Other Receivables

Note 7 – Other receivables

Other Receivables

Schedule of Other Receivables

	As of June 30, 2022			As of December 31, 2021			As of December 31, 2020
	(Unaudited)
Receivable from divestment (1)	$	2,855,223		$	3,818,776		$	1,946,918
Employee advance		3,297			2,803			854
Refundable deposits (2)		-			-			50,680
Others		-			250			8,188
Total other receivables		2,858,520			3,821,829			2,006,640
Other receivables – non-current		(1,066,327	)		(1,830,603	)		-
Other receivables – current	$	1,792,193		$	1,991,226		$	2,006,640

(1)	The balance of receivable from divestment represented the amount due from BPT, an unrelated third party. On January 1, 2018, the Company’s subsidiary, UGI entered into an investment agreement with BPT, to invest approximately $1.9 million (SGD 2,580,000) in BPT’s affordable home program in Indonesia. On March 1, 2021, both parties entered into a mutual termination agreement (“Agreement”) to terminate the investment agreement. Upon execution of this Agreement, BPT agreed to repay UGI’s investment amounted to $1,913,096 (SGD 2,580,000), and compensated UGI with the additional amount of $1,905,681(SGD 2,570,000). The Company recognized the compensation portion (the excess of the settled amount over the original invested amount) from investment as other income for the year ended December 31, 2021. In May 2022, the Company has collected approximately $0.9 million (SGD 1,200,000) and signed an installment payments agreement with the BPT to repay the remaining balance of approximately $2.9 million (SGD 3,950,000) in eight equal quarterly installments with annual interest rate of 3% beginning on July 31, 2022. As of the date of this report, the Company has collected one scheduled quarterly installment of approximately $0.4 million (SGD 493,750) with the remaining seven installments of approximately $2.5 million (SGD 3,456,250) outstanding.

(2)	The balance of deposits mainly represented refundable deposits made by the Company to third party service providers.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Note 6 – Other receivables

Other Receivables

Schedule of Other Receivables

	As of September 30, 2022			As of December 31, 2021
	(Unaudited)
Receivable from divestment (1)	$	2,438,252		$	3,818,776
Employee advance		2,542			2,803
Others		1,379			250
Total other receivables		2,442,173			3,821,829
Other receivables – non-current		(1,031,942	)		(1,830,603	)
Other receivables – current	$	1,410,231		$	1,991,226

(1)

The balance of receivable from divestment represented the amount due from BPT, an unrelated third party. On January 1, 2018, the Company’s subsidiary, UGI entered into an investment agreement with BPT, to invest approximately $1.9 million (SGD 2,580,000) in BPT’s affordable home program in Indonesia. On March 1, 2021, both parties entered into a mutual termination agreement (“Agreement”) to terminate the investment agreement. Upon execution of this Agreement, BPT agreed to repay UGI’s investment amounted to $1,913,096 (SGD 2,580,000), and compensated UGI with the additional amount of $1,905,681(SGD 2,570,000). The Company recognized the compensation portion (the excess of the settled amount over the original invested amount) from investment as other income for the year ended December 31, 2021. In May 2022, the Company has collected approximately $0.9 million (SGD 1,200,000) and signed an installment payments agreement with the BPT to repay the remaining balance of approximately $2.8 million (SGD 3,950,000) in eight equal quarterly installments with annual interest rate of 3% beginning on July 31, 2022, October 31, 2022, January 31, 2023, April 30, 2023, July 31, 2023, October 31, 2023, January 31, 2024, and April 30, 2024. As of the date of the issuance of these unaudited condensed financial statements (Unaudited), the Company has collected two scheduled quarterly installment of approximately $0.7 million (SGD 987,500) with the remaining six installments of approximately $2.1 million (SGD 2,962,500) outstanding, which includes approximately $1.0 million (SGD 1,481,250) current portion to be due on three equal quarterly installments on January 31, 2023, April 30, 2023, and July 31, 2023 and approximately $1.0 million (SGD 1,481,250) non-current portion to be due on three equal quarterly installments on October 31, 2023, January 31, 2024, and April 30, 2024.

Leases (Details Narrative) - EUDA Health Limited [Member] - USD ($)	6 Months Ended	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective interest rate	5.25%	5.25%
Operating lease	9 months	10 months 13 days	1 year 3 months	3 months
Finance lease	2 years 6 months	2 years 3 months	3 years	4 years
Short term lease payments	$ 85,509	$ 66,032

Initial Public Offering (Tables)

3 Months Ended

12 Months Ended

Oct. 31, 2022

Jul. 31, 2022

Initial Public Offering

As of July 31, 2022, the ordinary shares subject to redemption reflected on the balance sheets are reconciled in the following table:


Gross proceeds from public issuance	$	86,250,000
Less:
Proceeds allocated to pubic warrants and public rights		(9,979,125	)
Redeemable ordinary shares issuance costs		(5,196,868	)

Plus:
Accretion of carrying value to redemption value (Deemed dividend)		14,695,090
Ordinary shares subject to possible redemption	$	85,769,097

Schedule of Ordinary Shares Subject to Possible Redemption

As of October 31, 2022 and July 31, 2022, the ordinary shares subject to redemption reflected on the balance sheets are reconciled in the following table:

	As of			As of
	October 31, 2022			July 31, 2022
Gross proceeds	$	86,250,000		$	86,250,000
Less:
Proceeds allocated to pubic warrants and public rights		(9,979,125	)		(9,979,125	)
Redeemable ordinary shares issuance costs allocated to public warrants and public rights		(5,196,868	)		(5,196,868	)
Plus:
Accretion of carrying value to redemption value (Deemed dividend)		15,194,433			14,695,090
Ordinary shares subject to possible redemption	$	86,268,440		$	85,769,097

Related Party Balances and Transactions (Details Narrative) - USD ($)										3 Months Ended		6 Months Ended	8 Months Ended	12 Months Ended
	Jul. 31, 2022	Dec. 06, 2021	Oct. 25, 2021	Jul. 31, 2021	Jun. 14, 2021	Apr. 12, 2021	Feb. 05, 2021	Jan. 22, 2021	Jan. 22, 2021	Oct. 31, 2022	Oct. 31, 2021	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2022	Jul. 31, 2021	Mar. 18, 2022	Jan. 12, 2022	Nov. 24, 2021
Related Party Transaction [Line Items]
Number of shares issued for the period				$ 25,000										$ 86,250,000
Number of shares issued				1,437,500
Ordinary shares, outstanding	2,448,500			2,156,250						2,448,500		2,156,250	2,448,500	2,448,500	2,156,250
Administrative fee										$ 30,000	$ 0		$ 83,000
Debt loan amount	$ 3,894												3,894	$ 3,894
Due to related party debt	$ 3,894									$ 0			$ 3,894	3,894
Repayments of related party debt		$ 396,157												$ 396,157
Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Share price	$ 10.00									$ 10.00			$ 10.00	$ 10.00				$ 10.00
Number of shares forfeited				187,500						281,250					281,250
Sponsor [Member]
Related Party Transaction [Line Items]
Number of shares issued for the period			$ 12,500
Number of shares issued			718,750
Ordinary shares, outstanding			2,156,250
Administrative fee				$ 0						$ 113,000				$ 83,000	$ 83,000
Administrative service fee	$ 10,000
Mr. Meng Dong (James) Tan [Member]
Related Party Transaction [Line Items]
Debt instrument, convertible, conversion price	$ 10.00									$ 10.00			$ 10.00	$ 10.00
Mr. Meng Dong (James) Tan [Member] \| 8i Enterprises Pte Ltd [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount	$ 0			$ 396,157								$ 396,157	$ 0	$ 0	$ 396,157
Mr. Meng Dong (James) Tan [Member] \| Promissory Note with Related Party [Member]
Related Party Transaction [Line Items]
Notes payable, related parties, current																$ 500,000	$ 300,000
Mr. Meng Dong (James) Tan [Member] \| Promissory Note One with Related Party [Member]
Related Party Transaction [Line Items]
Proceeds from notes payable										$ 1,000,000				$ 800,000
Founder Shares [Member]
Related Party Transaction [Line Items]
Number of shares issued					15,000
Founder Shares [Member] \| Sponsor [Member]
Related Party Transaction [Line Items]
Number of shares issued for the period						$ 25,000	$ 25,000	$ 25,000	$ 25,000
Share price							$ 0.017	$ 0.017	$ 0.017
Number of shares issued						1,437,500	1,437,500	1,437,500	1,437,500
Ordinary share price exceeds			$ 12.00
Founder Shares [Member] \| Sponsor [Member] \| Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Number of shares forfeited			281,250
Forfeited shares percentage			20.00%
Founder Shares [Member] \| Sponsor [Member] \| Over-Allotment Option [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Number of shares forfeited			281,250

Schedule of Accounts Receivable (Details) (Parenthetical) $ in Millions	Sep. 30, 2022 USD ($)	Sep. 30, 2022 SGD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 SGD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 SGD ($)	Jul. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 SGD ($)
Line of Credit Facility [Line Items]
Accounts receivable			$ 1,884,431					$ 1,802,316
EUDA Health Limited [Member]
Line of Credit Facility [Line Items]
Accounts receivable	$ 1,884,431			$ 1,997,684		$ 1,802,316			$ 1,614,760
United Overseas Bank Limited [Member] \| EUDA Health Limited [Member]
Line of Credit Facility [Line Items]
Accounts receivable	$ 600,000	$ 0.8		$ 600,000	$ 0.8	$ 600,000	$ 0.8		$ 600,000	$ 0.8

Recurring Fair Value Measurements

3 Months Ended

12 Months Ended

Oct. 31, 2022

Jul. 31, 2022

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

Note 8 - Recurring Fair Value Measurements

As of October 31, 2022 and July 31, 2022, investment securities in the Company’s Trust Account consisted of a treasury securities fund in the amount of $86,972,255 and $86,472,912, respectively, which was held as money market funds. The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of October 31, 2022 and July 31, 2022, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

Schedule of Fair Value Assets

			Quoted		Significant		Significant
			Prices		Other		Other
	Value		in Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
As of October 31, 2022	Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account – Money Market Fund	$	86,972,255	$	86,972,255	$	-	$	-
	$	86,972,255	$	86,972,255	$	-	$	-

			Quoted		Significant		Significant
			Prices		Other		Other
	Value		in Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
As of July 31, 2022	Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account – Money Market Fund	$	86,472,912	$	86,472,912	$	-	$	-
	$	86,472,912	$	86,472,912	$	-	$	-

Note 8 - Recurring Fair Value Measurements

As of July 31, 2022, investment securities in the Company’s Trust Account consisted of a treasury securities fund in the amount of $86,472,912 which was held as money market funds. The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of July 31, 2022, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

Schedule of Fair Value Assets

			Quoted		Significant		Significant
			Prices		Other		Other
	Value		in Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account – Money Market Fund	$	86,472,912	$	86,472,912	$	-	$	-
	$	86,472,912	$	86,472,912	$	-	$	-

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events (Details Narrative)	Nov. 17, 2022 USD ($) $ / shares shares	Nov. 15, 2022 USD ($) shares	Nov. 14, 2022 USD ($) $ / shares shares	Nov. 13, 2022 shares	Nov. 13, 2022 shares	Nov. 09, 2022 shares	Nov. 07, 2022 USD ($) shares	Nov. 02, 2022 $ / shares shares	Nov. 15, 2022 SGD ($)	Nov. 07, 2022 SGD ($)	Oct. 31, 2022 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Aug. 16, 2022 USD ($)	Jul. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)
Subsequent Event [Line Items]
Redemption of ordinary shares \| shares														400,000
Redemption value			$ 60,800,000
Cash											$ 265,852	$ 300,000		$ 193,546
Debt fee amount														$ 3,894
EUDA Health Limited [Member]
Subsequent Event [Line Items]
Cash												$ 300,000			$ 200,000
Maximum [Member]
Subsequent Event [Line Items]
Stock repurchased \| shares					1,125,000
Maximum [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Beneficially ownership percentage				9.90%	9.90%
Subsequent Event [Member]
Subsequent Event [Line Items]
Redemption of ordinary shares \| shares			6,033,455
Redemption price per share \| $ / shares			$ 10.0837
Subsequent Event [Member] \| Promissory Note One [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 2,113,125
Conversion price per share \| $ / shares	$ 5.00
Subsequent Event [Member] \| Promissory Note One [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 2,113,125
Conversion price per share \| $ / shares	$ 5.00
Subsequent Event [Member] \| Promissory Note Two [Member]
Subsequent Event [Line Items]
Maturity date	Feb. 15, 2023
Convertible promissory note	$ 170,000
Debt interest rate	15.00%
Subsequent Event [Member] \| Promissory Note Two [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Maturity date	Feb. 15, 2023
Convertible promissory note	$ 170,000
Debt interest rate	15.00%
Subsequent Event [Member] \| Promissory Note Three [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 82,600
Subsequent Event [Member] \| Promissory Note Three [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 82,600
Subsequent Event [Member] \| Promissory Note Four [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 87,500
Subsequent Event [Member] \| Promissory Note Four [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 87,500
Subsequent Event [Member] \| Promissory Note Five [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 119,000
Subsequent Event [Member] \| Promissory Note Five [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 119,000
Subsequent Event [Member] \| Promissory Note Six [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 700,000
Subsequent Event [Member] \| Promissory Note Six [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Maturity date	Nov. 17, 2023
Convertible promissory note	$ 700,000
Subsequent Event [Member] \| Maximum [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Stock repurchased \| shares				1,125,000
Subsequent Event [Member] \| Maximum [Member] \| EUDA Health Limited [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Beneficially ownership percentage				9.90%	9.90%
Subsequent Event [Member] \| Prepaid Forward Agreement [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Number of shares purchased \| shares						1,400,000
Subsequent Event [Member] \| Prepaid Forward Agreement [Member] \| Maximum [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Number of shares purchased \| shares						1,400,000
Subsequent Event [Member] \| Prepaid Forward Agreement [Member] \| Maximum [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Beneficially ownership percentage						9.90%
Subsequent Event [Member] \| Prepaid Forward Agreement [Member] \| Maximum [Member] \| EUDA Health Limited [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Beneficially ownership percentage						9.90%
Mr. Meng Dong (James) Tan [Member]
Subsequent Event [Line Items]
Conversion price per share \| $ / shares											$ 10.00			$ 10.00
Investor [Member] \| Subsequent Event [Member] \| Forward Purchase Agreement [Member]
Subsequent Event [Line Items]
Share based - compensation price per share purchased \| $ / shares								$ 10.41
Investor [Member] \| Subsequent Event [Member] \| Forward Purchase Agreement [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Number of shares purchased \| shares								125,000
Investor [Member] \| Subsequent Event [Member] \| Waiver Agreement [Member]
Subsequent Event [Line Items]
Number of shares purchased \| shares		1,000,000					1,000,000
Debt Issuance Costs, Gross									$ 100,000	$ 100,000
Cash		$ 10,000,000.0					$ 10,000,000.0
Vendor [Member] \| Subsequent Event [Member] \| Settlement Agreement [Member]
Subsequent Event [Line Items]
Debt fee amount	$ 300,000
Maturity date	Nov. 17, 2023
Restricted stock issued \| shares	60,000
Shares issued price \| $ / shares	$ 5.00
Restricted stock cancelled \| shares	60,000
Debt principal amount	$ 300,000
Vendor [Member] \| Subsequent Event [Member] \| Settlement Agreement [Member] \| EUDA Health Limited [Member]
Subsequent Event [Line Items]
Debt fee amount	$ 300,000
Maturity date	Nov. 17, 2023
Restricted stock issued \| shares	60,000
Shares issued price \| $ / shares	$ 5.00
Restricted stock cancelled \| shares	60,000
Promissory Note with Related Party [Member] \| Mr. Meng Dong (James) Tan [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Promissory note													$ 200,000

Schedule of Segment Reporting Information (Details) - USD ($)	3 Months Ended		6 Months Ended			9 Months Ended		12 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Jun. 30, 2022	Jul. 31, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Income (loss) from operations	$ (298,331)	$ (45,587)		$ (8,377)				$ (1,985,750)
EUDA Health Limited [Member]
Segment Reporting Information [Line Items]
Revenues			$ 5,095,060		$ 5,158,102	$ 7,406,428	$ 7,851,727		$ 10,544,550	$ 8,875,379
Income (loss) from operations			(1,659,985)		(680,723)	(2,386,036)	(1,028,782)		(1,228,227)	(893,556)
Income (loss) before income taxes			(1,537,614)		1,398,485	(2,302,339)	1,080,169		948,537	246,449
Net income (loss)			(1,635,567)		1,345,834	(2,376,864)	1,030,315		900,396	198,972
Medical Services [Member] \| EUDA Health Limited [Member]
Segment Reporting Information [Line Items]
Revenues			2,994,846		2,849,471	4,465,667	4,434,617		5,986,030	4,320,698
Income (loss) from operations			(1,667,707)		(845,638)	(707,164)	(1,040,144)		(1,186,885)	(973,458)
Income (loss) before income taxes			(1,728,395)		(907,030)	(887,726)	(1,118,171)		(1,239,438)	(738,188)
Net income (loss)			(1,769,586)		(907,030)	(884,803)	(1,118,171)		(1,241,091)	(738,188)
Property Management Services [Member] \| EUDA Health Limited [Member]
Segment Reporting Information [Line Items]
Revenues			2,100,214		2,308,631	2,940,761	3,417,110		4,558,520	4,554,681
Income (loss) from operations			7,722		164,915	(111,052)	11,362		(41,342)	79,902
Income (loss) before income taxes			190,781		2,305,515	153,207	2,198,340		2,187,975	984,637
Net income (loss)			$ 134,019		$ 2,252,864	75,759	2,148,486		$ 2,141,487	$ 937,160
Corporate Segment [Member] \| EUDA Health Limited [Member]
Segment Reporting Information [Line Items]
Revenues
Income (loss) from operations						(1,567,820)
Income (loss) before income taxes						(1,567,820)
Net income (loss)						$ (1,567,820)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Schedule of Movements of Allowance for Doubtful Accounts (Details) - EUDA Health Limited [Member] - USD ($)	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Beginning balance	$ 80,799	$ 80,799	$ 37,898	$ 10,325
(Recovery) Addition	(8,350)	(12,616)	(43,804)	(26,894)
(Recovery) Addition	8,350	12,616	43,804	26,894
Write-off				(646)
Exchange rate effect	(2,211)	(5,411)	(903)	1,325
Ending balance	$ 70,238	$ 88,004	$ 80,799	$ 37,898

Going concern

3 Months Ended

9 Months Ended

Oct. 31, 2022

Sep. 30, 2022

Going concern

Going concern

Note 2 – Going concern

In assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Debt financing in the form of short term borrowings from bank, private lender, third parties and related parties and cash generated from operations have been utilized to finance the working capital requirements of the Company. As of September 30, 2022, the Company’s working deficit was approximately $4.0 million and the Company had cash of approximately $0.3 million. The Company has experienced recurring losses from operations and negative cash flows from operating activities since 2020. In addition, the Company had, and may potentially continue to have, an ongoing need to raise additional cash from outside sources to fund its expansion plan and related operations. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these unaudited condensed consolidated financial statements are issued.

If the Company is unable to generate sufficient funds to finance the working capital requirements of the Company within the normal operating cycle of a twelve-month period from the date of these unaudited condensed financial statements are issued, the Company may have to consider supplementing its available sources of funds through the following sources:

●	other available sources of financing from Singapore banks and other financial institutions or private lender;
●	financial support and credit guarantee commitments from the Company’s related parties; and
●	equity financing.

The Company can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable to the Company, if at all. If one or all of these events does not occur or subsequent capital raises are insufficient to bridge financial and liquidity shortfall, there would likely be a material adverse effect on the Company and would materially adversely affect its ability to continue as a going concern.

The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty.

Schedule of Accounts Receivable (Details)
$ in Millions

Sep. 30, 2022

USD ($)

Sep. 30, 2022

SGD ($)

Jul. 31, 2022

USD ($)

Jun. 30, 2022

USD ($)

Jun. 30, 2022

SGD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2021

SGD ($)

Jul. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2020

SGD ($)

$ 1,884,431

$ 1,802,316

Allowance for doubtful accounts

$ 1,972,435

^[1]

$ 2,067,922

^[2]

$ 1,883,115

^[1],[2]

$ 1,652,658

^[2]

(88,004)

(70,238)

(80,799)

(37,898)

EUDA Health Limited [Member] | United Overseas Bank Limited [Member]

1,884,431

1,997,684

1,802,316

1,614,760

Receivable from divestment (1)

$ 600,000

$ 0.8

$ 600,000

$ 0.8

$ 600,000

$ 0.8

$ 600,000

$ 0.8

[1]	As of September 30, 2022 and December 31, 2021, accounts receivable of up to approximately $0.6million (SGD 0.8 million) were pledged to the short term loan from United Overseas Bank Limited (See Note 11).
[2]	As of June 30, 2022, December 31, 2021, and December 31, 2020, accounts receivable of up to approximately $0.6 million (SGD 0.8 million) were pledged to the short term loan from United Overseas Bank Limited (See Note 12).

Schedule of Ordinary Shares Subject to Possible Redemption (Details) - USD ($)		3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 24, 2021	Oct. 31, 2022	Jul. 31, 2021	Jul. 31, 2022
Initial Public Offering
Gross proceeds	$ 87,114,830	$ 86,250,000		$ 86,250,000
Proceeds allocated to pubic warrants and public rights		(9,979,125)		(9,979,125)
Redeemable ordinary shares issuance costs allocated to public warrants and public rights		(5,196,868)		(5,196,868)
Accretion of carrying value to redemption value (Deemed dividend)		15,194,433		14,695,090
Ordinary shares subject to possible redemption		$ 86,268,440		$ 85,769,097

Schedule of Other Receivables (Details) - EUDA Health Limited [Member] - USD ($)

Sep. 30, 2022

Jun. 30, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 2,438,252

^[1]

$ 2,855,223

^[2]

$ 3,818,776

^[1],[2]

$ 1,946,918

^[2]

Employee advance

2,542

3,297

2,803

854

Refundable deposits (2)

^[3]

50,680

Others

1,379

250

8,188

Total other receivables

2,442,173

2,858,520

3,821,829

2,006,640

Other receivables – non-current

(1,031,942)

(1,066,327)

(1,830,603)

Other receivables – current

$ 1,410,231

$ 1,792,193

$ 1,991,226

$ 2,006,640

[1]	The balance of receivable from divestment represented the amount due from BPT, an unrelated third party. On January 1, 2018, the Company’s subsidiary, UGI entered into an investment agreement with BPT, to invest approximately $1.9 million (SGD 2,580,000) in BPT’s affordable home program in Indonesia. On March 1, 2021, both parties entered into a mutual termination agreement (“Agreement”) to terminate the investment agreement. Upon execution of this Agreement, BPT agreed to repay UGI’s investment amounted to $1,913,096 (SGD 2,580,000), and compensated UGI with the additional amount of $1,905,681(SGD 2,570,000). The Company recognized the compensation portion (the excess of the settled amount over the original invested amount) from investment as other income for the year ended December 31, 2021. In May 2022, the Company has collected approximately $0.9 million (SGD 1,200,000) and signed an installment payments agreement with the BPT to repay the remaining balance of approximately $2.8 million (SGD 3,950,000) in eight equal quarterly installments with annual interest rate of 3% beginning on July 31, 2022, October 31, 2022, January 31, 2023, April 30, 2023, July 31, 2023, October 31, 2023, January 31, 2024, and April 30, 2024. As of the date of the issuance of these unaudited condensed financial statements (Unaudited), the Company has collected two scheduled quarterly installment of approximately $0.7 million (SGD 987,500) with the remaining six installments of approximately $2.1 million (SGD 2,962,500) outstanding, which includes approximately $1.0 million (SGD 1,481,250) current portion to be due on three equal quarterly installments on January 31, 2023, April 30, 2023, and July 31, 2023 and approximately $1.0 million (SGD 1,481,250) non-current portion to be due on three equal quarterly installments on October 31, 2023, January 31, 2024, and April 30, 2024.
[2]	The balance of receivable from divestment represented the amount due from BPT, an unrelated third party. On January 1, 2018, the Company’s subsidiary, UGI entered into an investment agreement with BPT, to invest approximately $
[3]	The balance of deposits mainly represented refundable deposits made by the Company to third party service providers.

Income taxes (Details Narrative) - EUDA Health Limited [Member]	6 Months Ended			9 Months Ended			12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 SGD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 SGD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Foreign income tax rate	17.00%	17.00%	17.00%				17.00%	17.00%
Taxable income	$ 97,953		$ 52,651	$ 74,525		$ 49,854	$ 48,141	$ 47,477
Operating losses carry forward	5,500,000			5,400,000			4,800,000	3,200,000
Deferred tax assets, operating losses carry forward	$ 943,314			$ 926,789			812,715	548,937
VIET NAM
Foreign income tax rate	20.00%	20.00%		20.00%	20.00%
Operating losses carry forward	$ 20,000			$ 21,000			19,000	37,000
Deferred tax assets, operating losses carry forward	$ 4,000			$ 4,000			$ 4,000	$ 7,000
MALAYSIA
Foreign income tax rate	24.00%	24.00%		24.00%	24.00%
Operating losses carry forward	$ 7,000			$ 15,000
Deferred tax assets, operating losses carry forward	$ 2,000			$ 4,000
SINGAPORE
Foreign income tax rate	17.00%	17.00%		17.00%	17.00%
Income tax description	The applicable tax rate is 17% in Singapore, with 75% of the first $7,415 (SGD 10,000) taxable income and 50% of the next $140,887 (SGD 190,000) taxable income are exempted from income tax.	The applicable tax rate is 17% in Singapore, with 75% of the first $7,415 (SGD 10,000) taxable income and 50% of the next $140,887 (SGD 190,000) taxable income are exempted from income tax.		The applicable tax rate is 17% in Singapore, with 75% of the first $7,415 (SGD 10,000) taxable income and 50% of the next $140,887 (SGD 190,000) taxable income are exempted from income tax.	The applicable tax rate is 17% in Singapore, with 75% of the first $7,415 (SGD 10,000) taxable income and 50% of the next $140,887 (SGD 190,000) taxable income are exempted from income tax.
SINGAPORE \| 75% [Member]
Taxable income	$ 7,415	$ 10,000		$ 7,415	$ 10,000
SINGAPORE \| 50% [Member]
Taxable income	$ 140,887	$ 190,000		$ 140,887	$ 190,000

Schedule of Weighted Average Remaining Term and Discount Rate (Details) - EUDA Health Limited [Member]	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating lease term	10 months 13 days	9 months	1 year 3 months	3 months
Finance lease term	2 years 3 months	2 years 6 months	3 years	4 years
Operating lease, percentage	5.25%	5.25%	5.25%	5.25%
Finance lease, percentage	5.25%	5.25%	5.25%	5.25%

Income taxes (Tables) - EUDA Health Limited [Member]

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

Schedule of Provision for Income Taxes

	For the Six Months Ended June 30, 2022			For the Six Months Ended June 30, 2021			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
	(Unaudited)			(Unaudited)
Current	$	107,903		$	66,608		$	75,821		$	79,752
Deferred		(9,950	)		(13,957	)		(27,680	)		(32,275	)
Provision for income taxes	$	97,953		$	52,651		$	48,141		$	47,477

The provision for income taxes consisted of the following:

Schedule of Provision for Income Taxes

	For the Nine Months Ended September 30, 2022			For the Nine Months Ended September 30, 2021
	(Unaudited)			(Unaudited)
Current	$	89,333		$	70,685
Deferred		(14,808	)		(20,831	)
Provision for income taxes	$	74,525		$	49,854

Schedule of Effective Income Tax Rate

The following table reconciles Singapore statutory rates to the Company’s effective tax rate:

Schedule of Effective Income Tax Rate

	For the Six Months Ended June 30, 2022			For the Six Months Ended June 30, 2021			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
	(Unaudited)			(Unaudited)
Singapore statutory income tax rate		17.0	%		17.0	%		17.0	%		17.0	%
Tax rate difference outside Singapore (1)		0.0	%		0.0	%		0.1	%		0.9	%
Taxable income below exemption threshold		2.3	%		(0.9	)%		(2.4	)%		(12.4	)%
Change in valuation allowance		(10.2	)%		13.7	%		29.8	%		58.4	%
Permanent difference (2)		(15.5	)%		(26.0	)%		(39.4	)%		(44.6	)%
Effective tax rate		(6.4	)%		3.8	%		5.1	%		19.3	%

(1)	It is due to tax rate difference of the entities incorporated in Vietnam, Malaysia and British Virgin Islands.
(2)	Permanent difference mainly consisted of income such as offshore investment income and Covid-19 related government grant which is non-taxable under local tax laws.

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth the significant components of the aggregate deferred tax assets and liabilities of the Company as of:

	June 30,			December 31,			December 31,
	2022			2021			2020
	(Unaudited)
Deferred Tax Assets/Liabilities
Net operating loss carryforwards	$	943,314		$	812,715		$	548,937
Allowance for doubtful account		11,941			13,736			6,443
Less: valuation allowance		(955,255	)		(826,451	)		(555,380	)
Deferred tax assets, net	$	-		$	-		$	-
Deferred tax liabilities:
Customer relationship	$	38,080		$	49,294		$	78,419
Deferred tax liabilities, net	$	38,080		$	49,294		$	78,419

The following table sets forth the significant components of the aggregate deferred tax assets and liabilities of the Company as of:

	September 30, 2022			December 31, 2021
	(Unaudited)
Deferred Tax Assets/Liabilities
Net operating loss carryforwards	$	926,789		$	812,715
Allowance for doubtful account		14,961			13,736
Less: valuation allowance		(941,750	)		(826,451	)
Deferred tax assets, net	$	-		$	-
Deferred tax liabilities:
Customer relationship	$	32,121		$	49,294
Deferred tax liabilities, net	$	32,121		$	49,294

Schedule of Taxes Payable

Taxes payable consist of the following:

Schedule of Taxes Payable

	June 30, 2022		December 31, 2021		December 31, 2020
	(Unaudited)
GST taxes payable	$	162,107	$	225,095	$	124,780
Income taxes payable		116,418		82,248		79,730
Totals	$	278,525	$	307,343	$	204,510

Taxes payable consist of the following:

Schedule of Taxes Payable

	September 30, 2022		December 31, 2021
	(Unaudited)
GST taxes payable	$	87,797	$	225,095
Income taxes payable		41,086		82,248
Totals	$	128,883	$	307,343

Shareholder’s Equity	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
Shareholder’s Equity	Oct. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Jul. 31, 2022
Subsidiary or Equity Method Investee [Line Items]
Shareholder’s Equity	Note 7 - Shareholder’s Equity Ordinary Shares The Company is authorized to issue unlimited ordinary shares of no par value. Holders of the Company’s ordinary shares are entitled to one vote for each ordinary share. As of July 31, 2021, the Company had issued an aggregate of 1,437,500 ordinary shares for $25,000, of which 187,500 shares were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in the IPO. On October 25, 2021, the Company issued additional 718,750 ordinary shares which were purchased by the Sponsor for $12,500, resulting in an aggregate of 2,156,250 ordinary shares outstanding. The Sponsor agreed to forfeit 281,250 ordinary shares to the extent that the over-allotment option was not exercised in full by the underwriters. All shares and associated amounts have been retroactively restated to reflect the share capitalization. On November 24, 2021, the underwriters exercised the over-allotment option in full, so there are no longer any shares subject to forfeiture. Warrants Each warrant entitles the holder to purchase one ordinary share at a price of $11.50 per share commencing 30 days after the completion of the Business Combination, and expiring five years after the completion of the Business Combination. No fractional warrants were issued and only whole warrants trade. The Company may redeem the warrants at a price of $0.01 per warrant upon 30 days’ notice, only in the event that the last sale price of the ordinary shares is at least $16.50 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such warrants during the 30 day redemption period. If a registration statement is not effective within 60 days following the consummation of the Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. In addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the Business Combination at an issue price or effective issue price of less than $9.50 per share (with such issue price or effective issue price to be determined in good faith by our board of directors), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination, and (z) the volume weighted average trading price of the ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummated the Business Combination (such price, the “Market Value”) is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the last sales price of the ordinary shares that triggers the Company’s right to redeem the Warrants will be adjusted (to the nearest cent) to be equal to 165% of the Market Value. 8i ACQUISITION 2 CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS			Note 7 - Shareholder’s Equity Ordinary Shares The Company is authorized to issue unlimited ordinary shares of no par value. Holders of the Company’s ordinary shares are entitled to one vote for each ordinary share. As of July 31, 2021, the Company has issued an aggregate of 1,437,500 ordinary shares for $25,000, of which 187,500 shares are subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in the IPO. On October 25, 2021, the Company issued additional 718,750 ordinary shares which were purchased by the Sponsor for $12,500, resulting in an aggregate of 2,156,250 ordinary shares outstanding. The Sponsor has agreed to forfeit 281,250 ordinary shares to the extent that the over-allotment option is not exercised in full by the underwriters. All shares and associated amounts have been retroactively restated to reflect the share capitalization. On November 24, 2021, the underwriters exercised the over-allotment option in full, so there is no shares subject to forfeiture any more. 8i ACQUISITION 2 CORP. NOTES TO FINANCIAL STATEMENTS Warrants Each warrant entitles the holder to purchase one ordinary share at a price of $11.50 per share commencing 30 days after the completion of its initial business combination, and expiring five years from after the completion of an initial business combination. No fractional warrant will be issued and only whole warrants will trade. The Company may redeem the warrants at a price of $0.01 per warrant upon 30 days’ notice, only in the event that the last sale price of the ordinary shares is at least $16.50 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such warrants during the 30 day redemption period. If a registration statement is not effective within 60 days following the consummation of a business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. In addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.50 per share (with such issue price or effective issue price to be determined in good faith by our board of directors), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination, and (z) the volume weighted average trading price of the ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the last sales price of the ordinary shares that triggers the Company’s right to redeem the Warrants will be adjusted (to the nearest cent) to be equal to 165% of the Market Value.
EUDA Health Limited [Member]
Subsidiary or Equity Method Investee [Line Items]
Shareholder’s Equity		Note 15 – Shareholders’ equity Shareholder’s Equity Common stock The Company is authorized to issue 50,000,000 ordinary shares with no par value per share. On June 8, 2021, the Company issued 1 ordinary share for total consideration of $1.00. On July 24, 2021, the Company issued additional 999,999 ordinary shares for total consideration of $8.00. These shares were issued in connection with the Reorganization under EHL on August 3, 2021. All of the outstanding 1,000,000 ordinary shares is presented on the basis as if the Reorganization under EHL became effective as of the beginning of the first period presented on January 1, 2020. Capital contributions For the years ended December 31, 2021 and 2020, the Company’s shareholders made capital contributions of $0 and $35,112 to the Company’s wholly owned subsidiary, KRHSG, prior to the Reorganization, respectively.	Note 14 – Shareholders’ equity Shareholder’s Equity Common stock The Company is authorized to issue 50,000,000 ordinary shares with no par value per share. On June 8, 2021, the Company issued 1 ordinary share for total consideration of $1.00. On July 24, 2021, the Company issued additional 999,999 ordinary shares for total consideration of $8.00. These shares were issued in connection with the Reorganization under EHL on August 3, 2021. All of the outstanding 1,000,000 ordinary shares is presented on the basis as if the Reorganization under EHL became effective as of the beginning of the first period presented on January 1, 2020. On July 25, 2022, the Company issued additional 500,000 ordinary shares for total consideration of $500,000.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Schedule of Fair Value Assets

Recurring Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Oct. 31, 2022

Jul. 31, 2022

Fair Value Disclosures [Abstract]

			Quoted		Significant		Significant
			Prices		Other		Other
	Value		in Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
As of October 31, 2022	Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account – Money Market Fund	$	86,972,255	$	86,972,255	$	-	$	-
	$	86,972,255	$	86,972,255	$	-	$	-

			Quoted		Significant		Significant
			Prices		Other		Other
	Value		in Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
As of July 31, 2022	Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account – Money Market Fund	$	86,472,912	$	86,472,912	$	-	$	-
	$	86,472,912	$	86,472,912	$	-	$	-

Schedule of Fair Value Assets

			Quoted		Significant		Significant
			Prices		Other		Other
	Value		in Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments held in Trust Account – Money Market Fund	$	86,472,912	$	86,472,912	$	-	$	-
	$	86,472,912	$	86,472,912	$	-	$	-

Disposition of Subsidiary (Details Narrative) - EUDA Health Limited [Member] RM in Millions						6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 02, 2022 SGD ($)	Jul. 24, 2021 SGD ($)	Nov. 04, 2020 MYR (RM)	Dec. 01, 2019 USD ($)	Dec. 01, 2019 SGD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Initial consideration		$ 1.0		$ 2,748,931
Consideration received						$ 30,055		$ 30,055			$ 113,405
SEMA Agreement [Member]
Initial consideration	$ 1.0
Consideration received								$ 30,055
UG Digitech Private Limited [Member]
Ownership percentage			60.00%
Ownership percentage			98.30%
Kent Ridge Hill Private Limited [Member]
Ownership percentage			40.00%
UG Digital Sdn. Bhd. [Member]
Ownership percentage			60.00%								60.00%
UG Digitech Private Limited [Member]
Ownership equity interest percentage			98.30%
Kent Ridge Hill Private Limited [Member]
Ownership equity interest percentage			26.00%	100.00%	100.00%
Initial consideration			RM 2.0	$ 2,700,000	$ 3,700,000
UG Digital Sdn. Bhd. [Member]
Initial consideration											$ 0
Singapore Emergency Medical Assistance Private Limited [Member]
Ownership equity interest percentage	100.00%
Initial consideration	$ 1,000,000.0

Concentrations of risks (Details Narrative)	6 Months Ended		9 Months Ended		12 Months Ended
Concentrations of risks (Details Narrative)	Jun. 30, 2022 USD ($)	Jun. 30, 2021	Sep. 30, 2022 USD ($)	Sep. 30, 2021	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 31, 2022 USD ($)	Sep. 30, 2022 SGD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 2022 SGD ($)	Jul. 31, 2021 USD ($)
Concentration Risk [Line Items]
Cash balance							$ 265,852		$ 193,546
EUDA Health Limited [Member]
Concentration Risk [Line Items]
Cash balance	$ 245,017		$ 341,100		$ 189,996	$ 250,767
EUDA Health Limited [Member] \| Credit Risk [Member]
Concentration Risk [Line Items]
Deposits	57,000		57,000					$ 75,000		$ 75,000
Cash balance	202,273		309,180		180,746	242,653
Bank balance	$ 62,195		$ 191,061		$ 41,606	$ 69,617
Revenue from Contract with Customer Benchmark [Member] \| Customer Concentration Risk [Member] \| No Customer [Member] \| EUDA Health Limited [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%
Revenue from Contract with Customer Benchmark [Member] \| Customer Concentration Risk [Member] \| One Vendor [Member] \| EUDA Health Limited [Member]
Concentration Risk [Line Items]
Concentration risk percentage	15.70%	40.80%	10.10%	36.40%	37.30%	30.70%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| No Customer [Member] \| EUDA Health Limited [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%		10.00%		10.00%	10.00%
Accounts Payable [Member] \| Customer Concentration Risk [Member] \| One Vendor [Member] \| EUDA Health Limited [Member]
Concentration Risk [Line Items]
Concentration risk percentage	50.20%		16.40%		87.20%	99.50%

Schedule of Property and Equipment (Details) - EUDA Health Limited [Member] - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Subtotal	$ 143,304	$ 130,068	$ 180,672	$ 182,257
Less: accumulated depreciation	(107,113)	(106,710)	(123,745)	(91,127)
Total	36,191	23,358	56,927	91,130
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	121,273	125,300	144,051	144,901
Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	19,961	2,629	15,917	16,236
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Subtotal	$ 2,070	$ 2,139	$ 20,704	$ 21,120

Shareholder’s Equity (Details Narrative) - USD ($)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Jul. 25, 2022

Oct. 25, 2021

Jul. 31, 2021

Jul. 24, 2021

Jun. 14, 2021

Jun. 08, 2021

Apr. 12, 2021

Feb. 05, 2021

Jan. 22, 2021

Oct. 31, 2022

Jun. 30, 2022

Sep. 30, 2022

Jul. 31, 2022

Jul. 31, 2021

Dec. 31, 2020

Dec. 31, 2021

Common stock, shares authorized, unlimited

Unlimited

Common stock, no par value

$ 0

1,437,500

$ 25,000

$ 86,250,000

Warrant to purchase ordinary share, price per share

2,156,250

2,448,500

2,156,250

$ 11.50

Description of warrants issuance

No fractional warrants were issued and only whole warrants trade. The Company may redeem the warrants at a price of $0.01 per warrant upon 30 days’ notice, only in the event that the last sale price of the ordinary shares is at least $16.50 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such warrants during the 30 day redemption period. If a registration statement is not effective within 60 days following the consummation of the Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act.

No fractional warrant will be issued and only whole warrants will trade. The Company may redeem the warrants at a price of $0.01 per warrant upon 30 days’ notice, only in the event that the last sale price of the ordinary shares is at least $16.50 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such warrants during the 30 day redemption period. If a registration statement is not effective within 60 days following the consummation of a business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act.

Warrants redemption price

$ 0.01

Common Stock [Member]

^[1]

8,625,000

Common stock, no par value

$ 0

500,000

999,999

1,000,000

500,000

$ 500,000

$ 8.00

$ 1.00

$ 35,112

Common stock, shares authorized

1,000,000

1,500,000

1,000,000

50,000,000

Capital contributions

$ 35,112

$ 0

EUDA Health Limited [Member] | Common Stock [Member]

500,000

$ 500,000

$ 35,112

Series of Individually Immaterial Business Acquisitions [Member]

1,000,000

Business combination issue price

$ 9.50

Founder Shares [Member]

15,000

Sponsor [Member]

718,750

$ 12,500

Sponsor [Member] | Founder Shares [Member]

2,156,250

1,437,500

Over-Allotment Option [Member]

$ 25,000

Over-Allotment Option [Member] | Sponsor [Member] | Founder Shares [Member]

Shares issued, forfeited

187,500

281,250

Shares issued, forfeited

281,250

[1]

As of July 31, 2021, this number includes an aggregate of up to 281,250 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).

Disposition of Subsidiary

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Disposition of Subsidiary

Note 5 – Disposition of Subsidiaries

Disposition of Subsidiary

Disposition of UGSSB

On November 4, 2020, UG Digitech Private Limited (“UGD”), the Company’s 98.3% owned subsidiary, sold 60% of the equity interests in UG Digital Sdn. Bhd. (“UGDSB”) to two individuals, one unrelated third party and one related party who had 26% ownership in KRHPL, (“individual buyers”) for a total consideration of MYR 2.0 (“UGDSB transaction”). The UGDSB transaction result in a loss of control of the subsidiary while the Company retained 40% noncontrolling equity interest in UGDSB. UGDSB is not a significant subsidiary and the disposition of 60% of the equity interests in UGDSB did not constitute a strategic shift that would have a major effect on the Company’s operations and financial results. As a result, the results of operations for UGDSB were not reported as discontinued operations under the guidance of ASC 205 “Presentation of Financial Statements.” For the year ended December 31, 2020, the Company recognized a gain of $113,405 on the disposal of the 60% of the equity (deficit) interests in UGDSB under other income. In addition, the Company considered the retained value of $0 as part of the Company’s impairment assessment immediately prior to the disposal date since UGDSB has been operating at losses with accumulated deficit.

Disposition of TGC

On March 1, 2022, SEMA, the Company’s wholly owned subsidiary, sold 100% of the equity interest in TGC to an unrelated individual third party for a total consideration of SG$ 1.0 (“TGC transaction”). TGC is not a significant subsidiary and the disposition of all of the equity interests in TGC did not constitute a strategic shift that would have a major effect on the Company’s operations and financial results. As a result, the results of operations for TGC were not reported as discontinued operations under the guidance of ASC 205 “Presentation of Financial Statements.” For the six months ended June 30, 2022, the Company recognized a gain of $30,055 on the disposal of all of the equity (deficit) interests in TGC.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Note 4 – Disposition of Subsidiary

Disposition of TGC

On March 1, 2022, SEMA, the Company’s wholly owned subsidiary, sold 100% of the equity interest in TGC to an unrelated individual third party for a total consideration of SG$ 1.0 (“TGC transaction”). TGC is not a significant subsidiary and the disposition of all of the equity interests in TGC did not constitute a strategic shift that would have a major effect on the Company’s operations and financial results. As a result, the results of operations for TGC were not reported as discontinued operations under the guidance of ASC 205 “Presentation of Financial Statements.” For the nine months ended September 30, 2022, the Company recognized a gain of $30,055 on the disposal of all of the equity (deficit) interests in TGC.

Liquidity (Details Narrative) - USD ($)	Oct. 31, 2022	Sep. 30, 2022	Jul. 31, 2022	Jun. 30, 2022
Working capital deficit		$ 4,000,000.0
Cash	$ 265,852	300,000	$ 193,546
EUDA Health Limited [Member]
Working capital deficit		4,000,000.0		$ 3,800,000
Cash		$ 300,000		$ 200,000

Segment information

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Segment information

Note 20 – Segment information

The Company presents segment information after elimination of inter-company transactions. In general, revenue, cost of revenue and operating expenses are directly attributable, or are allocated, to each segment. The Company allocates costs and expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage, revenue or headcount, depending on the nature of the relevant costs and expenses. The Company does not allocate assets to its segments as the Chief Operating Decision Maker (“CODM”) does not evaluate the performance of segments using asset information.

The following tables present the summary of each segment’s revenue, loss from operations, loss before income taxes and net loss which is considered as a segment operating performance measure, for the six months ended June 30, 2022 and 2021 and for the years ended December 31, 2021 and 2020:

	Medical			Management
	For the Six Months Ended June 30, 2022
				Property
	Medical			Management
	Services			Services		Consolidated
	(Unaudited)			(Unaudited)		(Unaudited)
Revenues	$	2,994,846		$	2,100,214	$	5,095,060
Income (loss) from operations	$	(1,667,707	)	$	7,722	$	(1,659,985	)
Income (loss) before income taxes	$	(1,728,395	)	$	190,781	$	(1,537,614	)
Net income (loss)	$	(1,769,586	)	$	134,019	$	(1,635,567	)

	Medical			Management
	For the Six Months Ended June 30, 2021
				Property
	Medical			Management
	Services			Services		Consolidated
	(Unaudited)			(Unaudited)		(Unaudited)
Revenues	$	2,849,471		$	2,308,631	$	5,158,102
Income (loss) from operations	$	(845,638	)	$	164,915	$	(680,723	)
Income (loss) before income taxes	$	(907,030	)	$	2,305,515	$	1,398,485
Net income (loss)	$	(907,030	)	$	2,252,864	$	1,345,834

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

	Medical			Management
	For the Year Ended December 31, 2021
				Property
	Medical			Management
	Services			Services			Consolidated
Revenues	$	5,986,030		$	4,558,520		$	10,544,550
Loss from operations	$	(1,186,885	)	$	(41,342	)	$	(1,228,227	)
Income (loss) before income taxes	$	(1,239,438	)	$	2,187,975		$	948,537
Net income (loss)	$	(1,241,091	)	$	2,141,487		$	900,396

	Medical			Management
	For the Year Ended December 31, 2020
				Property
	Medical			Management
	Services			Services		Consolidated
Revenues	$	4,320,698		$	4,554,681	$	8,875,379
Income (loss) from operations	$	(973,458	)	$	79,902	$	(893,556	)
Income (loss) before income taxes	$	(738,188	)	$	984,637	$	246,449
Net income (loss)	$	(738,188	)	$	937,160	$	198,972

The accounting principles for the Company’s revenue by segment are set out in Note 3.

As of June 30, 2022, the Company’s total assets were composed of $1,943,236 (Unaudited) for medical services and $5,107,776 (Unaudited) for property management services.

As of December 31, 2021, the Company’s total assets were composed of $1,586,589 for medical services and $6,412,439 for property management services.

As of December 31, 2020, the Company’s total assets were composed of $1,555,801 for medical service and $4,322,660 for property management services.

As substantially all of the Company’s long-lived assets are located in Singapore and all of the Company’s revenue is derived from Singapore, no geographical information is presented

Note 19 – Segment information

The Company evaluates performance and determines resource allocations based on a number of factors with the primary measurements being revenues and income/loss from operations of the Company’s two reportable divisions: 1) Medical Services and 2) Property Management Services.

The following tables present the summary of each segment’s revenue, loss from operations, income (loss) before income taxes and net income (loss) which is considered as a segment operating performance measure, for the nine months ended September 30, 2022 and 2021:

	Medical			Management
	For the Nine Months Ended September 30, 2022
				Property
	Medical			Management
	Services			Services			Corporate			Consolidated
	(Unaudited)			(Unaudited)						(Unaudited)
Revenues	$	4,465,667		$	2,940,761		$	-		$	7,406,428
Loss from operations	$	(707,164	)	$	(111,052	)	$	(1,567,820	)	$	(2,386,036	)
Income (loss) before income taxes	$	(887,726	)	$	153,207		$	(1,567,820	)	$	(2,302,339	)
Net income (loss)	$	(884,803	)	$	75,759		$	(1,567,820	)	$	(2,376,864	)

	Medical			Management
				For the Nine Months Ended September 30, 2021
				Property
	Medical			Management
	Services			Services		Corporate		Consolidated
	(Unaudited)			(Unaudited)				(Unaudited)
Revenues	$	4,434,617		$	3,417,110	$	-	$	7,851,727
Income (loss) from operations	$	(1,040,144	)	$	11,362	$	-	$	(1,028,782	)
Income (loss) before income taxes	$	(1,118,171	)	$	2,198,340	$	-	$	1,080,169
Net income (loss)	$	(1,118,171	)	$	2,148,486	$	-	$	1,030,315

The accounting principles for the Company’s revenue by segment are set out in Note 3.

As of September 30, 2022, the Company’s total assets were composed of $2,203,559 (Unaudited) for medical services and $4,474,605 (Unaudited) for property management services.

As of December 31, 2021, the Company’s total assets were composed of $1,586,589 for medical services and $6,412,439 for property management services.

As substantially all of the Company’s long-lived assets are located in Singapore and all of the Company’s revenue is derived from Singapore, no geographical information is presented.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Recurring Fair Value Measurements (Details Narrative) - USD ($)	Oct. 31, 2022	Jul. 31, 2022
Fair Value Disclosures [Abstract]
Cash held in Trust account	$ 86,972,255	$ 86,472,912

Subsequent Events

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2022

Jun. 30, 2022

Sep. 30, 2022

Jul. 31, 2022

Subsequent Events

Note 9 - Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to November 21, 2022, the date the unaudited condensed financial statements were available to be issued. Based upon the review, except as disclosed below, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements.

Redemption of Ordinary Shares

As of November 14, 2022, the end of the redemption period for the Ordinary Shares issued as part of the units in the Company’s IPO consummated on November 24, 2021, an aggregate of 6,033,455 Ordinary Shares were tendered for redemption in connection with the Special Meeting. The final redemption price was $10.0837 per share redeemed with the total redemption value of approximately $60.8 million.

Forward Purchase Agreement

On November 1, 2022, the Company and Greentree Financial Group, Inc., a Florida corporation “Greentree”) entered into an agreement (the “Forward Purchase Agreement”) pursuant to which, among other things, (a) Greentree intends, but is not obligated, to purchase the Company’s Ordinary Shares, after the date of the Forward Purchase Agreement from holders of the Ordinary Shares, other than the Company or its affiliates, who have redeemed their Ordinary Shares or indicated an interest in redeeming the Ordinary Shares they hold pursuant to the redemptions rights set forth in the Company’s Current Charter in connection with the Business Combination; and (b) Greentree has agreed to waive any redemption rights in connection with the Business Combination with respect to any Ordinary Shares it purchases in accordance with the Forward Purchase Agreement. Such waiver by Greentree may reduce the number of Ordinary Shares redeemed in connection with the Share Purchase, which reduction could alter the perception of the potential strength of the Business Combination transaction contemplated by the SPA. To the extent Greentree purchases the Company’s Ordinary Shares in accordance with the Forward Purchase Agreement, Greentree may elect to sell and transfer to the Company, and the Company has agreed to purchase, in the aggregate up to 125,000 Ordinary Shares (the “Investor Shares”) then held by Greentree on the sixty (60) day anniversary of the date of the closing of the Share Purchase, and pay Greentree at a price of $10.41 per Investor Share (the “Investor Shares Purchase Price”), out of the funds held in the Trust Account, the Escrowed Funds.

On November 9, 2022, 8i and Greentree entered into a Termination Agreement terminating the Forward Purchase Agreement.

Prepaid Forward Agreements

On November 9, 2022, the Company, EUDA and certain institutional investor (the “Seller 1”) entered into an agreement (the “Prepaid Forward Agreement 1”) for an equity prepaid forward transaction (the “Prepaid Forward Transaction 1”). Pursuant to the terms of the Prepaid Forward Agreement 1, Seller 1 may (i) purchase through a broker in the open market, from holders of Shares (as defined below) other than the Company or affiliates thereof, the Company’s ordinary shares, no par value, (the “Shares”), or (ii) reverse Seller 1’s prior exercise of redemption rights as to Shares in connection with the Business Combination (all such purchased or reversed Shares, the “Recycled Shares 1”). While Seller 1 has no obligation to purchase any Shares under the Prepaid Forward Agreement 1, the aggregate total Recycled Shares 1 that may be purchased or reversed under the Prepaid Forward Agreement 1 shall be no more than 1,400,000 shares. Seller 1 agreed to hold the Recycled Shares 1, for the benefit of (a) the Company until the closing of the Business Combination (the “Closing”) and (b) EUDA after the Closing (each a “Counterparty”). Seller 1 also may not beneficially own greater than 9.9% of issued and outstanding Shares following the Business Combination.

On November 13, 2022, the Company, EUDA Health and certain institutional investor (the “Seller 2”) entered into another agreement (the “Prepaid Forward Agreement 2”) for an equity prepaid forward transaction (the “Prepaid Forward Transaction 2”). Pursuant to the terms of the Prepaid Forward Agreement 2, Seller 2 may (i) purchase through a broker in the open market, from holders of Shares (as defined below) other than the Company or affiliates thereof, the Company’s Shares, or (ii) reverse Seller 2’s prior exercise of redemption rights as to Shares in connection with the Business Combination (all such purchased or reversed Shares, the “Recycled Shares 2”). While Seller 2 has no obligation to purchase any Shares under the Prepaid Forward Agreement 2, the aggregate total Recycled Shares 2 that may be purchased or reversed under the Prepaid Forward Agreement 2 shall be no more than 1,125,000 shares. Seller 2 agreed to hold the Recycled Shares 2 for the benefit of (a) the Company until the closing of the Business Combination (the “Closing”) and (b) EUDA after the Closing (each a “Counterparty”). Seller 2 also may not beneficially own greater than 9.9% of issued and outstanding Shares following the Business Combination.

Waiver Agreement to the SPA

On each of November 7, 2022 and November 15, 2022, 8i and the Seller entered into a Waiver Agreement (the “Waiver Agreements”) waiving among other things, the following conditions to closing of the SPA (the “Closing”), effective as of the date of Closing:

● that United Overseas Bank Limited has consented in writing to the consummation of the SPA under each of the Banking Facility Agreement dated August 21, 2019 between Kent Ridge Healthcare Singapore Private Limited (formerly known as Sheares HMO Private Limited) and United Overseas Bank Limited and the Deed of Debenture dated October 16, 2019 between Kent Ridge Healthcare Singapore Private Limited and United Overseas Bank Limited;

● that Funding Societies Private Limited has consented in writing to the consummation of the Transaction under the Note issuance agreement (bolt term financing) dated February 23, 2022, along with the investment note certificate dated February 24, 2022 representing the aggregate value of SGD100,000 between Kent Ridge Healthcare Singapore Private Limited as issuer, Chen Weiwen Kelvin as guarantor, Funding Societies Private Limited as an agent acting on behalf of the investors, and DBS Bank Limited Singapore as escrow agent;

● that EUDA will have aggregate cash equal to or exceed $10.0 million immediately prior to Closing;

● that certain designees of the Seller, who will receive an aggregate of 1,000,000 ordinary shares of the Company at Closing will be required to sign the Lock-Up Agreement; and

● that Kent Ridge Health Private Limited shall have irrevocably amended its organizational documents to remove “Kent Ridge” from its official name; and

● that the Purchaser shall cause the Company to obtain and fully pay the premium for the “tail” insurance policies for the extension of the directors’ and officers’ liability coverage of the Company’s existing directors’ and officers’ insurance policy and the Company’s existing fiduciary liability insurance policies.

Settlement Agreements

On November 17, 2022, the Company executed a settlement agreement with one of its vendors (“Vendor 1”) reflecting the agreed terms of addition terms and fees of $300,000, which is set forth in a Promissory Note (“Note 1”) with maturity date on November 17, 2023 and subject to the terms and conditions of certain letter agreement. The Company shall issue 60,000 restricted ordinary shares to the Vendor 1 at an assumed price of $5.00 per Share. In the event that the Note 1 is paid in full, the Vendor 1 shall return all 60,000 shares to the Company for cancellation. If any shares sold prior to the maturity date of the Note 1, it shall reduce the amount due and owing under the Note 1. In the event the principal amount of $300,000 is not paid in full on or prior to November 17, 2023, such amounts shall automatically be converted into the Company’s ordinary shares with conversion price using the five day volume-weighted average price of the Company’s ordinary shares immediately preceding November 17, 2023.

Promissory Notes

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $2,113,125 due on November 17, 2023 with one of its vendors. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amounts shall automatically be converted into the Company’s ordinary shares with conversion price of $5.00 per share.

On November 17, 2022, the Company executed a promissory note (“Note 2”) in the principal amount of $170,000 due on February 15, 2023 with one of EUDA’s vendors. Note 2 shall bear no interest. From and after February 15, 2023, if any amount payable is not paid when due, such Note 2 will bear a 15% interest rate per annum until paid in full.

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $82,600 due on November 17, 2023 with the Company’s Sponsor. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amount shall automatically be converted into the Company’s ordinary shares with conversion price using the five day volume-weighted average price of the Company’s ordinary shares immediately preceding November 17, 2023.

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $87,500 due on November 17, 2023 with one of EUDA Health’s vendors. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amounts shall automatically be converted into the Company’s ordinary shares with conversion price using the five day volume-weighted average price of the Company’s ordinary shares immediately preceding November 17, 2023.

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $119,000 due on November 17, 2023 with one of EUDA Health’s vendors. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amount shall automatically be converted into the Company’s ordinary shares with conversion price using the five day volume-weighted average price of the Company’s ordinary shares immediately preceding November 17, 2023.

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $700,000 due on November 17, 2023 with Mr. Meng Dong (James) Tan, the Company’s former Chief Executive Officer and Chairman of the Company’s board of directors. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amount shall automatically be converted into the Company’s ordinary shares with conversion price using the five day volume-weighted average price of the Company’s ordinary shares immediately preceding November 17, 2023.

Completion of the Business Combination

On November 17, 2022, the Company completed the closing of the Business Combination with EUDA Health.

Note 9 - Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to August 29, 2022, the date the financial statements was available to be issued. Based upon the review, except as disclosed below, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.

On August 16, 2022, the Company entered into a promissory note with Mr. Tan for $200,000 (the “August Note”, together with the January Note and the March Note, collectively, the “Promissory Notes”). The Promissory Notes were non-interest bearing and payable promptly after the date on which the Company consummates an Initial Business Combination.

Summary of Significant Accounting Policies

Subsequent Events

Note 21 – Subsequent events

Subsequent Events

The Company evaluated all events and transactions that occurred after June 30, 2022 up through the date the Company issued these consolidated financial statements on August 12, 2022. The Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statement.

Note 20 – Subsequent events

Subsequent Events

The Company evaluated all events and transactions that occurred after September 30, 2022 up through the date the Company issued these unaudited condensed consolidated financial statements on November 23, 2022. Except as disclosed below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statement.

Settlement Agreements

On November 17, 2022, the Company executed a settlement agreement with one of 8i acquisition’s vendors (“Vendor 1”) reflecting the agreed terms of addition terms and fees of $300,000, which shall be set forth in a promissory note with maturity date on November 17, 2023 and subject to the terms and conditions of certain letter agreement. The Company issued 60,000 restricted ordinary shares to the Vendor 1 at an assumed price of $5.00 per share. In the event that the promissory note is paid in full, the Vendor 1 shall return all 60,000 shares to the Company for cancellation. Any shares sold prior to the maturity date of the promissory note, it shall reduce the amount due and owing under the promissory note.

Promissory Notes

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $2,113,125 due on November 17, 2023 with one of 8i Acquisition’s vendors. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amounts shall automatically be converted into 8i Acquisition’s ordinary shares with conversion price of $5.00 per share.

On November 17, 2022, the Company executed a promissory note in the principal amount of $170,000 due on February 15, 2023 with one of the Company’s vendors. The promissory note shall bear no interest. From and after February 15, 2023, if any amount payable is not paid when due, such promissory note will bear a 15% interest rate per annum until paid in full.

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $82,600 due on November 17, 2023 with 8i Acquisition’s Sponsor. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amount shall automatically be converted into 8i Acquisition’s ordinary shares with conversion price using the five day volume-weighted average price of 8i Acquisition’s ordinary shares immediately preceding November 17, 2023.

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $87,500 due on November 17, 2023 with one of the Company’s vendors. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amounts shall automatically be converted into 8i Acquisition’s ordinary shares with conversion price using the five day volume-weighted average price of 8i Acquisition’s ordinary shares immediately preceding November 17, 2023.

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $119,000 due on November 17, 2023 with one of the Company’s vendors. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amount shall automatically be converted into 8i Acquisition’s ordinary shares with conversion price using the five day volume-weighted average price of 8i Acquisition’s ordinary shares immediately preceding November 17, 2023.

On November 17, 2022, the Company executed a convertible promissory note in the principal amount of $700,000 due on November 17, 2023 with Mr. Meng Dong (James) Tan, 8i Acquisition’s former Chief Executive Officer and former Chairman of 8i Acquisition’s board of directors. In the event the principal amount is not paid in full on or prior to November 17, 2023, such amount shall automatically be converted into 8i Acquisition’s ordinary shares with conversion price using the five day volume-weighted average price of 8i Acquisition’s ordinary shares immediately preceding November 17, 2023.

Prepaid Forward Agreements

On November 9, 2022, 8i Acquisition, the Company and certain institutional investor (the “Seller 1”) entered into an agreement (the “Prepaid Forward Agreement 1”) for an equity prepaid forward transaction (the “Prepaid Forward Transaction 1”). Pursuant to the terms of the Prepaid Forward Agreement 1, Seller 1 may (i) purchase through a broker in the open market, from holders of Shares (as defined below) other than 8i Acquisition or affiliates thereof, 8i Acquisition’s ordinary shares, no par value, (the “Shares”), or (ii) reverse Seller 1’s prior exercise of redemption rights as to Shares in connection with the Business Combination (all such purchased or reversed Shares, the “Recycled Shares 1”). While Seller 1 has no obligation to purchase any Shares under the Prepaid Forward Agreement 1, the aggregate total Recycled Shares 1 that may be purchased or reversed under the Prepaid Forward Agreement 1 shall be no more than 1,400,000 shares. Seller 1 has agreed to hold the Recycled Shares 1, for the benefit of (a) 8i Acquisition until the closing of the Business Combination (the “Closing”) and (b) the Company after the Closing (each a “Counterparty”). Seller 1 also may not beneficially own greater than 9.9% of issued and outstanding Shares following the Business Combination.

On November 13, 2022, 8i Acquisition, the Company and certain institutional investor (the “Seller 2”) entered into another agreement (the “Prepaid Forward Agreement 2”) for an equity prepaid forward transaction (the “Prepaid Forward Transaction 2”). Pursuant to the terms of the Prepaid Forward Agreement 2, Seller 2 may (i) purchase through a broker in the open market, from holders of Shares (as defined below) other than 8i Acquisition or affiliates thereof, 8i Acquisition’s Shares, or (ii) reverse Seller 2’s prior exercise of redemption rights as to Shares in connection with the Business Combination (all such purchased or reversed Shares, the “Recycled Shares 2”). While Seller 2 has no obligation to purchase any Shares under the Prepaid Forward Agreement 2, the aggregate total Recycled Shares 2 that may be purchased or reversed under the Prepaid Forward Agreement 2 shall be no more than 1,125,000 shares. Seller 2 has agreed to hold the Recycled Shares 2 for the benefit of (a) 8i Acquisition until the closing of the Business Combination and (b) the Company after the Closing (each a “Counterparty”). Seller 2 also may not beneficially own greater than 9.9% of issued and outstanding Shares following the Business Combination.

Schedule of Estimated Useful Lives (Details) - EUDA Health Limited [Member]	6 Months Ended	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2022
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years	3 years
Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years	3 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	Shorter of the lease term or 5 years	Shorter of the lease term or 5 years

Summary of Significant Accounting Policies

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2022

Jun. 30, 2022

Sep. 30, 2022

Jul. 31, 2022

Note 2 - Significant Accounting Policies

Basis of Presentation

Emerging Growth Company Status

Use of Estimates

Cash and Cash Equivalents

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Investments Held in Trust Account

Concentration of credit risk

Offering Costs Associated with the IPO

Ordinary Shares Subject to Possible Redemption

Net Loss Per Ordinary Shares

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

The earnings per share presented in the statements of operations is based on the following:

Schedule of Earnings Per Share

	For the Three Months Ended October 31, 2022			For the Three Months Ended October 31, 2021
Net income (loss)	$	201,012		$	(45,587	)
Accretion of temporary equity to redemption value		(499,343	)		-
Net loss including accretion of temporary equity to redemption value	$	(298,331	)	$	(45,587	)

	Redeemable			Non-redeemable
	For the Three Months Ended October 31, 2022
	Redeemable			Non-redeemable
Basic and diluted net income (loss) per ordinary share:
Numerator:
Allocation of net loss including accretion of temporary equity	$	(232,366	)	$	(65,965	)
Accretion of temporary equity to redemption value		499,343			-
Allocation of net income (loss)	$	266,977		$	(65,965	)

Denominator:
Weighted average shares outstanding		8,625,000			2,448,500
Basic and diluted net income (loss) per ordinary share	$	0.03		$	(0.03	)

	Redeemable		Non-redeemable
	For the Three Months Ended October 31, 2021
	Redeemable		Non-redeemable
Basic and diluted net loss per ordinary share:
Numerator:
Net loss	$	-	$	(45,587	)

Denominator:
Weighted average shares outstanding		-		1,875,000	⁽¹⁾
Basic and diluted net loss per ordinary share	$	-	$	(0.02	)

(1)	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).

Fair Value of Financial Instruments

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

	●	Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

	●	Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

	●	Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Income Taxes

Recent Accounting Pronouncements

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 2 - Significant Accounting Policies

Basis of Presentation

Emerging Growth Company Status

The Company is an emerging growth company as defined by Section 2(a) of the JOBS Act and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but no limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosures obligations regarding executive compensation in its periodic reports and proxy statements, and exceptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payment not previously approved.

Use of Estimates

Cash and Cash Equivalents

Investments Held in Trust Account

At July 31, 2022, the Company had $86,472,912 held in the Trust Account, including $222,912 dividends earned on cash and marketable securities held in the Trust Account.

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

Concentration of credit risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. As of July 31, 2022 and 2021, the Company had not experienced losses on this account.

Offering Costs Associated with the IPO

Offering costs consist of underwriting, legal, accounting, registration and other expenses incurred through the balance sheet date that are directly related to the IPO. Offering costs totaled $5,876,815 consisting of $1,725,000 of underwriting fees, $3,018,750 of deferred underwriting fees, $649,588 of other expenses, and an excess of fair value of representative’s purchase option of $483,477. The Company complies with the requirements of Accounting Standards Codification (“ASC”) 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”. The Company allocates offering costs between public shares, public warrants and public rights based on the estimated fair values of public shares, public warrants and public rights at the date of issuance. Offering costs associated with the ordinary shares are allocated between permanent equity and temporary equity.

Ordinary Shares Subject to Possible Redemption

Net Loss Per Ordinary Shares

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable ordinary share and income (loss) per non-redeemable share following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to both the redeemable ordinary shares and the non-redeemable shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 71% for the redeemable ordinary shares and 29% for the non-redeemable shares for the year ended July 31, 2022.

The earnings per share presented in the statements of operations is based on the following:

Schedule of Earnings Per Share

	For the Year Ended July 31, 2022
Net loss	$	(1,762,838	)
Accretion of temporary equity to redemption value		(14,695,090	)
Net loss including accretion of temporary equity to redemption value	$	(16,457,928	)

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

	Redeemable			Non-redeemable
	For the Year Ended July 31, 2022
	Redeemable			Non-redeemable
Basic and diluted net income (loss) per ordinary share:
Numerator:
Allocation of net loss including accretion of temporary equity	$	(11,752,725	)	$	(4,705,203	)
Accretion of temporary equity to redemption value		14,695,090			-
Allocation of net income (loss)	$	2,942,365		$	(4,705,203	)

Denominator:
Weighted average shares outstanding		5,883,904			2,355,621
Basic and diluted net income (loss) per ordinary share	$	0.50		$	(2.00	)

	Redeemable		Non-redeemable
	For the Period from January 21, 2021 (inception) through July 31, 2021
	Redeemable		Non-redeemable
Basic and diluted net loss per ordinary share:
Numerator:
Net loss	$	-	$	(8,377	)

Denominator:
Weighted average shares outstanding		-		1,875,000	⁽¹⁾
Basic and diluted net loss per ordinary share	$	-	$	(0.00	)

(1)	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).

Fair Value of Financial Instruments

	●	Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

	●	Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

	●	Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statements recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company has identified the British Virgin Islands as its only “major” tax jurisdiction, as defined. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Since the Company was incorporated on January 21, 2021, the evaluation was performed for the period from January 21, 2021 (inception) to July 31, 2021 and for the year ended July 31, 2022 which will be the only periods subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income tax expense. No interest or penalties were incurred for the year ended July 31, 2022 and for the period from January 21, 2021 (inception) to July 31, 2021.

Recent Accounting Pronouncements

Summary of Significant Accounting Policies

Note 3 – Summary of significant accounting policies

Basis of presentation

Principles of consolidation

Use of estimates

Foreign currency translation and transaction

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:

	2022		2021		2021		2020
	As of and for the six months ended June 30,				As of and for the years ended December 31,
	2022		2021		2021		2020

Period-end SGD: US$1 exchange rate		1.39		-		1.35		1.32
Period-end VND: US$1 exchange rate		23,265.00		-		22,855.00		23,080.00
Period-end MYR: US$1 exchange rate*		4.41		-		-		-
Period-average SGD: US$1 exchange rate		1.36		1.33		1.34		1.38
Period-average VND: US$1 exchange rate		22,923.19		23,045.27		22,935.24		23,233.50
Period-average MYR: US$1 exchange rate*		4.27		-		-		-

*	The Company did not have any Malaysia subsidiary prior to April 19, 2022.

Business combinations and non-controlling interests

Segment reporting

Cash

Cash represent cash on hand and demand deposits placed with banks or other financial institutions which are unrestricted as to withdrawal or use and have original maturities less than three months.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Accounts receivable, net

Other receivables

Prepaid expenses and other current assets

Property and equipment, net

Schedule of Estimated Useful Lives

		Expected useful lives
Office equipment		3 years
Medical equipment		3 years
Leasehold improvement		Shorter of the lease term or 5 years

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Intangible assets, net

Categories		Useful life
Customer relationships		6 years

Goodwill

For the six months ended June 30, 2022 and 2021 (Unaudited) and for the years ended December 31, 2021 and 2020, no impairment was recorded against goodwill.

Impairment for long-lived assets

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Revenue recognition

Revenue recognition policies for each type of revenue stream are as follows:

(1) Medical Services

- Performance obligations satisfied at a point in time

The Company recognizes the medical services revenue when the control of the specified services is transferred to its customer, which at a point in time at the time of the visit.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

(2) Product Sales

- Performance obligations satisfied at a point in time

The Company purchases, sells, and installs facial recognition and temperature measurement monitor system to corporate customer. The Company recognized the products revenue when control of the product is passed to the customer, which is the point in time that the customers are able to direct the use of and obtain substantially all of the economic benefit of the goods after the installation by the Company’s technician. The transfer of control typically occurs at a point in time based on consideration of when the customer has an obligation to pay for the goods, and physical possession of, legal title to, and the risks and rewards of ownership of the goods has been transferred, and the customer has accepted the goods. Revenue is recognized net of estimates of variable consideration, including product returns, customer discounts and allowance. Historically, the Company has not experienced any significant returns.

(3) Property Management Services

- Performance obligations satisfied over a period of time

The Company provides common area management services in shopping malls, business office building, or residential apartments to all tenants and property owners. Common area management services include security, cleaning, landscaping, public facilities maintenance and other traditional services provided by a property management office.

Since the performance obligations in the property management agreement are identical with the terms of property management agreement, the Company recognizes the property management income on a straight-line basis over the terms of the management agreement, generally over one year period.

The Company has elected to apply the practical expedient to expense costs as incurred for incremental costs to obtain a contract when the amortization period would have been one year or less.

Disaggregated information of revenues by products/services are as follows:

June 30, 2022 June 30, 2021 December 31,
2021 December 31,
2020

For the Six Months Ended For the Years Ended

June 30, 2022 June 30, 2021 December 31,
2021 December 31,
2020

(Unaudited) (Unaudited)

Medical services – specialty care $ 2,924,592 $ 2,530,758 $ 5,010,837 $ 3,791,457

Medical services – general practice 62,466 54,970 712,712 33,089

Medical services – general practice (related parties) 135 3,310 4,640 8,085

Medical services – subtotal 2,987,193 2,589,038 5,728,189 3,832,631

Product sales 7,653 260,433 257,841 488,067

Property management service 1,572,532 1,804,983 3,508,663 3,614,936

Property management service – security 527,682 503,648 1,049,857 939,745

Property management service 2,100,214 2,308,631 4,558,520 4,554,681

Total revenues $ 5,095,060 $ 5,158,102 $ 10,544,550 $ 8,875,379

Cost of revenues

(1) Medical Services

Cost of revenues mainly consists of medical supplies purchased and medical service was provided by Cadence Health Pte. Ltd., a related party, prior to March 2022. Medical supplies purchased and medical service provided by the third party service providers were insignificant prior to March 2022. Beginning in April 2022, cost of revenues mainly consists of medical supplies purchased and medical service are provided by third party service providers.

(2) Product Sales

Cost of revenues mainly consists of medical product or equipment purchased for resale.

(3) Property Management Services

Cost of revenues mainly consists of labor expenses incurred attributable to property management service.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Disaggregated information of cost of revenues by products/services are as follows:

June 30, 2022 June 30, 2021 December 31,
2021 December 31,
2020

For the Six Months Ended For the Years Ended

June 30,
2022 June 30,
2021 December 31,
2021 December 31,
2020

(Unaudited) (Unaudited)

Medical services – specialty cares $ 1,049,786 $ 36,755 $ 46,849 $ 78,718

Medical services – specialty cares (related party) 496,383 1,233,513 2,349,702 1,532,119

Medical services – general practices 17,269 19,193 427,908 33,050

Medical services – subtotal 1,563,438 1,289,461 2,824,459 1,643,887

Product sales 9,491 132,512 167,202 224,021

Property management services 1,162,882 1,195,638 2,461,981 2,432,898

Property management services – security 427,361 404,245 846,555 684,286

Property management services 1,590,243 1,599,883 3,308,536 3,117,184

Total cost of revenues $ 3,163,172 $ 3,021,856 $ 6,300,197 $ 4,985,092

Advertising costs

Advertising costs amounted to $163,989 (Unaudited) and $150,261 (Unaudited) for the six months ended June 30, 2022 and 2021, respectively. Advertising costs amounted to $270,361 and $165,883 for the years ended December 31, 2021 and 2020, respectively.

Research and development

Research and development expenses include salaries and other compensation-related expenses to the Company’s research and product development personnel, and related expenses for the Company’s research and product development team. Research and development expenses amounted to $10,141 (Unaudited) and $78,639 (Unaudited) for the six months ended June 30, 2022 and 2021, respectively. Research and development expenses amounted to $129,265 and $158,011 for the years ended December 31, 2021 and 2020, respectively.

Defined contribution plan

The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Total expenses for the plans were $264,699 (Unaudited) and $288,410 (Unaudited) for the six months ended June 30, 2022 and 2021, respectively. Total expenses for the plans were $574,535 and $528,931 for the years ended December 31, 2021 and 2020, respectively.

The related contribution plans include:

Singapore subsidiaries

- Central Provident Fund (“CPF”) – 17.00% based on employee’s monthly salary for employees aged 55 and below, reduces progressively to 7.5% as age increase;

-Skill Development Levy (“SDL”) – up to 0.25% based on employee’s monthly salary capped $8.3 (SGD 11.25).

Vietnam subsidiary

- Social Insurance Fund (“SIF”) – 20% based on employee’s monthly salary;

- Trade Union Fee – 2.00% of SIF

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Goods and services taxes (“GST”)

Revenue represents the invoiced value of service, net GST. The GST are based on gross sales price. GST rate is generally 7% in Singapore. Entities that are GST general taxpayers are allowed to offset qualified input GST paid to suppliers against their output GST liabilities. Net GST balance between input GST and output GST is recorded in tax payable.

Income taxes

The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is calculated using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable income will be utilized with prior net operating loss carried forwards using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be utilized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities.

An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the six months ended June 30, 2022 and 2021 (Unaudited) and for the years ended December 31, 2021 and 2020.

The Company conducts much of its business activities in Singapore and is subject to tax in its jurisdiction. As a result of its business activities, the Company’s subsidiaries file separate tax returns that are subject to examination by the foreign tax authorities.

Comprehensive income

Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.

Earnings per share

The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Fair value measurements

Fair value is defined as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. When determining the fair value measurements for assets and liabilities, we consider the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The following summarizes the three levels of inputs required to measure fair value, of which the first two are considered observable and the third is considered unobservable:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value for certain assets and liabilities such as cash, accounts receivable, other receivables, prepaid expenses and other current assets, short term loans, accounts payable, other payables and accrued liabilities, and tax payables have been determined to approximate carrying amounts due to the short maturities of these instruments. The Company believes that its long-term loan to third party approximates the fair value based on current yields for debt instruments with similar terms.

Leases

The Company accounts for leases in accordance with ASC 842. The Company entered into two agreements as a lessee to lease office equipment for general and administrative operations. If any of the following criteria are met, the Company classifies the lease as a finance lease:

● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;

● The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;

● The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;

● The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or

● The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

Leases that do not meet any of the above criteria are accounted for as operating leases.

The Company combines lease and non-lease components in its contracts under Topic 842, when permissible.

Finance and operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its finance or operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

The finance or operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognizes the finance leases ROU assets and interest on an amortized cost basis. The amortization of finance ROU assets is recognized on an accretion basis as amortization expense, while the lease liability is increased to reflect interest on the liability and decreased to reflect the lease payments made during the period. Interest expense on the lease liability is determined each period during the lease term as the amount that results in a constant periodic interest rate of the office equipment on the remaining balance of the liability.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows. For the six months ended June 30, 2021 (Unaudited) and 2020 (Unaudited) and for the years ended December 31, 2021 and 2020, the Company did not recognize impairment loss on its finance and operating lease ROU assets.

Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Recent accounting pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as an emerging growth company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company is currently evaluating the impact of this new standard on Company’s consolidated financial statements and related disclosures.

In October 2020, the FASB issued ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs”. The amendments in this Update represent changes to clarify the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. ASU 2020-08 is effective for the Company for annual and interim reporting periods beginning January 1, 2021. Early adoption was permitted, including adoption in an interim period. All entities should apply the amendments in this Update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. These amendments do not change the effective dates for Update 2017-08. The adoption of this standard on January 1, 2021 did not have a material impact on its consolidated financial statements.

In October 2020, the FASB issued ASU 2020-10, “Codification Improvements to Subtopic 205-10, presentation of financial statements”. The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the disclosure section of the codification. That reduce the likelihood that the disclosure requirement would be missed. The amendments also clarify guidance so that an entity can apply the guidance more consistently. ASU 2020-10 is effective for the Company for annual and interim reporting periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period for which financial statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments at the beginning of the period that includes the adoption date. The adoption of this standard on January 1, 2022 did not have a material impact on its consolidated financial statements.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.

Note 3 – Summary of significant accounting policies

Basis of presentation

Principles of consolidation

Use of estimates

Foreign currency translation and transaction

Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:


	As of and for the nine months ended
	September 30, 2022		September 30, 2021		As of December 31, 2021

Period-end SGD: US$1 exchange rate		1.44		-		1.35
Period-end VND: US$1 exchange rate		23,865.00		-		22,855.00
Period-end MYR: US$1 exchange rate*		4.64		-		-
Period-average SGD: US$1 exchange rate		1.38		1.34		1.34
Period-average VND: US$1 exchange rate		23,108.27		22,986.35		22,935.24
Period-average MYR: US$1 exchange rate*		4.34		-		-

*	The Company did not have any Malaysia subsidiary after the disposal of UGDSB on November 4, 2020 and prior to April 19, 2022.

Business combinations and non-controlling interests

For the Company’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s consolidated balance sheets and consolidated statements of operations and comprehensive income (loss). Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows.

Segment reporting

Cash

Cash represent cash on hand and demand deposits placed with banks or other financial institutions which are unrestricted as to withdrawal or use and have original maturities less than three months.

Accounts receivable, net

Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due after 30 to 90 days, depending on the credit term with its customers. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of September 30, 2022 and December 31, 2021, the Company provided allowance for doubtful accounts of $88,004 (Unaudited) and $80,799, respectively. For the nine months ended September 30, 2022 and 2021 (Unaudited), the Company did not write off any allowance for doubtful account against the account receivable balance.

Other receivables

Prepaid expenses and other current assets

Prepaid expenses and other current assets primarily include prepaid expenses paid to services providers, and other deposits. Management regularly reviews the aging of such balances and changes in payment and realization trends and records allowances when management believes collection or realization of amounts due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made. As of September 30, 2022 (Unaudited) and December 31, 2021, no allowance for doubtful account was recorded.

Property and equipment, net

Schedule of Estimated Useful Lives

		Expected useful lives
Office equipment		3 years
Medical equipment		3 years
Leasehold improvement		Shorter of the lease term or 5 years

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. For the nine months ended September 30, 2022 and 2021 (Unaudited), there was no impairment of property and equipment was recognized.

Intangible assets, net

Categories		Useful life
Customer relationships		6 years

Separately identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for identifiable intangible assets is based on the amount by which the carrying amount of the assets exceeds the fair value of the assets. For the nine months ended September 30, 2022 and 2021 (Unaudited), there was no impairment of intangible assets.

Goodwill

Goodwill represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired subsidiaries at the date of acquisition. Goodwill is not amortized and is tested for impairment at least annually, more often when circumstances indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill is immediately written off to its fair value and the loss is recognized in the consolidated statements of operations and comprehensive income (loss). Impairment losses on goodwill are not reversed.

The Company reviews the carrying value of intangible assets not subject to amortization, including goodwill, to determine whether impairment may exist annually or more frequently if events and circumstances indicate that it is more likely than not that an impairment has occurred. Management has determined that the Company has two reporting units within the entity at which goodwill is monitored for internal management purposes. The Company adopted ASU 2017-04 during nine months ended September 30, 2022, which primary goal is to simplify the goodwill impairment test and provide cost savings for all entities. This is accomplished by removing the requirement to determine the fair value of individual assets and liabilities in order to calculate a reporting unit’s “implied” goodwill under current GAAP.

Impairment for long-lived assets

Long-lived assets, including property and equipment with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of September 30, 2022 (Unaudited) and December 31, 2021, no impairment of long-lived assets was recognized.

Subscribed shares deposit liability

Revenue recognition

Revenue recognition policies for each type of revenue stream are as follows:

(1) Medical Services

- Performance obligation satisfied at a point in time

The Company operates on a unified technology health care platform which provide a full continuum of healthcare services integrated with healthcare data analytics to drive improved outcomes for patients. The Company operates the medical services on a business-to-business (B2B) platform, and serves the corporate customers involved in various industries. The Company is primarily generating revenue on a per healthcare visit basis for specialty medical visits, at the time which the single performance obligations were satisfied. Such fees are paid by the corporate customers on behalf of their employees. The Company generally bills their corporate customers for the healthcare visit services on a weekly basis, or in arrears depending on the service, with payment terms generally between 30 to 90 days. There are not significant differences between the timing of revenue recognition and billing. Consequently, the Company has determined that the Company’s contracts do not include a financing component. Revenue is recognized in an amount that reflects the consideration that is expected in exchange for the service at a point in time at the time of the visit. In addition, the Company’s contracts do not generally contain refund provisions for fees earned related to services performed.

The Company recognizes the medical services revenue when the control of the specified services is transferred to its customer, which at a point in time at the time after completion of the visit.

(2) Product Sales

- Performance obligations satisfied at a point in time

(3) Property Management Services

- Performance obligations satisfied over a period of time

Disaggregated information of revenues by products/services are as follows:

	(Unaudited)		(Unaudited)
	For the Nine Months Ended
	September 30, 2022		September 30, 2021
	(Unaudited)		(Unaudited)
Medical services – specialty care	$	4,380,634	$	4,066,472
Medical services – general practice		77,951		104,951
Medical services – general practice (related parties)		135		4,468
Medical services – subtotal		4,458,720		4,175,891
Product sales		6,947		258,726
Property management service – common area management		2,248,154		2,654,776
Property management service – security management		692,607		762,334
Property management service		2,940,761		3,417,110
Total revenues	$	7,406,428	$	7,851,727

Cost of revenues

(1) Medical Services

(2) Product Sales

Cost of revenues mainly consists of medical product or equipment purchased for resale.

(3) Property Management Services

Cost of revenues mainly consists of labor expenses incurred attributable to property management service.

Disaggregated information of cost of revenues by products/services are as follows:

	(Unaudited)		(Unaudited)
	For the Nine Months Ended
	September 30, 2022		September 30, 2021
	(Unaudited)		(Unaudited)
Medical services – specialty cares	$	2,084,515	$	367,687
Medical services – specialty cares (related party)		496,383		1,719,279
Medical services – general practices		20,955		39,693
Medical services – subtotal		2,601,853		2,126,659
Product sales		9,449		145,156
Property management services – common area management		1,695,476		1,830,788
Property management services – security management		563,081		617,750
Property management services		2,258,557		2,448,539
Total cost of revenues	$	4,869,859	$	4,720,354

Advertising costs

Research and development

Research and development expenses include salaries and other compensation-related expenses to the Company’s research and product development personnel, and related expenses for the Company’s research and product development team. Research and development expenses amounted to $15,064 (Unaudited) and $78,639 (Unaudited) for the nine months ended September 30, 2022 and 2021, respectively.

Defined contribution plan

The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Total expenses for the plans were $388,292 (Unaudited) and $439,266 (Unaudited) for the nine months ended September 30, 2022 and 2021, respectively.

The related contribution plans include:

Singapore subsidiaries

- Central Provident Fund (“CPF”) – 17.00% based on employee’s monthly salary for employees aged 55 and below, reduces progressively to 7.5% as age increase;

- Skill Development Levy (“SDL”) – up to 0.25% based on employee’s monthly salary capped $8.3 (SGD 11.25).

Vietnam subsidiary

- Social Insurance Fund (“SIF”) – 20% based on employee’s monthly salary;

- Trade Union Fee – 2.00% of SIF

Goods and services taxes (“GST”)

Income taxes

Deferred tax is calculated using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the unaudited condensed consolidated financial statements and the corresponding tax basis. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable income will be utilized with prior net operating loss carried forwards using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be utilized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities.

An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the nine months ended September 30, 2022 (Unaudited) and 2021 (Unaudited).

Comprehensive income

Earnings per share

Fair value measurements

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value for certain assets and liabilities such as cash, accounts receivable, other receivables, prepaid expenses and other current assets, short term loans, accounts payable, other payables, subscribed shares deposit liability, accrued liabilities, and tax payables have been determined to approximate carrying amounts due to the short maturities of these instruments. The Company believes that its long-term loan to third party approximates the fair value based on current yields for debt instruments with similar terms.

Leases

	●	The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
	●	The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;
	●	The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;
	●	The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or
	●	The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

Leases that do not meet any of the above criteria are accounted for as operating leases.

The Company combines lease and non-lease components in its contracts under Topic 842, when permissible.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows. For the nine months ended September 30, 2022 (Unaudited) and 2021 (Unaudited), the Company did not recognize impairment loss on its finance and operating lease ROU assets.

Related parties

Recent accounting pronouncements not yet adopted

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company is currently evaluating the impact of this new standard on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Recently adopted accounting pronouncements

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and comprehensive income (loss) and statements of cash flows.

Schedule of Amortization Expense (Details) - EUDA Health Limited [Member] - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Twelve months ending September 30, 2023	$ 85,929	$ 97,533
Twelve months ending September 30, 2024	56,730	65,764
Twelve months ending September 30, 2025	32,989	39,884
Twelve months ending September 30, 2026	13,302	17,482
Twelve months ending June 30, 2027		3,336
Total	188,950	223,999	$ 289,962	$ 461,289
Total intangible assets, net	$ 188,950	$ 223,999	$ 289,962	$ 461,289

Initial Public Offering

3 Months Ended

12 Months Ended

Oct. 31, 2022

Jul. 31, 2022

Initial Public Offering

Initial Public Offering

Note 3 – Initial Public Offering

On November 24, 2021, the Company sold 8,625,000 Units at a price of $10.00 per Unit, generating gross proceeds of $86,250,000 related to its IPO. Each Unit consists of one ordinary share, one redeemable warrant (each a “Warrant”, and, collectively, the “Warrants”), and one right to receive one-tenth of an ordinary share upon the consummation of an Initial Business Combination. Each two redeemable warrants entitle the holder thereof to purchase one ordinary share, and each ten rights entitle the holder thereof to receive one ordinary share at the closing of an Initial Business Combination. Upon the closing of the Business Combination, no fractional shares were issued upon separation of the Units, and only whole Warrants trade.

American Opportunities Growth Fund (the “Anchor Investor”), purchased an aggregate of 400,000 units in the IPO, and the Company agreed to direct the underwriters to sell to the Anchor Investor such number of units, subject to the Company’s satisfying the Nasdaq listing requirement.

The Anchor Investor was required to not redeem any of the public shares it acquired in the IPO.

Conditionally anchor shares are classified as temporary equity. Accordingly, anchor shares are presented at initial carrying value of $8.24 per share as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets plus dividend earned of $0.03 per share. As of October 31, 2022 and July 31, 2022, total carrying value of the anchor shares amounted to $3,329,682 and $3,306,524, respectively.

The Company granted the underwriters a 45-day option from the date of the IPO to purchase up to an additional 1,125,000 Public Units to cover over-allotments. On November 24, 2021, the underwriters exercised the over-allotment option in full to purchase 1,125,000 Public Units, at a purchase price of $10.00 per Public Unit, generating gross proceeds to the Company of $11,250,000 (see Note 6).

As of October 31, 2022 and July 31, 2022, the ordinary shares subject to redemption reflected on the balance sheets are reconciled in the following table:

	As of			As of
	October 31, 2022			July 31, 2022
Gross proceeds	$	86,250,000		$	86,250,000
Less:
Proceeds allocated to pubic warrants and public rights		(9,979,125	)		(9,979,125	)
Redeemable ordinary shares issuance costs allocated to public warrants and public rights		(5,196,868	)		(5,196,868	)
Plus:
Accretion of carrying value to redemption value (Deemed dividend)		15,194,433			14,695,090
Ordinary shares subject to possible redemption	$	86,268,440		$	85,769,097

Note 3 - Initial Public Offering

On November 24, 2021, the Company sold 8,625,000 Units at a price of $10.00 per Unit, generating gross proceeds of $86,250,000 related to its IPO. Each Unit consists of one ordinary share, one redeemable warrant (each a “Warrant”, and, collectively, the “Warrants”), and one right to receive one-tenth of an ordinary share upon the consummation of an Initial Business Combination. Each two redeemable warrants entitle the holder thereof to purchase one ordinary share, and each ten rights entitle the holder thereof to receive one ordinary share at the closing of a Business Combination. No fractional shares issued upon separation of the Units, and only whole Warrants will trade.

American Opportunities Growth Fund (the “Anchor Investor”), has purchased an aggregate of 400,000 units in the IPO, and the Company has agreed to direct the underwriters to sell to the Anchor Investor such number of units, subject to the Company’s satisfying the Nasdaq listing requirement.

The Anchor Investor is required to not redeem any of the public shares it acquires in the IPO. With respect to the ordinary shares underlying the units it may purchase in the IPO, upon the Company’s liquidation, the Anchor Investor will have the same rights to the funds held in the Trust Account as the rights afforded to the public shareholders. In addition, the units (including the underlying securities) the Anchor Investor may purchase in the IPO will not be subject to any agreements restricting their transfer.

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

Conditionally anchor shares are classified as temporary equity. Accordingly, anchor shares are presented at initial carrying value of $8.24 per share as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets plus dividend earned of $0.03 per share. As of July 31, 2022, total carrying value of the anchor shares amounted to $3,306,524.

As of July 31, 2022, the ordinary shares subject to redemption reflected on the balance sheets are reconciled in the following table:


Gross proceeds from public issuance	$	86,250,000
Less:
Proceeds allocated to pubic warrants and public rights		(9,979,125	)
Redeemable ordinary shares issuance costs		(5,196,868	)

Plus:
Accretion of carrying value to redemption value (Deemed dividend)		14,695,090
Ordinary shares subject to possible redemption	$	85,769,097

Schedule of Short-term Loans (Details) - USD ($)

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Oct. 31, 2022

Jul. 31, 2022

Dec. 31, 2021

Jul. 31, 2021

Dec. 31, 2020

$ 113,000

$ 86,894

$ 233,101

$ 208,168

$ 205,427

$ 188,197

Bank and Private Lender [Member] | EUDA Health Limited [Member]

143,977

139,334

148,302

468,972

Third Parties [Member] | EUDA Health Limited [Member]

233,101

$ 208,168

205,427

188,197

United Overseas Bank Limited [Member] | Bank and Private Lender [Member] | EUDA Health Limited [Member]

$ 143,977

148,302

468,972

United Overseas Bank Limited

^[1]

United Overseas Bank Limited

^[2]

90 days from disbursement

^[1]

90 days from disbursement

^[2]

0.25%

^[1]

0.25%

^[2]

Guaranteed by Jamie Fan Wei Zhi, an immediate family member of a shareholder of the Company Collateral: Accounts receivable

^[1]

Guaranteed by Jamie Fan Wei Zhi, an immediate family member of a shareholder of the Company Collateral: Accounts receivable

^[2]

FS Capital Ptd. Ltd. [Member] | Bank and Private Lender [Member] | EUDA Health Limited [Member]

$ 53,991

^[1]

$ 173,334

^[2]

184,491

^[1],[2]

188,197

^[1]

FS Capital Ptd. Ltd.

FS Capital Ptd. Ltd

Fully repaid in February, 2022

18.00%

Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder, and Kent Ridge Health Private Limited

Funding Societies Pte. Ltd [Member] | Bank and Private Lender [Member] | EUDA Health Limited [Member]

20,936

Funding Societies Pte. Ltd

Due monthly from April 2022 to March 2023

30.00%

Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder

Lim Beng Choo [Member] | Third Parties [Member] | EUDA Health Limited [Member]

$ 179,110

$ 34,834

^[3]

Lim Beng Choo

^[3]

30 days from disbursement

^[3]

25.00%

^[3]

None

Koh Wee Sing [Member] | Third Parties [Member] | EUDA Health Limited [Member]

^[3]

317,691

Koh Wee Sing

July 2022

Due on demand beginning in July 2022

60.00%

None

Singapore statutory income tax rate

$ 143,977

$ 139,334

$ 148,302

$ 151,281

[1]	On August 21, 2019 KRHSG entered into a revolving line of credit agreement with United Overseas Limited pursuant to which KRHSG may borrow up to approximately $593,208 (SGD 800,000) for operation purposes. The loan is guaranteed by Jaime Fan Wei Zhi, an immediate family member of a shareholder of the Company, and secured by KRHSG’s account receivable. The loan bears an average annual interest rate of 5.50% and its due within 90 days from the loan disbursement. The Company is in the process to release Jamie Fan Wei Zhi as the guarantor of this loan. Until then, the Company is required to pay Jamie Fan Wei Zhi of $3,708 (SGD 5,000) per month as guarantor fee (See Note 19).
[2]	On August 21, 2019 KRHSG entered into a revolving line of credit agreement with United Overseas Limited pursuant to which KRHSG may borrow up to approximately $593,208 (SGD 800,000) for operation purposes. The loan is guaranteed by Jaime Fan Wei Zhi, an immediate family member of a shareholder of the Company, and secured by KRHSG’s account receivable. The loan bears an average annual interest rate of 5.50% and its due within 90 days from the loan disbursement. The Company is in the process to release Jamie Fan Wei Zhi as the guarantor of this loan. Until then, the Company is required to pay Jamie Fan Wei Zhi of $3,708 (SGD 5,000) per month as guarantor fee (See Note 18).
[3]	On August 21, 2019, KRHSG entered into a revolving line of credit agreement with Lim Beng Choo pursuant to which KRHSG may borrow up to approximately $370,755 (SGD 500,000) for operation purposes. The loan bears an annual interest rate of 25% and repayable within 30 days upon every Disbursement. Default interest at 25% per annual is chargeable on a daily basis for all amounts remaining unpaid after 30 days.

Schedule of Effective Income Tax Rate (Details) - EUDA Health Limited [Member]

6 Months Ended

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Dec. 31, 2020

17.00%

Tax rate difference outside Singapore

^[1]

0.00%

0.10%

0.90%

Taxable income below exemption threshold

2.30%

(0.90%)

(2.40%)

(12.40%)

Change in valuation allowance

(10.20%)

13.70%

29.80%

58.40%

Permanent difference

^[2]

(15.50%)

(26.00%)

(39.40%)

(44.60%)

Effective tax rate

(6.40%)

3.80%

5.10%

19.30%

[1]	It is due to tax rate difference of the entities incorporated in Vietnam, Malaysia and British Virgin Islands.
[2]	Permanent difference mainly consisted of income such as offshore investment income and Covid-19 related government grant which is non-taxable under local tax laws.

Property and Equipment, Net

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Property and Equipment, Net

Note 8 – Property and equipment, net

Property and Equipment, Net

Property and equipment, net consist of the following:

Schedule of Property and Equipment

	As of June 30, 2022			As of December 31, 2021			As of December 31, 2020
		(Unaudited)
Office equipment	$	125,300		$	144,051		$	144,901
Medical equipment		2,629			15,917			16,236
Leasehold improvement		2,139			20,704			21,120
Subtotal		130,068			180,672			182,257
Less: accumulated depreciation		(106,710	)		(123,745	)		(91,127	)
Total	$	23,358		$	56,927		$	91,130

Depreciation expense for the six months ended June 30, 2022 and 2021 amounted to $12,090 (Unaudited) and $18,580 (Unaudited), respectively. Depreciation expense for the years ended December 31, 2021 and 2020 amounted to $34,523 and $26,314, respectively.

Note 7 – Property and equipment, net

Property and Equipment, Net

Property and equipment, net consist of the following:

Schedule of Property and Equipment

	As of September 30, 2022			As of December 31, 2021
	(Unaudited)
Office equipment	$	121,273		$	144,051
Medical equipment		19,961			15,917
Leasehold improvement		2,070			20,704
Subtotal		143,304			180,672
Less: accumulated depreciation		(107,113	)		(123,745	)
Total	$	36,191		$	56,927

Depreciation expense for the nine months ended September 30, 2022 and 2021 amounted to $15,996 (Unaudited) and $26,770 (Unaudited), respectively.

Schedule of Operating and Capital Lease Commitments (Details) - EUDA Health Limited [Member] - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Operating lease payments, 2022	$ 69,923	$ 48,126	$ 66,093
Finance lease payments, 2022	7,622	7,949	7,514
Total 2022	77,545	56,075	73,607
Operating lease payments, 2023	9,614		16,524
Finance lease payments, 2023	7,407	7,654	7,884
Total 2023	17,021	7,654	24,408
Operating lease payments, 2024
Finance lease payments, 2024	9,027	11,241	16,178
Total 2024	9,027	11,241	16,178
Total Operating lease payments	79,537	48,126	82,617
Total Finance lease payments	24,056	26,844	31,576
Total lease payments	103,593	74,970	114,193
Total Operating lease payments, discount	(2,063)	(1,013)	(2,755)
Total Finance lease payments, discount	(1,737)	(2,102)	(2,861)
Total lease payments	(3,800)	(3,115)	(5,616)
Present value of lease liabilities, operating lease payments	77,474	47,113	79,862
Present value of lease liabilities, finance lease payments	22,319	24,742	28,715
Total lease payments	$ 99,793	$ 71,855	$ 108,577

Schedule of Earnings Per Share (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Oct. 31, 2022

Oct. 31, 2021

Jul. 31, 2021

Jul. 31, 2022

Jul. 31, 2021

NET (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH LIMITED

$ 201,012

$ (45,587)

$ (8,377)

$ (1,762,838)

Net loss including accretion of temporary equity to redemption value

(499,343)

(14,695,090)

(298,331)

(45,587)

(16,457,928)

$ 499,343

$ 14,695,090

Basic and diluted net loss per ordinary share

2,448,500

1,875,000

^[1],[2]

1,875,000

^[3],[4]

2,355,621

^[3],[4]

$ (0.03)

$ (0.02)

$ (0.00)

$ (2.00)

Redeemable Preferred Stock [Member]

NET (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH LIMITED

$ 266,977

$ 2,942,365

Allocation of net loss including accretion of temporary equity

(499,343)

(14,695,090)

(232,366)

(11,752,725)

$ 499,343

$ 14,695,090

Basic and diluted net income (loss) per ordinary share

8,625,000

5,883,904

$ 0.03

$ 0.50

Basic and diluted net loss per ordinary share

Nonredeemable Preferred Stock [Member]

NET (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH LIMITED

$ (65,965)

$ (45,587)

$ (4,705,203)

$ (8,377)

Allocation of net loss including accretion of temporary equity

(65,965)

(4,705,203)

Basic and diluted net income (loss) per ordinary share

2,448,500

2,355,621

$ (0.03)

$ (2.00)

Basic and diluted net loss per ordinary share

1,875,000

^[5]

1,875,000

^[6]

$ (0.02)

$ (0.00)

[1]	On October 25, 2021, the Company issued additional 718,750 ordinary shares which were purchased by the Sponsor, resulting in an aggregate of 2,156,250 ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization (see Note 5).
[2]	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).
[3]	On October 25, 2021, the Company issued additional 718,750 ordinary shares which were purchased by the Sponsor, resulting in an aggregate of 2,156,250 ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization (see Note 5).
[4]	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).
[5]	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).
[6]	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).

Other Receivables (Tables)

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Schedule of Other Receivables

	As of June 30, 2022			As of December 31, 2021			As of December 31, 2020
	(Unaudited)
Receivable from divestment (1)	$	2,855,223		$	3,818,776		$	1,946,918
Employee advance		3,297			2,803			854
Refundable deposits (2)		-			-			50,680
Others		-			250			8,188
Total other receivables		2,858,520			3,821,829			2,006,640
Other receivables – non-current		(1,066,327	)		(1,830,603	)		-
Other receivables – current	$	1,792,193		$	1,991,226		$	2,006,640

(1)	The balance of receivable from divestment represented the amount due from BPT, an unrelated third party. On January 1, 2018, the Company’s subsidiary, UGI entered into an investment agreement with BPT, to invest approximately $1.9 million (SGD 2,580,000) in BPT’s affordable home program in Indonesia. On March 1, 2021, both parties entered into a mutual termination agreement (“Agreement”) to terminate the investment agreement. Upon execution of this Agreement, BPT agreed to repay UGI’s investment amounted to $1,913,096 (SGD 2,580,000), and compensated UGI with the additional amount of $1,905,681(SGD 2,570,000). The Company recognized the compensation portion (the excess of the settled amount over the original invested amount) from investment as other income for the year ended December 31, 2021. In May 2022, the Company has collected approximately $0.9 million (SGD 1,200,000) and signed an installment payments agreement with the BPT to repay the remaining balance of approximately $2.9 million (SGD 3,950,000) in eight equal quarterly installments with annual interest rate of 3% beginning on July 31, 2022. As of the date of this report, the Company has collected one scheduled quarterly installment of approximately $0.4 million (SGD 493,750) with the remaining seven installments of approximately $2.5 million (SGD 3,456,250) outstanding.

(2)	The balance of deposits mainly represented refundable deposits made by the Company to third party service providers.

Schedule of Other Receivables

	As of September 30, 2022			As of December 31, 2021
	(Unaudited)
Receivable from divestment (1)	$	2,438,252		$	3,818,776
Employee advance		2,542			2,803
Others		1,379			250
Total other receivables		2,442,173			3,821,829
Other receivables – non-current		(1,031,942	)		(1,830,603	)
Other receivables – current	$	1,410,231		$	1,991,226

(1)

Liquidity

6 Months Ended

Jun. 30, 2022

Schedule of Related Party Balances

Liquidity

Note 2 – Liquidity

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

With the expansions of its current business, the Company is expected to generate positive cash flow from the Company’s operations, management expect its cash on hand is sufficient to finance the working capital requirements of the Company within the normal operating cycle of a twelve-month period from the date of these financial statements are issued.

If the Company is unable to have sufficient fund to finance the working capital requirements of the Company within the normal operating cycle of a twelve-month period from the date of these financial statements are issued, the Company may have to consider supplementing its available sources of funds through the following sources:

●	the Company will seek equity financing in the U.S. capital market to support its working capital after the de-SPAC transaction with an U.S. publicly traded company, which the Company signed a Share Purchase Agreement in April 2022, a First Amendment in May 2022, and a Second Amendment in June 2022;
●	other available sources of financing from Singapore banks and other financial institutions or private lender;
●	financial support and credit guarantee commitments from the Company’s related parties;

Based on the above considerations, the Company’s management is of the opinion that it has sufficient funds to meet the Company’s working capital requirements and current liabilities as they become due one year from the date of from the date of these financial statements are issued. However, there is no assurance that management will be successful in their plans. There are a number of factors that could potentially arise that could undermine the Company’s plans, such as changes in the demand for the Company’s services or products, Singapore government policy, economic conditions, and competitive pricing in the healthcare and property management industries.

Related Party Balances and Transactions (Tables)

6 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Jul. 31, 2022

Schedule of Related Party Transactions

Schedule of Related Party Balances

Related party balances

Schedule of Related Party Balances

Other receivables – related parties

Name of Related Party	Relationship	Nature	As of June 30, 2022		As of December 31, 2021		As of December 31, 2020
			(Unaudited)
Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand	$	-	$	-	$	18,263
KR Hill Capital Pte Ltd^*	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand		230		237		121
Kent Ridge Medical Ptd Ltd^*	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand		238		245		121
UG Digital Sdn Bhd^*	UGD, subsidiary of the Company owned 40% of this company	Related party advance, due on demand		17,598		284,673		321,880
Janic Limited^*	Shareholder of the Company	Related party advance, due on demand		699		720		-
Zukihealth SDN^*	Kelvin Chen, Chief Executive Office (“CEO”) and shareholder of the Company, is the shareholder of this entity	Related party advance due on demand		-		3,173		-
Jenifer Goh	President, operation manager, and shareholder of the Company	Employee advance		-		8,527		-
Fresco Investment Pte Ltd^*	Fan Know Hin, an immediate family member of a shareholder of the Company, is the shareholder of this entity	Advance due on demand		43		46		-
Total			$	18,808	$	297,621	$	340,385

*	As of date of this report, these receivables have been repaid by the related parties.

Related party balances

Schedule of Related Party Balances

Other receivables – related parties

Name of Related Party	Relationship	Nature	As of September 30, 2022		As of December 31, 2021
			(Unaudited)
KR Hill Capital Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand	$	223	$	237
Kent Ridge Medical Ptd Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand		231		245
UG Digital Sdn Bhd*	UGD, subsidiary of the Company owned 40% of this company	Related party advance, due on demand		24,256		284,673
Janic Limited	Shareholder of the Company	Related party advance, due on demand		677		720
Zukihealth SDN	Kelvin Chen, Chief Executive Office (“CEO”) and shareholder of the Company, is the shareholder of this entity	Related party advance due on demand		-		3,173
Jennifer Goh*	President, operation manager, and shareholder of the Company	Employee advance		24,035		8,527
Fresco Investment Pte Ltd	Fan Know Hin, an immediate family member of a shareholder of the Company, is the shareholder of this entity	Advance due on demand		-		46
Total			$	49,422	$	297,621

As of date of the issuance of these unaudited condensed financial statements, these receivables have been repaid by the related parties.

Account payable, related parties

Name of Related Party	Relationship	Nature	As of September 30, 2022		As of December 31, 2021
			(Unaudited)
Cadence Health Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Medical service fee performed for the employee patients of the Company’s corporate customers	$	294,470	$	2,459,411
Account payable, related parties	Shareholders of this entity also are the shareholders of the Company	Medical service fee performed for the employee patients of the Company’s corporate customers	$	294,470	$	2,459,411

Other payables – related parties

Name of Related Party	Relationship	Nature	As of September 30, 2022		As of December 31, 2021
			(Unaudited)
Chee Yin Meh	Shareholder of Scotgold Holding Ltd which is the shareholder of the Company	Operating expense paid on behalf of the Company	$	163,399	$	34,512
Jamie Fan Wei Zhi	An immediate family member of a shareholder of the Company	Operating expense paid on behalf of the Company, and Guarantor fee		75,240		40,783
Kelvin Chen	CEO and shareholder of the Company	Operating expense paid on behalf of the Company		335,071		295,776
Kent Ridge Health Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Operating expense paid on behalf of the Company		965,374		121,129
Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Operating expense paid on behalf of the Company		34,133		33,483
Watermark Developments Ltd	Shareholder of the Company	Operating expense paid on behalf of the Company		52,250		-
Wilke Services Ltd(1)	Shareholder of the Company	Investment payable		2,580,535		2,746,628
Mount Locke Limited	Shareholder of the Company	Operating expense paid on behalf of the Company		3,566		-
Total			$	4,209,568	$	3,272,311

(1)

The Company expected the investment payable to Wilke Services Ltd will be forgiven on the closing of the De-SAPC transaction and the payables amount will be credited to additional paid-in capital at the time of closing.

Schedule of Related Party Transactions

Related party transactions

Schedule of Related Party Transactions

Revenue from related parties

Name of Related Party	Relationship	Nature	For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2021		For the Year Ended December 31, 2020
			(Unaudited)		(Unaudited)
Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Sales of medical related software application and other service	$	-	$	112	$	-	$	3,894
Cadence Health Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Sales of swab test, and other medical related product		135		3,198		4,640		4,191
Total			$	135	$	3,310	$	4,640	$	8,085

Purchase from related parties

Name of Related Party	Relationship	Nature	For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2021		For the Year Ended December 31, 2020
			(Unaudited)		(Unaudited)
Cadence Health Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Medical service fee provided for the third party medical service revenue	$	496,383	$	1,233,513	$	2,349,702	$	1,532,119
Purchase from related parties	Shareholders of this entity also are the shareholders of the Company	Medical service fee provided for the third party medical service revenue	$	496,383	$	1,233,513	$	2,349,702	$	1,532,119

Rental expenses

Name of Related Party	Relationship	Nature	For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2021		For the Year Ended December 31, 2020
			(Unaudited)		(Unaudited)
Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Office rental	$	72,414	$	72,907	$	143,589	$	96,576
Rental Expenses	Shareholders of this entity also are the shareholders of the Company	Office rental	$	72,414	$	72,907	$	143,589	$	96,576

Related party transactions

Schedule of Related Party Transactions

Revenue from related parties

Name of Related Party	Relationship	Nature	For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
			(Unaudited)		(Unaudited)
Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Sales of medical related software application and other service	$	-	$	190
Cadence Health Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Sales of swab test, and other medical related product		135		4,278
Total			$	135	$	4,468

Purchase from related parties

Name of Related Party

Relationship

Nature

For the Nine Months Ended

September 30, 2022

For the Nine Months Ended

September 30, 2021

(Unaudited)

Cadence Health Pte Ltd

Shareholders of this entity also are the shareholders of the Company

Medical service fee provided for the third party medical service revenue

496,383

1,719,279

Rental expenses

Name of Related Party

Relationship

Nature

For the Nine Months Ended

September 30, 2022

For the Nine Months Ended

September 30, 2021

(Unaudited)

Kent Ridge Pacific Pte Ltd

Shareholders of this entity also are the shareholders of the Company

Office rental

123,718

118,224

Business Combination

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies

Business Combination

Note 4 – Business combination

Business Combination

On December 1, 2019, Kent Ridge Health Private Limited (“KRHPL”), the holding company prior to the re-organization, entered into a Sales and Purchase of Shares Agreement (“SGGL Agreement”) with an unrelated third party, who is the sole shareholder of Super Gateway Group Limited (“SGGL”). Pursuant to the SGGL Agreement, KRHLP will acquire 100% of the equity interests in SGGL (“Transactions”) for a total consideration of approximately USD 2.7 million (approximately SGD 3.7 million) (“Total Consideration”) based on the fair value negotiated and agreed between the Company and the seller of SGGL. The transaction was completed and effective on January 1, 2020.

SGGL, through its 98.3% owned subsidiary, Universal Gateway International Pte Ltd. and its subsidiaries operated in the property management service that services homes and offices.

The Company’s acquisition of SGGL was accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of SGGL based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed and intangible assets identified as of the acquisition date and considered a number of factors including valuations from independent appraisers. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in general and administrative expense.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Schedule Of Business Combination

	Fair Value
Cash	$	255,406
Accounts receivable, net		296,356
Prepayments and deposits		87,263
Other receivable - related parties		45
Other current assets		896,583
Total current assets		1,535,653
Equipment		8,555
Intangible assets		646,797
Operating right-of-use assets		75,549
Goodwill		993,533
Total assets		3,260,087

Accounts payable		104,464
Other payables and accrued liabilities		128,340
Tax payables		68,515
Operating lease liabilities		63,472
Total current liabilities		364,791
Deferred tax liabilities		109,956
Lease liabilities non-currents		16,631
Total liabilities		491,378
Non-controlling interest		19,778
Total liabilities and non-controlling interest		511,156
Total purchase consideration	$	2,748,931

The unaudited pro forma financial information is not necessary for the six months ended June 30, 2022 and 2021 and for the years ended December 31, 2021 and 2020 because the acquisition of SGGL had been completed on January 1, 2020, as of the beginning of the first period presented in the accompanying consolidated financial statements.

Schedule of Future Minimum Lease Payments (Details) - EUDA Health Limited [Member] - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Operating lease payments, 2023	$ 69,923	$ 48,126	$ 66,093
Finance lease payments, 2023	7,622	7,949	7,514
Total 2023	77,545	56,075	73,607
Operating lease payments, 2024	9,614		16,524
Finance lease payments, 2024	7,407	7,654	7,884
Total 2024	17,021	7,654	24,408
Operating lease payments, 2025
Finance lease payments, 2025	9,027	11,241	16,178
Total 2025	9,027	11,241	16,178
Total Operating lease payments	79,537	48,126	82,617
Total Finance lease payments	24,056	26,844	31,576
Total lease payments	103,593	74,970	114,193
Total Operating lease payments, discount	(2,063)	(1,013)	(2,755)
Total Finance lease payments, discount	(1,737)	(2,102)	(2,861)
Total lease payments	(3,800)	(3,115)	(5,616)
Present value of lease liabilities, operating lease payments	77,474	47,113	79,862
Present value of lease liabilities, finance lease payments	22,319	24,742	28,715
Total lease payments	$ 99,793	$ 71,855	$ 108,577

Commitments and Contingencies

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2022

Jun. 30, 2022

Sep. 30, 2022

Jul. 31, 2022

Note 6 - Commitments and Contingencies

Underwriters Agreement

The Company granted the underwriters a 45-day option to purchase up to 1,125,000 units (over and above the 7,500,000 units referred to above) solely to cover over-allotments at $10.00 per unit.

On November 24, 2021, the Company paid cash underwriting commissions of 2.0% of the gross proceeds of the IPO, or $1,725,000.

The underwriters are entitled to a deferred underwriting commission of 3.5% of the gross proceeds of the IPO, or $3,018,750, which was paid from the funds held in the Trust Account upon completion of the Business Combination subject to the terms of the underwriting agreement.

On November 24, 2021, the underwriters exercised the over-allotment option in full to purchase 1,125,000 Public Units at a purchase price of $10.00 per Public Unit, generating gross proceeds to the Company of $11,250,000 (see Note 3), and were, in aggregate, paid a fixed underwriting discount of $225,000.

Unit Purchase Option

The Company sold to Maxim Group LLC (and/or its designees) an option for $100 to purchase up to a total of 431,250 units exercisable, in whole or in part, at $11.00 per unit, between the first and fifth anniversary dates of the effective date of the registration statement of which the IPO forms a part. The purchase option may be exercised for cash or on a cashless basis, at the holder’s option. The option and the 431,250 units, as well as the 474,375 shares (which includes the 43,125 ordinary shares issuable for the rights included in the units), and the warrants to purchase 215,625 shares that may be issued upon exercise of the option, have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 beginning on the date of commencement of sales of the IPO pursuant to Rule 5110(e)(1) of FINRA’s Rules, during which time the option may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities.

Registration Rights

The holders of the Founder Shares issued and outstanding at the closing of the IPO, as well as the holders of the private units (and underlying securities) and any securities issued to the initial shareholders, officers, directors or their affiliates in payment of working capital loans made to the Company, are entitled to registration rights pursuant to a registration rights agreement. The holders of a majority of these securities are entitled to make up to two demands that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s consummation of the Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Professional and Other Listing Fees

The Company has engaged various professionals, including but not limited, legal advisor, financial advisor, independent registered public accounting firm, investor relation advisor and other professional firms and listing fees, to provide services in connection with the Company’s public filings with the U.S. Securities and Exchange Commission and the Business Combination. As of October 31, 2022, the professional fees and other listing fees to be incurred up until November 24, 2022, the date which the Company had to consummate the Business Combination, were estimated to be $0.4 million.

Note 6 - Commitments and Contingencies

Underwriters Agreement

The Company granted the underwriters, a 45-day option to purchase up to 1,125,000 units (over and above the 7,500,000 units referred to above) solely to cover over-allotments at $10.00 per unit.

On November 24, 2021, the Company paid cash underwriting commissions of 2.0% of the gross proceeds of the IPO, or $1,725,000.

The underwriters are entitled to a deferred underwriting commission of 3.5% of the gross proceeds of the IPO, or $3,018,750, which will be paid from the funds held in the Trust Account upon completion of the Company’s initial Business Combination subject to the terms of the underwriting agreement.

Unit Purchase Option

Registration Rights

The holders of the Founder Shares issued and outstanding at the closing of the IPO, as well as the holders of the private units (and underlying securities) and any securities issued to the initial shareholders, officers, directors or their affiliates in payment of working capital loans made to the Company, will be entitled to registration rights pursuant to a registration rights agreement. The holders of a majority of these securities are entitled to make up to two demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s consummation of an Initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Professional and Other Listing Fees

The Company has engaged various professionals, including but not limited, legal advisor, financial advisor, independent registered public accounting firm, investor relation advisor and other professional firms and listing fees, to provide services in connection with the Company’s public filings with the U.S. Securities and Exchange Commission and the Initial Business Combination. The professional fees and other listing fees to be incurred up until November 24, 2022, the date which the Company has to consummate the proposed Business Combination, are estimated to be $0.5 million.

Commitments and Contingencies

Note 19 – Commitments and contingencies

Commitments and Contingencies

Commitments

As of December 31, 2021, the Company had operating and capital leases commitments. The following table sets forth the Company’s minimum lease payments in future periods as of December 31, 2021.

	Operating lease			Finance lease
	payments			payments			Total
Twelve months ending December 31, 2022	$	66,093		$	7,514		$	73,607
Twelve months ending December 31, 2023		16,524			7,884			24,408
Twelve months ending December 31, 2024		-			16,178			16,178
Total lease payments		82,617			31,576			114,193
Less: discount		(2,755	)		(2,861	)		(5,616	)
Present value of lease liabilities	$	79,862		$	28,715		$	108,577

Contingencies

Legal

From time to time, the Company is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

On March 30, 2022, the State Courts of the Republic of Singapore had reach a verdict that the Company’s subsidiaries, KRHSG and Melana (Defendants) is liable to compensate Jamie Fan Wei Zhi (Plaintiff), the Company’s related party for failing to procure the release of the Plaintiff from the guarantees to secure a credit line from United Overseas Bank before December 31, 2020. The Defendants agree to compensate the Plaintiff the sum of $3,704 (SGD 5,000) per month as guarantor fee starting from January 1, 2021 until the Defendants procured the release of the Plaintiff as the guarantor of the loan. As of June 30, 2022, the Company has paid Jaime Fan Wei Zhi $3,704 (SGD 5,000) and remaining balance $66,949 (SGD 93,000) of contingent liability balance outstanding was accrued and included in the Company’s consolidated statements of income and comprehensive income. As of date of this report, the Company is still in progress of releasing Jaime Fan Wei Zhi as the guarantor of the loan.

COVID-19

In January 2020, the World Health Organization declared the COVID-19 virus an international pandemic. The virus spread throughout the world with unfavorable stock market condition during the beginning of March 2020. During March 2020, multiple countries went into a national enforced shut down. These lock downs put significant strain on the world economy and on companies worldwide. The Company has taken measures to control costs and is emphasizing its medical and property management business given these conditions. Substantially all of the Company’s business is derived from Singapore. As of August 10, 2022, over 88% of Singapore’s population have been fully vaccinated and all the businesses in Singapore are opened up with only face-mask requirement, management does not believe the COVID-19 situation will have any future adverse to the Company’s business.

Note 18 – Commitments and contingencies

Commitments and Contingencies

Contingencies

Legal

On March 30, 2022, the State Courts of the Republic of Singapore had reached a verdict that the Company’s subsidiaries, KRHSG and Melana (Defendants) is liable to compensate Jamie Fan Wei Zhi (Plaintiff), the Company’s related party for failing to procure the release of the Plaintiff from the guarantees to secure a credit line from United Overseas Bank before December 31, 2020. The Defendants agree to compensate the Plaintiff the sum of $3,704 (SGD 5,000) per month as guarantor fee starting from January 1, 2021 until the Defendants procured the release of the Plaintiff as the guarantor of the loan. As of September 30, 2022, the Company has paid Jaime Fan Wei Zhi $3,704 (SGD 5,000) and remaining balance $75,240 (SGD 108,000) of contingent liability balance outstanding was accrued and included in the Company’s consolidated statements of operations and comprehensive income (loss). As of date of the issuance of these unaudited condensed financial statements, the Company is still in progress of releasing Jaime Fan Wei Zhi as the guarantor of the loan.

COVID-19

In January 2020, the World Health Organization declared the COVID-19 virus an international pandemic. The virus spread throughout the world with unfavorable stock market condition during the beginning of March 2020. During March 2020, multiple countries went into a national enforced shut down. These lock downs put significant strain on the world economy and on companies worldwide. The Company has taken measures to control costs and is emphasizing its medical and property management business given these conditions. Substantially all of the Company’s business is derived from Singapore. Majority of Singapore’s population have been fully vaccinated and all the businesses in Singapore are opened up with only face-mask requirement, management does not believe the COVID-19 situation will have any future adverse to the Company’s business.

Organization and Business Operations

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2022

Jun. 30, 2022

Sep. 30, 2022

Jul. 31, 2022

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Organization and Business Operations

Note 1 - Organization and Business Operations

Organization and General

EUDA Health Holdings Limited, which until November 17, 2022 was known as 8i Acquisition 2 Corp. (the “Company”) is a company incorporated on January 21, 2021, under the laws of the British Virgin Islands for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Initial Business Combination”). The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Company’s efforts to identify a prospective target business were not limited to a particular industry or geographic location (excluding China). The Articles of Association prohibited the Company from undertaking the Initial Business Combination with any entity that conducts a majority of its business or is headquartered in China (including Hong Kong and Macau).

As of October 31, 2022, the Company had not yet commenced any operations. All activity for the period from January 21, 2021 (inception) through October 31, 2022 relates to the Company’s organizational activities and the initial public offering (the “IPO”) described below. The Company will not generate any operating revenues until after the completion of the Initial Business Combination, at the earliest. The Company will generate non-operating income in the form of dividend and interest income on investments held in Trust Account (as defined below) from the proceeds derived from the IPO.

Following the quarter ended October 31, 2022, on November 17, 2022 (the “Closing Date”), EUDA Health Limited, a British Virgin Islands business company, consummated a business combination with the Company (the “Business Combination”). The Business Combination was effected by the purchase by the Company of all of the issued and outstanding shares of EUDA Health Limited, resulting in EUDA Health Limited becoming a wholly owned subsidiary of the Company. At the time of the Business Combination, the Company changed its name from “8i Acquisition 2 Corp.” to “EUDA Health Holdings Limited.” Thus, the financial statements for the quarter ended October 31, 2022 are in the name of 8i Acquisition 2 Corp.

The Company has selected July 31 as its fiscal year end.

The Company had 12 months from the closing of the IPO (or up to 18 months, with extension of two times by an additional three months each time) to consummate an Initial Business Combination (the “Combination Period”).

For the period from January 21, 2021 (inception) to April 11, 2021, the Company was sponsored by 8i Holdings Limited, a Limited Liability Exempted Company incorporated in the Cayman Islands on November 24, 2017. On April 12, 2021, 8i Holdings Limited transferred their founder shares (as defined below) to 8i Holdings 2 Pte Ltd (the “Sponsor”), a Singapore Limited Liability Company incorporated on April 1, 2021.

The Trust Account

Upon the closing of the IPO and the private placement, $86,250,000 was placed in a trust account (the “Trust Account”) with American Stock Transfer & Trust Company, LLC acting as trustee.

The funds held in the Trust Account were invested only in United States government treasury bills, bonds or notes having a maturity of 180 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940 and that invest solely in United States government treasuries. The proceeds were released from the Trust Account upon the completion of the Business Combination on November 17, 2022.

Business Combination

On April 11, 2022, the Company entered into a Share Purchase Agreement (the “SPA”) with EUDA Health Limited, a British Virgin Islands business company (“EUDA Health” or “EUDA”), Watermark Developments Limited, a British Virgin Islands business company (the “Seller”) and Kwong Yeow Liew, acting as Representative of the Indemnified Parties (the “Indemnified Party Representative”). Pursuant to the terms of the SPA, the Business Combination between the Company and EUDA Health was effected through the purchase by the Company of all of the issued and outstanding shares of EUDA Health from the Seller (the “Share Purchase”).

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Mr. Meng Dong (James) Tan, the Company’s then Chief Executive Officer and Chairman of the Company’s board of directors, had at the time, 10.0% of the equity interests of the Seller. At the time of the closing of Business Combination, Mr. Tan held a 33.3% ownership stake in the Seller. The Company received a fairness opinion from EverEdge Global to the effect that the purchase price to be paid by the Company for the shares of EUDA Health pursuant to the SPA was fair to the Company from a financial point of view (the “Fairness Opinion”).

On November 17, 2022, the Company completed the closing of the Business Combination with EUDA Health Limited.

Liquidity and Capital Resources

At October 31, 2022 and July 31, 2022, the Company had $265,852 and $193,546 in cash, and working deficit of $1,706,946 and $1,408,615, respectively, (excluding deferred underwriting commissions and investments held in Trust Account).

The registration statement for the Company’s IPO (as described in Note 3) was declared effective on November 22, 2021. On November 24, 2021, the Company consummated the IPO of 8,625,000 units (include the exercise of the over-allotment option by the underwriters in the IPO) at $10.00 per unit (the “Public Units’), generating gross proceeds of $86,250,000. Each Unit consisted of one ordinary share, one redeemable warrant (each a “Warrant”, and, collectively, the “Warrants”), and one right to receive one-tenth of an ordinary share upon the consummation of an Initial Business Combination.

Simultaneously with the IPO, the Company sold to Mr. Meng Dong (James) Tan 292,250 units at $10.00 per unit (the “Private Units”) in a private placement generating total gross proceeds of $2,922,500, which is described in Note 4.

Offering costs amounted to $5,876,815 consisting of $1,725,000 of underwriting fees, $3,018,750 of deferred underwriting commissions, $649,588 of other offering costs and an excess of fair value of the underwriter’s purchase option of $483,477. Except for the $100 for the Unit Purchase Option and $25,000 of subscription of ordinary shares (as defined in Note 7), the Company received net proceeds of $87,114,830 from the IPO and the private placement.

On January 21, 2021 and February 5, 2021, the Company issued an aggregate of 1,437,500 ordinary shares to 8i Holding Limited, which were subsequently sold to the Sponsor for an aggregate purchase price of $25,000, or approximately $0.017 per share. On June 14, 2021, the Sponsor transferred 15,000 founder shares in the aggregate to the directors for nominal consideration. On October 25, 2021, the Company issued an additional 718,750 ordinary shares which were purchased by the Sponsor for $12,500, resulting in an aggregate of 2,156,250 ordinary shares outstanding.

Going Concern

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 1 - Organization and Business Operations

Organization and General

8i Acquisition 2 Corp. (the “Company”) is a company incorporated on January 21, 2021, under the laws of the British Virgin Islands for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Initial Business Combination”). The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic location (excluding China). The Articles of Association prohibit the Company from undertaking the initial business combination with any entity that conducts a majority of its business or is headquartered in China (including Hong Kong and Macau).

As of July 31, 2022, the Company had not yet commenced any operations. All activity for the period from January 21, 2021 (inception) through July 31, 2022 relates to the Company’s organizational activities and the initial public offering (the “IPO”) described below. The Company will not generate any operating revenues until after the completion of its Initial Business Combination, at the earliest. The Company will generate non-operating income in the form of dividend and interest income on cash and cash equivalents from the proceeds derived from the IPO.

The Company has selected July 31 as its fiscal year end.

The Company will have 12 months from the closing of the IPO (or up to 18 months, with extension of two times by an additional three months each time) to consummate a Business Combination (the “Combination Period”). If the Company fails to consummate a Business Combination within the Combination Period, it will trigger its automatic winding up, liquidation and subsequent dissolution pursuant to the terms of the Company’s amended and restated memorandum and articles of association. As a result, this has the same effect as if the Company had formally gone through a voluntary liquidation procedure under the Companies Law. Accordingly, no vote would be required from the Company’s shareholders to commence such a voluntary winding up, liquidation and subsequent dissolution.

The Trust Account

Upon the closing of the IPO and the private placement, $86,250,000 was placed in a trust account (the “Trust Account”) with American Stock Transfer & Trust Company, LLC acting as trustee.

The funds held in the Trust Account will be invested only in United States government treasury bills, bonds or notes having a maturity of 180 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940 and that invest solely in United States government treasuries. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its income or other tax obligations, the proceeds will not be released from the Trust Account until the earlier of the completion of a Business Combination or the Company’s liquidation.

Business Combination

On April 11, 2022, the Company entered into a Share Purchase Agreement (the “SPA”) with Euda Health Limited, a British Virgin Islands business company (“EUDA Health”), Watermark Developments Limited, a British Virgin Islands business company (the “Seller”) and Kwong Yeow Liew, acting as Representative of the Indemnified Parties (the “Indemnified Party Representative”). Pursuant to the terms of the SPA, a business combination between the Company and EUDA Health will be effected through the purchase by the Company of all of the issued and outstanding shares of EUDA Health from the Seller (the “Share Purchase”).

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

The Company’s board of directors have (i) approved and declared advisable the SPA, the Share Purchase and the other transactions contemplated thereby, and (ii) resolved to recommend approval of the SPA and related transactions by the shareholders of the Company.

Mr. Meng Dong (James) Tan, the Company’s Chief Executive Officer and Chairman of the Company’s board of directors, had at the time, 10.0% of the equity interests of the Seller. Mr. Tan currently holds a 33.3% ownership stake in the Seller. The Company received a fairness opinion from EverEdge Global to the effect that the purchase price to be paid by the Company for the shares of EUDA Health pursuant to the SPA is fair to the Company from a financial point of view (the “Fairness Opinion”).

In connection with the closing of the transactions under the SPA, the current officers and directors of EUDA Health will become the Company’s officers and directors. The Company’s sponsor, 8i Holdings 2 Pte. Ltd. (the “Sponsor”), will have the right to nominate one director to serve as an independent director on the post-closing board of director.

Liquidity and Capital Resources

At July 31, 2022 and 2021, the Company had $193,546 and nil in cash and working capital/(deficit) of $(1,408,615) and $(218,797) (excluding deferred underwriting commissions and deferred offering costs), respectively.

The registration statement for the Company’s IPO (as described in Note 3) was declared effective on November 22, 2021. On November 24, 2021, the Company consummated the IPO of 8,625,000 units (include the exercise of the over-allotment option by the underwriters in the IPO) at $10.00 per unit (the “Public Units’), generating gross proceeds of $86,250,000. Each Unit consists of one ordinary share, one redeemable warrant (each a “Warrant”, and, collectively, the “Warrants”), and one right to receive one-tenth of an ordinary share upon the consummation of an Initial Business Combination.

Offering costs amounted to $5,876,815 consisting of $1,725,000 of underwriting fees, $3,018,750 of deferred underwriting fees, $649,588 of other offering costs and an excess of fair value of the underwriter’s purchase option of $483,477. Except for the $100 for the Unit Purchase Option and $25,000 of subscription of ordinary shares (as defined in Note 7), the Company received net proceeds of $87,114,830 from the IPO and the private placement.

On January 21, 2021 and February 5, 2021, the Company issued an aggregate of 1,437,500 ordinary shares to 8i Holding Limited, which have been subsequently sold to the Sponsor for an aggregate purchase price of $25,000, or approximately $0.017 per share. On June 14, 2021, the Sponsor transferred 15,000 founder shares in the aggregate to the directors for nominal consideration. On October 25, 2021, the Company issued an additional 718,750 ordinary shares which were purchased by the Sponsor for $12,500, resulting in an aggregate of 2,156,250 ordinary shares outstanding.

Going Concern

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until November 24, 2022 (absent any extensions of such period by the Sponsor, pursuant to the terms described above) to consummate the proposed Business Combination. It is uncertain that the Company will be able to consummate the proposed Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation, should a business combination not occur, and potential subsequent dissolution, raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after November 24, 2022. The Company intends to complete the proposed Business Combination before the mandatory liquidation date. However, there can be no assurance that the Company will be able to consummate any business combination by November 24, 2022.

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Organization and Business Operations

Note 1– Nature of business and organization

Organization and Business Operations

EUDA Health Limited (“EHL” or the “Company”) is a holding company incorporated on June 8, 2021, under the laws of British Virgin Islands (“BVI”). The Company has no substantive operations other than holding all of the outstanding shares of its subsidiaries through a reverse recapitalization.

The Company, through its subsidiaries, operates its business in two segments, 1) engaged in the healthcare specialty group (other than general practice) business offering range of specialty care services to patients, and engaged in the medical facility general practice clinic that provides holistic care for various illnesses, and 2) engaged in the property management service that services shopping malls, business office building, or residential apartments.

Reorganization under EHL

On August 3, 2021, EHL completed a reverse recapitalization (“Reorganization”) under common control of its then existing shareholders, who collectively owned all of the equity interests of Kent Ridge Health Private Limited (“KRHPL”), a holding company incorporated under the laws of the Singapore prior to the Reorganization, through the following transaction.

	●	On July 24, 2021, EHL acquired 100% of the equity interests in Kent Ridge Healthcare Singapore Private Limited (“KRHSG”) through KRHPL for consideration of SG$1.0.
	●	On July 24, 2021, EHL acquired 100% of the equity interests in EUDA Private Limited (“EUDA PL”) through KRHPL for consideration of SG$1.0.
	●	On August 1, 2021, Kent Ridge Health Limited (“KRHL”), EHL’s wholly owned subsidiary, acquired 100% of the equity interests in Super Gateway Group Limited (“SGGL”) through KRHPL for consideration of SG$1.0.
	●	On August 3, 2021, EHL acquired 100% of the equity interests in Singapore Emergency Medical Assistance Private Limited (“SEMA”) through KRHPL for no consideration.

Before and after the Reorganization, the Company, together with its subsidiaries (as indicated above), is effectively controlled by the same shareholders, and therefore the Reorganization is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification (“ASC”) 805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements in accordance with ASC 805-50-45-5.

Reorganization under KRHPL

Prior to the Reorganization, KRHPL entered into a Sales and Purchase of Shares Agreement (“KRHSG Agreement”) with the sole shareholder of KRHSG who is under common control of the majority shareholders of KRHPL on December 2, 2019. Pursuant to the KRHSG Agreement, KRHPL will acquire 100% of the equity interests in KRHSG (“Reorganization of KRHSG”) for a total consideration of SG$1.0 (“Total Consideration”). The transaction was completed and effective on January 3, 2020. Since KRHSG and KRHPL are effectively controlled by the same shareholders of EHL, and therefore the Reorganization is under common control at carrying value. The financial statements of KRHSG are prepared on the basis as if the restructuring of KRHSG became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of EHL.

Prior to the Reorganization, KRHPL entered into a Sales and Purchase of Shares Agreement (“EUDA PL Agreement”) with the sole shareholder of EUDA PL who is under common control of the majority shareholders of KRHPL on December 2, 2019. Pursuant to the EUDA PL Agreement, KRHPL will acquire 100% of the equity interests in EUDA PL (“Reorganization of EUDA PL”) for a total consideration of SG$1.0 (“Total Consideration”). The transaction was completed and effective on January 3, 2020. Since EUDA PL and LRHPL are effectively controlled by the same shareholders of EHL, and therefore the Reorganization is under common control at carrying value. The financial statements of EUDA PL are prepared on the basis as if the restructuring of EUDA PL became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of EHL.

Prior to the Reorganization, KRHPL entered into a Sales and Purchase of Shares Agreement (“SEMA Agreement”) with the sole shareholder of SEMA who is effectively controlled by the same shareholders of KRHPL on December 31, 2019. Pursuant to the SEMA PL Agreement, KRHPL will acquire 100% of the equity interests in SEMA (“Reorganization of SEMA”) for no consideration. SEMA is a holding company and has no operations prior to December 31, 2019.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

The accompanying consolidated financial statements reflect the activities of EHL and each of the following entities:

Name		Background	Ownership
Kent Ridge Healthcare Singapore Pte. Ltd. (“KRHSG”)	● ● ●	A Singapore company Incorporated on November 9, 2017 Multi-care specialty group offering range of specialty care services to patients.	100% owned by EHL
EUDA Private Limited (“EUDA PL”)	● ● ●	A Singapore company Incorporated on April 13, 2018 A digital health company that provides a platform to serve the healthcare industry	100% owned by EHL
Zukitek Vietnam Private Limited Liability Company (“ZKTV PL”)	● ● ●	A Vietnam company Incorporated on May 2, 2019 A Research and Development Company	100% owned by EUDA PL
Singapore Emergency Medical Assistance Private Limited (“SEMA”)	● ● ●	A Singapore company Incorporated March 18, 2019 A holding company	100% owned by EHL
The Good Clinic Private Limited (“TGC”)(1)	● ● ●	A Singapore company Incorporated on April 8, 2020 Medical facility general practice clinic that provides holistic care for various illnesses	100% owned by SEMA
EUDA Doctor Private Limited (“ED PL”)	● ● ● ●	A Singapore company Incorporated on December 1, 2021 A platform solution for doctors and physicians to find, connect, and collaborate with trusted peers, specialists, and other professionals Operation has not been commenced	100% owned by EHL
Kent Ridge Hill Private Limited (“KR Hill PL”)	● ● ● ●	A Singapore company Incorporated on December 1, 2021 A B2B2C pharmaceutical and OTC drugs e-commerce platform to promote its drug products Operation has not been commenced	100% owned by EHL
Kent Ridge Health Limited (“KRHL”)	● ● ●	A British Virgin Islands company Incorporated on June 8, 2021 A holding company	100% owned by EHL
Zukitech Private Limited (“Zukitech”) (“ZKT PL”)	● ● ●	A Singapore company Incorporated on June 13, 2019 A holding company	100% owned by KRHL
Super Gateway Group Limited (“SGGL”)	● ● ●	A British Virgin Islands company Incorporated on April 18, 2008 A holding company	100% owned by KRHL
Universal Gateway International Pte. Ltd. (“UGI”)	● ● ● ●	A Singapore company Incorporated on September 30, 2000 Registered capital of RMB 5,000,000 A holding company	98.3% owned by SGGL
Melana International Pte. Ltd. (“Melana”)	● ● ●	A Singapore company Incorporated on September 9, 2000 Property management service that services shopping malls, business office building, or residential apartments	100% owned by UGI
Tri-Global Security Pte. Ltd. (“Tri-Global”)	● ● ●	A Singapore company Incorporated on August 10, 2000 Property security service that services shopping malls, business office building, or residential apartments	100% owned by UGI
UG Digitech Private Limited (“UGD”)	● ● ●	A Singapore company Incorporated on August 16, 2001 A holding company	100% owned by UGI

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Name		Background	Ownership
Nosweat Fitness Company Private Limited (“NFC”)	● ● ● ●	A Singapore company Incorporated on July 6, 2021 A virtual personal training platform for fitness enthusiasts Operation has not been commenced	100% owned by KRHL
True Cover Private Limited (“TCPL”)	● ● ● ●	A Singapore company Incorporated on December 1, 2021 A B2B e-claims healthcare insurance platform Operation has not been commenced	100% owned by KRHL
UG Digital Sdn. Bhd. (“UGDSB”)(2)	● ● ●	A Malaysian company Incorporated on May 23, 2003 Sales of security system products	100% owned by UGD prior to November 4, 2020 and 40% thereafter
KR Digital Pte. Ltd. (“KR Digital”) (3)	● ● ● ●	A Singapore company Incorporated on December 29, 2021 Development of software and applications Operation has not been commenced	100% owned by KRHL
Zukihealth Sdn. Bhd. (“Zukihealth”) (3)	● ● ●	A Malaysian company Incorporated on February 15, 2018 Distribution of health care supplement products	100% owned by KR Digital
	●	Operation has not been commenced

	(1)	On March 1, 2022, SEMA, the Company’s wholly owned subsidiary, sold 100% of the equity interest in TGC to an unrelated individual third party for a total consideration of SG$ 1.0 (see Note 5).

	(2)	On November 4, 2020, UGD, the Company’s 98.3% indirectly owned subsidiary, sold 60% of the equity interests in UGDSB to two individuals, one unrelated third party and one related party who had 26% ownership in KRHPL, for a total consideration of MYR 2.0 (see Note 5).

(3) On April 19, 2022, the Company acquired 100% equity interest of KR Digital Pte Ltd, (“KR Digital”), a Singapore Company, from Mr. Kelvin Chen, the Company’s Chief Executive Office (“CEO”) and shareholder for total consideration of SG$1. Prior to the acquisition of KR Digital, on April 15, 2022, KR Digital acquired 100% equity interest of Zukihealth Sdn Bhd, (“Zukihealth”), a Malaysia corporation, from Mr. Kelvin Chen, the Company’s CEO and shareholder for total consideration of SG$1. Both KR Digital and Zukihealth have no operations prior to the acquisition in April 2022. KR Digital, through Zukihealth, is expected to carry out the distribution of health care products business.

Recent development

Share Purchase Agreement

On April 11, 2022, the Company entered into a Share Purchase Agreement (the “SPA”) with 8i Acquisition 2 Corp. (“8i Acquisition”), a British Virgin Islands company for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. Pursuant to the terms of the SPA, a business combination between the Company and 8i Acquisition will be effected through the issuance of 8i Acquisition’s ordinary shares to the Company’s existing shareholders in exchange of all of Company’s outstanding ordinary shares (the “Share Purchase”) based on the purchase price as discussed below. Upon the closing of the SPA, the business combination will be accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, 8i Acquisition will be treated as the “acquired” company and the Company will be treated as the accounting acquirer for financial statement reporting purposes. Accordingly, the business combination will be treated as the equivalent of the Company issuing shares for the net assets of 8i Acquisition, accompanied by a recapitalization. The net assets of 8i Acquisition will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the business combination will be those of the Company.

Mr. Meng Dong (James) Tan, who owns 33.3% of the equity interests of the Company through Watermark Developments Limited (“Seller”), the sole shareholder of the Company, is the Chief Executive Officer and Chairman of 8i Acquisition’s board of directors. 8i Acquisition received a fairness opinion from EverEdge Global to the effect that the purchase price to be paid by 8i Acquisition for the shares of the Company pursuant to the SPA is fair to 8i Acquisition from a financial point of view (the “Fairness Opinion”).

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

In connection with the closing of the transactions under the SPA, the current officers and directors of the Company will become 8i Acquisition’s officers and directors.

On May 30, 2022, Amendment No. 1 (the “Amendment”) was made to the SPA. Pursuant to the Amendment, 8i Acquisition shall have completed its financial, operational and legal due diligence review of the Company (the Due Diligence Review”) on or before June 15, 2022, and be satisfied with the results of the Due Diligence Review. If 8i Acquisition has not notified Watermark Developments limited, a British Virgin Islands business company (the “Seller”) in writing that it is not satisfied with the results of its Due Diligence Review by close of business, New York time, on June 15, 2022, the closing condition of Section 9.2(j) from the SPA shall lapse without the necessity of any further action by the parties.”

On June 10, 2022, the Company, the Seller, and 8i Acquisition entered into a second amendment of the SPA (the “Second Amendment”).

Initial Consideration

Pursuant to the Second Amendment, the initial consideration to be paid at closing (the “Closing”) of the Share Purchase (the “Initial Consideration”) by 8i Acquisition to Seller for the Share Purchase will be adjusted to an amount equal to $140,000,000. The Initial Consideration will be payable in ordinary shares of 8i Acquisition, no par value, (the “Purchaser Shares”) valued at $10.00 per share. To secure Seller’s obligations under the indemnification provisions of the SPA, 1,400,000 Purchaser Shares (the “Indemnification Escrow Shares”) shall be withheld from the Purchaser Shares payable at Closing, and be delivered to American Stock Transfer & Trust Company, as Escrow Agent, and held by the Escrow Agent pursuant to an escrow agreement, by and among 8i Acquisition, Seller, and the Indemnified Party Representative.

Earnout Payments

Pursuant to the Second Amendment, in addition to the Initial Consideration, the Seller may also receive up to 4,000,000 additional Purchaser Shares as an earnout payment (the “Earnout Shares”) if, during the period beginning on the date of Closing and ending on December 31, 2024, the volume-weighted average price of Purchaser Shares (the “Purchaser Share Price”) equals or exceeds any of four thresholds over any 20 trading days within a 30-day trading period under the terms and conditions set forth in the SPA and related transaction documents:

● The Seller will be issued 1,000,000 additional Purchaser Shares if during the period beginning on the Closing Date and ending on the first anniversary of the Closing Date, the Purchaser Share Price is equal to or greater than Fifteen Dollars ($15.00) after the Closing Date;

● The Seller will be issued 1,000,000 additional Purchaser Shares if during the period beginning on the first anniversary of the Closing Date and ending on the second anniversary of the Closing Date, the Purchaser Share Price is equal to or greater than Twenty Dollars ($20.00);

● The Seller will be issued 1,000,000 additional Purchaser Shares if the consolidated audited financial statements of the Company for the fiscal year commencing January 1, 2023 and ending December 31, 2023, reflect that the Company has achieved both of the following financial metrics for such fiscal year: (x) revenues of at least $20,100,000 and (y) net income attributable to the Company of at least $3,600,000.

● The Seller will be issued 1,000,000 additional Purchaser Shares if the consolidated audited financial statements of the Company for the fiscal year commencing January 1, 2024 and ending December 31, 2024, reflect that the Company has achieved both of the following financial metrics for such fiscal year: (x) revenues of at least $40,100,000 and (y) net income attributable to the Company of at least $10,100,000.

Note 1– Nature of business and organization

Organization and Business Operations

Reorganization under EHL

	●	On July 24, 2021, EHL acquired 100% of the equity interests in Kent Ridge Healthcare Singapore Private Limited (“KRHSG”) through KRHPL for consideration of SG$1.0.
	●	On July 24, 2021, EHL acquired 100% of the equity interests in EUDA Private Limited (“EUDA PL”) through KRHPL for consideration of SG$1.0.
	●	On August 1, 2021, Kent Ridge Health Limited (“KRHL”), EHL’s wholly owned subsidiary, acquired 100% of the equity interests in Super Gateway Group Limited (“SGGL”) through KRHPL for consideration of SG$1.0.
	●	On August 3, 2021, EHL acquired 100% of the equity interests in Singapore Emergency Medical Assistance Private Limited (“SEMA”) through KRHPL for no consideration.

Before and after the Reorganization, the Company, together with its subsidiaries (as indicated above), is effectively controlled by the same shareholders, and therefore the Reorganization is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification (“ASC”) 805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying unaudited condensed consolidated financial statements in accordance with ASC 805-50-45-5.

Reorganization under KRHPL

The accompanying consolidated unaudited condensed financial statements reflect the activities of EHL and each of the following entities:

Name		Background	Ownership
Kent Ridge Healthcare Singapore Pte. Ltd. (“KRHSG”)	● ● ●	A Singapore company Incorporated on November 9, 2017 Multi-care specialty group offering range of specialty care services to patients.	100% owned by EHL
EUDA Private Limited (“EUDA PL”)	● ● ●	A Singapore company Incorporated on April 13, 2018 A digital health company that provides a platform to serve the healthcare industry	100% owned by EHL
Zukitek Vietnam Private Limited Liability Company (“ZKTV PL”)	● ● ●	A Vietnam company Incorporated on May 2, 2019 A Research and Development Company	100% owned by EUDA PL
Singapore Emergency Medical Assistance Private Limited (“SEMA”)	● ● ●	A Singapore company Incorporated March 18, 2019 A holding company	100% owned by EHL
The Good Clinic Private Limited (“TGC”)(1)	● ● ●	A Singapore company Incorporated on April 8, 2020 Medical facility general practice clinic that provides holistic care for various illnesses	100% owned by SEMA
EUDA Doctor Private Limited (“ED PL”)	● ● ●	A Singapore company Incorporated on December 1, 2021 A platform solution for doctors and physicians to find, connect, and collaborate with trusted peers, specialists, and other professionals	100% owned by EHL
	●	Operation has not been commenced
Kent Ridge Hill Private Limited (“KR Hill PL”)	● ● ●	A Singapore company Incorporated on December 1, 2021 A B2B2C pharmaceutical and OTC drugs e-commerce platform to promote its drug products	100% owned by EHL
	●	Operation has not been commenced
Kent Ridge Health Limited (“KRHL”)	● ● ●	A British Virgin Islands company Incorporated on June 8, 2021 A holding company	100% owned by EHL
Zukitech Private Limited (“Zukitech”) (“ZKT PL”)	● ● ●	A Singapore company Incorporated on June 13, 2019 A holding company	100% owned by KRHL
Super Gateway Group Limited (“SGGL”)	● ● ●	A British Virgin Islands company Incorporated on April 18, 2008 A holding company	100% owned by KRHL
Universal Gateway International Pte. Ltd. (“UGI”)	● ● ● ●	A Singapore company Incorporated on September 30, 2000 Registered capital of RMB 5,000,000 A holding company	98.3% owned by SGGL

Name		Background	Ownership
Melana International Pte. Ltd. (“Melana”)	● ● ●	A Singapore company Incorporated on September 9, 2000 Property management service that services shopping malls, business office building, or residential apartments	100% owned by UGI
Tri-Global Security Pte. Ltd. (“Tri-Global”)	● ● ●	A Singapore company Incorporated on August 10, 2000 Property security service that services shopping malls, business office building, or residential apartments	100% owned by UGI
UG Digitech Private Limited (“UGD”)	● ● ●	A Singapore company Incorporated on August 16, 2001 A holding company	100% owned by UGI
Nosweat Fitness Company Private Limited (“NFC”)	● ● ●	A Singapore company Incorporated on July 6, 2021 A virtual personal training platform for fitness enthusiasts	100% owned by KRHL
	●	Operation has not been commenced
True Cover Private Limited (“TCPL”)	● ● ●	A Singapore company Incorporated on December 1, 2021 A B2B e-claims healthcare insurance platform	100% owned by KRHL
	●	Operation has not been commenced
KR Digital Pte. Ltd. (“KR Digital”) (2)	● ● ●	A Singapore company Incorporated on December 29, 2021 Development of software and applications	100% owned by KRHL
	●	Operation has not been commenced
Zukihealth Sdn. Bhd. (“Zukihealth”) (2)	● ● ●	A Malaysian company Incorporated on February 15, 2018 Distribution of health care supplement products	100% owned by KR Digital
	●	Operation has not been commenced

(1)

On March 1, 2022, SEMA, the Company’s wholly owned subsidiary, sold 100% of the equity interest in TGC to an unrelated individual third party for a total consideration of SG$ 1.0 (see Note 4).

(2)

On April 19, 2022, the Company acquired 100% equity interest of KR Digital Pte Ltd, (“KR Digital”), a Singapore Company, from Mr. Kelvin Chen, the Company’s Chief Executive Office (“CEO”) and shareholder for total consideration of SG$1. Prior to the acquisition of KR Digital, on April 15, 2022, KR Digital acquired 100% equity interest of Zukihealth Sdn Bhd, (“Zukihealth”), a Malaysia corporation, from Mr. Kelvin Chen, the Company’s CEO and shareholder for total consideration of SG$1. Both KR Digital and Zukihealth have no operations prior to the acquisition in April 2022. KR Digital, through Zukihealth, is expected to carry out the distribution of health care products business.

Recent development

Share Purchase Agreement

In connection with the closing of the transactions under the SPA, the current officers and directors of the Company will become 8i Acquisition’s officers and directors.

On June 10, 2022, the Company, the Seller, and 8i Acquisition entered into a second amendment of the SPA (the “Second Amendment”).

Initial Consideration

Earnout Payments

Completion of the Business Combination

On November 17, 2022, 8i Acquisition consummated the business combination contemplated by the SPA between 8i Acquisition, EHL, Watermark Developments Limited, a British Virgin Islands business company (“Watermark” or the “Seller”) and the sole owner of EHL, and Kwong Yeow Liew, dated April 11, 2022 and amended May 30, 2022, June 10, 2022, and September 7, 2022. As contemplated by the SPA, a business combination between 8i Acquisition and EHL was effected by the purchase by 8i Acquisition of all of the issued and outstanding shares of EHL from the Seller (the “Share Purchase”), resulting in EHL becoming a wholly owned subsidiary of 8i Acquisition. In addition, in connection with the consummation of the Share Purchase, 8i Acquisition has changed its name to “EUDA Health Holdings Limited.”

Credit facilitates

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Credit facilitates

Note 12 – Credit facilitates

Short-term loans – bank and private lender

Schedule of Short-term Loans

Outstanding balances on short-term bank loans consist of the following:

Bank/Private lender Name	Maturities	Interest Rate			Collateral/ Guarantee	June 30, 2022		December 31, 2021		December 31, 2020
							(Unaudited)
*United Overseas Bank Limited	90 days from disbursement		0.25% plus prime rate		Guaranteed by Jamie Fan Wei Zhi, an immediate family member of a shareholder of the Company Collateral: Accounts receivable	$	53,991	$	184,491	$	188,197
FS Capital Ptd. Ltd.	Fully repaid in February, 2022		18.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder, and Kent Ridge Health Private Limited		-		20,936		-
Funding Societies Pte. Ltd	Due monthly from April 2022 to March 2023		30.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder		179,110		-		-
Total						$	233,101	$	205,427	$	188,197

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Short-term loans – third parties

Schedule of Short-term Loans

Outstanding balances on long-term third-party loans consist of the following:

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	June 30, 2022		December 31, 2021		December 31, 2020
							(Unaudited)
*Lim Beng Choo	30 days from disbursement		25.0	%	None	$	-	$	-	$	317,691
Koh Wee Sing	July 2022		60.0	%	None		143,977		148,302		151,281
Total						$	143,977	$	148,302	$	468,972

Interest expense pertaining to the above loans for the six months ended June 30, 2022 and 2021 amounted to $51,070 (Unaudited) and $122,707 (Unaudited), respectively. Interest expense pertaining to the above loans for the years ended December 31, 2021 and 2020 amounted to $128,071 and $96,646, respectively.

Weighted average interest rate to the above loans for the six months ended June 30, 2022 and 2021 are 8.1% (Unaudited) and 12.5% (Unaudited), respectively. Weighted average interest rate to the above loans for the years ended December 31, 2021 and 2020 are 6.3% and 3.9%, respectively.

Note 11 – Credit facilitates

Short-term loans – bank and private lender

Schedule of Short-term Loans

Outstanding balances on short-term bank loans consist of the following:

Bank/Private lender Name	Maturities	Interest Rate			Collateral/ Guarantee	September 30, 2022		December 31, 2021
						(Unaudited)
*United Overseas Bank Limited	90 days from disbursement		0.25% plus prime rate		Guaranteed by Jamie Fan Wei Zhi, an immediate family member of a shareholder of the Company Collateral: Accounts receivable	$	173,334	$	184,491
FS Capital Ptd. Ltd.	Fully repaid in February, 2022		18.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder, and Kent Ridge Health Private Limited		-		20,936
Funding Societies Pte. Ltd	Due monthly from April 2022 to March 2023		30.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder		34,834		-
Total						$	208,168	$	205,427

Short-term loans – third parties

Schedule of Short-term Loans

Outstanding balances on long-term third-party loans consist of the following:

Lender Name

Maturities

Interest

Rate

Collateral/

Guarantee

September 30,

2022

December 31,

2021

(Unaudited)

Koh Wee Sing

Due on demand beginning in July 2022

60.0

None

139,334

148,302

Interest expense pertaining to the above loan for the nine months ended September 30, 2022 and 2021 amounted to $78,271 (Unaudited) and $149,045 (Unaudited), respectively.

Weighted average interest rate to the above loans for the nine months ended September 30, 2022 and 2021 are 5.5% (Unaudited) and 5.9% (Unaudited), respectively.

Schedule of Goodwill (Details) - EUDA Health Limited [Member] - USD ($)	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Balance	$ 992,686	$ 992,686	$ 1,012,630
Goodwill acquired in SGGL acquisition				993,533
Foreign currency translation adjustment	(28,953)	(60,029)	(19,944)	19,097
Balance	963,733	932,657	992,686	1,012,630
Melana International Pte Limited [Member]
Restructuring Cost and Reserve [Line Items]
Balance	528,665	528,665	539,286
Goodwill acquired in SGGL acquisition				529,116
Foreign currency translation adjustment	(15,419)	(31,969)	(10,621)	10,170
Balance	513,246	496,696	528,665	539,286
TriGlobal Security Pte Limited [Member]
Restructuring Cost and Reserve [Line Items]
Balance	464,021	464,021	473,344
Goodwill acquired in SGGL acquisition				464,417
Foreign currency translation adjustment	(13,534)	(28,060)	(9,323)	8,927
Balance	$ 450,487	$ 435,961	$ 464,021	$ 473,344

Sale of 8,625,000 Units through public offering, shares

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Statements of Changes in ShareHolders' Equity (Deficit) (Parenthetical) - shares

3 Months Ended

12 Months Ended

Oct. 25, 2021

Jul. 31, 2021

Oct. 31, 2022

Jul. 31, 2022

Jul. 31, 2021

1,437,500

Common stock shares outstanding

2,156,250

2,448,500

2,156,250

Sponsor [Member]

Sale of 8,625,000 Units through public offering, shares

718,750

Common stock shares outstanding

2,156,250

Over-Allotment Option [Member]

Stock forfeiture

187,500

281,250

Common Stock [Member]

Sale of 8,625,000 Units through public offering, shares

^[1]

8,625,000

Stockholders' equity, other shares

^[1]

292,250

[1]

Statements of Operations (Parenthetical) - shares			3 Months Ended	12 Months Ended
Statements of Operations (Parenthetical) - shares	Oct. 25, 2021	Jul. 31, 2021	Oct. 31, 2022	Jul. 31, 2021	Jul. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		1,437,500
Common stock shares outstanding		2,156,250	2,448,500	2,156,250	2,448,500
Sponsor [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	718,750
Common stock shares outstanding	2,156,250
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Stock forfeiture		187,500	281,250	281,250

Schedule of Related Party Balances (Details) - USD ($)

Sep. 30, 2022

Jun. 30, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 18,808

$ 297,621

$ 340,385

Kent Ridge Pacific Pte Ltd [Member]

4,262,953

3,272,311

3,232,820

18,263

KR Hill Capital Pte Ltd [Member]

51,917

33,483

Kent Ridge Medical Ptd Ltd [Member]

^[1]

230

237

121

UG Digital Sdn. Bhd. [Member]

^[1]

238

245

121

^[1]

17,598

284,673

321,880

Janic Limited [Member]

^[1]

699

720

Zukihealth SDN [Member]

^[1]

3,173

Jenifer Goh [Member]

8,527

Fresco Investment Pte Ltd [Member]

500

Cadence Health Pte Ltd [Member]

^[1]

977,705

2,459,411

1,469,294

Chee Yin Meh [Member]

Jamie Fan Wei Zhi [Member]

91,096

34,512

48,443

66,949

40,783

Kelvin Chen [Member]

Kent Ridge Health Pte Ltd [Member]

499,552

295,776

284,726

Wilke Services Ltd [Member]

882,669

121,129

97,844

Mount Locke Limited [Member]

^[2]

2,666,519

2,746,628

2,801,807

3,751

$ 49,422

18,808

297,621

340,385

EUDA Health Limited [Member] | Kent Ridge Pacific Pte Ltd [Member]

4,209,568

4,262,953

3,272,311

3,232,820

18,263

EUDA Health Limited [Member] | KR Hill Capital Pte Ltd [Member]

51,917

33,483

EUDA Health Limited [Member] | Kent Ridge Medical Ptd Ltd [Member]

223

230

^[3]

237

^[3]

121

^[3]

EUDA Health Limited [Member] | UG Digital Sdn. Bhd. [Member]

231

238

^[3]

245

^[3]

121

^[3]

EUDA Health Limited [Member] | Janic Limited [Member]

24,256

17,598

^[3]

284,673

^[3]

321,880

^[3]

EUDA Health Limited [Member] | Zukihealth SDN [Member]

677

699

^[3]

720

^[3]

EUDA Health Limited [Member] | Jenifer Goh [Member]

^[3]

3,173

^[3]

24,035

8,527

EUDA Health Limited [Member] | Fresco Investment Pte Ltd [Member]

500

EUDA Health Limited [Member] | Cadence Health Pte Ltd [Member]

^[3]

EUDA Health Limited [Member] | Chee Yin Meh [Member]

294,470

977,705

2,459,411

1,469,294

EUDA Health Limited [Member] | Jamie Fan Wei Zhi [Member]

163,399

91,096

34,512

48,443

EUDA Health Limited [Member] | Kelvin Chen [Member]

75,240

66,949

40,783

EUDA Health Limited [Member] | Kent Ridge Health Pte Ltd [Member]

335,071

499,552

295,776

284,726

EUDA Health Limited [Member] | Wilke Services Ltd [Member]

965,374

882,669

121,129

97,844

EUDA Health Limited [Member] | Mount Locke Limited [Member]

2,580,535

^[4]

2,666,519

^[5]

2,746,628

^[5]

2,801,807

^[5]

EUDA Health Limited [Member] | Kent Ridge Health Pte Ltd One [Member]

3,566

$ 3,751

EUDA Health Limited [Member] | Watermark Developments Ltd [Member]

34,133

33,483

$ 52,250

[1]	As of date of this report, these receivables have been repaid by the related parties.
[2]	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).
[3]	As of date of this report, these receivables have been repaid by the related parties.
[4]	The Company expected the investment payable to Wilke Services Ltd will be forgiven on the closing of the De-SAPC transaction and the payables amount will be credited to additional paid-in capital at the time of closing.
[5]	The Company expected the investment payable to Wilke Services Ltd will be forgiven on the closing of the De-SAPC transaction and the payables amount will be credited to additional paid-in capital at the time of closing.

Going concern (Details Narrative) - USD ($)	Oct. 31, 2022	Sep. 30, 2022	Jul. 31, 2022	Jun. 30, 2022
Working capital deficit		$ 4,000,000.0
Cash	$ 265,852	300,000	$ 193,546
EUDA Health Limited [Member]
Working capital deficit		4,000,000.0		$ 3,800,000
Cash		$ 300,000		$ 200,000

Loan to third party

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Loan to third party

Note 11 – Loan to third party

In November 20, 2020, the Company’s subsidiary, UGI has entered into a loan agreement with PT total Prima Indonesia (“PT”), an unrelated third party. Upon execution of the loan agreement, PT may borrow up to approximately $0.5 million (SGD 650,000) from UGI for a period of three years with 9.00% annual interest rate. The loan, shall be due and payable, including all disbursed loan amount and accrued interest, on the maturity date. As of June 30, 2022, December 31, 2021 and 2020, the Company had accumulatively disbursed $482,322 (Unaudited), $352,959 and $0 of loan to PT, and had $33,741 (Unaudited), $19,003 and $0 of interest receivable balance outstanding which expected to be collected along with the principal balance when the loan mature, respectively.

For the six months ended June 30, 2022 and 2021, the Company has recognized $15,565 (Unaudited) and $0 (Unaudited) of interest income from loan to third party, respectively. For the years ended December 31, 2021 and 2020, the Company has recognized $19,071 and $0 of interest income from loan to third party, respectively.

Note 10 – Loan to third party

In November 20, 2020, the Company’s subsidiary, UGI has entered into a loan agreement with PT total Prima Indonesia (“PT”), an unrelated third party. Upon execution of the loan agreement and supplemental agreement, PT may borrow up to approximately $0.7 million (SGD 1,000,000) from UGI for a period of three years with 9.00% annual interest rate. The loan, shall be due and payable, including all disbursed loan amount and accrued interest, on the maturity date. As of September 30, 2022 and December 31, 2021, the Company had accumulatively disbursed $503,692 (Unaudited) and $352,959 of loan to PT, and had $46,317 (Unaudited) and $19,003 of interest receivable balance outstanding which expected to be collected along with the principal balance when the loan mature, respectively.

For the nine months ended September 30, 2022 and 2021, the Company has recognized $29,701 (Unaudited) and $11,992 (Unaudited) of interest income from loan to third party, respectively.

Goodwill (Tables)

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Schedule of Goodwill

The changes in the carrying amount of goodwill by the Company’s subsidiaries are as follows:

Schedule of Goodwill

	Melana			Tri-Global			Total
Balance as of December 31, 2019	$	-		$	-		$	-
Goodwill acquired in SGGL acquisition		529,116			464,417			993,533
Foreign currency translation adjustment		10,170			8,927			19,097
Balance as of December 31, 2020	$	539,286		$	473,344		$	1,012,630
Foreign currency translation adjustment		(10,621	)		(9,323	)		(19,944	)
Balance as of December 31, 2021		528,665			464,021			992,686
Foreign currency translation adjustment		(15,419	)		(13,534	)		(28,953	)
Balance as of June 30, 2022 (Unaudited)	$	513,246		$	450,487		$	963,733

The changes in the carrying amount of goodwill by the Company’s subsidiaries are as follows:

Schedule of Goodwill

	Melana			Tri-Global			Total
Balance as of December 31, 2020	$	539,286		$	473,344		$	1,012,630
Foreign currency translation adjustment		(10,621	)		(9,323	)		(19,944	)
Balance as of December 31, 2021		528,665			464,021			992,686
Balance		528,665			464,021			992,686
Foreign currency translation adjustment		(31,969	)		(28,060	)		(60,029	)
Balance as of September 30, 2022 (Unaudited)	$	496,696		$	435,961		$	932,657
Balance	$	496,696		$	435,961		$	932,657

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Business Combination (Details Narrative) - EUDA Health Limited [Member] RM in Millions	Jul. 24, 2021 SGD ($)	Nov. 04, 2020 MYR (RM)	Dec. 01, 2019 USD ($)	Dec. 01, 2019 SGD ($)
Business Acquisition [Line Items]
Total Consideration	$ 1.0		$ 2,748,931
Kent Ridge Hill Private Limited [Member]
Business Acquisition [Line Items]
Ownership equity interest percentage		26.00%	100.00%	100.00%
Total Consideration		RM 2.0	$ 2,700,000	$ 3,700,000
Universal Gateway International Pte. Ltd. [Member]
Business Acquisition [Line Items]
Ownership equity interest percentage			98.30%	98.30%

Balance Sheets (Parenthetical)	3 Months Ended	12 Months Ended
Balance Sheets (Parenthetical)	Oct. 31, 2022 $ / shares shares	Jul. 31, 2022 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Temporary equity, shares authorized	8,225,000	8,225,000
Temporary equity, redemption price per share \| $ / shares	$ 10.08	$ 10.03
Temporary equity, shares issued	400,000	400,000
Temporary equity, par value \| $ / shares	$ 8.32	$ 8.27
Common stock, par value \| $ / shares	$ 0	$ 0
Common stock, shares authorized, unlimited	Unlimited	Unlimited
Common stock, shares outstanding	2,448,500	2,448,500
Common stock, shares issued	2,448,500	2,448,500
Common stock, shares subjected to redemption		400,000
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Shares issued, forfeited	281,250

Goodwill

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Related Party Balances and Transactions

Goodwill

Note 10 – Goodwill

The changes in the carrying amount of goodwill by the Company’s subsidiaries are as follows:

Schedule of Goodwill

	Melana			Tri-Global			Total
Balance as of December 31, 2019	$	-		$	-		$	-
Goodwill acquired in SGGL acquisition		529,116			464,417			993,533
Foreign currency translation adjustment		10,170			8,927			19,097
Balance as of December 31, 2020	$	539,286		$	473,344		$	1,012,630
Foreign currency translation adjustment		(10,621	)		(9,323	)		(19,944	)
Balance as of December 31, 2021		528,665			464,021			992,686
Foreign currency translation adjustment		(15,419	)		(13,534	)		(28,953	)
Balance as of June 30, 2022 (Unaudited)	$	513,246		$	450,487		$	963,733

Note 9 – Goodwill

The changes in the carrying amount of goodwill by the Company’s subsidiaries are as follows:

Schedule of Goodwill

	Melana			Tri-Global			Total
Balance as of December 31, 2020	$	539,286		$	473,344		$	1,012,630
Foreign currency translation adjustment		(10,621	)		(9,323	)		(19,944	)
Balance as of December 31, 2021		528,665			464,021			992,686
Balance		528,665			464,021			992,686
Foreign currency translation adjustment		(31,969	)		(28,060	)		(60,029	)
Balance as of September 30, 2022 (Unaudited)	$	496,696		$	435,961		$	932,657
Balance	$	496,696		$	435,961		$	932,657

Schedule Of Foreign Currency Translation (Details) - EUDA Health Limited [Member]	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Period end SGD US Exchange Rate [Member]
Period-average MYR: US$1 exchange rate*	1.44	1.39	1.35			1.32
Period end VND US Exchange Rate [Member]
Period-average MYR: US$1 exchange rate*	23,865.00	23,265.00	22,855.00			23,080.00
Period end MYR US Exchange Rate [Member]
Period-average MYR: US$1 exchange rate*	4.64	4.41
Period average SGD US Exchange Rate [Member]
Period-average MYR: US$1 exchange rate*	1.38	1.36	1.34	1.34	1.33	1.38
Period average VND US Exchange Rate [Member]
Period-average MYR: US$1 exchange rate*	23,108.27	22,923.19	22,935.24	22,986.35	23,045.27	23,233.50
Period average MYR US Exchange Rate [Member]
Period-average MYR: US$1 exchange rate*	4.34	4.27

Private Placement (Details Narrative)	Nov. 24, 2021 USD ($) $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Proceeds from sale of stock	$ 100
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock, shares issued \| shares	292,250
Share price \| $ / shares	$ 10.00
Proceeds from sale of stock	$ 2,922,500

Schedule of Intangible Assets Estimated Useful Lives (Details)	6 Months Ended	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2022
Customer Relationships [Member] \| EUDA Health Limited [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets estimated useful life	6 years	6 years

Related Party Balances and Transactions

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2022

Jun. 30, 2022

Sep. 30, 2022

Jul. 31, 2022

Note 5 - Related Party Transactions

Related Party Balances and Transactions

Founder Shares

On January 21, 2021 and February 5, 2021, 8i Holdings Limited paid an aggregate price of $25,000, or approximately $0.017 per share, to cover certain offering costs in consideration for 1,437,500 ordinary shares (the “Insider Shares” or “Founder Shares”). On April 12, 2021, 8i Holdings Limited transferred an aggregate of 1,437,500 Founder Shares to the Sponsor for $25,000. On June 14, 2021, the Sponsor transferred 15,000 Founder Shares in the aggregate to the Company’s directors for nominal consideration. On October 25, 2021, the Company issued an additional 718,750 ordinary shares which were purchased by the Sponsor for $12,500, resulting in an aggregate of 2,156,250 ordinary shares outstanding. The issuance was considered as a nominal issuance, in substance a recapitalization transaction, which was recorded and presented retroactively. The Founder Shares are identical to the ordinary shares included in the Units sold in the IPO. The Sponsor agreed to forfeit 281,250 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. On November 24, 2021, the underwriters exercised the over-allotment option in full, so there are no Founder Shares subject to forfeiture.

All of the Founder Shares issued and outstanding prior to the date of the IPO were placed in escrow with an escrow agent until the earlier of six months after the date of the consummation of an Initial Business Combination and the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after an Initial Business Combination or earlier, if, subsequent to an Initial Business Combination, the Company consummated a liquidation, merger, share exchange or other similar transaction which resulted in all of its shareholders having the right to exchange their shares for cash, securities or other property. On November 24, 2021, the underwriters exercised the over-allotment option in full, so there are no founder shares subject to forfeiture.

Promissory Note - Related Party

On January 12, 2022, Mr. Meng Dong (James) Tan, the Company’s then Chief Executive Officer and Chairman of the Company’s board of directors, agreed to loan the Company up to $300,000 to cover expenses related to the IPO pursuant to a promissory note (the “January Note”). On March 18, 2022, Mr. Tan entered into a promissory note with the Company for $500,000 (the “March Note”). On August 16, 2022, the Company entered into a promissory note with Mr. Tan for $200,000 (the “August Note”, together with the January Note and the March Note, collectively, the “Promissory Notes”). The Promissory Notes were non-interest bearing and payable promptly after the date on which the Company consummated an Initial Business Combination. As of October 31, 2022 and July 31, 2022, the total amount borrowed under the Promissory Notes was $1,000,000 and $800,000, respectively.

Mr. Meng Dong (James) Tan had the right, but not the obligation, to convert the Promissory Notes, in whole or in part, into private units (the “Units”) of the Company containing the same securities as issued in the Company’s IPO and by providing the Company with written notice of its intention to convert the Promissory Notes at least one business day prior to the closing of an Initial Business Combination. The number of Units to be received by the Mr. Meng Dong (James) Tan in connection with such conversion was to be an amount determined by dividing (x) the sum of the outstanding principal amount payable to Mr. Meng Dong (James) Tan, by (y) $10.00. The Business Combination was consummated on November 17, 2022 and Mr. Meng Dong (James) Tan did not exercise his right to convert the Promissory Notes.

Due to Related Parties

As of October 31, 2022 and July 31, 2022, the total amount contains administrative service fee of $113,000 and $83,000 accrued by the Company’s Sponsor, respectively.

For the year ended July 31, 2022, Mr. Meng Dong (James) Tan, the Company’s then Chief Executive Officer and Chairman of the Company’s board of directors, loaned the Company $3,894 to cover certain operating expenses of the Company. As of July 31, 2022, the total amount due to Mr. Tan was $3,894 and such balance was converted into promissory note on August 16, 2022. As of October 31, 2022, the total amount due to Mr. Tan was $0.

8i ACQUISITION 2 CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Administrative Service Fee

The Company agreed, commencing on the effective date of the IPO, to pay the affiliate of the Company’s Sponsor a monthly fee of an aggregate of $10,000 for office space, utilities and personnel. This arrangement terminated upon the completion of the Business Combination. For the three months ended October 31, 2022 and 2021, the Company has incurred $30,000 and $0, respectively, of administrative service fee, which is included in formation and operating costs on the statements of operations.

Note 5 - Related Party Transactions

Related Party Balances and Transactions

Founder Shares

On January 21, 2021 and February 5, 2021, 8i Holdings Limited paid an aggregate price of $25,000, or approximately $0.017 per share, to cover certain offering costs in consideration for 1,437,500 ordinary shares (the “Insider Shares” or “Founder Shares”). On April 12, 2021, 8i Holdings Limited transferred an aggregate of 1,437,500 Founder Shares to the Sponsor for $25,000. On June 14, 2021, the Sponsor transferred 15,000 Founder Shares in the aggregate to the Company’s directors for nominal consideration. On October 25, 2021, the Company issued an additional 718,750 ordinary shares which were purchased by the Sponsor for $12,500, resulting in an aggregate of 2,156,250 ordinary shares outstanding. The issuance was considered as a nominal issuance, in substance a recapitalization transaction, which was recorded and presented retroactively. The Founder Shares are identical to the ordinary shares included in the Units being sold in the IPO. The Sponsor has agreed to forfeit 281,250 Founder Shares to the extent that the over-allotment option is not exercised in full by the underwriters. The forfeiture is adjusted to the extent that the over-allotment option is not exercised in full by the underwriters so that the Founder Shares represent 20% of the Company’s issued and outstanding shares (excluding shares from units of private placement) after the IPO. On November 24, 2021, the underwriters exercised the over-allotment option in full, so there are no founder shares subject to forfeiture.

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

All of the Founder Shares issued and outstanding prior to the date of the IPO will be placed in escrow with an escrow agent until the earlier of six months after the date of the consummation of an Initial Business Combination and the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the Initial Business Combination or earlier, if, subsequent to the Initial Business Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction which results in all of its shareholders having the right to exchange their shares for cash, securities or other property. Up to 281,250 of the Founder Shares may also be released from escrow earlier than this date for forfeiture and cancellation if the over-allotment option is not exercised in full within 45-day after the IPO. On November 24, 2021, the underwriters exercised the over-allotment option in full, so there are no founder shares subject to forfeiture.

Promissory Note - Related Party

On January 12, 2022, Mr. Meng Dong (James) Tan, the Company’s Chief Executive Officer of the Company, agreed to loan the Company up to $300,000 to cover expenses related to the IPO pursuant to a promissory note (the “January Note”). On March 18, 2022, Mr. Tan entered into a promissory note with the Company for $500,000 (the “March Note,” and together with the January Note, the “Promissory Notes”). The Promissory Notes were non-interest bearing and payable promptly after the date on which the Company consummates an Initial Business Combination. As of July 31, 2022, the total amount borrowed under the Promissory Notes was $800,000

Mr. Meng Dong (James) Tan has the right, but not the obligation, to convert the Promissory Notes, in whole or in part, into private units (the “Units”) of the Company containing the same securities as issued in the Company’s IPO and by providing the Company with written notice of its intention to convert the Promissory Notes at least one business day prior to the closing of a Business Combination. The number of Units to be received by the Mr. Meng Dong (James) Tan in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to Mr. Meng Dong (James) Tan, by (y) $10.00.

Due to Related Parties

As of July 31, 2022 and 2021, the total amount contains administrative service fee of $83,000 and $0 accrued by the Company’s Sponsor, respectively.

For the year ended July 31, 2022, Mr. Meng Dong (James) Tan, Chief Executive Officer of the Company, loaned the Company $3,894 to cover certain operating expenses of the Company. As of July 31, 2022, the total amount due to Mr. Tan was $3,894.

Related Party Loans

As of July 31, 2022 and 2021, 8i Enterprises Pte Ltd, a company wholly owned by Mr. Meng Dong (James) Tan, had loaned the Company an aggregate of $0 and $396,157 in regard to the costs associated with formation and the IPO, respectively. Such loan is non-interest bearing. On December 6, 2021, the Company repaid $396,157 of related party loans.

Administrative Service Fee

The Company has agreed, commencing on the effective date of the IPO, to pay the affiliate of the Company’s Sponsor a monthly fee of an aggregate of $10,000 for office space, utilities and personnel. This arrangement will terminate upon the completion of a Business Combination or the distribution of the Trust Account to the public shareholders. For the year ended July 31, 2022, the Company has accrued $83,000 of administrative service fee, which is included in formation and operating costs on the statements of operations.

8i ACQUISITION 2 CORP.

NOTES TO FINANCIAL STATEMENTS

Related Party Balances and Transactions

Note 14 – Related party balances and transactions

Related Party Balances and Transactions

Related party balances

Schedule of Related Party Balances

Other receivables – related parties

Name of Related Party	Relationship	Nature	As of June 30, 2022		As of December 31, 2021		As of December 31, 2020
			(Unaudited)
Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand	$	-	$	-	$	18,263
KR Hill Capital Pte Ltd^*	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand		230		237		121
Kent Ridge Medical Ptd Ltd^*	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand		238		245		121
UG Digital Sdn Bhd^*	UGD, subsidiary of the Company owned 40% of this company	Related party advance, due on demand		17,598		284,673		321,880
Janic Limited^*	Shareholder of the Company	Related party advance, due on demand		699		720		-
Zukihealth SDN^*	Kelvin Chen, Chief Executive Office (“CEO”) and shareholder of the Company, is the shareholder of this entity	Related party advance due on demand		-		3,173		-
Jenifer Goh	President, operation manager, and shareholder of the Company	Employee advance		-		8,527		-
Fresco Investment Pte Ltd^*	Fan Know Hin, an immediate family member of a shareholder of the Company, is the shareholder of this entity	Advance due on demand		43		46		-
Total			$	18,808	$	297,621	$	340,385

*	As of date of this report, these receivables have been repaid by the related parties.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Account payable, related parties

Name of Related Party Relationship Nature
As of

June 30,

2022

As of

December 31,

2021

As of

December 31,

2020

(Unaudited)

Cadence Health Pte Ltd Shareholders of this entity also are the shareholders of the Company Medical service fee performed for the employee patients of the Company’s corporate customers $ 977,705 $ 2,459,411 $ 1,469,294

Account payable, related parties Shareholders of this entity also are the shareholders of the Company Medical service fee performed for the employee patients of the Company’s corporate customers $ 977,705 $ 2,459,411 $ 1,469,294

Other payables – related parties

Name of Related Party Relationship Nature
As of

June 30, 2022

As of

December 31,

2021

As of

December 31,

2020

(Unaudited)

Chee Yin Meh Shareholder of Scotgold Holding Ltd which is the shareholder of the Company Operating expense paid on behalf of the Company $ 91,096 $ 34,512 $ 48,443

Jamie Fan Wei Zhi An immediate family member of a shareholder of the Company Operating expense paid on behalf of the Company, and Guarantor fee 66,949 40,783 -

Kelvin Chen CEO and shareholder of the Company Operating expense paid on behalf of the Company 499,552 295,776 284,726

Jenifer Goh Shareholder of the Company Operating expense paid on behalf of the Company 500 - -

Kent Ridge Health Pte Ltd Shareholders of this entity also are the shareholders of the Company Operating expense paid on behalf of the Company 882,669 121,129 97,844

Kent Ridge Pacific Pte Ltd Shareholders of this entity also are the shareholders of the Company Operating expense paid on behalf of the Company 51,917 33,483 -

Wilke Services Ltd(1) Shareholder of the Company Investment payable 2,666,519 2,746,628 2,801,807

Mount Locke Limited
Shareholder of the Company Operating expense paid on behalf of the Company 3,751 - -

Total $ 4,262,953 $ 3,272,311 $ 3,232,820

(1) The Company expected the investment payable to Wilke Services Ltd will be forgiven on the closing of the De-SAPC transaction and the payables amount will be credited to additional paid-in capital at the time of closing.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Related party transactions

Schedule of Related Party Transactions

Revenue from related parties

Name of Related Party Relationship Nature For the Six Months Ended June 30,
2022 For the Six Months Ended
June 30,
2021 For the
Year
Ended
December 31,
2021 For the Year
Ended
December 31, 2020

(Unaudited) (Unaudited)

Kent Ridge Pacific Pte Ltd Shareholders of this entity also are the shareholders of the Company Sales of medical related software application and other service $ - $ 112 $ - $ 3,894

Cadence Health Pte Ltd Shareholders of this entity also are the shareholders of the Company Sales of swab test, and other medical related product 135 3,198 4,640 4,191

Total $ 135 $ 3,310 $ 4,640 $ 8,085

Purchase from related parties

Name of Related Party Relationship Nature For the Six Months Ended
June 30, 2022
For the Six Months Ended

June 30, 2021
For the Year Ended December 31, 2021 For the Year Ended December 31, 2020

(Unaudited) (Unaudited)

Cadence Health Pte Ltd Shareholders of this entity also are the shareholders of the Company Medical service fee provided for the third party medical service revenue $ 496,383 $ 1,233,513 $ 2,349,702 $ 1,532,119

Purchase from related parties Shareholders of this entity also are the shareholders of the Company Medical service fee provided for the third party medical service revenue $ 496,383 $ 1,233,513 $ 2,349,702 $ 1,532,119

Rental expenses

Name of Related Party Relationship Nature For the Six Months Ended
June 30, 2022
For the Six Months Ended

June 30, 2021
For the Year Ended December 31, 2021 For the Year Ended December 31, 2020

(Unaudited) (Unaudited)

Kent Ridge Pacific Pte Ltd Shareholders of this entity also are the shareholders of the Company Office rental $ 72,414 $ 72,907 $ 143,589 $ 96,576

Rental Expenses Shareholders of this entity also are the shareholders of the Company Office rental $ 72,414 $ 72,907 $ 143,589 $ 96,576

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Note 13 – Related party balances and transactions

Related Party Balances and Transactions

Related party balances

Schedule of Related Party Balances

Other receivables – related parties

Name of Related Party	Relationship	Nature	As of September 30, 2022		As of December 31, 2021
			(Unaudited)
KR Hill Capital Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand	$	223	$	237
Kent Ridge Medical Ptd Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand		231		245
UG Digital Sdn Bhd*	UGD, subsidiary of the Company owned 40% of this company	Related party advance, due on demand		24,256		284,673
Janic Limited	Shareholder of the Company	Related party advance, due on demand		677		720
Zukihealth SDN	Kelvin Chen, Chief Executive Office (“CEO”) and shareholder of the Company, is the shareholder of this entity	Related party advance due on demand		-		3,173
Jennifer Goh*	President, operation manager, and shareholder of the Company	Employee advance		24,035		8,527
Fresco Investment Pte Ltd	Fan Know Hin, an immediate family member of a shareholder of the Company, is the shareholder of this entity	Advance due on demand		-		46
Total			$	49,422	$	297,621

As of date of the issuance of these unaudited condensed financial statements, these receivables have been repaid by the related parties.

Account payable, related parties

Name of Related Party	Relationship	Nature	As of September 30, 2022		As of December 31, 2021
			(Unaudited)
Cadence Health Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Medical service fee performed for the employee patients of the Company’s corporate customers	$	294,470	$	2,459,411
Account payable, related parties	Shareholders of this entity also are the shareholders of the Company	Medical service fee performed for the employee patients of the Company’s corporate customers	$	294,470	$	2,459,411

Other payables – related parties

Name of Related Party	Relationship	Nature	As of September 30, 2022		As of December 31, 2021
			(Unaudited)
Chee Yin Meh	Shareholder of Scotgold Holding Ltd which is the shareholder of the Company	Operating expense paid on behalf of the Company	$	163,399	$	34,512
Jamie Fan Wei Zhi	An immediate family member of a shareholder of the Company	Operating expense paid on behalf of the Company, and Guarantor fee		75,240		40,783
Kelvin Chen	CEO and shareholder of the Company	Operating expense paid on behalf of the Company		335,071		295,776
Kent Ridge Health Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Operating expense paid on behalf of the Company		965,374		121,129
Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Operating expense paid on behalf of the Company		34,133		33,483
Watermark Developments Ltd	Shareholder of the Company	Operating expense paid on behalf of the Company		52,250		-
Wilke Services Ltd(1)	Shareholder of the Company	Investment payable		2,580,535		2,746,628
Mount Locke Limited	Shareholder of the Company	Operating expense paid on behalf of the Company		3,566		-
Total			$	4,209,568	$	3,272,311

(1)

Related party transactions

Schedule of Related Party Transactions

Revenue from related parties

Name of Related Party	Relationship	Nature	For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
			(Unaudited)		(Unaudited)
Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Sales of medical related software application and other service	$	-	$	190
Cadence Health Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Sales of swab test, and other medical related product		135		4,278
Total			$	135	$	4,468

Purchase from related parties

Name of Related Party

Relationship

Nature

For the Nine Months Ended

September 30, 2022

For the Nine Months Ended

September 30, 2021

(Unaudited)

Cadence Health Pte Ltd

Shareholders of this entity also are the shareholders of the Company

Medical service fee provided for the third party medical service revenue

496,383

1,719,279

Rental expenses

Name of Related Party

Relationship

Nature

For the Nine Months Ended

September 30, 2022

For the Nine Months Ended

September 30, 2021

(Unaudited)

Kent Ridge Pacific Pte Ltd

Shareholders of this entity also are the shareholders of the Company

Office rental

123,718

118,224

Income taxes

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Income taxes

Note 16 – Income taxes

British Virgin Islands

KRHL and SGGL are incorporated in the British Virgin Islands and are not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.

Vietnam

The Company’s subsidiary operating in Vietnam is subject to the Vietnam Income Tax at a standard income tax rate of 20%.

Malaysia

The Company’s subsidiary operating in Malaysia is governed by the income tax laws of Malaysia and the income tax provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Income Tax Act of Malaysia, enterprises that incorporated in Malaysia are usually subject to a unified 24% enterprise income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis.

Singapore

The Company’s subsidiaries incorporated in Singapore and is subject to Singapore Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first $7,415 (SGD 10,000) taxable income and 50% of the next $140,887 (SGD 190,000) taxable income are exempted from income tax.

The provision for income taxes consisted of the following:

Schedule of Provision for Income Taxes

	For the Six Months Ended June 30, 2022			For the Six Months Ended June 30, 2021			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
	(Unaudited)			(Unaudited)
Current	$	107,903		$	66,608		$	75,821		$	79,752
Deferred		(9,950	)		(13,957	)		(27,680	)		(32,275	)
Provision for income taxes	$	97,953		$	52,651		$	48,141		$	47,477

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

The following table reconciles Singapore statutory rates to the Company’s effective tax rate:

Schedule of Effective Income Tax Rate

	For the Six Months Ended June 30, 2022			For the Six Months Ended June 30, 2021			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
	(Unaudited)			(Unaudited)
Singapore statutory income tax rate		17.0	%		17.0	%		17.0	%		17.0	%
Tax rate difference outside Singapore (1)		0.0	%		0.0	%		0.1	%		0.9	%
Taxable income below exemption threshold		2.3	%		(0.9	)%		(2.4	)%		(12.4	)%
Change in valuation allowance		(10.2	)%		13.7	%		29.8	%		58.4	%
Permanent difference (2)		(15.5	)%		(26.0	)%		(39.4	)%		(44.6	)%
Effective tax rate		(6.4	)%		3.8	%		5.1	%		19.3	%

(1)	It is due to tax rate difference of the entities incorporated in Vietnam, Malaysia and British Virgin Islands.
(2)	Permanent difference mainly consisted of income such as offshore investment income and Covid-19 related government grant which is non-taxable under local tax laws.

The following table sets forth the significant components of the aggregate deferred tax assets and liabilities of the Company as of:

	June 30,			December 31,			December 31,
	2022			2021			2020
	(Unaudited)
Deferred Tax Assets/Liabilities
Net operating loss carryforwards	$	943,314		$	812,715		$	548,937
Allowance for doubtful account		11,941			13,736			6,443
Less: valuation allowance		(955,255	)		(826,451	)		(555,380	)
Deferred tax assets, net	$	-		$	-		$	-
Deferred tax liabilities:
Customer relationship	$	38,080		$	49,294		$	78,419
Deferred tax liabilities, net	$	38,080		$	49,294		$	78,419

As of June 30, 2022, December 31, 2021 and 2020, the Company had net operating losses carry forward (including temporary taxable difference of bad debt expense) of approximately $5.5 million (Unaudited), $4.8 million, and $3.2 million, respectively, from the Company’s Singapore subsidiaries. The net operating losses from the Singapore subsidiaries can be carried forward indefinitely. Due to the limited operating history of certain Singapore subsidiaries, the Company is uncertain when these net operating losses can be utilized. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses (including temporary taxable difference of bad debt expense) of approximately $0.9 million (Unaudited), $0.8 million and $0.5 million related to Singapore subsidiaries as of June 30, 2022, December 31, 2021 and 2020, respectively.

As of June 30, 2022, December 31, 2021 and 2020, the Company had net operating losses carry forward of approximately $20,000 (Unaudited), $19,000, and $37,000, respectively, from the Company’s Vietnam subsidiary. The net operating losses from the Vietnam subsidiary can be carried forward for five years and expiring from the year 2025 to 2027. Due to the Vietnam subsidiary have been operating at losses and the Company believes it is more likely than not that its Vietnam operations will be unable to fully utilize its deferred tax assets related to the net operating losses in the foreseeable future. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses of approximately $4,000 (Unaudited), $4,000 and $7,000 related to its Vietnam subsidiary as of June 30, 2022, December 31, 2021 and 2020, respectively.

As of June 30, 2022, the Company had net operating losses carry forward of approximately $7,000 (Unaudited) from the Company’s Malaysia subsidiary. The net operating losses from the Malaysia subsidiary can be carried forward for seven years. Due to the Malaysia subsidiary have been operating at losses and the Company believes it is more likely than not that its Malaysia operations will be unable to fully utilize its deferred tax assets related to the net operating losses in the foreseeable future. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses of approximately $2,000 (Unaudited) related to its Malaysia subsidiary as of June 30, 2022.

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of June 30, 2022 (Unaudited), December 31, 2021 and 2020, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the six months ended June 30, 2022 and 2021 (Unaudited). Meanwhile, the Company did not incur interest and penalties tax for the years ended December 31, 2021 and 2020.

Taxes payable consist of the following:

Schedule of Taxes Payable

	June 30, 2022		December 31, 2021		December 31, 2020
	(Unaudited)
GST taxes payable	$	162,107	$	225,095	$	124,780
Income taxes payable		116,418		82,248		79,730
Totals	$	278,525	$	307,343	$	204,510

Note 15 – Income taxes

British Virgin Islands

Vietnam

The Company’s subsidiary operating in Vietnam is subject to the Vietnam Income Tax at a standard income tax rate of 20%.

Malaysia

Singapore

The provision for income taxes consisted of the following:

Schedule of Provision for Income Taxes

	For the Nine Months Ended September 30, 2022			For the Nine Months Ended September 30, 2021
	(Unaudited)			(Unaudited)
Current	$	89,333		$	70,685
Deferred		(14,808	)		(20,831	)
Provision for income taxes	$	74,525		$	49,854

The following table sets forth the significant components of the aggregate deferred tax assets and liabilities of the Company as of:

	September 30, 2022			December 31, 2021
	(Unaudited)
Deferred Tax Assets/Liabilities
Net operating loss carryforwards	$	926,789		$	812,715
Allowance for doubtful account		14,961			13,736
Less: valuation allowance		(941,750	)		(826,451	)
Deferred tax assets, net	$	-		$	-
Deferred tax liabilities:
Customer relationship	$	32,121		$	49,294
Deferred tax liabilities, net	$	32,121		$	49,294

As of September 30, 2022 and December 31, 2021, the Company had net operating losses carry forward (including temporary taxable difference of bad debt expense) of approximately $5.4 million (Unaudited) and $4.8 million, respectively, from the Company’s Singapore subsidiaries. The net operating losses from the Singapore subsidiaries can be carried forward indefinitely. Due to the limited operating history of certain Singapore subsidiaries, the Company is uncertain when these net operating losses can be utilized. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses (including temporary taxable difference of bad debt expense) of approximately $0.9 million (Unaudited) and $0.8 million related to Singapore subsidiaries as of September 30, 2022 and December 31, 2021, respectively.

As of September 30, 2022 and December 31, 2021, the Company had net operating losses carry forward of approximately $21,000 (Unaudited) and $19,000, respectively, from the Company’s Vietnam subsidiary. The net operating losses from the Vietnam subsidiary can be carried forward for five years and expiring from the year 2025 to 2027. Due to the Vietnam subsidiary have been operating at losses and the Company believes it is more likely than not that its Vietnam operations will be unable to fully utilize its deferred tax assets related to the net operating losses in the foreseeable future. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses of approximately $4,000 (Unaudited) and $4,000 related to its Vietnam subsidiary as of September 30, 2022 and December 31, 2021, respectively.

As of September 30, 2022, the Company had net operating losses carry forward of approximately $15,000 (Unaudited) from the Company’s Malaysia subsidiary. The net operating losses from the Malaysia subsidiary can be carried forward for seven years. Due to the Malaysia subsidiary have been operating at losses and the Company believes it is more likely than not that its Malaysia operations will be unable to fully utilize its deferred tax assets related to the net operating losses in the foreseeable future. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses of approximately $4,000 (Unaudited) related to its Malaysia subsidiary as of September 30, 2022.

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of September 30, 2022 (Unaudited) and December 31, 2021, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the nine months ended September 30, 2022 and 2021 (Unaudited).

Taxes payable consist of the following:

Schedule of Taxes Payable

	September 30, 2022		December 31, 2021
	(Unaudited)
GST taxes payable	$	87,797	$	225,095
Income taxes payable		41,086		82,248
Totals	$	128,883	$	307,343

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Summary of Significant Accounting Policies (Details Narrative)		3 Months Ended		6 Months Ended				9 Months Ended			12 Months Ended
	Nov. 24, 2021 USD ($)	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 SGD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 SGD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2022 SGD ($)	Jun. 30, 2022 SGD ($)	Dec. 31, 2019 USD ($)
Property, Plant and Equipment [Line Items]
Cash and cash equivalents		$ 265,852									$ 193,546
Assets held in trust		86,972,255									86,472,912
Dividends on marketable securities held in trust		499,343									222,912
Federal depository insurance coverage		250,000									250,000
Deferred offering costs	$ 3,018,750					247,920
Deferred underwriting commissions		3,018,750									3,018,750
Other deferred costs, net	649,588
Purchase option fair value	$ 483,477
Dividends on marketable securities held in trust		$ 722,255									$ 222,912
EUDA Health Limited [Member]
Property, Plant and Equipment [Line Items]
Cash and cash equivalents				$ 245,017				$ 341,100				$ 189,996	$ 250,767
Allowance for doubtful accounts				70,238				88,004				80,799	37,898			$ 10,325
Accounts receivable wrote off													646
Allowance for doubtfull accounts other receivable				0				0				0	0
Other receivable installment amount				400,000				700,000						$ 987,500	$ 493,750
Allowance for doubtfull accounts for prepaid expenses and other current assets				0				0				0	0
Impairment of property plant and equipment				0			$ 0	0		$ 0		0	0
impairment of intangible assets				0			0	0		0		0	0
Impairment of goodwill				0				0		0		0
Impairment of long lived assets				0			0	0				0	0
Advertising costs				163,989			150,261	444,019		192,586		270,361	165,883
Research and development expenses				10,141			78,639	15,064		78,639		129,265	158,011
Defined contribution plan expenses				$ 264,699			$ 288,410	388,292		$ 439,266		574,535	$ 528,931
Deposit liability current								$ 600,000
EUDA Health Limited [Member] \| Central Provident Fund [Member]
Property, Plant and Equipment [Line Items]
Precentage of employees contribution per monthly salary				17.00%	17.00%			17.00%	17.00%
EUDA Health Limited [Member] \| Central Provident Fund [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Precentage of employees contribution per monthly salary				7.50%	7.50%			7.50%	7.50%
EUDA Health Limited [Member] \| Skill Development Levy [Member]
Property, Plant and Equipment [Line Items]
Precentage of employees contribution per monthly salary				0.25%	0.25%			0.25%	0.25%
Employee monthly salary capped				$ 8,300,000	$ 11,250,000			$ 8,300,000	$ 11,250,000
EUDA Health Limited [Member] \| Social Insurance Fund [Member]
Property, Plant and Equipment [Line Items]
Precentage of employees contribution per monthly salary				20.00%	20.00%			20.00%	20.00%
Trade union fee percentage				2.00%	2.00%			2.00%	2.00%
EUDA Health Limited [Member] \| Seven Installment [Member]
Property, Plant and Equipment [Line Items]
Other receivable installment amount				$ 2,500,000											$ 3,456,250
Redeemable Preferred Stock [Member]
Property, Plant and Equipment [Line Items]
Split ratio		78									71
Nonredeemable Preferred Stock [Member]
Property, Plant and Equipment [Line Items]
Split percentage		22									29
IPO [Member]
Property, Plant and Equipment [Line Items]
Deferred offering costs		$ 5,876,815									$ 5,876,815
Underwriting fee		1,725,000									1,725,000
Deferred underwriting commissions		3,018,750									3,018,750
Other deferred costs, net		649,588									649,588
Purchase option fair value		$ 483,477									$ 483,477

Balance Sheets - USD ($)

Oct. 31, 2022

Sep. 30, 2022

Jul. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Jul. 31, 2021

Dec. 31, 2020

CURRENT ASSETS

Investments held in Trust Account

$ 265,852

$ 193,546

Accounts receivable, net

1,884,431

1,802,316

Prepaid expenses

30,606

109,143

181,000

Deferred offering costs

247,920

86,972,255

86,472,912

87,268,713

86,775,601

428,920

OTHER ASSETS

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

87,268,713

86,775,601

428,920

Accounts payable and accrued expenses

890,404

824,410

3,640

Promissory note - related party

113,000

86,894

1,000,000

800,000

Related party loans

396,157

Deferred underwriting commissions

3,018,750

Total Liabilities

5,022,154

4,730,054

399,797

COMMITMENTS AND CONTINGENCIES

Ordinary shares subject to possible redemption, 8,225,000 shares at redemption value of $10.08 and $10.03, and 400,000 shares at $8.32 and $8.27 carrying value as of October 31, 2022 and July 31, 2022, respectively.

86,268,440

85,769,097

SHAREHOLDERS’ EQUITY (DEFICIT)

Ordinary shares, no par value, 50,000,000 shares authorized, 1,500,000 shares and 1,000,000 shares outstanding as of September 30, 2022 and December 31, 2021, respectively

^[1],[2]

Additional paid-in capital

37,500

Retained earnings (accumulated deficit)

(4,021,881)

(3,723,550)

(8,377)

Total Euda Health Limited Shareholders’ Equity (Deficit)

(4,021,881)

(3,723,550)

29,123

Total Liabilities and Shareholders’ Equity (Deficit)

87,268,713

86,775,601

428,920

87,268,713

86,775,601

428,920

Total EUDA Health Limited Shareholders’ Equity (Deficiency)

87,268,713

86,775,601

428,920

OTHER LIABILITIES

(4,021,881)

(3,723,550)

29,123

Total Liabilities and Shareholders’ Equity (Deficiency)

$ 87,268,713

$ 86,775,601

$ 428,920

CURRENT ASSETS

Other receivables - related parties

$ 341,100

$ 245,017

$ 189,996

$ 250,767

Accounts receivable, net

1,884,431

1,997,684

1,802,316

1,614,760

Other receivables

1,410,231

1,792,193

1,991,226

2,006,640

49,422

18,808

297,621

340,385

Prepaid expenses and other current assets

159,002

137,000

71,495

54,583

PROPERTY AND EQUIPMENT, NET

3,844,186

4,190,702

4,352,654

4,267,135

36,191

23,358

56,927

91,130

OTHER ASSETS

Other receivables

1,031,942

1,066,327

1,830,603

Intangible assets, net

188,950

223,999

289,962

461,289

Goodwill

932,657

963,733

992,686

1,012,630

Operating lease right-of-use asset

77,056

47,113

79,862

13,129

Finance lease right-of-use assets

17,173

19,717

24,372

33,148

Loan to third party

550,009

516,063

371,962

Total Other Assets

2,797,787

2,836,952

3,589,447

1,520,196

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

6,678,164

7,051,012

7,999,028

5,878,461

Subscribed shares deposit liability

139,334

143,977

148,302

468,972

600,000

Total Liabilities

7,944,550

8,083,831

7,398,978

6,195,816

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY (DEFICIT)

Ordinary shares, no par value, 50,000,000 shares authorized, 1,500,000 shares and 1,000,000 shares outstanding as of September 30, 2022 and December 31, 2021, respectively

834,863

334,863

Retained earnings (accumulated deficit)

(2,197,789)

(1,457,460)

180,333

(684,496)

Accumulated other comprehensive income

18,753

9,989

6,036

(10,956)

Total Euda Health Limited Shareholders’ Equity (Deficit)

(1,344,173)

(1,112,608)

521,232

(360,589)

Total Liabilities and Shareholders’ Equity (Deficit)

6,678,164

7,051,012

7,999,028

5,878,461

3,844,186

4,190,702

4,352,654

4,267,135

6,678,164

7,051,012

7,999,028

5,878,461

CURRENT LIABILITIES

Accounts payable - related party

208,168

233,101

205,427

188,197

Accounts payable

1,504,468

968,796

359,716

7,567

294,470

977,705

2,459,411

1,469,294

Other payables and accrued liabilities

727,745

1,108,839

488,597

493,240

Other payables - related parties

4,209,568

4,262,953

3,272,311

3,232,820

Operating lease liability

67,942

47,113

63,478

16,709

Finance lease liabilities

12,020

12,038

11,447

10,204

Taxes payable

128,883

278,525

307,343

204,510

Total Current Liabilities

7,892,598

8,033,047

7,316,032

6,091,513

OTHER LIABILITIES

Deferred tax liabilities

32,121

38,080

49,294

78,419

Operating lease liability - non-current

9,532

16,384

Finance lease liabilities - non-current

10,299

12,704

17,268

25,884

Total Other Liabilities

51,952

50,784

82,946

104,303

Total EUDA Health Limited Shareholders’ Equity (Deficiency)

(1,344,173)

(1,112,608)

521,232

(360,589)

Noncontrolling interests

77,787

79,789

78,818

43,234

Total Shareholders’ Equity (Deficiency)

(1,266,386)

(1,032,819)

600,050

(317,355)

Total Liabilities and Shareholders’ Equity (Deficiency)

6,678,164

7,051,012

7,999,028

5,878,461

Total Shareholders’ Equity (Deficit)

$ (1,266,386)

$ (1,032,819)

$ 600,050

$ (317,355)

[1]	As of July 31, 2021, this number includes an aggregate of up to 281,250 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).
[2]	On October 25, 2021, the Company issued additional 718,750 ordinary shares which were purchased by the Sponsor, resulting in an aggregate of 2,156,250 ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization (see Note 5).

Other payables and accrued liabilities

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Other payables and accrued liabilities

Note 13 – Other payables and accrued liabilities

	As of June 30, 2022		As of December 31, 2021		As of December 31, 2020
	(Unaudited)
Accrued expenses (i)	$	493,036	$	129,029	$	225,992
Accrued payroll		466,163		244,591		199,914
Accrued interests (ii)		108,657		67,448		41,602
Others		40,983		47,529		25,732
Total other payables and accrued liabilities	$	1,108,839	$	488,597	$	493,240

(i)	Accrued expenses

	The balance of accrued expenses represented amount due to third parties service providers which include marketing consulting service, IT related professional service, legal, audit and accounting fees, and other miscellaneous office related expenses.

(ii)	Accrued interests

	The balance of accrued interests represented the balance of interest payable from short-term loan – bank, private lender, and third parties (See Note 12).

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Note 12 – Other payables and accrued liabilities

	As of September 30, 2022		As of December 31, 2021
	(Unaudited)
Accrued expenses (i)	$	175,818	$	129,029
Accrued payroll		365,852		244,591
Accrued interests (ii)		126,124		67,448
Others		59,951		47,529
Total other payables and accrued liabilities	$	727,745	$	488,597

(i)

Accrued expenses

	The balance of accrued expenses represented amount due to third parties service providers which include marketing consulting service, IT related professional service, legal, audit and accounting fees, and other miscellaneous office related expenses.

(ii)	Accrued interests

	The balance of accrued interests represented the balance of interest payable from short-term loan – bank, private lender, and third parties (See Note 11).

Intangible Assets, Net (Tables) - EUDA Health Limited [Member]

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Schedule of Intangible Assets

Intangible assets consisted of the following:

Schedule of Intangible Assets

		As of June 30, 2022		As of December 31, 2021			As of December 31, 2020
	(Unaudited)
Customer relationships	$	627,397		$	646,246		$	659,229
Less: Accumulated amortization		(403,398	)		(356,284	)		(197,940	)
Total intangible assets, net	$	223,999		$	289,962		$	461,289

Intangible assets consisted of the following:

Schedule of Intangible Assets

	As of September 30, 2022			As of December 31, 2021
	(Unaudited)
Customer relationships	$	607,166		$	646,246
Less: Accumulated amortization		(418,216	)		(356,284	)
Total intangible assets, net	$	188,950		$	289,962

Schedule of Amortization Expense

The following table sets forth the Company’s amortization expense for the next five years ending as of June 30, 2022 (Unaudited):

Schedule of Amortization Expense

	Amortization
	expenses
Twelve months ending June 30, 2023	$	97,533
Twelve months ending June 30, 2024		65,764
Twelve months ending June 30, 2025		39,884
Twelve months ending June 30, 2026		17,482
Twelve months ending June 30, 2027		3,336
Total	$	223,999

The following table sets forth the Company’s amortization expense for the next five years ending as of September 30, 2022 (Unaudited):

Schedule of Amortization Expense

	Amortization
	expenses
Twelve months ending September 30, 2023	$	85,929
Twelve months ending September 30, 2024		56,730
Twelve months ending September 30, 2025		32,989
Twelve months ending September 30, 2026		13,302
Total	$	188,950

Organization and Business Operations (Details Narrative)																						3 Months Ended		6 Months Ended				9 Months Ended			12 Months Ended
	Jul. 25, 2022 USD ($) shares	Apr. 19, 2022 USD ($)	Apr. 19, 2022 SGD ($)	Apr. 15, 2022 USD ($)	Apr. 15, 2022 SGD ($)	Mar. 02, 2022 USD ($)	Mar. 02, 2022 SGD ($)	Nov. 24, 2021 USD ($) $ / shares shares	Oct. 25, 2021 USD ($) shares	Aug. 02, 2021 USD ($)	Aug. 02, 2021 SGD ($)	Jul. 31, 2021 USD ($) shares	Jul. 24, 2021 USD ($) shares	Jul. 24, 2021 SGD ($) shares	Jun. 14, 2021 shares	Jun. 08, 2021 USD ($) shares	Apr. 12, 2021 USD ($) shares	Feb. 05, 2021 USD ($) $ / shares shares	Jan. 22, 2021 USD ($) $ / shares shares	Jan. 22, 2021 USD ($) $ / shares shares	Dec. 01, 2019 USD ($)	Oct. 31, 2022 USD ($) shares	Oct. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jul. 31, 2021 USD ($) shares	Jul. 31, 2021 USD ($) shares	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 SGD ($) shares	Sep. 30, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Apr. 30, 2022	Apr. 11, 2022	Aug. 03, 2021	Nov. 04, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock sold on transaction								$ 100
Cash																						$ 265,852						$ 300,000					$ 193,546
Working capital												218,797													218,797	218,797							1,408,615
Transaction cost								5,876,815
Cash payments of underwriting commissions								1,725,000
Deferred underwriting commissions								3,018,750				$ 247,920													$ 247,920	$ 247,920
Other offering costs								649,588
Purchase option fair value								483,477
Subscription of ordinary shares								25,000
Proceeds from sale of equity								87,114,830
Number of shares issued \| shares												1,437,500
Number of shares issued for the period												$ 25,000																					$ 86,250,000
Ordinary shares, outstanding \| shares												2,156,250										2,448,500			2,156,250	2,156,250							2,448,500
Working deficit																						$ 1,706,946											$ 1,408,615
Proceeds from IPO								87,114,830														86,250,000											86,250,000
Revenue
NET (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH LIMITED																						$ 201,012	$ (45,587)		$ (8,377)	$ (8,377)							(1,762,838)
EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash																								$ 200,000				$ 300,000
Number of shares issued \| shares	500,000												999,999	999,999		1								1,000,000				500,000	500,000
Number of shares issued for the period	$ 500,000												$ 8.00			$ 1.00																			$ 35,112
Ordinary shares, outstanding \| shares																								1,000,000				1,500,000						1,000,000	1,000,000
Initial consideration														$ 1.0							$ 2,748,931
Revenue																								$ 5,095,060			$ 5,158,102	$ 7,406,428		$ 7,851,727				$ 10,544,550	$ 8,875,379
NET (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH LIMITED																								$ (1,637,793)			$ 1,308,417	$ (2,378,122)		$ 994,632				$ 864,829	$ 175,575
EUDA Health Limited [Member] \| Subsequent Event [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Revenue																															$ 40,100,000	$ 20,100,000
NET (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH LIMITED																															$ 10,100,000	$ 3,600,000
EUDA Health Limited [Member] \| First Anniversary [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued \| shares																								1,000,000				1,000,000	1,000,000
Share price \| $ / shares																								$ 15.00				$ 15.00
EUDA Health Limited [Member] \| Second Anniversary [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued \| shares																								1,000,000				1,000,000	1,000,000
Share price \| $ / shares																								$ 20.00				$ 20.00
EUDA Health Limited [Member] \| SEMA Agreement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Initial consideration							$ 1.0
EUDA Health Limited [Member] \| Second Amendment [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued \| shares																								1,400,000				1,400,000	1,400,000
Initial consideration																								$ 140,000,000				$ 140,000,000
Share price \| $ / shares																								$ 10.00				$ 10.00
Founder Shares [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued \| shares															15,000
Underwriters [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Deferred underwriting commissions								3,018,750
Sponsor [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued \| shares									718,750
Number of shares issued for the period									$ 12,500
Ordinary shares, outstanding \| shares									2,156,250
Sponsor [Member] \| Founder Shares [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued \| shares																	1,437,500	1,437,500	1,437,500	1,437,500
Number of shares issued for the period																	$ 25,000	$ 25,000	$ 25,000	$ 25,000
Share price \| $ / shares																		$ 0.017	$ 0.017	$ 0.017
Director [Member] \| Founder Shares [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued \| shares															15,000
Seller [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued \| shares																												1,000,000	1,000,000
Other Investee [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																						33.30%														33.30%
Other Investee [Member] \| Chief Executive Officer [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																						10.00%														10.00%
Kent Ridge Healthcare Singapore Private Limited [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage													100.00%	100.00%
Initial consideration														$ 1.0
Kent Ridge Healthcare Singapore Private Limited [Member] \| EUDA Health Limited [Member] \| Sales and Purchase of Shares Agreement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																											100.00%			100.00%
Initial consideration																								$ 1.0					$ 1.0
Kent Ridge Healthcare Singapore Private Limited [Member] \| EUDA Health Limited [Member] \| EUDA PL Agreement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																											100.00%			100.00%
Initial consideration																								$ 1.0					$ 1.0
Kent Ridge Healthcare Singapore Private Limited [Member] \| EUDA Health Limited [Member] \| SEMA Agreement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																											100.00%			100.00%
K R H P L [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage													100.00%	100.00%
Initial consideration													$ 1.0
Super Gateway Group Limited [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage										100.00%	100.00%
Initial consideration										$ 1.0	$ 1.0
Singapore Emergency Medical Assistance Private Limited [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																																						100.00%
SEMA Agreement [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage						100.00%	100.00%
Initial consideration						$ 1.0	$ 1.0
UG Digitech Private Limited [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																																							98.30%
UG Digital Sdn. Bhd. [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																																			60.00%				60.00%
Kent Ridge Health Private Limited [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																																							26.00%
KR Digital Pte Ltd [Member] \| Chief Executive Officer [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage				100.00%	100.00%
Initial consideration				$ 1	$ 1
KR Digital Pte Ltd [Member] \| Kelvin Chen [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage		100.00%	100.00%
Initial consideration		$ 1	$ 1
Watermark Developments Limited [Member] \| Meng Dong [Member] \| EUDA Health Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest ownership percentage																																					33.30%
IPO [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock sold on transaction								$ 86,250,000
Sale of stock, shares issued \| shares								8,625,000
Share price \| $ / shares								$ 10.00
Deferred underwriting commissions																						$ 5,876,815											5,876,815
Other offering costs																						649,588											649,588
Purchase option fair value																						$ 483,477											$ 483,477
IPO [Member] \| Underwriters [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock sold on transaction								$ 86,250,000
Sale of stock, shares issued \| shares								8,625,000
Share price \| $ / shares								$ 10.00
Private Placement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock sold on transaction								$ 2,922,500
Sale of stock, shares issued \| shares								292,250
Share price \| $ / shares								$ 10.00
Unit Purchase Option [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock sold on transaction								$ 100

Cover	3 Months Ended
Cover	Oct. 31, 2022
Entity Addresses [Line Items]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	EUDA HEALTH HOLDINGS LIMITED
Entity Central Index Key	0001847846
Entity Incorporation, State or Country Code	D8
Entity Address, Address Line One	1 Pemimpin Drive #12-07
Entity Address, City or Town	One Pemimpin
Entity Address, Postal Zip Code	576151
City Area Code	65
Local Phone Number	6268 6821
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	1 Pemimpin Drive #12-07
Entity Address, City or Town	One Pemimpin
Entity Address, Postal Zip Code	576151
City Area Code	65
Local Phone Number	6268 6821
Contact Personnel Name	Wei Wen Kelvin Chen

Schedule of Related Party Transactions (Details) - USD ($)

6 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Dec. 31, 2020

$ 18,808

$ 297,621

$ 340,385

4,262,953

3,272,311

3,232,820

135

$ 3,310

4,640

8,085

18,808

$ 49,422

297,621

340,385

4,262,953

4,209,568

3,272,311

3,232,820

Kent Ridge Pacific Pte Ltd [Member]

135

3,310

135

$ 4,468

4,640

8,085

18,263

51,917

33,483

Kent Ridge Pacific Pte Ltd [Member] | EUDA Health Limited [Member]

112

3,894

Rental Expenses

72,414

72,907

143,589

96,576

18,263

51,917

33,483

KR Hill Capital Pte Ltd [Member]

112

190

3,894

Rental Expenses

72,414

72,907

123,718

118,224

143,589

96,576

KR Hill Capital Pte Ltd [Member] | EUDA Health Limited [Member]

^[1]

230

237

121

Kent Ridge Medical Ptd Ltd [Member]

230

^[2]

223

237

^[2]

121

^[2]

Kent Ridge Medical Ptd Ltd [Member] | EUDA Health Limited [Member]

^[1]

238

245

121

UG Digital Sdn. Bhd. [Member]

238

^[2]

231

245

^[2]

121

^[2]

UG Digital Sdn. Bhd. [Member] | EUDA Health Limited [Member]

^[1]

17,598

284,673

321,880

17,598

^[2]

24,256

284,673

^[2]

321,880

^[2]

Janic Limited [Member]

Janic Limited [Member] | EUDA Health Limited [Member]

^[1]

699

720

699

^[2]

677

720

^[2]

Zukihealth SDN [Member]

Zukihealth SDN [Member] | EUDA Health Limited [Member]

^[1]

3,173

^[2]

3,173

^[2]

Jenifer Goh [Member]

8,527

Jenifer Goh [Member] | EUDA Health Limited [Member]

500

24,035

8,527

Fresco Investment Pte Ltd [Member]

500

Fresco Investment Pte Ltd [Member] | EUDA Health Limited [Member]

^[1]

Cadence Health Pte Ltd [Member]

^[2]

977,705

2,459,411

1,469,294

Purchase from related parties

135

3,198

4,640

4,191

496,383

1,233,513

2,349,702

1,532,119

Cadence Health Pte Ltd [Member] | EUDA Health Limited [Member]

977,705

294,470

2,459,411

1,469,294

Purchase from related parties

135

3,198

135

4,278

4,640

4,191

496,383

$ 1,233,513

496,383

$ 1,719,279

2,349,702

1,532,119

Chee Yin Meh [Member]

Chee Yin Meh [Member] | EUDA Health Limited [Member]

91,096

34,512

48,443

Jamie Fan Wei Zhi [Member]

91,096

163,399

34,512

48,443

Jamie Fan Wei Zhi [Member] | EUDA Health Limited [Member]

66,949

40,783

66,949

75,240

40,783

Kelvin Chen [Member]

Kelvin Chen [Member] | EUDA Health Limited [Member]

499,552

295,776

284,726

Kent Ridge Health Pte Ltd [Member]

499,552

335,071

295,776

284,726

Kent Ridge Health Pte Ltd [Member] | EUDA Health Limited [Member]

882,669

121,129

97,844

Wilke Services Ltd [Member]

882,669

965,374

121,129

97,844

Wilke Services Ltd [Member] | EUDA Health Limited [Member]

^[3]

2,666,519

2,746,628

2,801,807

Mount Locke Limited [Member]

2,666,519

^[4]

2,580,535

^[5]

2,746,628

^[4]

2,801,807

^[4]

Mount Locke Limited [Member] | EUDA Health Limited [Member]

3,751

Total other payables and accrued liabilities

$ 3,751

$ 3,566

[1]	As of date of this report, these receivables have been repaid by the related parties.
[2]	As of date of this report, these receivables have been repaid by the related parties.
[3]	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).
[4]	The Company expected the investment payable to Wilke Services Ltd will be forgiven on the closing of the De-SAPC transaction and the payables amount will be credited to additional paid-in capital at the time of closing.
[5]	The Company expected the investment payable to Wilke Services Ltd will be forgiven on the closing of the De-SAPC transaction and the payables amount will be credited to additional paid-in capital at the time of closing.

Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended			9 Months Ended		12 Months Ended
Statements of Cash Flows - USD ($)	Oct. 31, 2022	Oct. 31, 2021	Jun. 30, 2022	Jul. 31, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 201,012	$ (45,587)		$ (8,377)				$ (1,762,838)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Formation and operating costs paid by related party		136		8,377
Dividends earned on cash and marketable securities held in Trust Account	(499,343)							(222,912)
Change in operating assets and liabilities
Prepaid assets	78,537	45,451						71,857
Accrued expenses	65,994							820,770
Due to related parties	30,000							86,894
Net cash (used in) provided by operating activities	(123,800)							(1,006,229)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal deposited in Trust Account								(86,250,000)
Net cash used in investing activities								(86,250,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Initial Public Offering	86,250,000							86,250,000
Proceeds from private placement								2,922,500
Proceeds from underwriter’s purchase option								100
Proceeds from short-term loans - bank and private lender	196,106							800,000
Payment of underwriting commission								(1,725,000)
Repayments to short-term loans - third parties								(396,157)
Payment of deferred offering costs								(401,668)
Net cash provided by (used in) financing activities	196,106							87,449,775
NET CHANGE IN CASH	72,306							193,546
CASH, beginning of the period	193,546
CASH, end of the period	265,852							193,546
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Deferred offering costs paid by Sponsor in exchange for issuance of ordinary shares				37,500
Deferred offering costs paid by related party		43,222		206,780
Deferred offering costs included in accrued offering costs and expenses		63,473		3,640
Prepaid expense paid by related party				181,000
Initial value of ordinary shares subject to possible redemption								85,546,185
Subsequent measurement ordinary shares subject to possible redemption	499,343							222,912
Deferred underwriting commissions								$ 3,018,750
Conversion of due to related party into promissory note	$ 3,894
EUDA Health Limited [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			$ (1,637,793)		$ 1,308,417	$ (2,378,122)	$ 994,632		$ 864,829	$ 175,575
Net (loss) income			(1,635,567)		1,345,834	(2,376,864)	1,030,315		900,396	198,972
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation			12,090		18,580	15,996	26,770		34,523	26,314
Amortization			58,529		82,101	87,107	122,538		162,825	189,853
Amortization of operating right-of-use asset			30,960		28,187	61,859	43,327		58,602	61,262
Amortization of finance right-of-use assets			4,014		4,111	5,973	6,136		8,153	7,949
Provision for doubtful accounts			(8,350)		63,201	12,616	47,138		43,804	26,894
Loss on disposal of equipment										1,303
Deferred taxes benefits			(9,950)		(13,957)	(14,808)	(20,831)		(27,680)	(32,275)
Investment income					(1,933,265)		(1,923,641)		(1,917,062)
Gain on disposal of subsidiary			(30,055)			(30,055)				(113,405)
Change in operating assets and liabilities
Accounts receivable			(268,714)		222,429	(236,552)	(54,582)		(263,950)	735,823
Interest receivable from loan to third party			(7,740)			(29,701)	(11,992)		(19,071)
Other receivables			866,996		(1,306)	1,198,477	42,201		55,692	(873,274)
Prepaid expenses and other current assets			(69,720)		(83)	(96,556)	(38,770)		(18,010)	41,271
Accounts payable			660,898		10,017	1,247,281	265,292		353,560	(94,863)
Accounts payables - related party			(1,425,648)		573,278	(2,094,532)	690,966		1,022,714	(696,384)
Other payables and accrued liabilities			639,001		91,784	278,211	156,253		4,360	107,918
Taxes payable			(14,672)		25,555	(161,337)	(14,308)		107,188	63,038
Operating lease liabilities			(30,960)		(31,739)	(61,423)	(46,861)		(62,124)	(62,280)
Net cash (used in) provided by operating activities			(1,228,888)		484,727	(2,194,308)	319,951		443,920	(411,884)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment						(18,174)	(1,963)		(1,957)	(76,061)
Loan to third party			(149,968)		(261,161)	(179,558)	(267,284)		(354,226)
Cash acquired through acquisition										255,406
Cash released upon disposal of a subsidiary			(3,405)			(3,405)
Net cash used in investing activities			(153,373)		(261,161)	(201,137)	(269,247)		(356,183)	179,345
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contributions										35,112
Repayments from (loans to) other receivable - related parties			274,939		33,747	240,209	28,448		36,189	(106,296)
Proceeds from short-term loans - bank and private lender			73,269		88,555				87,812
Repayments to short-term loans - bank and private lender			(39,005)		(30,128)	(56,873)	(47,861)		(66,801)	(399,896)
Borrowings from (Repayments to) other payables - related parties			1,042,577		36,845	1,007,767	(18,138)		93,666	238,902
Payment of finance lease liabilities			(3,191)		(3,148)	(4,862)	(5,079)		(6,686)	(5,129)
Issuance of ordinary shares						500,000
Receipt of subscribed shares deposit						600,000
Proceeds from short-term loans - bank and private lender						72,696	88,114			449,814
Repayments to short-term loans - third parties					(315,194)		(313,625)		(312,553)
Net cash provided by (used in) financing activities			1,348,589		(189,323)	2,358,937	(268,141)		(168,373)	212,507
EFFECT OF EXCHANGE RATE CHANGES			88,693		9,959	187,612	15,407		19,865	(46,818)
NET CHANGE IN CASH			55,021		44,202	151,104	(202,030)		(60,771)	(66,850)
CASH, beginning of the period			189,996		250,767	189,996	250,767		250,767	317,617
CASH, end of the period			245,017		294,969	341,100	48,737		189,996	250,767
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income tax			103,041		16,380	125,109	150,189		30,185	12,578
Cash paid for interest			51,070		122,707	66,447	149,045		110,835	66,190
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Acquisition of non-controlling interest										19,778
Initial recognition of operating right of use asset and lease liability					126,898	63,971	126,266		125,834
Initial recognition of financing right of use assets and lease liabilities										39,743
Acquisition consideration paid by a related party										2,748,931
Initial recognition of receivables from former subsidiary upon disposal of subsidiary										136,838
Initial recognition of payables to former subsidiary upon disposal of subsidiary			$ 322,329			$ 319,806

Schedule of Other Payables and Accrued Liabilities (Details) - EUDA Health Limited [Member] - USD ($)

Sep. 30, 2022

Jun. 30, 2022

Dec. 31, 2021

Dec. 31, 2020

Accrued expenses (i)

$ 175,818

^[1]

$ 493,036

^[2]

$ 129,029

^[1],[2]

$ 225,992

^[2]

Accrued payroll

365,852

466,163

244,591

199,914

Accrued interests (ii)

126,124

^[3]

108,657

^[4]

67,448

^[3],[4]

41,602

^[4]

Others

59,951

40,983

47,529

25,732

$ 727,745

$ 1,108,839

$ 488,597

$ 493,240

[1]	The balance of accrued expenses represented amount due to third parties service providers which include marketing consulting service, IT related professional service, legal, audit and accounting fees, and other miscellaneous office related expenses.
[2]	The balance of accrued expenses represented amount due to third parties service providers which include marketing consulting service, IT related professional service, legal, audit and accounting fees, and other miscellaneous office related expenses.
[3]	The balance of accrued interests represented the balance of interest payable from short-term loan – bank, private lender, and third parties (See Note 11).
[4]	The balance of accrued interests represented the balance of interest payable from short-term loan – bank, private lender, and third parties (See Note 12).

Other payables and accrued liabilities (Tables)

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Schedule of Other Payables and Accrued Liabilities

	As of June 30, 2022		As of December 31, 2021		As of December 31, 2020
	(Unaudited)
Accrued expenses (i)	$	493,036	$	129,029	$	225,992
Accrued payroll		466,163		244,591		199,914
Accrued interests (ii)		108,657		67,448		41,602
Others		40,983		47,529		25,732
Total other payables and accrued liabilities	$	1,108,839	$	488,597	$	493,240

(i)	Accrued expenses

	The balance of accrued expenses represented amount due to third parties service providers which include marketing consulting service, IT related professional service, legal, audit and accounting fees, and other miscellaneous office related expenses.

(ii)	Accrued interests

	The balance of accrued interests represented the balance of interest payable from short-term loan – bank, private lender, and third parties (See Note 12).

	As of September 30, 2022		As of December 31, 2021
	(Unaudited)
Accrued expenses (i)	$	175,818	$	129,029
Accrued payroll		365,852		244,591
Accrued interests (ii)		126,124		67,448
Others		59,951		47,529
Total other payables and accrued liabilities	$	727,745	$	488,597

(i)

Accrued expenses

	The balance of accrued expenses represented amount due to third parties service providers which include marketing consulting service, IT related professional service, legal, audit and accounting fees, and other miscellaneous office related expenses.

(ii)	Accrued interests

	The balance of accrued interests represented the balance of interest payable from short-term loan – bank, private lender, and third parties (See Note 11).

Segment information (Tables)

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Schedule of Segment Reporting Information

	Medical			Management
	For the Six Months Ended June 30, 2022
				Property
	Medical			Management
	Services			Services		Consolidated
	(Unaudited)			(Unaudited)		(Unaudited)
Revenues	$	2,994,846		$	2,100,214	$	5,095,060
Income (loss) from operations	$	(1,667,707	)	$	7,722	$	(1,659,985	)
Income (loss) before income taxes	$	(1,728,395	)	$	190,781	$	(1,537,614	)
Net income (loss)	$	(1,769,586	)	$	134,019	$	(1,635,567	)

	Medical			Management
	For the Six Months Ended June 30, 2021
				Property
	Medical			Management
	Services			Services		Consolidated
	(Unaudited)			(Unaudited)		(Unaudited)
Revenues	$	2,849,471		$	2,308,631	$	5,158,102
Income (loss) from operations	$	(845,638	)	$	164,915	$	(680,723	)
Income (loss) before income taxes	$	(907,030	)	$	2,305,515	$	1,398,485
Net income (loss)	$	(907,030	)	$	2,252,864	$	1,345,834

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

	Medical			Management
	For the Year Ended December 31, 2021
				Property
	Medical			Management
	Services			Services			Consolidated
Revenues	$	5,986,030		$	4,558,520		$	10,544,550
Loss from operations	$	(1,186,885	)	$	(41,342	)	$	(1,228,227	)
Income (loss) before income taxes	$	(1,239,438	)	$	2,187,975		$	948,537
Net income (loss)	$	(1,241,091	)	$	2,141,487		$	900,396

	Medical			Management
	For the Year Ended December 31, 2020
				Property
	Medical			Management
	Services			Services		Consolidated
Revenues	$	4,320,698		$	4,554,681	$	8,875,379
Income (loss) from operations	$	(973,458	)	$	79,902	$	(893,556	)
Income (loss) before income taxes	$	(738,188	)	$	984,637	$	246,449
Net income (loss)	$	(738,188	)	$	937,160	$	198,972

	Medical			Management
	For the Nine Months Ended September 30, 2022
				Property
	Medical			Management
	Services			Services			Corporate			Consolidated
	(Unaudited)			(Unaudited)						(Unaudited)
Revenues	$	4,465,667		$	2,940,761		$	-		$	7,406,428
Loss from operations	$	(707,164	)	$	(111,052	)	$	(1,567,820	)	$	(2,386,036	)
Income (loss) before income taxes	$	(887,726	)	$	153,207		$	(1,567,820	)	$	(2,302,339	)
Net income (loss)	$	(884,803	)	$	75,759		$	(1,567,820	)	$	(2,376,864	)

	Medical			Management
				For the Nine Months Ended September 30, 2021
				Property
	Medical			Management
	Services			Services		Corporate		Consolidated
	(Unaudited)			(Unaudited)				(Unaudited)
Revenues	$	4,434,617		$	3,417,110	$	-	$	7,851,727
Income (loss) from operations	$	(1,040,144	)	$	11,362	$	-	$	(1,028,782	)
Income (loss) before income taxes	$	(1,118,171	)	$	2,198,340	$	-	$	1,080,169
Net income (loss)	$	(1,118,171	)	$	2,148,486	$	-	$	1,030,315

The accounting principles for the Company’s revenue by segment are set out in Note 3.

As of September 30, 2022, the Company’s total assets were composed of $2,203,559 (Unaudited) for medical services and $4,474,605 (Unaudited) for property management services.

As of December 31, 2021, the Company’s total assets were composed of $1,586,589 for medical services and $6,412,439 for property management services.

As substantially all of the Company’s long-lived assets are located in Singapore and all of the Company’s revenue is derived from Singapore, no geographical information is presented.

Schedule of Revenue and Cost of Revenue by Products and Services (Details) - EUDA Health Limited [Member] - USD ($)	6 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Total revenues	$ 5,095,060	$ 5,158,102	$ 7,406,428	$ 7,851,727	$ 10,544,550	$ 8,875,379
Total cost of revenues	3,163,172	3,021,856	4,869,859	4,720,354	6,300,197	4,985,092
Medical Services Specialty Care [Member]
Total revenues	2,924,592	2,530,758	4,380,634	4,066,472	5,010,837	3,791,457
Total cost of revenues	1,049,786	36,755	2,084,515	367,687	46,849	78,718
Medical Services Specialty Practice [Member]
Total revenues	62,466	54,970	77,951	104,951	712,712	33,089
Total cost of revenues	17,269	19,193	20,955	39,693	427,908	33,050
Medical Services Specialty Practice Related Parties [Member]
Total revenues	135	3,310	135	4,468	4,640	8,085
Total cost of revenues	496,383	1,233,513	496,383	1,719,279	2,349,702	1,532,119
Medical Services [Member]
Total revenues	2,987,193	2,589,038	4,458,720	4,175,891	5,728,189	3,832,631
Total cost of revenues	1,563,438	1,289,461	2,601,853	2,126,659	2,824,459	1,643,887
Product Sales [Member]
Total revenues	7,653	260,433	6,947	258,726	257,841	488,067
Total cost of revenues	9,491	132,512	9,449	145,156	167,202	224,021
Property Management Service One [Member]
Total revenues	1,572,532	1,804,983			3,508,663	3,614,936
Total cost of revenues	1,162,882	1,195,638			2,461,981	2,432,898
Property Management Service Security [Member]
Total revenues	527,682	503,648	692,607	762,334	1,049,857	939,745
Total cost of revenues	427,361	404,245			846,555	684,286
Property Management Service [Member]
Total revenues	2,100,214	2,308,631	2,940,761	3,417,110	4,558,520	4,554,681
Total cost of revenues	$ 1,590,243	$ 1,599,883	2,258,557	2,448,539	$ 3,308,536	$ 3,117,184
Property Management Service Common Area Management [Member]
Total revenues			2,248,154	2,654,776
Total cost of revenues			1,695,476	1,830,788
Property Management Service Security Management [Member]
Total cost of revenues			$ 563,081	$ 617,750

Schedule of Provision for Income Taxes (Details) - EUDA Health Limited [Member] - USD ($)	6 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Current	$ 107,903	$ 66,608	$ 89,333	$ 70,685	$ 75,821	$ 79,752
Deferred	(9,950)	(13,957)	(14,808)	(20,831)	(27,680)	(32,275)
Provision for income taxes	$ 97,953	$ 52,651	$ 74,525	$ 49,854	$ 48,141	$ 47,477

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Leases

Note 18 – Leases

As of June 30, 2022 (Unaudited), December 31, 2021 and 2020, the Company has leased one office which were classified as operating leases. In addition, the Company had two office equipment leases which were classified as finance lease.

The Company occupies various offices under operating lease agreements with a term shorter than twelve months which it elected not to recognize lease assets and lease liabilities under ASC 842. Instead, the Company recognized the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company recognized lease expense on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognized the finance leases ROU assets and interest on an amortized cost basis. The amortization of finance ROU assets is recognized on an accretion basis as amortization expense, while the lease liability is increased to reflect interest on the liability and decreased to reflect the lease payments made during the period.

The ROU assets and lease liabilities are determined based on the present value of the future minimum rental payments of the lease as of the adoption date, using an effective interest rate of 5.25%, which is determined using an incremental borrowing rate with similar term in Singapore.

As of June 30, 2022, the weighted average remaining lease terms of the Company’s operating lease and finance leases are 0.75 years (Unaudited) and 2.51 years (Unaudited), respectively.

Operating and finance lease expenses consist of the following:


		For the Six Months Ended
		June 30,		June 30,
	Classification	2022		2021
		(Unaudited)		(Unaudited)
Operating lease cost
Lease expenses	General and administrative	$	32,655	$	29,895
Lease expenses – short-term	General and administrative		75,736		72,906
Finance lease cost
Amortization of leased asset	General and administrative		4,014		4,111
Interest on lease liabilities	Other expense -Interest expenses		686		867
Total lease expenses		$	113,091	$	107,779


		For the Years Ended
		December 31,		December 31,
	Classification	2021		2020

Operating lease cost
Lease expenses	General and administrative	$	62,810	$	61,262
Lease expenses – short-term	General and administrative		143,589		96,575
Finance lease cost
Amortization of leased asset	General and administrative		8,153		7,949
Interest on lease liabilities	Other expense -Interest expenses		1,639		1,903
Total lease expenses		$	216,191	$	167,689

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Weighted-average remaining term and discount rate related to leases were as follows:

As of

June 30,
2022

December 31, 2021

December 31, 2020

(Unaudited)

Weighted-average remaining term

Operating lease

0.75 year

1.25 years

0.25 years

Finance leases

2.50 years

3.00 years

4.00 years

Weighted-average discount rate

Operating lease

5.25

Finance leases

5.25

The following table sets forth the Company’s minimum lease payments in future periods as of June 30, 2022 (Unaudited):

	Operating lease			Finance lease
	payments			payments			Total
Twelve months ending June 30, 2023	$	48,126		$	7,949		$	56,075
Twelve months ending June 30, 2024		-			7,654			7,654
Twelve months ending June 30, 2025		-			11,241			11,241
Total lease payments		48,126			26,844			74,970
Less: discount		(1,013	)		(2,102	)		(3,115	)
Present value of lease liabilities	$	47,113		$	24,742		$	71,855

As of June 30, 2022, the Company minimum short term lease payments to be due within one year amounted to $85,509 (Unaudited).

Note 17 – Leases

As of September 30, 2022 (Unaudited) and December 31, 2021, the Company has leased two offices, one office and one office, respectively, which were classified as operating leases. In addition, the Company had two office equipment leases which were classified as finance lease.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of September 30, 2022, the weighted average remaining lease terms of the Company’s operating lease and finance leases are 0.87 years (Unaudited) and 2.25 years (Unaudited), respectively.

Operating and finance lease expenses consist of the following:

		(Unaudited)		(Unaudited)
		For the Nine Months Ended
	Classification	September 30, 2022		September 30, 2021
		(Unaudited)		(Unaudited)
Operating lease cost
Lease expenses	General and administrative	$	67,095	$	46,386
Lease expenses – short-term	General and administrative		118,405		118,224
Finance lease cost
Amortization of leased asset	General and administrative		5,973		6,136
Interest on lease liabilities	Other expense -Interest expenses		990		1,263
Total lease expenses		$	192,463	$	172,009

Weighted-average remaining term and discount rate related to leases were as follows:

	As of			As of
	September 30, 2022			December 31, 2021
	(Unaudited)
Weighted-average remaining term
Operating lease		0.87 year			1.25 years
Finance leases		2.25 years			3.00 years
Weighted-average discount rate
Operating lease		5.25	%		5.25	%
Finance leases		5.25	%		5.25	%

The following table sets forth the Company’s minimum lease payments in future periods as of September 30, 2022 (Unaudited):

	Operating lease			Finance lease
	payments			payments			Total
Twelve months ending September 30, 2023	$	69,923		$	7,622		$	77,545
Twelve months ending September 30, 2024		9,614			7,407			17,021
Twelve months ending September 30, 2025		-			9,027			9,027
Total lease payments		79,537			24,056			103,593
Less: discount		(2,063	)		(1,737	)		(3,800	)
Present value of lease liabilities	$	77,474		$	22,319		$	99,793

As of September 30, 2022, the Company minimum short term lease payments to be due within one year amounted to $66,032 (Unaudited).

Schedule Of Business Combination (Details) - EUDA Health Limited [Member]	Jul. 24, 2021 SGD ($)	Dec. 01, 2019 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Cash		$ 255,406
Accounts receivable, net		296,356
Prepayments and deposits		87,263
Other receivable - related parties		45
Other current assets		896,583
Total current assets		1,535,653
Equipment		8,555
Intangible assets		646,797
Operating right-of-use assets		75,549
Goodwill		993,533	$ 932,657	$ 963,733	$ 992,686	$ 1,012,630
Total assets		3,260,087
Accounts payable		104,464
Other payables and accrued liabilities		128,340
Tax payables		68,515
Operating lease liabilities		63,472
Total current liabilities		364,791
Deferred tax liabilities		109,956
Lease liabilities non-currents		16,631
Total liabilities		491,378
Non-controlling interest		19,778
Total liabilities and non-controlling interest		511,156
Total purchase price consideration	$ 1.0	$ 2,748,931

Credit facilitates (Details Narrative) - Third Parties [Member] - EUDA Health Limited [Member] - USD ($)	6 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Short-Term Debt [Line Items]
Interest expense	$ 51,070	$ 122,707	$ 78,271	$ 149,045	$ 128,071	$ 96,646
Weighted average interest rate	8.10%	12.50%	5.50%	5.90%	6.30%	3.90%

Property and Equipment, Net (Tables)

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Schedule of Property and Equipment

Property and equipment, net consist of the following:

Schedule of Property and Equipment

	As of June 30, 2022			As of December 31, 2021			As of December 31, 2020
		(Unaudited)
Office equipment	$	125,300		$	144,051		$	144,901
Medical equipment		2,629			15,917			16,236
Leasehold improvement		2,139			20,704			21,120
Subtotal		130,068			180,672			182,257
Less: accumulated depreciation		(106,710	)		(123,745	)		(91,127	)
Total	$	23,358		$	56,927		$	91,130

Property and equipment, net consist of the following:

Schedule of Property and Equipment

	As of September 30, 2022			As of December 31, 2021
	(Unaudited)
Office equipment	$	121,273		$	144,051
Medical equipment		19,961			15,917
Leasehold improvement		2,070			20,704
Subtotal		143,304			180,672
Less: accumulated depreciation		(107,113	)		(123,745	)
Total	$	36,191		$	56,927

Intangible Assets, Net

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Intangible Assets, Net

Note 9 – Intangible assets, net

Intangible Assets, Net

Intangible assets consisted of the following:

Schedule of Intangible Assets

		As of June 30, 2022		As of December 31, 2021			As of December 31, 2020
	(Unaudited)
Customer relationships	$	627,397		$	646,246		$	659,229
Less: Accumulated amortization		(403,398	)		(356,284	)		(197,940	)
Total intangible assets, net	$	223,999		$	289,962		$	461,289

Amortization expense for the six months ended June 30, 2022 and 2021 amounted to 58,529 (Unaudited) and $82,101 (Unaudited), respectively. Amortization expense for the years ended December 31, 2021 and 2020 amounted to $162,825 and $189,853, respectively.

The following table sets forth the Company’s amortization expense for the next five years ending as of June 30, 2022 (Unaudited):

Schedule of Amortization Expense

	Amortization
	expenses
Twelve months ending June 30, 2023	$	97,533
Twelve months ending June 30, 2024		65,764
Twelve months ending June 30, 2025		39,884
Twelve months ending June 30, 2026		17,482
Twelve months ending June 30, 2027		3,336
Total	$	223,999

EUDA HEALTH LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Note 8 – Intangible assets, net

Intangible Assets, Net

Intangible assets consisted of the following:

Schedule of Intangible Assets

	As of September 30, 2022			As of December 31, 2021
	(Unaudited)
Customer relationships	$	607,166		$	646,246
Less: Accumulated amortization		(418,216	)		(356,284	)
Total intangible assets, net	$	188,950		$	289,962

Amortization expense for the nine months ended September 30, 2022 and 2021 amounted to $87,107 (Unaudited) and $122,538 (Unaudited), respectively.

The following table sets forth the Company’s amortization expense for the next five years ending as of September 30, 2022 (Unaudited):

Schedule of Amortization Expense

	Amortization
	expenses
Twelve months ending September 30, 2023	$	85,929
Twelve months ending September 30, 2024		56,730
Twelve months ending September 30, 2025		32,989
Twelve months ending September 30, 2026		13,302
Total	$	188,950

Accounts Receivable, Net

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

Accounts Receivable, Net

Note 6 – Accounts receivable, net

Accounts Receivable, Net


	As of June 30, 2022			As of December 31, 2021			As of December 31, 2020
	(Unaudited)
Accounts receivable*	$	2,067,922		$	1,883,115		$	1,652,658
Allowance for doubtful accounts		(70,238	)		(80,799	)		(37,898	)
Total accounts receivable, net	$	1,997,684		$	1,802,316		$	1,614,760

*	As of June 30, 2022, December 31, 2021, and December 31, 2020, accounts receivable of up to approximately $0.6 million (SGD 0.8 million) were pledged to the short term loan from United Overseas Bank Limited (See Note 12).

Movements of allowance for doubtful accounts are as follows:

	June 30, 2022			December 31, 2021			December 31, 2020
		(Unaudited)
Beginning balance	$	80,799		$	37,898		$	10,325
(Recovery) Addition		(8,350	)		43,804			26,894
Write-off		-			-			(646	)
Exchange rate effect		(2,211	)		(903	)		1,325
Ending balance	$	70,238		$	80,799		$	37,898

Note 5 – Accounts receivable, net

Accounts Receivable, Net

Schedule of Accounts Receivable

	As of September 30, 2022			As of December 31, 2021
	(Unaudited)
Accounts receivable*	$	1,972,435		$	1,883,115
Allowance for doubtful accounts		(88,004	)		(80,799	)
Total accounts receivable, net	$	1,884,431		$	1,802,316

*	As of September 30, 2022 and December 31, 2021, accounts receivable of up to approximately $0.6 million (SGD 0.8 million) were pledged to the short term loan from United Overseas Bank Limited (See Note 11).

Movements of allowance for doubtful accounts are as follows:

	September 30, 2022			December 31, 2021
	(Unaudited)
Beginning balance	$	80,799		$	37,898
Addition		12,616			43,804
Write-off		-			-
Exchange rate effect		(5,411	)		(903	)
Ending balance	$	88,004		$	80,799

Schedule of Fair Value Assets (Details) - USD ($)	Oct. 31, 2022	Jul. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Fund	$ 86,972,255	$ 86,472,912
Total	86,972,255	86,472,912
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	86,972,255	86,472,912
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Fund	86,972,255	86,472,912
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Fund	86,972,255	86,472,912
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Fund
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Fund

Schedule of Taxes Payable (Details) - EUDA Health Limited [Member] - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
GST taxes payable	$ 87,797	$ 162,107	$ 225,095	$ 124,780
Income taxes payable	41,086	116,418	82,248	79,730
Totals	$ 128,883	$ 278,525	$ 307,343	$ 204,510

Statements of Operations - USD ($)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2022

Oct. 31, 2021

Jun. 30, 2022

Jul. 31, 2021

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Jul. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

REVENUES

Formation and operating costs

OPERATING EXPENSES:

$ 298,331

$ 45,587

8,377

1,985,750

Loss from operations

(298,331)

(45,587)

(8,377)

(1,985,750)

OTHER INCOME (EXPENSE)

Dividends on marketable securities held in trust

499,343

222,912

Total Other Income, net

499,343

222,912

Net income (loss)

$ 201,012

$ (45,587)

$ (8,377)

$ (1,762,838)

Basic and diluted weighted average shares outstanding, redeemable ordinary shares

8,625,000

5,883,904

Basic and diluted net income per share, redeemable ordinary shares

$ 0.03

$ 0.50

Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares

2,448,500

1,875,000

^[1],[2]

1,875,000

^[3],[4]

2,355,621

^[3],[4]

Basic and diluted net loss per share, non-redeemable ordinary shares

$ (0.03)

$ (0.02)

$ (0.00)

$ (2.00)

LOSS FROM OPERATIONS

$ (298,331)

$ (45,587)

$ (8,377)

$ (1,985,750)

NET (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH LIMITED

$ 201,012

$ (45,587)

(8,377)

(1,762,838)

REVENUES

$ 5,095,060

$ 5,158,102

$ 7,406,428

$ 7,851,727

$ 10,544,550

$ 8,875,379

General and administrative

3,163,172

3,021,856

4,869,859

4,720,354

6,300,197

4,985,092

GROSS PROFIT

1,931,888

2,136,246

2,536,569

3,131,373

4,244,353

3,890,287

OPERATING EXPENSES:

Selling

650,800

666,281

1,144,805

960,362

1,258,442

863,389

2,930,932

2,072,049

3,762,736

3,121,154

4,084,873

3,762,443

Research and development

10,141

78,639

15,064

78,639

129,265

158,011

Total Operating Expenses

3,591,873

2,816,969

4,922,605

4,160,155

5,472,580

4,783,843

Loss from operations

(1,659,985)

(680,723)

(2,386,036)

(1,028,782)

(1,228,227)

(893,556)

OTHER INCOME (EXPENSE)

Interest expense, net

(32,086)

(131,110)

(35,922)

(150,011)

(127,126)

(65,819)

Gain on disposal of subsidiaries

30,055

113,405

Other income, net

124,402

277,053

89,564

335,321

386,828

1,092,419

Investment income

1,933,265

1,923,641

1,917,062

Total Other Income, net

122,371

2,079,208

83,697

2,108,951

2,176,764

1,140,005

(LOSS) INCOME BEFORE INCOME TAXES

(1,537,614)

1,398,485

(2,302,339)

1,080,169

948,537

246,449

PROVISION FOR INCOME TAXES

97,953

52,651

74,525

49,854

48,141

47,477

NET (LOSS) INCOME

(1,635,567)

1,345,834

(2,376,864)

1,030,315

900,396

198,972

Less: Net income attributable to noncontrolling interest

2,226

37,417

1,258

35,683

35,567

23,397

Net income (loss)

(1,637,793)

1,308,417

(2,378,122)

994,632

864,829

175,575

FOREIGN CURRENCY TRANSLATION ADJUSTMENT

2,698

6,751

10,428

11,357

17,009

(21,250)

TOTAL COMPREHENSIVE (LOSS) INCOME

(1,632,869)

1,352,585

(2,366,436)

1,041,672

917,405

177,722

Less: Comprehensive income attributable to noncontrolling interest

971

37,325

(1,031)

35,593

35,584

23,456

COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH LIMITED

(1,633,840)

1,315,260

(2,365,405)

1,006,079

881,821

154,266

LOSS FROM OPERATIONS

(1,659,985)

(680,723)

(2,386,036)

(1,028,782)

(1,228,227)

(893,556)

NET (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH LIMITED

$ (1,637,793)

$ 1,308,417

$ (2,378,122)

$ 994,632

$ 864,829

$ 175,575

WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES

Basic and diluted

1,000,000

1,122,711

1,000,000

(LOSS) EARNINGS PER SHARE

Basic and diluted

$ (1.64)

$ 1.31

$ (2.12)

$ 0.99

$ 0.86

$ 0.18

Medical Services Excluding Related Parties [Member]

REVENUES

Medical Services Excluding Related Parties [Member] | EUDA Health Limited [Member]

REVENUES

$ 2,987,058

$ 2,585,728

$ 5,723,549

$ 3,824,546

Medical Services Related Parties [Member]

1,067,055

55,948

$ 2,105,470

$ 407,380

474,757

111,768

REVENUES

Medical Services Related Parties [Member] | EUDA Health Limited [Member]

REVENUES

135

3,310

135

4,468

4,640

8,085

496,383

1,233,513

496,383

1,719,279

2,349,702

1,532,119

Product Sales [Member]

REVENUES

Product Sales [Member] | EUDA Health Limited [Member]

REVENUES

7,653

260,433

6,947

258,726

257,841

488,067

Property Management Services [Member]

9,491

132,512

9,449

145,156

167,202

224,021

REVENUES

Property Management Services [Member] | EUDA Health Limited [Member]

REVENUES

2,100,214

2,308,631

2,940,761

3,417,110

4,558,520

4,554,681

Medical Services [Member] | EUDA Health Limited [Member]

1,590,243

1,599,883

2,258,557

2,448,539

3,308,536

3,117,184

REVENUES

4,458,585

4,171,423

Schedule of Accounts Receivable

$ 1,563,438

$ 1,289,461

$ 2,601,853

$ 2,126,659

$ 2,824,459

$ 1,643,887

[1]	On October 25, 2021, the Company issued additional 718,750 ordinary shares which were purchased by the Sponsor, resulting in an aggregate of 2,156,250 ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization (see Note 5).
[2]	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).
[3]	On October 25, 2021, the Company issued additional 718,750 ordinary shares which were purchased by the Sponsor, resulting in an aggregate of 2,156,250 ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share capitalization (see Note 5).
[4]	This number excludes an aggregate of up to 281,250 shares exercised in full or in part by the underwriters (see Note 5). As a result of the full exercise of the over-allotment option by the underwriters upon the consummation of the IPO, these shares are no longer subject to forfeiture (see Note 7).

Accounts Receivable, Net (Tables) - EUDA Health Limited [Member]

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022


	As of June 30, 2022			As of December 31, 2021			As of December 31, 2020
	(Unaudited)
Accounts receivable*	$	2,067,922		$	1,883,115		$	1,652,658
Allowance for doubtful accounts		(70,238	)		(80,799	)		(37,898	)
Total accounts receivable, net	$	1,997,684		$	1,802,316		$	1,614,760

*	As of June 30, 2022, December 31, 2021, and December 31, 2020, accounts receivable of up to approximately $0.6 million (SGD 0.8 million) were pledged to the short term loan from United Overseas Bank Limited (See Note 12).

Schedule of Accounts Receivable

	As of September 30, 2022			As of December 31, 2021
	(Unaudited)
Accounts receivable*	$	1,972,435		$	1,883,115
Allowance for doubtful accounts		(88,004	)		(80,799	)
Total accounts receivable, net	$	1,884,431		$	1,802,316

*	As of September 30, 2022 and December 31, 2021, accounts receivable of up to approximately $0.6 million (SGD 0.8 million) were pledged to the short term loan from United Overseas Bank Limited (See Note 11).

Schedule of Movements of Allowance for Doubtful Accounts

Movements of allowance for doubtful accounts are as follows:

	June 30, 2022			December 31, 2021			December 31, 2020
		(Unaudited)
Beginning balance	$	80,799		$	37,898		$	10,325
(Recovery) Addition		(8,350	)		43,804			26,894
Write-off		-			-			(646	)
Exchange rate effect		(2,211	)		(903	)		1,325
Ending balance	$	70,238		$	80,799		$	37,898

Movements of allowance for doubtful accounts are as follows:

	September 30, 2022			December 31, 2021
	(Unaudited)
Beginning balance	$	80,799		$	37,898
Addition		12,616			43,804
Write-off		-			-
Exchange rate effect		(5,411	)		(903	)
Ending balance	$	88,004		$	80,799

Concentrations of risks

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022