0001493152-23-022805 | 10-K | XBRL Viewer

Short-term loans – bank and private lender

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

Schedule of short-term loans

Bank/Private lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

*United Overseas Bank Limited	90 days from disbursement		0.25% plus prime rate of 5.25%		Collateral: Accounts receivable	$	185,592	$	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 (Extended to July 31, 2024)		30.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder		18,648		-
Total						$	204,240	$	205,427

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 was guaranteed by Jamie Fan Wei Zhi, an immediate family member of a shareholder of the Company, and secured by KRHSG’s account receivable (see Note 6). The loan bears an average annual interest rate of 5.50% and its due within 90 days from the loan disbursement. The Company released Jamie Fan Wei Zhi as the guarantor of this loan on October 31, 2022.

Third Parties [Member]

Short-term loan – third party

Schedule of short-term loans

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

Koh Wee Sing	Due on demand beginning in July 2022*		60.0	%	None	$	-	$	148,302

Promissory Note [Member]

Convertible Notes Third Parties [Member]

Promissory note

Outstanding balances on promissory note consist of the following:

Schedule of short-term loans

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

Kaufaman & Canoles, P. C. (“KC”)	February 15, 2023*		0.0	%	None	$	170,000	$	-

This promissory note has a default interest of 15% per annum beginning on February 15, 2023 until paid in full. In June 2023, the Company and KC has entered into a settlement agreement (“the Agreement”) to settle the promissory note. Pursuant to the Agreement, the Company shall pay KC (1) $100,000 within two days of the dates that the Company’s US counsel, Loeb & Loeb, confirm that it has received from KC all information and documents necessary for them to prepare an amended S-1 registration statement covering the resale of securities, and (2) $60,000 within two business days after the date the first amendment to the registration statement is filed with the SEC.

Convertible notes – third parties

Outstanding balances on convertible notes consist of the following:

Schedule of short-term loans

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

Maxim Group LLC (“Maxim”)	November 17, 2023		0.0	%	Automatically be converted into the Company’s ordinary shares at $5.00 per share if the balance is not being repaid by the maturity date	$	2,113,125	$	-
Menora Capital Pte Ltd (“Menora”)	November 17, 2023		0.0	%	Right to convert into the Company’s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company’s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date		87,500		-
Loeb & Loeb LLP (“Loeb”)	November 17, 2023		0.0	%	(1) 60,000 of the Company ordinary share has been issued to Loeb, which is subject to be returned and cancellation if the Company repaid the full or part of the convertible note, and (2) Loeb has the right to sell the ordinary shares in public market and the earning from the sales should be offset the remaining balance of the convertible note		300,000		-
Shine Link Limited (“Shine Link”)	November 17, 2023		0.0	%	Right to convert into the Company’s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company’s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date		119,000		-
Total						$	2,619,625	$	-

Convertible notes – related parties

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

8i Holdings 2 Ptd Ltd (“8i Holding”) (1)	November 17, 2023		0.0	%	Right to convert into the Company’s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company’s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date	$	82,600	$	-
Meng Dong (James) Tan (2)	November 17, 2023		0.0	%	Right to convert into the Company’s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company’s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date		700,000		-
Total						$	782,600	$	-

1)	Mr. Meng Dong (James) Tan, the Company’s related party who had more than 10% ownership of the Company, is the sole shareholder and director of 8i Holdings 2 Pte. Ltd. Mr. Tan has sole voting and dispositive power over the shares.

2)	Mr. Meng Dong (James) Tan, the Company’s related party has more than 10% ownership of the Company.

Leases (Details Narrative) - USD ($)	12 Months Ended
Leases (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Leases
Effective interest rate	5.25%
Operating lease term	8 months 8 days	1 year 3 months
Finance lease term	2 years 3 days	3 years
Short term lease payments	$ 25,075

Schedule of property and equipment useful lives (Details)	12 Months Ended
	Dec. 31, 2022
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Electronic equipment	3 years
Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Electronic equipment	3 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Leasehold equipment	Shorter of the lease term or 5 years

Subsequent events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent events

Note 22 – Subsequent events

The Company evaluated all events and transactions that occurred after December 31, 2022 up through the date the Company issued these consolidated financial statements.

On January 9, 2023, James Tan, who is the former Chief Executive officer of 8i loaned the Company for an amount of $145,450 (the “Initial Tan Loan”) at 8% interest per annum and was to be repaid by March 31, 2023. The Initial Tan Loan was not timely repaid by March 31, 2023 and was replaced as disclosed below.

On February 2, 2023, the Company entered into a loan agreement (“Agreement”) with Alfred Lim, the independent director of the Company, pursuant to which Alfred Lim granted a loan amounted to $128,750 to the Company at 8% interest per annum. The loan was due on March 31, 2023. On March 31, 2023 the Company further extended the maturity date of such loan to December 31, 2023.

On April 24, 2023, James Tan loaned the Company an additional $332,750 (the “Tan Second Loan”) at 8% interest per annum, which matures on the earlier of June 30, 2023 or within seven days of the Company receiving the proceeds from the sales of securities in the private placement (the “Private Placement”). Pursuant to the terms of the Tan Second Loan, the Company agreed to issue to James Tan a new promissory note in the principal amount of $145,450 dated April 24, 2023 (the “Tan First Loan”) to replace the Initial Tan Loan. The Tan First Loan contained the same payment terms as the Tan Second Loan.

On May 15, 2023, James Tan entered into a third loan agreement with the Company pursuant to which James Tan agreed to loan the Company an additional $22,500 (the “Tan Third Loan”), provided that the Company issued a new promissory note to James Tan in the principal amount of $700,000 (the “Tan 2023 Note”) to replace the James Tan’s convertible note balance as of December 31, 2023 (see note 13) (the “Tan 2022 Note”). The Tan Third Loan would bear interest at 8% per annum, and would be repaid upon the earlier of June 30, 2023 or within seven days of the Company receiving the proceeds from the sales of securities in the Private Placement.

On May 15, 2023, the Company issued to James Tan the Tan 2023 Note to replace the Tan 2022 Note. The Tan 2023 Note was an interest-free convertible promissory note in the aggregate principal amount of $700,000. On May 15, 2023, James Tan elected to convert the entire unpaid principal in the amount of $700,000 of the Tan 2023 Note into ordinary shares of the Company at $1.00 per share in accordance with the terms of the Tan 2023 Note. On May 16, 2023, the Company issued to James Tan 700,000 ordinary shares in full satisfaction of the Tan 2023 Note. Pursuant to the terms of the Tan 2023 Note, the Company has agreed to register the 700,000 ordinary shares for resale. The Company refers to these 700,000 restricted ordinary shares as the “Converted Shares.” This conversion is likely resulted in modification of the convertible notes as the five-day VWAP Price of the Company’s ordinary shares immediately preceding the conversion date is higher than $1.00 and reduced the carrying amount of the convertible debt instrument with a corresponding increase in additional paid-in capital.

On May 16, 2023, the Company signed settlement agreement (“Settlement Agreement”) with James Tan, pursuant to which the Company agreed to issue to James Tan an aggregate of 478,200 restricted ordinary shares of the Company in full satisfaction of all obligations of the Company under the Tan First Loan and the Tan Second Loan.

On May 16, 2023, the Company signed settlement agreements (“Settlement Agreements 2”) with two third parties, Shine Link, and Menora, and a related party, 8i Holding, pursuant to which the Company agreed to issue to Shine Link, Menora, and 8i Holding 87,500, 119,000, and 82,600 restricted ordinary shares of the Company, respectively, in full satisfaction of all obligations of the Company under the convertible notes balance set forth in Note 13 from Shine Link, Menora, and 8i Holding. These conversions are likely resulted in modification of the convertible notes as the five-day VWAP Price of the Company’s ordinary shares immediately preceding the conversion date is higher than $1.00 and reduced the carrying amount of the convertible debt instrument with a corresponding increase in additional paid-in capital.

On May 16, 2023, the Company signed settlement agreement (“Chen Settlement Agreement”) with Kelvin Chen, the CEO of the Company, pursuant to which the Company agreed to issue to Kelvin Chen an aggregate of 850,306 restricted ordinary shares of the Company in full satisfaction of Kelvin Chen’s claim for an aggregate amount of $850,306 provided to KRHSG from time to time since inception. Upon issuance of the restricted ordinary shares, the balance own to Kelvin Chen reduced to nil. In order to comply with Nasdaq’s shareholder approval requirement for issuance of stock to an executive officer of a company pursuant to Nasdaq Listing Rule 5635(c), the Company and Dr. Chen amended the Chen Settlement Agreement by entering into a Supplemental Agreement (the “Supplemental Agreement”) on June 6, 2023, so that the shares issued to Dr. Chen would be issued at a per share price not less than the closing bid price of $1.47 per share on May 15, 2023, the day prior to the execution of the Chen Settlement Agreement. Pursuant to the Supplemental Agreement, Dr. Chen has agreed to release and discharge KRHSG of all claims in return for 578,439 ordinary shares at $1.47 per share, the closing bid price of EUDA ordinary shares on May 15, 2023. Dr. Chen has agreed to forfeit and surrender 271,867 ordinary shares of the 850,306 ordinary shares issued to him on May 16, 2023.

Between May 16 and May 22, 2023, the Company issued and sold to eight accredited investors an aggregate of 940,000 ordinary shares (the “Placement Shares”) at $1.00 per share for an aggregate to purchase price of $940,000 in a private placement in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder.

On June 8, 2023, the Company and the Seller 1 and Seller 2 (together, the “ Sellers”) entered into amendments to the Prepaid Forward Agreements (together, the “Amendments”), to amend the definition of “Maturity Consideration,” such that, Maturity Consideration shall consist of 800,000 ordinary shares of the Company to be issued to the Sellers by the Company. Pursuant to the Prepaid Forward Agreements, the maturity date of the Prepaid Forward Transaction 1 and 2 (together, the “Prepaid Forward Transactions”) (the “Maturity Date”) may be accelerated by the Sellers after any occurrence wherein during any 30 consecutive trading-day period, the dollar volume-weighted average price of Company’s ordinary shares for 20 trading days is less than $3.00 per share. Pursuant to the Amendments, the parties agreed that the Prepaid Forward Transactions shall be accelerated as of the date of the Amendments, and accordingly, the 800,000 ordinary shares (or 1,600,000 ordinary shares in the aggregate), became immediately due and payable to the Sellers upon execution of the Amendments. The Amendments provide the Sellers with registration rights for the ordinary shares issuable as Maturity Consideration, and also prohibit the Sellers from selling such ordinary shares on any exchange business day in an amount greater than 15% of the daily trading volume of the Company’s ordinary shares on such day. In addition, as of June 8, 2023 (the “Maturity Date”), the Sellers became entitled to retain (a) the remaining prepayment amount paid from the Company’s trust account to the Sellers upon consummation of the Company’s business combination, and (b) the remaining ordinary shares held by each Seller that were subject to the Prepaid Forward Transactions. Pursuant to the Amendments, no other fees, consideration or other amounts are due to the Seller or the Company upon the Maturity Date.

Goodwill (Details Narrative) - USD ($)	12 Months Ended
Goodwill (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment loss	$ 971,229

Segment information (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 25,629,040	$ 7,999,028
Medical Services [Member]
Segment Reporting Information [Line Items]
Total assets	2,176,405	1,478,872
Property Management Services [Member]
Segment Reporting Information [Line Items]
Total assets	335,068	$ 6,412,439
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 23,117,567

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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Income taxes (Details Narrative)

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2022

SGD ($)

Dec. 31, 2021

USD ($)

Operating losses carry forward

(13.30%)

^[1]

(13.30%)

^[1]

0.10%

^[1]

Taxable income

$ 17,422

$ 48,141

4,400,000

4,800,000

Deferred tax assets, operating losses carry forward

749,309

812,715

Singapore Subsidiaries [Member]

Deferred tax assets, operating losses carry forward

$ 700,000

800,000

VIET NAM

Operating losses carry forward

20.00%

$ 18,000

19,000

Deferred tax assets, operating losses carry forward

$ 4,000

Operating losses carry forward description

The net operating losses from the Vietnam subsidiary can be carried forward for five years and expiring from the year 2025 to 2027.

MALAYSIA

Operating losses carry forward

24.00%

$ 15,000

Deferred tax assets, operating losses carry forward

$ 4,000

SINGAPORE

Schedule of reverse recapitalization

17.00%

Income tax description

The applicable tax rate is 17% in Singapore, with 75% of the first $7,255 (SGD 10,000) taxable income and 50% of the next $137,842 (SGD 190,000) taxable income are exempted from income tax.

SINGAPORE | 75% [Member]

Taxable income

$ 7,255

$ 10,000

SINGAPORE | 50% [Member]

Taxable income

$ 137,842

$ 190,000

[1]	It is due to tax rate difference of the entities incorporated in Vietnam and British Virgin Islands.

Concentrations risks (Details Narrative)	12 Months Ended
Concentrations risks (Details Narrative)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 SGD ($)
Concentration Risk [Line Items]
Cash balance	$ 143,024	$ 189,996
Cash FDIC	250,000
Restricted cash	641,461
Credit Risk [Member]
Concentration Risk [Line Items]
Deposits	57,000		$ 75,000
Cash balance	138,710	180,746
Bank balance	0	41,606
Restricted cash	$ 391,461
Revenue from Contract with Customer Benchmark [Member] \| Customer Concentration Risk [Member] \| No Customer [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%
Revenue from Contract with Customer Benchmark [Member] \| Customer Concentration Risk [Member] \| No Vendor [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%
Revenue from Contract with Customer Benchmark [Member] \| Customer Concentration Risk [Member] \| One Vendor [Member]
Concentration Risk [Line Items]
Concentration risk percentage		37.30%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| No Customer [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%
Accounts Payable [Member] \| Customer Concentration Risk [Member] \| One Vendor [Member]
Concentration Risk [Line Items]
Concentration risk percentage		87.20%
Accounts Payable [Member] \| Customer Concentration Risk [Member] \| Vendor One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	27.90%
Accounts Payable [Member] \| Customer Concentration Risk [Member] \| Vendor Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12.10%

Shareholders’ equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

The following table presents the number of the Company’s ordinary shares issued upon the Reverse Recapitalization:

Schedule of reverse recapitalization

	Ordinary Shares
8i ordinary shares outstanding prior to Reverse Recapitalization		11,073,500
Less: redemption of 8i ordinary shares		(6,033,455	)
Conversion of 8i rights		891,725
Shares issued to service providers		260,000
Total shares issued upon the Reverse Recapitalization		6,191,770

Schedule of warrant activities

The summary of warrants activity is as follows:

Schedule of warrant activities

	Warrants Outstanding		Ordinary Shares Issuable		Weighted Average Exercise Price		Average Remaining Contractual Life
December 31, 2021		-		-	$	-		-
Granted		8,917,250		4,458,625	$	11.50		5.00
Forfeited		-		-	$	-		-
Exercised		-		-	$	-		-
December 31, 2022		8,917,250		4,458,625	$	11.50		4.88

Schedule of earnout shares for triggering event

The fair value of the Earnout Shares for Triggering Event 1 and 2 was estimated using the following assumptions:

Closing date	November 17, 2022
Share price of the Company as of closing date	$	5.21
Average daily return rate		0.02	%
Daily volatility for Triggering Event 1		4.74	%
Daily volatility for Triggering Event 2		4.30	%
Risk-free rate for Triggering Event 1		4.75	%
Risk-free rate for Triggering Event 2		4.49	%
Grant Price for Trigging Event 1	$	15.0
Grant Price for Trigging Event 2	$	20.0

Schedule of other receivables allowance for doubtful accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Beginning balance
Addition	2,209,825
Write-off	(2,209,825)
Ending balance

Segment information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of segment reporting information

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 years ended December 31, 2022 and 2021:


	For the Year Ended December 31, 2022
				Property
	Medical			Management
	Services			Services			Total
Revenues	$	6,076,414		$	3,764,295		$	9,840,709
Loss from operations	$	(2,463,593	)	$	(2,991,371	)	$	(5,454,964	)
Loss before income taxes	$	(2,613,615	)	$	(2,800,755	)	$	(5,414,370	)
Net loss	$	(2,651,826	)	$	(2,779,966	)	$	(5,431,792	)

	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

Schedule of consolidated statement of operation and comprehensive income (loss) net loss before income taxes

Reconciliation of the Company’s segment net loss before income taxes to the consolidated statement of operation and comprehensive income (loss)’s net loss before income taxes for the year ended December 31, 2022 is as follows:


Segment loss before income tax	$	5,414,370
Change in fair value of prepaid forward purchase liabilities		(12,911,503	)
Earnout share payment		(5,199,629	)
Other corporate expenses		(1,406,322	)
Consolidated net loss before income taxes	$	(24,931,824	)

Summary of significant accounting policies (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 SGD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allowance for doubtful accounts	$ 197,438		$ 80,799	$ 37,898
Other receivables allowance for doubtful account	2,209,825
Other receivables allowance for doubtful account
Allowance	0		0
Impairment of property and equipment	0		0
Impairment of intangible assets	167,787		0
Impairment loss on goodwill	971,229
Impairment of long-lived assets	167,787
Forward purchase receivables	21,892,527
Purchase liability	20,321,053
Advertising cost	21,795		270,361
Research and Development cost	17,209		129,265
Employee expenses	$ 505,591		$ 574,535
Income tax likelihood description	greater than 50% likely of being realized on examination	greater than 50% likely of being realized on examination
Convertible Debt Securities [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive shares \| shares	1,411,725	1,411,725	4,458,625
Central Provident Fund [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee plan description	17.00% based on employee’s monthly salary for employees aged 55 and below, reduces progressively to 7.5% as age increase	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 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee plan description	up to 0.25% based on employee’s monthly salary capped $8.3 (SGD 11.25)	up to 0.25% based on employee’s monthly salary capped $8.3 (SGD 11.25)
Monthly salary	$ 8,300,000	$ 11,250
Social Insurance Fund [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee plan description	20% based on employee’s monthly salary	20% based on employee’s monthly salary
Trade union fee	2.00%

Schedule of deferred tax assets and liabilities (Details) - USD ($)

Dec. 31, 2022

Dec. 31, 2021

Net operating loss carryforwards

$ 749,309

$ 812,715

Allowance for doubtful account

^[1]

33,564

13,736

Net lease liability

823

Less: valuation allowance

(783,696)

(826,451)

Deferred tax assets, net

Customer relationships

49,294

Deferred tax liabilities, net

$ 49,294

[1]	The valuation allowance on all deferred tax assets decreased by $42,755 as of December 31, 2022.

Going concern (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital	$ 4,100,000
Cash and restricted cash	$ 784,485	$ 189,996

Income taxes

12 Months Ended

Dec. 31, 2022

Income taxes

Note 17 – 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 $7,255 (SGD 10,000) taxable income and 50% of the next $137,842 (SGD 190,000) taxable income are exempted from income tax.

The United States and foreign components of loss before income taxes were comprised of the following:

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021

Singapore	$	(5,400,034	)	$	930,312
Foreign		(19,531,790	)		18,225
Total loss (income) before income taxes	$	(24,931,824	)	$	948,537

The provision for income taxes consisted of the following:

Schedule of provision for income taxes

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021

Current	$	65,650		$	75,821
Deferred		(48,228	)		(27,680	)
Provision for income taxes	$	17,422		$	48,141

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

Schedule of effective income tax rate

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021

Singapore statutory income tax rate		17.0	%		17.0	%
Tax rate difference outside Singapore (1)		(13.3	)%		0.1	%
Taxable income below exemption threshold		0	%		(2.4	)%
Change in valuation allowance		(2.9	)%		29.8	%
Others (2)		(0.9	)%		(39.4	)%
Effective tax rate		(0.1	)%		5.1	%

(1)	It is due to tax rate difference of the entities incorporated in Vietnam and British Virgin Islands.
(2)	Others mainly consisted of income such as offshore investment income, 2021 return to provision adjustment, 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:

	December 31, 2022			December 31, 2021

Deferred Tax Assets/Liabilities
Net operating loss carryforwards	$	749,309		$	812,715
Allowance for doubtful account*		33,564			13,736
Net lease liability		823			-
Less: valuation allowance		(783,696	)		(826,451	)
Deferred tax assets, net	$	-		$	-
Deferred tax liabilities:
Customer relationships	$	-		$	49,294
Deferred tax liabilities, net	$	-		$	49,294

*	The valuation allowance on all deferred tax assets decreased by $42,755 as of December 31, 2022.

As of December 31, 2022 and 2021, the Company had net operating losses carry forward (including temporary taxable difference of bad debt expense) of approximately $4.4 million 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 $0.7 million and $0.8 million related to Singapore subsidiaries as of December 31, 2022 and 2021, respectively.

As of December 31, 2022 and 2021, the Company had net operating losses carry forward of approximately $18,000 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 and $4,000 related to its Vietnam subsidiary as of December 31, 2022 and 2021, respectively.

As of December 31, 2022, the Company had net operating losses carry forward of approximately $15,000 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 related to its Malaysia subsidiary as of December 31, 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 December 31, 2022 and 2021, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the year ended December 31, 2022 and 2021.

Taxes payable consist of the following:

Schedule of taxes payable

	December 31, 2022		December 31, 2021

GST taxes payable	$	125,695	$	225,095
Income taxes payable		60,455		82,248
Totals	$	186,150	$	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.

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Schedule of basic and diluted earnings per share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net (loss) income	$ (24,949,246)	$ 900,396
Less: Net (income) loss attributable to noncontrolling interest	(65,124)	35,567
Net (loss)/income attributable to common shareholders, basic	$ (24,884,122)	$ 864,829
Weighted average number of shares outstanding, basic and diluted	12,029,656	9,253,333
(Loss)/Earnings per share, basic and diluted	$ (2.07)	$ 0.09

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Receivable from divestment (1)

Schedule of other receivables (Details) - USD ($)

Dec. 31, 2022

Dec. 31, 2021

Receivables [Abstract]

^[1]

$ 3,818,776

Employee advance

6,695

2,803

Others

772

250

Total other receivables

7,467

3,821,829

Other receivables – non-current

(1,830,603)

Other receivables – current

$ 7,467

$ 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 financial statements, the Company has collected two scheduled quarterly installments of approximately $0.7 million (SGD 987,500). However, due to the skipped repayments from BPT on January 31, 2023 and forward, Company determined the remaining balance due from BPT is at risk and more likely than not the Company will be able to recover such balance. As a result, the Company fully wrote off the remaining balance of receivable from divestment due from BPT for the year ended December 31, 2022.

Credit facilities (Details Narrative) - Third Parties [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Interest expense	$ 122,845	$ 128,071
Weighted average interest rate	11.00%	6.30%

Schedule of other payables and accrued liabilities (Details) - USD ($)

Dec. 31, 2022

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued expenses (i)

^[1]

$ 671,743

$ 129,029

Accrued payroll

730,037

244,591

Accrued interests (ii)

^[2]

157,032

67,448

Others

34,003

47,529

Total other payables and accrued liabilities

$ 1,592,815

$ 488,597

[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 interests represented the balance of interest payable from short-term loan – bank, private lender, and third parties (See Note 13).

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

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”).

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.

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.

Use of estimates

The preparation of the 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, estimates of allowances for doubtful accounts, estimates of impairment of long-lived assets and goodwill, valuation of deferred tax assets, other provisions and contingencies, estimated fair value of earn-out shares, prepaid forward purchase liability and private warrants. Actual results could differ from these estimates.

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 operations and comprehensive income (loss).

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. 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.

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:

	As of December 31, 2022		As of December 31, 2021
Period-end SGD: US$1 exchange rate		1.34		1.35
Period-end VND: US$1 exchange rate		23,635.00		22,855.00
Period-end MYR: US$1 exchange rate*		4.40		-
Period-end : US$1 exchange rate*		4.40		-
Period-average SGD: US$1 exchange rate		1.38		1.34
Period-average VND: US$1 exchange rate		23,409.44		22,935.24
Period-average MYR: US$1 exchange rate*		4.39		-
Period-average : US$1 exchange rate*		4.39		-

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

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-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 21.

Cash and restricted 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. Restricted cash represents cash held in bank account from 8i which was restricted due to the incomplete procedures of changing signers as of December 31, 2022. As of the date of the issuance of these financial statements, such restriction has been lifted and the remaining cash held in bank account has transfer to the Company’s operating bank account. Therefore, such restricted cash should be classified as current asset.

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 December 31, 2022 and 2021, the Company provided allowance for doubtful accounts of $197,438 and $80,799, respectively. For the years ended December 31, 2022 and 2021, the Company did not write off any allowance for doubtful account against the account receivable balance.

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. $2,209,825 allowance for doubtful account related to other receivable was recorded and written off for the year ended December 31, 2022. Nil allowance for doubtful account related to other receivable was recorded for the year ended December 31, 2021

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 December 31, 2022 and 2021, no allowance for doubtful account related to prepaid expenses 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:

		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 income (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 years ended December 31, 2022 and 2021, there was no impairment of property and equipment recognized.

Intangible assets, net

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:

Schedule of 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. $167,787 and nil impairment of intangibles assets was recorded for the years ended December 31, 2022 and 2021, respectively.

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 in 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.

For the year ended December 31, 2022, management evaluated the recoverability of goodwill by performing qualitative assessment on the two reporting units and determine that it is more likely than not that the fair value of each reporting unit is less than its carrying amount. Therefore, management performed quantitative assessment, fully impairment loss on goodwill of $971,229 was recognized for the year ended December 31, 2022, as the carrying amount of each reporting unit is in excess of its fair value for the year ended December 31, 2022

Impairment for long-lived assets

In accordance with ASC 360-10, 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 December 31, 2022 and 2021, $0.2 million and nil impairment of long-lived assets was recognized, respectively.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. The Company determined that upon further review of the warrant agreements, the Company concluded that its warrants qualify for equity accounting treatment.

Upon completion of the business combination, all of 8i’s public and private warrants remain outstanding were replaced by the Company’s public and private warrants. The Company treated such warrants replacement as a warrant modification and no incremental fair value was recognized.

Forward Purchase Receivables and Prepaid Forward Purchase Liabilities

The Company recorded Forward Purchase Receivables on its consolidated balance sheets of $21,892,527 as of December 31, 2022 to account for the Prepayment Amount of the Forward Purchase Agreement, as discussed in Note 11. The Prepayment Amount will be held in a deposit account until the Valuation Date (the second anniversary of the closing of the Business Combination, subject to certain acceleration provisions). At the Maturity Date, the Sellers are entitled to received $2.50 per Recycled Shares (“Maturity Consideration”) in cash or in shares. As of December 31, 2022, no shares were sold after Closing.

In connection with the Forward Purchase Agreement, the Company recognized a liability in accordance with ASC 480-10-25-8 as the Company has the obligation to pay cash to settle the maturity consideration, referred to herein as the “prepaid forward purchase liability” on its consolidated balance sheets of $20,321,053 as of December 31, 2022. Refer to Note 11 for further detail.

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 collectability is probable.

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 for specialist treatment such as cardiology, dermatology and etc, at the time which the single performance obligation was 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 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 after completion 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.

(2) Product Sales

- Performance obligation 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 obligation 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 agreements. 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 December 31, 2022 and 2021, the Company did not have any contract assets.

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 December 31, 2022 and 2021, the Company did not have any contract liability.

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

Schedule of revenue

	December 31, 2022		December 31, 2021
	For the Year Ended
	December 31, 2022		December 31, 2021

Medical services – specialty care	$	6,001,439	$	5,010,837
Medical services – general practice		63,794		712,712
Medical services – general practice (related parties)		135		4,640
Medical services – subtotal		6,065,368		5,728,189
Product sales		11,046		257,841
Property management service – common area management		2,919,335		3,508,663
Property management service – security management		844,960		1,049,857
Property management service		3,764,295		4,558,520
Total revenues	$	9,840,709	$	10,544,550

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.

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

Schedule of cost of revenue

	December 31, 2022		December 31, 2021
	For the Year Ended
	December 31, 2022		December 31, 2021

Medical services – specialty care	$	2,995,778	$	46,849
Medical services – specialty care (related party)		491,499		2,349,702
Medical services – general practices		45,549		427,908
Medical services – subtotal		3,532,826		2,824,459
Product sales		59,391		167,202
Property management services – common area management		2,210,703		2,461,981
Property management services – security management		683,593		846,555
Property management services		2,894,296		3,308,536
Total cost of revenues	$	6,486,513	$	6,300,197

Advertising costs

Advertising is mainly through online and offline promotion activities. Advertising costs amounted to $21,795 and $270,361 for the years ended December 31, 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 $17,209 and $129,265 for the years ended December 31, 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 $505,591 and $574,535 for the years ended December 31, 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.

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 years ended December 31, 2022 and 2021. As of December 31, 2022, the tax returns of the Company’s Singapore entities for the calendar year from 2019 through 2022 remain open for statutory examination by Singapore tax authorities.

The Company recognize interest and penalties related to unrecognized tax benefits, if any, on the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance.

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 (loss)

Comprehensive income (loss) consists of two components, net income and other comprehensive income. Other comprehensive income (loss) 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 (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.

(Loss) earnings per share

The Company computes (loss) 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.

The Company calculates basic and diluted (loss)/earnings per share as follows:

	2022			2021
	For the Years Ended December 31
	2022			2021

Numerator
Net (loss) income	$	(24,949,246	)	$	900,396
Less: Net (income) loss attributable to noncontrolling interest		(65,124	)		35,567
Net (loss)/income attributable to common shareholders, basic	$	(24,884,122	)	$	864,829
Denominator
Weighted average number of shares outstanding, basic and diluted		12,029,656			9,253,333
(Loss)/Earnings per share, basic and diluted	$	(2.07	)	$	0.09

As of December 31, 2022, the Company had dilutive securities from the outstanding convertible notes and warrants are convertible into 1,411,725 and 4,458,625 of the Company’s ordinary shares, respectively, were not included in the computation of dilutive loss per share because the inclusion of such convertible notes and warrants would be anti-dilutive.

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 and restricted cash, accounts receivable, net, other receivables, prepaid expenses and other current assets, loan to third-party, short-term loans, promissory note, convertible notes, 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.

The following table sets forth by level within the fair value hierarchy our financial liability that were accounted for at fair value on a recurring basis as of December 31, 2022:

Carrying Value at

Fair Value Measurement at

December 31, 2022

Level 1

Level 2

Level 3

Prepaid forward purchase liabilities

20,321,053

The following is a reconciliation of the beginning and ending balance of the financial liability measured at fair value on a recurring basis for the year ended December 31, 2022:

	December 31, 2022
Beginning balance	$	7,409,550
Change in fair value of prepaid forward purchase liabilities		12,911,503
Ending balance	$	20,321,053

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.

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 years ended December 31, 2022 and 2021, 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 not yet adopted

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 October 2021, the FASB issued ASU 2021-08, which is an update to ASU Updated No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides a single comprehensive accounting model on revenue recognition for contracts with customers. The amendments in this update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. ASU 2021-08 is effective for the fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption was permitted, including adoption in an interim period. The Company has adopted this standard on January 1, 2023, and the adoption did not have a material impact on the Company’s consolidated financial statements.

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. In March 2022, the FASB issued ASU No. 2022-02, which is to (1) eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty, and (2) disclose current-period gross write offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. 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 has adopted this standard on January 1, 2023, and the adoption did not have a material impact on the Company’s consolidated financial statements.

Recently adopted accounting pronouncements

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 has adopted this standard on January 1, 2022, and the adoption did not have a material impact on the Company’s consolidated financial statements.

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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, to address the complexity in accounting for certain financial instruments with characteristics of liabilities and equity. Amongst other provisions, the amendments in this ASU significantly change the guidance on the issuer’s accounting for convertible instruments and the guidance on the derivative scope exception for contracts in an entity’s own equity such that fewer conversion features will require separate recognition, and fewer freestanding instruments, like warrants, will require liability treatment. The Company early adopted this ASU on January 1, 2022, and the adoption did not have a material impact on the Company’s consolidated financial statements.

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 operations and comprehensive income (loss) and statements of cash flows.

Leases

12 Months Ended

Dec. 31, 2022

Leases

Leases

Note 19 – Leases

As of December 31, 2022 and 2021, the Company has leased three offices, and one office, respectively, which were classified as operating leases. In addition, the Company had two office equipment leases which were classified as finance leases.

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 December 31, 2022, the weighted average remaining lease terms of the Company’s operating lease and finance leases are 0.69 years and 2.01 years, respectively.

Operating and finance lease expenses consist of the following:

		For the Year Ended
	Classification	December 31, 2022		December 31, 2021

Operating lease cost
Lease expenses	General and administrative	$	114,390	$	62,810
Lease expenses – short-term	General and administrative		113,055		143,589
Finance lease cost
Amortization of leased asset	General and administrative		7,948		8,153
Interest on lease liabilities	Other expense -Interest expenses		1,276		1,639
Total lease expenses		$	236,669	$	216,191

Weighted-average remaining term and discount rate related to leases were as follows:

	As of			As of
	December 31, 2022			December 31, 2021

Weighted-average remaining term
Operating lease		0.69 year			1.25 years
Finance leases		2.01 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 December 31, 2022:

	Operating lease			Finance lease
	payments			payments			Total
Twelve months ending December 31, 2023	$	81,522		$	8,151		$	89,673
Twelve months ending December 31, 2024		-			15,614			15,614
Total lease payments		81,522			23,765			105,287
Less: discount		(1,563	)		(1,564	)		(3,127	)
Present value of lease liabilities	$	79,959		$	22,201		$	102,160

As of December 31, 2022, the Company minimum short term lease payments to be due within one year amounted to $25,075.

Schedule of other receivables (Details) (Paranthetical)	1 Months Ended
Schedule of other receivables (Details) (Paranthetical)	May 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 SGD ($)	May 31, 2022 SGD ($)	Mar. 01, 2021 USD ($)	Mar. 01, 2021 SGD ($)	Jan. 18, 2018 USD ($)	Jan. 18, 2018 SGD ($)
Receivables [Abstract]
Investment amount							$ 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			$ 3,950,000
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.
Other installment amount		$ 700,000	$ 987,500

Schedule of accounts receivable (Details) - USD ($)

Dec. 31, 2022

Dec. 31, 2021

Credit Loss [Abstract]

Accounts receivable

^[1]

$ 2,048,941

$ 1,883,115

Allowance for doubtful accounts

(197,438)

(80,799)

Total accounts receivable, net

$ 1,851,503

$ 1,802,316

[1]	As of December 31, 2022 and 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 13).

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

Intangible assets consisted of the following:

Schedule of intangible assets

	As of December 31, 2022			As of December 31, 2021

Customer relationships	$	650,102		$	646,246
Less: Accumulated amortization		(477,584	)		(356,284	)
Less: Impairment		(167,787	)		-
Exchange rate effect		(4,731	)		-
Total intangible assets, net	$	-		$	289,962

Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The changes in the carrying amount of goodwill from Melana reporting unit and Tri-Global reporting unit 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		(11,427	)		(10,030	)		(21,457	)
Impairment		(517,238	)		(453,991	)		(971,229	)
Balance as of December 31, 2022	$	-		$	-		$	-
Balance	$	-		$	-		$	-

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
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Schedule of reconciliation of financial liability measured at fair value on a recurring basis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Beginning balance	$ 7,409,550
Change in fair value of prepaid forward purchase liabilities	12,911,503
Ending balance	$ 20,321,053	$ 7,409,550

Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of components of loss before income taxes

The United States and foreign components of loss before income taxes were comprised of the following:

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021

Singapore	$	(5,400,034	)	$	930,312
Foreign		(19,531,790	)		18,225
Total loss (income) before income taxes	$	(24,931,824	)	$	948,537

Schedule of provision for income taxes

The provision for income taxes consisted of the following:

Schedule of provision for income taxes

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021

Current	$	65,650		$	75,821
Deferred		(48,228	)		(27,680	)
Provision for income taxes	$	17,422		$	48,141

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 Year Ended December 31, 2022			For the Year Ended December 31, 2021

Singapore statutory income tax rate		17.0	%		17.0	%
Tax rate difference outside Singapore (1)		(13.3	)%		0.1	%
Taxable income below exemption threshold		0	%		(2.4	)%
Change in valuation allowance		(2.9	)%		29.8	%
Others (2)		(0.9	)%		(39.4	)%
Effective tax rate		(0.1	)%		5.1	%

(1)	It is due to tax rate difference of the entities incorporated in Vietnam and British Virgin Islands.
(2)	Others mainly consisted of income such as offshore investment income, 2021 return to provision adjustment, 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:

	December 31, 2022			December 31, 2021

Deferred Tax Assets/Liabilities
Net operating loss carryforwards	$	749,309		$	812,715
Allowance for doubtful account*		33,564			13,736
Net lease liability		823			-
Less: valuation allowance		(783,696	)		(826,451	)
Deferred tax assets, net	$	-		$	-
Deferred tax liabilities:
Customer relationships	$	-		$	49,294
Deferred tax liabilities, net	$	-		$	49,294

*	The valuation allowance on all deferred tax assets decreased by $42,755 as of December 31, 2022.

Schedule of taxes payable

Taxes payable consist of the following:

Schedule of taxes payable

	December 31, 2022		December 31, 2021

GST taxes payable	$	125,695	$	225,095
Income taxes payable		60,455		82,248
Totals	$	186,150	$	307,343

Shareholders’ equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders’ equity

Note 16 – Shareholders’ equity

Capital Contribution

On September 20, 2022, the Company received capital of $600,000 from an investor 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. Initially, the Company recognized the subscribed shares deposit liability in accordance with ASC 480, “Distinguishing Liabilities from Equity” on inception. On November 17, 2022, Upon the closing of the Business Combination with 8i acquisition, the Company issued 120,000 ordinary shares to this investor and transferred such the subscribed shares deposit liability into equity as capital contribution.

Forgiveness of debt by a related party

On March 31, 2022, the Company and Wilke entered into a deed of release of debt (“Deed”), pursuant to the Deed, upon the closing of the Business Combination, Wilke agrees to release and discharge the Company from the Obligation to repay to Wilke of $2,763,018. As Wilke’s is a shareholder of the Company, such debt forgiveness were treated as an addition to the Company’s capital during the year ended December 31, 2022.

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.

-Issuance of ordinary shares to EHL

On July 25, 2022, the Company issued 4,626,667 ordinary shares (500,000 ordinary share before reverse recapitalization) for total consideration of $500,000 to the shareholder of EHL.

The shares and corresponding capital amounts and all per share data related to EHL’s outstanding ordinary shares prior to the Reverse Recapitalization have been retroactively adjusted using the Exchange Ratio.

-Issuance of ordinary shares upon the reverse recapitalization (See Note 4)

On November 17, 2022, upon the consummation of the Business Combination, the Company issued an aggregate total of 6,191,770 ordinary shares to 8i and various service provider.

The following table presents the number of the Company’s ordinary shares issued upon the Reverse Recapitalization:

Schedule of reverse recapitalization

	Ordinary Shares
8i ordinary shares outstanding prior to Reverse Recapitalization		11,073,500
Less: redemption of 8i ordinary shares		(6,033,455	)
Conversion of 8i rights		891,725
Shares issued to service providers		260,000
Total shares issued upon the Reverse Recapitalization		6,191,770

Warrants

In connection with the reverse recapitalization, the Company has assumed 8,917,250 Warrants outstanding, which consisted of 8,625,000 Public Warrants and 292,250 Private Warrants. Both of the Public Warrants and private warrant met the criteria for equity classification.

Warrants became exercisable on the later of (a) the completion of the reverse recapitalization or (b) 12 months from the closing of the initial public offering (“IPO”). The warrants will expire five years after the completion of a reverse recapitalization or earlier upon redemption or liquidation.

As of December 31, 2022, the Company had 8,625,000 Public Warrants outstanding and 292,250 Private Warrants outstanding. Each whole Public Warrant and Private Warrant entitles the registered holder to purchase one-half share of the Company’s ordinary share at a price of $11.50 per share, subject to the following conditions discussed below.

The Company may redeem the Public Warrants and Private Warrants in whole and not in part, at a price of $0.01 per warrant:

● at any time while the warrants are exercisable and prior to their expiration,

● upon not less than 30 days’ prior written notice of redemption to each warrant holder,

● if, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading days period ending on the third trading business day prior to the notice of redemption to warrant holders, and,

● if, there is a current registration statement in effect with respect to the Ordinary Shares underlying the Warrants for each day in the 30-day trading period and continuing each day thereafter until the Redemption Date or the cashless exercise of the Warrants is exempt from the registration requirements under the Securities Act of 1933, as amended (the “Act”)

If the Company calls the warrants for redemption as described above, management will have the option to require all holders that wish to exercise the warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted for splits, dividends, recapitalizations and other similar events. Additionally, in no event will the Company be required to net cash settle the warrants.

The only difference between Public Warrants and Private Warrants is that the Private Warrants will not be transferable, assignable or salable until after the completion of reverse recapitalization.

The summary of warrants activity is as follows:

Schedule of warrant activities

	Warrants Outstanding		Ordinary Shares Issuable		Weighted Average Exercise Price		Average Remaining Contractual Life
December 31, 2021		-		-	$	-		-
Granted		8,917,250		4,458,625	$	11.50		5.00
Forfeited		-		-	$	-		-
Exercised		-		-	$	-		-
December 31, 2022		8,917,250		4,458,625	$	11.50		4.88

Earnout shares

As part of the Business Combination, Watermark is entitled to the 4,000,000 Earnout Shares of the Company’s no par value ordinary shares subject to the following four triggering events:

	●	1,000,000 additional Earnout Shares to be issued if during the period beginning on the Closing Date and ending on the first anniversary of the Closing Date, the Company’s share price is equal to or greater than Fifteen Dollars ($15.00) after the Closing Date (“Triggering Event 1”);
	●	1,000,000 additional Earnout Shares to be issued if during the period beginning on the first anniversary of the Closing Date and ending on the second anniversary of the Closing Date, the Company’s share price is equal to or greater than Twenty Dollars ($20.00) (“Triggering Event 2”);
	●	1,000,000 additional Earnout Shares to be issued if the consolidated audited financial statements of EUDA for the fiscal year commencing January 1, 2023 and ending December 31, 2023, reflect that EUDA 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 EUDA of at least $3,600,000 (“Triggering Event 3”);
	●	1,000,000 additional Earnout Shares to be issued if the consolidated audited financial statements of EUDA for the fiscal year commencing January 1, 2024 and ending December 31, 2024, reflect that EUDA 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 EUDA of at least $10,100,000 (“Triggering Event 4”).

The Earnout Shares are accounted for as equity classified equity instruments, were included as merger consideration as part of the Reverse Recapitalization and recorded in capital. The fair value of the Earnout Shares was estimated using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the market condition targets may not be satisfied.

The fair value of the Earnout Shares for Triggering Event 1 and 2 was estimated using the following assumptions:

Closing date	November 17, 2022
Share price of the Company as of closing date	$	5.21
Average daily return rate		0.02	%
Daily volatility for Triggering Event 1		4.74	%
Daily volatility for Triggering Event 2		4.30	%
Risk-free rate for Triggering Event 1		4.75	%
Risk-free rate for Triggering Event 2		4.49	%
Grant Price for Trigging Event 1	$	15.0
Grant Price for Trigging Event 2	$	20.0

As a result, the Company determined the fair value of the Earnout Shares for Triggering Event 1 and 2 is amounted to $1,926,610 and $3,273,019, respectively, and recorded the same amount in consolidated statements of change in shareholders’ equity (deficit) and consolidated statements of operations and comprehensive income (loss) as earnout share payment for the year ended December 31, 2022.

In addition, Company determined that the probabilities of achieving the revenue and net income thresholds are nil for Triggering Event 3 and 4 and estimated the fair value of the Earnout Shares of nil.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Schedule of operating and finance lease expenses

Schedule of operating and finance lease expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amortization of leased asset	$ 7,948	$ 8,153
Total lease expenses	236,669	216,191
General and Administrative Expense [Member]
Lease expenses	114,390	62,810
Lease expenses - short-term	113,055	143,589
Amortization of leased asset	7,948	8,153
Interest Expense [Member]
Interest on lease liabilities	$ 1,276	$ 1,639

Schedule of reverse recapitalization (Details) - shares	Nov. 17, 2022	Jul. 25, 2022
Equity [Abstract]
8i ordinary shares outstanding prior to Reverse Recapitalization	11,073,500
Less: redemption of 8i ordinary shares	(6,033,455)
Conversion of 8i rights	891,725
Shares issued to service providers	260,000
Total shares issued upon the Reverse Recapitalization	6,191,770	4,626,667

Schedule of movements of allowance for doubtful accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Beginning balance	$ 80,799	$ 37,898
Addition	116,156	43,804
Exchange rate effect	483	(903)
Ending balance	$ 197,438	$ 80,799

Schedule of deferred tax assets and liabilities (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Valuation allowance on all deferred tax assets increased	$ 42,755

Disposition of Subsidiary (Details Narrative)		12 Months Ended
Disposition of Subsidiary (Details Narrative)	Mar. 02, 2022 SGD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Gain loss on disposal of deficit interest		$ 30,055
The Good Clinic Private Limited [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest		100.00%
SEMA Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consideration received	$ 1.0
Gain loss on disposal of deficit interest		$ 30,055
SEMA Agreement [Member] \| The Good Clinic Private Limited [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest	100.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases

Operating and finance lease expenses consist of the following:

		For the Year Ended
	Classification	December 31, 2022		December 31, 2021

Operating lease cost
Lease expenses	General and administrative	$	114,390	$	62,810
Lease expenses – short-term	General and administrative		113,055		143,589
Finance lease cost
Amortization of leased asset	General and administrative		7,948		8,153
Interest on lease liabilities	Other expense -Interest expenses		1,276		1,639
Total lease expenses		$	236,669	$	216,191

Schedule of weighted average remaining term and discount rate

Weighted-average remaining term and discount rate related to leases were as follows:

	As of			As of
	December 31, 2022			December 31, 2021

Weighted-average remaining term
Operating lease		0.69 year			1.25 years
Finance leases		2.01 years			3.00 years
Weighted-average discount rate
Operating lease		5.25	%		5.25	%
Finance leases		5.25	%		5.25	%

Schedule of future minimum lease payments

The following table sets forth the Company’s minimum lease payments in future periods as of December 31, 2022:

	Operating lease			Finance lease
	payments			payments			Total
Twelve months ending December 31, 2023	$	81,522		$	8,151		$	89,673
Twelve months ending December 31, 2024		-			15,614			15,614
Total lease payments		81,522			23,765			105,287
Less: discount		(1,563	)		(1,564	)		(3,127	)
Present value of lease liabilities	$	79,959		$	22,201		$	102,160

Disposition of Subsidiary

12 Months Ended

Dec. 31, 2022

Disposition Of Subsidiary

Disposition of Subsidiary

Note 5 – 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 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 year ended December 31, 2022, the Company recognized a gain of $30,055 on the disposal of all of the deficit interests in TGC.

Consolidated Balance Sheets - USD ($)

Dec. 31, 2022

Dec. 31, 2021

CURRENT ASSETS

Cash

$ 143,024

$ 189,996

Restricted cash

641,461

Accounts receivable, net

1,851,503

1,802,316

Other receivables

7,467

1,991,226

Due from related parties

267,863

297,621

Prepaid expenses and other current assets

222,633

71,495

Forward purchase receivables

21,892,527

Total Current Assets

25,026,478

4,352,654

PROPERTY AND EQUIPMENT, NET

31,628

56,927

OTHER ASSETS

Other receivables - non-current

1,830,603

Prepaid expenses - non-current

478,061

Intangible assets, net

289,962

Goodwill

992,686

Operating lease right-of-use asset

76,528

79,862

Finance lease right-of-use assets

16,345

24,372

Loan to third party

371,962

Total Other Assets

570,934

3,589,447

Total Assets

25,629,040

7,999,028

CURRENT LIABILITIES

Short term loans - third parties

204,240

205,427

148,302

Promissory note

170,000

Convertible notes

2,619,625

Convertible notes - related parties

782,600

Accounts payable

1,635,483

359,716

Accounts payable - related party

2,459,411

Other payables and accrued liabilities

1,592,815

488,597

Other payables - related parties

1,521,945

3,272,311

Operating lease liability

79,959

63,478

Finance lease liabilities

7,186

11,447

Prepaid forward purchase liabilities

20,321,053

Taxes payable

186,150

307,343

Total Current Liabilities

29,121,056

7,316,032

OTHER LIABILITIES

Deferred tax liabilities

49,294

Operating lease liability - non-current

16,384

Finance lease liabilities - non-current

15,015

17,268

Total Other Liabilities

15,015

82,946

Total Liabilities

29,136,071

7,398,978

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ (DEFICIT) EQUITY

Ordinary shares, no par value, unlimited shares authorized, 20,191,770 shares and 9,333,333 shares outstanding as of December 31, 2022 and 2021, respectively

^[1]

21,308,969

334,863

Retained earnings (accumulated deficit)

(24,703,789)

180,333

Accumulated other comprehensive (loss) income

(125,689)

6,036

Total Euda Health Holdings Limited Shareholders’ (Deficit) Equity

(3,520,509)

521,232

Noncontrolling interests

13,478

78,818

Total Shareholders’ (Deficit) Equity

(3,507,031)

600,050

Total Liabilities and Shareholders’ (Deficit) Equity

$ 25,629,040

$ 7,999,028

[1]	Giving retroactive effect to reverse recapitalization effected on November 17, 2022

Schedule of consolidated statement of operation and comprehensive income (loss) net loss before income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Segment loss before income tax	$ 5,414,370
Change in fair value of prepaid forward purchase liabilities	(12,911,503)
Earnout share payment	(5,199,629)
Other corporate expenses	(1,406,322)
(LOSS) INCOME BEFORE INCOME TAXES	$ (24,931,824)	$ 948,537

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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Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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Property, Plant and Equipment [Abstract]

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of property and equipment

Property and equipment, net consist of the following:

Schedule of property and equipment

	As of December 31, 2022			As of December 31, 2021

Office equipment	$	148,387		$	144,051
Medical equipment		2,724			15,917
Leasehold improvement		2,217			20,704
Subtotal		153,328			180,672
Less: accumulated depreciation		(121,700	)		(123,745	)
Total	$	31,628		$	56,927

Intangible assets, net (Details Narrative) - USD ($)	12 Months Ended
Intangible assets, net (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 115,907	$ 162,825
Impairment loss on intangible assets	$ 167,787

Schedule of foreign currency exchange rates (Details)

Dec. 31, 2022

Dec. 31, 2021

Singapore, Dollars

Period-end : US$1 exchange rate*

1.34

1.35

Period-average : US$1 exchange rate*

1.38

1.34

Viet Nam, Dong

Period-end : US$1 exchange rate*

23,635.00

22,855.00

Period-average : US$1 exchange rate*

23,409.44

22,935.24

Malaysia, Ringgits

Period-end : US$1 exchange rate*

^[1]

4.40

Period-average : US$1 exchange rate*

^[1]

4.39

[1]	The Company did not have any Malaysia subsidiary prior to April 19, 2022.

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0	$ 0
Common stock, shares authorized, unlimited	Unlimited	Unlimited
Common stock, shares outstanding	20,191,770	9,333,333

Schedule of related party balances (Details) - USD ($)

Dec. 31, 2022

Dec. 31, 2021

$ 267,863

$ 297,621

KR Hill Capital Pte Ltd [Member]

1,521,945

3,272,311

Kent Ridge Medical Ptd Ltd [Member]

239

237

UG Digital Sdn. Bhd. [Member]

247

245

284,673

33,016

Janic Limited [Member]

724

720

Zukihealth SDN [Member]

3,173

Jennifer Goh [Member]

Fresco Investment Pte Ltd [Member]

8,527

Cadence Health Pte Ltd [Member]

Account payable, related parties

^[1]

266,653

2,459,411

Chee Yin Meh [Member]

Jamie Fan Wei Zhi [Member]

122,739

34,512

40,783

Kelvin Chen [Member]

Kent Ridge Health Pte Ltd [Member]

589,681

295,776

Kent Ridge Pacific Pte Ltd [Member]

696,508

121,129

Watermark Developments Ltd [Member]

20,303

33,483

Wilke Services Ltd [Member]

55,945

Mount Locke Limited [Member]

^[2]

2,746,628

$ 3,753

[1]	As of date of the issuance of these financial statements, this receivable has been repaid by the related party.
[2]	Upon the closing of the Business Combination, such balance was forgiven by its related party (see Note 16).

Schedule of financial statements of reverse recapitalization (Details)	Nov. 18, 2022 USD ($)
Reverse Recapitalization
Funds held in 8i’s trust account	$ 87,074,185
Funds held in 8i’s operating cash account	248,499
Less: amount paid to redeem public shares of 8i’s ordinary shares	(60,839,550)
Less: payments of transaction costs incurred by 8i	(2,965,646)
Less: payments of forward purchase agreements	(21,892,527)
Less: repayments of promissory note – related party of 8i	(300,000)
Proceeds from the Reverse Recapitalization	1,324,961
Less: unpaid deferred underwriting fee	(2,113,125)
Less: unpaid transaction costs incurred by 8i	(382,600)
Less: payment and accrued expenses of transaction costs related to the Reverse Recapitalization	(1,305,580)
Add: non-cash net assets assumed from 8i	14,387,803
Net contributions from issuance of ordinary shares upon the Reverse Recapitalization	$ 11,911,459

Schedule of components of loss before income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Singapore	$ (5,400,034)	$ 930,312
Foreign	(19,531,790)	18,225
Total loss (income) before income taxes	$ (24,931,824)	$ 948,537

Concentrations risks

12 Months Ended

Dec. 31, 2022

Risks and Uncertainties [Abstract]

Concentrations risks

Note 18 – Concentrations risks

(a) Major customers

For the years ended December 31, 2022 and 2021, no customer accounted for 10% or more of the Company’s total revenues.

As of December 31, 2022 and 2021, no customer accounted for 10% or more of the total balance of accounts receivable.

(b) Major vendors

For the year ended December 31, 2022, no vendor accounted for 10% or more of the Company’s total purchases. For the year ended December 31, 2021, one vendor which is the Company’s related party accounted for approximately 37.3% of the Company’s total purchases.

As of December 31, 2022, two vendors accounted for 27.9% and 12.1% of the Company’s total balance of accounts payable, respectively. As of December 31, 2021, one vendor which is the Company’s related party accounted for approximately 87.2% of the total balance of accounts payable.

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Singapore Deposit Insurance Corporation Limited (SDIC) insures deposits in a Deposit Insurance (DI) Scheme member bank or finance company up to approximately $57,000 (SGD 75,000) per account. As of December 31, 2022 and 2021, the Company had cash balance of $138,710 and $180,746 was maintained at DI Scheme banks in Singapore, of $0 and $41,606 was subject to credit risk, respectively. The Federal Deposit Insurance Corporation (FDIC) standard insurance amount is up to $250,000 per depositor per insured bank. As of December 31, 2022 and 2021, the Company had restricted cash balance of $641,461 and $0 was maintained at banks in the United States, of $391,461 and $0 was subject to credit risk, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

The Company is also exposed to risk from accounts receivable and other receivables. These assets are subjected to credit evaluations. An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.

Other receivables

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Other receivables

Note 7 – Other receivables

Schedule of other receivables

	As of December 31, 2022		As of December 31, 2021

Receivable from divestment (1)	$	-	$	3,818,776
Employee advance		6,695		2,803
Others		772		250
Total other receivables		7,467		3,821,829
Other receivables – non-current		-		(1,830,603	)
Other receivables – current	$	7,467	$	1,991,226

Movements of allowance for doubtful accounts from other receivables are as follows:

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021

Beginning balance	$	-		$	-
Addition		2,209,825			-
Write-off		(2,209,825	)		-
Ending balance	$	-		$	-

(1)

Credit facilities

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Credit facilities

Note 13 – Credit facilities

Short-term loans – bank and private lender

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

Schedule of short-term loans

Bank/Private lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

*United Overseas Bank Limited	90 days from disbursement		0.25% plus prime rate of 5.25%		Collateral: Accounts receivable	$	185,592	$	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 (Extended to July 31, 2024)		30.0	%	Guaranteed by Kelvin Chen Weiwen, the Company’s CEO and shareholder		18,648		-
Total						$	204,240	$	205,427

Short-term loan – third party

Schedule of short-term loans

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

Koh Wee Sing	Due on demand beginning in July 2022*		60.0	%	None	$	-	$	148,302

Interest expense pertaining to the above loans for the years ended December 31, 2022 and 2021 amounted to $122,845 and $128,071, respectively.

Weighted average interest rate to the above loans for the years ended December 31, 2022 and 2021 are 11.0% and 6.3%, respectively.

On December 16, 2022, the Company has signed a loan agreement (“Agreement”) with Kent Ridge Health Pte Ltd (“KRHPL”), a related party. Pursuant to the Agreement, KRHPL agreed to fully remit the loan payment to Koh Wee Sing on behalf of the Company. As a result, such short-term loan- third party was transfer to other payable, related parties under KRHPL’s balance as of December 31, 2022.

Promissory note

Outstanding balances on promissory note consist of the following:

Schedule of short-term loans

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

Kaufaman & Canoles, P. C. (“KC”)	February 15, 2023*		0.0	%	None	$	170,000	$	-

Convertible notes – third parties

Outstanding balances on convertible notes consist of the following:

Schedule of short-term loans

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

Maxim Group LLC (“Maxim”)	November 17, 2023		0.0	%	Automatically be converted into the Company’s ordinary shares at $5.00 per share if the balance is not being repaid by the maturity date	$	2,113,125	$	-
Menora Capital Pte Ltd (“Menora”)	November 17, 2023		0.0	%	Right to convert into the Company’s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company’s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date		87,500		-
Loeb & Loeb LLP (“Loeb”)	November 17, 2023		0.0	%	(1) 60,000 of the Company ordinary share has been issued to Loeb, which is subject to be returned and cancellation if the Company repaid the full or part of the convertible note, and (2) Loeb has the right to sell the ordinary shares in public market and the earning from the sales should be offset the remaining balance of the convertible note		300,000		-
Shine Link Limited (“Shine Link”)	November 17, 2023		0.0	%	Right to convert into the Company’s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company’s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date		119,000		-
Total						$	2,619,625	$	-

Convertible notes – related parties

Lender Name	Maturities	Interest Rate			Collateral/ Guarantee	December 31, 2022		December 31, 2021

8i Holdings 2 Ptd Ltd (“8i Holding”) (1)	November 17, 2023		0.0	%	Right to convert into the Company’s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company’s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date	$	82,600	$	-
Meng Dong (James) Tan (2)	November 17, 2023		0.0	%	Right to convert into the Company’s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company’s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date		700,000		-
Total						$	782,600	$	-

1)	Mr. Meng Dong (James) Tan, the Company’s related party who had more than 10% ownership of the Company, is the sole shareholder and director of 8i Holdings 2 Pte. Ltd. Mr. Tan has sole voting and dispositive power over the shares.

2)	Mr. Meng Dong (James) Tan, the Company’s related party has more than 10% ownership of the Company.

The Company determined that the embedded conversion feature from the convertible notes, related parties and third parties qualifies for the scope exception due to the embedded conversion feature indexed to the Company’s stock in accordance with ASC 815-40-15 and meet the equity requirement in accordance with ASC815-40-25.

Schedule of warrant activities (Details)	12 Months Ended
Schedule of warrant activities (Details)	Dec. 31, 2022 $ / shares shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Ending balance	8,917,250
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Beginning balance
Ordinary Shares Issuable, Beginning balance
Weighted Average Exercise Price, Beginning balance \| $ / shares
Warrants Outstanding, Granted	8,917,250
Ordinary Shares Issuable, Granted	4,458,625
Weighted Average Exercise Granted \| $ / shares	$ 11.50
Average Remaining Contractual Life,Granted	5 years
Warrants Outstanding, Forfeited
Ordinary Shares Issuable, Forfeited
Warrants Outstanding, Exercised
Ordinary Shares Issuable, Exercised
Warrants Outstanding, Ending balance	8,917,250
Ordinary Shares Issuable, Ending balance	4,458,625
Weighted Average Exercise Price, Ending balance \| $ / shares	$ 11.50
Average Remaining Contractual Life,	4 years 10 months 17 days

Forward Purchase Agreements (Details Narrative) - USD ($)		12 Months Ended
	Nov. 09, 2022	Dec. 31, 2022	Dec. 31, 2021
Prepaid forward purchase liability	$ 7,409,550	$ 20,321,053
Change of fair value of prepaid forward purchase liability		$ 12,911,503
Forward Contracts [Member]
Forward contract, fair value per share	$ 2.50
Prepaid Forward Agreement 1 [Member] \| Maximum [Member]
Number of shares purchased	1,400,000
Prepaid Forward Agreement 1 [Member] \| Maximum [Member] \| Institutional Investors [Member]
Beneficially ownership percentage	9.90%
Prepaid Forward Agreement 2 [Member] \| Maximum [Member]
Number of shares purchased	1,125,000
Prepaid Forward Agreement 2 [Member] \| Maximum [Member] \| Institutional Investors [Member]
Beneficially ownership percentage	9.90%

Schedule of related party transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenue from related parties	$ 135	$ 4,640
Cadence Health Pte Ltd [Member]
Related Party Transaction [Line Items]
Revenue from related parties	135	4,640
Purchase from related parties	491,499	2,349,702
Kent Ridge Pacific Pte Ltd [Member]
Related Party Transaction [Line Items]
Rental Expenses	$ 47,954	$ 143,589

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Related party balances and transactions

Schedule of intangible assets net (Details)	12 Months Ended
Schedule of intangible assets net (Details)	Dec. 31, 2022
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Customer relationships	6 years

Schedule of earnout shares for triggering event (Details)	Nov. 17, 2022 $ / shares
Equity [Abstract]
Share price of the Company as of closing date	$ 5.21
Average daily return rate	0.02%
Daily volatility for Triggering Event 1	4.74%
Daily volatility for Triggering Event 2	4.30%
Risk-free rate for Triggering Event 1	4.75%
Risk-free rate for Triggering Event 2	4.49%
Grant Price for Trigging Event 1	$ 15.0
Grant Price for Trigging Event 2	$ 20.0

Loan to third party (Details Narrative) - PT Total Prima Indonesia [Member]		12 Months Ended
	Nov. 20, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 SGD ($)	Dec. 31, 2021 SGD ($)	Nov. 20, 2020 SGD ($)
Loan borrow up amount	$ 700,000					$ 1,000,000
Loan interest rate	9.00%
Loan accumulatively disbursed		$ 608,683	$ 352,959	$ 816,000	$ 476,000
Interest receivable		62,766	19,003	$ 84,144	$ 25,627
Interest income from loan to third party			$ 19,071

Nature of business and organization (Details Narrative) - SGD ($)	Mar. 01, 2022	Aug. 01, 2021	Jul. 24, 2021	Dec. 31, 2022	Aug. 03, 2021
Kent Ridge Healthcare Singapore Private Limited [Member]
Ownership percentage			100.00%
Consideration			$ 1.0
EUDA Private Limited [Member]
Ownership percentage			100.00%	100.00%
Consideration			$ 1.0
Super Gateway Group Limited [Member]
Ownership percentage		100.00%		100.00%
Consideration		$ 1.0
Singapore Emergency Medical Assistance Private Limited [Member]
Ownership percentage	100.00%			100.00%	100.00%
Consideration	$ 1.0

Related party balances and transactions

12 Months Ended

Dec. 31, 2022

Note 15 – 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 December 31, 2022		As of December 31, 2021

KR Hill Capital Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand	$	239	$	237
Kent Ridge Medical Ptd Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand		247		245
UG Digital Sdn Bhd	UGD, subsidiary of the Company owned 40% of this company	Related party advance, due on demand		-		284,673
Janic Limited	Shareholder of the Company	Related party advance, due on demand		724		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		-		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
Cadence Health Pte Ltd*	Shareholders of this entity also are the shareholders of the Company			266,653		-
Total			$	267,863	$	297,621
Other receivables - related parties			$	267,863	$	297,621

*	As of date of the issuance of these financial statements, this receivable has been repaid by the related party.

Convertible notes – related parties

Please see Note 13 for details.

Account payable – related parties

Name of Related Party	Relationship	Nature	As of December 31, 2022		As of December 31, 2021

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	$	-	$	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	$	-	$	2,459,411

Other payables – related parties

Name of Related Party	Relationship	Nature	As of December 31, 2022		As of December 31, 2021

Chee Yin Meh	Shareholder of Scotgold Holding Ltd which is the shareholder of the Company	Operating expense paid on behalf of the Company	$	122,739	$	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		-		40,783
Kelvin Chen	CEO and shareholder of the Company	Operating expense paid on behalf of the Company		589,681		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		696,508		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		20,303		33,483
Watermark Developments Ltd	Shareholder of the Company	Operating expense paid on behalf of the Company		55,945		-
Wilke Services Ltd (“Wilke”) (1)	Shareholder of the Company	Investment payable		-		2,746,628
Mount Locke Limited	Shareholder of the Company	Operating expense paid on behalf of the Company		3,753		-
UG Digital Sdn Bhd	UGD, subsidiary of the Company owned 40% of this company	Operating expense paid on behalf of the Company		33,016		-
Total			$	1,521,945	$	3,272,311
Other payables – related parties			$	1,521,945	$	3,272,311

(1)

Upon the closing of the Business Combination, such balance was forgiven by its related party (see Note 16).

Related party transactions

Schedule of related party transactions

Revenue from related parties

Name of Related Party	Relationship	Nature	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021

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		4,640
Revenue from related parties			$	135	$	4,640

Purchase from related parties

Name of Related Party	Relationship	Nature	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021

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	$	491,499	$	2,349,702

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	$	491,499	$	2,349,702

Rental expenses

Name of Related Party	Relationship	Nature	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021

Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Office rental	$	47,954	$	143,589
Rental Expenses	Shareholders of this entity also are the shareholders of the Company	Office rental	$	47,954	$	143,589

Reverse Recapitalization (Details Narrative) - USD ($)				12 Months Ended
Reverse Recapitalization (Details Narrative) - USD ($)	Nov. 18, 2022	Nov. 17, 2022	Jul. 25, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares, issued		1,500,000
Ordinary shares, outstanding		1,500,000				20,191,770	9,333,333
Converted shares		14,000,000
Ordinary shares, par value		$ 0				$ 0
Exchange ratio		$ 9.33
Earnout shares		4,000,000
Number of additional shares issued		6,191,770	4,626,667
Revenue						$ 9,840,709	$ 10,544,550
Net income						(24,884,122)	864,829
Public ordinary shares		2,591,545
Redemption shares		6,033,455
Private ordinary shares, par value		$ 0
Private ordinary shares, outstanding		292,250
Founder shares, par value		$ 0
Founder shares, outstanding		2,156,250
Public rights shares		8,625,000
Private rights shares		292,250
Converted shares		891,725
Repayments of convertible promissory note		$ 300,000
Proceeds from the Reverse Recapitalization	$ 1,300,000					$ 1,324,961
Funds held in trust account	87,074,185
Funds held in operating cash account	248,499
Amount paid to redeem public shares	$ 60,839,550
Redeem public shares	6,033,455
Payments of transaction costs	$ 2,965,646
Payments of forward purchase agreements	21,892,527
Repayments of promissory note related party	$ 300,000
Share Purchase Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares, issued		60,000
Business Combination [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares, issued		200,000
Forecast [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of additional shares issued				1,000,000	1,000,000
Revenue				$ 40,100,000	$ 20,100,000
Net income				$ 10,100,000	$ 3,600,000
First Anniversary [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of additional shares issued		1,000,000
Share price		$ 15.00
Second Anniversary [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of additional shares issued		1,000,000
Share price		$ 20.00

Schedule of short-term loans (Details) (Paranthetical)			12 Months Ended
Schedule of short-term loans (Details) (Paranthetical)	Feb. 15, 2023	Aug. 21, 2019 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 21, 2019 SGD ($)
Promissory Note [Member]
Line of Credit Facility [Line Items]
Convertible promissory note			$ 60,000
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%
Kaufaman & Canoles, P.C. (KC) [Member] \| Promissory Note [Member]
Line of Credit Facility [Line Items]
Interest Rate			0.00%
Convertible promissory note			$ 170,000
Kaufaman & Canoles, P.C. (KC) [Member] \| Promissory Note [Member] \| Settlement Agreement [Member]
Line of Credit Facility [Line Items]
Convertible promissory note			$ 100,000
Kaufaman & Canoles, P.C. (KC) [Member] \| Promissory Note [Member] \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Interest Rate	15.00%
Meng Dong James Tan [Member] \| 8i Holdings Two Ptd Ltd [Member]
Line of Credit Facility [Line Items]
Ownership percentage			10.00%

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

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

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

	As of December 31, 2022		As of December 31, 2021
Period-end SGD: US$1 exchange rate		1.34		1.35
Period-end VND: US$1 exchange rate		23,635.00		22,855.00
Period-end MYR: US$1 exchange rate*		4.40		-
Period-end : US$1 exchange rate*		4.40		-
Period-average SGD: US$1 exchange rate		1.38		1.34
Period-average VND: US$1 exchange rate		23,409.44		22,935.24
Period-average MYR: US$1 exchange rate*		4.39		-
Period-average : US$1 exchange rate*		4.39		-

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

Non-controlling interests

Segment reporting

Cash and restricted cash

Accounts receivable, net

Other receivables

Prepaid expenses and other current assets

Property and equipment, net

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

Intangible assets, net

Schedule of intangible assets net

Categories		Useful life
Customer relationships		6 years

Goodwill

Impairment for long-lived assets

Warrants

Forward Purchase Receivables and Prepaid Forward Purchase Liabilities

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 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 obligation satisfied at a point in time

(3) Property Management Services

- Performance obligation satisfied over a period of time

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

Schedule of revenue

	December 31, 2022		December 31, 2021
	For the Year Ended
	December 31, 2022		December 31, 2021

Medical services – specialty care	$	6,001,439	$	5,010,837
Medical services – general practice		63,794		712,712
Medical services – general practice (related parties)		135		4,640
Medical services – subtotal		6,065,368		5,728,189
Product sales		11,046		257,841
Property management service – common area management		2,919,335		3,508,663
Property management service – security management		844,960		1,049,857
Property management service		3,764,295		4,558,520
Total revenues	$	9,840,709	$	10,544,550

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:

Schedule of cost of revenue

	December 31, 2022		December 31, 2021
	For the Year Ended
	December 31, 2022		December 31, 2021

Medical services – specialty care	$	2,995,778	$	46,849
Medical services – specialty care (related party)		491,499		2,349,702
Medical services – general practices		45,549		427,908
Medical services – subtotal		3,532,826		2,824,459
Product sales		59,391		167,202
Property management services – common area management		2,210,703		2,461,981
Property management services – security management		683,593		846,555
Property management services		2,894,296		3,308,536
Total cost of revenues	$	6,486,513	$	6,300,197

Advertising costs

Advertising is mainly through online and offline promotion activities. Advertising costs amounted to $21,795 and $270,361 for the years ended December 31, 2022 and 2021, respectively.

Research and development

Defined contribution plan

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

Comprehensive income (loss)

(Loss) earnings per share

The Company calculates basic and diluted (loss)/earnings per share as follows:

	2022			2021
	For the Years Ended December 31
	2022			2021

Numerator
Net (loss) income	$	(24,949,246	)	$	900,396
Less: Net (income) loss attributable to noncontrolling interest		(65,124	)		35,567
Net (loss)/income attributable to common shareholders, basic	$	(24,884,122	)	$	864,829
Denominator
Weighted average number of shares outstanding, basic and diluted		12,029,656			9,253,333
(Loss)/Earnings per share, basic and diluted	$	(2.07	)	$	0.09

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 following table sets forth by level within the fair value hierarchy our financial liability that were accounted for at fair value on a recurring basis as of December 31, 2022:

Carrying Value at

Fair Value Measurement at

December 31, 2022

Level 1

Level 2

Level 3

Prepaid forward purchase liabilities

20,321,053

The following is a reconciliation of the beginning and ending balance of the financial liability measured at fair value on a recurring basis for the year ended December 31, 2022:

	December 31, 2022
Beginning balance	$	7,409,550
Change in fair value of prepaid forward purchase liabilities		12,911,503
Ending balance	$	20,321,053

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.

Related parties

Recent accounting pronouncements not yet adopted

Recently adopted accounting pronouncements

Related party balances and transactions (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of related party balances

Other receivables – related parties

Name of Related Party	Relationship	Nature	As of December 31, 2022		As of December 31, 2021

KR Hill Capital Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand	$	239	$	237
Kent Ridge Medical Ptd Ltd	Shareholders of this entity also are the shareholders of the Company	Related party advance, due on demand		247		245
UG Digital Sdn Bhd	UGD, subsidiary of the Company owned 40% of this company	Related party advance, due on demand		-		284,673
Janic Limited	Shareholder of the Company	Related party advance, due on demand		724		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		-		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
Cadence Health Pte Ltd*	Shareholders of this entity also are the shareholders of the Company			266,653		-
Total			$	267,863	$	297,621
Other receivables - related parties			$	267,863	$	297,621

*	As of date of the issuance of these financial statements, this receivable has been repaid by the related party.

Convertible notes – related parties

Please see Note 13 for details.

Account payable – related parties

Name of Related Party	Relationship	Nature	As of December 31, 2022		As of December 31, 2021

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	$	-	$	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	$	-	$	2,459,411

Other payables – related parties

Name of Related Party	Relationship	Nature	As of December 31, 2022		As of December 31, 2021

Chee Yin Meh	Shareholder of Scotgold Holding Ltd which is the shareholder of the Company	Operating expense paid on behalf of the Company	$	122,739	$	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		-		40,783
Kelvin Chen	CEO and shareholder of the Company	Operating expense paid on behalf of the Company		589,681		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		696,508		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		20,303		33,483
Watermark Developments Ltd	Shareholder of the Company	Operating expense paid on behalf of the Company		55,945		-
Wilke Services Ltd (“Wilke”) (1)	Shareholder of the Company	Investment payable		-		2,746,628
Mount Locke Limited	Shareholder of the Company	Operating expense paid on behalf of the Company		3,753		-
UG Digital Sdn Bhd	UGD, subsidiary of the Company owned 40% of this company	Operating expense paid on behalf of the Company		33,016		-
Total			$	1,521,945	$	3,272,311
Other payables – related parties			$	1,521,945	$	3,272,311

(1)

Upon the closing of the Business Combination, such balance was forgiven by its related party (see Note 16).

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 Year Ended December 31, 2022		For the Year Ended December 31, 2021

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		4,640
Revenue from related parties			$	135	$	4,640

Purchase from related parties

Name of Related Party	Relationship	Nature	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021

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	$	491,499	$	2,349,702

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	$	491,499	$	2,349,702

Rental expenses

Name of Related Party	Relationship	Nature	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021

Kent Ridge Pacific Pte Ltd	Shareholders of this entity also are the shareholders of the Company	Office rental	$	47,954	$	143,589
Rental Expenses	Shareholders of this entity also are the shareholders of the Company	Office rental	$	47,954	$	143,589

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2022

Credit Loss [Abstract]

Schedule of accounts receivable

	As of December 31, 2022			As of December 31, 2021

Accounts receivable*	$	2,048,941		$	1,883,115
Allowance for doubtful accounts		(197,438	)		(80,799	)
Total accounts receivable, net	$	1,851,503		$	1,802,316

*	As of December 31, 2022 and 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 13).

Schedule of movements of allowance for doubtful accounts

Movements of allowance for doubtful accounts from account receivables are as follows:

	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021

Beginning balance	$	80,799	$	37,898
Addition		116,156		43,804
Exchange rate effect		483		(903	)
Ending balance	$	197,438	$	80,799

Schedule of property and equipment (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Subtotal	$ 153,328	$ 180,672
Less: accumulated depreciation	(121,700)	(123,745)
Total	31,628	56,927
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	148,387	144,051
Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	2,724	15,917
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Subtotal	$ 2,217	$ 20,704

Schedule of intangible assets (Details) - USD ($)	12 Months Ended
Schedule of intangible assets (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Customer relationships	$ 650,102	$ 646,246
Less: Accumulated amortization	(477,584)	(356,284)
Less: Impairment	167,787
Exchange rate effect	4,731
Total intangible assets, net		$ 289,962

Schedule of segment reporting information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Loss from operations	$ (12,057,771)	$ (1,228,227)
Income (loss) before income taxes	(24,931,824)	948,537
Net income (loss)	(24,949,246)	900,396
Medical Services [Member]
Segment Reporting Information [Line Items]
Revenues	6,076,414	5,986,030
Loss from operations	(2,463,593)	(1,186,885)
Income (loss) before income taxes	(2,613,615)	(1,239,438)
Net income (loss)	(2,651,826)	(1,241,091)
Property Management Services [Member]
Segment Reporting Information [Line Items]
Revenues	3,764,295	4,558,520
Loss from operations	(2,991,371)	(41,342)
Income (loss) before income taxes	(2,800,755)	2,187,975
Net income (loss)	(2,779,966)	2,141,487
Consolidated [Member]
Segment Reporting Information [Line Items]
Revenues	9,840,709	10,544,550
Loss from operations	(5,454,964)	(1,228,227)
Income (loss) before income taxes	(5,414,370)	948,537
Net income (loss)	$ (5,431,792)	$ 900,396

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

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Schedule of fair value hierarchy of financial liability (Details) - USD ($)	Dec. 31, 2022	Nov. 09, 2022
Defined Benefit Plan Disclosure [Line Items]
Prepaid forward purchase liabilities	$ 20,321,053	$ 7,409,550
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Prepaid forward purchase liabilities
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Prepaid forward purchase liabilities
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Prepaid forward purchase liabilities	$ 20,321,053

Schedule of goodwill (Details) - USD ($)	12 Months Ended
Schedule of goodwill (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Balance	$ 992,686	$ 1,012,630
Foreign currency translation adjustment	(21,457)	(19,944)
Impairment	(971,229)
Balance		992,686
Melana International Pte Limited [Member]
Restructuring Cost and Reserve [Line Items]
Balance	528,665	539,286
Foreign currency translation adjustment	(11,427)	(10,621)
Impairment	(517,238)
Balance		528,665
TriGlobal Security Pte Limited [Member]
Restructuring Cost and Reserve [Line Items]
Balance	464,021	473,344
Foreign currency translation adjustment	(10,030)	(9,323)
Impairment	(453,991)
Balance		$ 464,021

Forward Purchase Agreements

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

Forward Purchase Agreements

12 Months Ended

Dec. 31, 2022

Forward Purchase Agreements

Note 11 – Forward Purchase Agreements

On November 9, 2022 and November 13, 2022, 8i, EHL, and certain institutional investors, HB Strategies LLC (the “Seller 1”) and Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B (“Seller 2”) entered into an agreement (the “Prepaid Forward Agreement 1” and “Prepaid Forward Agreement 2”), respectively, for an equity prepaid forward transaction (the “Prepaid Forward Transaction 1” and “Prepaid Forward Transaction 2”).

Pursuant to the terms of the Prepaid Forward Agreements, Seller 1 and Seller 2 may (i) purchase through a broker in the open market, from holders of Shares other than 8i Acquisition or affiliates thereof, 8i Acquisition’s ordinary shares, no par value, (the “Shares”), or (ii) reverse Seller 1’s and 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 1” and “Recycled Shares 2”, respectively). While Seller 1 and Seller 2 has no obligation to purchase any Shares under the Prepaid Forward Agreement 1 and Prepaid Forward Agreement 2, the aggregate total Recycled Shares 1 and Recycled Shares 2 that may be purchased or reversed under the Prepaid Forward Agreement 1 and Prepaid Forward Agreement 2 shall be no more than 1,400,000 shares and 1,125,000 shares, respectively. Seller 1 and Seller 2 have agreed to hold the Recycled Shares 1 and Recycled Shares 2, 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 and Seller 2 also may not beneficially own greater than 9.9% of issued and outstanding Shares following the Business Combination.

The key terms of the forward contracts are as follows:

- Sellers can terminate the Transaction no later than the later of: (a) Third Local Business Day following the Optional Early Termination (“OET”); (b) the first Payment Date after the OET Date which shall specify the quantity by which the Number of Shares is to be reduced (such quantity, the “Terminated Shares”) Seller shall terminate the Transaction in respect of any Shares sold on or prior to the Maturity Date. The Counterparty is entitled to an amount from the Seller equal to the number of terminated shares multiplied by the Reset Price.

-Seller 1 and Seller 2 are entitled to receive the Maturity Consideration, an amount equal to the product of: (1) Number of Recycled Shares specified in the Pricing Date Notice, less(b) the number of Terminated Shares multiplied by (2) USD 2.50 (the “Maturity Consideration”), in cash. The Company can also pay the Seller 1 and Seller 2 shares based on the Company’s average volume weighted average share price (“VWAP”) of the Shares over 30 Scheduled Trading Days ending on the Maturity Date. Such settlement consideration or OET is considered to be an embedded feature (or instrument) with in the Prepaid Forward Transaction 1 and 2.

- The Prepaid Forward Transaction 1 and 2 required physical settlement by repurchase of remaining of the recycled shares in exchange for cash and if either the amount to be paid or the settlement date varies based on specified conditions, the earlier of a) first anniversary of the closing of the transactions between Counterparty and EUDA on November 18, 2022 or b) the date specified by Seller in a written notice to be delivered at Seller’s discretion (not earlier than the day such notice is effective) after the occurrence of a VWAP Trigger Event, those instruments shall be measured subsequently at the amount of cash that would be paid under the conditions specified in the contract if settlement occurred at the reporting date, recognizing the resulting change in that amount from the previous reporting date as interest cost, which we recorded as change in fair value of prepaid forward purchase liability.

In accordance with ASC 480, Distinguishing Liabilities from Equity, the Company has determined that the prepaid forward contract is a financial instrument other than a share that represent or are indexed to obligations to repurchase the issuer’s equity shares by transferring assets, referred to herein as the “prepaid forward purchase liability” on its consolidated balance sheets. The Company initially measure the prepaid forward purchase liability at fair value and measured subsequently at fair value with changes in fair value recognized in earnings.

As of the closing of the Business Combination, the fair value of the prepaid forward purchase liability was $7,409,550 and was recorded on the Company’s consolidated balance sheets. Subsequently, the change of fair value of the prepaid forward purchase liability was amounted to a loss of $12,911,503 for the year end December 31, 2022. As of December 31, 2022, the prepaid forward purchase liabilities amounted to $20,321,053.

Property and equipment, net (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 23,347	$ 34,523

Commitments and contingencies (Details Narrative) - 12 months ended Dec. 31, 2022	USD ($)	SGD ($)
Commitments and Contingencies Disclosure [Abstract]
Compensate amount	$ 3,704	$ 5,000
Legal payment	74,966	$ 100,000
Contingent liability balance outstanding	$ 0

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (24,949,246)	$ 900,396
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	23,347	34,523
Amortization of intangible assets	115,907	162,825
Amortization of operating right-of-use asset	109,056	58,602
Amortization of finance right-of-use assets	7,948	8,153
Provision for doubtful accounts	2,872,789	43,804
Deferred taxes benefits	(48,228)	(27,680)
Investment income		(1,917,062)
Gain on disposal of subsidiary	(30,055)
Earnout payment	5,199,629
Impairment loss on goodwill	971,229
Impairment loss on intangible assets	167,787
Change in fair value of prepaid forward purchase liabilities	12,911,503
Change in operating assets and liabilities
Accounts receivable	(174,824)	(263,950)
Interest receivable from loan to third party		(19,071)
Other receivables	1,582,724	55,692
Prepaid expenses and other current assets	(22,749)	(18,010)
Accounts payable	1,268,701	353,560
Accounts payables - related party	(2,396,931)	1,022,714
Other payables and accrued liabilities	1,084,437	4,360
Taxes payable	(114,133)	107,188
Operating lease liability	(105,719)	(62,124)
Net cash (used in) provided by operating activities	(1,526,828)	443,920
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment	(18,137)	(1,957)
Loan to third party	(246,664)
Cash acquired through business combination		(354,226)
Cash released upon disposal of a subsidiary	(3,405)
Net cash used in investing activities	(268,206)	(356,183)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of ordinary shares	500,000
Capital contributions	600,000
Proceeds from the Reverse Recapitalization	1,324,961
Payments of merger costs	(1,305,580)
Repayments from other receivable - related parties	30,670	36,189
Proceeds from short-term loans - bank and private lender	72,548	87,812
Repayments to short-term loans - bank and private lender	(74,895)	(66,801)
Repayments to short-term loans - third parties		(312,553)
Borrowings from other payables - related parties	1,347,745	93,666
Payment of finance lease liabilities	(6,502)	(6,686)
Net cash provided by (used in) financing activities	2,488,947	(168,373)
EFFECT OF EXCHANGE RATE CHANGES	(99,424)	19,865
NET CHANGE IN CASH AND RESTRICTED CASH	594,489	(60,771)
CASH AND RESTRICTED CASH, beginning of the year	189,996	250,767
CASH AND RESTRICTED CASH, end of the year	784,485	189,996
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income tax	156,339	30,185
Cash paid for interest	19,588	110,835
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Initial recognition of operating right of use asset and lease liability	105,350	125,834
Initial recognition of payables to former subsidiary upon disposal of subsidiary	319,158
Conversion of debt into a promissory note	170,000
Conversion of debts into convertible notes	206,500
Forgiveness of debt by a related party	2,763,018
Issuance of ordinary shares upon the Reverse Recapitalization	11,911,459
Cash	143,024	189,996
Restricted cash	641,461
Total cash and restricted cash	$ 784,485	$ 189,996

Schedule of weighted average remaining term and discount rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease, weighted-average remaining term	8 months 8 days	1 year 3 months
Finance leases, weighted-average remaining term	2 years 3 days	3 years
Operating lease, weighted-average discount rate	5.25%	5.25%
Finance leases, weighted-average discount rate	5.25%	5.25%

Schedule of shares issued and outstanding reverse recapitalization (Details) - USD ($)		12 Months Ended
	Nov. 17, 2022	Dec. 31, 2022
Reverse Recapitalization
8i ordinary shares outstanding prior to Reverse Recapitalization	11,073,500
Less: redemption of 8i ordinary shares	(6,033,455)
Conversion of 8i rights	891,725
Shares issued to service providers	260,000
Conversion of EHL ordinary shares into 8i ordinary shares	14,000,000
Total shares outstanding	$ 20,191,770	$ 11,911,459

Subsequent events (Details Narrative) - USD ($)	May 22, 2023	May 16, 2023	May 15, 2023	Apr. 24, 2023	Feb. 02, 2023	Jan. 09, 2023	Nov. 17, 2022	Jun. 08, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Ordinary shares per share							$ 0		$ 0
Restricted ordinary shares converted							891,725
Investors sale of stock price per share									$ 16.50
Ordinary shares issued							1,500,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Ordinary shares issued								1,600,000
Subsequent Event [Member] \| Private Placement [Member]
Subsequent Event [Line Items]
Investors sale of stock and issued	940,000
Investors sale of stock price per share	$ 1.00
Investors sale of stock aggregate purchase price	$ 940,000
Subsequent Event [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Share price per share								$ 3.00
Subsequent Event [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Debt instrument trading percentage								15.00%
Subsequent Event [Member] \| Settlement Agreement [Member]
Subsequent Event [Line Items]
Ordinary shares issued		850,306	578,439
Conversion of ordinary shares, description		These conversions are likely resulted in modification of the convertible notes as the five-day VWAP Price of the Company’s ordinary shares immediately preceding the conversion date is higher than $1.00 and reduced the carrying amount of the convertible debt instrument with a corresponding increase in additional paid-in capital.
Share price per share			$ 1.47
Ordinary shares forfeited		271,867
Subsequent Event [Member] \| Settlement Agreement [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Share price per share			$ 1.47
Subsequent Event [Member] \| Tan Second Loan [Member]
Subsequent Event [Line Items]
Loan amount				$ 332,750
Interest rate percentage				8.00%
Subsequent Event [Member] \| Tan First Loan [Member]
Subsequent Event [Line Items]
Loan amount				$ 145,450
Subsequent Event [Member] \| Tan Third Loan [Member]
Subsequent Event [Line Items]
Loan amount			$ 22,500
Interest rate percentage			8.00%
Subsequent Event [Member] \| Tan 2023 Note [Member]
Subsequent Event [Line Items]
Loan amount			$ 700,000
Conversion of unpaid principal amount			$ 700,000
Ordinary shares per share			$ 1.00
Ordinary shares issued		700,000
Ordinary shares available for resale		700,000
Restricted ordinary shares converted		700,000
Conversion of ordinary shares, description		This conversion is likely resulted in modification of the convertible notes as the five-day VWAP Price of the Company’s ordinary shares immediately preceding the conversion date is higher than $1.00 and reduced the carrying amount of the convertible debt instrument with a corresponding increase in additional paid-in capital.
Subsequent Event [Member] \| Chief Executive Officer [Member]
Subsequent Event [Line Items]
Loan amount						$ 145,450
Interest rate percentage						8.00%
Subsequent Event [Member] \| Alfred Lim [Member]
Subsequent Event [Line Items]
Loan amount					$ 128,750
Interest rate percentage					8.00%
Subsequent Event [Member] \| James Tan [Member] \| Settlement Agreement [Member]
Subsequent Event [Line Items]
Ordinary shares issued		478,200
Subsequent Event [Member] \| Shine Link [Member] \| Settlement Agreement [Member]
Subsequent Event [Line Items]
Ordinary shares issued		87,500
Subsequent Event [Member] \| Menora [Member] \| Settlement Agreement [Member]
Subsequent Event [Line Items]
Ordinary shares issued		119,000
Subsequent Event [Member] \| 8i Holding [Member] \| Settlement Agreement [Member]
Subsequent Event [Line Items]
Ordinary shares issued		82,600
Subsequent Event [Member] \| Kelvin Chen [Member] \| Chen Settlement Agreement [Member]
Subsequent Event [Line Items]
Ordinary shares issued		850,306
Ordinary shares aggregate amount		$ 850,306
Subsequent Event [Member] \| Seller One [Member]
Subsequent Event [Line Items]
Ordinary shares to be issued								800,000
Ordinary shares issued								800,000
Subsequent Event [Member] \| Seller Two [Member]
Subsequent Event [Line Items]
Ordinary shares to be issued								800,000
Ordinary shares issued								800,000

Schedule of future minimum lease payments (Details)	Dec. 31, 2022 USD ($)
Leases
Operating lease payments, 2023	$ 81,522
Finance lease payments, 2023	8,151
Total 2023	89,673
Operating lease payments, 2024
Finance lease payments, 2024	15,614
Total 2024	15,614
Total Operating lease payments	81,522
Total Finance lease payments	23,765
Total lease payments	105,287
Total Operating lease payments, discount	(1,563)
Total Finance lease payments, discount	(1,564)
Total lease payments	(3,127)
Present value of lease liabilities, operating lease payments	79,959
Present value of lease liabilities, finance lease payments	22,201
Total lease payments	$ 102,160

Schedule of consolidated financial statement (Details)

12 Months Ended

Apr. 19, 2022

SGD ($)

Apr. 15, 2022

SGD ($)

Mar. 01, 2022

SGD ($)

Aug. 01, 2021

SGD ($)

Jul. 24, 2021

SGD ($)

Dec. 31, 2022

USD ($)

Aug. 03, 2021

EUDA Health Limited [Member]

EUDA Health Limited (“EHL”)

Jun. 08, 2021

Kent Ridge Healthcare SingaporePte Ltd [Member]

100.00%

Kent Ridge Healthcare Singapore Pte. Ltd. (“KRHSG”)

Nov. 09, 2017

EUDA Private Limited [Member]

100.00%

EUDA Private Limited (“EUDA PL”)

Apr. 13, 2018

100.00%

Zukitek Vietnam Private Limited Liability Company [Member]

$ 1.0

Zukitek Vietnam Private Limited Liability Company (“ZKTV PL”)

May 02, 2019

Singapore Emergency Medical Assistance Private Limited [Member]

100.00%

Singapore Emergency Medical Assistance Private Limited (“SEMA”)

Mar. 18, 2019

100.00%

The Good Clinic Private Limited [Member]

$ 1.0

^[1]

The Good Clinic Private Limited (“TGC”)

Apr. 08, 2020

EUDA Doctor Private Limited [Member]

100.00%

EUDA Doctor Private Limited

Dec. 01, 2021

Kent Ridge Hill Private Limited [Member]

100.00%

Kent Ridge Hill Private Limited

Dec. 01, 2021

Kent Ridge Health Limited [Member]

100.00%

Kent Ridge Health Limited

Jun. 08, 2021

Zukitech Private Limited [Member]

100.00%

Zukitech Private Limited (“Zukitech”)

Jun. 13, 2019

Super Gateway Group Limited [Member]

100.00%

Super Gateway Group Limited

Apr. 18, 2008

100.00%

Universal Gateway International Pvt Ltd [Member]

$ 1.0

Universal Gateway International Pte. Ltd. (“UGI”)

Sep. 30, 2000

Melana International Pte Ltd [Member]

98.30%

Registered capital

$ 5,000,000

Melana International Pte. Ltd

Sep. 09, 2000

Tri Global Security Pte Ltd [Member]

100.00%

Tri-Global Security Pte. Ltd.

Aug. 10, 2000

UG Digitech Private Limited [Member]

100.00%

UG Digitech Private Limited (“UGD”)

Aug. 16, 2001

Nosweat Fitness Company Private Limited [Member]

100.00%

Nosweat Fitness Company Private Limited (“NFC”)

Jul. 06, 2021

True Cover Private Limited [Member]

100.00%

True Cover Private Limited (“TCPL”)

Dec. 01, 2021

KR Digital Pte Ltd [Member]

100.00%

^[2]

KR Digital Pte. Ltd. (“KR Digital”)

Dec. 29, 2021

KR Digital Pte Ltd [Member] | Chief Executive Officer [Member]

100.00%

Zukihealth Sdn Bhd [Member]

$ 1

^[2]

Zukihealth Sdn. Bhd. (“Zukihealth”)

Feb. 15, 2018

Schedule of foreign currency exchange rates

100.00%

[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 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.

Schedule of revenue (Details) - USD ($)	12 Months Ended
Schedule of revenue (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Product Information [Line Items]
Total revenues	$ 9,840,709	$ 10,544,550
Medical Services Specialty Care [Member]
Product Information [Line Items]
Total revenues	6,001,439	5,010,837
Medical Services General Practice [Member]
Product Information [Line Items]
Total revenues	63,794	712,712
Medical Services General Practice Related Parties [Member]
Product Information [Line Items]
Total revenues	135	4,640
Medical Services Sub Total [Member]
Product Information [Line Items]
Total revenues	6,065,368	5,728,189
Product Sales [Member]
Product Information [Line Items]
Total revenues	11,046	257,841
Property Management Service Common Area Management [Member]
Product Information [Line Items]
Total revenues	2,919,335	3,508,663
Property Management Service Security Management [Member]
Product Information [Line Items]
Total revenues	844,960	1,049,857
Property Management Service [Member]
Product Information [Line Items]
Total revenues	$ 3,764,295	$ 4,558,520

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

	As of December 31, 2022		As of December 31, 2021
Period-end SGD: US$1 exchange rate		1.34		1.35
Period-end VND: US$1 exchange rate		23,635.00		22,855.00
Period-end MYR: US$1 exchange rate*		4.40		-
Period-end : US$1 exchange rate*		4.40		-
Period-average SGD: US$1 exchange rate		1.38		1.34
Period-average VND: US$1 exchange rate		23,409.44		22,935.24
Period-average MYR: US$1 exchange rate*		4.39		-
Period-average : US$1 exchange rate*		4.39		-

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

Schedule of property and equipment 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 net

Categories		Useful life
Customer relationships		6 years

Schedule of revenue

	December 31, 2022		December 31, 2021
	For the Year Ended
	December 31, 2022		December 31, 2021

Medical services – specialty care	$	6,001,439	$	5,010,837
Medical services – general practice		63,794		712,712
Medical services – general practice (related parties)		135		4,640
Medical services – subtotal		6,065,368		5,728,189
Product sales		11,046		257,841
Property management service – common area management		2,919,335		3,508,663
Property management service – security management		844,960		1,049,857
Property management service		3,764,295		4,558,520
Total revenues	$	9,840,709	$	10,544,550

Schedule of cost of revenue

	December 31, 2022		December 31, 2021
	For the Year Ended
	December 31, 2022		December 31, 2021

Medical services – specialty care	$	2,995,778	$	46,849
Medical services – specialty care (related party)		491,499		2,349,702
Medical services – general practices		45,549		427,908
Medical services – subtotal		3,532,826		2,824,459
Product sales		59,391		167,202
Property management services – common area management		2,210,703		2,461,981
Property management services – security management		683,593		846,555
Property management services		2,894,296		3,308,536
Total cost of revenues	$	6,486,513	$	6,300,197

Schedule of basic and diluted earnings per share

The Company calculates basic and diluted (loss)/earnings per share as follows:

	2022			2021
	For the Years Ended December 31
	2022			2021

Numerator
Net (loss) income	$	(24,949,246	)	$	900,396
Less: Net (income) loss attributable to noncontrolling interest		(65,124	)		35,567
Net (loss)/income attributable to common shareholders, basic	$	(24,884,122	)	$	864,829
Denominator
Weighted average number of shares outstanding, basic and diluted		12,029,656			9,253,333
(Loss)/Earnings per share, basic and diluted	$	(2.07	)	$	0.09

Schedule of fair value hierarchy of financial liability

The following table sets forth by level within the fair value hierarchy our financial liability that were accounted for at fair value on a recurring basis as of December 31, 2022:

Carrying Value at

Fair Value Measurement at

December 31, 2022

Level 1

Level 2

Level 3

Prepaid forward purchase liabilities

20,321,053

Schedule of reconciliation of financial liability measured at fair value on a recurring basis

The following is a reconciliation of the beginning and ending balance of the financial liability measured at fair value on a recurring basis for the year ended December 31, 2022:

	December 31, 2022
Beginning balance	$	7,409,550
Change in fair value of prepaid forward purchase liabilities		12,911,503
Ending balance	$	20,321,053

Nature of business and organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of business and organization

Note 1– Nature of business and organization

EUDA Health Holdings Limited, which until November 17, 2022 was known as 8i Acquisition 2 Corp. (the “Company”, “EUDA” or “8i”) 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).

On November 17, 2022 (the “Closing Date”), EUDA Health Holdings Limited, a British Virgin Islands business company (formerly known as 8i Acquisition 2 Corp.) (the “Company”), consummated the business combination contemplated by the Share Purchase Agreement (the “SPA”) between 8i Acquisition 2 Corp., a BVI business company (“8i”), EUDA Health Limited, a British Virgin Islands business company (“EHL”), Watermark Developments Limited, a British Virgin Islands business company (“Watermark” or the “Seller”), 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 and EHL was effected by the purchase by 8i 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. In addition, in connection with the consummation of the Share Purchase, 8i has changed its name to “EUDA Health Holdings Limited.” See Note 4 - Reverse Recapitalization for further details.

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 EUDA Health Limited (“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.

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

Name		Background	Ownership
EUDA Health Limited (“EHL”)	● ● ●	A British Virgin Islands company Incorporated on June 8, 2021 A holding Company	100% owned by EUDA
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
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 5).

	(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.

Reverse Recapitalization

12 Months Ended

Dec. 31, 2022

Reverse Recapitalization

Reverse Recapitalization

Note 4 – Reverse Recapitalization

On November 17, 2022, the Company consummated the Business Combination contemplated by the SPA between 8i, EHL, Watermark, 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 and EHL was effected by the purchase by 8i of all of the issued and outstanding shares of EHL from Watermark, resulting in EHL becoming a wholly owned subsidiary of 8i.

Upon the consummation of the Business Combination, the following events contemplated by the SPA occurred, based on EUDA’s capitalization as of November 17, 2022:

●

all 1,500,000 issued and outstanding shares of EHL were converted into 14,000,000 shares of the Company’s no par value ordinary shares after giving effect to the exchange ratio of 9.33 (“Exchange Ratio”); and

●

the entitlement of 4,000,000 shares (“Earnout Shares”) of the Company’s no par value ordinary shares issued to the Seller subject to the following four triggering events:

	○	1,000,000 additional Earnout Shares to be issued if during the period beginning on the Closing Date and ending on the first anniversary of the Closing Date, the Company’s share price is equal to or greater than Fifteen Dollars ($15.00) after the Closing Date;

	○	1,000,000 additional Earnout Shares to be issued if during the period beginning on the first anniversary of the Closing Date and ending on the second anniversary of the Closing Date, the Company’s share price is equal to or greater than Twenty Dollars ($20.00);

	○	1,000,000 additional Earnout Shares to be issued if the consolidated audited financial statements of EUDA for the fiscal year commencing January 1, 2023 and ending December 31, 2023, reflect that EUDA 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 EUDA of at least $3,600,000.

	○	1,000,000 additional Earnout Shares to be issued if the consolidated audited financial statements of EUDA for the fiscal year commencing January 1, 2024 and ending December 31, 2024, reflect that EUDA 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 EUDA of at least $10,100,000.

In connection with the closing the Business Combination:

	●	all 8i’s no par value public ordinary shares of 2,591,545, net of the redemption of 6,033,455 shares of Company’s no par value ordinary shares, remained outstanding;

	●	all 8i’s no par value private ordinary shares of 292,250 remained outstanding;

	●	all 8i’s no par value founder shares of 2,156,250 remained outstanding;

	●	all 8i’s rights, consisting of 8,625,000 public rights and 292,250 private rights, automatically converted into an aggregate of 891,725 of the Company’s no par value ordinary shares;

	●	200,000 shares of the Company’s no par value ordinary shares were issued to a service provider in connection with the business combination;

	●	60,000 shares of the Company’s no par value ordinary shares were issued to a service provider in connection with the closing of transactions contemplated pursuant to certain share purchase agreement. Such issuance of the ordinary share serves the purpose of securing the repayment of $300,000 convertible promissory note to the service provider;

The following table presents the number of the Company’s ordinary shares issued and outstanding immediately following the Reverse Recapitalization:

	Ordinary Shares
8i ordinary shares outstanding prior to Reverse Recapitalization		11,073,500
Less: redemption of 8i ordinary shares		(6,033,455	)
Conversion of 8i rights		891,725
Shares issued to service providers		260,000
Conversion of EHL ordinary shares into 8i ordinary shares		14,000,000
Total shares outstanding		20,191,770

EHL was determined to be the accounting acquirer given EHL effectively controlled the combined entity after the SPAC Transaction. The transaction is not a business combination because 8i was not a business. The transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance of shares by EHL for the net monetary assets of 8i, accompanied by a recapitalization. EHL is determined as the accounting acquirer and the historical financial statements of EHL became the Company’s historical financial statements, with retrospective adjustments to give effect of the reverse recapitalization. The net assets of 8i were recognized as of the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger are those of EHL and EHL’s operations are the only ongoing operations of EHL.

In connection with the Reverse Recapitalization, the Company raised approximately $1.3 million of proceeds, presented as cash flows from financing activities, which included the contribution of approximately $87.1 million of funds held in 8i’s trust account, approximately $0.2 million of cash held in 8i’s operating cash account, net of approximately $60.8 million paid to redeem 6,033,455 public shares of 8i’s ordinary shares, approximately $3.0 million in transaction costs incurred by 8i, approximately $21.9 million prepayment of two forward purchase agreements, and repayments of a promissory note in the amount of $0.3 million issued to 8i’s related party.

The following table reconcile the elements of the Reverse Recapitalization to the consolidated statements of cash flows and the changes in shareholders’ equity (deficit):

	November 18, 2022
Funds held in 8i’s trust account	$	87,074,185
Funds held in 8i’s operating cash account		248,499
Less: amount paid to redeem public shares of 8i’s ordinary shares		(60,839,550	)
Less: payments of transaction costs incurred by 8i		(2,965,646	)
Less: payments of forward purchase agreements		(21,892,527	)
Less: repayments of promissory note – related party of 8i		(300,000	)
Proceeds from the Reverse Recapitalization		1,324,961
Less: unpaid deferred underwriting fee		(2,113,125	)
Less: unpaid transaction costs incurred by 8i		(382,600	)
Less: payment and accrued expenses of transaction costs related to the Reverse Recapitalization		(1,305,580	)
Add: non-cash net assets assumed from 8i		14,387,803
Net contributions from issuance of ordinary shares upon the Reverse Recapitalization	$	11,911,459

Nature of business and organization (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of consolidated financial statement

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

Name		Background	Ownership
EUDA Health Limited (“EHL”)	● ● ●	A British Virgin Islands company Incorporated on June 8, 2021 A holding Company	100% owned by EUDA
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
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 5).

	(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.

Schedule of short-term loans (Details) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

$ 204,240

$ 205,427

Bank and Private Lender [Member]

2,619,625

204,240

205,427

Promissory Note [Member]

Convertible promissory note

60,000

Convertible Notes Third Parties [Member]

Convertible Notes Related Parties [Member]

2,619,625

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

$ 782,600

^[1]

United Overseas Bank Limited

^[1]

90 days from disbursement

^[1]

0.25%

^[1]

Collateral: Accounts receivable

United Overseas Bank Limited [Member] | Bank and Private Lender [Member] | Prime Rate [Member]

^[1]

$ 185,592

184,491

FS Capital Ptd Ltd [Member] | Bank and Private Lender [Member]

^[1]

5.25%

FS Capital Ptd. Ltd.

Fully repaid in February, 2022

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

20,936

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

18.00%

Funding Societies Pte. Ltd

Due monthly from April 2022 to March 2023 (Extended to July 31, 2024)

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

$ 18,648

Koh Wee Sing [Member] | Third Parties [Member]

30.00%

Koh Wee Sing

^[2]

Due on demand beginning in July 2022

None

Short term loans - third parties

60.00%

148,302

Kaufaman & Canoles, P.C. (KC) [Member] | Promissory Note [Member]

Kaufaman & Canoles, P. C. (“KC”)

None

0.00%

Convertible promissory note

^[3]

Feb. 15, 2023

$ 170,000

Maxim Group LLC [Member] | Convertible Notes Third Parties [Member]

Maxim Group LLC (“Maxim”)

Automatically be converted into the Company’s ordinary shares at $5.00 per share if the balance is not being repaid by the maturity date

0.00%

Nov. 17, 2023

Menora Capital Pte Ltd [Member] | Convertible Notes Third Parties [Member]

$ 2,113,125

Menora Capital Pte Ltd (“Menora”)

Right to convert into the Company’s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company’s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date

0.00%

Nov. 17, 2023

Loeb and Loeb LLP [Member] | Convertible Notes Third Parties [Member]

$ 87,500

Loeb & Loeb LLP (“Loeb”)

(1) 60,000 of the Company ordinary share has been issued to Loeb, which is subject to be returned and cancellation if the Company repaid the full or part of the convertible note, and (2) Loeb has the right to sell the ordinary shares in public market and the earning from the sales should be offset the remaining balance of the convertible note

0.00%

Nov. 17, 2023

Shine Link Limited [Member] | Convertible Notes Third Parties [Member]

$ 300,000

Shine Link Limited (“Shine Link”)

0.00%

Nov. 17, 2023

8i Holdings Two Ptd Ltd [Member] | Convertible Notes Related Parties [Member]

$ 119,000

^[4]

8i Holdings 2 Ptd Ltd (“8i Holding”)

^[4]

^[4]

0.00%

^[4]

Nov. 17, 2023

Meng Dong James Tan [Member] | Convertible Notes Related Parties [Member]

^[4]

$ 82,600

^[5]

Meng Dong (James) Tan

^[5]

^[5]

0.00%

^[5]

Nov. 17, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

^[5]

$ 700,000

[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 was guaranteed by Jamie Fan Wei Zhi, an immediate family member of a shareholder of the Company, and secured by KRHSG’s account receivable (see Note 6). The loan bears an average annual interest rate of 5.50% and its due within 90 days from the loan disbursement. The Company released Jamie Fan Wei Zhi as the guarantor of this loan on October 31, 2022.
[2]	On December 16, 2022, the Company has signed a loan agreement (“Agreement”) with Kent Ridge Health Pte Ltd (“KRHPL”), a related party. Pursuant to the Agreement, KRHPL agreed to fully remit the loan payment to Koh Wee Sing on behalf of the Company. As a result, such short-term loan- third party was transfer to other payable, related parties under KRHPL’s balance as of December 31, 2022.
[3]	This promissory note has a default interest of 15% per annum beginning on February 15, 2023 until paid in full. In June 2023, the Company and KC has entered into a settlement agreement (“the Agreement”) to settle the promissory note. Pursuant to the Agreement, the Company shall pay KC (1) $100,000 within two days of the dates that the Company’s US counsel, Loeb & Loeb, confirm that it has received from KC all information and documents necessary for them to prepare an amended S-1 registration statement covering the resale of securities, and (2) $60,000 within two business days after the date the first amendment to the registration statement is filed with the SEC.
[4]	Mr. Meng Dong (James) Tan, the Company’s related party who had more than 10% ownership of the Company, is the sole shareholder and director of 8i Holdings 2 Pte. Ltd. Mr. Tan has sole voting and dispositive power over the shares.
[5]	Mr. Meng Dong (James) Tan, the Company’s related party has more than 10% ownership of the Company.

Schedule of cost of revenue (Details) - USD ($)	12 Months Ended
Schedule of cost of revenue (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Product Information [Line Items]
Total cost of revenues	$ 6,486,513	$ 6,300,197
Medical Services Specialty Care [Member]
Product Information [Line Items]
Total cost of revenues	2,995,778	46,849
Medical Services Specialty Care Related Party [Member]
Product Information [Line Items]
Total cost of revenues	491,499	2,349,702
Medical Services General Practices [Member]
Product Information [Line Items]
Total cost of revenues	45,549	427,908
Medical Services Sub Total [Member]
Product Information [Line Items]
Total cost of revenues	3,532,826	2,824,459
Product Sales [Member]
Product Information [Line Items]
Total cost of revenues	59,391	167,202
Property Management Services Common Area Management [Member]
Product Information [Line Items]
Total cost of revenues	2,210,703	2,461,981
Property Management Services Security Management [Member]
Product Information [Line Items]
Total cost of revenues	683,593	846,555
Product Mangement Services [Member]
Product Information [Line Items]
Total cost of revenues	$ 2,894,296	$ 3,308,536

Consolidated Statements of Change in Shareholders' Equity (Deficit) - USD ($)	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 334,863	$ (684,496)	$ (10,956)	$ 43,234	$ (317,355)
Beginning balance, shares at Dec. 31, 2020	9,253,333
Net income (loss)		864,829		35,567	900,396
Foreign currency translation adjustment			16,992	17	17,009
Ending balance, value at Dec. 31, 2021	$ 334,863	180,333	6,036	78,818	600,050
Ending balance, shares at Dec. 31, 2021	9,253,333
Net income (loss)		(24,884,122)		(65,124)	(24,949,246)
Foreign currency translation adjustment			(131,725)	(216)	(131,941)
Capital contributions	$ 600,000				600,000
Capital contributions, shares	120,000
Forgiveness of debt by a related party	$ 2,763,018				2,763,018
Earnout shares payment	5,199,629				5
Issuance of ordinary shares	$ 500,000				500,000
Issuance of ordinary shares, shares	4,626,667
Issuance of ordinary shares upon the Reverse Recapitalization	$ 11,911,459				11,911,459
Issuance of ordinary shares upon the reverse recapitalization , shares	6,191,770
Ending balance, value at Dec. 31, 2022	$ 21,308,969	$ (24,703,789)	$ (125,689)	$ 13,478	$ (3,507,031)
Ending balance, shares at Dec. 31, 2022	20,191,770

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Jun. 19, 2023	Jun. 30, 2022
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-40678
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, Country	SG
Entity Address, Postal Zip Code	576151
City Area Code	65
Local Phone Number	6268 6821
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Public Float			$ 84.0
Entity Common Stock, Shares Outstanding		24,777,509
ICFR Auditor Attestation Flag	false
Auditor Firm ID	5395
Auditor Name	Marcum Asia CPAs LLP
Auditor Location	New York, NY
Ordinary Shares [Member]
Title of 12(b) Security	Ordinary Shares
Trading Symbol	EUDA
Security Exchange Name	NASDAQ
Redeemable Warrants [Member]
Title of 12(b) Security	Redeemable Warrants
Trading Symbol	EUDAW
Security Exchange Name	NASDAQ

Loan to third party

12 Months Ended

Dec. 31, 2022

Loan To Third Party

Loan to third party

Note 12 – 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 December 31, 2022 and 2021, the Company had provided a total of $608,683 (SGD 816,000) and $352,959 (SGD 476,000) of loan to PT, respectively, and had $62,766 (SGD 84,144) and $19,003 (SGD 25,627) of interest receivable balance, respectively. However, the Company determined its unlikely to recover such loan to third party upon expiration of the loan contract due to PT was no longer in business, therefore, the company had recorded a fully allowance against and wrote off the remaining balance of loan to third party as of December 31, 2022.

For the years ended December 31, 2022 and 2021, the Company has recognized nil and $19,071 of interest income from loan to third party, respectively.

Going concern

12 Months Ended

Dec. 31, 2022

Going concern

Note 2 – Going concern

In assessing the Company’s going concern, 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 December 31, 2022, the Company’s negative working capital deficit was approximately $4.1 million, and the Company had cash and restricted cash of approximately $0.8 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 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 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.

Other receivables (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of other receivables

	As of December 31, 2022		As of December 31, 2021

Receivable from divestment (1)	$	-	$	3,818,776
Employee advance		6,695		2,803
Others		772		250
Total other receivables		7,467		3,821,829
Other receivables – non-current		-		(1,830,603	)
Other receivables – current	$	7,467	$	1,991,226

(1)

Schedule of other receivables allowance for doubtful accounts

Movements of allowance for doubtful accounts from other receivables are as follows:

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021

Beginning balance	$	-		$	-
Addition		2,209,825			-
Write-off		(2,209,825	)		-
Ending balance	$	-		$	-

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Total Revenues	$ 9,840,709	$ 10,544,550
COST OF REVENUES
Total Cost of Revenues	6,486,513	6,300,197
GROSS PROFIT	3,354,196	4,244,353
OPERATING EXPENSES:
Selling	1,902,865	1,258,442
General and administrative	7,153,248	4,084,873
Earnout share payment	5,199,629
Impairment loss on long-lived assets and goodwill	1,139,016
Research and development	17,209	129,265
Total Operating Expenses	15,411,967	5,472,580
LOSS FROM OPERATIONS	(12,057,771)	(1,228,227)
OTHER INCOME (EXPENSE)
Interest expense, net	(120,082)	(127,126)
Gain on disposal of subsidiary	30,055
Change in fair value of prepaid forward purchase liabilities	(12,911,503)
Other income, net	127,477	386,828
Investment income		1,917,062
Total Other Income (Expense), net	(12,874,053)	2,176,764
(LOSS) INCOME BEFORE INCOME TAXES	(24,931,824)	948,537
PROVISION FOR INCOME TAXES	17,422	48,141
NET (LOSS) INCOME	(24,949,246)	900,396
Less: Net (income) loss attributable to noncontrolling interest	(65,124)	35,567
NET (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH HOLDINGS LIMITED	(24,884,122)	864,829
FOREIGN CURRENCY TRANSLATION ADJUSTMENT	(131,941)	17,009
TOTAL COMPREHENSIVE (LOSS) INCOME	(25,081,187)	917,405
Less: Comprehensive (loss) income attributable to noncontrolling interest	(65,340)	35,584
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH HOLDINGS LIMIT	$ (25,015,847)	$ 881,821
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES*
Basic and diluted	12,029,656	9,253,333
(LOSS) EARNINGS PER SHARE
Basic and diluted	$ (2.07)	$ 0.09
Medical Services [Member]
REVENUES
Total Revenues	$ 6,065,233	$ 5,723,549
COST OF REVENUES
Total Cost of Revenues	3,041,327	474,757
Medical Services Related Parties [Member]
REVENUES
Total Revenues	135	4,640
COST OF REVENUES
Total Cost of Revenues	491,499	2,349,702
Product Sales [Member]
REVENUES
Total Revenues	11,046	257,841
COST OF REVENUES
Total Cost of Revenues	59,391	167,202
Property Management Services [Member]
REVENUES
Total Revenues	3,764,295	4,558,520
COST OF REVENUES
Total Cost of Revenues	$ 2,894,296	$ 3,308,536

Schedule of taxes payable (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
GST taxes payable	$ 125,695	$ 225,095
Income taxes payable	60,455	82,248
Totals	$ 186,150	$ 307,343

Accounts receivable, net

12 Months Ended

Dec. 31, 2022

Credit Loss [Abstract]

Accounts receivable, net

Note 6 – Accounts receivable, net

Schedule of accounts receivable

	As of December 31, 2022			As of December 31, 2021

Accounts receivable*	$	2,048,941		$	1,883,115
Allowance for doubtful accounts		(197,438	)		(80,799	)
Total accounts receivable, net	$	1,851,503		$	1,802,316

*	As of December 31, 2022 and 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 13).

Movements of allowance for doubtful accounts from account receivables are as follows:

	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021

Beginning balance	$	80,799	$	37,898
Addition		116,156		43,804
Exchange rate effect		483		(903	)
Ending balance	$	197,438	$	80,799

Reverse Recapitalization (Tables)

12 Months Ended

Dec. 31, 2022

Reverse Recapitalization

Schedule of shares issued and outstanding reverse recapitalization

The following table presents the number of the Company’s ordinary shares issued and outstanding immediately following the Reverse Recapitalization:

	Ordinary Shares
8i ordinary shares outstanding prior to Reverse Recapitalization		11,073,500
Less: redemption of 8i ordinary shares		(6,033,455	)
Conversion of 8i rights		891,725
Shares issued to service providers		260,000
Conversion of EHL ordinary shares into 8i ordinary shares		14,000,000
Total shares outstanding		20,191,770

Schedule of financial statements of reverse recapitalization

The following table reconcile the elements of the Reverse Recapitalization to the consolidated statements of cash flows and the changes in shareholders’ equity (deficit):

	November 18, 2022
Funds held in 8i’s trust account	$	87,074,185
Funds held in 8i’s operating cash account		248,499
Less: amount paid to redeem public shares of 8i’s ordinary shares		(60,839,550	)
Less: payments of transaction costs incurred by 8i		(2,965,646	)
Less: payments of forward purchase agreements		(21,892,527	)
Less: repayments of promissory note – related party of 8i		(300,000	)
Proceeds from the Reverse Recapitalization		1,324,961
Less: unpaid deferred underwriting fee		(2,113,125	)
Less: unpaid transaction costs incurred by 8i		(382,600	)
Less: payment and accrued expenses of transaction costs related to the Reverse Recapitalization		(1,305,580	)
Add: non-cash net assets assumed from 8i		14,387,803
Net contributions from issuance of ordinary shares upon the Reverse Recapitalization	$	11,911,459

Schedule of effective income tax rate (Details)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Singapore statutory income tax rate

17.00%

Tax rate difference outside Singapore

^[1]

(13.30%)

0.10%

Taxable income below exemption threshold

0.00%

(2.40%)

Change in valuation allowance

(2.90%)

29.80%

Others

^[2]

(0.90%)

(39.40%)

Effective tax rate

(0.10%)

5.10%

[1]	It is due to tax rate difference of the entities incorporated in Vietnam and British Virgin Islands.
[2]	Others mainly consisted of income such as offshore investment income, 2021 return to provision adjustment, and COVID-19 related government grant which is non-taxable under local tax laws.

Other payables and accrued liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Other payables and accrued liabilities

Note 14 – Other payables and accrued liabilities

	As of December 31, 2022		As of December 31, 2021

Accrued expenses (i)	$	671,743	$	129,029
Accrued payroll		730,037		244,591
Accrued interests (ii)		157,032		67,448
Others		34,003		47,529
Total other payables and accrued liabilities	$	1,592,815	$	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 13).

Schedule of provision for income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current	$ 65,650	$ 75,821
Deferred	(48,228)	(27,680)
Provision for income taxes	$ 17,422	$ 48,141

Property, Plant and Equipment [Abstract]

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Property and equipment, net

12 Months Ended

Dec. 31, 2022

Property and equipment, net

Note 8 – Property and equipment, net

Property and equipment, net consist of the following:

Schedule of property and equipment

	As of December 31, 2022			As of December 31, 2021

Office equipment	$	148,387		$	144,051
Medical equipment		2,724			15,917
Leasehold improvement		2,217			20,704
Subtotal		153,328			180,672
Less: accumulated depreciation		(121,700	)		(123,745	)
Total	$	31,628		$	56,927

Depreciation expense for the years ended December 31, 2022 and 2021 amounted to $23,347 and $34,523, respectively.

Schedule of accounts receivable (Details) (Pharanthetical) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 SGD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 SGD ($)
Line of Credit Facility [Line Items]
Accounts receivable	$ 1,851,503		$ 1,802,316
United Overseas Bank Limited [Member]
Line of Credit Facility [Line Items]
Accounts receivable	$ 600,000	$ 0.8	$ 600,000	$ 0.8

Segment information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment information

Note 21 – 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 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 segments: 1) Medical Services and 2) Property Management Services.


	For the Year Ended December 31, 2022
				Property
	Medical			Management
	Services			Services			Total
Revenues	$	6,076,414		$	3,764,295		$	9,840,709
Loss from operations	$	(2,463,593	)	$	(2,991,371	)	$	(5,454,964	)
Loss before income taxes	$	(2,613,615	)	$	(2,800,755	)	$	(5,414,370	)
Net loss	$	(2,651,826	)	$	(2,779,966	)	$	(5,431,792	)


Segment loss before income tax	$	5,414,370
Change in fair value of prepaid forward purchase liabilities		(12,911,503	)
Earnout share payment		(5,199,629	)
Other corporate expenses		(1,406,322	)
Consolidated net loss before income taxes	$	(24,931,824	)

	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

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

As of December 31, 2022, the Company’s total assets were composed of $2,176,405 for medical services, $335,068 for property management services and $23,117,567 for corporate.

As of December 31, 2021, the Company’s total assets were composed of $1,478,872 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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